Over 50 RfPs for external debt restructure job

The Ministry of Finance has received over 50 Requests for Proposals (RfPs) for the role of financial advisors and legal consultants for managing the external debt sustainability.

The extended deadline for submission of RfPs closed on 22 April, and according to Finance Ministry sources, there had been 28 submissions for the role of financial advisor and 23 for legal consultant.

The respective Technical Evaluation Committees are currently studying the RfPs.

The Finance Ministry previously said that the selection of successful parties will be done within two weeks.

The scope of work of the financial advisor includes: Evaluation of the debt stock in maintaining sound macroeconomic fundamentals, advising the Government on the strategies in managing debt and facilitation the execution of such strategies; evaluating the current fiscal position and highlight key areas to be focused on in negotiations; designing a mechanism and processes to achieve economic and policy objectives in pursuing the debt management and reform and designing a mechanism to engage with the IMF to best achieve the required fiscal targets of the Government.

The financial advisor has to assist in improving the medium and long term debt management and reform strategies based on sound analysis in line with macroeconomic assumptions; recommending a strategy to achieve the best possible results in negotiations with the IMF and creditors of the Government; negotiate and represent the Government’s interests in meeting with creditors; work in consultation with legal advisors and the relevant agencies/stakeholders; any other task assigned in relation to management and reform and reform of debt and the achieving of the objectives of the Government.

The legal consultant is expected to advice the Government on strategies to manage debt and facilitate execution of such strategies in consultation with relevant stakeholders; reviewing legal and regulatory issues on debt management while underlining key areas to be focussed on in negotiations; preparing relevant documents to give effect to the debt management strategies; negotiating and representing the Government’s interests in meetings with creditors.

In addition, the legal consultant needs to recommend strategies to engage with the Official Development Agencies in relation to possible development assistance during the process of discussing and reaching consensus with the private creditors and bilateral official creditors on possible re-profiling of the public debt; Working in consultation with financial advisors and the relevant agencies/stakeholders; Preparation of all legal documentation and establishing and expedite all relevant matters in a timely manner and review timelines proposed by financial advisors and the relevant agencies/stakeholders.