Foundations of Debt Sustainability: A Training Course Bridging Theory and Practice

The growing complexity of sovereign debt dynamics amid development and climate pressures has increased the need for countries to develop strategic approaches to debt management that align financing decisions with long-term debt sustainability and broader sovereign objectives. Through this new collaborative course, IISD and ALSF aim to equip public officials in emerging markets and lower income countries with a rigorous understanding of the foundations of debt sustainability

By combining the conceptual foundations of debt sustainability with practical analysis of debt dynamics, debt management, fiscal frameworks, and sovereign debt restructuring, the course will provide policy-makers with the tools and knowledge to manage debt sustainably, while pursuing development and climate objectives.

What does the course cover? 

• Understand the foundations of debt sustainability — apply core concepts, analyze debt dynamics, and interpret rather than simply complete DSA frameworks.
• Use DSAs critically in practice — understand IMF and World Bank frameworks, their multiple functions, and common sources of bias and error.
• Identify the risks that drive sustainability — including debt-service burdens, rollover risk, interest-rate exposure, currency mismatches, and financing conditions.
• Distinguish the metrics that matter — public and external debt, domestic and foreign-currency debt, gross and net measures, and repayment capacity.
• Connect debt sustainability to policy choices — examine debt management, fiscal rules, financing strategies, and the trade-offs between adjustment, growth, and debt relief.
• Navigate the international debt architecture — understand creditor composition, IMF programs, restructuring processes, negotiation strategies, and innovative financing instruments. 

What you'll gain

• A clearer understanding of how debt sustainability is assessed and where common analytical weaknesses arise.
• Greater confidence in reading, questioning, and discussing IMF and World Bank DSAs.
• A framework for distinguishing fiscal, external, liquidity, and refinancing risks.
• Practical knowledge of how legal frameworks and institutions can work together to keep debt sustainable, while financing development and climate objectives.
• A better understanding of the trade-offs involved in different paths to retain and restore debt sustainability.
• Exposure to a range of financing instruments and their implications for debt sustainability. 

Course format

• Seven comprehensive modules delivered live and online, with recorded expert lectures
• Peer learning and structured discussions
• Emphasis on practical application to national contexts
• Case studies and real-country examples  

Featured experts

• Anahi Wiedenbrug, Senior Policy Advisor, IISD
• Yanne Horas, Associate, IISD
• Baba Musa, Transfer Pricing Analyst, Federal Inland Revenue Service, Nigeria
• Ugo Panizza, Director, International Center for Monetary and Banking Studies
• Monica de Boelle, Senior Fellow, Peterson Institute for International Economics
• Guillaume Chabert, Deputy Director, Strategy, Policy and Review Department, IMF
• Hamouda Chekir, Partner, Centerview Partners  
• Reza Baquir, Managing Director and Global Practice Leader of Sovereign Advisory Services, Alvarez & Marsal 

How can I participate?

Email [email protected] to register your interest.

For any questions, please contact [email protected] or [email protected] 

About IISD

IISD is an award-winning independent think tank working to accelerate solutions for a stable climate, sustainable resource management, and fair economies. Its Tax and Debt Team brings together internationally recognized experts in public debt management, macro-fiscal frameworks, and Debt Sustainability Analysis, with extensive engagement with institutions including the IMF and World Bank. The team regularly advises governments — particularly in emerging markets and developing economies — on debt sustainability, fiscal risks, and financing strategies.

About the ALSF

The African Legal Support Facility is an international organisation hosted by the African Development Bank (AfDB) Group, in Abidjan, Côte d’Ivoire. The Facility is dedicated to providing legal advice and technical assistance to African countries in the structuring and negotiation of complex commercial transactions, creditor litigation and other related sovereign transactions. The ALSF also develops and proposes innovative tools for capacity building and knowledge management.