General Description
The DMO is required to complete reports for the World Bank Debtor Reporting System. The World Bank requires Reports 1, 1A and 2 on a quarterly basis and Report 4 on an annual basis by 31 March each year.
Business Process/Workflow
World Bank Debtor Reporting System Environment/Context:
The DMO back office will generate reports from the debt recording system each quarter and yearly to send to the World Bank in accordance with the Debtor Reporting System requirements.
Back Office
Desk Officer Produce reports 1, 1A and 2 on a quarterly basis and Produce reports 1, 1A, 2 and 4 on an annual basis.
Inputs:
Existing public debt data
Outputs:
DRS reports Head of Back
Office Check reports to be submitted to
World Bank. Inputs:
DRS reports Outputs:
DRS reports checked Head of DMO Approve reports to be submitted to
World Bank. Inputs:
DRS reports Outputs:
DRS reports approved Back Office
Desk Officer
Send reports to World Bank. Inputs:
DRS reports Outputs:
DRS reports submitted to the World Bank
A
CTIVITY8.3 A
CCOUNTINGG
ENERALL
EDGER General DescriptionThe DMO is required to either provide general ledger entries for all debt transactions for input to the government accounting system or check the general ledger entries against the debt records held by the DMO.
Business Process/Workflow
Accounting General Ledger Environment/Context:
The DMO will be required to check the general ledger accounting entries prepared by the Accountant-General for inclusion in the government financial accounts (IFMIS) against the debt transaction data in the debt recording system.
The will be the responsibility of the back office and undertaken at the end of each month.
Accountant-General’s Office
Produce general ledger accounting entries from IFMIS at the end of each month.
Outputs:
General ledger accounting entries Back Office
Desk Officer Check general ledger accounting entries against the data from the debt recording system and report any variances.
Inputs:
General ledger accounting entries Existing debt data Outputs:
Reconciliation report Head of Back
Office Check reconciliation report. Inputs:
Reconciliation report Outputs:
Reconciliation report checked
Head of DMO Approve reconciliation report to be sent to the Accountant-General’s Office.
Inputs:
Reconciliation report Outputs:
Reconciliation report approved
Back Office Desk Officer
Send reconciliation report to the Accountant-General’s Office.
Inputs:
Reconciliation report Outputs:
Reconciliation report submitted to the Accountant-General
A
CTIVITY8.4 M
ONITORING ANDC
OMPLIANCEGeneral Description
The middle office is required to monitor whether all government debt management operations are within the authorities and limits set by government policies and in compliance with the laws, regulations and statutory or contractual obligations. The middle office will report monthly to senior management.
Business Process/Workflow
Monitoring and Compliance Reports Environment/Context:
The middle office will monitor all government debt management activities and prepare a monthly report for senior management on compliance with the laws, regulations and statutory or contractual obligations, noting non-compliance where necessary. The monitoring and reporting will also cover the limits established in the MTDS for all debt management activities (currency limits, interest rate limits, credit limits and other limits as well as performance measures based on the use of benchmark portfolios or sub-portfolios, and . The reports will also be submitted to the debt policy committee or advisory board.
Middle Office
Desk Officer Monitor government debt
management operations to ensure compliance with:
• Laws and regulations
(domestic and international)
• Statutory obligations
• Contractual or legal obligations
• Limits (currency, interest rate, credit etc)
• MTDS
• Portfolio benchmarks
Prepare compliance report noting failures to comply.
Inputs:
Government debt management operations Outputs:
Compliance report
Head of Middle
Office Review and sign-off compliance
report. Inputs:
Compliance report Outputs:
Compliance report signed-off
Head of DMO Review and approve compliance
report. Inputs:
Compliance report Outputs:
Compliance report approved
Middle Office
Desk Officer Circulate compliance report to senior managers and place on agenda for next meeting of the debt policy committee or advisory board.
Inputs:
Approved compliance report
Outputs:
Compliance report circulated to senior management and sent to the debt policy committee or advisory board
A
CTIVITY8.5 D
EBTS
TATISTICALB
ULLETINGeneral Description
The DMO produces and publishes a Debt Statistical Bulletin that covers domestic and external public debt and loan guarantees. The bulletin is published at least annually (preferably semi-annually or quarterly) and provides information on public debt stocks (by creditor, residency classification, instrument, currency, interest-rate basis, and residual maturity), debt flows (principal and interest payments), debt ratios/indicators, and basic risk measures of the public debt portfolio such as:
Basic risk measures would include the following:
• share of fixed-rate to floating-rate debt
• share of short-term to long-term debt
• average time to interest rate re-fixing
• share of foreign currency to domestic debt
• currency composition of foreign currency debt
• average maturity of the debt
• maturity profile of the debt
The responsibility for the Debt Statistical Bulletin rests with the back office.
The DMO also produces and publishes a Monthly and/or Quarterly Report on domestic debt market activities covering:
• debt stocks and changes over the reporting period
• debt issuance over the reporting period
• debt buyback over the reporting period
• yield curve and changes over the reporting period
• secondary market activity/turnover and spreads over the reporting period
• planned activities for the next reporting period
• relevant market and other DMO information
The responsibility for the Monthly and/or Quarterly Report rests with the front office.
Business Process/Workflow
Debt Statistical Bulletin Environment/Context:
The DMO produces and publishes a Debt Statistical Bulletin that covers domestic and external public debt and loan guarantees. The bulletin is published at least annually (preferably semi-annually or quarterly). The responsibility for the Debt Statistical Bulletin rests with the back office.
Back Office
Desk Officer Collate debt data required for Debt Statistical Bulletin using debt
recording system and data requests from the necessary public entities.
Produce draft Debt Statistical Bulletin.
Inputs:
Current and historical public debt data Outputs:
Draft Debt Statistical Bulletin
Head of Back
Office Review and sign-off Debt Statistical
Bulletin. Inputs:
Draft Debt Statistical Bulletin
Outputs:
Draft Debt Statistical Bulletin signed-off Head of DMO Review and approve Debt Statistical
Bulletin. Inputs:
Draft Debt Statistical Bulletin
Outputs:
Debt Statistical Bulletin approved
Back Office
Desk Officer Arrange for Debt Statistical Bulletin to be translated (if necessary).
Publish Debt Statistical Bulletin and post to the DMO website.
Inputs:
Debt Statistical Bulletin Outputs:
Translated Debt Statistical Bulletin Published Debt Statistical Bulletin
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CTIVITY8.6 Q
UARTERLY/M
ONTHLYD
EBTR
EPORTS General DescriptionThe DMO also produces and publishes a Monthly and/or Quarterly Report on public debt and domestic debt market activities covering:
• debt stocks and changes over the reporting period
• debt issuance over the reporting period
• debt buyback over the reporting period
• yield curve and changes over the reporting period
• secondary market activity/turnover and spreads over the reporting period
• planned activities for the next reporting period
• relevant market and other DMO information
The responsibility for the Monthly and/or Quarterly Report rests with the front office.
Business Process/Workflow
Domestic Market Monthly/Quarterly Report Environment/Context:
The DMO produces and publishes a Monthly and/or Quarterly Report on domestic debt market activities, using the debt recording system and market data sources (Reuters and Bloomberg). Information on secondary market activity is provided by the Central Bank. The responsibility for the Monthly and/or Quarterly Report rests with the front office.
Front Office Desk Officer
Collate debt data required for Monthly/Quarterly Report using debt recording systems, Registry system, market data sources and data from the Central Bank.
Analyse the debt/market data and generate tables and graphs required for the report (in MS Excel)
Produce draft Monthly/Quarterly Report.
Inputs:
Existing public debt data
Reuters & Bloomberg Secondary market data from Central Bank Outputs:
Draft Monthly/Quarterly Report
Head of Front Office
Review and sign-off draft Monthly/Quarterly Report.
Inputs:
Draft Monthly/Quarterly Report
Outputs:
Draft Monthly/Quarterly Report signed-off
Head of DMO Approve Monthly/Quarterly Report. Inputs:
Monthly/Quarterly Report
Outputs:
Monthly/Quarterly Report approved Front Office
Desk Officer Arrange for Monthly/Quarterly Report to be translated (if necessary).
Publish Monthly/Quarterly Report and post to the DMO website.
Inputs:
Monthly/Quarterly Report
Outputs:
Translated Monthly/
Quarterly Report Published Monthly/
Quarterly Report
A
CTIVITY8.7 F
ORM18-K
General Description
The DMO will be required to prepare and submit Form 18-K to the United States Securities and Exchange Commission (US SEC) annually if the government plans to issues securities in international markets with placement into the domestic US. The responsibility for Form 18-K rests with the middle office.
Business Process/Workflow Form 18-K
Environment/Context:
The DMO middle office will collate economic, financial and debt data from across government agencies and prepare Form-18K. This will be reviewed by the financial institutions in the US (referred to as “due diligence”) before the DMO submits Form 18-K to the US SEC.
Middle Office
Desk Officer Collate economic, financial and debt data required for Form 18-K using data requested from Ministry of Finance, Treasury, Ministry of Planning, Central Bank, public and private sector entities and the back office.
Produce draft Form 18-K.
Inputs:
Economic data Financial data Public debt data Outputs:
Draft Form 18-K
Head of Middle
Office Review and sign-off draft Form 18-K. Inputs:
Draft Form 18-K Outputs:
Draft Form 18-K signed-off
Head of DMO Review and approve Form 18-K. Inputs:
Draft Form 18-K Outputs:
Form 18-K approved Middle Office
Desk Officer Send Form 18-K to the US legal counsel and underwriters for review and due diligence.
Inputs:
Form 18-K Outputs:
Form 18-K submitted to US legal counsel and
underwriters Legal Counsel
and US Underwriters
Review Form 18-K and conduct due diligence assessment.
Authorise Form 18-K.
Inputs:
Form 18-K Outputs:
Form 18-K subject to due diligence review Form 18-K authorised Middle Office
Desk Officer Send Form 18-K to the US SEC and
post to the DMO website. Inputs:
Form 18-K Outputs:
Form 18-K submitted to US SEC and published