Myanmar: Support for Strengthening Public Debt Management

Sovereign Project | 47225-001

Summary

The Government's Framework for Economic and Social Reforms recognizes that maintaining a stable macroeconomic framework is the first order of reforms essential for achieving the overall reform agenda and that sound public financial management (including public debt management) will be critical to ensuring this.

Similarly, ADB's Interim Country Partnership Strategy for Myanmar identifies support for an enabling economic environment as a core priority including support for reforms that focus on fiscal sustainability, macroeconomic stability, and strengthening public finance.

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Project Name Support for Strengthening Public Debt Management
Project Number 47225-001
Country Myanmar
Project Status Approved
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 8527-MYA: Support for Strengthening Public Debt Management
Technical Assistance Special Fund US$ 1.50 million
Strategic Agendas Inclusive economic growth
Drivers of Change Governance and capacity development
Sector / Subsector Public sector management - Public expenditure and fiscal management
Gender Equity and Mainstreaming
Description

The Government's Framework for Economic and Social Reforms recognizes that maintaining a stable macroeconomic framework is the first order of reforms essential for achieving the overall reform agenda and that sound public financial management (including public debt management) will be critical to ensuring this.

Similarly, ADB's Interim Country Partnership Strategy for Myanmar identifies support for an enabling economic environment as a core priority including support for reforms that focus on fiscal sustainability, macroeconomic stability, and strengthening public finance.

In recognition of the urgent need for support in this area within the context of Myanmar's reintegration with the international community and an extensive reform program (and related financing requirements), initial support has been provided under an SSTA approved in 2012 (Improving Fiscal Revenue Mobilization). This has allowed for timely support for critical functions primarily focusing on basic capacity building of the foreign exchange and external debt division within the Budget Department in the Ministry of Finance. This initial support, however, is due to end by September 2013.

Follow-on support will be needed over the medium term to allow for broader institutional reforms and capacity building necessary for establishment of an effective institutional framework for sound public debt management. This will include support for strengthening of MOF's capacity for debt recording and management through acquisition and operationalization of a modern debt management and recording system and conduct of related capacity building; support will also be needed to more broadly develop the institutional framework and capacity for public debt management in this regard the TA will support establishment and operationalization of a debt management division within the Treasury Department of MOF which will assume primary responsibility for public debt management, the development of a modern legal and regulatory framework for public debt, and development of domestic market for government securities.

Project Rationale and Linkage to Country/Regional Strategy The Government's extensive reform program and its related financing requirements will require establishment of an effective institutional framework for sound public debt management to ensure that policy objectives can be met on a sustainable basis without compromising macroeconomic stability and risking undermining of the overall reform and transition process. As a first step, this will require support for strengthening of basic capacity related to debt recording and management. Over the medium term, support will also be needed for development of a clear legal framework for public debt management and the establishment of an institutional focal point with primary responsibility for public debt management (i.e. a principal debt management entity).
Impact Public debt is managed on a sound and sustainable basis (in line with ICPS support for enabling economic environment)
Project Outcome
Description of Outcome Strengthened institutional framework for public debt management
Progress Toward Outcome
Implementation Progress
Description of Project Outputs

Debt recording and management system

Plan defining structure and staffing needs of new debt management division (DMD), transition strategy for its establishment, and roadmap for developing its public debt management functions this will include development by DMD of a medium term debt management strategy

Strengthened legal and regulatory framework for public debt management

(Draft regulations and agreements [including public debt law, agency agreement, and code of conduct]).

Capacity and awareness building to support implementation of TA

Status of Implementation Progress (Outputs, Activities, and Issues)
Geographical Location
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design
During Project Implementation
Business Opportunities
Consulting Services

1. Debt Recording and Management System Expert (international, 4 person-months intermittent)

2. Public Debt Management Expert (international, 12 person-months intermittent)

3. Public Debt Regulatory and Institutional Framework Expert (international, 6 person-months intermittent)

4. Project Coordinator (national, 18 person-months intermittent)

Responsible ADB Officer Thatha Hla
Responsible ADB Department Southeast Asia Department
Responsible ADB Division Public Management, Financial Sector and Trade Division, SERD
Executing Agencies
Ministry of Finance and RevenueBuilding No 26. Nay Pyi Taw
Republic of the Union of Myanmar
Timetable
Concept Clearance 18 Sep 2013
Fact Finding 09 Sep 2013 to 18 Sep 2013
MRM -
Approval 02 Dec 2013
Last Review Mission -
Last PDS Update 24 Sep 2013

TA 8527-MYA

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
02 Dec 2013 21 Jan 2014 21 Jan 2014 31 Mar 2016 - -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
1,500,000.00 0.00 0.00 0.00 0.00 0.00 1,500,000.00 02 Dec 2013 333,603.78
Title Document Type Document Date
Support for Strengthening Public Debt Management Technical Assistance Reports Dec 2013

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