Effective Public Debt Management Strategies in a World of Sovereign Assets (PDM-SA) IMF Institute

Target Audience:

Senior and mid-level government officials, monetary authorities and other public sector officials with responsibility for debt management policies and decisions and / or oversight and management responsibility of key sovereign asset portfolios.

Requirements/Qualifications:

Participants are expected to have a background in financial markets and macroeconomics; familiarity with debt sustainability analysis is desirable.

Course Description:

This one-week course, presented by the IMF's Monetary and Capital Markets Department, is intended to broaden participants' understanding of the main policy and operational issues in developing public debt management strategies that effectively take a comprehensive and holistic overview of the sovereign balance sheet. The course also covers the management of sovereign assets, including international reserves but also sovereign wealth or other public sector asset funds (such as pension assets), under a comprehensive Asset-Liability Management (ALM) approach. It explores the issue of contingent liabilities, and how strategies could be adapted to reflect the risk that such liabilities materialize. The course further addresses a range of technical issues, including quantitative techniques to inform decision making, and key institutional issues, including issues in coordination, and transparency. The course considers, inter-alia, the following: 1. The different approaches for developing a debt management strategy under an ALM framework: identification of the objectives of the strategy; identification of key risk parameters; and, measurement of portfolio risks, including currency, duration and refinancing exposures; 2. Coordination with other key policy areas (including monetary and fiscal policy): identifying key information on relevant asset portfolios (including characteristics and projected impact on overall balance) and the systematic approach for developing a strategic asset management strategy under an ALM framework; and, determining the key risk scenarios (including on contingent liabilities); and 3. Implementation and operational issues: effective organizational arrangements; accessing debt capital markets effectively (international and domestic); the role of communication strategies, and, effective monitoring arrangements (including ongoing risk measurement).

The IMF Institute for Capacity Development (ICD) organizes courses for officials from Arab League member countries at the CEF in Kuwait. The CEF's activities are generously sponsored and funded by the Government of Kuwait. The primary purpose of the CEF is to strengthen the skills of officials from Arab League countries in economic analysis and diagnosis, and in formulating and implementing effective economic and financial policies. The IMF will be the principal training provider for the CEF in the area macroeconomic management. Training outside the core areas of expertise of the IMF will be delivered by other organizations, such as, the World Bank, WTO, and OECD. Furthermore, and in line with the CEF's objective to collaborate closely with regional institutions, the CEF started recently to conduct some joint training courses with the Arab Monetary Fund in Abu Dhabi. Courses are offered generally in Arabic or in English with interpretation into Arabic.

Selection Process: 

Courses are by invitation only. Candidates are nominated by government agencies upon the request of the CEF.Observer Policy: The Institute for Capacity Development's policy for participation by IMF local staff and officials from non-program advanced economies in our regional training centers is that they will be given "Observer" status since these centers are run with the assistance of donor financing. Attending as an Observer provides the same access to course content and activities, but all associated costs (accommodation, travel and per diem) need to be covered by the sponsoring institution.

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