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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. 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

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  1. Public Debt Management in Croatia and Reforms in the SBA with the IMF Athanasios Vamvakidis IMF Resident Representative in Croatia April 19, 2006

  2. Debt management matters • 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

  3. Think of the debt stock as the sea

  4. Think of the deficits as the rivers

  5. An example of a shock on the debt would be global warming

  6. Debt management and the IMF SBA with Croatia • 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

  7. Debt management is a dynamic process • It is always work in progress • It requires continuous learning • It should follow developments in financial economics and in IT

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

  9. You don’t have to rediscover the wheel • adopt best international practices • use TA effectively

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