This year’s Forum will focus on Public Debt Policies for the Years Ahead, bringing together policymakers, practitioners, and partners to discuss how countries can strengthen debt sustainability in an increasingly complex global environment.
Sessions will explore forward-looking debt strategies, risk management approaches, and policy tools to help governments respond to evolving global and regional shocks while building more resilient public debt frameworks.
About DMF
The Debt Management Facility (DMF) is a multi-donor trust fund, offering advisory services, training and peer-to-peer learning to more than 80 developing countries around the world to strengthen their debt management capacity, processes, and institutions.
The DMF was launched in 2008 by the World Bank and has been administered jointly with the International Monetary Fund since 2014.
DMF’s objective is to strengthen debt management to reduce debt-related vulnerabilities and improve debt transparency. It seeks to achieve this through capacity-building activities, including design and application of tailored advisory services and technical assistance, applied analytical work, training, and peer-to-peer learning. The DMF facilitates collaboration among providers of technical assistance on debt management and dialogue on debt issues among stakeholders. It also plays a critical role in developing and disseminating information about sound debt management practices, tools, and guidance. For more details visit: dmfacility.org.
09:00–09:05 Introduction to the 16th Debt Management Facility Forum
Lilia Razlog, DMF Program Manager, The World Bank Group
09:05–09:20 Opening Remarks:
Pablo Saavedra, Vice President, Prosperity, The World Bank Group
Franck Bousquet, Deputy Director, Institute for Capacity Development, IMF
Stefan Imhof, Secretary General, Ministry of Finance, Austria
09:20–09:40 Public Debt in a Fragmented World
Keynote speaker:
Ceyla Pazarbasioglu, former Director of the Strategy, Policy, and Review Department, IMF
9:40–11:00 Session 1: Debt Management and Debt Policy for High Interest Rate and High-Rollover Environment
Low- and middle-income countries face a convergence of debt management challenges: debt has risen to multi-decade highs and many IDA-eligible countries are at high risk of debt distress, while rising credit spreads and tight financing conditions have pushed debt service and rollover costs to record levels, crowding out spending on health, education, and infrastructure. The session will assess debt risks and its implications for borrowers, creditors, and international financial architecture.
Moderator:
Pablo Saavedra, Vice President, Prosperity, The World Bank Group
Speakers:
Michaela Erbenova, Deputy Director, Monetary and Capital Markets Department, IMF
Ceyla Pazarbasioglu, former Director of the Strategy, Policy, and Review Department, IMF
Stefan Imhof, Secretary General, Ministry of Finance, Austria
Charles Corbett, Global Head, Public Sector Coverage, Standard Chartered
11:00–11:15 Coffee Break
11:15–12:30 Session 2: Update on debt restructurings and the role of transparency
Debt transparency is vital for sustainable development and macro‑financial stability, as it strengthens public accountability and enables governments and creditors to make informed borrowing and lending decisions. Timely, comprehensive, and accessible debt data allows markets to price risk more accurately and citizens to scrutinize how public funds are used. Additionally, debt transparency facilitates timely and orderly debt restructurings. Panelists will discuss lessons from recent debt restructurings and how transparent debt management can contribute to a more effective dialog with creditors.
Moderator:
Manuela Francisco, Director, Fiscal Policy and Growth, The World Bank Group
Speakers:
Alisson Holland, Assistant Director, Strategy, Policy and Review Department, IMF
Benjamin Dartevelle, Secretary General of the Paris Club
Kotaro Iwasaki, Financial Counselor at the Embassy of Japan in France
Sara Senich, Co-Director, Global Economics and Debt Office, U.S. Department of the Treasury, USA
12:30–14:00 Group photo and Lunch
14:00–15:30 Session 3: Engaging Private Capital in LMOs
Liability Management Operations (LMOs) facilitated by credit enhancements, including Debt‑for‑development swaps, are emerging as pragmatic instruments to address liquidity challenges while often advancing priority development goals. Building on recent transactions and evolving international guidance, this panel will examine what has worked—and what has not—in the design and implementation of these transactions, with a particular focus on how they can move beyond isolated deals toward scalable platforms for mobilizing private capital. Panelists will discuss how stronger governance, transparency, and additionality can enhance credibility with investors; how risk‑sharing structures, guarantees, and standardized frameworks can improve the risk‑return profile for private participation; and how aligning swaps and other LMOs with broader debt management and development strategies can help crowd in long‑term institutional capital.
Moderator:
Diego Rivetti, Senior Debt Specialist, The World Bank Group
Speakers:
Charles Corbett, Global Head, Public Sector Coverage, Standard Chartered
Ramzi Issa, Managing Partner, Enosis Capital
Ariane Di Iorio, Director, MIGA
Thomas Moatti, Director, Lazard
Juelma Silva, Head of Risk and Analysis - Debt Management Unit, Ministry of Finance, Angola
15:30–15:45 Coffee Break
15:45–17:00 Session 4: Managing Portfolio Risks
As interest rates stay high and foreign exchange markets grow more unpredictable, governments are under pressure to actively reshape their debt portfolios. This session explores the innovative — and sometimes unconventional — tools sovereigns are using to rebalance costs and risks through proactive debt management. With debt-servicing burdens rising, many debt managers are turning to lower-rate foreign-currency borrowing and shorter-term instruments to contain costs. But these strategies come with trade-offs that must be carefully measured and managed. The panel will share real-world examples of how today’s challenging financial environment is driving smarter, more agile debt strategies and transactions — all aimed at reducing costs without taking on excessive risk.
Moderator:
Barbara Marchitto, Head of Country and Financial Sector Analysis, Economics Department, EIB
Speakers:
Ali Abbas, Deputy Director, Fiscal Affairs Department, IMF
Mae Adel, Deputy Minister of Finance for Debt Management, Egypt
Herman Kamil, Director, Debt Management Office, Uruguay
Miguel Navarro-Martin, Financial Products Manager, WBG Treasury
17:30–19:30 Welcoming Reception (cocktail)
Day 2 – Instruments, Markets & Institutions
09:00–10:15 Session 5: Debt management and Sovereign Investor Relations
Sovereign Investor Relations (SIR) has become a core function of public debt management and countries can benefit from it. Transparency alone is not enough: although SIR depends on the wider debt and fiscal transparency ecosystem (timely debt data, credible fiscal narratives, predictable issuance, and clear policy communication) sovereigns should target the investors’ community to diminish the informational asymmetry that adversely impacts borrowing costs. Through a practical discussion with market and sovereign practitioners, the panel will cover how SIR should be linked to day-to-day debt operations, fiscal management, and how to set up SIR functions across different institutional setups. The session will also showcase the new SIR Guidance Note, including tools and templates country teams can use to move from principles to implementation.
Moderator:
Andre Proite, Senior Debt Specialist, The World Bank Group
Speakers:
Hakan Yavuz, Senior Debt Specialist, WBG
Sonja Gibbs, Managing Director, Institute of International Finance, IIF
Lisa Schineller, Managing Director, S&P Global
Herman Kamil, Director, Debt Management Office, Uruguay
Markus Stix, Managing Director, Austrian Treasury
10:15–10:45 Coffee Break
10:45–12:00 Session 6: Financing at Home: Building Local Currency Bond Markets as Countries Shift to Domestic Debt
Most of Sub-Saharan African debt is now domestic, and this marks a major shift away from external borrowing toward domestic, local‑currency debt, while creating new policy and market challenges. The World Bank Group and IMF launched the LCBM Framework in 2021 to operationalize reforms and tailor technical assistance. The Framework has guided multi‑year support in more than 20 LICs and MICs, with flexibility for adapting reforms. Experience highlights persistent constraints, including weak macroeconomic fundamentals, limited debt management institutions, and poor policy coordination. Weak cash‑flow forecasting, markets, narrow investor bases, fragmented issuance, and poor communication with markets continue to impede secondary market liquidity. The updated Framework streamlines the six pillars and shifts focus toward programmatic reform implementation that supports country prioritization and ownership.
Moderator:
Thor Jonasson, Division Chief, Monetary and Capital Markets Department, IMF
Speakers:
Jasur Karshibayev, Advisor to the Minister of Economy and Finance, Uzbekistan
Farid Ahmed, Deputy Secretary, Finance Division, Ministry of Finance, Bangladesh
Matias Ramon Hervera, Senior Specialist, The World Bank Group
12:00–13:30 Lunch
13:30–15:00 Session 7:LIC-DSF Reform Proposal: A Consultation with Practitioners
The joint World Bank Group/IMF Debt Sustainability Framework for Low Income Countries (LIC-DSF) is the cornerstone of the assessment of the risk of public debt stress and sustainability in countries eligible for IMF and/or WBG concessional financing. A review of the framework is underway to ensure it remains fit for purpose and future-proof in the face of rising debt vulnerabilities, greater heterogeneity across LICs, and important analytical advances since the 2017 Review. This session will provide a presentation of proposed reforms.
Moderator:
Ewa Korczyc, Manager, Debt Sustainability and Debt Management Unit, WBG
Speakers:
Plamen Iossifov, Deputy Division Chief, Strategy, Policy and Review Department, IMF
David Mihalyi, Senior Economist, Debt Sustainability and Debt Management Unit, WBG
15:00–15:15 Coffee Break
15:15–16:45 Session 8: LIC-DSF: Changing debt risk landscape - domestic debt and development challenges
The Debt Sustainability Framework is adapting to shifts in domestic debt dynamics and evolving development needs. This session will discuss how the proposed reforms will better capture macro-financial risks linked to domestic borrowing and facilitate the modeling of the impact of development challenges, including those related to climate, and the policies to address them.
Speakers:
Ewa Korczyc, Manager, Debt Sustainability and Debt Management Unit, WBG
Alisson Holland, Assistant Director, Strategy, Policy and Review Department, IMF
Mellany Pintado, Senior Economist, Debt Sustainability and Debt Management Unit, WBG
Moustapha Mbohou Mama, Economist, Strategy, Policy and Review Department, IMF
16:45–17:00 Closing Remarks: Manuela Francisco, Director, Fiscal Policy and Growth, WBG, and Franck Bousquet, Deputy Director, Institute for Capacity Development, IMF
