ECCB 2016/2017 Annual Report

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ECCB ANNUAL REPORT 2016/2017

November 2002.

Officers from technical assistance agencies, CANEC- DMAS, the IMF, the CARTAC and The World Bank, along with experts active in public debt management from Jamaica, Trinidad and Tobago, Brazil and Sweden, conducted the training. The officers will be assigned to the DMOs in the participating member countries to help strengthen the debt management functions in the respective offices. View JDMP Programme graduation ceremony

During the year, 49 securities were issued compared with 55 in the preceding financial year. The value of securities issued fell by $120.8 million (10.3 per cent) to $1.048 billion. The decline in securities issued on the RGSM was mainly due to lower issuance by the Governments of Saint Lucia and St Vincent and the Grenadines. The competitive nature of the auctions on the RGSM contributed to a further fall in interest rates which served to dampen the pressure on debt service payments for the central governments. The RGSM also served to support the implementation of the Medium Term Debt Management Strategies (MTDS). As the region marks the 15 th anniversary of the RGSM on November 2017, the focus will be on building on the transparency of the market and further developing the efficiency of the primary and secondary markets.

REGIONAL GOVERNMENT SECURITIES MARKET (RGSM)

The RGSM continued to be an important source of funding for the fivemember governments participating in the regional market despite the decline in the number of securities issued. As at March 2017, the six independent governments of the ECCU had raised a total of $10.8 billion since its establishment in

Chart IV - Activity on the Regional Government Securities Market for the period 2012-2017