"This paper relaxes some key assumptions in the probabilistic approach to fiscal sustainability. First, the authors identify structural breaks over the sample period used to estimate the covariance matrix of the shocks to the debt ratios. Second, the assumption of normality of the shocks is...

This report concludes that during FY1993/94 to FY002/03 the fiscal policy implemented by the government of Dominica was unsustainable and posed a risk to the stability of the currency board arrangement. Moreover, this report recommends that most of the adjustment required to achieve a...

The report reviews Grenada public expenditures for the period 1995-02 and suggests policy recommendations to achieve fiscal sustainability, improve social service delivery, and reform social protection based on the economic situation of the country at the time. To restore rapid economic growth,...

"Greece and Italy initiated efforts to improve public debt management and develop their domestic debt markets respectively in the late 1970s and mid-1980s. At that time, both countries suffered from large and rapidly growing public debt, excessive reliance on short-term bills held by commercial...

The Revised Guidelines for Public Debt Management have been developed as part of a broader work program undertaken by the IMF and the World Bank to strengthen the international financial architecture, promote policies and practices that contribute to financial stability and transparency, and...

A strong legal framework that forms the basis for the activities of debt managers is crucial for enabling an effective public debt management function. This paper aims to complement discussions on the legal foundations of debt management by detecting and discussing essential elements that allow...

Improving debt transparency is critical for promoting debt sustainability and creditworthiness assessments, increasing the accuracy of public debt information, and protecting the interests of a diverse range of stakeholders. The importance of debt transparency, the costs associated with the lack...

The Bolivian economy is gradually recovering from the pandemic-induced recession. La Paz Municipality primary balance has fluctuated near balance as this municipality managed to cushion the decline in hydrocarbon revenues and the pandemic. The DeMPA assessment for the Autonomous Municipal...

This is the second of the series of Debt Reports for 2022 to be published online and provide users with data and analysis on external and public debt of low- and middle-income countries. Debt Report 2022 second edition presents preliminary estimates of external debt stocks at end-2021 for low-...