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INTOSAI Working Group on Public Debt Meeting

INTOSAI Working Group on Public Debt Meeting

On May 8–10, 2023, the annual meeting of the INTOSAI Working Group on Public Debt (WGPD) took place in Cairo, Arab Republic of Egypt.

Delegates from the SAIs – members of WGPD, as well as representatives of the UN Department of Economic and Social Affairs, International Monetary Fund, UN Conference on Trade and Development (UNCTAD) discussed “Role of SAIs in Promoting Public Debt Transparency”.

In the course of the breakout sessions experts split into two groups to share best practices, recommendations in auditing public debt during crisis and to go over SAIs’ activities in promoting public debt transparency. Analyzing challenges and opportunities for SAIs in the area of public debt transparency, lead expert of the Department of Financial Markets and Public Debt Audit of the Accounts Chamber of the Russian Federation Anatoly Ovcharov presented the difference in methodology of the Central Bank and the Ministry of Finance of the Russian Federation in determining the public debt liabilities.

During the event, SAIs – members of WGPD Steering Committee were agreed upon:

  • Brazil (representative of OLACEFS)
  • Jamaica (representative of CAROSAI)
  • Jordan (representative of ARABOSAI)
  • Portugal (representative of EUROSAI)
  • Turkey (representative of ASOSAI)
  • Zambia (representative of AFROSAI)

The status of Vice-President of WGPD was assigned to SAI Argentina trough the voting process.

On the second day of the meeting in the report “Impact of Economic Crises on Stability of Public Debt” Mr. Ovcharov demonstrated the negative impact of inflation on the public debt burden using statistical data from international financial institutions, as well as ministries and departments of the Russian Federation.

At the end of the event, a list of new documents for development was agreed upon. Among the non-IFPP materials were selected: “Role of SAIs in Debt Sustainability”, “Compendium of Audit Objectives and Procedures in the Audit of Internal Control of Public Debt” and “Public Debt Glossary and Bibliographies”. The intention to develop “General Guidance on the Definition, Structure, and Disclosure of Public Debt” under the guidance of SAI Egypt was documented.

The Accounts Chamber of the Republic of Azerbaijan was approved to host the meeting of WGPD in 2024, the Romanian Court of Accounts – in 2025.

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