Pakistan : Issues Related to the Government Securities Market and Government Debt Management
The government of Pakistan borrows in the domestic market through a range of instruments, and this market is a critical source of funding for both shorter-term cash management and longer-term deficit-financing. The government has taken actions over...
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| Format: | Policy Note |
| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2010/06/16505296/pakistan-issues-related-government-securities-market-government-debt-management http://hdl.handle.net/10986/12647 |
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okr-10986-12647 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACTIVE TRADING ASSET ALLOCATION ASSET ALLOCATION STRATEGIES ASSET MANAGEMENT ASSET MANAGEMENT INDUSTRY ASSET PORTFOLIOS ASSETS AUCTION AUCTIONS BANKING MARKET BASIS POINTS BENCHMARK BENCHMARKS BID BIDDING BIDS BOND BOND INDICES BUY-BACKS CAPITAL ACCOUNT CASH FLOW CASH MANAGEMENT COMMERCIAL BANKS COMMODITIES COMPULSORY INVESTMENT CONFIDENTIALITY CONTINGENT LIABILITIES CONTRACTUAL SAVINGS CONTRACTUAL SAVINGS INSTITUTIONS COUPONS CREDIBILITY CURRENCY DEBT COMPOSITION DEBT MANAGEMENT DEBT MANAGEMENT POLICY DEBT MARKET DEVELOPMENT DEBT POLICY DEBT STOCK DEPOSIT DEPOSITS DISSEMINATION OF INFORMATION DIVERSIFIED PORTFOLIOS DOMESTIC DEBT DOMESTIC DEBT MARKET DOMESTIC MARKET EXCESS LIQUIDITY EXCHANGE RATE EXCHANGE RATES EXPOSURE FINANCIAL MARKET FISCAL POLICY FOREIGN BANKS FULL DISCLOSURE GOVERNMENT DEBT GOVERNMENT FUNDING GOVERNMENT SECURITIES GOVERNMENT SECURITIES MARKET HOLDINGS INCOME INCOME FROM GOVERNMENT SECURITIES INDIVIDUAL BONDS INFLATION INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INTEREST RATES INTEREST-RATE RISK INTERNATIONAL RESERVES INVENTORY INVESTMENT PERFORMANCE INVESTMENT REQUIREMENTS INVESTOR PREFERENCES ISLAMIC BANK ISLAMIC BANKING ISLAMIC BANKS ISLAMIC SECURITIES ISSUANCE ISSUANCE OF GOVERNMENT SECURITIES LIABILITY LIABILITY MANAGEMENT LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUIDITY LIQUIDITY MANAGEMENT LOCAL BANKS LOCAL MARKET LONG-TERM CAPITAL MACROECONOMIC ENVIRONMENT MACROECONOMIC INSTABILITY MANDATES MARKET CONDITIONS MARKET DEVELOPMENT MARKET FRAGMENTATION MARKET INFORMATION MARKET INSTRUMENTS MARKET PARTICIPANTS MARKET PLAYERS MARKET SEGMENTS MARKET SIZE MARKET YIELDS MATURITIES MATURITY MEDIUM-TERM SECURITIES MONETARY POLICIES MONETARY POLICY MUTUAL FUNDS NATIONAL BANK NATIONAL INVESTMENT NATIONAL INVESTMENT TRUST NATIONAL SAVINGS OUTSTANDING DEBT PENSION PENSION FUNDS PORTFOLIO PORTFOLIO CHOICE PORTFOLIO MANAGEMENT PORTFOLIOS PRICE DISCOVERY PRIMARY DEALER PRIMARY DEALER SYSTEM PRIMARY DEALERS PRIMARY MARKET PROSPECTUS PUBLIC DEBT PUBLIC DEBT MANAGEMENT REDEMPTION REDEMPTIONS RELEVANT MARKET REPO REPO TRANSACTIONS RESERVES RETAIL RETAIL DEBT RETAIL DEPOSIT RISK FACTORS RISK MANAGEMENT RISK PARAMETERS SALES SAVINGS BONDS SECONDARY MARKET SECONDARY MARKET TRADING SECONDARY MARKETS SECONDARY TRADING SECURITIES ISSUANCE SHORT-TERM PAPER SHORT-TERM SECURITIES SOVEREIGN RISK SPREAD STATE BANK STATE BANK OF PAKISTAN STATUTORY LIQUIDITY STOCK EXCHANGE STOCKS SUBSIDIARY SUKUK SUSTAINABILITY ANALYSIS TAX LIABILITY TAXATION TRADES TRADING ACTIVITY TRADING VOLUMES TRANSPARENCY TREASURY TREASURY BILLS TURNOVER TURNOVER RATIO TURNOVER RATIOS UNDERLYING ASSET VOLATILITY WHOLESALE SECURITIES WITHHOLDING TAX YIELD CURVE |
| spellingShingle |
ACTIVE TRADING ASSET ALLOCATION ASSET ALLOCATION STRATEGIES ASSET MANAGEMENT ASSET MANAGEMENT INDUSTRY ASSET PORTFOLIOS ASSETS AUCTION AUCTIONS BANKING MARKET BASIS POINTS BENCHMARK BENCHMARKS BID BIDDING BIDS BOND BOND INDICES BUY-BACKS CAPITAL ACCOUNT CASH FLOW CASH MANAGEMENT COMMERCIAL BANKS COMMODITIES COMPULSORY INVESTMENT CONFIDENTIALITY CONTINGENT LIABILITIES CONTRACTUAL SAVINGS CONTRACTUAL SAVINGS INSTITUTIONS COUPONS CREDIBILITY CURRENCY DEBT COMPOSITION DEBT MANAGEMENT DEBT MANAGEMENT POLICY DEBT MARKET DEVELOPMENT DEBT POLICY DEBT STOCK DEPOSIT DEPOSITS DISSEMINATION OF INFORMATION DIVERSIFIED PORTFOLIOS DOMESTIC DEBT DOMESTIC DEBT MARKET DOMESTIC MARKET EXCESS LIQUIDITY EXCHANGE RATE EXCHANGE RATES EXPOSURE FINANCIAL MARKET FISCAL POLICY FOREIGN BANKS FULL DISCLOSURE GOVERNMENT DEBT GOVERNMENT FUNDING GOVERNMENT SECURITIES GOVERNMENT SECURITIES MARKET HOLDINGS INCOME INCOME FROM GOVERNMENT SECURITIES INDIVIDUAL BONDS INFLATION INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INTEREST RATES INTEREST-RATE RISK INTERNATIONAL RESERVES INVENTORY INVESTMENT PERFORMANCE INVESTMENT REQUIREMENTS INVESTOR PREFERENCES ISLAMIC BANK ISLAMIC BANKING ISLAMIC BANKS ISLAMIC SECURITIES ISSUANCE ISSUANCE OF GOVERNMENT SECURITIES LIABILITY LIABILITY MANAGEMENT LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUIDITY LIQUIDITY MANAGEMENT LOCAL BANKS LOCAL MARKET LONG-TERM CAPITAL MACROECONOMIC ENVIRONMENT MACROECONOMIC INSTABILITY MANDATES MARKET CONDITIONS MARKET DEVELOPMENT MARKET FRAGMENTATION MARKET INFORMATION MARKET INSTRUMENTS MARKET PARTICIPANTS MARKET PLAYERS MARKET SEGMENTS MARKET SIZE MARKET YIELDS MATURITIES MATURITY MEDIUM-TERM SECURITIES MONETARY POLICIES MONETARY POLICY MUTUAL FUNDS NATIONAL BANK NATIONAL INVESTMENT NATIONAL INVESTMENT TRUST NATIONAL SAVINGS OUTSTANDING DEBT PENSION PENSION FUNDS PORTFOLIO PORTFOLIO CHOICE PORTFOLIO MANAGEMENT PORTFOLIOS PRICE DISCOVERY PRIMARY DEALER PRIMARY DEALER SYSTEM PRIMARY DEALERS PRIMARY MARKET PROSPECTUS PUBLIC DEBT PUBLIC DEBT MANAGEMENT REDEMPTION REDEMPTIONS RELEVANT MARKET REPO REPO TRANSACTIONS RESERVES RETAIL RETAIL DEBT RETAIL DEPOSIT RISK FACTORS RISK MANAGEMENT RISK PARAMETERS SALES SAVINGS BONDS SECONDARY MARKET SECONDARY MARKET TRADING SECONDARY MARKETS SECONDARY TRADING SECURITIES ISSUANCE SHORT-TERM PAPER SHORT-TERM SECURITIES SOVEREIGN RISK SPREAD STATE BANK STATE BANK OF PAKISTAN STATUTORY LIQUIDITY STOCK EXCHANGE STOCKS SUBSIDIARY SUKUK SUSTAINABILITY ANALYSIS TAX LIABILITY TAXATION TRADES TRADING ACTIVITY TRADING VOLUMES TRANSPARENCY TREASURY TREASURY BILLS TURNOVER TURNOVER RATIO TURNOVER RATIOS UNDERLYING ASSET VOLATILITY WHOLESALE SECURITIES WITHHOLDING TAX YIELD CURVE World Bank Pakistan : Issues Related to the Government Securities Market and Government Debt Management |
| geographic_facet |
South Asia Pakistan |
| description |
The government of Pakistan borrows in
the domestic market through a range of instruments, and this
market is a critical source of funding for both shorter-term
cash management and longer-term deficit-financing. The
government has taken actions over the past 18 months that
have enhanced the effectiveness of the market as a source of
funding, as well as its efficiency. These include the
movement toward more predictable, volume-based,
market-determined pricing of government securities. Taking
account of the dynamics of demand will be important as the
government continues to develop its medium-term debt
management strategy. Doing so will help identify potential
constraints that may impede the implementation of the chosen
strategy. Specific actions that the government is
recommended to take include: a) reducing the number of
tenors issued, b) consolidating the debt stock so as to
improve liquidity in individual bonds, c) reducing time
delays in auction processing, and d) developing and
investor-relations function, with readily accessible
information on the operation of the government securities market. |
| format |
Economic & Sector Work :: Policy Note |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Pakistan : Issues Related to the Government Securities Market and Government Debt Management |
| title_short |
Pakistan : Issues Related to the Government Securities Market and Government Debt Management |
| title_full |
Pakistan : Issues Related to the Government Securities Market and Government Debt Management |
| title_fullStr |
Pakistan : Issues Related to the Government Securities Market and Government Debt Management |
| title_full_unstemmed |
Pakistan : Issues Related to the Government Securities Market and Government Debt Management |
| title_sort |
pakistan : issues related to the government securities market and government debt management |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2010/06/16505296/pakistan-issues-related-government-securities-market-government-debt-management http://hdl.handle.net/10986/12647 |
| _version_ |
1764421936108011520 |
| spelling |
okr-10986-126472021-04-23T14:03:05Z Pakistan : Issues Related to the Government Securities Market and Government Debt Management World Bank ACTIVE TRADING ASSET ALLOCATION ASSET ALLOCATION STRATEGIES ASSET MANAGEMENT ASSET MANAGEMENT INDUSTRY ASSET PORTFOLIOS ASSETS AUCTION AUCTIONS BANKING MARKET BASIS POINTS BENCHMARK BENCHMARKS BID BIDDING BIDS BOND BOND INDICES BUY-BACKS CAPITAL ACCOUNT CASH FLOW CASH MANAGEMENT COMMERCIAL BANKS COMMODITIES COMPULSORY INVESTMENT CONFIDENTIALITY CONTINGENT LIABILITIES CONTRACTUAL SAVINGS CONTRACTUAL SAVINGS INSTITUTIONS COUPONS CREDIBILITY CURRENCY DEBT COMPOSITION DEBT MANAGEMENT DEBT MANAGEMENT POLICY DEBT MARKET DEVELOPMENT DEBT POLICY DEBT STOCK DEPOSIT DEPOSITS DISSEMINATION OF INFORMATION DIVERSIFIED PORTFOLIOS DOMESTIC DEBT DOMESTIC DEBT MARKET DOMESTIC MARKET EXCESS LIQUIDITY EXCHANGE RATE EXCHANGE RATES EXPOSURE FINANCIAL MARKET FISCAL POLICY FOREIGN BANKS FULL DISCLOSURE GOVERNMENT DEBT GOVERNMENT FUNDING GOVERNMENT SECURITIES GOVERNMENT SECURITIES MARKET HOLDINGS INCOME INCOME FROM GOVERNMENT SECURITIES INDIVIDUAL BONDS INFLATION INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INTEREST RATES INTEREST-RATE RISK INTERNATIONAL RESERVES INVENTORY INVESTMENT PERFORMANCE INVESTMENT REQUIREMENTS INVESTOR PREFERENCES ISLAMIC BANK ISLAMIC BANKING ISLAMIC BANKS ISLAMIC SECURITIES ISSUANCE ISSUANCE OF GOVERNMENT SECURITIES LIABILITY LIABILITY MANAGEMENT LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUIDITY LIQUIDITY MANAGEMENT LOCAL BANKS LOCAL MARKET LONG-TERM CAPITAL MACROECONOMIC ENVIRONMENT MACROECONOMIC INSTABILITY MANDATES MARKET CONDITIONS MARKET DEVELOPMENT MARKET FRAGMENTATION MARKET INFORMATION MARKET INSTRUMENTS MARKET PARTICIPANTS MARKET PLAYERS MARKET SEGMENTS MARKET SIZE MARKET YIELDS MATURITIES MATURITY MEDIUM-TERM SECURITIES MONETARY POLICIES MONETARY POLICY MUTUAL FUNDS NATIONAL BANK NATIONAL INVESTMENT NATIONAL INVESTMENT TRUST NATIONAL SAVINGS OUTSTANDING DEBT PENSION PENSION FUNDS PORTFOLIO PORTFOLIO CHOICE PORTFOLIO MANAGEMENT PORTFOLIOS PRICE DISCOVERY PRIMARY DEALER PRIMARY DEALER SYSTEM PRIMARY DEALERS PRIMARY MARKET PROSPECTUS PUBLIC DEBT PUBLIC DEBT MANAGEMENT REDEMPTION REDEMPTIONS RELEVANT MARKET REPO REPO TRANSACTIONS RESERVES RETAIL RETAIL DEBT RETAIL DEPOSIT RISK FACTORS RISK MANAGEMENT RISK PARAMETERS SALES SAVINGS BONDS SECONDARY MARKET SECONDARY MARKET TRADING SECONDARY MARKETS SECONDARY TRADING SECURITIES ISSUANCE SHORT-TERM PAPER SHORT-TERM SECURITIES SOVEREIGN RISK SPREAD STATE BANK STATE BANK OF PAKISTAN STATUTORY LIQUIDITY STOCK EXCHANGE STOCKS SUBSIDIARY SUKUK SUSTAINABILITY ANALYSIS TAX LIABILITY TAXATION TRADES TRADING ACTIVITY TRADING VOLUMES TRANSPARENCY TREASURY TREASURY BILLS TURNOVER TURNOVER RATIO TURNOVER RATIOS UNDERLYING ASSET VOLATILITY WHOLESALE SECURITIES WITHHOLDING TAX YIELD CURVE The government of Pakistan borrows in the domestic market through a range of instruments, and this market is a critical source of funding for both shorter-term cash management and longer-term deficit-financing. The government has taken actions over the past 18 months that have enhanced the effectiveness of the market as a source of funding, as well as its efficiency. These include the movement toward more predictable, volume-based, market-determined pricing of government securities. Taking account of the dynamics of demand will be important as the government continues to develop its medium-term debt management strategy. Doing so will help identify potential constraints that may impede the implementation of the chosen strategy. Specific actions that the government is recommended to take include: a) reducing the number of tenors issued, b) consolidating the debt stock so as to improve liquidity in individual bonds, c) reducing time delays in auction processing, and d) developing and investor-relations function, with readily accessible information on the operation of the government securities market. 2013-03-12T13:48:32Z 2013-03-12T13:48:32Z 2010-06-25 http://documents.worldbank.org/curated/en/2010/06/16505296/pakistan-issues-related-government-securities-market-government-debt-management http://hdl.handle.net/10986/12647 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Policy Note Economic & Sector Work South Asia Pakistan |