(1) The function of the Unit is public debt management.
(2) Without limiting the generality of subsection (1), the functions of the Unit are —
(a) to prepare —
(i) the debt management objectives under section 12 on the instructions of the Minister,
(ii) the Medium-Term Debt Management Strategy under section 13 on the instructions of the Minister,
(iii) the Borrowing Plan under section 14,
(iv) the annual auction calendar for Government securities,
(v) an annual report,
(vi) forecasts on Government debt servicing and disbursements as part of the yearly budget preparation;
(b) to oversee debt to be contracted and ensure that debt contracted is consistent with the approved Strategy;
(c) to participate in negotiations with creditors on the instructions of the Director of Finance;
(d) to assess and submit to the Director of Finance for onward submission to the Minister —
(i) the risks in issuing Government guarantees and prepare reports on the method used and the results for each assessment,
(ii) the credit and other risks in lending and prepare reports on the method used and the results for each assessment;
(e) to keep and maintain —
(i) the lists relating to public debt,
(ii) timely, comprehensive and accurate records of outstanding Government debt guarantees and lending in a database;
(f) to set up and maintain an electronic monitoring system relating to public debt on a real-time basis;
(g) to obtain public debt information that assists in public debt management from —
(i) the Eastern Caribbean Central Bank,
(ii) the Eastern Caribbean Securities Exchange Limited,
(iii) statutory bodies, and
(iv) other agents;
(h) to monitor, review, analyze and present annual reports on debt levels of a statutory body and advise the Director of Finance;
(i) to evaluate Government guarantees and other explicit contingent liabilities;
(j) to evaluate a funding request from a statutory body;
(k) to analyze projections on funding needs and provide inputs for funding the approved Strategy;
(l) to design pricing and launching of Government debt instruments;
(m) to monitor and report on market conditions;
(n) to manage investor-creditor relations;
(o) to implement funding objectives consistent with the approved Strategy and the Borrowing Plan;
(p) to advise —
(i) on Government initiatives to foster developments in the domestic securities market and regional securities market,
(ii) the Minister on all Central Government debt obligations of the Government;
(q) to prepare and publish public debt statistical bulletins;
(r) to record and maintain all original agreements and other documentation on Government borrowing, lending, guarantees and other public debt management activities;
(s) to compile, verify and report to the Director of Finance on arrears on Government public debt;
(t) to monitor and ensure that the disbursement of loans raised by Government are in accordance with an agreed disbursement schedule;
(u) to undertake, in collaboration with the Research and Policy Division, an annual public debt sustainability analysis;
(v) to consider, accept or reject, on behalf of the Government, a bid for Government securities;
(w) to perform other prescribed public debt management related functions.