Debt Management Facility: 10 Year Retrospective 2008-2018

This Retrospective provides an assessment of the Debt Management Facility (DMF) which financed capacity building to strengthen public debt management in 84 countries for a period of ten years to 2018. The Retrospective seeks to contribute to the global evidence base on the impact of debt management capacity building. It takes stock of the activities supported by the DMF and assesses achievements and challenges during the entire period. It explores how DMF interventions relate to changes in debt management outcomes, building on a database for the relevant period consisting of cross-country analyses, survey results, and case studies. The Retrospective focuses on the assistance provided to countries that were eligible for funding by the DMF (DMF-eligible countries). It mostly captures a total of 295 DMF technical assistance (TA) activities comprising 274 at the sovereign level and 21 at the subnational level. Identifying causal determinants of institution building and reform outcomes is inherently difficult, especially at the cross-country level. The Retrospective acknowledges that other TA and training provided outside of the DMF may also have contributed to some of the outcomes discussed, but consideration of such confounding factors lies beyond the scope of this report.