The Eastern Caribbean Currency Union (ECCU) countries will develop new organisational structures along functional lines to increase the effectiveness of their Debt Management Units in implementing governments’ debt management strategies.
This was one of the main decisions of the Canada Eastern Caribbean Debt Management Advisory Service (CANEC-DMAS) Project Steering Committee (PSC) when it met for its annual review meeting on 28 April at the Eastern Caribbean Central Bank (ECCB) Headquarters in St Kitts.
As part of on-going work of the CANEC-DMAS Project, ECCU countries will seek to ensure that core responsibilities of the Debt Management Units such as: evaluating potential sources of funding; and actively managing the costs and risks associated with the composition of countries’ public debt, are undertaken more adequately. This process may require reorganisation of the Units in some of the countries.
The Debt Management Unit’s core responsibilities also include, active monitoring and maintenance of quality public debt data which is used to feed into the decision making process for the governments. This will therefore see the ECCU countries moving towards full utilisation of Version 2.0 of the Commonwealth Secretariat Debt Recording and Management System (CS-DRMS) which was released in August 2014. Countries have been working towards implementation of the new version with assistance from the ECCB’s CANEC-DMAS Project.
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The CANEC-DMAS Project is financially supported by the Government of Canada through the Department of Foreign Affairs Trade and Development and assists member countries in enhancing their debt management practices through ongoing technical support in the fundamental areas of debt management.