Course Overview

This program equips treasury officials, debt managers, and macro‑fiscal practitioners with the tools to integrate cash management and debt management into a unified framework that supports fiscal discipline, liquidity stability, and efficient government financing.

The course aligns with the World Bank Treasury & Debt Management Framework, IMF Cash Management Guidelines, MTDS, and DeMPA standards.

Participants learn how to forecast cash flows, manage liquidity, design borrowing plans, and coordinate cash‑debt operations to reduce costs and risks.

2. Learning Objectives

Participants will be able to:

• Understand the principles and objectives of modern cash and debt management.

• Develop accurate cash‑flow forecasts and liquidity buffers.

• Design and implement annual borrowing plans aligned with MTDS.

• Strengthen coordination between cash management, debt management, and monetary policy.

• Manage short‑term borrowing instruments (T‑bills, repos, cash buffers).

• Use debt recording and cash‑management systems effectively.

• Monitor and report cash‑debt operations using World Bank standards.

• Produce integrated cash‑debt strategies for government operations.

3. Target Audience

• Ministry of Finance and Treasury officials

• Debt Management Offices (DMOs)

• Cash management units and treasury operations teams

• Central bank liquidity and market operations departments

• Public financial management (PFM) specialists

• World Bank–funded project teams

• Auditors and oversight institutions

• Researchers and consultants in public finance

4. Detailed Course Outline

Module 1: Introduction to Cash & Debt Management

• Why cash and debt management must be integrated

• World Bank and IMF frameworks

• Objectives: cost minimization, risk reduction, liquidity stability

• Institutional prerequisites for effective CDM

• Case studies from developing and emerging economies

Module 2: Cash Management Foundations

• Principles of cash management

• Cash‑flow forecasting: methods and tools

• Treasury Single Account (TSA) and cash consolidation

• Cash buffers and liquidity risk management

• Cash planning and daily cash operations

Module 3: Debt Management Foundations

• Objectives of public debt management

• Debt portfolio analysis: cost and risk indicators

• Domestic vs. external borrowing

• Debt instruments and market structures

• Linkages between debt sustainability and debt management

Module 4: Integrating Cash & Debt Management

• Why integration matters: efficiency, cost savings, risk mitigation

• Coordination mechanisms between cash and debt units

• Aligning cash forecasts with borrowing plans

• Managing liquidity shocks through short‑term borrowing

• Institutional arrangements and governance

Module 5: Cash‑Flow Forecasting & Liquidity Planning

• Forecasting revenue, expenditure, and financing flows

• Tools for short‑term and medium‑term forecasting

• Managing volatility and uncertainty

• Designing liquidity buffers

• Monitoring and updating forecasts

Module 6: Short‑Term Borrowing Instruments

• Treasury bills, repos, overdrafts, and cash advances

• Choosing instruments based on cost‑risk trade‑offs

• Auction design and issuance calendars

• Managing refinancing and rollover risks

• Coordination with central bank operations

Module 7: Annual Borrowing Plans (ABP) & MTDS Alignment

• Translating MTDS into annual borrowing plans

• Designing issuance calendars for domestic markets

• Selecting financing instruments

• Managing deviations from the plan

• Reporting and transparency requirements

Module 8: Cash Management Systems & Technology

• Debt and cash recording systems (DMFAS, CS‑DRMS, Meridian)

• Cash management information systems (CMIS)

• Data validation and reconciliation

• Building dashboards for real‑time monitoring

• Digital transformation in treasury operations

Module 9: Risk Management in Cash & Debt Operations

• Interest rate, refinancing, and exchange rate risks

• Liquidity and operational risks

• Stress testing and scenario analysis

• Contingent liabilities and fiscal risks

• Integrating risk management into CDM frameworks

Module 10: Practical Exercises & Capstone Project

• Preparing a cash‑flow forecast using sample data

• Designing a liquidity buffer and short‑term borrowing plan

• Developing an annual borrowing plan aligned with MTDS

• Conducting a cash‑debt coordination simulation

• Capstone: Develop an Integrated Cash and Debt Management Strategy for a simulated country

5. Training Methodology

• Expert‑led lectures and guided discussions

• Hands‑on modelling and forecasting exercises

• Case studies from World Bank and IMF programs

• Group work and scenario‑based simulations

• Practical sessions using Excel and debt‑management tools

• Capstone project with peer and instructor feedback

6. Deliverables & Outputs

Participants will receive:

• A Cash & Debt Management Toolkit (frameworks, templates, datasets)

• Cash‑flow forecasting and liquidity planning tools

• Annual borrowing plan templates

• Sample integrated CDM strategies

• Capstone project report and presentation

• Certificate of Completion from Regewall Training Institute