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Debt & Fiscal Risks Toolkit

Events

DMF Stakeholders' Forum 2020: Debt Transparency in the Spotlight [Postponed until further notice]

The 11th DMF Forum will focus on sound debt management to support enhanced debt transparency. The Forum will be held in Paris on May 14-15, 2020. Debt transparency is critical for sound borrowing and lending practices in order to safeguard long-term sustainability and prosperous economic development for all. The Forum will discuss global trends and challenges in debt transparency, international practices in contracting, negotiating and reporting debt, and will foster high-level discussion on topics such as the political economy of debt transparency. Learn more

 

Learning Programs

Debt Management Practitioners Program (DMPP)

The Debt Management Practitioners’ Program (DMPP) offers experienced debt managers from DMF-eligible countries an opportunity to expand their know-how and knowledge by working closely with the World Bank’s debt management experts. DMPP participants typically come to Washington, DC, for three months to work on one large analytical task, one technical assistance mission outside their region and Washingon-based training and seminars. Learn more.

Workshops

Sovereign Balance Sheet Risk Management Workshop

This five-day workshop aims to discuss practical solutions to identify, measure and mitigate different types of risks, affecting both sides of the sovereign balance sheet, within an asset and liability management framework. The final objective is to contribute to increase the country’s resilience to financial shocks by enhancing their capacity to manage the sovereign’s balance sheet risks. The targeted participants are officials from the finance ministry and central bank who have direct involvement in managing assets and/or liabilities. Past workshops: December 2019: Bahrain | February 2019: Indonesia

Cash Management

This five-day workshop focuses on cash flow forecasting and cash management by central governments. Its goal is to increase awareness of cash and debt managers about the importance of accurate cash flow forecasting and their knowledge on sound cash management practices to ensure that governments meet their financial commitments on time and in a cost-efficient manner. The workshop covers all the dimensions relevant to its theme, including forecasting of revenue and expenditure, stress testing of projections, coordination between cash and debt management as well as the options to invest excess cash in the market. It consists in short and practical presentations followed by hands on exercises using an excel-based toolkit specifically designed by the debt and risk management experts at the World Bank Treasury. Past workshops: December 2019: Ghana | July 2019: Peru | September 2018: Macedonia

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. Download the Learning & Training Notes | Past workshops: March 2019 | May 2018

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. Download the Learning & Training Notes | Past workshops: June 2019

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. Past workshops: June 2019

 


Past Webinars

Webinar: Crisis Response: Debt Management and Government Securities Markets

June 18, 2020

The EFI FCI Long Term Finance and MTI Global Macro and Debt teams of the World Bank have developed a crisis-response policy framework to provide support on public debt management and government securities markets for developing countries impacted by the developing COVID-19 pandemic. As countries will face increased financing needs and changed investor behavior, it is critical for debt sustainability that governments carefully assess how to finance their fiscal response, particularly in the context of already high public debt vulnerabilities in many countries. It is anticipated that demand for just-in-time support and for policy guidance to countries on public debt related issues will grow as a result of the crisis.

 

This webinar provided an overview of the crisis-response policy framework, just-in-time technical assistance available to support countries in this time of crisis, and provided examples of how countries have reacted to challenges arising from the crisis. In addition, debt managers from Georgia and South Africa shared their experiences of challenges faced and measures taken during the crisis. Watch the recording.

 

Presenters:

– Zsolt Bango, Senior Financial Sector Specialist, FCI Global Practice

– Rodrigo Cabral, Senior Debt Specialist, Global Macro and Debt Analytics, MTI Global Practice

– Lars Jessen, Lead Debt Specialist, Global Macro and Debt Analytics, MTI Global Practice

– Lars Mayland, Senior Debt Specialist, Global Macro and Debt Analytics, MTI Global Practice 

 

Discussants:

– Irakli Katcharava, Deputy Head of Public Debt Management Department, Ministry of Finance of Georgia

– Siyabonga Shange, Director, Debt issuance and management at the National Treasury of South Africa

Webinar: Overview of common legal practices in debt contracts, specific clauses, and some negotiation strategies

May 26, 2020

With the deepening of the domestic and international capital markets as well as expanding sources of funding from multilateral and bilateral creditors, governments rely on a variety of borrowing options to finance their economy. As the debt instruments become more complex, debt management offices need comprehensive guidance from their legal counsel during contract negotiation. However, many developing and emerging countries lack proper legal support, as evidenced by Debt Management Performance Assessment (DeMPA) findings. In this context, a sound understanding of the legal implication of specific clauses as well as negotiation strategies is critical.

 

In the webinar moderated by Clifford Frazier, Deputy General Counsel at the World Bank, and joined by Nicole Kearse, Senior Legal Counsel at the African Legal Support Facility (ALSF), and Ian Clark, Partner at White&Case LLP, the panelists discussed topics such as how countries can analyze their current finance agreements, how they can establish a dialogue with lenders on potential debt relief options, and decide on the best options keeping in mind their economic outlook and long-term goals. Watch the recording.

Blockchain Bond

November 2018

Sovereign Green Bonds

December 2017
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Debt Management Facility

The DMF is a multi-donor trust fund that supports the scaling up and accelerated implementation of the World Bank Group's debt management work program in low-income countries.
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Government Debt and Risk Management Program

The GDRM Program provides customized technical advisory services to middle-income countries in a programmatic approach. The Program assists countries in developing sustainable debt and risk management frameworks to reduce vulnerability to financial shocks.
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VIDEO

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VIDEO

Stella Nteziryayo: The DMF and Rwanda

Head of Public Debt Management in Rwanda Stella Nteziryayo talks about how DMF programs have benefited Rwanda and her own personal career.

Contact Us

For any questions, please contact:
Patricia E. Mendez
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Debt

Find news and research from across the World Bank Group on debt.
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