Financial Sector Assessment Program - Albania : Public Debt Management
Government debt continues to expand, reaching over all 872 billion, approximately 62 percent of gross domestic product (GDP), as of end-September 2013. Domestic debt grew sharply in the first half of 2013, emanating largely from poor tax revenue pe...
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| Format: | Financial Sector Assessment Program (FSAP) |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2014
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2014/02/19768097/albania-financial-sector-assessment-program http://hdl.handle.net/10986/19295 |
| id |
okr-10986-19295 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING ANNUAL BORROWING PLAN ARREARS AUCTION AUCTION MECHANISM AUCTIONS BALANCE SHEET BALANCE SHEETS BANK DEPOSITS BANKING SECTOR BASIS POINTS BENCHMARK BONDS BID BIDS BOND AUCTION BOND AUCTIONS BOND INVESTORS BOND STOCK BOOK ENTRY BOOK ENTRY SYSTEM BORROWING COSTS BORROWING REQUIREMENT BORROWING STRATEGIES BROKERAGE BUY-BACKS BUYBACKS CAPITAL FLOWS CAPITAL MARKETS CASH BALANCE CASH BALANCES CASH FLOW CASH FLOWS CASH MANAGEMENT CASH RESERVE CENTRAL BANK CENTRAL GOVERNMENT DEBT CENTRAL SECURITIES DEPOSITORY CLEARING HOUSE COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL LOANS COMPETITIVE BIDDING COUPON BONDS CREDIT GROWTH CREDIT RISKS CREDITORS CUSTODY DEBT INSTRUMENTS DEBT ISSUANCE DEBT LEVEL DEBT OPERATIONS DEBT SERVICE DEBT SERVICE PAYMENTS DEBT STOCK DEPOSIT DEPOSIT INSURANCE DEPOSITORS DEPOSITORY SYSTEM DERIVATIVES DOMESTIC BORROWING DOMESTIC DEBT DOMESTIC DEBT MARKET DOMESTIC DEBT SECURITIES DOMESTIC MARKET EUROBOND EXCHANGE RATE EXIT MECHANISM EXPENDITURE EXPENDITURES EXTERNAL BORROWING EXTERNAL DEBT FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKETS FISCAL DEFICIT FISCAL POLICIES FIXED COUPON FIXED INTEREST FIXED RATE BONDS FLOATING INTEREST RATE FLOATING RATE FOREIGN CURRENCY FOREIGN DEBT FOREIGN EXCHANGE FOREIGN INVESTORS GOVERNMENT BONDS GOVERNMENT BORROWING GOVERNMENT DEBT GOVERNMENT DEBT SECURITIES GOVERNMENT PAPER GOVERNMENT SECURITIES GOVERNMENT SECURITIES AUCTIONS GOVERNMENT SECURITIES MARKET GROSS DOMESTIC PRODUCT HOLD TO MATURITY HOLDING HOLDINGS HOLDINGS OF GOVERNMENT SECURITIES ILLIQUID MARKET INDIVIDUAL BONDS INDIVIDUAL INVESTORS INFLATION INFORMATION SYSTEM INSTITUTIONAL INVESTORS INSTRUMENT INTEREST RATE INTEREST RATE PAYMENTS INTEREST RATE RISK INTEREST RATE RISKS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL SECURITIES INTERPOLATION INVESTMENT BANK INVESTMENT FUND INVESTMENT HORIZONS INVESTOR BASE ISSUANCE ISSUANCE OF TREASURY BILLS LIABILITY LIABILITY MANAGEMENT LIQUID ASSETS LIQUID MARKET LIQUIDITY LIQUIDITY POSITIONS LIQUIDITY RISK LOAN LOAN GUARANTEES LOCAL CURRENCY LOCAL GOVERNMENT LONG-TERM INSTRUMENTS LONG-TERM INVESTORS MARK-TO-MARKET MARKET CONDITIONS MARKET ENVIRONMENT MARKET FOR GOVERNMENT SECURITIES MARKET INFRASTRUCTURE MARKET MAKING MARKET PARTICIPANTS MARKET RISKS MARKET STRUCTURE MARKET TRADES MARKET TRANSACTIONS MARKET YIELD MARKETABLE DEBT MATURITIES MATURITY MATURITY DATE MONETARY AUTHORITY MONETARY FUND MONETARY POLICY MONEY MARKET OUTSTANDING DEBT PAYMENT OBLIGATIONS PAYMENT SYSTEM PORTFOLIO PORTFOLIO VALUATION PORTFOLIOS POST OFFICES PRICE DISCOVERY PRICE TRANSPARENCY PRIMARY DEALER PRIMARY DEALER SYSTEM PRIMARY MARKET PRIVATE CREDITORS PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC DEBT STOCK REGISTRY SYSTEM REGULATORY FRAMEWORK REPAYMENT REPO REPO RATE RETAIL INVESTOR RETAIL INVESTORS RISK CONTROL RISK PROFILE SAFETY NETS SECONDARY MARKET SECONDARY MARKET ACTIVITY SECONDARY MARKET DEVELOPMENT SECONDARY MARKET LIQUIDITY SECONDARY MARKET PRICE SECONDARY MARKET TRADING SECONDARY MARKET TRANSACTIONS SECONDARY MARKETS SECURITIES MARKET DEVELOPMENT SETTLEMENT SETTLEMENT SYSTEM SETTLEMENT SYSTEMS SHORT-TERM BONDS SHORT-TERM DEBT SUB-NATIONAL BORROWINGS SUPERVISORY AUTHORITY T-BILL T-BILLS T-BOND T-BONDS TAX TIME DEPOSITS TOTAL DEBT TRANSACTION TREASURY TREASURY BILL TREASURY BILL AUCTION TREASURY BILL AUCTIONS TREASURY BILLS TREASURY BOND TREASURY BOND AUCTIONS TREASURY BONDS TREASURY NOTES TURNOVER UNIFORM PRICES VALUATION VALUATION FRAMEWORK VARIABLE COUPON VARIABLE RATES YIELD CURVE |
| spellingShingle |
ACCOUNTING ANNUAL BORROWING PLAN ARREARS AUCTION AUCTION MECHANISM AUCTIONS BALANCE SHEET BALANCE SHEETS BANK DEPOSITS BANKING SECTOR BASIS POINTS BENCHMARK BONDS BID BIDS BOND AUCTION BOND AUCTIONS BOND INVESTORS BOND STOCK BOOK ENTRY BOOK ENTRY SYSTEM BORROWING COSTS BORROWING REQUIREMENT BORROWING STRATEGIES BROKERAGE BUY-BACKS BUYBACKS CAPITAL FLOWS CAPITAL MARKETS CASH BALANCE CASH BALANCES CASH FLOW CASH FLOWS CASH MANAGEMENT CASH RESERVE CENTRAL BANK CENTRAL GOVERNMENT DEBT CENTRAL SECURITIES DEPOSITORY CLEARING HOUSE COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL LOANS COMPETITIVE BIDDING COUPON BONDS CREDIT GROWTH CREDIT RISKS CREDITORS CUSTODY DEBT INSTRUMENTS DEBT ISSUANCE DEBT LEVEL DEBT OPERATIONS DEBT SERVICE DEBT SERVICE PAYMENTS DEBT STOCK DEPOSIT DEPOSIT INSURANCE DEPOSITORS DEPOSITORY SYSTEM DERIVATIVES DOMESTIC BORROWING DOMESTIC DEBT DOMESTIC DEBT MARKET DOMESTIC DEBT SECURITIES DOMESTIC MARKET EUROBOND EXCHANGE RATE EXIT MECHANISM EXPENDITURE EXPENDITURES EXTERNAL BORROWING EXTERNAL DEBT FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKETS FISCAL DEFICIT FISCAL POLICIES FIXED COUPON FIXED INTEREST FIXED RATE BONDS FLOATING INTEREST RATE FLOATING RATE FOREIGN CURRENCY FOREIGN DEBT FOREIGN EXCHANGE FOREIGN INVESTORS GOVERNMENT BONDS GOVERNMENT BORROWING GOVERNMENT DEBT GOVERNMENT DEBT SECURITIES GOVERNMENT PAPER GOVERNMENT SECURITIES GOVERNMENT SECURITIES AUCTIONS GOVERNMENT SECURITIES MARKET GROSS DOMESTIC PRODUCT HOLD TO MATURITY HOLDING HOLDINGS HOLDINGS OF GOVERNMENT SECURITIES ILLIQUID MARKET INDIVIDUAL BONDS INDIVIDUAL INVESTORS INFLATION INFORMATION SYSTEM INSTITUTIONAL INVESTORS INSTRUMENT INTEREST RATE INTEREST RATE PAYMENTS INTEREST RATE RISK INTEREST RATE RISKS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL SECURITIES INTERPOLATION INVESTMENT BANK INVESTMENT FUND INVESTMENT HORIZONS INVESTOR BASE ISSUANCE ISSUANCE OF TREASURY BILLS LIABILITY LIABILITY MANAGEMENT LIQUID ASSETS LIQUID MARKET LIQUIDITY LIQUIDITY POSITIONS LIQUIDITY RISK LOAN LOAN GUARANTEES LOCAL CURRENCY LOCAL GOVERNMENT LONG-TERM INSTRUMENTS LONG-TERM INVESTORS MARK-TO-MARKET MARKET CONDITIONS MARKET ENVIRONMENT MARKET FOR GOVERNMENT SECURITIES MARKET INFRASTRUCTURE MARKET MAKING MARKET PARTICIPANTS MARKET RISKS MARKET STRUCTURE MARKET TRADES MARKET TRANSACTIONS MARKET YIELD MARKETABLE DEBT MATURITIES MATURITY MATURITY DATE MONETARY AUTHORITY MONETARY FUND MONETARY POLICY MONEY MARKET OUTSTANDING DEBT PAYMENT OBLIGATIONS PAYMENT SYSTEM PORTFOLIO PORTFOLIO VALUATION PORTFOLIOS POST OFFICES PRICE DISCOVERY PRICE TRANSPARENCY PRIMARY DEALER PRIMARY DEALER SYSTEM PRIMARY MARKET PRIVATE CREDITORS PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC DEBT STOCK REGISTRY SYSTEM REGULATORY FRAMEWORK REPAYMENT REPO REPO RATE RETAIL INVESTOR RETAIL INVESTORS RISK CONTROL RISK PROFILE SAFETY NETS SECONDARY MARKET SECONDARY MARKET ACTIVITY SECONDARY MARKET DEVELOPMENT SECONDARY MARKET LIQUIDITY SECONDARY MARKET PRICE SECONDARY MARKET TRADING SECONDARY MARKET TRANSACTIONS SECONDARY MARKETS SECURITIES MARKET DEVELOPMENT SETTLEMENT SETTLEMENT SYSTEM SETTLEMENT SYSTEMS SHORT-TERM BONDS SHORT-TERM DEBT SUB-NATIONAL BORROWINGS SUPERVISORY AUTHORITY T-BILL T-BILLS T-BOND T-BONDS TAX TIME DEPOSITS TOTAL DEBT TRANSACTION TREASURY TREASURY BILL TREASURY BILL AUCTION TREASURY BILL AUCTIONS TREASURY BILLS TREASURY BOND TREASURY BOND AUCTIONS TREASURY BONDS TREASURY NOTES TURNOVER UNIFORM PRICES VALUATION VALUATION FRAMEWORK VARIABLE COUPON VARIABLE RATES YIELD CURVE World Bank International Monetary Fund Financial Sector Assessment Program - Albania : Public Debt Management |
| geographic_facet |
Europe and Central Asia ALBANIA |
| description |
Government debt continues to expand,
reaching over all 872 billion, approximately 62 percent of
gross domestic product (GDP), as of end-September 2013.
Domestic debt grew sharply in the first half of 2013,
emanating largely from poor tax revenue performance,
together with the accumulation of a large stock of unpaid
bills and arrears. External debt creditors comprise
multilaterals, bilateral creditors, and private creditors.
The concentrated nature of the investor base and the high
domestic debt stock limit the choices available to debt
management, particularly with regards to extending the
maturity of the domestic debt. Public debt management in
Albania follows an organized process but will benefit from a
number of technical changes. The domestic borrowing plan has
been revised frequently due to unexpected flows in the
treasury account. In an environment of volatile treasury
balances, cash flows safety nets or minimum cash buffers
should be implemented. A number of initiatives are
recommended to improve the transmission of price signals in
the primary market - overall this will provide incentives
for secondary market development. To support the development
of the secondary market the General Directorate of public
debt management should modify its issuance program and focus
on key maturities on the yield curve. It is suggested that
the issuance program takes a small step in this direction by
limiting the number of tenors and focusing on for example,
two, five, seven, and ten-year treasury bonds as well as
increasing the frequency of 5 and 7-year maturities from
quarterly to bi-monthly. This will provide more frequent
price discovery in the primary market that will support
portfolio valuation. |
| format |
Economic & Sector Work :: Financial Sector Assessment Program (FSAP) |
| author |
World Bank International Monetary Fund |
| author_facet |
World Bank International Monetary Fund |
| author_sort |
World Bank |
| title |
Financial Sector Assessment Program - Albania : Public Debt Management |
| title_short |
Financial Sector Assessment Program - Albania : Public Debt Management |
| title_full |
Financial Sector Assessment Program - Albania : Public Debt Management |
| title_fullStr |
Financial Sector Assessment Program - Albania : Public Debt Management |
| title_full_unstemmed |
Financial Sector Assessment Program - Albania : Public Debt Management |
| title_sort |
financial sector assessment program - albania : public debt management |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2014/02/19768097/albania-financial-sector-assessment-program http://hdl.handle.net/10986/19295 |
| _version_ |
1764443583172050944 |
| spelling |
okr-10986-192952021-04-23T14:03:51Z Financial Sector Assessment Program - Albania : Public Debt Management World Bank International Monetary Fund ACCOUNTING ANNUAL BORROWING PLAN ARREARS AUCTION AUCTION MECHANISM AUCTIONS BALANCE SHEET BALANCE SHEETS BANK DEPOSITS BANKING SECTOR BASIS POINTS BENCHMARK BONDS BID BIDS BOND AUCTION BOND AUCTIONS BOND INVESTORS BOND STOCK BOOK ENTRY BOOK ENTRY SYSTEM BORROWING COSTS BORROWING REQUIREMENT BORROWING STRATEGIES BROKERAGE BUY-BACKS BUYBACKS CAPITAL FLOWS CAPITAL MARKETS CASH BALANCE CASH BALANCES CASH FLOW CASH FLOWS CASH MANAGEMENT CASH RESERVE CENTRAL BANK CENTRAL GOVERNMENT DEBT CENTRAL SECURITIES DEPOSITORY CLEARING HOUSE COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL LOANS COMPETITIVE BIDDING COUPON BONDS CREDIT GROWTH CREDIT RISKS CREDITORS CUSTODY DEBT INSTRUMENTS DEBT ISSUANCE DEBT LEVEL DEBT OPERATIONS DEBT SERVICE DEBT SERVICE PAYMENTS DEBT STOCK DEPOSIT DEPOSIT INSURANCE DEPOSITORS DEPOSITORY SYSTEM DERIVATIVES DOMESTIC BORROWING DOMESTIC DEBT DOMESTIC DEBT MARKET DOMESTIC DEBT SECURITIES DOMESTIC MARKET EUROBOND EXCHANGE RATE EXIT MECHANISM EXPENDITURE EXPENDITURES EXTERNAL BORROWING EXTERNAL DEBT FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKETS FISCAL DEFICIT FISCAL POLICIES FIXED COUPON FIXED INTEREST FIXED RATE BONDS FLOATING INTEREST RATE FLOATING RATE FOREIGN CURRENCY FOREIGN DEBT FOREIGN EXCHANGE FOREIGN INVESTORS GOVERNMENT BONDS GOVERNMENT BORROWING GOVERNMENT DEBT GOVERNMENT DEBT SECURITIES GOVERNMENT PAPER GOVERNMENT SECURITIES GOVERNMENT SECURITIES AUCTIONS GOVERNMENT SECURITIES MARKET GROSS DOMESTIC PRODUCT HOLD TO MATURITY HOLDING HOLDINGS HOLDINGS OF GOVERNMENT SECURITIES ILLIQUID MARKET INDIVIDUAL BONDS INDIVIDUAL INVESTORS INFLATION INFORMATION SYSTEM INSTITUTIONAL INVESTORS INSTRUMENT INTEREST RATE INTEREST RATE PAYMENTS INTEREST RATE RISK INTEREST RATE RISKS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL SECURITIES INTERPOLATION INVESTMENT BANK INVESTMENT FUND INVESTMENT HORIZONS INVESTOR BASE ISSUANCE ISSUANCE OF TREASURY BILLS LIABILITY LIABILITY MANAGEMENT LIQUID ASSETS LIQUID MARKET LIQUIDITY LIQUIDITY POSITIONS LIQUIDITY RISK LOAN LOAN GUARANTEES LOCAL CURRENCY LOCAL GOVERNMENT LONG-TERM INSTRUMENTS LONG-TERM INVESTORS MARK-TO-MARKET MARKET CONDITIONS MARKET ENVIRONMENT MARKET FOR GOVERNMENT SECURITIES MARKET INFRASTRUCTURE MARKET MAKING MARKET PARTICIPANTS MARKET RISKS MARKET STRUCTURE MARKET TRADES MARKET TRANSACTIONS MARKET YIELD MARKETABLE DEBT MATURITIES MATURITY MATURITY DATE MONETARY AUTHORITY MONETARY FUND MONETARY POLICY MONEY MARKET OUTSTANDING DEBT PAYMENT OBLIGATIONS PAYMENT SYSTEM PORTFOLIO PORTFOLIO VALUATION PORTFOLIOS POST OFFICES PRICE DISCOVERY PRICE TRANSPARENCY PRIMARY DEALER PRIMARY DEALER SYSTEM PRIMARY MARKET PRIVATE CREDITORS PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC DEBT STOCK REGISTRY SYSTEM REGULATORY FRAMEWORK REPAYMENT REPO REPO RATE RETAIL INVESTOR RETAIL INVESTORS RISK CONTROL RISK PROFILE SAFETY NETS SECONDARY MARKET SECONDARY MARKET ACTIVITY SECONDARY MARKET DEVELOPMENT SECONDARY MARKET LIQUIDITY SECONDARY MARKET PRICE SECONDARY MARKET TRADING SECONDARY MARKET TRANSACTIONS SECONDARY MARKETS SECURITIES MARKET DEVELOPMENT SETTLEMENT SETTLEMENT SYSTEM SETTLEMENT SYSTEMS SHORT-TERM BONDS SHORT-TERM DEBT SUB-NATIONAL BORROWINGS SUPERVISORY AUTHORITY T-BILL T-BILLS T-BOND T-BONDS TAX TIME DEPOSITS TOTAL DEBT TRANSACTION TREASURY TREASURY BILL TREASURY BILL AUCTION TREASURY BILL AUCTIONS TREASURY BILLS TREASURY BOND TREASURY BOND AUCTIONS TREASURY BONDS TREASURY NOTES TURNOVER UNIFORM PRICES VALUATION VALUATION FRAMEWORK VARIABLE COUPON VARIABLE RATES YIELD CURVE Government debt continues to expand, reaching over all 872 billion, approximately 62 percent of gross domestic product (GDP), as of end-September 2013. Domestic debt grew sharply in the first half of 2013, emanating largely from poor tax revenue performance, together with the accumulation of a large stock of unpaid bills and arrears. External debt creditors comprise multilaterals, bilateral creditors, and private creditors. The concentrated nature of the investor base and the high domestic debt stock limit the choices available to debt management, particularly with regards to extending the maturity of the domestic debt. Public debt management in Albania follows an organized process but will benefit from a number of technical changes. The domestic borrowing plan has been revised frequently due to unexpected flows in the treasury account. In an environment of volatile treasury balances, cash flows safety nets or minimum cash buffers should be implemented. A number of initiatives are recommended to improve the transmission of price signals in the primary market - overall this will provide incentives for secondary market development. To support the development of the secondary market the General Directorate of public debt management should modify its issuance program and focus on key maturities on the yield curve. It is suggested that the issuance program takes a small step in this direction by limiting the number of tenors and focusing on for example, two, five, seven, and ten-year treasury bonds as well as increasing the frequency of 5 and 7-year maturities from quarterly to bi-monthly. This will provide more frequent price discovery in the primary market that will support portfolio valuation. 2014-08-14T15:14:16Z 2014-08-14T15:14:16Z 2014-02 http://documents.worldbank.org/curated/en/2014/02/19768097/albania-financial-sector-assessment-program http://hdl.handle.net/10986/19295 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Economic & Sector Work :: Financial Sector Assessment Program (FSAP) Economic & Sector Work Europe and Central Asia ALBANIA |