ECCB 2017-2018 Annual Report and Statement of Accounts

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ECCB ANNUAL REPORT 2017/2018

Provide Policy Advice to Participating Governments and Facilitate Capacity Building of Member Countries for Effective Debt Management The Bank’s strategic goal of being the advisor of choice to our participating governments in pursuit of fiscal and debt sustainability was realised, in part, through the activities of the Canada Eastern Caribbean Debt Management Advisory Services (CAN-EC DMAS) Project. The Bank: •  • Provided technical support to Grenada and Anguilla in the update of the Debt Sustainability Analysis (DSA) and to Grenada in the update of its Medium Term Debt Strategy (MTDS); •  • Drafted a modern Public Debt Management Act and Regulations for the Government of Antigua and Barbuda; •  • Provided advice to the Government of Saint Lucia with the re-profiling of its debt portfolio. •  • Undertook data validation audits of the CS- DRMS databases for all the countries and submitted the reports with the findings to the

respective countries; •  • Provided in-country support to the Nevis Island Administration (St Kitts and Nevis), Antigua and Barbuda and Saint Lucia to resolve issues identified from the audits to improve the quality of the debt data; and •  • Provided specialist training in debt management performance audit for Auditors General Offices to assist them with gaining the requisite knowledge to be able to undertake a performance audit of debt management in their respective jurisdictions. During the financial year, the Bank focused on providing technical support to member governments in utilising the Regional Government Securities Market (RGSM) to meet theirfinancingneeds relatedtomediumtermdebt management strategies. Thefivemember governments which issue Treasury bills and bonds on the RGSM, raised $1.2 billion from a record 59 auctions in 2017. The funds raisedwere usedmainly for debt refinancing. Improve the Functioning of the Market for Government Securities

Chart 3 - Value of funds raised on the RGSM in 2017 (EC$B)