Commercial debt swaps have emerged as an appealing dual-policy tool for governments. Debt-for Development Swaps (D4D) are transactions where an existing, expensive (and/or shorter-term) commercial debt is exchanged for a new, more affordable (and/or longer-term) instrument. This cost differential is enabled by a concessional credit enhancement mechanism, such as a guarantee or insurance provided by a development partner. The borrowing government then earmarks part of the savings generated from this financial operation for a development programme. In short, a development partner enables the country to refinance its debt at a lower cost, and in return the government commits to channel the resulting fiscal space into SDG-related programmes. […]