New international guidelines for public debt management

News 17 April 2014

A revised version of the Guidelines for Public Debt Management has been published by the International Monetary Fund and the World Bank. Lars Hörngren, Chief Economist at the Swedish National Debt Office, was chairman of a working group of debt managers that proposed changes.

The aim of the guidelines is to assist policy makers in considering reforms to strengthen the quality of their public debt management and reduce their country's vulnerability to international financial shocks.

– Debt management has become an increasingly important issue as public debt in many countries has swelled over the past few years, says Lars Hörngren. Even though conditions differ from country to country, for example because of how the economy and the financial markets function, there are some broadly applicable principles that pave the way for efficient debt management.

The changes in the guidelines include emphasizing the importance of clarifying the debt manager's role and responsibility, forming a well thought-out strategy for risk management and improving liquidity in the domestic government securities market. The main principles are the same as in the previous version of the guidelines.

Revised Guidelines for Public Debt Management,

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