mike williams

Government Debt Management

I can offer: policy advice, project management, training and mentoring covering:

  • Debt management strategy, including liability management
    • Developing the high-level portfolio strategy
    • Contingent liability management and related balance sheet analysis.
    • Developing the medium-term debt strategy (MTDS); the ALM approach and cost-risk trade offs [Presentation]presentation
    • Building resilience to economic shocks
    • Decision-making processes; integration with fiscal policy and taking account of monetary policy
    • Strategy presentation
  • Debt issuance, domestic and external
    • The auction programme
    • Auction techniques and procedures [Presentation]presentation
    • Taps and tenders
    • Other strategies and techniques, inc external issuance and use of derivatives
  • Domestic market development [Presentation]presentation
    • Preparing the Reform Plan [Presentation]presentation
    • Instrument characteristics; and new instrument development
    • Primary dealers and market-makers
    • Extending the yield curve
    • Building benchmarks
    • Maintaining liquidity; conversions and switches
    • Growth of surrogate financing [Presentation]presentation

Relevant Publications

Mike Williams and others "Debt Management” in S Ali Abbas, Alex Pienkowski & Kenneth Rogoff, eds Sovereign Debt Management: a Guide for Economists and Practitioners (IMF & Oxford University Press, 2020)

Background | Government Debt Management | Government Cash Management | Institutional Capacity Building, Risk Management and Governance