Job Purpose
The incumbent has responsibility for the design of a Public Debt Strategy, for final authorization of Senior Government Authorities, which will involve cost/risk modelling and an analysis of macroeconomic and market constraints. In addition, he/she will manage the Communications Programme and Investor Relations, both domestic and international.
Key Responsibilities
To Formulate and Analyze Debt Strategies and Policies:
- Directs and leads analytical and research work in support of debt policy and strategy formulation;
- Reviews previous Debt Strategies by analysing strengths/weaknesses and makes recommendations for adjustments, as necessary;
- Examines Government’s Economic policies by collaborating with the Planning Institute of Jamaica (PIOJ) and the Fiscal Policy Monitoring Unit (FPMU), to ensure that Debt Strategies are consistent with same;
- Formulates Debt Management policy and strategy that supports the policy objectives;
- Conducts cost-risk analysis as part of the strategy formulation;
- Monitors and reviews the strategy against the debt policy;
- Formulates policy for debt related issues such as guarantee and on-lending;
- Identifies and analyses potential constraints on the debt portfolio.
To Review and Monitor the Implementation of Medium-Term Debt Strategy (MTDS) and Government’s Debt Portfolio and make Recommendations Regarding Prudent Portfolio Management:
- Conducts regular monitoring of credit and operational risks, as well as the annual monitoring and reporting against strategy, as part of the Budget memorandum;
- Monitors refinancing risk through analysis of the maturity profile of debt portfolio, by examining the debt portfolio and using the projected resource flow to determine debt for early redemption, refinancing, conversion and swaps that will achieve the objective, and makes recommendations accordingly;
- Developing Debt Portfolio monitoring indicators against strategy and debt ratio trigger points
- Monitoring risk limits and Debt Portfolio.
To Conduct Risk Management Analyses and Provide Support for Debt Sustainability Analyses (DSA):
- Plans, designs and implements an overall Risk Management process for DMB by developing operating models;
- Develops risk controls that conform to debt policies, these include:
- Market risks – interest rate and exchange risks
- Refinancing risks – (average time to maturity and average time to refinancing)
- Operational risks – such as Business Continuity Plan and Recovery Plan by working closely with the Ministry’s IT System;
- Participates in the development and review of Procedure Manuals for Debt Management functions and identifies potential risk areas;
- Performs Risk Analysis on contingent liabilities as well as operational risks;
- Provides support to FPMU in respect of the Debt Sustainability Analyses (DSA) function.
To Provide Debt-related Information for International Financial Institutions, Investment Banking Community, Rating Agencies, Local and International Investors and the Public in General:
- Examines all debt data to ensure accuracy, prior to dissemination;
- Co-ordinates the preparation of the prospectus on Jamaica that details the socioeconomic situation, with special reference to the performance of the economy;
- Monitors the preparation and publication of:
- Borrowing schedules
- Quarterly debt bulletin that illustrates key debt indicators;
- Updates presentation on Website, such as auction results, announcements, news on rating actions, trading levels of securities etc.;
- Signs off on all Briefings, Submissions on issues related to public debt. Serves as Secretariat to the Debt Financing Committee (DFC).
To Serve as Secretariat to the DFC
- Serves as Secretariat to the DFC charged with responsibility for the following functions:
- Agreeing and proposing to the PMDC the over-arching debt management objective for the medium term
- Proposing to the PDMC the policy and strategy on public debt borrowing
- Recommending the Annual Borrowing Plan
- Consistently with the high-level objective, agreeing and proposing to the PDMC the Strategic Debt Management policy objectives for each year, including in relation to contingent liabilities;
- Proposes to the PMDC, key policies in relation to cost-risk analysis.
To Manage the Communication Programme and Investor Relations, both Domestic and International:
- Fosters relationships with national and international financial market participants, credit Agencies and other stakeholders;
- Oversees and monitors the planning and preparation for conferences, road shows and other investor events;
- Oversees the development and publication of the Annual Communication Strategy Plan, Quarterly debt bulletin and the Annual report covering functions, such as:
- Limits on debt ratio and targets (e.g. floating rate vs. fixed rate bonds, proportion of foreign currency dominated bonds)
- The delivery of the financing remit including performance against targets for the previous fiscal year
- Debt Management Strategy
- Information on market developments
- Statistics on the Debt Portfolio;
To Plan and Co-ordinate the Policy Research and Analysis Functions:
- Leads the analytical and research work in support of debt strategy and policy formulation;
- Oversees and monitors the conduct of research and specific economic studies to inform policy development in all issues related to public Debt Management.
To Manage Section and Staff in the Achievement of the Above-mentioned Strategic Objectives:
- Participates in the development of the Section’s Corporate and Operational Plans, and monitors the Section’s achievement against them;
- Develops and manages the performance of the Section and staff, including transferring skills, motivating staff, setting performance targets, monitoring performance and providing feedback to staff;
- Ensures that all staff members are performing the range of duties/responsibilities appropriately and within allowable parameters and holds them accountable for their actions;
- Promotes a work environment that encourages continuous learning and new skill development;
- Identifies requirements, recommends and ensures that appropriate training and development sessions are provided;
- Signs performance reports;
- Participates in Section Heads Meetings to discuss developments and developing synergies through shared information;
- Maintains effective working relationships with external and internal stakeholders and ensures that the Section provides a consistently high level of service to them;
- Performs any other duties that may be assigned including:
- Serving on various Committees;
- Representing the Ministry of Finance and the Public Service at National and International Seminars, Conferences, Symposiums, and making presentations;
- Preparing special papers on debt management issues, that may be requested by the Senior Director.
Required Knowledge, Skills and Competencies
- Sound knowledge of Debt Policy formulation
- Social knowledge of Capital Markets
- Social knowledge of Government Securities Market
- Sound knowledge of Investment Portfolio Management
- Sound knowledge of Open Market operations
- Excellent knowledge of public policy, in particular the inter-linkages between fiscal and monetary policies
- Proficient in Microsoft Office Suite, including Word and Excel
- Risk Management
- Excellent leadership skills
- Analytical ability
- Excellent problem solving and analysis skills
- Relevant job knowledge
- Excellent customer relations and interpersonal skills
- Use of technology
Minimum Required Qualification and Experience
- Masters Degree in Economics or Econometrics or equivalent;
- Six (6) years’ experience in policy, quantitative research/analysis and/or risk management, of which at least four (4) years spent in a financial institution.
Special Condition Associated with the Job
- Pressured working conditions with numerous critical deadlines.
Please note that only shortlisted applicants will be contacted.
