Public Debt Management in Developing Countries:

1. Public Debt Management in Developing Countries: Key Policy, Institutional, and Operational issues by Tomás J. Baliño and V. Sundararajan Centennial Group Holdings, LLC

2. Table 1: Evolution of Foreign Currency and Short Term Debt in Selected Countries

3. Table 2: Selected foreign debt burden indicators

4. Public debt management issues • Requirement: Sound macroeconomic policies • Fiscal • Monetary • Objectives: • Sustainable debt path (DSA) • Minimize government debt cost (Guidelines)

5. Guidelines for Public Debt Management • Debt management objectives and coordination • Transparency and accountability • Institutional framework • Debt management strategy • Risk management framework • Development and maintenance of an efficient market for government securities

6. Implementing Guidelines--Progress • Improving Debt Structure • Developing and Publishing Debt Management Strategy • Improving Governance Framework • Improving Transparency and Communication with the Market • Developing Domestic Public Debt Markets

7. Implementing Guidelines--Problems • Incomplete Strategies • Fragmented Responsibilities • Lack of Medium-Term Debt Strategy

8. Key Issues • Comprehensive, publicized debt strategy • Asset-liability management framework • Coordination with central bank • Development of domestic debt market

9. Conclusions • Progress has been made • Need to avoid past problems • Sound macroeconomic management • Upgraded debt management • Country ownership and international cooperation