The 14th Debt Management Facility (DMF) Stakeholders’ Forum, organized by the World Bank, will focus on “Debt Management for Resilience: Adapting to Changes and Challenges.”
A combination of expansionary fiscal policies, external shocks, and high borrowing on international and domestic capital markets led to a rapid increase in public debt levels between 2010 and 2020. The COVID-19 pandemic further exacerbated this trend. As budgets were consolidated and interest rates rose to restore macroeconomic stability, global liquidity conditions became increasingly challenging. This raised concerns about debt sustainability in many countries that have found it more difficult to service and refinance their sovereign debt obligations. Meanwhile, fiscal space has narrowed significantly at a time when countries must invest in climate resilience. With debt vulnerabilities remaining high, debt managers face challenges in raising financing both domestically and internationally. The Forum aims to discuss the current debt landscape and explore opportunities to address these pressing issues.
Day 1: Wednesday, June 19, 2024
View/download the entire Agenda in PDF
| All sessions at Radisson Blue Hotel, Livingstone, Zambia | |
8:45-8:50 | Introduction: Lilia Razlog, DMF Program Manager, World Bank Group |
8:50-9:15 | Opening Remarks: Ms. Manuela Francisco, Global Director, World Bank Group H.E. Situmbeko Musokotwane, Minister of Finance and National Planning, Zambia |
9:15-10:45 | Session 1 Challenges and Changes in the Sovereign Debt Management Landscape This session sets the stage for the conference by providing an overview of trends in sovereign debt and fiscal risk management – both cyclical and structural. The panel will address increasing debt service payments, limited market access, and reduced capital inflows faced by the world's poorest countries, as well as the need for immediate attention and action to address liquidity pressures and prevent a further escalation of debt vulnerabilities, while scaling up investments towards economic growth and climate resilience. Moderator: Ms. Manuela Francisco, Global Director, World Bank Group Speakers: 1 H.E. Situmbeko Musokotwane, Minister of Finance and National Planning of Zambia 2 H.E. Shehan Semasinghe, State Minister of Finance, Sri-Lanka 3 Ms. Allison Holland, Division Chief, SPR, IMF 4 Mr. David Cowan, Senior Economist for Africa, Citibank |
10:45-11:00 | Coffee Break |
11:00-12:30 | Session 2: Moving Towards Climate Resilient Debt Management The panel will focus on the impact of climate change on debt vulnerabilities and explore options to manage risks from climate change to debt portfolios and leverage financing for climate adaptation and mitigation. It will discuss the concept of green bonds and blue bonds, as well as strategies for integrating climate considerations into debt management frameworks. Tools for the Ministry of Finance to manage climate and disaster risks – such as catastrophe bonds, deferred drawdown options and debt swaps can also be explored. Moderator: Mr. Olivier Mahul, Practice Manager, World Bank [View the Presentation] Speakers: 1 H.E. Dennis Cornwall, Minister of Finance Grenada 2 Mr. Jean-Paul Adam, Director, Policy, Monitoring and Advocacy, UN Secretariat [View the Presentation] 3 Ms. Mariam Mohammed, Senior Legal Counsel, ALSF, AfDB 4 Ms. Olga Ricacci, Peru Debt Management Office |
12:30-14:00 13:00-14:00 | Lunch Technical Session Briefing on the Review of LIC Debt Sustainability Framework The IMF and the World Bank have launched a comprehensive review of the Debt Sustainability Framework for low-income countries (LIC DSF). The review aims at making the framework capable of adapting to the growing heterogeneity of counties using the LIC DSF, with many of them increasingly relying on market-based financing and domestic financing. Ahead of the completion of the review, supplementary guidance will help address issues that have become more prominent for DSAs including with regards to domestic debt, climate considerations and the use of DSAs in debt restructurings. Speakers: 1 Ms. Allison Holland 2 Mr. Frederico Gil Sander |
14:00-15:30 | Session 3: The Role of Debt Management in Navigating Crises This session will focus on country experiences and discuss the role of capacity building and sound institutional practices in dealing with challenges such as debt restructuring, liability management operations, and restoring market access amid a liquidity crunch. Limited access to the international capital markets for debt refinancing aggravated the extent of funding constrains. Countries can share what works and what does not to navigate these challenging times. Moderator: Nathan M. Belete, Country Director, World Bank Group Speakers: 1 1 H.E. Shehan Semasinghe, State Minister of Finance, Sri-Lanka 2 Mr. Felix Nkulukusa, Secretary to the Treasury, Zambia 3 Mr. Theo Maret, Associate at Global Sovereign Advisory 4 Mr. Thordur Jonasson, Deputy Division Chief, IMF |
15:30-15:45 | Coffee Break |
15:45-17:15 | Session 4: Digitalization and Use of Technology in Debt Management This session will explore the role of technology and digitalization in transforming debt management processes. The panel will discuss how new technologies can address the challenges faced by debt recording systems and its interaction with public financial management systems. Additionally, the panel may discuss potential use of AI in debt management activities. Moderator: Ms. Abha Prasad, Practice Manager, World Bank Group Speakers: 1 Mr. Leonardo Rocha, Head of Back-Office Unit, National Treasury of Brazil [View the Presentation] 2 Mr. Rakesh Tripathy, Chief General Manager, Reserve Bank of India 3 Mr. Arouna Sow, Macroeconomist, Agence UMOA Titres (AUT) [View the Presentation] |
18:30-20:00 | Reception |
Day 2: Thursday, June 20, 2024
View/download the entire Agenda in PDF
| All sessions at Radisson Blue Hotel, Livingstone, Zambia | |
7:00 - 10:00 | Free Time |
10:00 - 11:30 | Session 5: Elevating the Dialogue with Legislators for More Efficient and Transparent Debt Management This session discusses roles and responsibilities of Parliament regarding debt management, as well as pros and cons of establishing closer relationship and developing a framework for exchange of information between the Parliament and the Debt Management Office. Additionally, the panel explores whether there is room for providing guidance and clarity regarding the appropriate role of parliament. Moderator: Frederico Gil Sander, Practice Manager, World Bank Group [View the Presentation] Speakers: 1 Maris Wanyera, Acting Director, Debt and Cash Policy, Ministry of Finance, Planning, and Economic Development, Uganda 2 Ibrahim Jimissa, Director, Parliamentary Budget Office, Sierra Leone [View the Presentation] 3 Jacob Mkandawire, Director, MEFMI |
11:30-11:45 | Coffee Break |
11:45-13:15 | Session 6: Tapping Foreign Investors – Opportunities and Challenges in Eurobond, Domestic and Regional markets. Interest of foreign investors in developing countries has rekindled as global interest rates stabilized. Some developing countries have regained access to Eurobond markets, and others might be back soon. Meanwhile, as domestic, and regional debt markets develop, many started to attract interest of foreign investors. In recent years, not only Brazil or Malaysia’s domestic markets have been attracting foreign investors, but also Zambia and Kenya. What are the opportunities and challenges of tapping foreign investors in these different markets? Moderator: Mary B. Goodman, Division Chief, MCM, IMF Speakers: 1 H.E. Njuguna Ndung’u, Cabinet Secretary for the National Treasury, Kenya 2 Mr. Koussanta, Deputy-Director, Agence UMOA Titres (AUT) [View the Presentation] 3 Mr. David Cowan, Senior Economist for Africa, Citibank 4 Mr. Niraj Verma, Practice manager, World Bank [View the Presentation] |
13:15-14:15 | Lunch |
14:15-15:45 | Session 7: Paths to Successful Debt Management Reform Implementation Significant strides have been made in debt management in DMF-eligible countries, especially on issues related to the legal framework and the organizational structure of debt offices. However, numerous challenges remain. Debt records are frequently fragmented and incomplete, which impacts the quality of debt reports. While developing a Debt Management Strategy became more popular, its effective implementation is still challenging. This panel seeks to identify the underlying bottlenecks to debt management reform implementation. Moderator: Nathan M. Belete, Country Director, World Bank Group Speakers: 1 H.E. Njuguna Ndung’u, Cabinet Secretary for the National Treasury, Kenya 2 Ms. Ioby Rasamiravaka, Director of Public Debt, Ministry of Economy and Finance of Madagascar 3 Mr. Phillip Anderson, International Debt Management Expert, New Zealand 4 Mr. Baba Musa, General Director, WAIFEM [View the Presentation] |
15:45-16:00 | Coffee Break |
16:00-17:00 | Session 8: The DMF and Its Role on Enhancing Capacity for Effective Debt Management This session will elaborate on design and implementation of the Debt Management Facility program and capacity building tools and technics. What DMF provides to eligible countries? What additional capacity building gaps need to be covered during the next phase of the program? The session will include opinions of capacity building providers, DMF donor and DMF clients. Moderator: Lilia Razlog, DMF Program Manager, World Bank Group [View the Presentation] Speakers: 1 Ms. Manuela Francisco, Global Director, World Bank Group 2 Ms. Mary B. Goodman, Division Chief, MCM, IMF [View the Presentation] 3 Mr. Bart Schermers, Ministry of Foreign Affairs of the Netherlands 4. Ms. Ioby Rasamiravaka, Director of Public Debt, Ministry of Economy and Finance of Madagascar |
17:00-17:30 | Closing Remarks: |
17:30-19:30 | Reception |