Professional Documents
Culture Documents
EDMU, DEA
Ministry of Finance
November 4, 2009
Outline
•Overview of CS-DRMS
•Use of CS-DRMS In India
•Recording of External Assistance/External
Commercial Borrowings/Sub-National Debt
•External Debt Data Dissemination
•MIS Applications-Debt Analysis
•Use of Debt Management Tools
•External Debt Management Strategy
Need for Debt Recording System
• CS-DRMS introduced in 1985 to help compile
debt data in a computerised environment
against the backdrop of debt crisis of 1982.
• The objective was to facilitate monitoring,
retrieval and management of external debt.
Overview of CS-DRMS
• CS-DRMS is debt data recording and reporting system used
by around 60 countries for monitoring and management of
debt.
• CS-DRMS developed by the Economic & Legal Advisory
Services, Commonwealth Secretariat, London and launched
in 1985 has been an integral part of its technical assistance
and capacity building programme in debt management. The
software has been provided free to Commonwealth and also
to non-Commonwealth countries.
• Development of CS-DRMS has been a continuous process,
aimed at enhancing its functional, architectural and usability
aspects. Latest version of the software i.e., CS-DRMS 2000
plus is windows based.
Overview of CS-DRMS
• Maintains individual loan-wise records, covering basic loan
features, financial terms, disbursement and repayment
details, exchange and interest rates, etc.
• Data retrieval possible based on various indicators e.g.,
borrower, creditor, currency, maturity, guarantee status,
DOD, CUB, debt service projections including principal
and interest payments.
• Standard reports available.
• Management Tools facility available for scenario building
exercises including the impact of new borrowings, exchange
and interest rate sensitivity, change in macroeconomic
variables.
• Provides for customised (User-interface) data reports.
Use of CS-DRMS in India
• CS-DRMS has been operational in India since 1987. India was among
the first few countries to start using CS-DRMS for debt recording and
monitoring.
• Being used for recording of data on Multilateral/Bilateral debt, which is
the basis for compilation of Sovereign external debt. Database is
maintained in the Office of Controller of Aid Accounts & Audit,
Ministry of Finance.
• Also being used for debt recording/monitoring in respect of external
commercial borrowings (ECBs) by the non-Government sector. ECB
database is maintained by the Department of Statistics & Information
Management, RBI.
• In the recent past, sub-national authorities have also started using
domestic debt module in CS-DRMS for recording of debt transactions.
In May 2007, COMSEC organised an Inter-state workshop for 4 states
in India on the use and functionality of CS-DRMS for recording and
managing debt liabilities. o record and manage state debt. The pilot
project has since been extended to six more states.
CS-DRMS and India’s External Debt
CS-DRMS in India-External Assistance from
Multilateral and Bilateral Creditors
• Maintaining an inventory of all external debt instruments including basic
details and terms of loans/instruments; Database under external assistance
available for 2,138 loans/grants beginning the American Wheat Loan
taken in 1951.
• Loans under external assistance are basically project loans.
• Recording of actual transactions of loans, disbursements and debt service
on a transaction-by-transaction basis;
• Monitoring of loan and grant utilisation and government lending
including on-lending:
• Forecasting debt service payments, with and without future
disbursements.
• Sovereign external debt data generated through the CS-DRMS, except
defence debt (other than Rupee debt) and liabilities of the Central
Government arising on account of investment by FIIs in Treasury bills
and dated securities and investments of foreign central banks and
international institutions in such instruments. These components account
for around 5 per cent of total sovereign debt.
Recording of External Assistance from
Multilateral and Bilateral Creditors
Sovereign External Debt
End-March Total external Sovereign Share of SED Ratio of
debt external debt in total SED to
(US $ (US$ million) external debt GDP (%)
million) (%)
2001 101,326 43,956 43.4 9.7
2005 132,973 46,668 35.1 6.5