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By Kiana WilburgGuyana’s debt portfolio and the risks associated with it are becoming more complex. There areFinance Minister Winston Jordanmany reasons for this.The first is the fact that the Caricom nation is currently faced with the challenge of maintaining debt sustainability in an environment that is volatile; an uncertain global economy. In fact, several Debt Sustainability Analyses indicate that Guyana remains vulnerable to external shocks.Just recently, this issue was raised by Finance Minister Winston Jordan during an international meeting. There, he noted a number of realities facing Guyana, one of which includes the fact that commodity price fluctuations have added to the volatility of our export earnings and tax revenues as well as the financial performance of state-owned agricultural enterprises.Compounding the issue is the fact that borrowing has also become more uncertain for Guyana. In this regard, it is important to remember that Guyana recently graduated to Lower Middle Income status, and as a consequence, concessional lending has become scarcer.To access affordable financing, Guyana has sought out alternative funding sources, especially from South-South partners such as EXIM Bank of China, EXIM Bank of India, the Mexican Agency for International Cooperation and Development, and the Islamic Development Bank.At the same time, the Government sought to maintain close ties with the multilateral agencies (World Bank, IDB and CDB) and more traditional western bilateral donors.Because of these developments, it becomes increasingly important for the Government to ensure that the nation possesses sufficient capacity to develop and implement a sophisticated, comprehensive debt strategy.Indeed, the robust and judicious management of the country’s Debt, Public Expenditure, Financial Resources and Fiscal Framework have been given a deserved and prominent place in the APNU+AFC Government’s strategic agenda for the development of Guyana, which aims to improve the lives of the people.As those areas continue to be closely monitored, one must not overlook the fact that Guyana has had strong partnerships and assistance in the management and improvement of its debt portfolio.The CEMLA is the regional association of Latin American and Caribbean central banks.This is testimony to the country’s relationship with the Centre for Latin American Monetary Studies (CEMLA) in the areas of Debt Management, New Financing and Public Finance. The relationship is one which dates back to 1999.Since that time, CEMLA has played a pivotal role in helping Guyana to achieve a sustainable public debt, improve institutional arrangements and enhance the technical skills and capacities of local officials in effectively managing public debt operations, performing Debt Sustainability Analyses and developing public debt strategies, among other areas of assistance.The agency was also instrumental in recently hosting a valuable workshop that spoke to debt management, assessment and improvement.The workshop brought together key stakeholders in the areas of debt management, budget, economic policy, treasury operations, audit, the Bank of Guyana and the Ministry of Legal Affairs.Minister Jordan said that it was a representation of the Government’s commitment to maintaining a sustainable debt position, as it seeks to fund a national programme for investment and social expenditures, so as to improve the economic and social welfare of all Guyanese.The Workshop sought to build on the previous Sustainable Funding Strategy Workshop, which was conducted in December 2015 and two missions in April and June 2016, to prepare and update procedure manuals for debt management operations within CEMLA’s Capacity Building Programme (PDP).Jordan said that these debt-related workshops and other interventions, such as the proposed introduction of a consolidated public debt law, reflect the seriousness with which the government pursues the issue of public debt, and its continuous efforts to improve the country’s debt management.Jordan explained that this training was a part of the larger goal to have a cadre of officers that are familiar with the assessment and scoring methodology, as well as understanding the linkages between the debt performance indicators and the use of evidence-based data for assessing debt management in Guyana.According to the Finance Minister, the current partnership with Mr. Jaime Coronado Quintanilla, Coordinator of CEMLA’S Public Debt Management Capacity Building Programme, under the Government of Guyana-CEMLA Country Strategic Plan, will enable the nation to reach even greater heights.Jordan said that the Government, in its efforts to monitor debt sustainability and maximize its external assistance, looks forward to the continued cooperation and support from CEMLA, through the Public Debt Management Capacity Building Programme and its donors, in particular Switzerland’s State Secretariat for Economic Affairs, Economic Cooperation and Development (SECO).Back in 2007, at the start of the World Bank Debt Management Performance Assessment (DeMPA) pilot phase, Guyana was among the first countries to be assessed, using the methodology developed at that time. Guyana scored mostly C’s and D’s on the various dimensions, which left much room for improvement.However, it was not until six years later, in 2013, that a second assessment was done with the assistance of CEMLA, which showed a worsening of the performance under most of the indicators of the DeMPA.In this regard, the Finance Minister said, “I do not intend to have a similar situation under my watch.”He stated that the DeMPA tool provides a set of indicators for comprehensively assessing debt management performance in developing countries.He added that it is firmly grounded in Public Expenditure and Financial Accountability (PEFA) methodology and it offers a “drill down” on debt management.“I firmly believe that a modern debt management office should not have to rely solely on external reviews to guide its improvement. We need to master the use of self-assessment tools, such as the DeMPA, so that our debt management team can be more proactive in identifying and remedying weak areas in debt management operations and in the institutional framework for public debt management.”Additionally, Jordan said that Guyana’s collaboration with CEMLA, through its PDP,Cheap Soccer Jerseys For Sale, is geared at responding to the risks and vulnerabilities associated with public debt in the globalised financial system, as was clearly demonstrated by the international financial crisis of recent vintage.Jordan pointed out that these associated vulnerabilities demonstrate the need for ongoing improvements in the analyses and management of financial liability.He said that the primary aim of the PDP is to assist governments in maintaining public debt sustainability and improving macroeconomic management by helping them design and implement sound public debt and financing strategies.
