Posted On: Thursday, 26 April 2012 Last Updated: Thursday, 26 April 2012
Basseterre, St. Kitts, (Thursday 26th April, 2012)-Member countries of the Eastern Caribbean Currency Union (ECCU) are expected to benefit from more hands-on training and technical assistance from the Canada Eastern Caribbean Debt Management Advisory Service (CANEC DMAS) Project during the 2012/2013 financial year.
The increased ‘in-country’ assistance would allow for other stakeholders involved in the debt management process to participate in capacity building initiatives. The crafting of debt management strategies and training in loan negotiation and evaluation are among the main areas identified for support from the project.
The decision to conduct the ‘in-country’ training emanated from discussions at the 5th Meeting of the CANEC DMAS Project Steering Committee (PSC) held on 30 March, where the project’s 2012/2013 Annual Work Plan (AWP) and budget were presented for approval.
The PSC comprises the ECCU Financial Secretaries, the Canadian International Development Agency (CIDA) and the Eastern Caribbean Central Bank (ECCB). It provides direct oversight to the DMAS Project which is managed by the ECCB. Based on the discussions at the meeting, the ECCU representatives recognised the benefits to be derived from extending the work of the CANEC DMAS beyond the Debt Management Units (DMU).
The Committee also reviewed the 2011/2012 Annual Progress Report and noted the project’s activities and achievements during the year. These included: technical assistance to countries in undertaking debt sustainability analyses; support in the compilation of debt portfolio reviews; increased knowledge from training on the Medium Term Debt Management Strategies (MTDS); and increased usage of the Regional Government Securities Market (RGSM).
The CANEC DMAS Project is a CIDA-funded debt management project which commenced operations at the ECCB in 2009. The work of the project is undertaken in close collaboration with the Ministries of Finance in the ECCU member states.During the first three months of 2012, the four member governments of the Eastern Caribbean Currency Union that issued securities on the Regional Government Securities Market (RGSM) were successful in raising short and long term capital amounting to $246.6m.