The Republic of Azerbaijan’s Chamber of Accounts (COA) hosted the 2019 International Organization of Supreme Audit Institutions (INTOSAI) Working Group on Public Debt (WGPD) annual meeting from May 23-25, 2019.
Fifty-three participants from 27 Supreme Audit Institutions (SAIs) attended the meeting, which included guest speakers from the World Bank, Azerbaijan Diplomatic Academy University and the United Nations Conference on Trade and
Vugar Gulmammadov, COA Chairperson, welcomed guests and noted the significance of cooperation and knowledge in sharing public sector audit information among states—a major WGPD objective.
“A fundamental WGPD role is to strengthen public debt management audits by preparing and publishing specific guidance and best practices to inform and encourage sound management and proper reporting,” noted Michael G. Aguinaldo, Commission on Audit of the Republic of the Philippines and INTOSAI WGPD Chairman.
As part of the event’s key speeches and presentations, Vugar Ibrahimov, Zaur Valiyev and Elvin Hajiyev, COA public debt experts, jointly presented perspectives on debt and fiscal sustainability; Elchin Rashidov, ADA University, highlighted sustainability, solvency and liquidity; the World Bank’s Lea Hakim offered insight into strengthening public debt monitoring; and Stephanie Blankenburg, UNCTAD, provided participants with a view into debt transparency initiatives and effective macroeconomic debt strategies for sustainable development.
Aguinaldo shared WGPD recent accomplishments, including the approval and adoption of the group’s Terms of Reference by the INTOSAI Governing Board in November 2018. He also noted the “Guidance on the Audit of Public Debt” exposure draft’s availability for comment (www.issai.org).
Jaisankar Dhandapani, SAI India, updated participants on the INTOSAI Community Portal, promoting the site as an effective and efficient platform for knowledge sharing, particularly given the geographical dispersion of working group members.
The event’s agenda also included a session in which SAIs Shared experiences in auditing public debt, as well as dialogue on prioritizing activities for the group’s Work Plan 2020-2022.
SAI Qatar was welcomed as the newest member of the WGPD, which is now 35 members strong. SAI Bhutan confirmed hosting the 2020 WGPD meeting, and the SAIs of Indonesia, Kuwait, and Qatar expressed interest in hosting the WGPD event in 2021.
For more information about the WGPD, visit https://www.coa.gov.ph/wgpd/.