Dimension 13.1. Timing, coverage and data requirements

Time period Coverage Data requirements/calculation Data sources
At time of assessment CG.
  • Reports to identify how complete and updated the records are and evidence that debt records are reconciled along with information on how frequently.
  • The most recent management and statistical reports and information on how frequently they are issued.
  • MoF.
  • Treasury.
  • Debt management office.
  • Debt management entities.
  • Central bank
  • Line ministries, when necessary.

13.1:3. For this dimension it is necessary to determine types of management and statistical reports produced and the frequency of their production. The reports should cover debt service, debt stock, and operations. Assessors should mention in the narrative whether management and statistical reports are publicly available and whether the reports contain explanations of the statistical tables and give rationale for operations.

13.1:4. ‘Most information’ means that at least 75% of the value of the debt recorded by the government is reconciled with the creditor institutions records on a quarterly basis. ‘At time of assessment’ means the last 12 months at time of assessment of this dimension. For instance, to rate B, assessors should verify the production of at least one debt management and statistical report during the last 12 months.

13.1:5. Complete government debt records means that debt data cover all material domestic and foreign debt and credit guarantees of the central government. Reconciliation of debt records is undertaken to ensure that the same amounts are recorded in the government’s debt records and the creditor’s institutional records, irrespective of whether the reconciliation process is conducted by the central bank, the MoF, or any other government institution that maintains government debt records.

13.1:6. If there is no domestic and foreign debt and guaranteed debt at the time of assessment, the dimension is NA.

Dimension 13.2. Approval of debt and guarantees


13.2:1. This dimension assesses the arrangements for the approval and control of the government’s contracting of loans and issuing of guarantees, which is crucial to proper debt management performance. This includes the approval of loans and guarantees against adequate and transparent criteria by government entities as established in the primary legislation. In addition, documented policies and procedures should provide guidance for undertaking debt-related transactions. The narrative discussion on this dimension should present any evidence of compliance with the legislation and procedures and whether debt approvals and loan guarantees are consistent with the debt management strategy covered by dimension 13.3. Monitoring of liabilities arising from guarantees issued is covered under fiscal risk oversight in PI-10.

13.2:2. Assessors need to identify if the primary legislation clearly grants authorization to borrow and issue guarantees (including loan signature powers) and to whom, and the degree of compliance. In addition, they need to determine whether the secondary legislation provides guidance on debtrelated transactions and loan guarantees issuance; who is responsible for debt management activities, if this is a single entity or several entities (since various central government entities may be allowed to undertake debt management activities); how


Pillar Three: Management of Assets and Liabilities