The Ogun State Government, in partnership with the World Bank Group on Sub National Debt Management Performance Assessment (DeMPA) Mission, has begun a 5-day debt management assessment outreach in the State which began on Monday 8th April 2019.
The partnership is aimed at engendering strategies for assessment and coordination on fiscal policy and Budgeting process towards putting in place adequate system for sound Public debt management, in line with international best practices.
Welcoming the World Bank Team to the State at the kick-off ceremony of the programme, held at the Land Use Building, Oke-Mosan, Abeokuta, Commissioner for Finance, Mr. Adewale Oshinowo, said the State was fully ready to cooperate with the group towards achieving a common goal of identifying the strength and areas of improvement in the State Debt Management Unit, while setting a baseline for future Debt management reforms.
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Oshinowo who was represented by the Permanent Secretary in the Ministry, Mrs. Olufunmilayo Dada said government was open to useful suggestions, proposals and policies that would further strengthen budgetary process, as well as its debt management mechanism.
On her part, the Team Lead, Signe Zeikate, said the mission of the World Bank Group was to assist the State towards ensuring that its Debt Management Systems, policies and procedures are benchmarked against set international practices, to boost its Gross Domestic Product (GDP) and improve debt stock and service.
While noting that the mission of the group was not to audit the State, she said the concern of the team was to ensure that the State met the minimum requirements of indicators for debt management and also understand the rational for evaluation.
Ziekate who revealed that DeMPA has carried out 140 of such assessment in 70 countries, hinted that the exercise would cover government’s core debt management functions and compliance in areas including, Governance and strategy development, Coordination with Fiscal and Budgetary Policies, Borrowing and related financing activities.
Others according to her are; Cash flow forecasting and cash balance management, Debt recording and operational Risk Management, adding that the report of the exercise was to be peer reviewed and submitted after the mission, for necessary implementation.
The mission is expected to interface with the Ministry of Finance, Internal Audit, Debt Management Office, Ministry of Budget, Office of the Accountant General, State Treasury, Legal Department, as well as Banks among others, within the period of the exercise.