Global Sovereign Debt Roundtable : Liability Management Operations - A Practitioner’s Manual

Overview & Synopsis

This document provides practical guidance for policymakers and debt managers on assessing feasibility and implementing liability management operations (LMOs) supported by credit enhancements (CEs). It serves as a step-by-step practical manual, drawing on lessons from recent LMOs and the results of a survey on CE availability conducted among major multilateral providers. The guidance is intended to support decision-making but should be applied with due consideration to country-specific circumstances, constraints, and policy objectives. The document, published as a Global Sovereign Debt Roundtable (GSDR) Cochairs document, is non-binding and will be updated periodically to incorporate new insights and evolving practices that further facilitate the effective use of LMOs.