Regional Advisor in Public Debt Management (METAC) MCMTA

Work for the IMF. Work for the World.

I. Background:

The International Monetary Fund (IMF) Middle East Regional Technical Assistance Center (METAC) is a collaborative venture between the IMF, member countries, and bilateral and multilateral development partners. METAC assists its member countries in implementing reforms to address macroeconomic challenges and to build stronger macroeconomic institutions. The Center, established 2004 in Beirut, Lebanon, provides capacity development (CD) services (technical assistance and training) in macroeconomic and financial policies. METAC serves a diverse membership, including several fragile and conflict-affected states with limited institutional and absorptive capacity [1]

The IMF’s Monetary and Capital Markets Department (MCM) is recruiting a well-qualified regional advisor, to assist METAC member countries in strengthening public debt management and developing domestic debt markets. METAC’s missions include: (1) enhance human and institutional capacities by providing high-quality, practical, and focused technical assistance (TA) and training; (2) reinforce government ownership and accountability for capacity building and economic reform; and (3) support member countries by collaborating with other bilateral and multilateral TA providers.

Debt management capacity development will be newly introduced as one of METAC’s workstreams. The regional advisor is expected to establish close working relationships with member country authorities, assisting them on issues of public debt management, including debt reporting, techniques of debt issuance, the related institutional framework, debt risk measurement and management through Medium-Term Debt Management Strategy (MTDS), and debt sustainability analysis.

Technical assistance needs in public debt management in the region vary depending on the countries’ development stage. The regional advisor’s work will focus on the formulation and implementation of debt management strategies, developing domestic debt markets, and reinforcing good governance practices. Debt management strategies need to take fully into account the respective country’s internal and external economic circumstances and, in turn, inform other policy areas. To this end, the strategy may have to be extended to cover other sovereign assets and liabilities, and be linked to the analysis of debt sustainability. Market development is of wider economic importance, as it can foster the development of capital markets and thus help mobilize savings to promote growth and contribute to financial stability. The effectiveness of policies in these areas and the building up of countries’ capacities will depend on an efficient institutional setup, including on the existence of mechanisms promoting transparency and good governance.

II. Issues to be addressed

• Debt management strategy. The regional advisor will help the authorities in formulating debt management strategies that are consistent with each country’s macroeconomic environment, as well as with the level of development of the local and regional debt markets and the structure of the investor base. In this context, the advisor will work with country authorities in developing the necessary capacity, including putting in place the pre-requisites, coordinating and contributing to related technical advice, so that authorities can formulate and implement a medium-term debt management strategy in line with the IMF-World Bank MTDS framework. The regional advisor will suggest how a country’s debt management strategy can be linked to and inform that country’s overall economic program and the analysis of debt sustainability. When relevant, the advisor will support the promotion of a comprehensive approach to management of public financial sector assets and liabilities. In addition, the regional advisor will be expected to help organize and deliver courses in debt management from time to time to get acquainted with his/her counterparts in the region and take stock of the current situation in the field. The advisor will also encourage national authorities to make use of complementary on-line training.
• Operational arrangements for debt management. The regional advisor will help ensure that debt management considerations both reflect and are included in authorities’ macro framework, as well as assist authorities on broader issues relating to their operational arrangements for debt management, including effective coordination with monetary policy and cash management, effective organizational set up for debt management function and debt management recording and reporting. In particular, the regional advisor will help the authorities develop appropriate risk management frameworks that will effectively monitor the evolution of key risk indicators, especially as the authorities begin to implement their debt management strategy. Related to that, the regional advisor will help promote reporting and dissemination of information on debt to various stakeholders in the government, private sector, and markets. The regional advisor should assist member country authorities in developing debt management functions that promote efficiency, integrity, and good governance, considering international sound practices.
• Domestic debt market development. The regional advisor will advise governments on how best to operate in the domestic and regional debt markets, which should be framed in the broader context of the debt management strategy, and other related market development issues. Relevant issues include issuance techniques (e.g., auctions, private placement, and/or syndications), instrument design, developing the yield curve, primary dealer and market making arrangements, developing the investor base, investor communications, and coordinating with central bank operations and the development of the financial market infrastructure.
• International capital markets access. Where relevant, the regional advisor will also provide advice on issues related to accessing the international capital markets, including securing a credit rating, appointing legal and financial advisers, organizing roadshows, instrument design, investor relations and communications, etc.

III. Tasks of the Resident Advisor

The tasks of the regional advisor are:

• Under the supervision of the Monetary and Capital Market Department (MCM), the regional advisor will provide the required inputs to the Center Director for preparing the public debt management components of the METAC work program. The work program is developed in consultation with member countries and IMF country teams, and within the context of the IMF’s TA prioritization process managed through the Regional Strategy Note (RSN) and the Medium-Term Workplan (MTW). Upon its endorsement by METAC’s Steering Committee, the regional advisor will implement the work program flexibly, considering unforeseen but urgent new requests and changing circumstances. The result-based work program should reflect the evolving needs of the country and regional authorities in the area of debt management and should be aligned with the theoretical and technical approach of the IMF work in the area.
• In line with the approved work program, the regional advisor should promote progress in the public debt management agenda in the region, including through promoting local ownership of METAC’s TA work and engaging, as appropriate, other stakeholders, including the private sector.
• As necessary and appropriate, the regional advisor will provide hands-on assistance in issues of public debt management, while keeping in mind the ultimate goals of building local capacity at key institutions and local ownership of reforms and innovations.
• The regional advisor will focus on transfer of technical knowledge at the policy and operational levels of local and regional authorities, employing the tools of meetings, workshops, seminars, and courses to build local technical capacity in public debt management.
• The regional advisor will play a major role in ensuring cross-country consistency of TA advice, and in promoting the free flow of information between the various stakeholders (including member countries, donors, regional institutions, and relevant IMF departments).
• The regional advisor should help ensure consistency with the work to be done in such areas as debt sustainability analysis, cash management, public financial management more broadly, and financial sector regulation. The regional advisor will be expected to collaborate with other METAC advisors, in particular in the Public Financial Management and monetary policy areas, and with IMF headquarters and headquarters-based TA (e.g., in identifying TA needs in this and related areas, and in ensuring quality control).
• The regional advisor should build a network of contacts with local market participants with the aim of fostering good working relations so that counterparties are at ease to liaise on problems they encounter in their daily work.
• The regional advisor will act as a representative of the Fund and behave in a professional manner according to Fund standards.

IV. Deliverables

The regional advisor will be expected to deliver the following outputs:

• Prepare a yearly work program document for METAC’s TA work in public debt management, in coordination with relevant country and regional authorities, the backstopper, IMF country team, and the METAC Director, to be endorsed by the Steering Committee.
• Deliver TA in line with the work program of METAC in public debt management as endorsed by the Steering Committee, using a variety of means (e.g., country missions, regional training events, off-site advice).
• Prepare draft Terms of Reference (ToR) for each mission to be undertaken and submitted for review to the backstopper at HQ, the relevant MCD team, and the Center Director in advance of the mission. In consultation with the backstopper and the Center Director, ToR will also be coordinated with relevant country or regional authorities.
• Manage the process of expert certification and contracting (in coordination with HQ staff). The regional advisor will suggest to MCM the hiring of qualified experts for short-term peripatetic-type assistance to member countries. He/she will be responsible for preparing their draft ToR and submitting them to IMF HQ for approval and will act as first backstopper of the experts’ work. MCM will provide final quality control.
• Prepare and review TA reports and submit for review to the backstopper at IMF HQ, the relevant IMF country team, and the Center Director within two weeks after the end of each mission. After revision as necessary and in coordination with the backstopper and the Center director, the mission reports will be transmitted to the relevant authorities. However, when appropriate, an aide-memoire will be prepared during the mission and left with the authorities (while indicating that this aide-memoire is ad referendum).
• Submit a quarterly report of activities to the backstopper and the Center Director.
• Prepare activity reports for the Steering Committee as necessary, in coordination with the backstopper and the Center Coordinator.
• Deliver any administrative procedures and requirements as established by METAC and IMF HQ, including time recording, proper electronic preparation and storage of documents, and travel and communication authorizations as required.
• Occasionally attend relevant seminars and participate as resource person in conferences on behalf of METAC or as part of the IMF capacity development activities.
• Engage in outreach activities, contributing to METAC’s newsletter, webinars, development partner meetings etc., and occasionally to fundraising activities.

V. Location, Duration, Other Requirements

• Candidate should have an advanced degree in economics or finance or related field, and experience in managing capacity building activities and training courses;
• Candidate should have strong analytical skills and at least four years of practical experience in the following areas: debt sustainability analysis, cash management, public financial management more broadly, and financial sector regulation.
• Exceptional diplomatic, negotiation and influencing skills, and capacity to manage a large number of internal and external stakeholders.
• Excellent communication skills in English are essential, as are good organization and planning skills, with project management experience desirable.
• The regional advisor will be based at the METAC office in Beirut, Lebanon. Substantial travel in the region will be required.
• The initial appointment will be for a one- or two-year period, with the possibility of renewal subject to good performance. The maximum contract duration is three years due to Lebanon’s classification as a high-risk location.
• The successful candidate should have strong verbal and written communication skills in English and French, including presentational skills in support of training-related activities. Arabic language skills would be an important plus but is not a requirement.

Department:

MCMTA Monetary and Capital Markets Dept. Technical Assistance Strategy

Hiring For:

A11, A12, A13, A14

The IMF is committed to achieving a diverse staff, including age, creed, culture, disability, educational background, ethnicity, gender, gender expression, nationality, race, religion and beliefs, and sexual orientation. We welcome requests for reasonable accommodations for disabilities during the selection process.