Location: Pretoria, South Africa and Kingston, Jamaica
Duration: 3 Years
Closing Date: 27 Jun 2012
The burden of servicing public debt in developing Commonwealth countries in Africa, and the Small (Island) States spread across the Indian Ocean, south Asia, the Caribbean and the South Pacific is a major constraint to their progress towards the Millennium Development Goals. Effective public debt management, aimed at minimisation of long term debt servicing cost and achieving sustainable debt, will therefore ease the financial constraint that debt servicing has on countries and facilitate the progress towards the millennium development goals.
The Commonwealth Secretariat is a recognised leader on debt management issues and solutions. The CS-DRMS system is a highly successful Commonwealth product used in 60 countries. Many of the Commonwealth member countries are currently undertaking reforms to strengthen their debt management policies and institutional arrangements and to build overall capacity for prudent and sustainable debt management. They require assistance from the Secretariat in the above areas. In recent years the Secretariat has seen growing demand for assistance to provide policy advisory support and build capacity on debt management from member countries. Against this background the Commonwealth Secretariat has approved a project providing for the recruitment of five Debt Management Advisers to be deployed in the Commonwealth regions of Africa (Western and Southern & Eastern), Asia, Caribbean and Pacific with the objective to complement the work of headquarter staff in the Secretariat on its debt management programme. In this regard the Secretariat seeks to engage the services of experienced Debt Management Experts for a three year term to complement the assistance provided directly by its headquarters staff on debt management.
To assist developing member countries in the Caribbean, East and Southern Africa, West Africa, the South Pacific and South Asia regions in strengthening their debt management capacity -including sub-national debt management- through effective use of CS-DRMS, appropriate reforms on debt management and adoption of prudent debt management policies and strategies. In doing so, this project will develop a pool of sophisticated, locally based debt managers to drive and implement reforms in public debt management and effectively manage the largest financial balance sheet of a country on a sustainable basis.
Working closely with the Commonwealth Secretariat team and under the supervision of the designated official at the host institution the adviser (Debt Management) will be required to provide advice in a number of areas including debt management strategy and policy formulation, risk management of sovereign debt, development of domestic debt market, and the setting up of appropriate institutional framework for undertaking debt management operations. The Adviser will also be responsible to assist in capacity building activities on debt management in member countries through training and other outreach activities. The main objective would be to strengthen debt management capacity particularly relating to debt analysis and in the design and implementation of debt strategy. The job will involve i travel to member countries within the designated region and also to other Commonwealth regions.
The post-holder will be required to:
- Public debt policy, including debt management strategy formulation and implementation, especially on market borrowings;
- Expertise on institutional arrangements, governance framework and legal framework on debt management;
- Risk management of sovereign debt liabilities, preferably having hand-on experience in risk management tools, including asset-liability management tools, World Bank/IMF MTDS toolkit or any other risk management frameworks applicable to sovereign liability management;
- Market knowledge related to development of domestic debt market and functioning of international capital markets.