Department of Finance and Treasury launches new Debt Unit 

The Ministry of Finance and Economic Management has just established a Debt unit. This will undoubtedly continue with the strengthening debt management in Vanuatu. With approval from the Public Servants Commission (PSC), the new unit was formally established in October 2014. The new debt unit has been very busy in the last quarter in getting ready for a fully functioning office for the New Year, 2015.

October, November and December were eventful months for the Department of Finance and Treasury. For the new Debt Unit it was essential for a debt recording management system to be set up and training completed. Thus staff from Finance and the Reserve Bank were busy over a 1 week period in training run by the Common Wealth Secretariat for a new debt recording system. They assisted in installing the upgraded version of CS-DRMS (Debt Management and Reporting System), training and updating our data records up to date. Also, the new unit had visits from helpful debt management experts from the World Bank debt team to undertake the first Debt Management Performance Assessment for Vanuatu (DeMPA). This DeMPA first draft report will be ready early February.

Finance and Treasury is very grateful for its development partners and consultants who assisted greatly in setting the new unit during the busy last quarter of 2014. The Debt Unit will also have new officers in place soon as applicants for vacant are currently now being short listed for interviews.