More Countries Opt for Commonwealth Debt Management Programme

Bhutan, China, Nepal and Sao Tomé are the latest countries to begin using the Commonwealth Secretariat Debt Recording and Management System (CS-DRMS), bringing the total number of users to 54 countries and territories within and outside of the Commonwealth.

The new users of this computer software for designing national debt strategies and carrying out debt sustainability analysis, risk management and portfolio reviews were announced by Commonwealth Deputy Secretary-General Winston Cox on 27 June 2006. He was opening a three-day meeting of a CS-DRMS User Group held at Marlborough House, the Secretariat’s headquarters in London, UK. The meeting is being attended by about 80 representatives from 45 user countries.

Mr Cox said he was pleased that the debt management programme has expanded beyond the Commonwealth, and expressed confidence that these countries would benefit from the advanced debt management software.

The Deputy Secretary-General added that CS-DRMS users can help take the debt management programme to a new phase in its life cycle to enhance partnership, ownership and dynamism. To date, CS-DRMS has been installed in 44 Commonwealth countries and territories and 10 non-Commonwealth states.

“This regular meeting of users will not only provide participants with a better insight into the programme, but also pave the way for more extensive user involvement in the design and delivery of our debt management support programme,” said Mr Cox.

He stated that the Secretariat has been playing a vital role in helping countries to understand the need for prudent and efficient debt management, and to ensure that debt relief for heavily indebted poor countries remains an issue of global importance. Mr Cox stressed that the Secretariat is committed to the achievement of the Millennium Development Goals through its support of pro-poor policies for economic growth and sustainable development. This includes programmes in finance and debt with the aim of improving the capacity of countries to better manage their debt portfolios.

“The programme is designed to strengthen the institutional framework for debt management, supply and support CS-DRMS and assist in recording various types of debt. The intention is also to provide policy advice and assistance, and to add value through strategic partnerships,” said the Deputy Secretary-General.

The CS-DRMS User Group Meeting will examine the implications of changes in debt management techniques, debt data methodology and domestic debt management.

George Saibel, Director of the Secretariat’s Special Advisory Services Division which oversees debt management programmes, said the CS-DRMS can support a broader macroeconomic environment.

“We are working towards assisting countries to link CS-DRMS to their budgeting and accounting systems, as a number of user countries are developing their own customised financial management improvement systems,” stated Mr Saibel.

Ansoumane Conde, Director of the National Debt and Public Investment Division of Guinea’s Ministry of Economy and Finance, said: “The CS-DRMS is very user-friendly compared to other debt management software we’ve used before. It enables us to manage our external and domestic debts much more efficiently.”

Lucy Simon, Development Accountant from Vanuatu’s Ministry of Finance, added that the CS-DRMS, which is used by her ministry as well as at the country’s Reserve Bank, is practical. “It really helps us when it comes to our budget reporting,” said Ms Simon. “Discussions at this meeting will help us to further strengthen the programme we’re using.”

CNIS - Commonwealth News and Information Service Issue 291, 28 June 2006

Secretariat Links:

• Supporting Pro-Poor Policies

Related Websites:

• CS-DRMS Website