nominal value of a debt instrument could be more than originally advanced because, for example, of the accrual of interest costs. appropriate valuation of debt instruments such as loans would minimize incidence of disagreements between the debtor country and the international community over the magnitude of the country ’ s external debt exposure. ladies and gentlemen, benefits of quality debt data good quality and comparable external debt data would flow from rigorous application of the principles of debt data compilation. to compromise them risks potential economic costs in terms of vulnerability of the country to solvency and liquidity risks associated with meeting the “ true ” current and future payments obligations. for instance, the quantum and composition of external debt needs to be measured, valued and monitored in line with best practices. this fosters portfolio optimization and scenario analysis but also identifies potential variability in debt service costs and such other indicators of external vulnerability, notably changes in external prices and terms of trade. also, good quality data fed into a recording system such as the cs - drms would maximize the gains from the use of such a system for improved debt management. at this juncture, let me take the liberty to highlight the institutional arrangements for sound debt management in sierra leone. 3. 0 institutional arrangement for debt management in sierra leone public debt management in sierra leone is governed mainly by the 1991 constitution and the loan amendments act of 1992 which vest the responsibility for contracting loans in the ministry of finance ( mof ). however, the ministry and bank of sierra leone ( bosl ) work closely in the execution of the debt management function, namely, loan negotiations, renegotiations, disbursement, amortizations and recording. while the mof undertakes the policy function in terms of formulation of debt policies, strategies and implementation consistent with the macroeconomic and fiscal framework of the country, the bosl maintains the database, prepares the foreign exchange cash flow budget, including debt service obligations. this framework has contributed significantly to improving debt management in the country. we will strive to improve on it. indeed, the framework enhances coordination of the debt management function by the appropriate authorities. ladies and gentlemen, like most developing countries, sierra leone has been facing a number of problems, particularly those relating to maintenance of quality debt data. these include inadequate resourcing of statistics generating units ; low priority attached to data collection ; and inefficient institutional arrangements for data collection, processing and dissemination. others include gaps in data recording ; and gaps in debt recording systems. i

am glad to inform you that the present administration has moved consistently and decisively to up - scale general economic and financial data quality by strengthening data information flows both in bosl and mof and at the central office of statistics. these efforts have also included working closely with waifem and its technical partners to streamlining the back office functions of the mof ; and enhancing institutional capacity building efforts. government will continue to keep these measures under constant review, because the process of achieving effective debt management is not like a sprint race, but rather, could be likened to a marathon involving medium to long - term policy thrusts and interventions. ladies and gentlemen, over the past couple of minutes, i have attempted to sensitize you on some of the issues that would be dealt with in detail during this course. even so, i make no pretensions to any exhaustive analysis. i am aware that the expert faculty assembled by the organizers will do just that. all that is left for me to do is to invite you to take maximum advantage of the opportunity presented by this course to strengthen your competencies in debt data compilation in line with best practices. 4. 0 conclusion ladies and gentlemen, i would be remiss in my duty if i ended this address without expressing the profound appreciation of the board of governors of waifem to comsec, imf, and world bank for their support to waifem in strengthening capacity of countries of its member central banks in the area of debt management capacity building. before i take leave of you to commence the technical sessions, let me enjoin you to take some time off your crowded schedule to visit some of the tourist attractions in freetown, and its environs. the governors look forward toward greater collaboration between waifem and these institutions in the years ahead. on this note i have the honour to declare the course open. i thank you for your attention.