Metadata: Central Government Debt

0. Prerequisites
0.1 Legal environment 0.1.1 Responsibility for collecting, processing, and disseminating statistics

Ministry of Finance
The Ministry of Finance is responsible for dissemination of the fiscal data on general government operations, information on central government debt and debt guaranteed by the central government.

Central government debt
The compilation and dissemination of the information on central government debt and debt guaranteed by the central government are conducted in accordance with the terms and conditions established in the following legislation:

1. Budget Code of the Republic of Belarus (No. 412-Z of July 16, 2008);

2. Edict of the President of the Republic of Belarus on the Approval of the External Government Loans and the External Loans Guaranteed by the Government Regulation (Edict No.252 of April 18, 2006);

3. Edict of the President of the Republic of Belarus on Some Questions of Provision of Government Guarantees of the Republic of Belarus under the Loans Issued by the Banks of the Republic of Belarus (Edict No.359 of June 30, 2008);

4. Regulation of the Ministry of Finance of the Republic of Belarus on Approval of the Instruction about External Government Loans and the External Loans Guaranteed by the Government Registration and Record Keeping (Regulation No.142 of November 21, 2006);

5. Regulation of the Ministry of Finance of the Republic of Belarus on Approval of the Budget Classification of the Republic of Belarus (Regulation No.208 of December 31, 2008);

6. Regulation of the Council of Ministers of the Republic of Belarus on the Approval of the Main Terms of the Issuance of the Separate Kinds of Government Bonds (Regulation No.173 of February 13, 2003);

7. Regulation of the Ministry of Finance of the Republic of Belarus on the Approval of the Issuance, Circulation and Redemption of the Government Bonds of the Republic of Belarus (Regulation No.51 of July 11, 2018).

This legislation provides adequate support for the production of data on central government debt and the debt guaranteed by the central government.

0.1.2 Data sharing and coordination among data producing agencies

Ministry of Finance
Data sharing and coordination among the Ministry of Finance, the Ministry of Economy, the National Bank, and the Belstat are adequate.

0.1.3 Confidentiality of individual reporters' data

Ministry of Finance

The confidentiality of data reported is protected by the following laws:
Law on State Statistics (law No. 345-Z of November 28, 2004);
Law on Civil Service (law No. 204-Z of June 14, 2003).

0.1.4 Ensuring statistical reporting

Ministry of Finance

Central government debt
The Ministry of Finance keeps records of:
1) external government debt and external debt guaranteed by the Republic of Belarus and registers external government loans and external loans guaranteed by the Republic of Belarus.
2) domestic government debt and domestic debt guaranteed by the Republic of Belarus.
0.2 Resources 0.2.1 Staff, facilities, computing resources, and financing

Ministry of Finance
The staff`s qualifications are adequate to perform the required compilation tasks. Software and computer resources used for compiling GFS are adequate.
0.3 Relevance 0.3.1 Monitoring user requirements

Ministry of Finance

Central government debt
The Ministry of Finance provides the opportunity for users` feedback when statistical data and methodological updates are distributed.
0.4 Quality management 0.4.1 Quality policy

Ministry of Finance
The data compilation is in line with the SDDS requirements. The quality is insured by the legislation and internal regulations.

0.4.2 Quality monitoring

Ministry of Finance

Central government debt
Reports on central government debt and debt guaranteed by the central government are provided to the Council of Ministers, the Ministry of economy, the National Bank, the State Control Committee. Central government debt and debt guaranteed by the central government are monitored by the State Control Committee.
Efforts are made to ensure the internal consistency of the data and to improve quality. For instance, the MoF is:
• monitoring the central government debt and debt guaranteed by the central government operations for its full and coherent recording;
• improving the central government debt and debt guaranteed by the central government legislation and budget classifications and their manuals;
• posting data on central government debt and debt guaranteed by the central government on the MoF`s website;
• developing and improving new software, installing additional communication facilities.
1. Integrity
1.1 Professionalism 1.1.3 Commenting on erroneous interpretation and misuse of statistics

Ministry of Finance
The MoF is empowered to respond to misinterpretation and/or misuse of fiscal data. In case of misinterpretation or misuse, the MoF prepares and disseminates explanatory notes to help correct the mistakes/misuses of the data.
1.2 Transparency 1.2.1 Disclosure of terms and conditions for statistical collection, processing, and dissemination

Ministry of Finance
The public has unimpeded access to the Budget Code and the broad legal framework for collection, compilation, and dissemination of the fiscal data.

1.2.2 Internal governmental access to statistics prior to release

Ministry of Finance
No agency outside the Ministry of Finance has access to data prior to publication.

1.2.4 Advance notice of major changes in methodology, source data, and statistical techniques.

Ministry of Finance
The public is informed of major changes in methodology through the publication of new legislative acts.
1.3 Ethical standards 1.3.1 Guidelines for staff behavior

Ministry of Finance
The ethical standards guiding staff behavior are
• (a) the Law on Civil Service in the Republic of Belarus,
• (b) the labor contracts provisions, and
• (c) functions and responsibilities of the MoF staff.
2. Methodology
2.1 Concepts and definitions 2.1.1 Concepts and definitions

Definition: Central government debt is defined as the total of debt liabilities arising from state borrowings by the Republic of Belarus as a borrower or securities issuer. The debt guaranteed by the central government corresponds to the loans borrowed by the residents of the Republic of Belarus and guaranteed by the Government of the Republic of Belarus.
2.2 Scope 2.2.1 Scope

Scope of the data

Institutional coverage: Data cover central government debt and debt guaranteed by the central government. Data are disseminated on the following:
• Direct debt of the central government and debt guaranteed by the central government, broken down into external and domestic debt;
• Domestic debt, broken down by maturity into loans of up to 1 year (short term), and loans of more than one year (long term);
• External debt, broken down by maturity into loans of up to 1 year (short term), and loans of more than one year (long term);

Exceptions to coverage

None.

Unrecorded activity

None.
2.3 Classification/ sectorization 2.3.1 Classification/sectorization

Maturity: Domestic and external debt data are broken down by maturity into loans of up to 1 year (short term), and loans of more than 1 year (long term). The domestic and external debt are classified according to original maturity.

Residency: Central government debt data are disaggregated into domestic and foreign debt. The distinction between domestic and foreign debt is based on the residency criterion of the sixth edition of the IMF's Balance of Payments Statistics Manual (BPM6), and the Manual on Government Finance Statistics 2001 (MGFS 2001).

State securities placed in the internal financial market are treated as a part of the domestic debt of the central government irrespectively of the residency of their holders.

State securities placed in external financial markets are treated as a part of external debt of the central government irrespectively of the residency of their holders.
2.4 Basis for recording 2.4.1 Valuation

Valuation practices: The amount of central government debt is calculated at face value of debt liabilities.

Debt denominated in foreign currency are converted to Belarusian rubles at the official exchange rates provided by the National Bank of the Republic of Belarus.

2.4.2 Recording basis

Debt is recorded on a cash basis.

2.4.3 Grossing/netting procedures

Gross vs. net: Debt data are disseminated on a gross basis.
3. Accuracy and reliability
3.1 Source data 3.1.1 Source data collection programs

Data sources: Information on the volume and composition of central government domestic and external debt is derived from the registers and records of Public Debt Department under the Ministry of Finance of the Republic of Belarus and reports from banks and ultimate borrowers.

Government guaranteed debt: Data on debt guaranteed by the central government are compiled based on the records from the Ministry of Finance of the Republic of Belarus, and reports from banks and ultimate borrowers.

3.1.2 Source data definitions, scope, classifications, valuation, and time of recording

Source data are comply the definitions, scope, classifications, valuation, and time of recording required.

3.1.3 Source data timeliness

Source data timeliness is in line with the SDDS requirements.
3.2 Assessment of source data 3.2.1 Source data assessment

Verification procedures are in place to assess the accuracy of the budget execution data. There are reviews and revisions of the data reported, and comparison of data reported with indicators prepared for this purpose in the Treasury. The results of these reviews are monitored and made available to guide planning.
3.3 Statistical techniques 3.3.2 Other statistical procedures

Consolidation: data are reported on a consolidated basis.
3.4 Data validation 3.4.2 Assessment of intermediate data

All discrepancies between GFS and intermediate budgetary data, and those between the intermediate budgetary data and accounting series, are investigated.

3.4.3 Assessment of discrepancies and other problems in statistical outputs

Detected statistical discrepancies are investigated and resolved.
3.5 Revision studies 3.5.1 Revision studies and analyses

No revision studies are in place.
4. Serviceability
4.1 Periodicity and timeliness 4.1.1 Periodicity

Monthly

4.1.2 Timeliness

No later than one month after the end of the reference month.
4.2 Consistency 4.2.1 Internal consistency

Statistics are consistent within the dataset.

4.2.2 Temporal consistency

Fiscal data are consistent with expected trends and reflect discretionary changes, external shocks, and developments of economic activity.

4.2.3 Intersectoral and cross-domain consistency

Central government debt is produced by the Ministry of Finance and is provided to NBRB and the Ministry of economy.
4.3 Revision 4.3.2 Identification of preliminary and/or revised data

If data are preliminary, special comments and/or footnotes are added. Generally, revised data are published in the following publication.

4.3.3 Dissemination of revision studies and analyses

No revision studies are carried out.
5. Accessibility
5.1 Data 5.1.1 Statistical presentation

Data are disseminated in thousands of rubles on the direct debt of the central government and the debt guaranteed by the central government. The data are not cover operations of the extra-budgetary funds and the Social Protection Fund of the Ministry of Labor and Social Protection of the Republic of Belarus operations.

Data are disseminated on the following:
• Direct debt of the central government and debt guaranteed by the central government, broken down into external and domestic debt;
• Domestic debt, broken down by maturity into loans of up to 1 year (short term), and loans of more than one year (long term);
• External debt, broken down by maturity into loans of up to 1 year (short term), and loans of more than one year (long term);

The debt is classified according to original maturity.

5.1.2 Dissemination media and format

Hard copy - New release

None

Hard copy - Weekly bulletin

None

Hard copy - Monthly Bulletin

Statistics are published every month.

Hard copy - Quarterly bulletin

None

Hard copy - Other

None

Electronic - On-line bulletin or data

None

Electronic - Other

None

5.1.3 Advance release calendar

The Advance Release Calendar for the current month and for the upcoming three months is also posted on the website of the Ministry of Finance:
http://www.minfin.gov.by/en/sdds/a6fefe8e49c39b64.html

5.1.4 Simultaneous release

Fiscal data are available to all users simultaneously.

5.1.5 Dissemination on request

Unpublished data are distributed according to the concluded treaties.
5.2 Metadata 5.2.1 Dissemination of documentation on concepts, scope, classifications, basis of recording, data sources, and statistical techniques

The main regulatory documents are:

1. Budget Code of the Republic of Belarus (No. 412-Z of July 16, 2008);

2. Edict of the President of the Republic of Belarus on the Approval of the External Government Loans and the External Loans Guaranteed by the Government Regulation (Edict No.252 of April 18, 2006);

3. Edict of the President of the Republic of Belarus on Some Questions of Provision of Government Guarantees of the Republic of Belarus under the Loans Issued by the Banks of the Republic of Belarus (Edict No.359 of June 30, 2008);

4. Regulation of the Ministry of Finance of the Republic of Belarus on Approval of the Instruction about External Government Loans and the External Loans Guaranteed by the Government Registration and Record Keeping (Regulation No.142 of November 21, 2006);

5. Regulation of the Ministry of Finance of the Republic of Belarus on Approval of the Budget Classification of the Republic of Belarus (Regulation No.208 of December 31, 2008);

6. Regulation of the Council of Ministers of the Republic of Belarus on the Approval of the Main Terms of the Issuance of the Separate Kinds of Government Bonds (Regulation No.173 of February 13, 2003);

7. Regulation of the Ministry of Finance of the Republic of Belarus on the Approval of the Issuance, Circulation and Redemption of the Government Bonds of the Republic of Belarus (Regulation No.51 of July 11, 2018).

These laws are available (in Russian) on the website of the National Center of Legal Information of the Republic of Belarus: http://www.pravo.by/.

5.2.2 Disseminated level of detail

The unified format is used for all users.
5.3 Assistance to users 5.3.1 Dissemination of information on contact points

A contact person is identified and the name, email, and telephone number are included on the MoF’s web site.
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