Commonwealth HIPC Ministerial Forum

	A CS-DRMS debt management software training session in London

The Secretariat, through the work of the Commonwealth HIPC Ministerial Forum, has continued its efforts to help lowincome countries achieve a permanent exit from their debt overhang and ensure long-term debt sustainability. Issues discussed at the Forum in 2004–2005 included: long-term debt sustainability and domestic debt, public private partnerships (PPPs) for infrastructure in post-conflict countries, non-participating creditors and sovereign debt in istress, extending debt relief to other low-income countries, deeper and wider debt relief, debt cancellation and additionality.

Reducing Debt

Over the past two years, the Secretariat has continued to provide debt management support and advice using the new Windows-based version of its unique debt management software, the Commonwealth Secretariat Debt Recording and Management System (CS-DRMS 2000+). The programme has been extended to new countries including the People’s Republic of China. It is now used in 54 countries within and beyond the Commonwealth.

The system enables countries to record and analyse their external and domestic debt flows to the private and public sectors. It also assists in HIPC and poverty reduction analysis, by providing interface with the World Bank’s Debt Sustainability Model and other analytical packages.

During 2003–2005, the Secretariat collaborated with regional institutions to strengthen debt management capacity in member countries. Regional debt and CS-DRMS advisers were placed in the Eastern Caribbean; Eastern and Southern Africa; West Africa; and the South Pacific. Countries including The Gambia, Kenya and Sri Lanka received assistance in reviewing their domestic debt portfolios and market development.

In collaboration with strategic partners such as the European Central Bank, European Statistical Office, IMF, OECD, Paris Club Secretariat, UN Conference on Trade and Development, and World Bank, the Commonwealth continues to work on the development and dissemination of standards and methodology for compiling external debt statistics.