DMF NEWSLETTER
ISSUE 36
APRIL–JUNE 2019
I. DMF Stakeholders' Forum
IN THIS ISSUE
"The Future of Debt Management"
T he Debt Management Facility Stakeholders’ Forum celebrated its 10th anniversary
with “The Future of Debt Management” edition in Dakar, Senegal 13-14 May 2019.
The conference reflected on the past decade of debt, development and debt 10th Anniversary
management; exposed looming challenges related to rising debt vulnerabilities and debt of DMF Forum
management reforms; and identified emerging opportunities - from innovative financing
to applications of nascent technologies – to address debt management challenges.
Staff Corner
110 PARTICIPANTS 31 COUNTRIES 26 INSTITUTIONS
Debt Managers
Practitioners' Program
Country Engagements
2019 DMF Stakeholders' Forum. Debt Management
Network Webinars
The Forum hosted 110 policy makers, debt management officials, donors, private sector
institutions and technical assistance providers across 31 countries and 26 institutions,
Debt Management
including the World Bank, International Monetary Fund, African Development Bank, Publications and Events
Organization for Economic Cooperation and Development, and the private sector. The
Forum discussed current trends and emerging challenges for sovereign debt in Low
Income Development Countries (LIDCs) and ways to address these. With an increasing
number of LIDC sovereigns accessing international capital markets, the challenges for
infrequent international bond issuers were discussed. Representatives from Zambia and Sri
Lanka spoke of their experience, the World Bank presented its new developing Guidance
Note on Eurobond Issuance, and the private sector contributed their perspective.
A common thread across sessions related to debt transparency. The role of debt
transparency was highlighted taking the approach of a shared responsibility including
both creditors and debtors. The views of the private sector were also presented, including
an applied case in Mozambique’s forensic audits and also the case of Rwanda. Relatedly,
the Forum discussed debt recording and the role of the back-office, including sound
practice highlights from the World Bank, Commonwealth Secretariat, Development
Finance International as well as the case of Ethiopia. The importance of monitoring and
managing government guarantees and contingent liabilities was deliberated. The World
Bank presented its forthcoming framework for Guarantee Framework and Credit Risk
Assessment. The experiences of Sweden and Rwanda were also presented, along with
other country cases regarding credit risk assessments in Africa.
DMF 2019 Forum
Doerte Doemeland, Louise J. Cord, Participants at DMF 2019 Forum. Ceyla Pazarbasioglu, EFI Vice President.
and Ceyla Pazarbasioglu.
Debt management developments from innovations in debt instruments, the development of government debt
markets and challenges for reform implementation were discussed. For example, innovative instruments touched upon
thematic and diaspora bonds, index-linked bonds, Global Depository Notes (GN) as well as credit enhancement-based
transactions as a way to attract international investors. The discussion on development of domestic government bond
markets showcased recent developments in the WAEMU Government Securities Market and the African Financial
Markets Initiative, Euroclear, and the case of India. The sovereign asset and liability management (SALM) approach was
presented, with the cases of Brazil, Senegal and New Zealand elaborated, along with key considerations highlighted
by the World Bank Treasury. The Forum delved into the challenges for debt management reform implementation,
hearing from Liberia, Mongolia and other countries cases through the work of the West African Institute for Financial
and Economic management (WAIFEM) and the Macroeconomic and Financial Management Institute of Eastern and
Southern Africa (MEFMI).
For more information visit the Debt Management Facility website.
II. Staff Corner
Meet the Team
Z solt Bango joined the World Bank Finance, Competitiveness and Innovation
Global Practice Long Term Finance team as Senior Financial Sector Specialist
on March 1, 2017. He has over 20 years of experience working in public debt
management and domestic market development. In his current position,
Zsolt supports domestic debt market development in frontier and emerging
market countries. Prior to joining the World Bank, Zsolt was the Head of the
Treasury Department in the Hungarian Government Debt Management Agency
(AKK) where he worked for 16 years. Zsolt’s main responsibilities included, the
organization of the primary dealer system, execution of secondary market
transactions and hedging activities of the Hungarian debt agency as well as
liquidity management of the Treasury Single Account. Zsolt Bango.
2 DMF NEWSLETTER | ISSUE 36
III. Debt Management Practitioners' Program
Under the Debt Management Practitioners’ Program (DMPP), officials from DMF-eligible countries are given an opportunity
to receive in-depth training on the debt management tools (DeMPA, DSA, MTDS) in Washington D.C. The program is a
three-month long assignment and officials from all LICs are eligible to apply. The selection criteria is pertinent to official’s
debt management responsibility, level of seniority, and academic credentials. In March 2019, two debt management
officers from Tonga and Zambia completed their DMPP assignment at the World Bank in Washington D.C.
Aivi Sapele Fakahua is Chief accountant
and Supervisor, Debt Management Unit, Ministry of Finance, Tonga.
“The decision to join the Debt Management Practitioners’ Program
(DMPP) program proved to be one of the best decisions I have made
for my career progression. Prior to coming to Washington D.C. I set
my goal to build an expertise in working with the MTDS tool. After
completing the program, I became fully equipped to prepare, implement
and review the debt management strategy in my home country (Tonga).
I have learnt how to identify objectives and scopes, analyze costs and
risks of the existing debt, consider future financing sources, identify
baseline projections and most importantly, to discuss the implications
Aivi Sapele Fakahua.
of alternative strategies on macroeconomic policy and domestic market
development. The DMPP program is a great opportunity to build
technical capacity and learn latest developments from the WB debt
experts and specialists.”
DMPP graduates and the DMF team of the World Bank, June 2019. Lea Hakim congratulates Paul Sikazwe on successfully
completed DMPP program.
Paul Sikazwe is a Senior Economist in the External
Debt Management Department, Ministry of Finance, Zambia.
“I joined the Debt Management Practitioners’ Program (DMPP) from
Zambia’s Debt Management Office in hope to gain first-hand insights on
the latest debt management practices. After having spent three months
with the WB debt experts, I am returning home with a large agenda and
plans to share my newly gained knowledge with colleagues at home.
The DMPP was once in a lifetime opportunity which helped me become
proficient in debt management tools (MTDS and Reform Plan). I was
fortunate to have access to a continuous, three- months long mentoring
by the best debt experts from the field and to have access to numerous
Paul Sikazwe. World bank seminars and knowledge sharing events. The DMPP truly
exceeded all my expectations and I have enjoyed participating in the
MTDS training mission (Pakistan).”
3 DMF NEWSLETTER | ISSUE 36
IV. DMF Activities April–June 2019
7 9 184
TECHNICAL ASSISTANCE MISSIONS REGIONAL TRAINING WORKSHOPS PUBLIC OFFICIALS TRAINED
Examples of beneficiary countries from DMF training and TA activities
AFGHANISTAN
ANGOLA
9 Regional Workshops
3 CashManagement/
BANGLADESH
BHUTAN
Contingent Liabilities/ BURKINA FASO
Debt Management Support/
5 LIC DSA CAMBODIA
CAMEROON
GUINEA BISSAU
CENTRAL AFRICAN REPUBLIC
GUYANA
CHAD
HAITI
DEMOCRATIC REPUBLIC OF THE CONGO
HONDURAS
DOMINICA
INDIA
1MTDS Mission
ETHIOPIA
KENYA
GHANA
KOSOVO
GRENADA
KYRGYZ REPUBLIC
GRENADINES
LAO PDR
GUINEA
LAOS
LESOTHO
LIBERIA
1 Debt
MADAGASCAR
Reform MALAWI NIGERIA
Plan MALAYSIA PAKISTAN
MALDIVES PAPUA NEW GUINEA
MALI REPUBLIC OF THE CONGO
MAURITANIA SAMOA
SENEGAL
1 Subnational DeMPA
MOLDOVA
MONGOLIA SIERRA LEONE
3 DeMPA
MOZAMBIQUE SOLOMON ISLANDS
NEPAL ST. VINCENT
NICARAGUA TAJIKISTAN
TANZANIA
THE GAMBIA
TOGO
1 Domestic Market
Development
UGANDA
UZBEKISTAN
VIETNAM
ZAMBIA
ZIMBABWE
4 DMF NEWSLETTER | ISSUE 36
Country Engagements
Debt Management Performance Assessment (DeMPA)
and Subnational (DeMPA) Missions
OBJECTIVE Deliver technical assistance in evaluating the legal, institutional and regulatory framework in
government debt management, using the DeMPA tool. The DeMPA is a methodology for assessing
public debt management performance through a comprehensive set of indicators spanning the full
range of government debt management functions. Click here for more information.
COUNTRY Bamako, Mali Nigeria (Ogun State) Yaounde, Cameroon Harare, Zimbabwe
April 1–10, 2019 April 8–15, 2019 May 1–10, 2019 May 16–24, 2019
ORGANIZERS World Bank World Bank and World Bank and DRI World Bank
WAIFEM
MAIN Ministry of Economy Debt Management Ministry of Economy Ministry of Finance,
COUNTERPARTS and Finance Ministry Department Ogun - Caisse Autonome External Debt
of Foreign Affairs State, state agencies. of Ammortissement, Department.
and International responsible for public
Cooperation Audit debt management
institutions and Bank of Central
national agency African States (BEAC).
of BCEAO.
HIGHLIGHTS The country The mission assessed Following the first This was the third
developed a debt management DeMPA in 2009, this DeMPA mission
procedures manual performance of second assessment delivered on
for external Ogun State. There found significant the invite from
borrowing and debt is no domestic or accomplishments Zimbabwean
service payments external market- in the area of debt country authorities
and domestic based borrowing in transparency. to take stock on the
debt borrowing is Ogun State. Nigerian The government performance of debt
conducted at the states cannot borrow prepares and management.
highest standard externally directly. All publishes numerous
with the assistance of external resources publications and
Agence Titre UMOA are either on-lent reports covering
(AUT). or guaranteed public and publicly
by the Federal guaranteed debt.
Government. There
were no prepared
and published debt
statistical bulletins or
similar debt reports.
5 DMF NEWSLETTER | ISSUE 36
Debt Management Reform Plan (DMRP) Missions
OBJECTIVE Design a detailed and sequenced Debt Management Reform Plan, jointly with the Government,
based on a comprehensive analysis of public debt management institutions and operations.
Click here for more information.
COUNTRY Lusaka, Zambia
May 20–24, 2019
ORGANIZERS World Bank
COUNTERPART Ministry of Finance.
HIGHLIGHTS The mission took stock of the domestic market development and assessed development of the
money markets, primary and secondary markets of government securities, the trading infrastructure,
the Clearing, Settlement and Depository framework, the investors relations and the composition of
the investor base. The mission team provided recommendations on primary market operations and
designed a technical assistance roadmap.
Domestic Market Development Mission
OBJECTIVE Take stock of the status of the domestic market development and propose recommendations
COUNTRY Lusaka, Zambia
May 23–30, 2019
ORGANIZERS World Bank and IMF
COUNTERPART Ministry of Finance.
HIGHLIGHTS The mission identified the following areas for reforms: 1) the legal framework 2) the organization of
debt management, 3) formulating and implementing the DMS 4) reporting and Investor Relations,
5) government guarantees and 6) cash forecasting and cash management.
6 DMF NEWSLETTER | ISSUE 36
Medium Term Debt Management Plan (MTDS)
OBJECTIVES The objectives of the MTDS missions were to improve the capacity to:
• Monitor and manage risks of the debt portfolio.
• Formulate a Debt Management Strategy consistent with acceptable costs and risks.
• Prepare an annual borrowing plan.
COUNTRY Tashkent, Uzbekistan, April 1–12, 2019
ORGANIZERS World Bank and IMF
COUNTERPART Ministry of Finance.
HIGHLIGHTS The team supported authorities in developing a medium-term debt management strategy (DMS).
The mission was organized in two phases: (1) data collection and aggregation, including training on
data aggregation and calculation of risk indicators; (2) DMS training and development of the MTDS
for Uzbekistan. The team delivered presentations and hands-on training on cost-risk analysis, the
MTDS tool and its interactions with market development and macroeconomic policies.
Regional Training Events
TOPIC Regional Domestic Debt Market Workshop
COUNTRY Arusha, Tanzania, June 17–21, 2019
ORGANIZERS IMF, MEFMI*, and World Bank* (* not DMF funded)
PARTICIPANTS 28 participants from 12 countries including: Angola, Botswana, Kingdom of Swatini, Kenya, Lesotho,
Malawi, Mozambique, Rwanda, Tanzania, Uganda, Zambia, and Zimbabwe.
OBJECTIVE The workshop covered the building blocks for market development. Participants had the opportunity
to share the experiences and to discuss policies to deepen their local debt markets. Participants
showed great appreciation for the discussions and stressed the relevance of the topics presented
for their countries. Given the highly positive feedback and the relevance of the topic, MEFMI is
considering repeating this seminar next year.
TOPIC Regional DeMPA Training
COUNTRY Kuala Lumpur, Indonesia, April 22–26, 2019
ORGANIZERS World Bank
PARTICIPANTS 25 participants from 10 countries including: Bangladesh, Bhutan, Laos, Malaysia, Maldives, Pakistan,
Papua New Guinea, Samoa, Solomon Islands, Vietnam.
OBJECTIVE This regional workshop helped participants form the Asia-Pacific Region better understand the
rationale, scope, coverage, and application of the DeMPA methodology. By the end of the workshop,
participants discussed inter-linkages between the debt management functions, use of evidence-
based data for making an assessment and be familiar with the DeMPA scoring methodology.
The workshop was a combination of presentations and hands-on case studies.
7 DMF NEWSLETTER | ISSUE 36
Other Regional Workshops
TOPIC Debt and Cash Management Workshop
COUNTRY Vienna, Austria, June 24– 29, 2019
ORGANIZERS IMF
PARTICIPANTS Armenia, Azerbaijan, Bosnia and Herzegovina (Republic of Srpska), Georgia, Kosovo, Kyrgyz
Republic, Moldova, Tajikistan, North Macedonia (non-DMF), and Albania (non-DMF).
OBJECTIVE The training highlighted the importance of, and the mechanisms for, coordination between cash
and debt management activities. Sessions covered the key aspects of cash and debt management
policies, elaborating their interactions and interface with fiscal and monetary policies. All
countries’ participants shared their insights and challenges that they are facing. The participants
actively engaged in seminar discussions, acknowledging the importance of topics covered and
realizing the gaps in their country settings.
TOPIC Management of Contingent Liabilities from PPPs
COUNTRY Accra, Ghana, June 25– 29, 2019
ORGANIZERS IMF
PARTICIPANTS 24 participants from Ghana, Liberia, Nigeria, Sierra Leone, The Gambia.
OBJECTIVE 1) Deliver a regional one-week workshop of fiscal risk and contingent liabilities management
in Accra/Ghana.
2) Help authorities better understand the importance of actively managing government’s fiscal
risk, what constitutes a good fiscal risk reporting framework and some techniques for assessing
risk, particularly from Public Private Participation projects (PPPs).
Regional Debt Market Development Workshop. Discussing market development priorities.
8 DMF NEWSLETTER | ISSUE 36
Regional Workshops on Debt Sustainability Analysis in Low-Income Countries
OBJECTIVE
The LIC DSA workshops are organized to familiarize participants with the revised LIC DSF approved by the Boards of the
World Bank and IMF in September 2017 and with the revised LIC DSF tool. The workshop trains government officials to
independently prepare the LIC DSA.
COUNTRY ORGANIZERS TRAINED HIGHLIGHTS
31 officials This workshop included hands-on sessions on both
from Kenya, standard and actual country case studies. The specific
World Bank Lesotho, Malawi, goal for this workshop was to assist government officials
Maseru, Lesotho
and Mozambique, to independently carry out the analytical work of the
April 1–5, 2019
MEFMI Rwanda, Tanzania, LIC DSAs. This workshop participants acknowledged
Uganda, Zambia, the usefulness of the hands-on sessions that helped in
and Zimbabwe. understanding the new features of the LIC DSF.
19 officials The workshop introduced participants to;t (i) standardized
from Maldives, forward-looking analysis of the debt and debt service
Kyrgyz, Djibouti, dynamics under a baseline scenario and in the face of
Vienna, Austria Bangladesh, plausible shocks; (ii) the new tailored stress tests and
World Bank Bhutan, realism tools introduced by the revised framework; (iii) the
May 20–24, 2019 and IMF/JVI Uzbekistan, assessment of debt sustainability in relation to indicative
Lao, Tajikistan, country-specific debt burden thresholds; and (iv) the use
Cambodia. of judgement to arrive at the final assessment of the risk
of debt distress.
24 officials from The objective of this workshop was to strengthen the
Togo, Mali, Ivory participants’ capacity in developing a DSA analyzing
Coast, Burkina, the results. The hands-on training was set to reflect
Dakar, Senegal Niger, Senegal, the progressive steps within this process. It covered
World Bank Guinea Bissau, the preparatory data process steps, the analytical
June 17–21, 2019 and IMF Guinea and steps, focusing on the links between a macroeconomic
Mauritania. framework and the accumulation/reduction of debt, the
architecture of the template, the nature of the stress tests,
and the methodology underpinning the LIC-DSF.
12 officials The main objective of the workshop was to familiarize
from Burundi, the participants with the revised LIC DSF approved by the
Cameroon, Boards of the World Bank and IMF in September 2017 and
Republic of with the revised LIC DSF tool. New features of DSF were
Congo, Gabon, shared with the participants through both presentations
World Bank,
Libreville, Gabon Equatorial Guinea, and case studies. Participants were given a choice to work
IMF, t and
June 24–28, 2019 Central African either on standardized or country-specific case study.
AFRITAC Republic, The
West Democratic
Republic of
Congo, Sao Tomé
and Principe and
Chad.
11 officials The workshop provided a balanced series of theoretical
from Dominica, sessions and hands-on exercises. They were faced
Grenada, Guyana, with the challenges of introducing some changes in
Bridgetown, Haiti, Honduras, the macroeconomic framework; recording financing
Barbados World Bank Nicaragua and St. assumptions in the template; reading the automatically-
June 24–28, 2019 and IMF Vincent and the generated results by the template; and determining debt
Grenadines. distress ratings. Dominica, Grenada and St. Vincent produce
annual DSA with limited support from ECCB. Guyana, Haiti
and Nicaragua do not prepare independent DSAs.
9 DMF NEWSLETTER | ISSUE 36
V. DMF Debt Management Network Webinars
The DMF manages the Debt Management Network (DMN) to share knowledge and build lasting capacity. The DMN
is a community of government debt management practitioners aimed at sharing experience, exchanging information
and helping to foster peer learning through virtual meetings, or webinars, for information sharing and discussions.
Past Webinars:
The Debt Management Facility III: Strengthening Debt Management and Debt Transparency
July 3, 2019
T he Debt Management Facility (DMF) is a multi-donor trust fund that finances advisory services for 84 developing
countries to strengthen debt management capacity, process and institutions. This webinar discussed the evolution
of the Debt Management Facility (DMF) and introduced the third phase of the DMF (DMF III), launched at the World
Bank / International Monetary Fund Spring Meetings in April 2019. Since its inception in 2008, the DMF has supported
countries in improving their legal frameworks, strengthening debt management office, developing debt management
strategy and enhancing debt reporting. With rising debt vulnerabilities, new challenges have emerged and the DMF III
will continue the legacy of the previous two phases by offering additional TA on debt transparency, debt sustainability
analysis and management of fiscal risks. Today, more countries prepare and publish debt management strategies,
many have stronger debt management institutions and public debt reporting has improved.
Presenters:
Léa Hakim, Program Manager Debt Management Facility and Senior Economist, World Bank.
Discussant:
Baba Musa, Director General of the Debt Management Department at the West African Institute for Financial and
Economic Management (WAIFEM).
Upcoming Webinars:
Programmatic Approach: Multi-year Support for Debt Management Results
November 4, 2019
Presenters:
M. Coskun Cangöz, Head of Government Debt and Risk Management, World Bank Treasury.
Léa Hakim, Program Manager Debt Management Facility and Senior Economist, World Bank.
Discussant:
Bakyt Sydykov, Head of Department, External Affairs and Aid Coordination, Ministry of Economy,
former Head of Public Debt Department, Kyrgyz Republic.
VI. Debt Management Events
Past Events:
2019 INTOSAI (International Organization of Supreme Audit Institutions)
Working Group on Public Debt (WGPD)
May 23, 2019, Baku, Azerbaijan.
T he annual meeting of the INTOSAI Working Group on Public Debt (WGPD) took place on 23-24 May in Baku,
Azerbaijan and it was organized with the support of Azerbaijan's Chamber of Account. The meeting aimed at
presenting international standards of public debt management and platforms for debt management knowledge
exchange, as well as discussion of the debt issues and developing further cooperation with INTOSAI.
Presentations from the meeting are available here.
2019 Asian Regional Public Debt Management Forum
May 21-23, 2019, Baku, Azerbaijan.
T he Asian Regional Public Debt Management Forum was co-organized by Azerbaijan`s Ministry of Finance and the
Asian Development Bank (ADB) in Baku, 21 – 23, May, 2019. As part of ADB's regional technical assistance, the
Forum aimed to contribute to the strengthening of public debt management of ADB member countries and promote
networking among public debt managers in the region.
Presentations from the Forum are available here.
10 DMF NEWSLETTER | ISSUE 36
10th DMF Stakeholders' Forum “The Future of Debt Management”
May 13-14, 2019, Dakar, Senegal.
T he participants of the Forum reflected on the past decade of debt developments and exposed challenges related to
debt vulnerabilities and debt reforms. New opportunities in the form of more advanced debt management tools,
more engaging knowledge products and technical assistance were identified to help Low Income and Development
Countries (LIDCs) deal with emerging debt management challenges.
More about the Forum is available here.
Paris Club Forum “Sustainable Debt for Sustainable Growth”
Debt Trends and Challenges in LICs
May 7, 2019, Paris, France.
A side conference “Debt Trends and Challenges in LICs” was organized as part of the Paris Club Forum on May
7, 2019. The discussants brought into spotlight a worrisome trend of rising debt vulnerabilities in Low Income
Developing Countries (LIDCS). This trend is particularly noticeable in countries which benefited from Highly Indebted
Poor Countries (HIPC) and Multilateral Debt Relief Initiative (MDRI). The conference concluded that the international
community can to help maintain debt on a sustainable path while securing sufficient financing to meet the 2030
Sustainable Development Goal (SDG). More about the Paris Forum events is available here.
2019 OECD Global Forum on Public Debt Management
April 23-24, 2019, Paris, France.
A t the OECD Global Forum on Public Debt Management, public debt managers, regulators, central bankers, and
private sector participants discussed best practices, experiences, and policies in the field of government debt
management. The Forum highlighted common challenges debt managers from both, emerging market countries and
advanced economies increasingly face due to global trends on financial markets.
More about the Forum is available here.
2019 IMF/WB Spring Meetings
Seminar: “Tackling the Next Wave of Sovereign Debt Crisis”
April 10, 2019, Washington, D.C.
T his IMF seminar addressed whether the current
international financial architecture can prevent debt
and financial crises. Currently, debt is at record levels in
advanced and emerging market economies. More than
40 percent of low-income countries are wrestling with
debt distress or high-risk debt levels. If measures are not
put in place to reduce emerging risks, a new and broad-
based wave of debt crises could emerge as a major threat
for the UN 2030 Agenda for Sustainable Development.
For a video recording from the seminar, please click here.
Tackling the Next Wave of Sovereign Debt Crises.
Future Events:
2019 Public Debt Management Conference
September 4-5, 2019, Paris, France.
T he conference is among the few events specifically aimed at promoting dialogue among policy makers (debt managers,
central bankers, regulators), academics and market practitioners (investors, dealers, market infrastructures’ managers),
to encourage knowledge sharing and collaboration across organizational and disciplinary boundaries, and to foster the
development and dissemination of best practices in public debt management.
The Public Debt Management Network is an initiative fostered by the OECD, the Italian Treasury and The World Bank.
From the World Bank side, it is co-led by the Macroeconomics, Trade and Investment Global Practice and the World Bank
Treasury. For more about this forthcoming event, please click here.
11 DMF NEWSLETTER | ISSUE 36
The Donors Contact Information
♦ African Development Bank Group Debt Management Facility
♦ Austrian Federal Ministry of Finance The World Bank Group
♦ European Commission 1818 H Street, NW
Washington D.C. 20433
♦ German Federal Ministry for Economic
Cooperation and Development
♦ Netherlands Ministry of Foreign Affairs
♦ Norway Ministry of Foreign Affairs
www.dmfacility.org
♦ Ministry of Finance of Russian Federation www.worldbank.org/debt
♦ Switzerland State Secretariat for Economic Affairs dmf@worldbank.org
Debt Management Facility
April-June 2019
Issue 36
The DMF Newsletter is published quarterly by the DMF Secretariat.
The newsletter is distributed to debt management practitioners from developing countries,
donors, DMF implementing partners, civil society organizations and private sector firms.
The newsletter aims to share DMF work plans, lessons learned, and news and developments
related to debt management.
12 DMF NEWSLETTER | ISSUE 36