On 2 February 2018, Abha Prasad, Lead Debt Specialist in the Global Practice for Macroeconomics, Trade, and Investment at the World Bank, and Mark Willis, Project Coordinator of the Debt Management and Financial Analysis System (DMFAS) Programme at the United Nations Conference on Trade and Development (UNCTAD), discussed programs and partnerships conducive to debt management. The event was moderated by Mr. Jos Verbeek, Manager and Special Representative to the UN and WTO at the World Bank Geneva.
As developing countries are beginning to issue and build debt at an easier and faster pace, adopting sound practices of debt management has become fundamental to a country’s economic development and growth. The World Bank and UNCTAD have developed an array of tools and guidelines necessary to ensure a country’s debt is sustainable and appropriately managed. Alongside regional and international technical assistance partners, teams within the respective institutions provide additional advisory and technical assistance to client countries to manage their debt prudently and effectively. Such programs provided by the institutions include, among others, training civil servants in debt management strategies, benchmarking debt management practices and functions in client countries through the World Bank’s debt management performance assessment (DeMPA) as well as the DMFAS Programme offered by UNCTAD, and support to develop detailed reform plans focused on institutional, governance, and domestic market development.
As implementing partners, the World Bank and UNCTAD agree that the Debt Management Facility (DMF) continues to be a highly relevant, flexible, innovative, pragmatic, and cooperative program to address country needs and achieve results. Furthermore, sustained engagement and capacity building necessitates better performance, and the World Bank and UNCTAD stand ready to assist countries in the management of their debt to ultimately promote better use of public financial resources to improve the living conditions of the people.