Client services

Public Debt Management Advisory

  • Effective public debt management is the cornerstone of financial stability and sustainable fiscal policy. A government's debt portfolio is often the largest in the country and can generate substantial risk to its balance sheet, with potential to undermine key development objectives. Countries therefore need capable debt management offices to design medium-term strategies, which appropriately balance cost and risk, and execute financing transactions efficiently.

    The World Bank Treasury is uniquely positioned in the government debt management advisory field. As seasoned debt management practitioners, the advisory team shares the expertise from managing over 200 billion dollars of debt portfolio for the World Bank and the knowhow of hands on debt management around the world with member countries. 

    Our Services

    Advisory Services

    World Bank Treasury Public Debt Management team provides practitioner-to-practitioner, programmatic support, focusing on development and implementation of customized reforms to assist countries in strengthening their capacity to manage debt.

    Learning and Outreach Services

    Through an extensive program of training, on-site technical assistance programs, virtual peer-to-peer events, applied research, and conferences, including the bi-annual flagship Sovereign Debt Management forum, the World Bank provides opportunities for learning, knowledge sharing and networking.

    Knowledge Products

    The Bank conducts original research and is a leader in new thinking in critical areas of debt policy and public debt management.

    Our Approach

    Programmatic and focused on sustainable outcomes

    We support member countries from upstream, diagnostic work and developing reform plans, to downstream implementation, seeing the reform plans take root.

    Practitioner-driven

    The core team consists of public debt management professionals who have held positions in public debt offices in emerging and developed countries, providing pragmatic solutions.

    Peer learning

    The Program connects countries facing similar issues, providing a platform for an in-depth exchange of ideas and experiences.

  • M. Coskun Cangoz as the Head of Debt and Risk Management at the World Bank Treasury, has overall responsibility for debt management advisory activities, which include country assignments, training courses, and publications. He has around 25 years of hands-on experience in different areas of debt management, including the development of bond markets, risk management, internal operations and cash management. Before joining the Bank, Mr. Cangoz was a civil servant in Turkey and served in different capacities including the Director General for Public Finance at the Undersecretariat of Treasury. He led the public debt management reform in Turkey, established the Risk Management Department and modernized the cash management. He published several papers and books in the field of public finance and he is the co-editor of the book 'Treasury Operations in Turkey and Contemporary Sovereign Treasury Management'. He holds Ph.D. in Sociology from Middle East Technical University, MBA from the University of Exeter, MA in Economics and BA in Public Finance from Ankara University.

    Cigdem Aslan joined the World Bank in 2010 with more than 15 years of experience in sovereign debt management. She was part of the initial team that designed and implemented debt management strategies at the Turkish Treasury. Prior to her move, she led the Credit Risk Management department where she was responsible for a range of policy issues and risk management activities mainly associated with the government's contingent liabilities, sub-nationals, and public-private partnerships. In her current position, Ms. Aslan contributes to World Bank capacity building activities and advisory services on public debt management reform programs. She also works on research activities related to government debt management strategy, risk management, governance, and debt market development.

    Fritz Florian Bachmair joined the World Bank in 2013. He advises governments on developing debt management strategies and managing risks from contingent liabilities. His focus is on helping clients develop systems to assess fiscal risks arising from guarantees and on-lending. Client governments with which Mr. Bachmair has worked include Colombia, Indonesia, Pakistan, Paraguay, South Africa, St. Vincent and the Grenadines and Turkey. Before joining the World Bank, he worked at McKinsey & Company where he advised multinational insurance corporations, media conglomerates, federal ministries and central banks.

    Sébastien Boitreaud has over 12 years of experience in public debt management and financial sector regulation and development, gained at French Treasury where he was Deputy Head of the Debt Management Office. A former Alternate Executive Director for France at the IMF, he joined the World Bank in 2012 as an advisor to the Vice President & Treasurer before moving to the Government Debt and Risk Management team in 2014. As Lead Financial Officer at the World Bank Treasury, Mr. Boitreaud works on the assessment and reform of public debt management in Morocco, Cameroon and other countries.

    Rodrigo Cabral, Senior Financial Officer, World Bank Treasury Rodrigo Cabral has over 15 years of experience in sovereign debt management, having worked with more than 30 developing countries across different regions of the world. Before joining the World Bank, he worked at the Brazilian National Treasury where he was Deputy Head of the Public Debt Strategic Planning Department (middle-office). He was also part of the team that set up the Brazilian middle-office and developed its risk management framework. His areas of expertise include risk management, strategy development, investor relations, international market access, and market development. Mr. Cabral has published several papers in the field of public debt management, co-authored the book “Public Debt: the Brazilian experience” and contributed to publications on sound practices. 

    Antonio Velandia-Rubiano has over 17 years of experience in the public debt management sector, gained at the Central Bank of Colombia, where he was Vice-President for International and Monetary Affairs, and as Lead Financial Officer at the World Bank Treasury. Mr. Velandia-Rubiano joined the World Bank in 1999 and has participated in the assessment and development of reform plans for public debt management in Armenia, Belarus, Brazil, Panama, Romania, Ukraine, Tunisia, and others. He has also co-authored various publications on government debt risk measurement and management.  

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  • Capacity Building for Individual Countries

    The Public Debt Management group has worked with over 40 countries across all regions of the world, helping governments build institutional capacity in all areas required for effective management of government debt. 

    Customized Advisory Engagements

    The PDM group customizes every advisory engagement to meet the needs of the individual client. Our experts are available to support the reform process through the three main stages: (1) needs assessments/diagnostic, (2) design of reform plan, and (3) implementation.

    1. Needs Assessment: Comprehensive analysis of the current public debt management operation and recommendations for reform. This includes analysis of linkages to macroeconomic policy and cash management and may also include an evaluation of domestic debt market development (undertaken in partnership with World Bank financial sector development specialists).
    2. Reform Plan: Detailed and sequenced reform or project plan that aims to alleviate the weaknesses identified in the needs assessment. The plan includes expected outputs and outcomes, specific actions, sequencing and milestones, budgeting and resourcing. It may be used to seek support from other partners.
    3. Reform Implementation: Usually in conjunction with development partners and consultants, with the PDM team playing a key role in suggesting consultants, providing strategic oversight and ensuring quality control. In cases where there is a comparative advantage and resources are available, the PDM team is directly responsible for implementation.

    Areas of Technical Expertise

    Clients have at their disposal a broad range of technical skills in Treasury and the World Bank to build capacity in the following areas:

    Institutional Strengthening

    • Governance including the legal framework, institutional arrangements, reporting and transparency
    • Policy coordination with monetary and fiscal policies
    • Strengthening the relationship between debt and cash management to improve the implementation of the debt management strategy and supporting domestic market development
    • Capacity and management of internal operations skill mix of staff, processes and procedures, and systems

    Technical Capacity Development

    • Debt management strategy, determining the composition of public debt
    • Debt management strategy implementation and access to the capital and derivatives markets through the borrowing programs, including measures to improve the functioning of the primary and secondary markets
    • Management of contingent liabilities, e.g. sovereign loan guarantees, guarantees issued to public private partnership schemes, legal claims against the government
    • Management of other fiscal risks where market-based mitigation is possible
    • Asset and liability management, management of the risks from an asset and liability management perspective, encompassing both sides of the government balance sheet
  • Knowledge Products

    Treasury is constantly keeping abreast of new developments in debt management practices and is 
    also a leader in new thinking on debt management issues. The findings are published as research reports and books to stimulate discussions by debt managers and further research by academics and other research institutions.

  • Workshops

    Assessing and Managing Risks from Contingent Liabilities

    This five-day workshop aims to contribute to increased awareness about the risks governments are exposed to from contingent liabilities (CL) and to sensitize risk managers to frameworks and tools in identifying, measuring, and managing these risks with a focus on sovereign credit guarantees and on-lending. This workshop will cover conceptual issues related to contingent liabilities as well as focus on analyzing and measuring risks related to sovereign credit guarantees and on-lending using presentations, case studies, and interactive exercises led by debt and risk management experts at the World Bank. Additionally, participants will discuss various risk mitigation tools, including the structuring of guarantee agreements (e.g. guarantee fees, collateral, etc.), limit setting, reporting and monitoring, as well as provisioning for financial losses.

    Next workshop: April 30 - May 4, 2018, Vienna, Austria. Contact us.

    Designing Government Debt Management Strategies

    This five-day workshop guides participants through the processes of developing a public debt management strategy based on an analysis of financial cost and risk tradeoffs.

    Presentations and country cases illustrate the different stages of the strategy development process. Hands-on exercises focus on quantitative tools necessary to support debt management decisions such as calculating exposure risk indicators and scenario analysis. Participants present the framework for debt management strategy in their respective countries to their peers.

    Next workshop: July 9-13, 2018, Vienna, Austria. Past Workshop. Contact us.

    Implementing Government Debt Management Strategies

    This five-day workshop aims to build capacity in various aspects of implementing a debt management strategy, including designing a cost-effective funding program, in ways that contribute to developing the domestic debt market.

    Participants explore techniques to alter the existing portfolio structure, using swap operations, exchange offers and buyback programs. The workshop combines conceptual presentations, case studies, and a hands-on exercise to illustrate the processes and procedures for implementing a debt management strategy.

    Next workshop: July 16-20, 2018, Vienna, Austria. Past workshop. Contact us.

     

  • Sovereign Debt Management Forum

    This forum builds on the considerable developments that took place in public debt management in developing and emerging market countries in recent years, as well as improved access to markets.

    The event brings together public debt managers as well as members of the international community involved in sovereign debt management capacity building and advisory services, to discuss recent trends and developments, to network with a broad range of peers, and to gain insights to support ongoing efforts to improve policy and practices. The World Bank Treasury hosts the Sovereign Debt Management Forum, every two years as part of its capacity building and outreach program.

    2016 Forum: Sovereign debt management in emerging markets: Is the party over?
    October 19-20, 2016, Washington, DC. Agenda. Contact us.

    Past Forums: 2010, 2012, 2014

    Next Forum: October 24-25, 2018, Washington, DC.

    International Retail Debt Management Symposium

    The International Retail Debt Management Symposium brings together countries with seasoned retail programs and those looking to establish or review existing programs. The Symposium provides a forum for debt managers to discuss current issues and trends such as product development, distribution channels, market research, and use of new technology.

    Past participants have found that despite of significant differences in members’ retail products and markets, there are striking similarities in the problems and opportunities programs face in different countries. The symposium is sponsored the International Retail Debt Management Conference (IRDMC) which is chaired by the United States Treasury, and is hosted by The World Bank Treasury. Core IRDMC membership includes C Brazil, Canada, Hungary, Ireland, Italy, Japan, South Africa, Sweden, the United Kingdom, and the United States.

    Next symposium: April 26, 2018, Washington, DC. Past agenda. Contact us.