建设债务管理能力：影响、挑战和未来方向

Impact, Challenges, and Future Directions D E B T M A N A G E M E N T FA C I L I T Y P R O G R A M :2 0 0 9 – 2 5 DMF Donors African Development Bank Japan, Ministry of Finance Austria, Federal Finance Ministry European Commission Norway, Ministry of Foreign Affairs France, Ministry of Economics,Finance and Industrial and Switzerland, State Secretariat for Germany, Federal Ministry for Economic United States, Department of Government of Canada Building Impact, Challenges, and Future Directions D E B T M A N A G E M E N T FA C I L I T Y P R O G R A M :2 0 0 9 – 2 5 The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board ofExecutive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work.The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of Nothing herein shall constitute or be considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all ofwhich are specifically reserved. Rights and Permissions Attribution—Please cite the work as follows: World Bank. 2026. “Building Debt Management Capacity: Impact, Challenges, and FutureDirections - Debt Management Facility Program: 2009–25.” DMF Knowledge Products series. World Bank, Washington, DC. License:Creative Commons Attribution CC BY 3.0 IGO. Translations—If you create a translation of this work, please add the following disclaimer along with the attribution: This translation wasnot created by The World Bank and should not be considered an official World Bank translation. The World Bank shall not be liable for any content or error in this translation. Adaptations—If you create an adaptation of this work, please add the following disclaimer along with the attribution: This is an adaptationof an original work by The World Bank. Views and opinions expressed in the adaptation are the sole responsibility of the author or authorsof the adaptation and are not endorsed by The World Bank. Third-party content—The World Bank does not necessarily own each component of the content contained within the work. The WorldBank therefore does not warrant that the use of any third-party-owned individual component or part contained in the work will not infringeon the rights of those third parties. The risk of claims resulting from such infringement rests solely with you. If you wish to reuse acomponent of the work, it is your responsibility to determine whether permission is needed for that reuse and to obtain permission from Note on data This report covers the period of the Debt Management Facility (DMF) from its inception in 2009 through the end of June 2025, unlessotherwise indicated. It excludes World Bank–funded pilots undertaken during DMF I. For figures and analysis based on calendar year,DMF I covers 2009–13; DMF II, 2014–19; and DMF III, 2020–25. Country characteristics (income level, risk of debt distress, and so on)are as of end-June 2025. The analysis includes all Debt Management Performance Assessments (DeMPAs) finalized by that date. Debt Cover and interior design:Patrick Ibay, Designed for Humans, Alexandria, VA,https://www.designed-for-humans.com/. Contents Executive Summary iv Abbreviations and Acronyms ix Introduction2 DMF Evolution and AdaptationStrategic Partnerships and Knowledge Sharing 01The DMF over the Years 02Delivery of DMF Activities CollaborationTechnical AssistanceTraining Activities 03Capacity Development and Results Achieved Core Areas of Government Debt ManagementDMF Survey 04The Way Forward: Challenges and Lessons Learned Appendix A. DMF-Eligible CountriesNotes Executive Summary Since its launch in 2008, the Debt Management Facility (DMF) hasbeen a cornerstone of international efforts to strengthen public debtmanagement in developing countries. Through sustained technical Over 2009–25, the program has evolved in response to a changing global debt land-scape—characterized by higher debt vulnerabilities, more complex instruments, and amore diverse creditor base—while maintaining a consistent focus on practical, coun-try-owned solutions that translate analytical frameworks into operational improve-ments.This report takes stock of the DMF’s support and results over this period, The DMF is a central platform for advancing effective, impactful and accountable debt The DMF’s role in improving quality of public debt management has become moreimportant than ever in the context of elevated and widespread debt vulnerabilities. While the risk of a systemic debt crisis remains contained, many countries face severeliquidity pressures and, in some cases, unsustainable debt burdens. Fifty-four percentof low-income countries are in or at high risk of debt distress, with elevated debt servicepayments. Strengthening debt management capacity building—including rein