Since 2005, the World Bank Treasury Public Debt Management Advisory has offered training courses in designing and implementing government debt management strategies. With the increasing complexity of clients’ tasks, the team responds by increasing its training courses offerings to cover topics such as cash management; asset and liability management; and contingent liabilities risk management. This publication serves as a background note to the training course “Assessing and managing credit risk from contingent liabilities – A focus on government guarantees”. The course and the publication support government risk managers in improving technical capacity for managing fiscal risks from contingent liabilities, particularly government guarantees. The course introduces a broad risk management framework for fiscal risks, discusses various types of contingent liabilities, and then focuses on identifying, analyzing, quantifying, and managing credit risk from government guarantees.