TITLE/POSITION: Debt Strategy and Risk Management Consultant (Maldivians Only)
LEVEL OF EFFORT: 12 months (With the option of Extension subject to the agreement of Implementing Agencies and concurrence by USAID)
WORKSTATION: Ministry of Finance, Male’, Maldives
PERIOD OF PERFORMANCE: o/a March 2022 to o/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 the capacity of the Government of Maldives (GOM) such that it can 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.

OBJECTIVES

The purpose of this assignment is to provide assistance in strengthening the debt management function of the Debt Management Department (DMD) of MoF. Expert assistance is required to improve debt management operations, in developing and strengthening the middle office function of the department to facilitate designing, analysis and implementation of appropriate debt management policies and strategies to maintain debt sustainability in line with fiscal policies. The Expert is also required to develop relevant controls, procedures and systems to improve operational efficiency and minimize risk together with a comprehensive business continuity plan.

TASKS

The Expert will work alongside of Head Debt Management Department, to complete the following tasks:
1. Assist in improving the medium-term debt management strategy of the Maldives based on sound cost/risk analysis, in line with macroeconomic assumptions and risk scenarios
2. Review and develop operational risk management policies and guidelines
3. Review and propose changes to the legal framework for public debt management in line with best practices in parallel with other consultants working on this exercise in the Ministry, together with the recommendations from the 2019 Debt Management and Performance Assessment (DeMPA)
4. Review and assist on improving the link between the GOM cash flow and debt management
5. Provide technical inputs to the Debt Sustainability Analysis (DSA) of the GOM with relevant departments of the Ministry
6. Engage and provide technical input to any portfolio review activities carried out by the Ministry
7. Assist in preparing the Fiscal Risk Statement with comprehensive risk assessment of public debt portfolio and risks arising from contingent liabilities.
8. Assist in development of an annual borrowing plan in accordance with international best practices
9. Review and recommend debt forecasting methods
10. Assist on providing inputs to Country rating exercises with relevant departments in the Ministry
11. Provide inputs in drafting Annual Debt Report quarterly debt bulletin.
12. Assist the MoF team to carry out loans and guarantee evaluations
13. Review and recommend on strengthening the loan evaluations conducted on the GOM borrowings
14. Provide technical assistance in the development of domestic securities market including the establishment of Central Securities Depository System
15. Review existing procedures on issuance of Sovereign Guarantees and recommend on strengthening the procedure(s) and documentation
16. Assist in developing a dedicated debt office of the GOM in Ministry of Finance
17. Provide on the job training to at least two staff on key middle office function of debt management
18. Any other tasks assigned in relation to the implementation of the PFM project

DELIVERABLES

1. An inception report which includes a project plan with a timeline in order to structure and deliver the work plan.
2. Quarterly progress reports on the tasks and deliverables above as per the project plan
3. Project completion report detailing the activities carried out in the consultancy at the end of the assignment.

REPORTING

The Consultant will report to the Project Director and the Chief Debt Management Executive on the status of the assignment on a regular basis.

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 5 years of relevant experience.
• Possess strong analytical, administrative and computer skills including proficiency in using software applications, especially MS Office package.
• Extensive knowledge in credit risk management is an added advantage.
• Experience in the Commonwealth Debt Recording and Management System will be an added advantage
• In depth knowledge of public finance legislations of Maldives will be an added advantage
• Should have strong leadership, management and communication skills in presenting, discussing and resolving difficult issues and have ability to work efficiently and effectively with a multidisciplinary team.
• Strong leadership, management, and communication skills in presenting, discussing, and resolving difficult issues and have the ability to work efficiently and effectively with a multi-disciplinary team.
• Experience in international debt sustainability and management exercises will be an added advantage.
 

Interested candidates please email CV to [email protected] on or before 20th March 2022.