TITLE/POSITION: Debt Financing Expert (Maldivians Only)
LEVEL OF EFFORT: 1 year with option of extension subject to the agreement of the Ministry of Finance and concurrence by USAID
WORKSTATION: Ministry of Finance, Maldives
PERIOD OF PERFORMANCE: On/a March 2022 – On/a March 2023

BACKGROUND

The PFM Maldives Activity is 5-year, cost-plus-fixed-fee contract funded by the United States Agency for International Development (USAID). The Activity seeks to develop, in partnership with the Government of the Maldives, the capacity of the administration to achieve the following objectives:

1) Establishing and implementing a transparent and accountable budgetary system that leads to improved national budget allocations and management;

2) Identifying and implementing efficient public investments in services and facilities; and

3) Mobilizing sufficient public revenue, commensurate with public investments and services. PFM Maldives will work with the Ministry of Finance (MOF), the Ministry of National Planning, Housing and Infrastructure (MNPHI), and other agencies as needed, through strategic technical assistance and targeted project interventions aimed at improving their ability to make appropriate and cost-effective budget decisions.

OBJECTIVE

The Debt Financing Consultant (Local) will provide technical assistance to assist in strengthening the debt management function of the Debt Management Department (DMD) of MoF to improve debt management operations, especially for the establishment and streamlining of both domestic and external financing. This will enable a strengthened and comprehensive approach towards financing from the official sector as well as commercial banks and international capital markets. The expert is also expected to assist in the analytical and reporting functions of the Department and work closely with its Head and staff. The expert’s work will align with the Project’s approved annual work plan, and he will assist where required with essential project activities related to implementing the agreed annual work plan, and project reporting and monitoring.

TASKS

The Debt Financing Expert will be responsible for the following tasks:

1. Prepare and update donor matrix against the available financing options which the GOM could access as per the medium-term debt management strategy (MTDS) and annual borrowing plan
2. Prepare funding strategy aimed to securing sources and expand the investor base and with special emphasis in Bonds/Sukuk issuances and other financing arrangements.
3. Review donor profile/status on a quarterly basis and provide updates on developments
4. Review on existing procedures in the domestic market, and propose developments as per the MTDS and recommendations under the 2019 Debt Management and Performance Assessment (DeMPA)
5. Review existing procedures on issuance of Sovereign Guarantees and recommend on strengthening the procedure(s) and documentation
6. Review international market movements and advice on tapping into these markets as per the financing requirements
7. Assist on providing inputs to Country rating exercises with relevant departments in the Ministry
8. Assist in setting up a dedicated debt office of the GOM in the Ministry of Finance, including strengthening of the domestic debt issuance within the department
9. Review and advising of Financing proposals, and documents of loan negotiation packages
10. Oversee loan effectiveness conditions and other non-financial obligations of loan agreements
11. Review and strengthen the function to deliver effectiveness conditions and improve the mechanism to monitor the non-financial obligations of loan agreements
12. Provide on the job training to staff on the front office functions of debt management. This includes providing debt capital market analysis trainings.
13. Assist in setting up and implementing a communication strategy for improving credit enhancement and investor confidence.
14. Provide inputs in drafting debt annual report.
15. Lead government securities issuance operation, including both domestic and external securities.
16. Lead the Investor Relations function aimed at actively engaging with investors and financial intermediaries, including institutional mechanisms for consultation and communication – e.g., deal and non-deal road shows, websites, reports.
17. Any other tasks assigned in relation to the implementation of the PFM project

DELIVERABLES

1. Completion of the tasks set out above.
2. Reports as required detailing tasks that were completed and the extent to which other tasks set out above have progressed.
3. Input into relevant project activities related to implementing the agreed annual work plan, and evaluation, reporting and monitoring framework.
4. Any other tasks assigned by the COP in relation to the implementation of the PFM Maldives project.

QUALIFICATIONS AND EXPERIENCE

• At minimum, a Master’s Degree in Economics, Public Administration, Accounting, Finance, Financial Management, or suitable equivalency from a recognized university with at least 6 years of relevant experience.
• Possess strong analytical, administrative and computer skills including proficiency in using software applications, especially MS Office package.
• Experience in the Commonwealth Debt Recording and Management System will be an added advantage
• Possess strong leadership skills and have ability to work efficiently and effectively within a multidisciplinary team environment.
• Well developed, management and communication skills in presenting, discussing and resolving complex issues
• Experience in international debt sustainability and management work will be an added advantage.
• Experience in domestic debt management/development will be an added advantage.

REPORTING

The Debt Financing Expert will report to the PFM Maldives COP and carry out the position’s duties in close coordination the Head of DMD of the Ministry of Finance of the Maldives.

Interested candidates please email CV to [email protected] on or before 27th February 2022.