Course Overview

This program equips debt managers, treasury officials, and macro‑fiscal practitioners with the practical tools and institutional frameworks required to implement a government debt management strategy effectively. It focuses on translating a Medium‑Term Debt Management Strategy (MTDS) into operational plans, market actions, risk controls, and reporting systems.

The course aligns with the World Bank–IMF MTDS Framework, Debt Management Performance Assessment (DeMPA), and global best practices for public debt governance, transparency, and accountability.

2. Learning Objectives

Participants will be able to:

• Understand the operational requirements for implementing a debt management strategy.

• Translate MTDS targets into annual borrowing plans and issuance calendars.

• Strengthen governance, institutional arrangements, and internal controls.

• Manage domestic and external borrowing operations.

• Implement risk management frameworks for interest rate, refinancing, and FX risks.

• Use debt recording and analytical systems (DMFAS, CS‑DRMS, Bloomberg).

• Monitor, evaluate, and report on strategy implementation.

• Ensure alignment with fiscal, monetary, and financial market conditions.

3. Target Audience

• Ministry of Finance and Treasury officials

• Debt Management Offices (DMOs)

• Central bank market operations teams

• Public investment and fiscal risk units

• World Bank–funded project teams

• Auditors and PFM specialists

• Researchers and consultants in public debt management

4. Detailed Course Outline

Module 1: Overview of Debt Management Strategy Implementation

• From strategy design to implementation

• World Bank–IMF MTDS implementation requirements

• Institutional prerequisites for effective implementation

• Coordination with fiscal and monetary authorities

• Case studies from emerging and developing economies

Module 2: Governance, Legal Framework & Institutional Arrangements

• Legal basis for debt management operations

• Institutional roles and responsibilities (Front, Middle, Back Office)

• Internal controls and segregation of duties

• Debt management committees and decision‑making structures

• Transparency and accountability standards

Module 3: Operationalizing the MTDS

• Translating MTDS targets into operational plans

• Developing annual borrowing plans (ABPs)

• Designing issuance calendars for domestic securities

• Selecting financing instruments consistent with MTDS

• Managing deviations from strategy due to market conditions

Module 4: Domestic Debt Market Operations

• Government securities issuance (bills, bonds, sukuk, etc.)

• Auction design, primary dealers, and market infrastructure

• Yield curve development and liquidity management

• Investor relations and market communication

• Managing domestic refinancing risks

Module 5: External Borrowing Operations

• Multilateral and bilateral financing

• Concessional vs. non‑concessional borrowing

• Eurobond issuance and liability management operations

• FX exposure management

• Evaluating external financing terms and conditions

Module 6: Risk Management Frameworks

• Interest rate, refinancing, and exchange rate risks

• Risk indicators and monitoring tools

• Stress testing and scenario analysis

• Contingent liabilities and fiscal risk integration

• Aligning risk management with MTDS objectives

Module 7: Debt Recording, Data Management & Analytical Tools

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

• Data validation and reconciliation

• Using analytical tools for monitoring MTDS implementation

• Reporting requirements for World Bank, IMF, and national authorities

• Building dashboards and monitoring templates

Module 8: Cash Management & Coordination with Debt Management

• Cash flow forecasting and liquidity management

• Treasury Single Account (TSA) integration

• Short‑term borrowing and cash buffers

• Coordination between cash and debt management units

• Managing cash‑debt trade‑offs

Module 9: Monitoring, Evaluation & Reporting

• Monitoring MTDS implementation progress

• Key performance indicators (KPIs) for debt management

• Annual debt reports and investor updates

• Reporting to parliament, cabinet, and development partners

• Using DeMPA indicators to assess implementation quality

Module 10: Practical Exercises & Capstone Project

• Developing an annual borrowing plan based on a sample MTDS

• Designing a domestic issuance calendar

• Conducting a risk assessment and stress test

• Preparing a debt management implementation report

• Capstone: Develop a full MTDS Implementation Plan for a simulated country

5. Training Methodology

• Expert‑led lectures and guided discussions

• Hands‑on modelling and operational planning exercises

• Case studies from World Bank and IMF programs

• Group work and scenario‑based simulations

• Practical sessions using debt management tools and templates

• Capstone project with peer and instructor feedback

6. Deliverables & Outputs

Participants will receive:

• A Debt Management Implementation Toolkit (frameworks, templates, datasets)

• Annual borrowing plan and issuance calendar templates

• Risk monitoring and reporting tools

• Sample MTDS implementation reports

• Capstone project report and presentation

• Certificate of Completion from Regewall Training Institute