Development Finance International
SOMALIA: Commonwealth Meridian – December 2020 to September 2022
This project, funded by the African Development Bank, was the first to be implemented by DFI as exclusive distributor for Meridian. Its main objectives were to install Meridian, migrate the debt database from CS-DRMS and train Somali debt managers to record, manage and report on their debt portfolio. The new database was drawn from CS-DRMS records and loan balances reconciled with creditors for the 2020 Paris Club exercise. Following two training courses held in Nairobi, DMU staff are using Meridian on the Ministry of Finance’s cloud space, to administer their portfolio and regularly produce a quarterly debt bulletin – one of the pre-conditions for HIPC Completion Point which Somalia reached in December 2023, with total debt savings of $4.5 billion.
BHUTAN: Commonwealth Meridian – April 2022
Bhutan has been using CS-DRMS since 2005. The project, funded by the Asian Development Bank, aimed to install Meridian in the Development Coordination and Debt Management Division of the Ministry of Finance, migrate the debt database and train users in the use of Meridian. The debt database (comprising external and domestic debt, on-lent loans and grants) was migrated, two training workshops (covering intermediate and advanced use of Meridian) were organised in Thimphu, and a study tour was organised to the Maldives to expose Bhutanese officials to a Meridian site already in operation. Various customised reports were also written for Bhutan’s reporting according to national legislation. At final reconciliation stage, it was discovered that some of Bhutan’s multi-currency loans from a multilateral creditor had not been entered into CS-DRMS according to standard methodology. Work is currently being completed on finalising their re-entry and validation.
LIBERIA: Commonwealth Meridian – August to December 2021
This project was funded by the African Development Bank, and due to a funding disbursement deadline was completed in 4 months. Its main objective was to install Meridian, migrate the debt database from CS-DRMS and ensure that staff of the Ministry of Finance and Development Planning can use the new system to manage Liberia’s debt reporting needs. The project was underpinned by two skills transfer and capacity building workshops (each two weeks long) for 15 participants. Although the project was successfully completed, the short implementation period meant that the project recommended continued further capacity-building efforts in a second phase, including extending the database to cover domestic debt, reinforcing staff capacity of staff and strengthening MFDP IT infrastructure.
10 June - DFI and World Bank/IMF Renew Partnership on Debt Management Facility
DFI has renewed its partnership with the World Bank and IMF to implement the Debt Management Facility, which began in 2008. The DMF provides advisory services, training and peer-to-peer learning to more than 80 developing countries around the world to strengthen their debt management capacity, processes, and institutions. DFI participates in workshops and missions to support the implementation of the programme, on such issues as Debt Management Performance Assessments (DeMPA), Debt Sustainability Analysis, Medium-Term Debt Strategies, design of Debt Management Reform Plans, and development of domestic debt markets. Since 2008, DFI has participated in more than 73 missions and workshops. For more details, see the DMF website.
8 October – Commitment to Reducing Inequality Index 2020
DFI and Oxfam International launched the third edition of the CRI, measuring government commitment to policies which reduce inequality. The key findings of the report are that the COVID-19 pandemic has swept across a world unprepared to fight it, because countries failed to fight inequality. Only one in six countries are spending enough on health, only a third of the global workforce has adequate social protection, and in over 100 countries one in three workers had no labour protection. As a result, many have faced death and destitution, and inequality is increasing dramatically. The report recommends that all governments adopt strong anti-inequality policies on public services, tax and labour rights, to radically reduce the gap between rich and poor. The international community must support them with SDRs, debt relief and global solidarity taxes.
