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					REGIONAL SEMINAR ON PUBLIC DEBT MANAGEMENT
AGENDA

Organizer: ECLAC Co-Sponsors: The World Bank, International Monetary Fund and Inter-American Development Bank

Santiago de Chile, October 18-20, 2000

Day 1: Wednesday, October 18, 2000
Registration (9:00 – 9:30 a.m.) Welcoming Remarks and Introduction to the Seminar (9:30 - 9:45 a.m.)
In this welcoming session, the Chairman will discuss why public debt management remains an important issue in the Region and will also outline the objectives of the Seminar. Chair: José Antonio Ocampo, Executive Secretary, ECLAC

Session 1 (09:45– 11:15 a.m.) Coordination between Debt Management Policy and Macroeconomic Policy
The coordination between debt management policy and macro-economic policy extends to government cash management, the timing and strategy for government debt issuance and open market operations, the choice of monetary policy instruments, the transmission mechanisms of monetary policy, the type of debt structure feasible for the government and in some instances the nature of the government’s exchange rate regime. These in turn can affect the risk management benchmarks of the debt managers and the types of contingent claims confronting the government. Speakers will discuss the nature of the interaction between debt management policies and macroeconomic policies in their countries, and how this has in turn, influenced the design of these policies. Chair: Eduardo Fernandez-Arias, Lead Research Economist, Research Department, IADB Speakers: Juan Mario Laserna, Director General of Public Credit, Ministry of Finance and Public Credit, Colombia. Augusto de la Torre, Regional Financial Services Advisor, Latin American and Caribbean Region, The World Bank. Discussion

Coffee

(11:15 – 11:30 a.m.)

Session 2 (11:30 a.m. – 13:00 p.m.) Macro-Instability and Constraints on Debt Management
A history of past macro-economic instability and a lack of developed markets for domestic currency debt put severe constraints on the ability to manage a government’s debt with low risk. The type of questions speakers will address include: How does an overhang from previous macro-instability affect present day debt management? What are the credibility or “debt trap” issues and their implications for domestic debt markets? How has the lack of domestic markets contributed to the pro-cyclical fiscal policies observed in the Region? How have different approaches for dealing with credibility issues worked; e.g., currency boards, dollarization, etc.? What has been the experience of inflation- or currency-indexed debt in these circumstances? Chair: Luis Giorgio, Deputy Director, CEMLA Speakers: Fabio Barbosa, Secretary to the Treasurer, National Treasury, Brazil Eduardo Fernandez-Arias, Lead Research Economist, Research Department, IADB Discussion

Lunch

(1:00 – 2:30 p.m.)

Session 3 (2:30 – 4:00 p.m.) Development of the Domestic Debt Market
Where the domestic capital markets are underdeveloped due to a history of high inflation, debt managers face severe constraints in managing the risks and costs of the domestic debt. How can countries start out in developing a domestic government bond market? How have governments built a yield curve in government securities against a background of high inflation? How have they promoted a liquid bond market? What has been the experience of inflation-indexed debt, dollar-linked debt and fixed rate domestic currency debt? Clemente del Valle, Lead Financial Specialist, Financial Sector Development Department, The World Bank. Speakers: Federico Molina, National Director, National Office of Public Credit, Ministry of Economy, Argentina Guillermo Babatz, Director of Domestic Debt, Ministry of Finance and Public Credit, Mexico Discussion Chair:

Coffee

(4:00 – 4:15 p.m.)

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Session 4 (4:15 – 6:00 p.m.) Analyzing the International Capital Flows and Debt Crises: the Link between Macroeconomic Policy and Debt Management Strategies
A number of macro- and micro-economic factors have contributed to countries’ vulnerability to a debt crisis. These include: unstable/inflationary macro-economic policies; an un-diversified export base, weak financial institutions together with a poor legal/regulatory infrastructure for the financial sector; and inappropriate sequencing of financial market and capital account liberalization. Because these factors increase the government’s risk exposure through a build-up of direct debt and by increasing the amount and riskiness of contingent liabilities, they also increase the importance of good sovereign debt and risk management. Speakers will discuss how these elements have played out in the Region and how the management of the government’s risks have affected countries’ vulnerability to the debt crisis. Chair: Tomas Baliño, Senior Advisor, Monetary and Exchange Affairs Department, IMF Speakers: Jose Antonio Ocampo, Executive Secretary, ECLAC Guillermo Babatz, Director of Domestic Debt, Ministry of Finance and Public Credit, Mexico Discussion

Wrap up Session of Day 1 (6:00 – 6:30 p.m.)
Chair: Discussant: Augusto de la Torre, Regional Financial Services Advisor, Latin American and the Caribbean Region, The World Bank. Isaac Alfie, Director of Macroeconomic Programming, Ministry of Economy, Uruguay Luis Giorgio, Deputy Director, CEMLA

Discussion

Cocktails

(6:30 – 7:30 p.m.)

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Day 2 Thursday, October 19, 2000
Session 1 (9:00 – 10:30 p.m.) An Overview of the Draft Guidelines for Public Debt Management
Conference attendees have been provided beforehand with a copy of the Draft Guidelines for Public Debt Management. Speakers from the World Bank and the IMF will discuss the background which led to the Guidelines and their main focus. Chair: Juan Carlos Lerda, Regional Adviser on Fiscal Policy, ECLAC Speakers: Tomas Baliño, Senior Advisor, Monetary and Exchange Affairs Department, IMF Robert Price, Senior Economist, Monetary Operations Division, Monetary and Exchange Affairs Department, IMF Fred Jensen, Chief, Technical Advisory Group on Public Debt Management, Financial Products and Services Department, The World Bank. Discussion

Coffee

(10:30 – 10:45 a.m.)

Session 2 (10:45 a.m.- 12:15 p.m.) The Importance of Sound Risk Management
This session analyzes the roles of government debt managers in undertaking risk analysis and in designing a debt management strategy, including development of portfolio management policies and portfolio benchmarks. Fred Jensen, Chief, Technical Advisory Group on Public Debt Management, Financial Products and Services Department, The World Bank Speakers: Juan Mario Laserna, Director General of Public Credit, Ministry of Finance and Public Credit, Colombia Rubens Sardenberg, Deputy Secretary to the Treasury, National Treasury, Brazil Discussion Chair:

Lunch

(12:15 – 2:00 p.m.)

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Session 3 (2:00 – 3:30 p.m.) Managing the Risks Associated with Contingent Liabilities
Countries’ experience in identifying and quantifying contingent liabilities, such as guarantees for concessions, as well as a methodology and legal framework for the budgetary provisioning of expected costs will be presented. Chair: Tomas Baliño, Senior Advisor, Monetary and Exchange Affairs Department, IMF Speakers: Juan Mario Laserna, General Director of Public Credit, Ministry of Finance and Public Credit, Colombia Renato Villela Dos Santos, Deputy Secretary to the Treasury, National Treasury, Brazil Discussion

Coffee

(03:30 - 03:45p.m.)

Session 4 (3:45 – 5:30 p.m.) Issues in the Design and Introduction of Management Information Systems
Speakers will discuss their experience in the area of management information systems, the main challenges confronting them and plans for addressing these. Chair: Mario Sangines , Specialist in Public Sector Financial Administration, Fiscal Division, IADB Speakers: Aracelly Mendez, Director General of Public Credit, Ministry of the Economy and Finance, Panama Marcelo Tricario, Coordinator of Public Debt Registration, Ministry of the Economy, Argentina

Discussion

Wrap up Session of Day 2 (5:30 – 6:00 p.m.)
Chair: Juan Carlos Lerda, Regional Advisor on Fiscal Policy, ECLAC Discussants: Antonieta Macena de Bello, General Manager of Monetary Operations, Central Bank of Venezuela, Venezuela Javier Cascante, National Treasurer, Ministry of Finance, Costa Rica Discussion

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Day 3: Friday, October 20, 2000
Session 1 (9:00 - 10:30 a.m.) Organizational Issues in Sovereign Debt Management
This session will deal with issues related to organizational structure, legal framework, reporting lines, accountability and the roles of the Ministry of Finance and the Central Bank. The discussion will draw on the experience of two countries which have been considering a range of organizational issues for sovereign debt management. Special organizational issues for small countries also will be discussed. Chair: Jose Rafael Brenes, General Manager, Central Bank of Costa Rica Speakers: Fabio Barbosa, Secretary to the Treasurer, National Treasury, Brazil Jesus Bermudez, Director General of Public Finance, Ministry of Finance, Venezuela Richard Campbell, Head of Debt Unit, Eastern Caribbean Central Bank Discussion

Coffee

(10:30 – 10:45 p.m.)

Session 2 (10:45 - 12:00 p.m.) The Rating Agencies’ View of the Guidelines and Debt Management in the Region
Chair: Mario Marcel, Budget Director, Ministry of Finance, Chile Speakers: Joydeep Mukherji, Director, Sovereign Ratings, Standard and Poor’s Ernesto Martinez-Alas, Vice-president and Senior Credit Officer, Sovereign Risk Unit, Moodys Discussion

Lunch

(12:00 - 2:00 p.m.)

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Session 3 (2:00 – 4:00 p.m.) Closing Session: Round Table and Open Floor Discussion on the Debt Management Guidelines and Debt Management in the Region
Co-Chairs: Robert Price, Senior Economist, Monetary Operations Division, Monetary and Exchange Affairs Department, IMF, and, Fred Jensen, Chief, Technical Advisory Group on Public Debt Management, Financial Products and Services Department, The World Bank.

Panelists:

Clemente del Valle, Lead Financial Specialist, The World Bank. Jose Antonio Ocampo, Executive Secretary, ECLAC Eduardo Fernandez-Arias, Lead Research Economist, Research Department, IADB Carlos Echeverría, Vice President, Banco de Guatemala, Guatemala Mario Marcel, Budget Director, Ministry of Finance, Chile

General discussion

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