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Debt & Fiscal Risks Toolkit

Events

International Retail Debt Management Symposium 2020

The United States Treasury and the World Bank co-hosted the virtual International Retail Debt Management Symposium on October 20th, 2020. This year’s topics included the impact of the COVID 19-crisis on retail debt programs; recent and future developments in retail debt programs; and starting a retail debt program: the do’s and don’ts. 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.

 

On-line Courses 

Medium-Term Debt Management Strategy (MTDSx)

This online, self-paced 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. The MTDS AT is useful for analyzing the cost-risk characteristics of an existing debt portfolio and the cost-risk trade-offs of alternative financing strategies. Participants learn how to develop financing strategies by taking account of the composition of the existing debt portfolio, developments in key macroeconomic and market conditions, potential sources of financing, and linkages with the broader medium-term macroeconomic framework, including debt sustainability. Learn more.

Debt Sustainability Framework for Low Income Countries (LIC DSFx)

This online, self-paced 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. The course walks through the steps involved in applying the LIC DSF: (1) data requirements and the “realism tools” used for assessing the plausibility of macroeconomic projections; (2) computation of a country’s debt-carrying capacity, used for determining thresholds for the debt-burden indicators; (3) exploration of judgment used for arriving at a final risk rating. 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

The Role of External Audits in Improving Public Debt Management

June 18, 2021

Regular audits of government debt management activities, policies and operations help strengthen accountability and public debt management. Stronger cooperation between debt managers and external auditors, such as supreme audit institutions (SAI), can contribute to greater effectiveness of government debt management operations and support to promote transparency of borrowing and related debt management activities.

 

This webinar, jointly organized between the World Bank and the INTOSAI Working Group on Public Debt, discusses the importance and the types of the external audits of government debt management. Highlighting the potential cooperation between the Debt Management Offices and SAIs, it identified key challenges in undertaking debt management audits and discussed how these could be overcome. Watch the webinar.

Organizing a Back Office to Better Record, Monitor, and Report Government Debt

May 4, 2021

The seminar discusses how countries can best organize a debt management back office to ensure sound recording, monitoring and reporting of government debt. It describes the core processes that should be performed by the back office and highlights the unit’s involvement in the execution and settlement process. Focusing on the main debt instruments that are used by low income countries, the note describes each process individually and highlights their interdependence. The guidance note concludes that debt managers should organize themselves around processes not products. This webinar also provides an overview of back office operations. Watch the webinar.

Fiscal Risk Statements: Lessons Learned from Rwanda’s Experience

April 22, 2021

Governments express their commitment to managing fiscal risks by publishing fiscal risk statements. These documents also provide a snapshot of the main risks threatening the public finances of a country. The Rwandan Government successfully published its first fiscal risk statement in August 2020.

 

This webinar features Mr. Thierry Mihigo Kalisa and Ms. Stella Nteziryayo, who have played a critical role in the process, to share their experiences in developing Rwanda’s inaugural fiscal risk statement. Discussants further the discussion by presenting other countries’ experiences and challenges in preparing fiscal risk statements. They will also provide an overview of World Bank tools that support countries in improving their fiscal risks management. Watch the webinar.

Cash Management: Lessons Learned from Country Experiences

February 23, 2021

The recent COVID-19 pandemic led to steep unanticipated revenue declines, as public spending pressures increased, posing significantly challenging for cash management. A working paper on "Cash Management: How Do Countries Perform Sound Practices?", authored by M. Coskun Cangoz and Leandro Secunho, discusses cash flow forecasting and cash management practices in 24 countries at different income levels and technical capacity and draws important lessons learned for other countries. 

 

During this webinar, the authors presented their findings, and Emre Balibek (IMF) and Sebastien Boitreaud (WBG) provided insightful comments. Watch the webinar.

Sovereign Investor Relations: From Principles to Practice

January 11, 2021

The COVID-19 pandemic has underscored the importance of preserving investor confidence and maintaining communication, which are important investor relations functions. A new working paper on “Sovereign Investor Relations: From Principles to Practice,” authored by James Knight and Bill Northfield, is an attempt to define sovereign investor relations (IR) and place it in the context of modern debt management theory. It highlights the role that improvements in IR and debt transparency can play in improving the cost-risk tradeoff in debt management, supporting market access and acting as a first line of defense in times of crisis. The paper sets out a policy framework and institutional arrangements for effective IR, as well as discussing the various practices, publications and strategies that underpin an IR program.

 

This webinar invited the authors to discuss highlights on their working paper. Discussants commented on the paper from a practical perspective given their experience supporting many governments to strengthen IR. Discussants also introduced the angle of IR around Environment, Social and Governance (ESG) and sustainable financing based on a recent paper on ESG investment and extensive policy experience. 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
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Debt

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