Result Based Management Framework - METAC

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OMO; and developing an interbank market which will facilitate the implementation of the
monetary policy.
Another mission in May 2011 provided hands-on training and capacity building to the
staff of MOF and CBOS on debt management for the domestic and external debt, the
institutional arrangement, the operational framework including the reorganization of the
domestic debt department at the MOF, preparation of a new organizational structure with
main functions and responsibilities, and techniques to implement a debt management
strategy.
In cooperation with the MOF staff a new organizational structure for the debt
management office with main functions and responsibilities to enable them to
manage debt in a more efficient way was prepared.
SYRIA
METAC assessment visit was made in May 2010. It identified the needs for capacity
building at MOF and CBS and training on primary and secondary markets for debt and
money markets instruments (issuance of T-Bills, T-bonds and CDs, their pricing, the
yield curve estimation, and the liquidity forecasting). A training course was delivered to
the staff of MOF and CBS in September 2010. In addition, a framework (manual) for
bonds issuance and a manual on money market operations were delivered to MOF and
CBS respectively during that mission.
In December 2010, the MOF started the issuance of T-Bills and Bonds but at predetermined
maximum interest rates—more work will be needed to have marketdetermined
interest rates.
Going forward, METAC needs to intensify its work in this area and will train the MOF
staff on developing a framework for formulating a debt management strategy. The work
will focus on improving debt management and primary market issuance procedures,
formulating a debt management strategy, and developing a retail debt program. In
addition, METAC’s assistance will be needed to develop the interbank market and
indirect monetary policy instruments.
WEST BANK AND GAZA
METAC advisor participated in a TA mission led by MCM which visited Ramallah, West
Bank in August 2010 to review the Palestinian Authority’s intention to develop a
government securities market and advice on the prerequisites and steps that would need to
be taken for a successful outcome.
This was followed by a training mission which was delivered in Ramallah to the MOF,
the PMA and the Palestine Capital Market Authority (CMA) staff on securities issuance