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Guidelines for Public Debt Management

The State Records Management Act (Government Code, Section 14740-14774) requires the Director of the Department of General Services (DGS) to establish and administer the state’s records management program. The program applies “ to the creation, utilization, maintenance, retention, preservation, and disposal of state records.” DGS administers the program though the State Administrative Manual (SAM), Chapter 1600 and the California Acquisition Manual (CAM). SAM and CAM require every state agency to establish Records Retention Schedules which, when approved, become the legal authority for the agency to dispose of official public records. Retention schedules are the key element in effective records management programs for both government and private industry. State agencies. | - 1 - Guidelines for Public Debt Management Prepared by the Staffs of the International Monetary Fund and the World Bank Amendments December 9 2003 Contents Page I. What is Public Debt Management and Why is it Important .1 II. Purpose of the Guidelines.3 III. Summary of the Debt Management Guidelines.5 IV. Discussion of the Guidelines.9 1. Debt Management Objectives and Coordination.9 2. Transparency and Accountability.13 3. Institutional Framework.16 4. Debt Management Strategy.20 5. Risk Management Framework.28 6. Development and Maintenance of an Efficient Market for Government Securities .32 Boxes Box 1. Risks Encountered in Sovereign Debt Management.10 Box 2. Collective Action Clauses.19 Box 3. Some Pitfalls in Debt Management.20 Box 4. Asset and Liability Management.24 Box 5. Overview of Indicators of External Vulnerability.27 Box 6. Relevant Conditions for Developing an Efficient Government Securities Market.33 Guidelines for Public Debt Management I. What is Public Debt Management and Why is it important 1. Sovereign debt management is the process of establishing and executing a strategy for managing the government s debt in order to raise the required amount of funding achieve its risk and cost objectives and to meet any other sovereign debt management goals the government may have set such as developing and maintaining an efficient market for government securities. 2. In a broader macroeconomic context for public policy governments should seek to ensure that both the level and rate of growth in their public debt is fundamentally sustainable and can be serviced under a wide range of circumstances while meeting cost and risk objectives. Sovereign debt managers share fiscal and monetary policy advisors concerns that public sector indebtedness remains on a sustainable path and that a credible strategy is in place to reduce excessive levels of debt. Debt managers should ensure that the fiscal authorities are aware of the impact of government financing .