Economics & Development

This report takes stock of the DMF Program’s performance since its inception, reflecting on its evolution, the breadth of TA and training delivered, the key challenges in institutionalizing sound debt management, and the outcomes achieved. It also outlines lessons learned and sets the stage for the DMF’s future direction. The analysis provides an overview of the assistance provided by the DMF to eligible countries for capacity development. The report disaggregates TA delivered by region, income level, debt distress status, fragility and conflict-affected classification, and small state status. Notably, Sub-Saharan Africa received over half of the TA provided, with most support directed to LICs and LMICs. Trends in TA and trainings across product lines show a consistent scale-up in both scope and delivery, coordinated closely with grant-receiving implementing partners and other partners. The report is structured as follows: Chapter 1 discusses the evolution of the DMF since its inception. Chapter 2 examines trends in DMF activities in TA, training, and peer learning. Chapter 3 presents results on debt management outcomes from analyses of DeMPA scores, external evaluations, a survey administered to DMOs in DMF-eligible countries, and illustrative case studies of selected DMF countries. Finally, chapter 4 explores challenges and lessons learned for debt management capacity building in general and for the next phase of the DMF.