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INTOSAI WORKING GROUP ON PUBLIC DEBT

INTOSAI WORKING GROUP ON PUBLIC DEBT. Kyiv Ukraine 7 – 8 October 2009 The Bulgarian Debt Management Office BNAO Svilena Simeonova. Consolidated public debt. According to the Public Debt Act, the consolidated public debt comprises: Government debt Municipal Debt and

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INTOSAI WORKING GROUP ON PUBLIC DEBT

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  1. INTOSAI WORKING GROUP ON PUBLIC DEBT Kyiv Ukraine 7 – 8 October 2009 The Bulgarian Debt Management Office BNAO Svilena Simeonova

  2. Consolidated public debt • According to the Public Debt Act, the consolidated public debt comprises: • Government debt • Municipal Debt and • Social-insurance funds’ debt

  3. Public debt(1) • The public debt is undertaken through: • Issues of state securities • State loan agreements • The public debt limit is defined each year stipulated in the State Budget Act • The public debt is managed on the basis of a three-year strategy, approved by the Council of Ministers

  4. Public debt(2) • A part of the public debt are the financial obligations guaranteed for the account of the state (state- guaranteed debt) • The debt of the Bulgarian National Bank is not considered a public debt • Financial obligations undertaken by private persons are not considered public debt

  5. The Bulgarian Debt Management office(1) • Managed by the Minister of Finance • Has the status of a directorate within the Ministry of Finance • Has been established by a Regulation of the structure of the Ministry of Finance • Performs functions on the grounds of the Public Debt Act

  6. The Bulgarian Debt Management office(2) • The Minister of Finance signs on behalf of the Government the state loan agreements • A Council of Ministers' decision is prior to signing of these agreements • The Minister of Finance issues state securities • The Bulgarian National Bank is a public debt agent determined by an agreement

  7. The Bulgarian Debt Management office(3) • In relation to the municipal debt powers are assigned to: • The Municipal council defines the maximum amount of debt and decides on incurring of debt • The Mayor of the municipality submits proposals to the municipal council for incurring of debt

  8. The Bulgarian Debt Management office – information and reporting(1) • The Minister of Finance maintains an official public debt register • Each month information is published in an official bulletin on the web site of the Ministry of Finance • The Bulgarian National Bank maintains public debt servicing systems • The Bulgarian National Bank registers and monitors the financial obligations of local residents to non-residents

  9. The Bulgarian Debt Management office – information and reporting(2) • All municipalities have the obligation to present to the Ministry of Finance information on the debt incurred by them • The Ministry of Finance establishes a central municipal debt register to which public access is provided • The mayor of the municipality submits an annual report for the municipal debt status to the Minister of Finance with a copy to the Bulgarian National Audit Office

  10. The Bulgarian Debt Management office – information and reporting(3) • The Minister of Finance drafts an annual report on the public debt status • The annual report is reviewed by the Council of Ministers and submitted to the National Assembly • This report is a part of the state budget execution report

  11. BNAO – PDMO activities • BNAO conducts audit on the public debt on an yearly basis • The main audit objectives are: • Evaluation of the results of the public debt management • Comparison with the main economic budget indicators • Evaluation of the implementation of the public debt management strategy • Evaluation of the PDMO function and capacity

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