There is need for innovative methods and the adoption of emerging debt practices to boost the debt management capacity for Grenada and other member territories of the Eastern Caribbean Currency Union.
This is one of the recommendations in a review of the status of debt management in the region which was the subject of discussions in a recent meeting held in St Kitts and Nevis, with participants from both the private and public sectors.
A news release from the ECCB said that debt managers from the Eastern Caribbean Currency Union (ECCU) along with staff of the Eastern Caribbean Central Bank (ECCB) have reviewed the status of debt management in the region and concluded that the challenges of the ongoing financial crisis have underscored the need for innovative methods and the adoption of emerging debt practices to boost the debt management capacity for the member countries.
The review was conducted during the meetings of the Technical Committee for the Canada Eastern Caribbean Debt Management Advisory Service (CANEC-DMAS) Project from 12–13 February in St Kitts and Nevis.
The Project, which was established in November 2008 with a scheduled completion date of October 2014, has been extended to June 2017 to allow for further strengthening of debt management capabilities in the region.
The meeting participants deliberated and provided recommendations on the priority areas for the CANEC-DMAS Project in light of its extension to 2017; revisions to the project’s work programme up to the extension period; and developments on the Regional Governments Securities Market (RGSM).
The release said that since the inception of the CANEC-DMAS Project, a number of strides have been made with respect to debt management in the ECCU member countries. These include: capacity building in Debt Sustainability Analyses (DSA), Medium Term Debt Management Strategies (MTDS) and enhancements in debt recording and monitoring.
Ahead of the meeting of the CANEC-DMAS Project Steering Committee scheduled for the second quarter of 2014; the Technical Committee has formulated a structure for the project’s technical work programme in keeping with the needs of the ECCU member countries.
The CANEC-DMAS Project is funded by the Development Programme of the Department of Foreign Affairs, Trade and Development (DFATD) Canada.