Course Overview
This program equips policymakers, debt managers, and macro‑fiscal analysts with the skills to design, evaluate, and implement medium‑term debt management strategies (MTDS) that minimize borrowing costs and risks while supporting macroeconomic stability. It aligns with the World Bank–IMF MTDS Framework, Debt Management Performance Assessment (DeMPA), and international best practices for public debt governance.

Participants learn how to analyze debt portfolios, assess risk exposures, evaluate financing options, and develop strategies that align with fiscal and monetary policy objectives.

 
2. Learning Objectives
Participants will be able to:

Understand the principles and objectives of public debt management.
Apply the World Bank–IMF MTDS analytical framework.
Analyze debt portfolios and identify cost‑risk trade‑offs.
Assess domestic and external financing options.
Conduct scenario analysis and stress testing.
Develop a medium‑term debt management strategy aligned with macro‑fiscal conditions.
Strengthen governance, transparency, and reporting practices.
Prepare strategy documents for policymakers and development partners.
 
3. Target Audience
Ministry of Finance and Treasury officials
Debt Management Offices (DMOs)
Central bank economists and financial market analysts
Public investment and fiscal risk units
World Bank–funded project teams
Auditors and PFM specialists
Researchers and academics in public finance
Development practitioners and consultants
 
4. Detailed Course Outline
 
Module 1: Introduction to Public Debt Management
Objectives of public debt management
Cost vs. risk trade‑offs
World Bank and IMF frameworks for debt management
Debt management vs. fiscal and monetary policy
Case studies from developing and emerging economies
 
Module 2: Debt Portfolio Analysis
Composition of public debt: domestic, external, guaranteed, SOE debt
Debt instruments and market structures
Key indicators: interest rate risk, refinancing risk, exchange rate risk
Debt sustainability vs. debt management
Using debt recording systems (DMFAS, CS‑DRMS)
 
Module 3: The World Bank–IMF MTDS Framework
Overview of the MTDS methodology
Analytical tools and templates
Setting strategic objectives and targets
Identifying financing constraints and opportunities
Integrating MTDS with fiscal and monetary frameworks
 
Module 4: Cost‑Risk Analysis
Measuring cost: interest payments, NPV, refinancing costs
Measuring risk: rollover, exchange rate, interest rate, market access
Scenario analysis and stress testing
Evaluating alternative financing strategies
Interpreting cost‑risk trade‑off charts
 
Module 5: Domestic Debt Market Development
Role of domestic markets in debt management
Government securities market structure
Primary dealers, auctions, and issuance calendars
Yield curve development and liquidity management
Market infrastructure and investor base diversification
 
Module 6: External Borrowing & Financing Options
Concessional vs. non‑concessional borrowing
Multilateral and bilateral financing
Eurobonds and commercial loans
Guarantees, PPPs, and contingent liabilities
Managing foreign exchange exposure
 
Module 7: Designing the Debt Management Strategy
Setting strategic benchmarks and targets
Selecting preferred financing strategies
Aligning strategy with macroeconomic conditions
Ensuring consistency with MTDS analytical results
Drafting the strategy document
 
Module 8: Governance, Institutional Arrangements & Risk Management
Legal frameworks for debt management
Institutional roles and responsibilities
Debt management offices (DMOs): structure and functions
Internal controls, audit, and risk management
Transparency and reporting standards (IMF Fiscal Transparency Code)
 
Module 9: MTDS in World Bank & IMF Programs
MTDS in Development Policy Operations (DPOs)
MTDS in IMF program design and monitoring
DeMPA assessments and capacity‑building programs
Case studies from Africa, Asia, and Latin America
Lessons learned from global reforms
 
Module 10: Practical Exercises & Capstone Project
Conducting a debt portfolio analysis
Running MTDS cost‑risk scenarios using real or simulated data
Designing a medium‑term debt management strategy
Preparing a policy brief for senior policymakers
Capstone: Develop a full MTDS for a simulated country
 
5. Training Methodology
Expert‑led lectures and guided discussions
Hands‑on modelling using MTDS analytical tools
Case studies from World Bank and IMF programs
Group work and scenario‑based simulations
Practical sessions on portfolio analysis and strategy design
Capstone project with peer and instructor feedback
 
6. Deliverables & Outputs
Participants will receive:

A Debt Management Strategy Toolkit (frameworks, templates, datasets)
MTDS modelling tools and cost‑risk analysis templates
Sample MTDS strategy documents
Capstone project report and presentation
Certificate of Completion from Regewall Training Institute