Financial Sector Strategies for Public Financial Managers

Debra C. von Koch Government Debt Issuance & Management Program

International Financial Crisis & Global Economic Recession Strategies and Tactics For Emerging Market Countries

OTA MISSION
Strengthen public financial management
and financial institutions
in developing and transition countries

Real Economy
Impact of crisis reaching EM countries at varying speeds, with differing results
Economic growth contracting more than forecast
Demand for goods/services
Remittances
FDI
Commodity prices & exports
Tourism receipts

Government Finances
Cash Flow Problems
Revenues
Countercyclical/social spending
Interest rates on government debt
= Fiscal Gaps
IFI Credit
Prior Reform Efforts

Financial Markets
Reduced Hard Currency Inflows
Depreciating Local Currencies
Declining Official Reserves

Financial Markets -2
Low Demand for New Debt
High Concentrations Foreign-Currency
Denominated Debt/High FX Risk
Short Maturity Profile/High Rollover Risk

Response to Challenges
Accelerate Domestic Debt Market Development to Support:
Fiscal stability
Monetary policy transmission
Broader capital market development

Response to Challenges -2
Update Debt Strategies
Debt Restructurings
Improve Cash Forecasting/Management
Improve Risk Analysis/Management

Response to Challenges -3
Implement Reforms to Attract Domestic Savings
Enhance Transparency and Market Communication
Investors
Coordination fiscal and monetary policies

Thank you!
Debra C. von Koch
Associate Director
U.S. Treasury International Affairs
Office of Technical Assistance
Government Debt Issuance & Management Program
Email: [email_address]
Website: www.treasuryota.us

Financial Sector Strategies for Public Financial Managers

by icgfmconference on May 13, 2009

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