Commonwealth launches new software to help countries beat the debt problem
23 October 2001
A more advanced version of the highly successful software used by more than 50 countries to manage their national debt will be unveiled by the Commonwealth Secretariat at Marlborough House in London tomorrow. CS-DRMS 2000+, the new version of the Commonwealth Secretariat Debt Recording and Management System, will be launched by the Commonwealth Secretary-General, Don McKinnon.Developed by the Secretariat's Economic and Legal Advisory Services Division (ELASD), CS-DRMS improves economic performance by helping countries and organisations to record and manage debt. The new CS-DRMS is based on state of the art technology. "This will add functionality that will enable countries to manage their different kinds of debt - domestic, external, short, medium and long-term - in a more effective and integrated manner. It is also easier to use and should appeal to a wider group of users," said Kamala Bhoolai, the acting Director of ELASD.
Kenya has used CS-DRMS for fourteen years to record external debt. "The system has assisted in the calculation of grant elements for concessionality and this gives our negotiators directions in obtaining the best terms," said Charles Kairu, Senior Economist of the Ministry of Finance. "We provide the budget team with debt service figures and have also used the system to prepare for Paris Club debt rescheduling."
In India, where the CS-DRMS system has been used for a decade and a half, it is an integral part of macro economic management and is used for budget preparation, debt analysis and portfolio review among other things. "We use it to capture and monitor external debts and grants," said Dr A.K. Srimany, Director of Payments of the Statistical Division of the Reserve Bank of India.
"The software assists us greatly in budget preparation, cash flow management and preparation of Debt Statistical Reports to the World Bank and the IMF," said Gibson Gotaha, Debt Officer of the Department of Finance and Treasury of Papua New Guinea.
The new software incorporates advanced tools for undertaking debt sustainability analysis, which is an important requirement for countries engaged in the Heavily Indebted Poor Countries (HIPC) Initiative. "A debt sustainability analysis allows the debt manager to assess whether the country will be in a position to pay what it has borrowed without getting into serious difficulties," Ms Bhoolai explained.
A four-day seminar, the CS-DRMS 2000+ for Active Debt, started in London today. It is being attended by more than 40 delegates from 22 countries that currently use CS-DRMS.
Note to Editors:
The Commonwealth Secretariat has been assisting Commonwealth governments tackling the debt problem since the early eighties. It offers a comprehensive programme of assistance in debt and development resources management that includes reviewing the institutional and legal framework for debt management; setting up of databases on all categories of debt using the CS-DRMS software; training in debt recording and analysis; and consultancy services in various aspects of debt management.
The Commonwealth has been campaigning for many years for debt relief for the affected countries, which include a number of member countries. It has also played an active role in building consensus for enhancing the HIPC Initiative, which was launched by the International Monetary Fund and the World Bank in 1996 as a measure to reduce the burden of heavily indebted poor countries to sustainable levels while at the same time encouraging good economic policies.
More information regarding CS-DRMS 2000+ and the Commonwealth Advisory Services in Debt Management can be obtained by visiting the web site at www.csdrms.org
01/68 23 October 2001
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- Commonwealth ICT SummitBetty Mould Iddrisu, Director, Legal and Constitutional Affairs
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