Gold, Oil, Copper, Tourism. These are not usually associated with the role of the debt manager but delegates on the New Challenges in Debt Management course held in the UK from 25 June to 6 July 2007 examined how changes in reserves, natural resources and fiscal revenues need to be considered as part of modern debt management.
Delegates from 6 countries from across the world shared their experiences and challenges in debt management, highlighting how prevailing political and economic circumstances in each country pose particular challenges. Presenters from multilateral institutions and academia considered the changes in the international financial architecture and delegates discussed what implications they have for their own national debt portfolios. A number of alternative methodologies for matching assets and liabilities to minimise risk and ensure debts are sustainable were presented and participants considered the options for an appropriate mix between domestic and external debt.
The key lessons emerging from the course were the need to be monitor international economic conditions, to liaise with fiscal and monetary policy makers and to share experiences with other debt managers.