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25
ECCB ANNUAL REPORT 2016/2017
Officers from technical assistance agencies, CANEC-
DMAS, the IMF, the CARTAC and The World Bank,
along with experts active in public debt management
from Jamaica, Trinidad and Tobago, Brazil and Sweden,
conducted the training.
The officers will be assigned to the DMOs in the
participating member countries to help strengthen the
debt management functions in the respective offices.
View JDMP Programme graduation ceremonyREGIONAL GOVERNMENT SECURITIES
MARKET (RGSM)
The RGSM continued to be an important source of
funding for the fivemember governments participating
in the regional market despite the decline in the
number of securities issued. As at March 2017, the
six independent governments of the ECCU had raised
a total of $10.8 billion since its establishment in
November 2002.
During the year, 49 securities were issued compared
with 55 in the preceding financial year. The value of
securities issued fell by $120.8 million (10.3 per cent)
to $1.048 billion. The decline in securities issued on
the RGSM was mainly due to lower issuance by the
Governments of Saint Lucia and St Vincent and the
Grenadines. The competitive nature of the auctions on
the RGSM contributed to a further fall in interest rates
which served to dampen the pressure on debt service
payments for the central governments. The RGSM also
served to support the implementation of the Medium
Term Debt Management Strategies (MTDS).
As the region marks the 15
th
anniversary of the RGSM
on November 2017, the focus will be on building on
the transparency of the market and further developing
the efficiency of the primary and secondary markets.
Chart IV - Activity on the Regional Government Securities Market for the period 2012-2017