Colombia Government Debt and Risk Management Program : Outcomes and Implemented Reforms

Cabral, Rodrigo ; Scipioni, Alessandro

World Bank, Washington, DC

关键词: debt policy;    debt management;    debt market;   

RP-ID  :  110781

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Effective public debt management is acornerstone of financial stability and sustainable fiscalpolicy. The composition of public debt has been an importantfactor in many economic and financial crises, as excessiveexposure to changes in exchange rates and interest rates canresult in large negative impacts on public finances. Duringthe 2008-2009 crisis, however, middle-income countriesgenerally performed well. The Colombian government hasembarked on a series of reforms aimed at reducingvulnerability of the government’s balance sheet to financialshocks. This report summarizes the main outcomes of theGovernment Debt and Risk Management Program (GDRM) inColombia. The World Bank (WB) delivered this technicalassistance (TA) through its Government Debt and RiskManagement (GDRM) program, supporting Colombia, inparticular the General Directorate of Public Credit andNational Treasury (DGCPTN), in implementing the prioritypublic debt management reforms. This report summarizes themain outcomes achieved by the DGCPTN under the GDRMframework, which has a strong focus on outcomes. The reportis divided into five sections, with each sectioncorresponding to a focus area of the GDRM program. In turn,each section is divided in three subsections as follows: (i)progress made until March 2016; (ii) recommendations forfurther strengthening public debt and cash management in therespective areas; and (iii) potential future technicalassistance as discussed with the authorities during thelatest mission (March 2016).