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Sustainability of External Debt - Conceptual IssuesAnd International Best Practices
 Dr. Tarun Das
1
 , Economic Adviser, Ministry of Finance, India And Resource Person, UN-ESCAP, Bangkok.
January 2006
1
 
This report expresses personal views of the author and should not be attributed to theviews of the Ministry of Finance, Government of India or the UN-ESCAP, Bangkok. Theauthor would like to express his gratitude to the UN-ESCAP, particularly the Povertyand Development Division, for providing an opportunity to prepare this report and theMinistry of Finance, Government of India for granting necessary permission for that.
1
 
Sustainability of External Debt - Conceptual Issues
 Dr. Tarun Das, Economic Adviser, Ministry of Finance, India And Resource Person, UN-ESCAP, Bangkok.
CONTENTS
1.Conceptual Issues
1.1Definition of external debt1.2 Debt Sustainability and Fiscal Deficit1.3 Debt Sustainability and Current Account Deficit1.4 Liquidity versus Solvency
2.Risk and Debt Sustainability Measurements
2.1Economy wide model in ALM framework 2.2 Different Types of Risk 2.3 Risk Management2.4 Sustainability Indicators2.5 World Bank Classification of External debt
3.Management of External Debt
3.1 Governance of external debt3.2 Legal framework and accountability3.3 Legal and Institutional Set up3.4 Best institutional practices3.4.1 New Zealand3.4.2 Australia3.4.3 Ireland3.4.4 European Union3.5 World Bank Survey on Sovereign Debt Management
4 The IMF Institutional Framework Guideline
4.1 Best Practices
5. The IMF Transparency and Accountability Guideline
5.1 Issues5.2 Best Practices
6 The IMF Debt Management Objectives and Coordination Guideline
6.1 Issues6.2 Best Practices
ANNEX
2
 
EXAMPLE TEXTS FROM LAWS AND RELATED DEBT MANAGEMENT DOCUMENTSOF SELECTED COUNTRIES1.Brazil (Fiscal Responsibility Law of 4 May 2000)2.India (Fiscal Responsibility and Budget Management Act of 26 August 2003)3.Ireland (National Treasury Management Agency Act, 1990)
4.
 New Zealand (Fiscal Responsibility Act of 1994, now part of the Public Finance Actof 1989)5-A Poland (Constitution)5-B Poland (Public Finance Act of 1998, as amended)5-C Poland – Document entitled The Public Finance Sector, Debt Management Strategy in theyears 2006 –20085-C Poland – Document entitled The Public Finance Sector, Debt Management Strategy in theyears 2006 –20086-A UK (Finance Act of 1998)6-B UK – Debt Management Office: Strategic Objectives 2005-06
Selected References
3
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