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Debt & Fiscal Risks Toolkit

Learning Programs

Interested in learning more about debt management strategies and tools? Explore the online courses, workshops, webinars and more available below.

 

Online Courses 

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Medium-Term Debt Management Strategy (MTDSx)

This online course builds capacity in analyzing the characteristics of a government debt portfolio and developing a medium-term debt management strategy. The course explains the joint International Monetary Fund-World Bank (IMF-WB) MTDS framework and provides comprehensive training on the accompanying analytical tool, MTDS AT. Enroll now.

 

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Debt Sustainability Framework for Low Income Countries (LIC DSFx)

This online course provides an overview of the World Bank–IMF Low-Income Country Debt Sustainability Framework (LIC DSF) to help countries achieve their development goals while minimizing the risk of debt distress. The course allows participants to understand the LIC DSF and interpret the LIC DSF outputs presented in WB and IMF reports. Enroll now.

 

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Public Debt, Investment, and Growth: The DIG and DIGNAR Models (DIGx)

This online course explains how to analyze the relationship between public investment, growth, and public debt dynamics, using two dynamic structural models: the Debt, Investment, and Growth (DIG) model and the Debt, Investment, Growth and Natural Resources (DIGNAR) model. Enroll now.

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Projecting Public Debt - The Public Debt Dynamics Tool (DDTx)

This two-module online course explains how to project the evolution of public debt over time for a given set of projections of the relevant macro-fiscal variables, using the Excel-based Public Debt Dynamics Tool (DDT). Enroll now.

 

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Public Debt Dynamics under Uncertainty (DDUx)

This online course provides an overview of how to assess public debt dynamics under uncertainty. Upon completing the course participants will have learned how to produce and interpret fan charts and understand the concepts of safe debt and maximum debt limits. Enroll now.

 

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Debt Management Performance Assessment (DeMPA)

This online course will provide participants with knowledge on application of the revised DeMPA tool to assess comprehensive debt management functions in their countries. The DeMPA tool provides a set of indicators for comprehensively assessing debt management performance in developing countries. Enroll now.

 

Peer-to-Peer Learning

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

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

Role of Parliament in Public Debt Management

February 12, 2024

The session offers an overview of how the engagement between debt managers and the parliament could be designed and whether parliaments should incorporate this additional policy element into their routine budgetary governance functions. It reflects a collaboration between the World Bank, the Westminster Foundation of Democracy, MEFMI, and WAIFEM. Watch the webinar.

Managing Debt Service Volatility

November 7, 2023

The session introduces novel measures to assess volatility in debt service. It demonstrates how debt service spikes have been often followed by the onset of debt distress episodes. The webinar also discusses the country experience of Jamaica. Watch the webinar.

Managing Sovereign Loans

October 5, 2023

This webinar covers the key components of a debt contract that are needed to accurately service debt, with a focus on recording and monitoring events that impact cash flows. The recently published World Bank Guidance Note, Managing Sovereign Loans: “A Bottom-up Approach”, serves as a framework for this discussion. Country perspectives from Bhutan and from the World Bank Treasury are shared. Watch the webinar.

Drafting Debt Management Legal Frameworks

September 14, 2023

This webinar offers an overview of the legal aspects related to effective debt management. It covers topics such as monitoring and disclosure in the context of sovereign credit. The session also examines documentation for sovereign debt obligations and suggests ways in which this can be drafted to ensure that the debtor has legal flexibility in case of unforeseen circumstances. Watch the webinar.

Assessing Debt Related Fiscal Risks

June 20, 2023

Disclosing fiscal risks is an essential element of fiscal transparency. Identifying, managing, and monitoring fiscal risks arising from public sector entities, sovereign guarantees and PPP is important to reduce a country’s vulnerability. These are factors that can cause fiscal outcomes to differ from expectations, and contribute to macroeconomic, fiscal, and financial shocks.

This webinar for government risk managers discusses how to identify and classify the key types of debt-related Contingent Liabilities (CLs) that countries are exposed to, and the key characteristics of a government’s exposure to these fiscal risks. Watch the webinar.

Presenting the Sovereign ESG Data Portal

March 30, 2023

The World Bank curates and maintains a wide range of ESG data for policy makers, financial market participants and academic researchers on its Sovereign ESG Data Portal. This webinar introduces you to the content of the ESG portal and highlights its relevance for sovereign debt investors implementing an ESG strategy and Debt Managers, followed by practitioners' perspectives. Watch the webinar.

Credit Risk Assessment Tool for Public Corporations

January 26, 2023

The World Bank has developed a technical assistance package, which includes an excel-based credit risk assessment tool and a guidance note on how to use the tool to assess and quantify credit risk from public corporations. This webinar discusses the credit risk tool, the importance of contingent liabilities assessments for governments, and how the tool can be applied by DMF countries. Watch the webinar.

Including Nature Loss in Debt Sustainability Assessments

December 13, 2022

Awareness of nature and biodiversity risks to the global economy is on the rise among investors and policy-makers alike. While climate risks have been gradually incorporated into Debt Sustainability Analysis (DSA), and other related tools, nature related risks are still to be added to such analysis. Dr. Mortiz Kraemer, co-author of the paper Integrating Nature into Debt Sustainability Analysis argues that by omitting nature related risk, the DSAs miss significant economic and financial risk.

 

This webinar highlights the importance of integrating nature-related risks into debt sustainability analysis. Dr. Kraemer is joined by Dr. Klusak, who discusses how climate change risks affect sovereign ratings. Dr. Wackernagel provides input on measuring and using ecological footprints for countries. Watch the webinar.

Sustainable Bonds: The Existence of a ‘Greenium’ and the Role of Sovereigns

October 26, 2022

This webinar, the second in in a two-part green, social and sustainable (GSS) bond series, explores topics around sustainable bond issuances, in particular discussing (i) the existence of a ‘greenium’ and (ii) the impact of a sovereign GSS issuance on private GSS issuances. Watch the webinar.

Sovereign Theme Bonds: A Survey and Lessons Learned

September 20, 2022

This webinar, a first in a two-part GSS bond series, outlines the results of a World Bank Treasury survey on sovereign theme bonds, and discusses the ways in which challenges in emerging and frontier markets can be addressed to further scale GSS bond issuances. The discussants address how the countries surveyed are advancing in the process of thematic bond issuances, and lessons learned from both the sovereign and the market perspective. Watch the webinar.

What Is the Role of Inflation-Linked Bonds for Sovereigns?

June 21, 2022

Inflation is increasingly moving into focus for policymakers. Emerging markets are especially vulnerable to it as they may be exposed to increased currency volatility and with it limited access to long term capital markets. The past two decades have seen a rising global trend in issuing sovereign inflation-linked bonds (ILBs) in both advanced and emerging economies. Despite this increase, the share of ILBs globally remains low compared to conventional bonds, and many debt management offices in emerging markets have stuck to issuing conventional bonds only. 

 

This webinar presents the main features of ILBs as a funding alternative based on a recently published paper. The webinar elaborates on which factors emerging economies need to consider when deciding to issue ILBs, which preconditions are needed, the benefits of ILBs, and considerations for implementing a linkers program. The webinar also discusses the experience of Brazil in using these instruments. Watch the webinar.

Transparency of Domestic Borrowing: The Heat Map Approach

May 31, 2022

The World Bank launched a tool to track the transparency of domestic government securities issuances in low-income developing countries (LIDCs): the Domestic Debt Securities Heat Map. In alignment with the WBG/IMF Guidance Note for Developing Government Local Currency Bond Markets, it tracks five indicators that are most critical to ensuring transparent domestic borrowing.

 

This webinar introduces the indicators of the heatmap and discusses key takeaways from the first two years of assessments. We also hear from the West African Economic and Monetary Union (WAEMU or UMOA—Union Monétaire Ouest Africaine) about their experience using this tool. Watch the webinar.

Debt Transparency in Legislation and Contracts

May 17, 2022

A key enabler of debt transparency is the presence of a conducive public debt management legal framework. Factors that limit debt transparency include transaction-level confidentiality and public debt disclosure practices. Challenges to disclosure have become more evident during recent debt distress episodes among borrowing countries, and the COVID-19 pandemic.

 

This webinar presents the findings of the recently published paper, Enhancing Debt Transparency by Strengthening Public Debt Transaction Disclosure Practices. It highlights how disclosure-related issues cause information asymmetries and undermine the interests of stakeholders. The webinar also includes a discussion of concrete and actionable recommendations about disclosure, how public debt management legal frameworks support debt transparency, and insights from the Jamaican experience. Watch the webinar.

Resource-backed Lending and Debt Transparency

April 28, 2022

Part of the current debt burden that IDA countries face stems from resource-backed loans, a financing option resource-rich countries increasingly rely on. A recently published debt transparency report documents that among developing economies, more than 15 countries have outstanding collateralized debt, yet the terms of the loans are often opaque and the details of collateral used to secure the borrowing are often not disclosed. Moreover, based on available data, such instruments are not necessarily cheaper than unsecured loans.

 

This webinar discusses the implications of collateralized debt. It highlights the need for a higher level of transparency and offers some suggestions for improving the governance of collateralized borrowing. Watch the webinar.

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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
Email

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Debt

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