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Outline(Sovereign Debt Management What is it and why is it important? With a Risk Management Focus Within an ALM Framework IMF/WB Public Debt Management Guidelines Sovereign Debt Management Trends Developed Economies Emerging Market Economies Opportunities for Fixed Interest MarketsvZYZJZ.Z)ZYJ.  ) What is Sovereign Debt Mgmt?(ZEstablishing key objectives and priorities Establishing prudent risk management strategy Strengthening middle office analysis Defining a framework for risk management Ensuring consistency with macroeconomic policy Organisational structure with clear accountability Establishment of a legal framework Recruitment of trained staff and effective MIS[[.  v Debt Management Objectives(0   Australia  & to minimise the long-term market value of the public debt (cost) and contain the volatility of budgetary debt cost (risk)&  Ireland  & contain the level and volatility of annual fiscal debt service costs, contain the government s exposure to risk&  Sweden  & to minimise the cost of borrowing within agreed risk tolerances&  dO uFDebt Management Objectives(0   .New Zealand  & to maximise the long-term economic return on the Government s financial assets and debt in the context of the Government s fiscal strategy, particularly its aversion to risk&  United Kingdom  & to minimise finance costs of the longer term, taking into account risk&  > L Risk Management(SCurrency Interest rate Funding Credit Liquidity Portfolio concentration OperationalS  ALM Framework( IMF/World Bank Guidelines(Debt management objectives and coordination Transparency and accountability Institutional framework Debt management strategy Risk management framework Development and maintenance of an efficient market for Government securitiesZSovereign Debt Management(0  Trends in Developed Economies&DEstablishment of an autonomous DMO Performance measurement benchmarks Management of a decreasing public debt portfolio Enhancing asset management capacity Moving from a cash-based to an accrual-based accounting and budget system Enhancing the Government s overall cash management capability##Developed Economies(#Trends in Emerging Market Economies$$ F     +Debt sustainability Institutional framework needed for sovereign debt management Development of the domestic debt market Establishing a debt management strategy and risk management framework Risks associated with contingent liabilities Acquisition and implementation of debt/risk management systems,Z,Emerging Market Economies( Opportunities for F.I. 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