Debt Reporting by Developing Countries A joint COMSEC/World Bank project using Statistical Data and Metadata Exchange (SDMX)

Transcription

1 Debt Reporting by Developing Countries A joint COMSEC/World Bank project using Statistical Data and Metadata Exchange (SDMX)

2 Collecting and Maintaining External Debt Data - Debtor Reporting System (DRS) Established in 1951 to assist Bank s borrowers (130 countries) in monitoring and reporting external debt DRS supports World Bank work: Analytical Operational Aggregating these data at the national level to support Country Assistance Strategy cross-country, comprehensive global debt statistics DRS users are IMF, OECD, UN, AfDB, AsDB DRS data is disseminated annually in: International Debt Statistics (Global Development Finance) The World Bank Open Data 2

3 Terms of an individual loan (Form 1 paper version) DRS Forms WB DRS Form Form 1 Form 1A Form 2 Description Description of Individual External Public and Publicly Guaranteed Debt Schedule of Drawings and Principal and Interest payment for new commitments with irregular repayments Individual External Public Debt and Publicly guaranteed debt current status and transactions during reporting period Submission Frequency Quarterly Quarterly Annually Form 3 Revisions to Forms 1 and 2 As required Form 4 Private Non-Guaranteed External Debt Annually Form 1 csv version 3

4 The data Loan by loan data includes: Borrower type Name of borrower Name of guarantor Purpose of the loan Payment type Payment dates Creditor country Creditor type Commitment amount Currency reporting, repayment, denomination etc. Interest type Interest rate Etc. 4

5 Problems Faced! Different codes used by WB and countries creditor entities debtor entities purpose and sector codes interest types granularity of reporting needed by WB Transactions on loans disbursements, amortizations and interest payments need to be reconciled with the outstanding debt reported Reconciliation of loan balances from year to year Tedious and labor intensive process of reconciliation Other issues - examples Change in loan numbers by countries Consolidation of loans e.g. due to rescheduling Combining of two or more loans into a single loan 5

6 Problem Resolution through SDMX? World Bank and ComSec worked on adopting SDMX standards Code lists developed for uniform reporting by countries Developed new Data Structure Definition (DSD) for the loan level data Enhanced ComSec system System flexible - allows country-specific codes for country data while providing mapping to SDMX Codes System enhanced to generate SDMX-ML compliant output Enhanced the WBXD to process SDMX 6

7 Dimensions and Attributes of the DSD (Forms 1 and 2 combined) 7

8 Commonwealth Debt Recording & Mgmt System (CS-DRMS) 60 + client countries (incl non-commonwealth countries) (100 + sites) Free to Commonwealth countries Latest Addition Trinidad & Tobago Combined external debt portfolio of CS-DRMS user countries ~ Above USD 600 billion Combined public debt portfolio of CS-DRMS user countries ~ Above USD 2.5 trillion 8

9 Map country code to SDMX code Economic Sector 9 Interest Rate Series

10 Electronically import (revised) SDMX Codes Generate SDMX-ML Compliant Output 10

11 Integration of SDMX to World Bank s debt system 11

12 Benefits Quality Minimizes discrepancies in coding, allowing countries to accurately map codes Facilitates data exchange across countries, regions and international organizations Timeliness Reduces the time and effort for debt specialists to clean and reformat incoming data Availability Aggregates cross-country comparable data and enables universal access to debt statistics through World Bank s Open Data tools 12

13 Deployment System piloted with data of three countries CS-DRMS (SDMX compliant) by September 2013 Sensitisation/Training by WB/ComSec Parallel run (both CSV and XML outputs) Switch to SDMX-ML 13

14 Open Data 14

15 Thank You!