Commonwealth Secretariat’s debt-management software celebrates 20 years of success
7 October 2005
The Commonwealth Secretariat's Debt-Recording and Management System (CS-DRMS) celebrates its 20th anniversary this year. The software was developed in response to the 1980's debt crisis, which started in Mexico and spread rapidly to many developing countries. It records and manages different types of debt - domestic or external, short, medium and long-term. In addition, the software also offers links to tools used for debt sustainability analysis such as the World Bank's Debt Sustainability Model plus.
CS-DRMS is offered to all Commonwealth members as part of an integrated capacity building programme in debt management which also includes training and advisory services. Forty-four Commonwealth countries have benefited from the programme. The CS-DRMS has been so successful that it has been translated into French and implemented by 11 countries outside of the Commonwealth.
This year, China, the world's second largest economy, became the 55th country to license and install the Commonwealth Secretariat's Debt Recording and Management System. CS-DRMS was installed in the International Department, Ministry of Finance, Beijing, by Crown Agents, which distributes the software to non-Commonwealth countries.
The programme has been adapted to meet the changing nature of debt globally, with the software being modernised to cope with new challenges.
Commonwealth Secretary-General Don McKinnon said, "CS-DRMS is a tool that can help end poverty through better management of scarce resources. Also, the donor community is more likely to assist countries who are able to track and demonstrate their debt position very accurately."
A new Distributor Agreement will be signed with Crown Agents later today. The Commonwealth Deputy Secretary-General, Mr Winston Cox said, "The relationship between the CS-DRMS and Crown Agents is an important strategic partnership for us and we hope that this new agreement will reinforce the already strong collaboration between the two institutions."
Note to editors
CS-DRMS which is available in English and French enables countries to better track their debt, review options for restructuring, evaluate sources of borrowings and plan new loans, assisting Finance Ministers, and Central Bank Governors to manage their country's debt more effectively.
The China project is being implemented by Crown Agents, the Secretariat's CS-DRMS distributor for non-Commonwealth countries since 1993.
For further information on CS-DRMS please visit http://www.csdrms.org
Commonwealth countries using the software are Anguilla, Antigua and Barbuda, The Bahamas, Barbados, Belize, Botswana, British Virgin Islands, Cameroon, Cayman Islands, Cook Islands, Cyprus, Dominica, Fiji Islands, The Gambia, Ghana, Grenada, Guyana, India, Jamaica, Kenya, Lesotho, Malawi, Maldives, Malta, Mauritius, Montserrat, Mozambique, Namibia, Nauru, Nigeria, Papua New Guinea, St Kitts and Nevis, St Lucia, St Vincent, Samoa, Seychelles, Sierra Leone, Solomon Islands, Sri Lanka, Swaziland, Tonga, United Republic of Tanzania and Vanuatu.
Non-member countries which have installed the software are Benin, Bulgaria, Cape Verde, China, Guinea-Conakry, Laos, Mali, Nepal, Niger, Suriname and Thailand.
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