Public Debt Management Advisory

  • Effective public debt management is the cornerstone of financial stability and sustainable fiscal policy. A government's debt portfolio is often the largest in the country and can generate substantial risk to its balance sheet, with potential to undermine key development objectives. Countries therefore need capable debt management offices to design medium-term strategies, which appropriately balance cost and risk, and execute financing transactions efficiently.

    The World Bank Treasury is uniquely positioned in the government debt management advisory field. As seasoned debt management practitioners, the advisory team shares the expertise from managing over 200 billion dollars of debt portfolio for the World Bank and the knowhow of hands on debt management around the world with member countries. 

    Our Services

    Advisory Services

    World Bank Treasury Public Debt Management team provides practitioner-to-practitioner, programmatic support, focusing on development and implementation of customized reforms to assist countries in strengthening their capacity to manage debt.

    Learning and Outreach Services

    Through an extensive program of training, on-site technical assistance, virtual peer-to-peer events, applied research, and conferences, including the bi-annual flagship Sovereign Debt Management Forum, the World Bank provides opportunities for learning, knowledge sharing and networking.

    Knowledge Products

    The World Bank conducts original research and is a leader in new thinking in critical areas of debt policy and public debt management.

    Our Approach

    Programmatic and focused on sustainable outcomes

    We support member countries from upstream, diagnostic work and developing reform plans, to downstream implementation, seeing the reform plans take root.


    The core team consists of public debt management professionals who have held positions in public debt offices in emerging and developed countries, providing pragmatic solutions.

    Peer learning

    We connect countries facing similar issues, providing a platform for an in-depth exchange of ideas and experiences.

  • M. Coskun Cangoz as the Head of Debt and Risk Management at the World Bank Treasury, has overall responsibility for debt management advisory activities, which include country assignments, training courses, and publications. He has around 25 years of hands-on experience in different areas of debt management, including the development of bond markets, risk management, internal operations and cash management. Before joining the Bank, Mr. Cangoz was a civil servant in Turkey and served in different capacities including the Director General for Public Finance at the Undersecretariat of Treasury. He led the public debt management reform in Turkey, established the Risk Management Department and modernized the cash management. He published several papers and books in the field of public finance and he is the co-editor of the book 'Treasury Operations in Turkey and Contemporary Sovereign Treasury Management. He holds Ph.D. in Sociology from Middle East Technical University, MBA from the University of Exeter, MA in Economics and BA in Public Finance from Ankara University.

    Cigdem Aslan joined the World Bank in 2010 with more than 15 years of experience in sovereign debt management. She was part of the initial team that designed and implemented debt management strategies at the Turkish Treasury. Prior to her move, she led the Credit Risk Management department where she was responsible for a range of policy issues and risk management activities mainly associated with the government's contingent liabilities, sub-nationals, and public-private partnerships. In her current position, Ms. Aslan contributes to World Bank capacity building activities and advisory services on public debt management reform programs. She also works on research activities related to government debt management strategy, risk management, governance, and debt market development.

    Sébastien Boitreaud has over 12 years of experience in public debt management and financial sector regulation and development, gained at French Treasury where he was Deputy Head of the Debt Management Office. A former Alternate Executive Director for France at the IMF, he joined the World Bank in 2012 as an advisor to the Vice President & Treasurer before moving to the Government Debt and Risk Management team in 2014. As Lead Financial Officer at the World Bank Treasury, Mr. Boitreaud works on the assessment and reform of public debt management in Morocco, Cameroon and other countries.

    Rodrigo Cabral has over 17 years of experience in sovereign debt management, having worked with more than 30 developing countries across different regions of the world in his capacity as Senior Financial Officer at the World Bank Treasury. Before joining the World Bank, he worked at the Brazilian National Treasury where he was Deputy Head of the Public Debt Strategic Planning Department (middle-office). He was also part of the team that set up the Brazilian middle-office and developed its risk management framework. His areas of expertise include risk management, strategy development, investor relations, international market access, and market development. Mr. Cabral has published several papers in the field of public debt management, co-authored the book “Public Debt: the Brazilian experience” and contributed to publications on sound practices. He holds a Bachelor degree in Physics and a Doctorate in Economics from the University of Brasilia, Brazil. 

    Mats Filipsson has more than twenty-five years of experience in public debt management in areas such as institutional framework, strategy development, risk- and portfolio management and market development. Before joining the World Bank in 2018, Mr. Filipsson was the Chief Risk Officer at the Swedish National Debt Office. He has also held positions at the Debt Office related to funding activities and strategy development and has been Deputy Director at the Swedish Ministry of Finance and Technical Assistance Advisor at the IMF. Mr. Filipsson has experience in capacity building in Serbia, Jordan, Nigeria, Albania, Romania, Ukraine, and other countries.

    Leandro Puccini Secunho  has over 15 years of public debt management experience. Prior to joining the Bank as a Senior Financial Officer in 2018, he was the Head of Front Office and Deputy Head of Debt Management Office in the Brazilian National Treasury. In Brazil, he led Primary Dealership (PD) system reforms, the setup of a Guarantee Concession Committee and the project to launch an Issuer-Driven ETF. Leandro’s areas of expertise range from strategy development and implementation, domestic and international market issuances, dealership system and market development.   

    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 participated in the assessment and development of reform plans for public debt management in Armenia, Belarus, Brazil, Panama, Romania, Ukraine, Tunisia, and others. He has also co-authored various publications on government debt risk measurement and management.  

  • Capacity Building for Individual Countries

    The Public Debt Management (PDM) team has worked with over 40 countries across all regions of the world, helping governments build institutional capacity in all areas required for effective management of government debt. 

    Customized Advisory Engagements

    The team customizes every advisory engagement to meet the needs of the individual client. Our expert advisors are available to support the reform process through the three main stages: (1) needs assessments/diagnostic, (2) design of reform plan, and (3) implementation.

    1. Needs Assessment: Comprehensive analysis of the current public debt management operation and recommendations for reform. This includes analysis of linkages to macroeconomic policy and cash management and may also include an evaluation of domestic debt market development (undertaken in partnership with World Bank financial sector development specialists).
    2. Reform Plan: Detailed and sequenced reform or project plan that aims to alleviate the weaknesses identified in the needs assessment. The plan includes expected outputs and outcomes, specific actions, sequencing and milestones, budgeting and resourcing. It may be used to seek support from other partners.
    3. Reform Implementation: Usually in conjunction with development partners and consultants, with the PDM team playing a key role in suggesting consultants, providing strategic oversight and ensuring quality control. In cases where there is a comparative advantage and resources are available, the PDM team is directly responsible for implementation.

    Areas of Technical Expertise

    Clients have at their disposal a broad range of technical skills in Treasury and the World Bank to build capacity in the following areas:

    Institutional Strengthening

    • Governance including the legal framework, institutional arrangements, reporting and transparency
    • Policy coordination with monetary and fiscal policies
    • Strengthening the relationship between debt and cash management to improve the implementation of the debt management strategy and supporting domestic market development
    • Capacity and management of internal operations skill mix of staff, processes and procedures, and systems

    Technical Capacity Development

    • Debt management strategy, determining the composition of public debt
    • Debt management strategy implementation and access to the capital and derivatives markets through the borrowing programs, including measures to improve the functioning of the primary and secondary markets
    • Management of contingent liabilities, e.g. sovereign loan guarantees, guarantees issued to public private partnership schemes, legal claims against the government
    • Management of other fiscal risks where market-based mitigation is possible
    • Asset and liability management, management of the risks from an asset and liability management perspective, encompassing both sides of the government balance sheet
  • Knowledge Products

    Treasury is constantly keeping abreast of new developments in debt management practices and is 
    also a leader in new thinking on debt management issues. The findings are published as research reports and books to stimulate discussions by debt managers and further research by academics and other research institutions.

  • Workshops

    Sovereign Balance Sheet Risk Management Workshop

    This five-day workshop aims to discuss practical solutions to identify, measure and mitigate different types of risks, affecting both sides of the sovereign balance sheet, within an asset and liability management framework. The final objective is to contribute to increase the country’s resilience to financial shocks by enhancing their capacity to manage the sovereign’s balance sheet risks. The targeted participants are officials from the finance ministry and central bank who have direct involvement in managing assets and/or liabilities.

    Past WorkshopContact us.

    Cash Management

    This five-day workshop focuses on cash flow forecasting and cash management by central governments. Its goal is to increase awareness of cash and debt managers about the importance of accurate cash flow forecasting and their knowledge on sound cash management practices to ensure that governments meet their financial commitments on time and in a cost-efficient manner. The workshop covers all the dimensions relevant to its theme, including forecasting of revenue and expenditure, stress testing of projections, coordination between cash and debt management as well as the options to invest excess cash in the market. It consists in short and practical presentations followed by hands on exercises using an excel-based toolkit specifically designed by the debt and risk management experts at the World Bank Treasury.

    Past workshop, Contact us.

    Assessing and Managing Risks from Contingent Liabilities

    This five-day workshop aims to contribute to increased awareness about the risks governments are exposed to from contingent liabilities (CL) and to sensitize risk managers to frameworks and tools in identifying, measuring, and managing these risks with a focus on sovereign credit guarantees and on-lending. This workshop will cover conceptual issues related to contingent liabilities as well as focus on analyzing and measuring risks related to sovereign credit guarantees and on-lending using presentations, case studies, and interactive exercises led by debt and risk management experts at the World Bank. Additionally, participants will discuss various risk mitigation tools, including the structuring of guarantee agreements (e.g. guarantee fees, collateral, etc.), limit setting, reporting and monitoring, as well as provisioning for financial losses.

    Next workshop: Past WorkshopContact us.

    Designing Government Debt Management Strategies

    This five-day workshop guides participants through the processes of developing a public debt management strategy based on an analysis of financial cost and risk tradeoffs.

    Presentations and country cases illustrate the different stages of the strategy development process. Hands-on exercises focus on quantitative tools necessary to support debt management decisions such as calculating exposure risk indicators and scenario analysis. Participants present the framework for debt management strategy in their respective countries to their peers.

    Next workshop: June 3-7, 2019, Vienna, Austria. Past Workshop. Contact us.

    Implementing Government Debt Management Strategies

    This five-day workshop aims to build capacity in various aspects of implementing a debt management strategy, including designing a cost-effective funding program, in ways that contribute to developing the domestic debt market.

    Participants explore techniques to alter the existing portfolio structure, using swap operations, exchange offers and buyback programs. The workshop combines conceptual presentations, case studies, and a hands-on exercise to illustrate the processes and procedures for implementing a debt management strategy.

    Next workshop: June 7-14, 2019, Vienna, Austria. Past workshop. Contact us.



    April 3, 2019

    Long-term bonds, different ways to support – and benefit from – pensions’ needs

    January 24, 2019 

    Buyback Operations: Similar Stories from Different Perspectives

    November 29, 2018

    Webinar on Blockchain Bond

    October 18, 2018 

    Webinar on Green Bond Proceeds Management and Reporting

    May 30, 2018

    Webinar on Demystifying Catastrophe Bonds for Debt Managers

    Mar 07, 2018

    Webinar on Why are more sovereigns issuing in Euros? Choosing between USD and EUR-denominated bonds

    Dec 13, 2017

    Webinar on Sovereign Green Bonds

    Jun 28, 2017

    Webinar on Government Cash Management: trends and challenges

    Apr 12, 2017

    Webinar on Managing Fiscal Risks from Public Private Partnerships (PPPs)

    Mar 07, 2017

    Webinar on What to Look for in an Information System for Public Debt Management

    Dec 07, 2016

    Webinar on Operational Risk Management for Public Debt Managers

    Jun 28, 2016

    Webinar on Transparency & Communication in Public Debt Management

    Feb 24, 2016

    Webinar on Contingent Liability Risk Management: Measuring and Managing Risks Related to Sovereign Guarantees and On-lending

    Jan 20, 2016

    Webinar on Using Cross Currency Swaps in Public Debt Management


  • Sovereign Debt Management Forum

    The biannual Sovereign Debt Management Forum brings together senior debt managers, economic policymakers, academics, members from international organizations, market participants and independent consultants to discuss strategies and policies to manage debt, assets, risk, and funding. The forum also provides debt managers, primarily from developing and emerging market countries, with the opportunity to share experiences and network.  

    The last Forum with the theme “Is There Life After Debt?”, investigated strategies and policies to manage debt in the new era of global debt reaching record levels,  normalization of monetary policies, and rising interest rates.  

    Past Forums: 2010, 2012, 2014, 20162018


    International Retail Debt Management Symposium

    The International Retail Debt Management Symposium brings together countries with seasoned retail programs and those looking to establish or review existing programs. The Symposium provides a forum for debt managers to discuss current issues and trends such as product development, distribution channels, market research, and use of new technology.

    Past participants have found that despite of significant differences in members’ retail products and markets, there are striking similarities in the problems and opportunities programs face in different countries. The symposium is sponsored the International Retail Debt Management Conference (IRDMC) which is chaired by the United States Treasury, and is hosted by The World Bank Treasury. Core IRDMC membership includes C Brazil, Canada, Hungary, Ireland, Italy, Japan, South Africa, Sweden, the United Kingdom, and the United States.

    Past Symposiums: 2016, 2018


    PDM Network: Public Debt Management Conference 

    The Public Debt Management Network, an initiative fostered by the OECD, the Italian Treasury and The World Bank, is pleased to announce the call for papers for the Public Debt Management Conference which will be held on September 4-5, 2019 at the Headquarters of the OECD in Paris, France.

    The conference aims at building, sharing and developing knowledge on public debt management. It 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.

    To read more about the call for papers and the submission procedure click here.




  • Public Debt Management: Is the future closer than we think?
    Blog | May, 2019

    A  Look Inside the Mind of Debt Managers - A Survey on Contingent Liabilities Risk Management
    Paper | Mar, 2019

    Which debt IT system? A helpful guide for public debt managers
    Blog | Mar, 2019

    A Look Inside the Mind of Debt Managers - A Survey on Contingent Liabilities Risk Management 
    Public Debt Management Publication | Mar, 2019

    A classroom where the sound practice meets with the impact: Inaugural Cash Management Workshop
    Feature Story | Mar, 2019

    Albania: Helping the government reduce the cost of borrowing

    Feature Story | Feb, 2019

    A Joint Foreign Currency Risk Management Approach for Sovereign Assets and Liabilities 
    Policy Research Working Paper | Feb, 2019

    Assessing and managing sovereign guarantees in South Africa 
    Blog | Feb, 2019

    In Pakistan, music meets public debt management 
    Blog | Jan, 2019

    Managing South Africa’s Exposure to Eskom 
    Policy Research Working Paper | Jan, 2019

    Azerbaijan: Just-in-time support for the economy
    Feature Story | Nov 12, 2018

    How Do Countries Use an Asset and Liability Management Approach ? A Survey on Sovereign Balance Sheet Management  
    Policy Research Working Paper | Oct, 2018

    Study on Public Debt Management Systems and Results of a Survey on Solutions Used by Debt Management Offices
    Policy Research Working Paper | Aug, 2018

    Promoting infrastructure investments, the sustainable way - building a sound framework for managing risks from contingent liabilities
    Feature Story | May 23, 2018

    Assessment of contingent liabilities and their impact on debt dynamics in South Africa
    Discussion Paper | May, 2018

    The World Bank Treasury Public Debt Management Advisory group organized its first workshop on “Assessing and Managing Risks from Contingent Liabilities”
    Press Release | May 14, 2018

    What does the global economic outlook tell the debt managers?
    Opinion | Mar 7, 2018

    World Bank Treasury and U.S. Treasury co-hosted the 2018 International Retail Debt Management Symposium in D.C.
    Press Release | Apr 27, 2018

    Why Are More Sovereigns Issuing in Euros? Choosing between USD and EUR-Denominated Bonds
    Policy Research Working Paper | Jan, 2018

    Morocco and Ukraine join the World Bank Treasury Government Debt and Risk Management Program
    Press Release | Jan 3, 2018 

    World Bank Treasury Hosted its 2nd Government Debt and Risk Management Program Roundtable g
    Press Release | Oct 18, 2017

    Albania Puts Its Support Behind Sustainable Public Debt Management: Joins the World Bank Treasury Government Debt and Risk Management Program 
    Press Release | Oct 5, 2017

    Can debt managers save the world? 
    Opinion | Sep 29, 2017

    President Kim signs the replenishment agreement of the Government Debt and Risk Management Trust Fund with Swiss State Secretariat for Economic Affairs (SECO)
    Press Release | Aug 23, 2017

    IMF Board Discusses Capacity Building in Developing Medium-Term Debt Management Strategy (
    Press Release | Aug 3, 2017

    In Tokyo and in Search of Answers in a Volatile World
    Opinion | June 27, 2017

    From Pretoria, to London, to the World: How debt and risk management practices in South Africa and the UK are relevant around the world
    Opinion | Mar 1, 2017 

    Trading the Sights of London for Washington, DC: A Debt Management Exchange 
    Opinion | Jan 12, 2017 

    Macedonia Joins Government Debt and Risk Management Program to Strengthen Resilience to Fiscal Shocks 
    Press Release | Dec 9, 2016

    World Bank Marks Fifth Anniversary of the Government Debt and Risk Management Program with a Day of Celebration
    Press Release | Oct 27, 2016

    South Africa Named Best Country for Debt Management/Sovereign Bond Issuance in Sub-Saharan Africa (
    Press Release | Oct 9, 2016

    Is the game over for retail debt programs or restarting with mobile technology?
    Opinion | Apr 21, 2016