intosai working group on public debt kyiv ukraine 7 – 8 october 2009 the bulgarian debt management...
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INTOSAI WORKING GROUP ON PUBLIC DEBT
Kyiv Ukraine7 – 8 October 2009
The Bulgarian Debt Management Office
BNAO Svilena Simeonova
Consolidated public debt
According to the Public Debt Act, the consolidated public debt comprises: Government debt Municipal Debt and Social-insurance funds’ debt
Public debt(1)
The public debt is undertaken through: Issues of state securities State loan agreements
The public debt limit is defined each year stipulated in the State Budget Act
The public debt is managed on the basis of a three-year strategy, approved by the Council of Ministers
Public debt(2)
A part of the public debt are the financial obligations guaranteed for the account of the state (state- guaranteed debt)
The debt of the Bulgarian National Bank is not considered a public debt
Financial obligations undertaken by private persons are not considered public debt
The Bulgarian Debt Management office(1)
Managed by the Minister of Finance Has the status of a directorate within
the Ministry of Finance Has been established by a
Regulation of the structure of the Ministry of Finance
Performs functions on the grounds of the Public Debt Act
The Bulgarian Debt Management office(2)
The Minister of Finance signs on behalf of the Government the state loan agreements
A Council of Ministers' decision is prior to signing of these agreements
The Minister of Finance issues state securities
The Bulgarian National Bank is a public debt agent determined by an agreement
The Bulgarian Debt Management office(3)
In relation to the municipal debt powers are assigned to: The Municipal council defines the
maximum amount of debt and decides on incurring of debt
The Mayor of the municipality submits proposals to the municipal council for incurring of debt
The Bulgarian Debt Management office – information and reporting(1)
The Minister of Finance maintains an official public debt register
Each month information is published in an official bulletin on the web site of the Ministry of Finance
The Bulgarian National Bank maintains public debt servicing systems
The Bulgarian National Bank registers and monitors the financial obligations of local residents to non-residents
The Bulgarian Debt Management office – information and reporting(2)
All municipalities have the obligation to present to the Ministry of Finance information on the debt incurred by them
The Ministry of Finance establishes a central municipal debt register to which public access is provided
The mayor of the municipality submits an annual report for the municipal debt status to the Minister of Finance with a copy to the Bulgarian National Audit Office
The Bulgarian Debt Management office – information and reporting(3)
The Minister of Finance drafts an annual report on the public debt status
The annual report is reviewed by the Council of Ministers and submitted to the National Assembly
This report is a part of the state budget execution report
BNAO – PDMO activities BNAO conducts audit on the public debt on an
yearly basis The main audit objectives are:
Evaluation of the results of the public debt management
Comparison with the main economic budget indicators
Evaluation of the implementation of the public debt management strategy
Evaluation of the PDMO function and capacity