Public debt management in croatia and reforms in the sba with the imf
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Public Debt Management in Croatia and Reforms in the SBA with the IMF. Athanasios Vamvakidis IMF Resident Representative in Croatia April 19, 2006. Debt management matters. It affects the cost of the government’s financing It can result in large changes in the stock of public debt

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Public debt management in croatia and reforms in the sba with the imf

Public Debt Management in Croatia and Reforms in the SBA with the IMF

Athanasios Vamvakidis

IMF Resident Representative in Croatia

April 19, 2006


Debt management matters
Debt management matters with the IMF

  • It affects the cost of the government’s financing

  • It can result in large changes in the stock of public debt

  • It is important for fiscal sustainability

  • It can affect response to economic shocks

  • A crisis can take place because of bad debt management even when fiscal deficits are low





Debt management and the imf sba with croatia
Debt management and the IMF SBA with Croatia with the IMF

  • Focus of SBA on external debt

  • Debt management restructuring a structural benchmark

  • Limits on government debt guarantees

  • Limits on net borrowing of large public enterprises

  • Implementation of permanent software solution in debt management

  • Strengthening of staff and training in the debt management department

  • Introduce an electronic system for treasury bill auctions

  • Emphasis on transparency: fiscal ROSC


Debt management is a dynamic process
Debt management is a dynamic process with the IMF

  • It is always work in progress

  • It requires continuous learning

  • It should follow developments in financial economics and in IT


Debt management should be proactive the best time to fix the roof is when the sun is shining
Debt management should be proactive, with the IMFthe best time to fix the roof is when the sun is shining


You don’t have to rediscover the wheel with the IMF

  • adopt best international practices

  • use TA effectively


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