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CONFAZ/GEFIN Rio de Janeiro, 11 de junho de 2010

CONFAZ/GEFIN Rio de Janeiro, 11 de junho de 2010. Curso Gestão Estratégica de Dívida Pública para os Estados Workshop on Debt Management Strategies for Brazilian Subnationals Jorge Luís Tonetto. Foco do Curso: Middle Office . Planejamento e Estratégia de Gestão de Dívida

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CONFAZ/GEFIN Rio de Janeiro, 11 de junho de 2010

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  1. CONFAZ/GEFINRio de Janeiro, 11 de junho de 2010 Curso Gestão Estratégica de Dívida Pública para os Estados Workshop onDebt Management Strategies for BrazilianSubnationals Jorge Luís Tonetto

  2. Foco do Curso: Middle Office Planejamento e Estratégia de Gestão de Dívida Institucional Framework (estrutura de gestão) Objetivo / metas Indicadores e análise de custo e risco Operações de reestruturação Exercício práticos

  3. AGENDA DAY 1 - mONDAY, MAY 3 • 9:00 INTRODUCTION AND WELCOME • 9:30 IMPORTANCE AND FRAMEWORK FOR THE MANAGEMENT OF GOVERNMENT DEBT • 10:45 INSTITUTIONAL FRAMEWORK AND THE PROCESS TO DEVELOP A DEBT MANAGEMENT STRATEGY: THE CASE OF BRAZIL STN: Otavio Medeiros History of Public Debt Management in Brazil • 13:30MANAGING PUBLIC DEBT IN STATES AND SUB-NATIONALS The Legal Framework in Brazil • 14:45MANAGING PUBLIC DEBT IN SUB-NATIONALS: THE CASE OF RIO GRANDE DO SUL RGdS: Jorge Luis Tonetto • 15:30 DEBT MANAGEMENT IN THE STATES: ROUNDTABLE Day 2 - tuesday, may 4 • 9:00LINKS between debt management and FISCAL policy • 9:45 INSTITUTIONAL ARRANGEMENT FOR DEVELOPMENT OF A DEBT MANAGEMENT STRATEGY • 11:00 MEASURING AND managing cost and risk in a SUB-NATIONAL portfolio • 13:30 hANDS-ON: CALCULATING RISK INDICATORS EXERCISE • 16:15 DEBT MANAGEMENT IN THE STATES: ROUNDTABLE Debt burden Level and composition of the State debt portfolio Institutional framework Challenges for debt management

  4. AGENDA Day 3 - wednesday, may 5 • 9:00 hANDS-ON: CALCULATING RISK INDICATORS EXERCISE Cash flows, Interest rate risk indicators Refinancing risk indicators • 9:45 scenario analysis STN: Luis Fernando Alves What is a model and why is it useful? • 11:30DEMO: scenario analysis Projection of funding needs Generating future debt servicing flows Comparing different strategies • 14:30 BASICS OF LIABILITY MANAGEMENT OPERATIONS • 16:15 LIABILITY MANAGEMENT OPERATIONS BY SUB-NATIONALS STN: Antonio Paulo de Medeiros Theexperienceof Rio Grande do Sul Theexperienceof Rio de Janeiro Day 4 - thursday, may 6 • 9:00 CASE STUDY: THE RESTRUCTURING OF THE PUBLIC DEBT OF THE STATE OF CROSS OF MALTA The structure of the debt Funding strategy, Implementation •  10:45 IBRD FINANCIAL PRODUCTS AS ALTERNATIVES FOR DEBT MANAGEMENT World Bank: Miguel Navarro • 14:30 FINAL EXERCISE: DISCUSSION ON ABOUT POSSIBLE ACTIONS TO IMPROVE DEBT MANAGEMENT IN BRAZILIAN STATES World Bank: Anderson Silva Case of State of Minas Gerais Case of Distrito Federal de Brasilia Discussion • 16:00 feedback and closing remarks  Day 5 - FRIday, may 6 • VISIT TO STN

  5. Demais Informações LOCAL DO CURSO: Brasília INSTRUTORES: Banco Mundial (3) e STN DATA: 03 a 07 de maio (ESAF) HOSPEDAGEM: ESAF IDIOMA: Português, algumas palestras em espanhol PATROCINIO: Banco do Brasil e Banco Mundial

  6. Participantes 24 participantes 17 Estados e o DF 1 Banco do Brasil

  7. Solicitações dos Estados:Avaliação DEMPA Produtos BIRD Publicações: Livro “Dívida Pública: a experiência brasileira” http://www.tesouro.fazenda.gov.br/divida_publica/livro_divida.asp Guidelines for Public Debt Management http://www.imf.org/external/np/mae/pdebt/2000/eng/index.htm

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