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Supporting middle income countries against economic shocks: the SECO-GDRM Program partnership

An Interview with Rosmarie Schlup

SUBMITTED ON MAY 3, 2017

Rosmarie Schlup of SECO explains why they are funding the World Bank Treasury’s Government Debt and Risk Management (GDRM) Program in a recent interview.

Why do donor countries support World Bank Group’s program funds? Rosmarie Schlup, head of Macroeconomic Support Division at Swiss State Secretariat for Economic Affairs (SECO), explains why they are funding the World Bank Treasury’s Government Debt and Risk Management (GDRM) Program in a recent interview.

Watch the interview >>

Video interview of Rosmarie Schlup, head of Macroeconomic Support Division at Swiss State Secretariat for Economic Affairs (SECO)

 

The GDRM Program, a trust fund under the World Bank Treasury, funded by SECO, provides expert, tailored technical assistance to middle income countries on public debt and risk management.

“The GDRM program, unlike many other programs, is offering programmatic support that is tailored to countries’ needs,” says Ms. Schlup. “The program offers tools that have been tested but that are being applied flexibly. The program draws on the very deep technical expertise of the World Bank’s Treasury teams. The team members have worked in debt management offices themselves. And, that is very important from SECO’s perspective, the program offers advice as well as implementation support,” she explains.

With the support of the World Bank-SECO Government Debt and Risk Management (GDRM) Program country partners are sharing experiences and learning from international best practice to reduce their vulnerability to financial shocks through strengthened debt and risk management capacity and institutions and deeper domestic debt markets.

Switzerland is a valued, active partner of the World Bank Group. Through its contributions to select funds, Switzerland deepens its partnership with the Bank Group and reinforces its status as a key partner in the effort to end poverty and boost shared prosperity.

Focus on Middle Income Countries

Today, 73% of the world's poor live in middle-income countries – a striking change from just two decades ago, when 93% lived in low-income countries. In this changing landscape, eliminating extreme poverty and boosting shared prosperity takes on a new meaning.

As countries move from low-income country status to middle-income country status, their type of funding sources change. However, most current debt and risk management technical assistance for middle-income countries focuses mainly on upstream diagnostic work and developing reform plans, while assistance for targeted, downstream implementation work is limited.

The GDRM Program is designed to fill this gap. The program provides A-to-Z assistance that is tailored to national priorities and reflects the unique constraints and opportunities of each country.