2015 Debt Management Facility (DMF) Stakeholders’ Forum

Organized by: World Bank Group and ADB

OVERVIEW
AGENDA
SPEAKERS
MATERIALS
PARTNERS
EVENT PHOTOS

The objective of the DMF Forum was to provide the opportunity for discussion of a policy-relevant agenda on debt management; to discuss current challenges faced by developing countries with respect to debt management; and to foster knowledge exchange among participants. The Forum was targeted toward policy-makers and debt managers from developing countries, international and regional technical assistance providers, representatives of civil society organizations, as well as bilateral donors and multilateral development banks.

AGENDA: Debt Management in a Dynamic World: Coping with Capital Flows and Hidden Risks (PDF)

Mohammed Abubakar
Mr.Mohammed Abubakar graduated in Economics from the Usman Danfodio University in 1994 and also obtained a Masters’ Degree in Business Administration with Specialization in Finance from the same University. He worked with IFAD Assisted Agriculture Project in Sokoto between September 1995 to July 2001and served as a Principal Accountant/ Head of Treasury at National Teacher’s Institute Kaduna, July 2001 to July 2007. From July 2007 to date, He has been the Head of the Debt Management Department in Sokoto State Ministry of Finance. I have attended courses both local and international with emphasis on Public Debt Management courses as well as Sub-national Debt Management.
Sharon Almanza
Ms. Sharon Almanza has been appointed as Deputy Treasurer for Asset Management Service of the Bureau of the Treasury in 2013. She oversees the management of all financial assets of the national government, cash flow forecasting and cash management among others. She also supervises the operations of regional offices of the Bureau and oversees the preparation and formulation of medium-term debt strategy and debt sustainability analysis. Before her appointment, she was the Chief of the Debt and Risk Management Division (DRMD) of the International Finance Group of the Department of Finance. She holds a Master of Asian Public Policy degree from Hitotsubashi University in Tokyo and Economics degree from University of the Philippines, Diliman
Luiz Alves
Mr. Luiz Alves is a financial analyst at the public debt department of the Brazilian National Treasury. Since 2006, he is head of the risk management unit, the area responsible for strategic planning and risk analysis of the debt portfolio. Among his tasks, he has worked in designing of Annual Borrowing Plans and in modelling of the long-term optimal public debt composition.
Noritaka Akamatsu
Mr. Noritaka Akamatsu is Senior Advisor of Regional & Sustainable Development Department of Asian Development Bank (ADB). Previously, he was Deputy Head of the Office of Regional Economic Integration (OREI) and Chair of ADB’s Financial Sector Community of Practice, and guided ADB-wide financial sector operations. He also supervises works to support financial cooperation and integration initiatives of ASEAN and ASEAN+3 and serves as Co-chair of the Steering Committee for Capacity Building of the ASEAN Central Bank Forum, which leads ASEAN financial integration initiative as part of the agenda of ASEAN Economic Community 2015. Prior to joining ADB, he was a staff member of the World Bank, where he joined in January 1993. From 09/2005 to 03/2009, he was the Bank’s Finance & Private Sector Program Manager for Vietnam and Capital Market Advisor for East Asia & Pacific (EAP) Region. At the headquarters in Washington, he was Lead Financial Economist and led Capital Markets Group of the Bank’s Financial Sector Network anchor. He was a member of the Bank’s crisis management team at the time of Asian Financial Crisis of 1997 and has participated in the Financial Sector Assessment Program (FSAP) of the Bank–IMF for various countries. He worked across the world but particularly Central & Eastern Europe and Asia. Prior to joining the World Bank, he worked for Nomura Research Institute in Tokyo and London. He holds MBA (Finance) from the University of Chicago and MSc in Economics from London School of Economics.
Charles T. Anderson
Mr. Charles T. Anderson, CFA is an economic advisor to developing countries on issues relating to government debt at the U.S. Treasury Department’s Office of Technical Assistance. He is currently based in Manila, Philippines where he is working with the Bureau of the Treasury to improve the secondary market for domestic debt and on building capacity in debt management and capital markets. He has held similar positions in Indonesia, Costa Rica, Serbia and Romania and worked on a short-term basis with El Salvador, Montenegro and Madagascar. Before joining the Treasury Department in 1999, Mr. Anderson had a twenty year career in banking and capital markets. He started in the Asset-Liability management department at First Interstate Bancorp in Los Angeles, where his responsibilities included measuring interest rate exposure at the holding company level and recommending funding and hedging strategies. Upon completing his MBA, Charles moved to the government bond trading department of First Interstate’s flagship California bank, a primary dealer at that time. In his new position he pioneered the trading in OTC fixed-income options. In 1986, he joined the Chase Manhattan Bank to establish the arbitrage and derivative products desk in the large primary dealer operation. Charles spent almost ten years with Chase, including several in London where he worked closely with the emerging markets team. After two additional years in London, with Yamaichi International in a similar position, he returned to the United States. During this period, he completed the vigorous CFA program, earning his charter in September, 1994. He holds a B.S. in Business Administration from the University of Southern California and an MBA with a Finance concentration from the Marshall School of Business (also at USC).
Reza Baqir
Mr. Reza Baqir, a Pakistan national, is Chief of the IMF’s Debt Policy Division in the Strategy, Policy, and Review Department. His division oversees the design and implementation of IMF policies related to sovereign debt sustainability and restructuring in member countries. He has helped design debt and fiscal policies in several crisis-affected countries including Cyprus, Greece, Jamaica, Portugal, Ukraine, and others. As part of his responsibilities, Mr. Baqir also represents the IMF in meetings of the Paris Club. Prior to this assignment, he was the IMF’s Resident Representative to the Philippines during 2005-2009. Mr. Baqir has served at the IMF for fourteen years. He has previously worked at the World Bank (Washington, DC), the Massachusetts Institute of Technology (Cambridge, MA), and the Union Bank of Switzerland (Zurich, Switzerland). His research has been published in several journals of the economics profession, including the Journal of Political Economy and the Quarterly Journal of Economics. Mr. Baqir holds a Ph.D. in Economics from the University of California at Berkeley and a B.A. (Magna cum Laude) from Harvard University.
Biljana Bogicevic
Ms. Biljana Bogicevic has extensive experience in public debt management, budget planning and execution, and indirect taxation and VAT issues. She has been the Head of the Debt Management Department of Republika Srpska since 2013, responsible for managing public debt portfolio, maintaining investor relations and negotiations, and conducting domestic market borrowing activities. Prior to that, she was a budget advisor, working closely with ministries of finance to strengthen medium-term budget planning and implementation in Bosnia and Herzegovina, and has also worked in the country’s Indirect Tax Authority. Before joining the Debt Management Department, she has represented Bosnia and Herzegovina as an Advisor to the Executive Director of the World Bank Group. She holds a Master’s degree in Economics from the University of Belgrade in Serbia.
Odd Per Brekk
Mr. Odd Per Brekk, a Norwegian national, has been the Director of the IMF’s Regional Office for Asia and the Pacific since July 2013. Mr. Brekk joined the IMF in 1987 and has held several senior positions in the European and Asia and Pacific Departments, including mission chief to Indonesia and Lithuania, and Senior Resident Representative in Turkey and Russia. During 2005–09, he was the Advisor to the First Deputy Managing Director. Earlier in his career, Mr. Brekk worked in the African and Central Banking Departments of the IMF. Before joining the IMF, Mr. Brekk was a senior economist at the Bank of Norway. He holds a graduate degree in economics from the University of Oslo. As the IMF's window on the region, the Regional Office for Asia and the Pacific (OAP) contributes to economic surveillance and research, takes the lead in the IMF's on-the-ground involvement in regional cooperation, manages regional capacity building programs, and promotes the understanding and two-way dialogue of the IMF in Asia and the Pacific.
José Miguel Cardoso da Costa
Mr. José Miguel Cardoso da Costa is Head of Research and Reporting Unit of IGCP (Portuguese Treasury and Debt Management Agency) since 2011. He received his Licenciatura from the University of Coimbra in 2000 and MSc from London School of Economics in 2001. He also received a PhD from NOVA School of Business and Economics in 2010 (dissertation on Optimal Public Debt Management), where he serves as a Teaching Assistant since 2005. He has worked at IGCP between 2001 and 2005, and again since 2009.
Dominique Desruelle
Mr. Dominique Desruelle is Deputy Director in the IMF’s Institute for Capacity Development. Mr. Desruelle has held a number of operational and policy positions in the IMF, including senior reviewer for IMF operations in about thirty emerging and low-income countries, lead manager of policy reviews on debt issues and engagement in fragile states, division chief for Central America, division chief on IMF surveillance, and country economist in the Baltics, Central Asia, and West Africa. Prior to joining the IMF in 1993, he taught economics at the Université de Montréal and the Université du Québec à Montréal. A native of France, Mr. Desruelle received a Ph.D. in economics from Princeton University and an engineering degree from the Ecole Centrale de Paris.
Cassiel Ato Baah Forson
Hon. Cassiel Ato Baah Forson, has been one of the Deputy Ministers of Finance in charge of Budget since 2013. He is also the Member of Parliament for the Ajumako Enyan Essiam Consistency in the Central Region of Ghana since 2009 to date. Hon. Forson has also been a member of the Parliamentary Committee of Finance since 2009 to date and has immense experience and insight into Public Finance and Economic policy issues complemented with his experience from the Parliamentary Committee on Foreign Affairs where he served as Vice chairman from 2010 to 2012. Hon. Forson holds BSc (Hons) Accounting degree from the London South Bank University and a finalist of the Association of Certified Chartered Accountants (UK). Due to his meticulous ways of working he was appointed to serve on the Committee on Poverty Reduction Strategy, Committee on Education as well as Standing Orders Committee of Parliament. As a professional Accountant, Hon. Forson contributed to the enforcement of the constitutional obligation over the use of public funds and the operations of the Ministries, Departments and Agencies. Hon. Forson is a highly accomplished and result-driven accountant, entrepreneur and a law maker with more than 10 years working experience in private, corporate and the public sector. As a professional Accountant, he worked as a Managing Director for Forson Contracts (UK) Limited and as a Chief Executive Officer for Concepts On-Line Ghana Limited. Hon. Forson is very energetic, organized professional with diverse and rich experiences in accounting, organizational management and business start-up and growth development. As CEO and board chairman of a Holding company, Hon. Forson has leadership skills and experience in budget planning, implementation, monitoring and appraisal of financial systems, as well as auditing and accountancy services.
Iqbal A. Harun
Mr. Iqbal A. Harun, a Joint Secretary to the government of Bangladesh is currently the head of the unit in Ministry of Finance that is responsible for Debt Management has over 17 years experience in Public Financial Management. He played important role in setting up key technical PFM units including the Treasury and Debt Management wing and Macroeconomic wing at the Ministry of Finance and the Institute of Public Finance where he is also in charge of the Director General. He also served as the Component Director in a large technical assistance project responsible for PFM training and capacity development under which large number of government officials was trained. He actively contributed in developing several key training courses aiming capacity development of government officials in MTBF, Debt Management and adult training in Bangladesh. He led the technical teams to prepare first ever DSA and MTDS for Bangladesh. A trainer who is trained in several PFM related courses including Macroeconomic Diagnostics, Financial Programming and Policies, Macroeconomic Implications of Fiscal policy, Debt Statistics, DSA, DeMPA and MTDS. Mr. Harun attended important regional and international debt events as panelist. He obtained Masters’ degree in Economics (Japan), Government Financial Management (UK) and Geography (Bangladesh).
Alison Harwood
Ms. Alison Harwood is Global Practice Manager for Capital Markets, Pensions, Insurance, and Investment Funds at the World Bank Group, where she leads advisory services on developing capital markets and non-bank financial institutions in emerging market countries. Before joining the World Bank Group, Ms. Harwood was Director of the Capital Markets Practice at Barents Group LLC, KPMG’s emerging markets consulting arm, and prior to that with the Harvard Institute for International Development in Indonesia, supporting government and industry leaders in developing a range of financial markets, institutions, and products. Ms. Harwood began her career at the Federal Reserve Bank of New York and held several positions including Staff Director in a unit involved with the US Treasury bond market and Economist with the International Capital Markets Staff. Ms. Harwood has published several books and articles on emerging capital markets and is a frequent speaker on emerging markets finance and development. She has an M.B.A. and Masters in International Affairs from Columbia University.
Thiam Hee Ng
Dr. Thiam Hee Ng is a senior economist with the Asian Development Bank where he works on financial markets, macroeconomic surveillance and early warning systems in the Economic Research and Regional Cooperation Department. He manages the Asian Bonds Online web portal and the Asia Bond Monitor, a quarterly report on local currency bond market developments in Asia. He also contributes to the Asian Development Outlook and writes on capital flows, economic integration and financial markets. He was awarded his PhD and MSc in Economics from the University of Wisconsin-Madison in the USA; and his Bachelor in Economics from the University of Cambridge in UK. He has been a CFA charterholder since 1999.
Sirpa H. Jarvenpaa
Ms. Sirpa H. Jarvenpaa is Director of the Operations Planning and Coordination Division of the Strategy and Policy Department, Asian Development Bank (ADB) since December 2013. On a leave of absence from ADB, Ms. Jarvenpaa held the assignment of Director, Office of the President and Vice President of the International Fund for Development from 2009 to 2013, after which she returned to ADB. Prior Positions in ADB: Director of Pacific Operations Division of Pacific Department, Regional Director of South Pacific Subregional Office, Principal Economist of Strategic Planning and Policy Department, Principal Infrastructure Specialist of Pacific Department, and Economist of the Office of Cofinancing Operations, Energy West Department and Programs West Department. She joined ADB in 1994. Jobs Prior to ADB: economist consultant of PDP Australia PTY, European Free Trade Association Economist, Program Officer with the United Nations Development Program, and consultant of McKinsey and Company. Education: MA in International Relations and Economics from John Hopkins University in Washington D.C., USA, Bachelor of Arts major in Political Science from the University of Oklahoma, USA (highest honors).
Juan Ketterer
Mr. Juan Ketterer is the Chief of the Capital Markets and Financial Institutions Division of the Inter-American Development Bank. In addition to his 10 year working experience within IDB, he brings more than 20 years’ experience with the financial sector, including directing positions within different trading companies and the Spanish Stock Markets. He was a professor at the Carnegie Mellon University and Kellogg Graduate School of Management. Mr. Ketterer holds a PhD in Economics and Finance from University of Minnesota and a Licenciatura in Economics from University of Barcelona.
Pimpen Ladpli
Dr. Pimpen Ladpli is a Senior Expert on Bond Market Development and Acting Executive Director of the Bond Market Development Bureau. With prior experience in the banking sector and at the Ministry of Commerce, she began her career at the Ministry of Finance in 1996 as an economist for the Fiscal Policy Office. During 2006-2011 Dr. Pimpen also taught economic undergraduates as a special lecturer at Chulalongkorn University. Dr. Pimpen received her Ph.D. in Economics from the University of Southampton, UK. Before that, she studied MBA in Finance from the University of Exeter in the UK and Bachelor’s in Economics at the California State University in the USA
Karby Leggett
Mr. Karby Leggett runs the Public Sector and Development Organization business in Asia, overseeing Standard Chartered Bank’s coverage of key strategic clients including ministries of finance, central banks and sovereign wealth funds and other government-related institutions. His geographic responsibilities cover South Asia, Greater China, North East Asia and ASEAN. Prior to his current role, Karby ran the Capital Markets business in the Greater China & North East Asia region, where he was responsible for the origination and execution of bonds, syndicated loans and asset-based securities. Prior to Standard Chartered, Karby worked at Goldman Sachs where he oversaw the firm’s Europe, Middle East and Africa sovereign ratings advisory and risk management function. Karby has over 20 years of experience in capital markets, finance, risk management and sovereign ratings advisory and international affairs including a decade during which he worked as a foreign correspondent for The Wall Street Journal, covering China and the post 9-11 conflict region in the Middle East. He has lived previously in China, Korea and Japan and the Middle East, and speaks fluent Mandarin.
David Lezhava
Mr. David Lezhava David Lezhava holds MA in Economics from Center for Development Economics, Williams College, USA and PhD in physics from Georgian Academy of Science. David started his carrier of economist at the non-governmental institution The Strategic Research Center. Later he worked at the National Bank of Georgia as a head of the Research Division. David was a member of the Monetary Policy Committee at the National Bank. Before joining the Ministry of Finance David worked for the International Monetary Fund as an Advisor to Executive Director.
Tomas I. Magnusson
Mr. Tomas I. Magnusson was recruited by the World Bank in January 2002 as a Principal Financial Advisor with focus on enhancing public debt management capacity in developing countries. Previously, he held the position of General Counsel of the Swedish National Debt Office (SNDO), and also headed its Guarantee Department. He has been working on these issues in a wide range of countries and jurisdictions, including Albania, Bosnia and Herzegovina, Bulgaria, Burundi, Cambodia, Cameroon, Central African Republic, Croatia, Cyprus, Czech Republic, Gambia (the), Ghana, India, Jordan, Kazakhstan, Kenya, Kosovo, Lao PDR, Lithuania, Macedonia, Malawi, Morocco, Nigeria, Panama, Pakistan, Papua New Guinea, Poland, Samoa, Sao Tome and Principe, Serbia, Sierra Leone, Slovakia, Swaziland, Tanzania, Thailand, and Vietnam. He has a Master of Laws degree (LL.M) from the University of Stockholm and, after serving as a judge in several district courts, was appointed Associate Judge of the Svea Court of Appeal, Stockholm, in 1990. He has written several papers in the area of public financial management, particularly on the legal and organizational framework, co-authored the IMF/World Bank Guidelines for Public Debt Management: Accompanying Document and Selected Case Studies (2003), and was a core member of the World Bank teams that developed the Debt Management Performance Assessment (DeMPA) tool and guide for sovereigns in 2007, and the similar tool and guide for sub-nationals in 2011/2012. After retirement from the World Bank, he has continued working in these areas as a consultant, mainly for the World Bank and the IMF but also for other international institutions such as INTOSAI, UNCTAD and UNDP.
Baba Musa
Mr. Baba Musa is the Director, Debt Management Department at the West African Institute for Financial and Economic Management (WAIFEM). Prior to joining WAIFEM Mr. Musa had a twenty-one year stint, at the Central Bank of Nigeria where he worked at different times in both research and international economic relations departments and retired as Assistant Director of Research. Musa had also worked with the ministry of Education, Plateau State, Nigeria in 1987 as a teacher and National Directorate of Employment (NDE) as a research officer in 1988 before joining central bank of Nigeria in 1990. For the past 19 years, Mr. Musa has been conducting capacity building and training in different areas of debt management especially to public sector officials (both national and subnational levels) in the Anglophone countries of West Africa (The Gambia, Ghana, Liberia, Nigeria and Sierra Leone) and the Republic of Guinea. His areas of specialization in debt management include Debt Sustainability Analysis (DSA), Debt Management Strategy Analysis, domestic debt management, risk management and portfolio review, evaluation of debt management operations and policy, new financing issues and debt recording. Mr. Musa currently serves as: Member of the Technical Advisory Committee of the World Bank Debt Management Facility, Member, and World Association of Debt Manager. He is a Life member, Nigerian Economic Society (NES), member of Nigeria’s Debt Management Strategy Team, and adviser on debt to some state governments in Nigeria. Mr. Musa possessed B.SC (Economics), Masters of Business Administration (MBA), and short term certificates in Macroeconomic Policy Analysis and Management, Macroeconometric Modelling, Macroeconomic Policy Analysis & Management, Sectoral Policy Design, Analysis and Management, Project Planning and Management, Microcomputing Programming (Oracle), and Debt pro Software He has published over 19 articles in economic Journals.
Raphael O. Otieno
Mr. Raphael O. Otieno is currently the Director of Debt Management Programme at Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI), a 13 member country capacity building organisation based in Harare, Zimbabwe. He is a holder of M.A. in Public Policy from the National Graduate Institute for Policy Studies (GRIPS), Tokyo, Japan, and a B.A. Economics (Hons) from the University of Nairobi, Kenya. Otieno has vast experience in public finance and macroeconomic analysis. He has held various senior positions in Kenya’s public service including working as an Economist in Kenya’s Ministries of Finance and Planning, Policy Analyst at the Kenya Institute for Public Policy Research and Analysis (KIPPRA), and Senior Research Officer/Senior Economist at the Central Bank of Kenya. His experience on economic policy management spans more than 19 years. While working at the Ministries of Finance and Planning he rose through the ranks and served as Personal Assistant to the Economic Secretary and later as Advisor to the Minister for Planning. In 2006 and 2007 he was a member of the Core Technical Team that developed Kenya’s Vision 2030, a long term development blue print that seeks to transform Kenya into a middle income country by the year 2030. From June 2011 to June 2013 he served as the Chairman of the Technical Advisory Group (TAG) of the World Bank’s Debt Management Facility (DMF) for low income countries. He is currently a member of the DMF Phase II Implementation Coordination Group (ICG) and was a member of the Panel of Experts appointed by UNCTAD to work on a roadmap for a new Debt Workout Mechanism. He has written several publications including a chapter contribution to a book published by Oxford University Press in 2010 called “Kenya: Policies for Prosperity” edited by Christopher S. Adam, Paul Collier and Njuguna Ndung’u. He has edited an upcoming book by Oxford University Press called “Economic Management in a Hyperinflationary Environment: The political Economy of Zimbabwe, 1980-2008.
YeeFarn Phua
Mr. YeeFarn Phua is an Associate Director at Standard & Poor’s Sovereign & International Public Ratings group. He is responsible for evaluating the credit standing of sovereigns, local & regional governments in the Asia-Pacific region. He covers the sovereign credit ratings on Bangladesh, Malaysia, Singapore, and Thailand. In the public finance space, YeeFarn has responsibilities for municipal ratings in China, Malaysia and New Zealand. He is also the primary analyst on the Asian Development Bank. In addition to credit analysis, YeeFarn has a special focus on the financial management assessment of local governments in the Asia region. YeeFarn holds a Honors Degree in Economics and a Bachelor’s Degree from the University of Western Australia. He is currently completing an MBA from the National University of Singapore.
Abha Prasad
Ms. Abha Prasad has over 20 years of experience working on debt management and fiscal policy. She is the Program Manager of the Debt Management Facility (DMF) and is working as a Senior Debt Specialist with the World Bank’s Economic Policy and Debt Department. Prior to this, she was the Director with the Reserve Bank of India, the central bank, managing the debt of both the federal and 28 sub-nationals. She was actively involved in providing policy advice for framing India’s fiscal responsibility legislation. At the World Bank, as part of a core team she has been leading the work on the Debt Management Performance Assessment (DeMPA) framework, and the medium term debt management strategies. She has worked in several developing countries and emerging markets on debt management issues, that include, among other, Bangladesh, Bhutan, Belarus, Brazil, China (Wuhan), Ethiopia, Ghana, Indonesia (DKI Jakarta), Peru (lima), Maldives, Moldova, Malawi, Nepal, Nicaragua, Nigeria, Tanzania, Vietnam.
Lilia Razlog
Ms. Lilia Razlog is a Senior Debt Specialist at the Marco Economics and Fiscal Management Global Practice of the World Bank. She is a leading expert in Debt Management Performance Assessment (DeMPA) methodology and its application across the member countries as part of the Debt Management Facility technical assistance program, funded through a multi-donor trust fund. The program assists low and lower-middle income countries in enhancing capacity in the area of government debt management. She plays a key role in implementation of the debt management capacity building program; advises borrowers and staff on technical criteria, supervises the team work and technical specialists to ensure consistency and conformity to World Bank standards. She brings more than 19 years of professional experience in the debt management, public sector reforms and regional experience from Europe, Asia and Africa regions. Prior to joining the World Bank, Ms. Razlog was a Director of the Debt Department in her country, a member of the Board of Directors of the Black Sea Trade and Development Bank, an Alternate Governor representative at the IMF, WB, a Governor representative at IFAD and other international institutions. Ms. Razlog holds an MA degree from University College of London, UK
Y V Reddy
Dr. Y V Reddy was Chairman of the Fourteenth Finance Commission of India from January, 2013 till December, 2014, in the rank of Union Cabinet Minister. During September 2003 – September 2008, he was Governor of the Reserve Bank of India. In 2010, he was awarded India’s second highest civilian honour, the Padma Vibhushan. On 17 July 2008, he was made an Honorary Fellow of the London School of Economics. He served as a member of the United Nation’s Commission of Experts on Reforms of the International Monetary and Financial System. He was also on the Advisory Board of the Institute for New Economic Thinking (INET). Prior to being appointed as Governor, he had served as Executive Director, International Monetary Fund; as Secretary, Government of India; and Principal Secretary, Government of Andhra Pradesh. He has written extensively on economic issues – particularly relating to fiscal policy, central banking, and the global crisis.
Baudouin Richard
Mr. Baudouin Richard is an independent consultant, currently serving as a senior debt consultant for the Securities Markets Group in the Global Capital Markets Department of the World Bank. He previously was Director of Finance and Chairman of the Executive Committee of the Public Debt Management Agency in the Belgian Ministry of Finance (1993-2008). Before joining the Ministry of Finance, he spent most of his professional career with JP Morgan Bank, for which he has worked in Brussels, New York, London and Paris, primarily in the Financial Markets Division. He holds a Doctor of Laws degree from the University of Louvain, a post graduate degree in Business Law from the University of Brussels and a MBA degree from Columbia University in NY, where he studied as a CRB Fellow of the Belgian American Educational Foundation.
Kristine Romano
Ms. Kristine Romano Holding the position of Associate Principal in the Manila office of McKinsey & Company. Serves Philippine clients across a broad range of sectors, including financial services, healthcare, and infrastructure (incl. transport and logistics). Has also served many public sector clients and state-owned enterprises across South East Asia, focusing on public finance and large-scale transformation and delivery.
Juan Carlos Pacheco Romero
Mr. Juan Carlos Pacheco Romero serves as advisor to the Executive Director for Central America, Mexico, Spain, Colombia and Venezuela at the IMF since July 1, 2013. He closely monitors developments in Central America, focusing on Costa Rica and Honduras with whom maintains a fruitful dialogue. He began his career in the financial sector working as a financial broker in several banks in Costa Rica and designing investment banking solutions. In 2004, he became a public servant in the Treasury Department, he was in charge of managing the government debt. In 2008, he was appointed as Public Credit Director at the Ministry of Finance. He focused on the development of the domestic bonds market and to control government financial risks. From December 2010 to January 2013, he became Deputy Minister of Finance in charge of Public Credit and Public Investment, he focused in placing Costa Rica back in the international capital markets and negotiated public infrastructure and strategic projects worth USD 2 billion with international financial institutions. Mr. Pacheco earns a Master degree in Policy Economics from Williams College and a Finance and Management Degree from University of Costa Rica.
Ian Storkey
Mr. Ian Storkey is director of Storkey & Co Limited, an international management consultancy established in January 2001 to provide independent specialist advice and guidance to governments focused on public debt, cash and risk management. He has been an adviser and project manager to the Ministry of Finance, Treasury and Central Bank in over 40 countries under ADB, IMF, World Bank and other multilateral/bilateral agency programs. Over the past 6 years, Ian assisted the World Bank to develop the DeMPA tool and guide, and has participated in DeMPA and reform plan missions, resource person for training programs, and peer reviewed DeMPA and reform plan reports. He has also been assisting the IMF and World Bank to enable government debt and treasury operations to establish an operational risk management framework including business continuity and disaster recovery plans. Prior to his current role, Mr Storkey worked for 24 years in the New Zealand Treasury, including the New Zealand Debt Management Office from 1988 to 1996.
Inese Sudare
Ms. Inese Sudare is Deputy Director of Financial Resources Department of the Treasury of the Republic of Latvia. After graduating the Faculty of Economics and Management in the University of Latvia, she joined the Treasury in 1999 (with few year break from 2007 to 2011 in order to work for the Ministry of Finance as a Director of EU and International affairs). In 2004 she was appointed as a Director of International Cooperation Department within the Treasury. The main task was to build a separate unit for regular communication with banks and focus on investor relations, as well as multilateral financial institutions. She was leading a work to prepare regular publications for investors about Latvian government debt management issues (annual, quarterly), as well as coordinating international rating agencies visits in Latvia. She has been main contact person in the Treasury organizing discussions about loan agreements with European Investment Bank and World Bank. As of 2011 in the capacity of Deputy Director of Financial Resources department her main responsibilities are in the area of sovereign borrowing. She is managing government securities auctions in domestic market and organizing Eurobond transactions in the international capital markets. In 2013 she led a project of introducing Primary Dealer system in Latvia. Additionally she is an alternate to Latvia representative in the Economic and Financial Committee (EFC) Sub-Committee on EU Sovereign Debt Markets.
Deepak Taneja
Mr. Deepak Taneja is responsible for Client Services activities and manages capacity building and borrower outreach programs in the area of ADB’s financial products, sovereign debt, reserves management, ALM and risk management. He has 29 years of experience in the field of treasury, fixed income, derivatives, risk management and information technology and has worked in Asia-Pacific region at various levels with Citibank, Standard Chartered Bank, Bloomberg, Reuters and Microsoft. A Singapore national, Mr. Taneja holds a Post Graduate Diploma in Management from the Indian Institute of Management, Bangalore and a Bachelor of Technology degree from the Indian Institute of Technology.
Pen Thirong
Mr. Pen Thirong is Deputy Director General of General Department of Budget of Ministry of Economy and Finance, Director for Cambodia to the ASEAN Infrastructure Fund (AIF), and Deputy Chief Negotiator of Cambodia for Establishing the Asian Infrastructure Investment Bank (AIIB). He holds responsibilities for overall work in relation to public investment financed by national budget and from bilateral and multilateral development partners, coordination of investment through public-private partnership, and management of public debt. Prior to this, Mr. Pen served as Director of Department of Investment and Cooperation of Ministry of Economy and Finance. In 2002-2005 he was an advisor to Executive Director representing Australia, Azerbaijan, Cambodia, Hong Kong, China, Kiribati, Federated States of Micronesia, Nauru, Palau, Solomon Islands, and Tuvalu in the Asian Development Bank. Mr. Pen holds a Master in Business Administration from the Ateneo De Manila University, Graduate School of Business, Manila, Philippines and a Master in Financial Economics from University of London, England.
Mark Thomas
Mr. Mark Thomas is Practice Manager in the Macroeconomics and Fiscal Management Global Practice at the World Bank and responsible for the Bank’s global engagements on debt, including and the Debt Management Facility. Since joining the World Bank in 1999, he has worked for clients in Africa, Latin America, Europe, and South and Central Asia, including assignments based in Brasilia and Ankara. He served as Lead Economist for Côte d’Ivoire (2011-12), for Kazakhstan (2011), and for Turkey during the financial crisis (2008-11). He had earlier led programs on debt relief and debt management (2005-08) and on Brazil (2000-05). Dr. Thomas has published numerous peer-reviewed articles and book chapters covering debt, economic growth, macroeconomic crises, labor markets, and regional policy. Early in his career he helped build a Paris-based start-up management consultancy. He has also served as adjunct faculty at Georgetown University Public Policy Institute, the Woodrow Wilson School at Princeton University, and the École des Hautes Études Commerciales at the University of Montreal. He holds a PhD in Economics from Princeton University and a BA in Mathematics from the University of Oxford. He is a Freeman of the town of Llantrisant, Wales.
Gerelchimeg Tsogtbaatar
Ms. Gerelchimeg Tsogtbaatar served as Officer in the Fiscal Policy and planning Department, Ministry of Finance of Mongolia from 2013 to 2014. She was responsible for implementing and monitoring the implementation of policies on local tax laws and coordinate with the law enforcement agencies. Currently, she is working in the Ministry of Finance as a National Consultant. Ms.Gerelchimeg has substantial experience in the private sector as well. Before joining the Ministry of Finance, she worked in the Mining consulting company “Glogex” LLC for 3 years. At Glogex LLC, her positions included Mineral economist, Financial analyst, Senior economist. She received bachelor’s degree in Mining Management from Mongolian University of Science and Technology in 2010, and bachelor’s degree in Finance from National University of Mongolia in 2013.
Lerzan Ulgenturk
Mrs. Lerzan Ulgenturk has been working for the Turkish Treasury in different departments and positions since 1996. She was appointed as the Economic Counsellor at Turkish Embassy in Paris and the Turkish Delegation to the OECD from 2007 to 2010. She worked with the credit risk management team of the General Directorate of Public Finance, as chief of division in 2013-2014 where she focused on contingent liability management of Treasury including those arising from the PPPs. She currently provides consultancy services to the OECD Working Party on Debt Management, where she has been drafting the up-coming OECD Report on Contingent Liabilities and Public Debt Management. She has a Bsc degree in international relations from the Middle East Technical University and holds a Master’s Degree from the London School of Economics and Political Science in International Political Economy.
Antonio Velandia-Rubiano
Mr. Antonio Velandia-Rubiano has over 17 years of experience in the public debt management sector, gained at the Central Bank of Colombia, where he was Vice-President for International and Monetary Affairs, and as Lead Financial Officer at the World Bank Treasury. Mr. Velandia-Rubiano joined the World Bank in 1999 and has devised a training program to design strategies for managing the government debt portfolio and co-lead the planning of a similar program focused on the execution of such strategies. These training programs are offered to Middle and Low Income Countries twice a year in Vienna and Washington DC. Mr. Velandia has supported the development of reform plans for public debt management and the design of government debt management strategies in Peru, Morocco, Romania, Armenia, Panama, Tunisia, Burkina Faso and others. He has co-authored various publications on government debt risk measurement and management and holds an MPhil in International Financial Economics from Strathclyde University, Scotland.
Hermann von Gersdorff
Mr. Hermann von Gersdorff, His professional experience includes: Government of Chile, Deputy Director Budget office, Ministry of Finance; World Bank, Zagreb, Buenos Aires: Manager and Economist for Social Protection, Finance and Private Sector Development for Europe, Central Asia and Latin America; ECLAC, ONU Mexico: Economist in the Industrial Department. Instituto Tecnologico Autonomo de Mexico (ITAM): Professor for project evaluation; UNIDO, Venezuela: Program Officer; Universidad de CHILE, Chile: Professor for Price Theory; Universidad del Norte, Chile: Professor for Price Theory
Stephen Vajs
Mr. Stephen Vajs served nearly thirty years at the US Treasury before his retirement in 2012. During his active tenure, he led the teams in cash management improvement and in bank services and compensation. He was Director of Treasury FMS’ Risk Management Division. At the Treasury, he was Assistant Director for Cash Forecasting in the Fiscal Projections Office. He was Deputy Director of the Office of Debt Management and served as acting director for eighteen months during the financial crisis. Since retirement, he has been retained as an adviser by Treasury’s Office of Technical Assistance, by the IMF (FAD), by the World Bank, and by the Bank for International Settlements. He holds graduate degrees in both economics and statistics from the University of Minnesota.
Rekha G. Warriar
Ms. Rekha G. Warriar has been with the Reserve Bank of India since 1982 and have worked in various departments – Regulation, Supervision, Rural Planning and Credit, Foreign Exchange, Financial Stability Unit and Internal Debt Management. She has also been faculty in the Bank’s training college at Mumbai (Bankers Training College), Reserve Bank of India Staff Training College (Vice Principal) and Associate Professor at National Institute of Bank Management, Pune. Represented the Bank on FSB’s Analytical Group on Assessment of Vulnerabilities. She has Masters in Applied Mathematics (Bombay), Masters in Public Policy (Woodrow Wilson School of Princeton University, US). Robert McNamara Fellowship of the World Bank – 2004-05.
Juzhong Zhuang
Dr. Juzhong Zhuang joined Asian Development Bank (ADB) in 1997, and is currently Deputy Chief Economist and Deputy Director General. He has written extensively on Asian development issues, including inclusive growth, inequality, corporate governance and finance, financial crisis, economics of climate change, and the Chinese economy. His recent publications include Inclusive Growth toward a Harmonious Society in China (China Planning Press 2008); Diagnosing the Philippine Economy (Anthem Press 2009); Poverty, Inequality, and Inclusive Growth in Asia (Anthem Press 2010); Inequality in Asia and the Pacific (Routledge 2014); and Managing the Middle-Income Transition: Challenges Facing the People’s Republic of China (Edward Elgar Publishing 2015). He is the lead author of a number of ADB publications, including the Economics of Climate Change in Southeast Asia (2009); Confronting Rising Inequality in Asia (2012); and Growing beyond the Low-Cost Advantage: How China can avoid the Middle Income Trap (2012). From 1992-1997, he was a research officer of the Development Economics Research Program at the London School of Economics. He holds a PhD in Economics from the University of Manchester
Pierre Van Peteghem
Pierre Van Peteghem is the Treasurer of the Asian Development Bank (ADB). He took over the position in February 2015. As the Treasurer, Mr. Van Peteghem is responsible for ensuring that ADB maintains the financial capability to respond to the needs of its developing member countries. He is in charge of planning and managing ADB's financial resources and conducting financial transactions arising from loan operations. He oversees the funding, investments, financial policy and planning, treasury client solutions, and treasury services divisions of ADB. Mr. Van Peteghem has over 20 years of Treasury-related and investment banking experience with close to 10 years at the African Development Bank (AfDB) where he last served as Treasurer. He was also AfDB’s Chairman of the Credit Risk Committee and a Senior Member of the Bank’s Operational Crisis Committee that is responsible for the mitigation of AfDB’s major exposures to operational risks. Prior to joining AfDB, Mr. Van Peteghem was the Treasurer of the Black Sea Trade and Development Bank where aside from managing treasury operations, he was also in charge of the Asset Liability Management function of the Bank. He also served the same function at the Council of Europe Development Bank from 1995 to 2000. A Belgian national, Mr. Van Peteghem holds a Doctorate degree in Economics and Master’s degree in Management from North Carolina State University; and Master’s degrees in Business Administration and Mechanical Engineering from Université Catholique de Louvain in Belgium.

DEBT MANAGEMENT IN A DYNAMIC WORLD: Coping with Capital Flows and Hidden Risks

This note summarizes findings of the World Bank Debt Management Facility Stakeholders’ Forum, held in Manila, Philippines during June, 2015. At this event, more than 140 stakeholders from around the world discussed recent global developments in debt management. The following key messages emerged from the discussion:

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CONTINGENT LIABILITIES: RISK MANAGEMENT FRAMEWORK AND COUNTRY PRACTICES

Antonio Velandia, Lead Financial Officer/Sovereign Debt

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Debt Management Performance Assessment DeMPA upgrade and implications

Lilia Razlog, Senior Debt Specialist, Macroeconomics & Fiscal Management

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The Global Economic Environment Policy Challenges

Odd Per Brekk, Director,IMF Regional Office for Asia and the Pacific

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