15th Debt Management Facility Stakeholders' Forum

Day 1: June 26

9:00 - 9:05 – Introduction

• Lilia Razlog, DMF Program Manager, World Bank Group

9:05 - 10:10 – Fireside Chat: Financing Development in a Volatile World

• Pablo Saavedra, Prosperity Vice President, World Bank Group
• William Roos, Assistant Secretary, Treasury, Ministry of Finance, France

10:10 - 10:20 – Group photo

10:20 - 10:30 – Coffee Break

10:30 - 11:45 – Panel Discussion | Addressing today’s debt challenges: Boosting liquidity support, improving debt workouts

This session sets the stage for the conference by providing a general discussion on current debt challenges. We have seen significant progress in some debt issues; however, many challenges remain ahead: high risk of debt distress, high cost of funding, significant debt services for 2025/26 and increasing political uncertainty.

• Moderator: Pablo Saavedra, Prosperity Vice President, World Bank Group

Panelists:

• Carmen Reinhart, International Financial System Professor, Harvard Kennedy School
• Ceyla Pazarbasioglu, Director, International Monetary Fund
• Shanti Bobin, Deputy Assistant Secretary, French Treasury
• Sonja Gibbs, Managing Director, Institute of International Finance

11:45 - 13:00 – Panel Discussion | Assessing and Maintaining Debt Sustainability during Uncertain Times

The number of countries facing elevated risks of debt distress remains high. What are the drivers (fiscal, external, climate, debt management, among others)? What is the direction of the review of the LIC DSF and how it can enhance early signals and identify risks (climate, domestic debt)? How can borrowers and creditors proactively manage debt to avoid future crises?

• Moderator: William Roos, Assistant Secretary, Treasury, Ministry of Finance, France

Panelists:

• Manuela Francisco, Global Director, World Bank Group
• Allison Holland, Assistant Director, International Monetary Fund
• Felix Nkulukusa, Secretary to the Treasury, Zambia
• Anne-Laure Kiechel, CEO, Global Sovereign Advisory

13:00 - 14:30 – Lunch

14:30 - 15:45 – Panel Discussion | Debt for development swaps and credit-enhanced debt instruments: When are they good debt management and good development finance tools?

This panel will discuss the role of debt for development swaps and credit-enhanced debt instruments in navigating a challenging financing environment and will discuss recent efforts and experiences by actors involved. Debt for development swaps (“debt swaps”) are agreements between a government and one or more of its creditors to replace sovereign debt with one or more liabilities that entail a spending commitment over time towards a development goal. Such transactions have been implemented for decades, but are often complex, administratively costly, and heavily reliant on donor subsidies.

• Moderator: David Savage, Manager, MIGA World Bank Group

Panelists:

• Ugo Panizza, Professor of Economics, Geneva Graduate Institute.
• Lanciné Diaby, General Director of Financing, Ministry of Finance and Budget, Côte d'Ivoire
• Japhet Justine, Commissioner for Debt Management, Ministry of Finance, Tanzania
• Marta Mulas, Senior Advisor for External Debt and International Financing, Ministry of Economy, Trade and Enterprises, Spain

15:45 - 16:00 – Coffee Break

16:00 - 17:15 – Panel Discussion | Building Confidence: Transparency in Debt Management

This panel will discuss the on-going efforts in improving the accuracy and expanding the scope of debt data collection and dissemination, detailing responsibilities and operational faced by the three main actors involved: borrowers, lenders and IFIs. In 2021, the World Bank published a comprehensive report which provided an in-depth assessment of public debt transparency in low-income countries. Since then, the international community has made efforts in advancing debt transparency. As a result, the number of LICs that do not publish any debt report has been reduced to 20% and the sectoral and instrument coverage of statistics and DSAs has been widened in several countries. The report is being updated and preliminary findings will be presented in this panel.

• Moderator: Luca Bandiera, Lead Economist, World Bank Group

Panelists:

• Anna Gelpern, Professor of Law and International Finance, Georgetown University Law Center
• Erwin Ginting, Deputy Director for Development of Budget Financing Management, Ministry of Finance, Indonesia
• Michael Sarty, Senior Economist, Department of Finance, Canada
• Tom Katzenbach, Deputy Director of the Debt Management Office, US Treasury Department

17:15 - 18:15 – Cocktail Reception

* End of program for day 1 *

Day 2: June 27

9:30 - 10:45  – Panel Discussion | Currency risks and beyond: What can lenders and borrowers do to mitigate debt portfolios’ risk exposure?

This panel will discuss how effective risk management requires robust institutional frameworks, comprehensive risk assessment tools, and strategic debt compositions. However, many countries, especially those with developing economies, often lack the necessary financial skills, technology, and access to key risk management instruments, exacerbating their vulnerability to debt-related shocks and financial instability. Managing risks arising from public debt portfolios presents significant challenges, particularly in the face of volatile global financial markets and economic uncertainties.

Moderator: Manuela Francisco, Global Director, World Bank Group

Panelists:

• Patience Oniha, Director-General of Debt Management Office, Ministry of Finance, Nigeria
• Eyob Tekalign, State Minister of Finance, Ethiopia
• Thor Jonasson, Deputy Division Chief, International Monetary Fund
• Mae Adel, Advisor to The Minister of Finance for Capital Market Operations, Egypt

10:45 - 11:15 – Coffee Break

11:15 - 12:30 – Panel Discussion: Developing local currency debt markets: Challenges and opportunities of regional and domestic debt markets

This panel will discuss different alternatives for developing local currency debt markets, with a focus on economies with limited size and investor base. Developing LCBMs in small economies (in terms of population, GDP, domestic savings) is a challenge for the authorities, with no simple or singular solution. One option is to develop the local currency debt market at the regional level, leveraging a larger base of investors and intermediaries, relying on consolidated or very well-connected transaction platforms and market infrastructures, under a harmonized regulatory and supervisory framework.

Moderator: Thor Jonasson, Deputy Division Chief, International Monetary Fund

Panelists:

• Oulimata Ndiaye, Director, UMOA-Titres
• Adolphe Noah Ndongo, Director General, CAA, Cameroon
• Claire de Crevoisier, Head of Market Operations, Agence France Tresor
• Jan Willems, Head of Product Management Global Markets, Clearstream

12:30 - 14:00 – Lunch

14:00 - 15:15 – Panel Discussion | The (new) boom of retail debt instruments: A reliable source of funding or a social tool?

The landscape of sovereign debt issuance has been experiencing a renewed focus on retail debt instruments. Over the past decade, many governments have sought to increase their reliance on retail investors, driven by changing macroeconomic conditions, elevated borrowing needs, and the withdrawal of central banks as large net buyers of government securities. While retail debt instruments/programs provide an alternative funding source for governments, their success depends on clear policy objectives, effective design, cost considerations from the sovereign, and investor confidence. This panel will discuss the trade-offs of establishing/running these programs against the background of recent country experiences.

• Moderator: Eriko Togo, Deputy Division Chief, International Monetary Fund

Panelists:

• Pal Kolozsi, Deputy Chief Executive Officer, Debt Management Agency, Hungary
• Deni Ridwan, Director for Government Debt Securities, Ministry of Finance, Indonesia
• Terry Msomi, Head of Treasury Funding, National Treasury, South Africa
• Avag Avanesyan, Deputy Minister, Ministry of Finance, Armenia

15:15 - 15:45 – Coffee Break

15:45-17:00 – Panel Discussion | Thematic bonds and instruments: Can they lower costs and bring more investors?

This panel will discuss topics related to the issuance of Environmental, Social and Governance (ESG) and Sustainability Linked Bonds (SLBs) instruments by sovereigns, including how they can fit into a debt management strategy, the governance issues around the issuance and reporting, in particular the role of the debt management office, and issues of greenwashing and reputational risks. After initial solid growth, the market seems to have plateaued or at least slowed in growth in recent years. For sovereign issuers the reasons for the limited issuance may include that preparation of an issue is typically lengthy, reporting requirements are substantial, and the yield reduction compared to traditional bonds seems to be limited if it exists at all.

Moderator: Sonja Gibbs, Managing Director, Institute of International Finance

Panelists:

• Fatos Koc, Head of Financial Markets, Organization for Economic Cooperation and Development
• Terry Msomi, Head of Treasury Funding, National Treasury, South Africa
• Francesco Ingino, Economic and Financial Analyst, Ministry of Economy and Finance, Italy
• Miguel Navarro-Martin, Financial Product and Clients Solutions, Manager, World Bank Treasury

17:00 - 17:15 – Closing Remarks

*End of program for day 2 *