Experts to focus on standardising data on external debt

Debt management experts from a number of Commonwealth countries will meet in London, UK, from 1 to 3 December 2008 to discuss debt reporting concepts and initiatives and identify ways of improving debt data compilation, dissemination and analysis.

The seminar, which is being organised by the Debt Management Section of the Commonwealth Secretariat, will take place at Marlborough House, the headquarters of the Secretariat. The seminar is aimed at sensitising delegates on new debt reporting initiatives, with particular reference to the General Data Dissemination System (GDDS) and Quarterly External Debt Statistics (QEDS) initiatives of the World Bank and International Monetary Fund (IMF).

The two initiatives give explicit recognition of the need to develop appropriate statistical monitoring systems by stipulating in respect of coverage, periodicity, and timeliness for the compilation and dissemination of socio-demographic data — recognising specifically areas related to Millennium Development Goals indicators. Delegates will also discuss the reporting facility in the Commonwealth Secretariat Debt Recording and Management System, CS-DRMS, and identify ways of enhancing the reporting capability of the debt management software.

Walton Gilpin, a debt management adviser at the Secretariat, said that delegates will be fully sensitised on the new debt reporting initiatives of the World Bank and IMF, and also informed on how the CS-DRMS can assist member countries in producing requisite debt reports under these initiatives.

“It is important that the collection, analysis and dissemination of external debt data is consistent with international codes and standards in order to allow for proper country to country and sector to sector comparisons. This helps inform policy formulation,” Mr Gilpin stated.

Since the mid-1980s, the Secretariat has been assisting member countries in the recording, compilation, computerisation and reporting of external debt liabilities through the use of CS-DRMS and a host of capacity-building initiatives in debt management.

This assistance has been provided through a number of projects, including the provision of the debt management software, and support in improving debt data methodology and standards. The aim is to improve the timeliness, quality and coverage of debt statistics in line with best international practices.

The seminar will attract 40 delegates from 32 member countries currently participating in the GDDS/QEDS debt data initiatives. Resource personnel will be drawn from the World Bank, the IMF, the Crown Agents and the Commonwealth Secretariat.

Key Links:

• Debt management