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Elsie Addo Awadzi
Sustainable public debt has gained renewed attention as countries implement fiscal consolidation measures in the aftermath of the global financial crisis. Sound public debt policies and debt management practices require robust legal underpinnings. Complex legal issues however arise in the design of the legal framework, and tradeoffs are required in many instances. This paper analyzes key features of modern public debt management legal frameworks, drawing from examples in advanced, emerging, and frontier markets. It aims to provide guidance for countries that seek to review and strengthen their public debt management legal frameworks.
Elsie Addo Awadzi

concludes. II. What is the Legal Framework for Public Debt Management? 7. Broadly-speaking, the PDM legal framework encompasses the legal norms and institutions that govern public sector debt . The legal framework reflects public law and private law components. Public law in this context refers to the body of law that regulates the government’s authority to borrow and conduct its debt management activities, the roles and responsibilities of various players in PDM, and other substantive and procedural matters that affect public debt. Private law in relation to

International Monetary Fund
This paper discusses key findings of the assessment on observance of standards and codes on fiscal transparency for Thailand. The assessment reveals that Thailand meets requirements of the fiscal transparency code in many respects and exceeds them in a few cases. The legal framework underlying public finance is broadly sound. The budget process is well specified. The legal framework for public debt management is clear, and reporting of public debt is transparent. The National Counter-Corruption Commission and the Office of Auditor General provide important independent checks on the integrity of public finances.
International Monetary Fund

transparency code in several areas, and exceeds them in some . The budget preparation process abides by clear schedules and processes. The budget incorporates many desirable features, including embedding the annual budget in a macroeconomic framework, incorporating a performance orientation to the budget, medium term forecasts of expenditure by department, and information on multi-year commitments in the budget. The legal framework for public debt management is clear, and the reporting of public debt is highly transparent. Debt ceilings reflect a commitment to fiscal

Elsie Addo Awadzi

Front Matter Page Legal Department Table of Content Abstract I. Introduction II. What is the Legal Framework for Public Debt Management? III. Legal Framework Design Considerations IV. Key Elements of Sound PDM Legal Frameworks A. Scope of Public Debt B. What Guides Public Debt Management? C. Legal Mandate to Borrow D. Borrowing Purpose (s) E. Debt Ceilings F. Borrowing by Public Sector Entities G. Contingent Liabilities H. Government Lending and On-Lending V. Institutional Arrangements For Effective Public Debt

International Monetary Fund

a sound macrofiscal framework. Multi-year departmental estimates are used for budget requests. The legal framework for public debt management is clear, and reporting of public debt is transparent. Announced limits on debt and interest payments reflect commitment to fiscal prudence. The National Counter-Corruption Commission and the Office of Auditor General provide important independent checks on the integrity of public finances. Fiscal transparency has improved in recent years and further reforms are planned. Budget documents provide extensive fiscal

International Monetary Fund. Research Dept.

/147 Designing Legal Frameworks for Public Debt Management Elsie Addo Awadzi Working Paper 15/148 What Slice of the Pie? The Corporate Bond Market Boom in Emerging Economies Diana Ayala Pena, Milan Nedeljkovic, and Christian Saborowski Working Paper 15/149 Network Effects of International Shocks and Spillovers Alexei Kireyev and Andrei Leonidov Working Paper 15/150 Banks in the Global Integrated Monetary and Fiscal Model Michal Andrle, Michael Kumhof, Douglas Laxton, and Dirk Muir Working Paper 15/151 China’s Labor Market

International Monetary Fund. Middle East and Central Asia Dept.

issuance in local currency; (iii) existence of primary dealers to ensure liquidity and consistent bid/ask spreads; (iv) market liquidity to reach certain level of transaction volume. References E. Awadzi , 2015 , “ Designing Legal Frameworks for Public Debt Management ,” IMF Working Paper 15/147 , ( Washington : International Monetary Fund ). L. Jaramillo , C. Mulas Grados , and E. Kimani , 2017 , “ Debt spikes and stock flow adjustments: Emerging economies in perspective ,” Journal of Economics and Business . A. Hanson

International Monetary Fund

of gross issuance of public debt. The legal framework for public debt management activity is defined first by the state law, which has recently created the new ministry of the economy and finance (MEF). The MEF is assigned—among others—the competencies related to the “… funding of Government’s financing needs and of Public Debt. …” A secondary regulation defines the concrete organization and division of competencies assigned to the treasury department within the MEF, and in particular to the PDD. The PDD is responsible for the issuance and management of