Following the annual OECD global forum on public debt management, the first OECD forum on African public debt management was held in Amsterdam, December 2006. We attended the meeting which provided African debt managers an opportunity to share their experiences and discuss opinions with each other and their OECD counterparts.
It is anticipated that the African debt management forum will become a regular event bringing together senior debt managers from OECD countries and Africa enabling frank and open discussions about latest technical developments, comparing good practice and sharing experiences.
Four key issues were identified as affecting debt management in Africa:
- data quality;
- resourcing;
- the macroeconomic framework; and
- the absence of high level drivers for change.
Importantly, the IMF announced that it is actively seeking to enhance its surveillance of debt management identifying the following four short- and medium-term priorities:
- a risk orientated approach which should start with the use of a robust debt sustainability framework which takes into account domestic debt and contingent liabilities;
- the continued improvement in debt data and debt management systems;
- development and implementation of a medium term debt strategy; and
- establishment a debt management function which is risk orientated.