The need to manage public debt appropriately became starkly apparent in the 1980s when many countries were thrown into crisis because of heavy and unsustainable debt burdens. Some countries did not know how much they owed or to whom. Debt financing is a complex issue involving multiple currencies, variable interest rates, syndicated debt (ie borrowing from a group of banks who spread the risk among several financial institutions), restructuring of debt and debt swaps. Dealing with such complex concerns requires highly trained staff. Significant attention was paid to this problem by the world funding bodies and various independent pieces of software to manage debt were developed.
Debt management is a concern of the central government department responsible for financial management. However debt management has an integral relationship with the IFMS system as it often provides the budget resources to carry out such capital intensive programmes. Working out what money is due for repayment and when needs to be built into the budget planning and cash flow projections to ensure that funds are available and that penalties for late payment are not incurred. The actual payment takes place in the cash management system. The accounting function records the transactions that reduce or increase debt, reports on the debt transactions and provides consolidated reports on debt liabilities.
Other Components of an IFMS System
In addition to core components, and IFMS system can have other components for related functions. For example, personnel systems, which involve the administration of payroll or pensions, have an impact on the financial management function. Sometimes a personnel management component will be found within the IFMS. In other cases, the personnel function will be managed separately but there will be a process for feeding appropriate information into the finance system. Similarly, asset management systems supply data to financial systems concerning depreciation and commitment of funds.
The potential scope of an IFMS is shown in Figure 14: Scope of an IFMS. This figure is from PREM Network, Public Expenditure Handbook, The World Bank, June 1998, p. 64.
Arrows show information flows. Full lines indicate electronic flows, dotted lines, paper based flows
Key Information Systems Modules for GFM
Macro Economic Forecasting
Budget Preparation
Budget Execution, Accounting and Fiscal Reporting
Cash Management
Debt Management
Revenue Admin.
Civil Service Management
Audit
Legend
Function Central MOF Planning Ministry of Finance Regional Government Spending Public Revenue Coll. Agencies Paying/Rec Audit
Bank Debt Mgmt Organ. Bud. Mgmt P.E. Monitoring Cash Mgmt Accounting Treasury Units Agencies Enterprises Taxes Customs Banks Org.
Foreign Assistance Utilization (on investment projects)
Approved Bills
Feed back from Audit to various areas
Pers.
Actions
Post control
Authorised posts
Payments
Revenue Receipts (recording)
Bank Reconciliation
Returns on key indicators from Public Enterprise
Financial Data on projects
Physical Data on Projects
Cash Requirements
Budget Appropriations
Budget Guidelines
Budget Proposals
Budget Estimates
Budget Figures
Cash/Expend figures
Cash Allocations
Financial Information on agency programs and projects
Notifications to Line Agencies
Est. of Borrowings and Public Debt Interest
Historical & Base line data on Projects
Data on previous and current year actuals
Borrowing Requirements
Foreign Assistance Disbursements
Systems for Macro-Economic Forecasting
Budget Guidelines
Systems for Budget Preparation
Investment
Current
Budget
Systems for Monitoring Public Enterprises
Debt Management Systems
Domestic
Foreign
Spending Agency Investment Projects Monitoring
Systems
Pub. Enterprise Bud Exec Systems
Paying Receiving Bank Systems
Customs Admins. Systems
Spending Agency Bud. Prep. Systems
Pub. Enterprise Bud Prep Systems
Budget Appr.
& Transfers
Expenditure
Status
Macro-Economic Framework
Systems for Budget Execution and Fiscal Reporting
Core Government Accounting System
Debt Service Payments/Loan receipts
Foreign Assistance Co-ordinator
Tax Admins. Systems
Customs Systems (policy)
Tax Systems (policy)
Spending Agency Bud. Exec. Syst.
Systems for Monitoring Investment Projects
Cash Mgmt Systems
Systems for Post Management
Systems for Post Management
Payroll & Pension Systems
Input to Audit Systems from Various Areas
Investment
Current
Systems for Auditing
Receipts
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