Foreword

• Author: Anne Krueger; Jeffrey Goldstein
• Profession: First Deputy Managing Director International Monetary Fund; Managing Director The World Bank

A government's debt stock is usually the largest financial portfolio in the country. It often contains complex financial structures and can create substantial balance sheet risk for the government. Several debt market crises have highlighted the importance of sound debt management practices and the need for efficient and sound capital markets. Improved debt management will reduce a country's vulnerability to economic and financial shocks and support the environment for growth.

The Accompanying Document and Selected Case Studies complements the IMF and World Bank's Guidelines for Public Debt Management , which were endorsed by the International Monetary and Financial Committee and the Development Committee at their spring 2001 meetings. It illustrates the variety of approaches taken by 18 countries from different parts of the world, and at different stages of economic and financial development, to develop their public debt management practices in a manner consistent with the Guidelines . The experience of these countries should offer some useful practical suggestions of the kinds of steps that other countries could...