Sovereign Debt & Treasury Management — National Capability Index

Indicators

The measures seeded for this capability in the framework. They are candidate indicators: no cell in the index has a source document attached to it yet.

public debt to GDP
average maturity and currency composition of debt
sovereign credit rating
bond market access and spreads

Band spread across 197 nations

Frontier 5

Advanced 20

Established 31

Transitional 25

Foundational 43

Nascent 55

Inception 18

All 197 nations

Best first. The score is the mean of the four adjudicators' round-3 integers, rounded to the nearest integer; ±SD is their spread on that cell. Where the spread is three points or more, read the number as a band rather than a value.

#	Nation	Region	Score	Band	Panel SD
1	🇩🇪Germany	Europe	19	Frontier	±0.43
2	🇺🇸United States	Americas	19	Frontier	±0.43
3	🇯🇵Japan	Asia Pacific	18	Frontier	±0.71
4	🇳🇴Norway	Europe	18	Frontier	±0.50
5	🇬🇧United Kingdom	Europe	18	Frontier	±0.43
6	🇦🇺Australia	Asia Pacific	17	Advanced	±0.00
7	🇨🇦Canada	Americas	17	Advanced	±0.43
8	🇩🇰Denmark	Europe	17	Advanced	±0.00
9	🇫🇷France	Europe	17	Advanced	±0.43
10	🇳🇱Netherlands	Europe	17	Advanced	±0.00
11	🇸🇬Singapore	Asia Pacific	17	Advanced	±1.23
12	🇸🇪Sweden	Europe	17	Advanced	±0.00
13	🇨🇭Switzerland	Europe	17	Advanced	±0.00
14	🇦🇹Austria	Europe	16	Advanced	±0.00
15	🇧🇪Belgium	Europe	16	Advanced	±0.43
16	🇫🇮Finland	Europe	16	Advanced	±0.43
17	🇱🇺Luxembourg	Europe	16	Advanced	±0.87
18	🇳🇿New Zealand	Asia Pacific	16	Advanced	±0.87
19	🇰🇷South Korea	Asia Pacific	16	Advanced	±0.00
20	🇨🇳China	Asia Pacific	15	Advanced	±0.00
21	🇮🇪Ireland	Europe	15	Advanced	±0.00
22	🇮🇱Israel	Middle East	15	Advanced	±0.43
23	🇮🇹Italy	Europe	15	Advanced	±0.43
24	🇪🇸Spain	Europe	15	Advanced	±0.43
25	🇹🇼Taiwan	Asia Pacific	15	Advanced	±0.71
26	🇨🇱Chile	Americas	14	Established	±0.00
27	🇨🇿Czechia	Europe	14	Established	±0.00
28	🇮🇳India	Asia Pacific	14	Established	±0.50
29	🇲🇾Malaysia	Asia Pacific	14	Established	±0.00
30	🇲🇽Mexico	Americas	14	Established	±0.00
31	🇵🇱Poland	Europe	14	Established	±0.00
32	🇵🇹Portugal	Europe	14	Established	±0.43
33	🇶🇦Qatar	Middle East	14	Established	±1.23
34	🇸🇦Saudi Arabia	Middle East	14	Established	±0.83
35	🇹🇭Thailand	Asia Pacific	14	Established	±0.43
36	🇦🇪United Arab Emirates	Middle East	14	Established	±1.23
37	🇧🇷Brazil	Americas	13	Established	±0.00
38	🇪🇪Estonia	Europe	13	Established	±0.71
39	🇮🇩Indonesia	Asia Pacific	13	Established	±0.50
40	🇱🇹Lithuania	Europe	13	Established	±1.23
41	🇵🇪Peru	Americas	13	Established	±0.00
42	🇸🇰Slovakia	Europe	13	Established	±0.43
43	🇸🇮Slovenia	Europe	13	Established	±0.43
44	🇿🇦South Africa	Africa	13	Established	±0.00
45	🇺🇾Uruguay	Americas	13	Established	±0.43
46	🇧🇬Bulgaria	Europe	12	Established	±0.87
47	🇨🇴Colombia	Americas	12	Established	±0.43
48	🇭🇷Croatia	Europe	12	Established	±0.00
49	🇨🇾Cyprus	Middle East	12	Established	±0.43
50	🇬🇷Greece	Europe	12	Established	±0.43
51	🇭🇺Hungary	Europe	12	Established	±0.43
52	🇮🇸Iceland	Europe	12	Established	±0.71
53	🇱🇻Latvia	Europe	12	Established	±0.83
54	🇲🇹Malta	Europe	12	Established	±0.71
55	🇲🇦Morocco	Africa	12	Established	±0.00
56	🇵🇭Philippines	Asia Pacific	12	Established	±0.00
57	🇰🇼Kuwait	Middle East	11	Transitional	±0.43
58	🇲🇺Mauritius	Africa	11	Transitional	±0.43
59	🇴🇲Oman	Middle East	11	Transitional	±0.71
60	🇵🇦Panama	Americas	11	Transitional	±0.71
61	🇷🇴Romania	Europe	11	Transitional	±0.00
62	🇹🇷Türkiye	Middle East	11	Transitional	±0.71
63	🇧🇭Bahrain	Middle East	10	Transitional	±0.43
64	🇧🇼Botswana	Africa	10	Transitional	±0.43
65	🇨🇷Costa Rica	Americas	10	Transitional	±0.43
66	🇩🇴Dominican Republic	Americas	10	Transitional	±0.00
67	🇰🇿Kazakhstan	Asia Pacific	10	Transitional	±0.43
68	🇵🇾Paraguay	Americas	10	Transitional	±0.43
69	🇷🇺Russia	Europe	10	Transitional	±0.87
70	🇷🇸Serbia	Europe	10	Transitional	±0.71
71	🇻🇳Vietnam	Asia Pacific	10	Transitional	±0.71
72	🇦🇿Azerbaijan	Middle East	9	Transitional	±0.50
73	🇨🇮Côte d'Ivoire	Africa	9	Transitional	±0.43
74	🇪🇬Egypt	Africa	9	Transitional	±0.00
75	🇬🇪Georgia	Middle East	9	Transitional	±0.43
76	🇯🇲Jamaica	Americas	9	Transitional	±0.43
77	🇱🇮Liechtenstein	Europe	9	Transitional	±1.73
78	🇳🇦Namibia	Africa	9	Transitional	±0.43
79	🇳🇬Nigeria	Africa	9	Transitional	±0.43
80	🇲🇰North Macedonia	Europe	9	Transitional	±0.87
81	🇹🇹Trinidad & Tobago	Americas	9	Transitional	±0.83
82	🇦🇱Albania	Europe	8	Foundational	±1.23
83	🇦🇲Armenia	Middle East	8	Foundational	±0.71
84	🇬🇹Guatemala	Americas	8	Foundational	±0.71
85	🇯🇴Jordan	Middle East	8	Foundational	±0.00
86	🇰🇪Kenya	Africa	8	Foundational	±0.43
87	🇲🇨Monaco	Europe	8	Foundational	±1.50
88	🇲🇳Mongolia	Asia Pacific	8	Foundational	±0.87
89	🇸🇳Senegal	Africa	8	Foundational	±0.43
90	🇩🇿Algeria	Africa	7	Foundational	±0.43
91	🇦🇩Andorra	Europe	7	Foundational	±0.71
92	🇦🇴Angola	Africa	7	Foundational	±0.43
93	🇦🇷Argentina	Americas	7	Foundational	±1.64
94	🇧🇸Bahamas	Americas	7	Foundational	±0.83
95	🇧🇩Bangladesh	Asia Pacific	7	Foundational	±0.43
96	🇧🇧Barbados	Americas	7	Foundational	±0.43
97	🇧🇯Benin	Africa	7	Foundational	±0.43
98	🇧🇳Brunei	Asia Pacific	7	Foundational	±0.83
99	🇬🇭Ghana	Africa	7	Foundational	±0.43
100	🇬🇾Guyana	Americas	7	Foundational	±0.43
101	🇲🇪Montenegro	Europe	7	Foundational	±0.83
102	🇷🇼Rwanda	Africa	7	Foundational	±0.00
103	🇸🇲San Marino	Europe	7	Foundational	±1.09
104	🇸🇨Seychelles	Africa	7	Foundational	±0.83
105	🇹🇿Tanzania	Africa	7	Foundational	±0.71
106	🇹🇳Tunisia	Africa	7	Foundational	±0.50
107	🇺🇬Uganda	Africa	7	Foundational	±0.43
108	🇺🇦Ukraine	Europe	7	Foundational	±0.43
109	🇺🇿Uzbekistan	Asia Pacific	7	Foundational	±0.43
110	🇦🇬Antigua & Barbuda	Americas	6	Foundational	±0.43
111	🇧🇴Bolivia	Americas	6	Foundational	±0.83
112	🇧🇦Bosnia & Herzegovina	Europe	6	Foundational	±0.83
113	🇧🇫Burkina Faso	Africa	6	Foundational	±0.50
114	🇨🇻Cabo Verde	Africa	6	Foundational	±0.43
115	🇨🇲Cameroon	Africa	6	Foundational	±0.43
116	🇪🇨Ecuador	Americas	6	Foundational	±0.43
117	🇸🇻El Salvador	Americas	6	Foundational	±0.83
118	🇫🇯Fiji	Asia Pacific	6	Foundational	±0.43
119	🇬🇦Gabon	Africa	6	Foundational	±0.50
120	🇭🇳Honduras	Americas	6	Foundational	±0.43
121	🇲🇩Moldova	Europe	6	Foundational	±0.71
122	🇳🇵Nepal	Asia Pacific	6	Foundational	±0.43
123	🇵🇰Pakistan	Asia Pacific	6	Foundational	±0.00
124	🇱🇰Sri Lanka	Asia Pacific	6	Foundational	±0.71
125	🇧🇾Belarus	Europe	5	Nascent	±0.87
126	🇧🇿Belize	Americas	5	Nascent	±0.71
127	🇧🇹Bhutan	Asia Pacific	5	Nascent	±0.43
128	🇰🇭Cambodia	Asia Pacific	5	Nascent	±0.83
129	🇩🇲Dominica	Americas	5	Nascent	±0.43
130	🇸🇿Eswatini	Africa	5	Nascent	±0.43
131	🇪🇹Ethiopia	Africa	5	Nascent	±0.43
132	🇬🇩Grenada	Americas	5	Nascent	±0.00
133	🇮🇷Iran	Asia Pacific	5	Nascent	±0.71
134	🇮🇶Iraq	Middle East	5	Nascent	±0.43
135	🇽🇰Kosovo	Europe	5	Nascent	±0.83
136	🇰🇬Kyrgyzstan	Asia Pacific	5	Nascent	±0.71
137	🇲🇬Madagascar	Africa	5	Nascent	±0.43
138	🇲🇻Maldives	Asia Pacific	5	Nascent	±0.00
139	🇲🇱Mali	Africa	5	Nascent	±0.43
140	🇲🇷Mauritania	Africa	5	Nascent	±0.43
141	🇳🇮Nicaragua	Americas	5	Nascent	±0.43
142	🇵🇬Papua New Guinea	Asia Pacific	5	Nascent	±0.43
143	🇰🇳Saint Kitts & Nevis	Americas	5	Nascent	±0.43
144	🇱🇨Saint Lucia	Americas	5	Nascent	±0.00
145	🇻🇨Saint Vincent & Grenadines	Americas	5	Nascent	±0.43
146	🇸🇱Sierra Leone	Africa	5	Nascent	±0.71
147	🇸🇷Suriname	Americas	5	Nascent	±0.50
148	🇹🇬Togo	Africa	5	Nascent	±0.43
149	🇿🇲Zambia	Africa	5	Nascent	±0.00
150	🇹🇩Chad	Africa	4	Nascent	±0.50
151	🇨🇬Congo	Africa	4	Nascent	±0.43
152	🇩🇯Djibouti	Africa	4	Nascent	±0.00
153	🇬🇶Equatorial Guinea	Africa	4	Nascent	±0.43
154	🇬🇲Gambia	Africa	4	Nascent	±0.43
155	🇬🇳Guinea	Africa	4	Nascent	±0.00
156	🇱🇦Laos	Asia Pacific	4	Nascent	±0.43
157	🇱🇸Lesotho	Africa	4	Nascent	±0.43
158	🇱🇷Liberia	Africa	4	Nascent	±0.43
159	🇲🇼Malawi	Africa	4	Nascent	±0.00
160	🇲🇿Mozambique	Africa	4	Nascent	±0.00
161	🇳🇪Niger	Africa	4	Nascent	±0.00
162	🇼🇸Samoa	Asia Pacific	4	Nascent	±0.43
163	🇸🇹São Tomé & Príncipe	Africa	4	Nascent	±0.43
164	🇸🇧Solomon Islands	Asia Pacific	4	Nascent	±0.71
165	🇹🇯Tajikistan	Asia Pacific	4	Nascent	±0.43
166	🇹🇱Timor-Leste	Asia Pacific	4	Nascent	±0.43
167	🇧🇮Burundi	Africa	3	Nascent	±0.43
168	🇨🇫Central African Rep.	Africa	3	Nascent	±0.43
169	🇰🇲Comoros	Africa	3	Nascent	±0.71
170	🇨🇩DR Congo	Africa	3	Nascent	±0.43
171	🇬🇼Guinea-Bissau	Africa	3	Nascent	±0.43
172	🇰🇮Kiribati	Asia Pacific	3	Nascent	±0.43
173	🇱🇾Libya	Africa	3	Nascent	±0.43
174	🇲🇲Myanmar	Asia Pacific	3	Nascent	±0.43
175	🇵🇼Palau	Asia Pacific	3	Nascent	±0.43
176	🇵🇸Palestine	Middle East	3	Nascent	±0.43
177	🇹🇴Tonga	Asia Pacific	3	Nascent	±0.43
178	🇹🇲Turkmenistan	Asia Pacific	3	Nascent	±0.71
179	🇻🇺Vanuatu	Asia Pacific	3	Nascent	±0.43
180	🇨🇺Cuba	Americas	2	Inception	±0.43
181	🇪🇷Eritrea	Africa	2	Inception	±0.43
182	🇭🇹Haiti	Americas	2	Inception	±0.00
183	🇻🇦Holy See	Europe	2	Inception	±0.50
184	🇱🇧Lebanon	Middle East	2	Inception	±0.43
185	🇲🇭Marshall Islands	Asia Pacific	2	Inception	±0.00
186	🇫🇲Micronesia	Asia Pacific	2	Inception	±0.00
187	🇳🇷Nauru	Asia Pacific	2	Inception	±0.50
188	🇸🇴Somalia	Africa	2	Inception	±0.00
189	🇸🇩Sudan	Africa	2	Inception	±0.50
190	🇹🇻Tuvalu	Asia Pacific	2	Inception	±0.43
191	🇿🇼Zimbabwe	Africa	2	Inception	±0.00
192	🇦🇫Afghanistan	Asia Pacific	1	Inception	±0.00
193	🇸🇸South Sudan	Africa	1	Inception	±0.00
194	🇸🇾Syria	Middle East	1	Inception	±0.43
195	🇻🇪Venezuela	Americas	1	Inception	±0.43
196	🇾🇪Yemen	Middle East	1	Inception	±0.43
197	🇰🇵North Korea	Asia Pacific	0	Inception	±0.43

Others in Fiscal Capacity & Public Finance

Capability	World mean	Range	Leader
Revenue Mobilisation & Tax Administration	9.3	1–18	Finland, Singapore, Sweden
Public Expenditure & Budget Management	9.3	2–18	Australia, Denmark, Norway
Public Investment Management	8.4	1–18	Singapore