The Technical Assistance Cluster's (TAC) purpose is to further strengthen the domestic debt market (and, thus, the financial system) on the basis of identified needs, as outlined in the previous section. The TAC will support implementation of some of the necessary financial reforms for long-term sustainability by providing awareness campaigns, capacity building, and on-site training through "learning by doing" from international institutions. Priority for improving skill development will be given to the Ministry of Finance (MOF) and the Public Debt Department.
|Project Name||Implementing Products and Services for the Domestic Debt Market (Cluster TA)|
|Project Type / Modality of Assistance||Technical Assistance
|Source of Funding / Amount||
|Strategic Agendas||Inclusive economic growth
|Drivers of Change||Partnerships
Private sector development
|Sector / Subsector||
Finance / Finance sector development
|Gender Equity and Mainstreaming||No gender elements|
|Description||The Technical Assistance Cluster's (TAC) purpose is to further strengthen the domestic debt market (and, thus, the financial system) on the basis of identified needs, as outlined in the previous section. The TAC will support implementation of some of the necessary financial reforms for long-term sustainability by providing awareness campaigns, capacity building, and on-site training through "learning by doing" from international institutions. Priority for improving skill development will be given to the Ministry of Finance (MOF) and the Public Debt Department. The expected results and deliverables of the TAC include (i) introduction of relevant products and services for the debt market that should attract more domestic and international investment capital to Sri Lanka; (ii) stimulation of economic growth by providing additional financial products and services; (iii) reduction of overall capital cost and financial risk to the Government and private sector; (iv) improvement and strengthening of financial institutions; (v) diversification of investment opportunities for asset managers, pension funds, and insurance companies; (vi) improvement of liquidity, market efficiency, and transparency in the capital market; (vii) provision of alternative savings products; and (viii) improvement of the management and financial performance of pension and provident funds.|
|Project Rationale and Linkage to Country/Regional Strategy||The Project forms integral part of the CSP in developing the market and reducing contingent liabilities associated with the Government's borrowing process.|
|Description of Outcome|
|Progress Toward Outcome|
|Description of Project Outputs|
|Status of Implementation Progress (Outputs, Activities, and Issues)|
|Summary of Environmental and Social Aspects|
|Stakeholder Communication, Participation, and Consultation|
|During Project Design|
|During Project Implementation|
The technical assistance cluster (TAC) has six components: (i) Asset and Risk Management; (ii) Publicly Traded Securitized Bonds; (iii) Bond Derivatives; (iv) Infrastructure Bonds with Credit Insurance Guarantee; (v) Capacity Building for the Public Debt Department; (vi) Capacity Building in the Debt Market for the Ministry of Finance. A team of eight international and four domestic consultants will provide 42 person-months of consulting services.
An international consulting firm will provide a full technical proposal and will be recruited for Components 1-4 and Component 6 in accordance with ADB's Guidelines on the Use of Consultants and other arrangements satisfactory to ADB for engaging domestic consultants. The quality-based selection method will be used to select consultants because of the complexity of the TAC, which covers a number of subsectors, public and private debt markets, public and private institutional investors, retail investors, financial intermediaries, and capital market infrastructure. The issues are highly sensitive and will require high-level interaction with Government officials, Government agencies, regulators, and stakeholders. The consultants must have a high level of credibility and competence. Due to its knowledge and success in managing and issuing public debt, and prior experience in working on similar projects with the Central Bank of Sri Lanka, the National Debt Office of Sweden, a Swedish Government agency, will be chosen by direct selection to provide consultancy services for Component 5. The agency will complement the ongoing work of Riksbanken with the Central Bank of Sri Lanka.
|Procurement||Recruitment of consultants is expected to take place in November 2004.|
|Responsible ADB Officer||Romero-Torres, Jennifer|
|Responsible ADB Department||South Asia Department|
|Responsible ADB Division||Public Management, Financial Sector and Trade Division, SARD|
Ministry of Finance and Planning
Ms. Malanie Gamage
|Concept Clearance||02 Dec 2003|
|Fact Finding||26 Apr 2004 to 30 Apr 2004|
|Approval||26 Oct 2004|
|Last Review Mission||-|
|PDS Creation Date||31 Jan 2007|
|Last PDS Update||14 Feb 2008|
|Approval||Signing Date||Effectivity Date||Closing|
|26 Oct 2004||08 Dec 2004||08 Dec 2004||31 Mar 2006||31 Dec 2009||-|
|Financing Plan/TA Utilization||Cumulative Disbursements|
|2,200,000.00||1,200,000.00||0.00||0.00||0.00||0.00||3,400,000.00||26 Oct 2004||1,030,306.08|
Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.
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|Title||Document Type||Document Date|
|Implementing Products and Services for the Domestic Debt Market||TA Completion Reports||Jun 2011|
|Implementing Products and Services for the Domestic Debt Market (Cofinanced by the Government of Sweden)||Consultants' Reports||Jun 2007|
|Implementing Products and Services for the Domestic Debt Market||Technical Assistance Reports||Oct 2004|
Safeguard Documents See also: Safeguards
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Evaluation Documents See also: Independent Evaluation
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