DEPARTMENT OF THE TREASURY

INTERNATIONAL AFFAIRS TECHNICAL ASSISTANCE

2015 REPORT TO CONGRESS

Section 129 of the Foreign Assistance Act of 1961, as amended, authorizes the 

establishment of a Department of the Treasury program to provide technical assistance to 

governments and central banks of developing or transitional countries. This legislation 

also requires Treasury to prepare and submit this report on the conduct of the Treasury 

International Affairs Technical Assistance (TIATA) program by Treasury’s Office of 

Technical Assistance (OTA).
TABLE OF CONTENTS

I. Introduction and Executive Summary 1

II. Program Organization and Principles 4

III. Project Allocation and Funding 5

IV. Project Selection and Assistance Delivery 6

V. Program Evaluation and Monitoring 8

VI. Achievements 9

VII. Special Focus: Mobilizing Domestic Resources through 

Regional Debt Markets 12

Annex 1: Strategic Plan 2011-2015 15

Table A - 2015 TIATA Budget Execution Plan 17

Table B - 2015 Non-TIATA Sources of Funding 21
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I. Introduction and Executive Summary

“I have seen more appreciation for OTA advisors than I have in many cases for 

enormously larger sums of direct aid. You know, and it’s been striking to me, 

that countries we’ve given billions of dollars to have told me the most important 

thing you did was provide these technical advisors.”

Testimony by Secretary Jacob J. Lew before House Appropriations, Subcommittee 

on State, Foreign Operations, and Related Programs regarding Treasury’s 

FY2017 budget request (March 15, 2016) 

 

This report provides an overview of the activities of the Department of the Treasury’s 

Office of Technical Assistance (OTA) for calendar year 2015. The report includes 

information on program organization, funding, and the process for selecting and 

implementing projects, describes changes in the program’s global footprint, and 

summarizes project-specific highlights.

For 25 years, OTA has helped finance ministries and central banks of developing and 

transitional countries to strengthen their ability to manage public finances effectively and 

safeguard their financial sectors. Such assistance is in the U.S. national interest. Strong 

economic governance regimes support financial sector stability, growth, and the 

achievement of broader U.S. foreign policy and national security goals. Developing 

countries that generate more domestic revenue and manage their resources effectively are 

less dependent on foreign aid. And governments that develop effective financial sector 

oversight regimes are valuable partners, including in the global effort to combat money 

laundering and terrorist financing. 

In 2015, OTA supported financial sector strengthening in many regions and countries. 

As discussed in greater detail in section VI, OTA projects in Africa (e.g., Ghana), Asia 

(e.g., Cambodia), Latin America (e.g., Peru), and the Balkans (e.g., Kosovo) helped 

mobilize revenues, deepen domestic bond markets, increase infrastructure finance, 

strengthen budget systems, improve banking supervision, and combat economic crimes. 

This report includes a special section (VII) on Treasury’s technical assistance

engagement with the West Africa Monetary Union (WAEMU), where the program is 

helping governments to generate resources through the development and strengthening of 

government securities markets. In 2015, OTA kicked off the third phase of its WAEMU 

assistance project with the goal of supporting the establishment of a new government 

securities agency created by the regional central bank. This important initiative is a good 

example of the role of debt market development (both national and regional) in support of 

domestic resource mobilization (DRM). As discussed further in section VII, the Third 

International Conference on Financing for Development held in Addis Ababa, Ethiopia in 

July 2015, highlighted the importance of DRM throughout the developing world and the 

intention of Treasury to strengthen its DRM assistance going forward. 
2

In 2015, OTA also continued its engagement in a number of U.S. national security 

priority countries. In Ukraine, OTA expanded its work beyond the initial crisis-response 

assistance that it had undertaken in 2014. OTA has since provided assistance in the 

following inter-related areas: consolidating and recapitalizing the banking sector;

enhancing bank supervision capacity and resolution strategies; improving the 

government’s treasury operations, fiscal transparency, and debt/liability management;

increasing infrastructure finance; deterring tax corruption; and addressing administrative 

weaknesses in revenue collection. These engagements are central to the broader goal of 

strengthening fiscal and financial transparency, accountability, and effectiveness.

Similarly, following the approval of a framework for capacity building and technical 

assistance between U.S. Treasury and the Ministry of Finance of Afghanistan in early 

2015, OTA reengaged with Afghan authorities in the Ministry of Finance and Central 

Bank on budgeting, banking supervision, and anti-money laundering and combating the 

financing of terrorism (AML-CFT) issues. Progress in establishing a more significant 

and sustained capacity building presence has been hampered by security conditions, 

which continue to be a major constraint in Afghanistan.

In Somalia, another country facing critical economic and security challenges, OTA 

developed and is delivering a training program for Central Bank of Somalia (CBS) staff

focused on risk-based bank supervision. In 2015, OTA conducted three bank supervision 

training sessions for CBS staff, with additional training planned in 2016.1

 OTA is 

focusing its efforts on building basic awareness and familiarity with the fundamentals of 

risk-based banking supervision. As a result of this training, the CBS’s Licensing and 

Supervision Department successfully completed its required re-licensing reviews of the 

eight banks currently operating in Somalia by the December 2015 deadline. OTA’s work 

with the Central Bank is seen as fundamental to improving Somalia’s financial regulatory 

and supervisory capacity, including with respect to money transmitters.

OTA continues expanding its strategic partnerships with other U.S. agencies and 

international financial institutions. In 2015, the program finalized an inter-agency 

agreement with the U.S. President's Emergency Plan for AIDS Relief (PEPFAR) to assist 

PEPFAR partner countries in mobilizing, and making more effective and efficient use of,

funding to combat HIV/AIDS. Under the partnership, OTA will assist finance ministries 

to develop sustainable funding options and efficient resource mobilization in order to 

transition to host country management and financing of anti-HIV programs. Technical 

assistance will also be provided to health ministries to improve health program budget 

formulation, execution, and reporting. 

OTA is also collaborating with the International Monetary Fund (IMF) and other 

stakeholders on the roll-out of a new approach to assess the health of a country’s tax 

administration system. Known as the Tax Administration Diagnostic Assessment Tool 

(TADAT), the method involves identifying the relative strengths and weaknesses in tax 

administration systems, processes, and institutions, and facilitating a shared view on the 

 1 Due to security conditions in Somalia, the training seminars are being held at the Kenya School of 

Monetary Studies in Nairobi, Kenya.
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condition of the system of tax administration among all stakeholders (e.g., country 

authorities, international organizations, donor countries, and technical assistance 

providers). In 2015, OTA participated in pilot assessments of TADAT in Rwanda and 

Uganda and facilitated the first training and certification of U.S. experts in utilizing the 

tool.

Finally, OTA is a key component of Treasury’s international engagement to promote 

safe, supportive, and enabling policy environments for financial services. OTA works 

closely with global central banks, finance ministries, and other public sector financial 

institutions to develop financial inclusion strategies, draft laws and regulations that 

support financial inclusion objectives, build capacity for supervisors and regulators, and 

modernize financial infrastructure and government payment systems. The program is 

currently active in eight countries, with projects in the Americas (Dominican Republic, El 

Salvador, Guatemala, Paraguay, Peru, Honduras, and Mexico) and Sub-Saharan Africa 

(Ghana). In 2015, OTA deepened its management and technical staff expertise in 

financial inclusion to facilitate expansion of its work in this important area.
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II. Program Organization and Principles 

OTA is organized along functional lines, operating in five major disciplines to assist the 

governments of developing and transition countries:

• Revenue Policy and Administration: Creates more effective tax administrations 

that simplify procedures to encourage voluntary compliance on the part of taxpayers, 

effectively uncover tax evasion, and maintain high standards of fairness and 

transparency.

• Budget and Financial Accountability: Strengthens all phases of the governmental 

budget cycle, including budget formulation, execution, monitoring and reporting, 

Treasury operations, and evaluation.

• Government Debt and Infrastructure Finance: Provides strategic and technical 

assistance to develop market-based means of public finance through the issuance of 

domestic government securities; increases the efficiency of government debt 

management; implements comprehensive debt strategies that diversify sources of 

finance, reduce liability risk and lower debt service burdens; strengthens enabling 

environments for private investment; and accelerates the development of financially 

sound infrastructure projects.

• Banking and Financial Services: Supports the development of strong financial 

sectors in which institutions are well-regulated, stable and accessible, serve as 

efficient intermediaries between savers and investors, and are resistant to criminal 

activity.

• Economic Crimes: Assists the development and implementation of AML-CFT 

financing regimes that are compliant with international standards. 

In providing technical assistance, OTA follows a number of guiding principles:

• OTA supports self-reliance. OTA provides countries with the knowledge and skills 

required to move towards financial self-sufficiency—including the capability to 

generate and better manage their own government finances—and to reduce 

dependence on international aid. OTA generally follows a three- to five-year project 

cycle that is aimed at creating maximum impact and exiting when local capacity has 

been created. 

• OTA is selective. OTA works with governments that are committed to reform—

reform that they design and own—and to using U.S. assistance effectively. Among 

U.S. agencies involved in foreign aid, OTA was singled out for praise in a report 

commissioned by the U.S. Department of State and U.S. Agency for International 

Development (USAID) for supporting country ownership; achieving alignment with 

host country priorities; managing for development results; and fostering mutual 

accountability with host country officials. OTA does not engage with a country 

without a signed bilateral Terms of Reference that sets out the high-level terms and 

aims of the engagement, followed by a tactical-level work plan specifying activities 

in support of those aims.

• OTA works side-by-side with counterparts. OTA engagements are based on close 

interaction between advisors and working-level partners, whether in a finance 

ministry, central bank, financial intelligence unit, tax administration, or other relevant 
5

government agency. OTA advisors introduce sound practices in daily work routines 

through ongoing mentoring and on-the-job training.

III. Project Allocation and Funding

As of the end of 2015, OTA had 100 projects in 43 countries. Thirty-seven percent of 

OTA’s total projects in 2015 were in the Americas, 27 percent in Sub-Saharan Africa, 20

percent in Asia, 13 percent in Europe and Eurasia, and three percent in the Middle East 

and North Africa (see chart below). 

While the specific number of projects and countries fluctuates from year to year, OTA 

has focused on providing more in-depth assistance to fewer countries. This selective 

approach recognizes the complex, systemic nature of public financial management and 

the importance of engaging with a counterpart government in various disciplines in a 

coordinated way to achieve more convincing results and a stronger overall system. For 

example, over the past year OTA initiated four projects in Ukraine to address 

simultaneously reforms in in the areas of revenue policy and administration, debt 

management, budget, infrastructure finance, and banking and deposit insurance.

Chart 1 - OTA Projects by Region 2015

OTA received total funding of $45.4 million in 2015, including funds directly 

appropriated to the program and transfers from other U.S. agencies. Seventy-nine

projects, with a combined budget of $38.2 million, were financed either wholly or partly 

by OTA’s direct annual appropriation, formally known as “Treasury International Affairs 

Technical Assistance” or TIATA. TIATA is a multi-year appropriation, which allows

OTA to fund projects through a combination of new and carryover funds.

37%

20%

13%

3%

27% Americas

Asia

Europe/ Eurasia

Middle East/N. Africa

Sub-Saharan Africa
6

As the chart below indicates, TIATA is the single largest resource available to OTA for 

pursuing its mission. In addition to TIATA funding, OTA receives resources from other 

agencies, such as the U.S. Department of State, United States Agency for International 

Development, the Millennium Challenge Corporation, and host country governments.

Chart 2 - OTA Funding by Source FY 2011-FY 2015

Notes

1. FY11 and FY12 Assistance for Europe, Eurasia and Central Asia (AEECA) figures include multi-year funding for certain 

projects.

2. FY12 TIATA figure includes $1.552 million Overseas Contingency Operations (OCO) funding.

3. FY13 TIATA figure includes $1.473 million OCO funding. Both TIATA and OCO amounts were subject to sequester.

4. Details may not add to totals due to rounding.

Tables A and B at the end of this report provide additional data regarding the allocation 

of OTA funding sources in 2015, including funds received as transfers.

IV. Project Selection and Assistance Delivery 

Two of the most frequently asked questions about OTA’s work are: “How are projects 

selected?” and “How is assistance delivered?” As described further below, project 

selection is a process that typically begins with a request for Treasury technical assistance 
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and is informed by a careful assessment of a project’s potential for impact and success. 

Assistance is delivered via a resident or intermittent advisor-based project model, or a 

combination of both. Project documentation – in particular agreed Terms of Reference 

and progress reports – is a vital part of the assistance architecture. 

Receiving and Assessing Requests. Requests for technical assistance and information 

regarding potential projects come from many sources, including U.S. embassies, USAID 

missions, other Treasury offices, foreign governments, and international organizations 

such as the IMF, as well as from OTA advisors already on the ground implementing other 

projects. 

For promising requests that are determined to be within the OTA mandate, an on-theground assessment is carried out by OTA subject matter experts. Assessment 

conclusions are shared with the partner government and the U.S. embassy in the host 

country. OTA looks to its host-country counterparts to define project goals from the 

outset. Experience shows that goals and objectives that are not “owned” by the 

counterpart are seldom achieved. 

A project proposal based on the assessment is submitted by the manager of one of OTA’s 

five core disciplines to the OTA Director and Deputy Assistant Secretary for Technical 

Assistance Policy. Decisions to begin new projects or continue (or terminate) existing 

projects, are based on criteria and considerations that include: the need for technical 

assistance; evidence of counterpart commitment to reform and good use of assistance; 

whether the project would complement other projects in a particular country or region; 

the relation of the project to Treasury’s policy priorities and broader U.S. Government 

goals; and the availability of funding. In the course of assessing the prospects for a given 

project, OTA consults with other Treasury offices, and other partners and stakeholders 

such as the U.S. Department of State and USAID (in the field, at the embassy level and at 

the headquarters level in Washington), the IMF, and the World Bank. 

Assistance Delivery Models. OTA carries out technical assistance through two basic 

delivery models: a resident advisor-based project and an intermittent advisor-based 

project. A resident advisor-based project is anchored by an expert advisor living in the 

counterpart country, typically for a period of several years, and working side-by-side with 

officials in the ministry of finance, central bank, tax administration authority or other 

government institution. Treasury has found that working directly with the counterpart 

over a sustained period of time is critical for transferring knowledge and strengthening 

systems, especially in countries where government capacity is very limited. In addition 

to a resident advisor, a resident project frequently includes the participation of 

intermittent OTA experts in specialized areas who make short-term visits. 

For an intermittent advisor-based project, a group of several advisors typically spends a 

total of 30 to 45 weeks per year over several years, in periods of two to three weeks at a 

time, working with host-country counterparts. Between these multi-week direct 

engagements, the counterparts are expected to carry out planned activities that are 

directed toward the objectives stated in a mutually-agreed-upon work plan. Between 
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trips, advisors and counterparts are in frequent contact by email and phone. OTA often 

hires a permanent, full-time program assistant in-country to support the intermittent 

project.

Whether a resident or intermittent advisor-based project model is selected depends on the

extent and nature of the problems to be solved, and the most practical solutions to those 

problems. Typically one resident advisor will be utilized to cover a single large subject 

area, such as program budgeting or debt management, that will require several years to 

complete. An intermittent advisor-based project will use several advisors to cover a 

multitude of specialized assistance topics, such as audits, arrears collection and strategic 

planning in tax administration, or financial intelligence unit development, techniques of 

financial analysis, investigation and prosecution, or asset management, seizure and 

forfeiture. 

Project Documents. Once a resident or intermittent project is selected for funding, Terms 

of Reference (TOR) are worked out with the counterpart agency and signed. The TOR 

describe the broad goals of the project and represent a bilateral understanding at the 

policy level between OTA and the host institution. Within a short period (normally six to 

eight weeks) after signing the TOR, a detailed work plan is agreed upon between the 

advisor assigned to the project and the working-level counterpart. This plan specifies 

objectives, planned completion dates and deliverables, and is the primary basis for 

regular monthly progress reports to Treasury headquarters. 

The monthly reports are shared with counterpart institutions, U.S. embassy staff, other 

bureaus and offices in Treasury, and other interested partners such as USAID, the 

Millennium Challenge Corporation, and the relevant International Financial Institutions. 

The reports are used as a management tool to oversee the progress of the project and to 

make any necessary changes. The reports also form the information base for responses to 

project queries from U.S. Government officials. In addition, supervising officials 

conduct field visits to meet counterparts and advisors and review the project’s progress. 

Such visits and reviews are conducted, generally, on an annual basis. 

V. Program Evaluation and Monitoring

One of the most important managerial functions in any assistance program is to monitor 

and evaluate individual projects and the overall program. OTA evaluates projects using a 

variety of methods, including on-site evaluations by OTA managers, written monthly 

reports prepared by advisors that describe progress on work plan objectives, and end-ofproject reports which provide a final assessment of project outcomes. End-of-project 

reports are undertaken by an OTA expert other than the project implementer, and are 

conducted typically within three to six months following the end of the project. The 

purpose is to better understand the program’s longer-term impact. OTA completed seven

end-of-project reports in 2015.

OTA also utilizes a formal project evaluation to measure project performance. The 

evaluation focuses on the level of “traction” (the degree to which changes in behavior 
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occur—e.g., officials take an active and participative role in pursuing change, interim 

deliverables are on or ahead of schedule), and “impact” (the extent to which the 

objectives are actually achieved) for each technical assistance project. The level of 

traction and impact is measured by OTA advisors and headquarters staff according to 

specific indicators that are relevant to each of the five OTA financial disciplines. For 

example, revenue team indicators include adoption of modern functional processes and 

procedures, and adequacy of investigation and adjudication of internal conduct matters by 

the tax agency. The outcome of the evaluation process informs OTA’s understanding of

the effectiveness of program engagements, and may include steps either to improve 

traction and impact, or, in cases where traction and impact are lacking, to terminate 

projects. The setting of annual baseline targets and measuring results against those 

targets are done in accordance with Office of Management and Budget guidance on 

program evaluations.

For 2015, the baseline targets for OTA’s traction and impact were set, using a 5-point 

scale (with 5 representing the highest possible traction and impact), at 3.6 and 3.1, 

respectively. OTA’s performance goal for traction was exceeded in 2015 with an actual 

score of 3.8, while the actual score for impact was 2.9, below the target but consistent 

with the program’s historical averages.

In addition to the traction and impact evaluation, OTA surveys country counterparts 

(policy and working-level counterparts in the host country) who have worked first-hand 

with OTA advisors. The survey is valuable as it provides direct feedback from those 

directly impacted by the program who have an interest in receiving high quality technical 

assistance, and who in many cases have a basis for comparing OTA assistance with that 

of other providers. In 2015, OTA received 59 survey responses covering projects in 23

countries. The results indicate that, within the respondent countries, project objectives 

are being met and assistance is making an important contribution to strengthening 

institutional capacity.

VI. Achievements

In 2015, OTA partner countries made significant achievements across all five areas of 

public financial management and financial sector strengthening in which OTA is 

involved. Notable accomplishments include the following: 

Revenue Policy and Administration

Burma Overhauls Large Taxpayer System Leading to Significant Revenue

Increases. In 2015, Burma made strides in a move from a labor intensive system of 

administrative assessment of taxes to a modern system based on taxpayer selfassessment. Such a system is more efficient and reduces opportunities for corruption. 

OTA assisted a workgroup in developing clear and concise tax forms and instructions,

which reflect the information needed for large taxpayers to self-assess their tax liability 

and also for the tax administration to determine which returns should be selected for 

audit. OTA also provided on-the-job training for auditors emphasizing standardized 
10

procedures, managerial oversight, and limiting information requests to minimize taxpayer 

burden. Between the first two quarters of fiscal year 2015, income tax revenue increased 

over 400 percent and commercial tax revenue over 200 percent. By the first filing 

deadline under the self-assessment system, June 30, 2015, 95 percent of large taxpayers 

were filing on time. Ongoing audits are having a ripple effect with taxpayers voluntarily 

submitting amended returns, in some cases increasing revenue by a factor of 10.

Cambodia Increases Arrears Collection by 40%. Utilizing procedures and reports 

developed with OTA assistance, the Cambodian tax administration’s collection of past 

due payments jumped by 40% to $53 million in 2015 compared to the previous year. 

Assistance included developing effective and transparent standardized procedures for 

installment payment agreements and for documenting tax officer visits to taxpayers. 

New management information reports also track the number of debt cases opened and 

closed, and the amount collected. Such reports allow management to better analyze the 

tax arrears inventory and determine actions to be taken. As part of its related public 

affairs efforts, the tax administration has released to the media the names of large 

taxpayers owing tax arrears.

Budget and Financial Accountability

Vietnamese Parliament Passes Legislation to Improve Fiscal Transparency. OTA is 

helping the Vietnamese Ministry of Finance improve its accounting and financial 

reporting, part of the country’s broader push to increase fiscal transparency. In 

November 2015, the Vietnamese National Assembly voted to amend its Accounting Law 

to mandate the annual issuance of financial statements for the Whole-of-Government and 

all spending units in Vietnam. This was a critical and positive step toward enhancing the 

transparency and accountability of the government’s financial reporting. This action 

follows the June 2015 vote to amend the Budget Law to increase the transparency of 

Vietnam’s budget adoption, execution, and finalization processes. The amended laws 

require that annual budgets, budget execution and finalization reports, and financial 

statements be issued and made publicly available at designated times throughout the year 

as well as at the end of the reporting year. The laws require significant upgrades to 

accounting and financial reporting infrastructure, which OTA has been working with the 

Ministry of Finance to improve. Assistance is focused on implementing International 

Public Sector Accounting Standards and building a transparent and accountable financial 

reporting infrastructure. Working with counterparts, OTA created templates and user 

guides for financial statements, provided recommendations on regulations, and conducted 

seminars to socialize the new practices among spending units. 

Paraguay Implements Electronic Payments to Employees and Vendors. OTA is 

assisting the Ministry of Finance with the modernization of its treasury operations in 

support of the government’s effort to increase transparency and efficiency, and reduce 

opportunities for corruption. Paraguay has a centralized payment process, used by all 

agencies within the government, to review and approve payment requests. Paraguayan 

treasury staff manually process and review 180,000 payment and payroll requests each 

year. Based on OTA recommendations, Ministry staff designed and implemented a new 
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module for their financial management system, which allows payment requests to be 

approved electronically utilizing digital signatures, thus allowing for a paperless 

process. The new system has dramatically streamlined the approval process, cutting the 

number of required tasks by 50%.

Government Debt and Infrastructure Finance

Jordan Fulfills Conditions of Bond Issuance. In June 2015, the U.S. Government 

guaranteed $1.5 billion of bonds issued in the international markets by the Kingdom of 

Jordan, allowing the country to fund critical services for its citizens even as it hosts more 

than 600,000 refugees from the conflict in neighboring Syria. Following the June 

issuance, OTA provided assistance to the Ministry of Finance in the implementation of 

two important policy conditions of the bilateral guarantee agreement: 1) issuance of a 

market-rate bond in the international market within four months of closing the guaranteed 

bond; and 2) developing a debt management framework (as a complement to the work 

being done by USAID’s Jordan Fiscal Reform activity). With OTA support, Jordan 

successfully issued $500 million of non-guaranteed bonds in the international markets, 

primarily to U.S. and U.K. investors, meeting the first condition. In support of the 

second agreement condition, OTA is providing continued assistance to the Ministry of

Finance to improve its debt management framework and operations.

Peru Improves the Environment for Public Private Partnerships. The Government 

of Peru is in the process of making significant reforms to the country’s Public-Private 

Partnership (PPP) structuring and procurement processes, including passage of a new 

PPP law and related regulations. The lack of clear policies in terms of project 

structuring, contract risk allocation, and government guarantees has hindered the 

development of PPP projects that meet international best practices and that attract a 

diverse group of high quality concessionaires. As part of its technical assistance, OTA 

has assisted the Ministry of Economy and Finance to establish a new unit responsible for 

evaluating projects, defining government policy, and promulgating laws and 

regulation. At the end of 2015, a new PPP law was signed and regulations promulgated. 

OTA is also assisting the Ministry in developing the second phase of regulation that 

includes standard contract guidance, as well as documents outlining procurement process, 

risk assignment, and financial structuring. The assistance has helped improve the 

environment for more viable PPP projects, standardized contracts, and processes that are 

attractive to local and international investors. 

Banking and Financial Services

Kosovo Expands Access to Government Securities Market. OTA assisted the Central 

Bank of Kosovo (CBK) in changing its regulations to allow insurers to purchase 

government securities. Previously, government securities were predominately owned by 

banks, which were reaching their legal limit in holding this type of investment. At the 

same time, the insurance industry was requesting alternate investment options other than 

very low interest deposits in banks. OTA assisted the CBK in amending its regulation to 

allow insurers to use portions of their contributed capital and their excess cash to 
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purchase government securities. This change allowed banks to sell and transfer some of 

their securities while the insurance industry obtained a diversified and slightly higher 

yield investment opportunity. By the third quarter of 2015, the insurance industry had 

invested 17.3 million euros in Kosovo Treasury securities. Thus, OTA assistance is 

helping to broaden and deepen Kosovo’s securities markets. 

Honduras Swiftly Shuts Blacklisted Bank. With OTA support, the Honduras National 

Banking Commission successfully managed the wind-down of an undercapitalized bank 

resulting from U.S. designation of the bank and related entities in accordance with the 

Foreign Narcotics Kingpin Designation Act. OTA quickly deployed three advisors to 

help the Honduran authorities consider bank resolution options, and subsequently assisted

the Banking Commission to implement the liquidation. Initial market uncertainty was 

overcome, and confidence in the regulators was maintained. OTA continues to support 

the Honduran authorities’ ongoing efforts to improve the legal and regulatory framework 

to ensure bank resolution actions are more efficient in the future.

Economic Crimes 

Ghana Sanctions Banks for Improper Transactions. With OTA support, the Bank of 

Ghana (BOG) utilized the provisions of its safety and soundness authority to sanction 

five banks with fines equivalent to $1.6 million. The BOG applied penalties in response 

to involvement of the banks in international transactions worth more than $134 million 

without having required supporting documentation. Throughout engagement with the 

BOG, OTA stressed the need for the BOG to use administrative and civil sanctions for 

violations of AML/CFT requirements. The BOG relied on OTA guidance to update its 

bank examination manual to incorporate recent international standards, including the 

risk-based approach, and to strengthen sanctions for non-compliance with AML/CFT 

obligations.

Cambodia Removed from Anti-Money Laundering Blacklist. Reflecting broad based 

improvements in its AML/CFT regime, Cambodia was removed from the Financial 

Action Task Force monitoring process and, separately, was invited to join the Egmont 

Group of Financial Intelligence Units. OTA played a major role by providing assistance 

to develop the operational capabilities of Cambodia’s Financial Intelligence Unit (FIU). 

In addition, the FIU and the Supervision Department at the National Bank signed an 

information sharing and cooperation memorandum of understanding (MOU) regarding 

the allocation of supervisory responsibilities and coordination of examinations. OTA 

provided assistance in the drafting of the MOU and worked with both parties to enter into 

an MOU to resolve ambiguities in the AML Law.

VII. Special Focus: Mobilizing Domestic Resources through Regional Debt Markets

Over the past few years, the concept of domestic resource mobilization (DRM) has 

received greater attention in the development community. This issue was highlighted at 

the Third International Conference on Financing for Development held in Addis Ababa, 

Ethiopia in July 2015. At the conference, donors and partner countries committed to 

increase attention and funding to help developing countries to enhance domestic revenue
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in support of their own development needs.

The goal of DRM is to build a country’s capacity to raise and manage its own resources 

through sound public financial management practices. While DRM efforts often focus on 

increasing tax collections, OTA has a long history of supporting a systemic approach to 

domestic resource mobilization across its areas of expertise – whether revenue, budget, 

debt, or banking. 

A critical part of helping governments generate resources is mobilizing capital, 

particularly in order to finance development projects. One example is OTA’s 

collaboration with the West African Economic and Monetary Union (WAEMU). OTA 

assistance is helping to integrate and deepen the regional government securities market

and develop advanced debt management standards across the WAEMU zone. This is a 

good example of a truly regional development project. 

OTA’s engagement with WAEMU began in 2000 and was prompted in part by the 

decision of the Banque Centrale des Etats de L’Afrique de L’Ouest (BCEAO) – the 

WAEMU region’s central bank – to stop direct lending to the national governments of the 

WAEMU zone (these include Benin, Burkina Faso, Cote d’Ivoire, Guinea-Bissau, Mali, 

Niger, Senegal and Togo). In support of developing alternate means of government 

financing, from 2000 to 2005 OTA advisors worked with the BCEAO to establish a basic 

framework for a government securities market. 

This initial work with the BCEAO led directly to the second phase of OTA’s debt 

engagement in West Africa, which began in 2009 with the placement of an advisor at the 

Ministry of Finance in Dakar. Given that Senegal was among the most politically stable 

and democratic of all of the WAEMU states, it was a logical locus for a regional effort to 

develop government securities markets. Also, OTA believed it could become a replicable 

model for other countries in the region to follow. To this end, the engagement focused on 

developing technical capacity among Senegalese Ministry of Finance debt managers and 

assisting with the planning and issuance of government securities.

Over the course of the project there were significant improvements in capacity building 

among working-level counterparts. Team members strengthened their understanding of 

the importance of analysis, reflection, and strategy, and learned the importance of 

planning and flexibility in order to develop a successful government securities market. 

OTA assisted the Senegalese in the creation of a debt management office, the elaboration 

of a debt strategy, and the development of a capable middle office. The Senegalese 

demonstrated progress by issuing a benchmark Eurobond and, more significantly, by 

developing a financing program that now relies primarily on the regional market to raise 

West African Franc denominated debt at auction and at longer maturities. Challenges 

remain – such as improving Ministry of Finance communication with debt market 

participants – as Senegal assumes a regional leadership role. But, important progress has 

been made, both by Senegal and on a regional basis, towards responsibly mobilizing 

domestic and regional resources to meet the substantial need for development funding. 
14

Based in part on the successful bilateral engagement with Senegal, the BCEAO recently 

requested OTA assistance across the WAEMU zone to help member states mobilize 

resources through capital markets in order to finance their economic development and 

spur market expansion. In this third phase of the engagement, OTA is supporting the 

establishment of a new government securities agency that was created by the BCEAO in 

acknowledgement of the increasingly important role that the region’s debt market will 

play for member states.

Significant challenges lie ahead. In a region that is skeptical of central authority, OTA is 

helping a new securities agency – known as the AUT – with a regional mandate to 

establish a positive and reliable reputation among WAEMU member countries. There is 

also a need to bridge the diverse needs and capacity levels of the eight member states 

while contending with their steep budget deficits, significant infrastructure needs, and 

increasing debt levels. The creation of the AUT and the request for OTA assistance, 

however, are a strong signal of the BCEAO’s commitment to overcoming these 

challenges and mobilizing capital in West Africa that will serve as an engine for the 

region’s economic growth. 
15

Annex 1: OTA Strategic Plan

STRATEGIC PLAN 2011-2015

U.S. DEPARTMENT OF THE TREASURY

OFFICE OF TECHNICAL ASSISTANCE

Mission. The mission of the Treasury Department’s technical assistance program, 

managed by the Office of Technical Assistance (OTA), is to support the development of 

strong financial sectors and sound public financial management in countries where 

assistance is needed and there is a strong commitment to reform. 

OTA pursues this mission in support of the Treasury Department’s overall mission “to 

promote the conditions for prosperity and stability in the United States and encourage 

prosperity and stability in the rest of the world” as well as broader U.S. Government 

international objectives, such as increasing transparency and accountability, reducing 

corruption, and strengthening the development of market-based policies and practices.

Vision. OTA aims to build upon its reputation as a high-quality provider of financial 

sector technical assistance and policy advice. It aims to be recognized as the provider of 

choice wherever its multi-disciplinary assistance model best addresses country needs and 

U.S. Government objectives. 

The foundation of OTA’s program will continue to reside in five core disciplines—

Revenue Administration and Policy, Budget and Financial Accountability, Government 

Debt and Infrastructure Finance, Banking and Financial Services, and Economic Crimes, 

complemented by the ability to support other aspects of financial sector strengthening.

Values 

• OTA will continue to place the highest priority on capacity building and 

developing country self-sufficiency.

• OTA exits countries when project objectives are accomplished or if country 

commitment to reform is not sustained.

• OTA program engagements are distinguished by flexibility, selectivity and 

responsiveness.

• OTA recognizes that its core strength lies in the dedication, adaptability and 

expertise of its advisors. 

Programmatic Goals

• Encourage depth of engagement and an integrated, multi-discipline approach. 

Where circumstances warrant, deeper, stronger, more comprehensive 

engagements may improve the prospects for material impact. 

• Encourage an approach that targets geographic regions and common financial or 

economic problems. Look for opportunities to place advisors in countries with 

common needs by virtue of location, financial structure (e.g., significant 

dependence upon donor revenue), or dislocations (e.g., highly affected by 

extractive industry income). 
16

• Provide specialized multi-discipline programs and rapid response teams to 

support key U.S. Government priorities.

• Recruit, retain and support a cadre of advisors that manifests OTA’s tradition of 

excellence. 

• Continue to strengthen OTA coordination within Treasury and with other parts of 

the U.S. Government. 

• Enhance awareness of Treasury’s technical assistance program.

• Ensure that OTA’s management systems fully support the achievement of OTA’s 

mission. 
17

Table A

2015 TIATA Budget Execution Plan

Projects Funded By FY 2015 Treasury International Affairs Technical Assistance (TIATA) Appropriation

Team Advisor Category Co-Financing TIATA Total 

LATIN AMERICA AND CARIBBEAN

1 Colombia RVNU Project Coordinator + Intermittents $ - $ 16,000 $ 16,000

2 Colombia (Infrastructure Finance) DEBT Intermittent $ - $ 335,544 $ 335,544

3 Costa Rica (Infrastructure Finance) DEBT Resident => Intermittent $ - $ 276,618 $ 276,618

4 Dominican Republic BANK Intermittent $ - $ 499,663 $ 499,663

5 Dominican Republic DEBT Intermittent $ - $ 254,054 $ 254,054

6 Dominican Republic 02 BDGT Resident $ - $ 645,679 $ 645,679

7 El Salvador BANK Intermittent $ - $ 186,342 $ 186,342

8 El Salvador BDGT Resident $ - $ 787,246 $ 787,246

9 Guatemala BDGT Resident $ - $ 69,280 $ 69,280

10 Honduras CRME Resident $ - $ 339,962 $ 339,962

11 Honduras DEBT Resident $ - $ 600,081 $ 600,081

12 Paraguay BDGT Resident $ - $ 762,757 $ 762,757

13 Paraguay RVNU Project Coordinator + Intermittents $ - $ 667,673 $ 667,673

14 Paraguay (Infrastructure Finance) DEBT Resident $ - $ 670,471 $ 670,471

15 Peru (Infrastructure Finance) DEBT Resident $ - $ 638,451 $ 638,451

16 Peru CRME Resident $ 568,742 $ 414,468 $ 983,210

Subtotal Latin America and Caribbean $ 568,742 $ 7,164,289 $ 7,733,031
18

Team Advisor Category Co-Financing TIATA Total 

ASIA

17 Afghanistan BANK Intermittent $ - $ 73,045 $ 73,045

18 Afghanistan BDGT Intermittent $ - $ 120,052 $ 120,052

19 Afghanistan CRME Intermittent $ - $ 16,915 $ 16,915

20 Afghanistan RVNU Intermittent $ - $ 15,734 $ 15,734

21 Burma RVNU Resident $ 608,110 $ 1,081,807 $ 1,689,917

22 Burma BDGT Intermittent $ - $ 305,076 $ 305,076

23 Cambodia BANK Resident + Intermittent $ - $ 837,196 $ 837,196

24 Cambodia RVNU Project Coordinator + Intermittents $ - $ 583,737 $ 583,737

25 Cambodia CRME Resident $ - $ 641,187 $ 641,187

26 India BANK Intermittent $ - $ 366,649 $ 366,649

27 Indonesia BANK Intermittent $ - $ 14,630 $ 14,630

28 Mongolia BDGT Resident $ - $ 651,295 $ 651,295

29 Mongolia DEBT Resident $ - $ 557,581 $ 557,581

30 Mongolia RVNU Project Coordinator + Intermittents $ - $ 637,520 $ 637,520

31 Philippines BDGT Resident $ - $ 330,535 $ 330,535

32 Philippines DEBT Resident $ - $ 549,670 $ 549,670

33 Philippines (Infrastructure Finance) DEBT Intermittent $ - $ 327,877 $ 327,877

34 Philippines BANK Intermittent $ - $ 1,021,317 $ 1,021,317

35 Southeast Asia (Infrastructure Finance) DEBT Resident $ - $ 365,603 $ 365,603

36 Vietnam BANK Intermittent $ - $ 10,725 $ 10,725

37 Vietnam BDGT Resident $ - $ 716,658 $ 716,658

Subtotal Asia $ 608,110 $ 9,224,809 $ 9,832,919

Team Advisor Category Co-Financing TIATA Total 

MIDDLE EAST AND NORTH AFRICA

38 Jordan DEBT Intermittent $ - $ 115,000 $ 115,000

Subtotal Middle East and North Africa $ - $ 115,000 $ 115,000
19

SUB-SAHARAN AFRICA

39 Angola DEBT Resident => Intermittent $ - $ 474,607 $ 474,607

40 WAEMU Regional Securities Agency DEBT Resident $ - $ 705,447 $ 705,447

41 Cabo Verde CRME Intermittent $ - $ 163,037 $ 163,037

42 Djibouti BDGT Resident => Intermittent $ - $ 741,823 $ 741,823

43 Ghana 02 BANK Resident + Intermittent $ - $ 170,451 $ 170,451

44 Ghana BDGT Resident $ 252,000 $ 329,504 $ 581,504

45 Ghana CRME Intermittent $ - $ 219,427 $ 219,427

46 Guinea-Bissau RVNU Intermittent $ - $ 228,328 $ 228,328

47 Kenya DEBT Resident $ - $ 693,786 $ 693,786

48 Liberia RVNU Project Coordinator + Intermittents $ 112,248 $ 269,108 $ 381,356

49 Malawi RVNU Project Coordinator + Intermittents $ - $ 458,391 $ 458,391

50 Niger RVNU Project Coordinator + Intermittents $ - $ 474,469 $ 474,469

51 Nigeria BANK Intermittent $ - $ 37,623 $ 37,623

52 Nigeria RVNU Project Coordinator + Intermittents $ - $ 11,610 $ 11,610

53 Regional East Africa BANK Resident + Intermittent $ - $ 1,806,900 $ 1,806,900

54 Rwanda and Burundi DEBT Resident $ - $ 660,340 $ 660,340

55 Rwanda RVNU Project Coordinator + Intermittents $ - $ 487,389 $ 487,389

56 Senegal / West Africa Regional DEBT Full-time TDY $ - $ 405,945 $ 405,945

57 Sierra Leone RVNU Project Coordinator + Intermittents $ - $ 493,559 $ 493,559

58 Tanzania BDGT Resident $ - $ 774,870 $ 774,870

59 Tanzania CRME Intermittent $ - $ 104,516 $ 104,516

60 Tanzania (Infrastructure Finance) DEBT Resident $ 472,884 $ 765,747 $ 1,238,631

61 Tanzania RVNU Project Coordinator + Intermittents $ 320,747 $ 482,595 $ 803,342

62 Uganda BDGT Resident $ - $ 764,794 $ 764,794

63 Uganda DEBT Resident + Intermittent $ - $ 787,823 $ 787,823

64 Zambia RVNU Project Coordinator + Intermittents $ - $ 706,879 $ 706,879

Subtotal Sub-Saharan Africa $ 1,157,879 $ 13,218,968 $ 14,376,847
20

Notes

1. TIATA figures include carryover of prior year TIATA funds.

2. Figures include program management (20% of total).

3. OTA Team abbreviations: BDGT = Budget and Financial Accountability; CRME = Economic Crimes; BANK = Banking and Financial Services; DEBT = Government Debt 

and Infrastructure Finance; RVNU = Revenue Administration and Policy.

Team Advisor Category Co-Financing TIATA Total 

SENIOR ADVISORS

65 Senior Advisor (AFR/EUR) BANK $ - $ 405,732 $ 405,732

66 Senior Advisor (LAC/MENA) BANK $ - $ 335,715 $ 335,715

67 Senior Advisor (Global Financial Inclusion) BANK $ - $ 312,500 $ 312,500

68 Senior Advisor BDGT $ - $ 400,781 $ 400,781

69 Senior Advisor I CRME $ - $ 362,524 $ 362,524

70 Senior Advisor II CRME $ - $ 347,166 $ 347,166

71 Senior Advisor DEBT $ - $ 334,635 $ 334,635

72 Senior Advisor (Infrastructure Finance) DEBT $ - $ 494,041 $ 494,041

73 Senior Advisor RVNU $ - $ 491,664 $ 491,664

Subtotal Senior Advisors $ - $ 3,484,758 $ 3,484,758

Team Advisor Category Co-Financing TIATA Total 

OTHER FUNDED ACTIVITIES

74 Cash Management BDGT Full-time TDY $ - $ 431,553 $ 431,553

75 Deposit Insurance BANK Intermittent $ - $ 634,012 $ 634,012

76 Global Financial Inclusion BANK Full-time TDY $ - $ 907,777 $ 907,777

77 Global Financial Stability BANK Full-time TDY $ - $ 283,077 $ 283,077

78 Global FIU/Financial Crimes Task Force Development CRME Intermittent $ - $ 157,920 $ 157,920

79 Global AML/CFT Preventative CRME Intermittent $ - $ 312,069 $ 312,069

Subtotal Other Funded Activities $ - $ 2,726,408 $ 2,726,408

GRAND TOTAL $ 2,334,731 $ 35,934,232 $ 38,268,964
21

Table B

2015 Non-TIATA Sources of Funding

Treasury International Affairs Technical Assistance (TIATA)

Purpose Source Amount

Technical Assistance to Government of Ukraine State 632(b) $6,750,000

Technical Assistance to Government of Haiti State INL/USAID 632(b) $2,780,000

Assistance for Europe, Eurasia and Central Asia State/ European Bank for Reconstruction and Development 632(b) $2,566,532

Technical Assistance to Government of Honduras MCC 632(b) $1,571,823

Technical Assistance to the Government of Malawi and Gabo MCC 632(b) $1,542,283

Technical Assistance to Government of Guinea USAID/STATE 632(b) $1,028,932

Technical Assistance to Government of Somalia State 632(b) $980,052

Technical Assistance to the Government of Egypt USAID 632(b) $892,500

Technical Assistance for the Caribbean Basin region State CBSI 632(b) $800,000

Technical Assistance to Government of Guatemala MCC 632(b) $684,745

Technical Assistance to Government of Peru State INL 632(b) $669,114

Technical Assistance to the Government of Tanzania USAID 632(b) $591,105

Technical Assistance to the Government of Malawi MCC 632(b) $374,300

Technical Assistance to MENA Office of Program Management - Ministry of Interior 632(b) $320,898

Technical Assistance to the Government of Ghana USAID 632(b) $315,000

Technical Assistance for Domestic Resource Mobilization USAID 632(b) $100,000

TOTAL $21,967,285

Transfer 

Category