dmf stakeholders’ forum 2012

DMF STAKEHOLDERS’ FORUM 2018: Rising Tide of Debt: Risk, Resilience, Responsibility

Organized by the European Commission and the World Bank Group SPEAKERS’ BIOGRAPHIES

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Abha Prasad .................................................................................................................................................. 3

Agostino Consolo .......................................................................................................................................... 3

Anderson Caputo Silva .................................................................................................................................. 3

Antoinette Monsio Sayeh ............................................................................................................................. 3

Arijeta Neziraj Elshani ................................................................................................................................... 4

Baba Y. Musa ................................................................................................................................................. 4

Bodo Ellmers ................................................................................................................................................. 4

Carlos Felipe Jaramillo .................................................................................................................................. 5

Catherine Anne Pattillo ................................................................................................................................. 5

Daniel C. Hardy .............................................................................................................................................. 5

Doerte Doemeland ........................................................................................................................................ 6

Donna Yearwood........................................................................................................................................... 6

Dougal Martin ............................................................................................................................................... 6

Ebrima L.S. Darboe ........................................................................................................................................ 7

Efi Koutsokosta ............................................................................................................................................. 7

Elena Flores ................................................................................................................................................... 7

Emre Balibek ................................................................................................................................................. 8

Eric Lalo ......................................................................................................................................................... 8

Erica Gerretsen ............................................................................................................................................. 8

Erjon Luçi ....................................................................................................................................................... 8

Gerry A. Teeling............................................................................................................................................. 9

Grant Cameron.............................................................................................................................................. 9

Guillaume Chabert ........................................................................................................................................ 9

Herman Kamil ............................................................................................................................................... 9

Izabella Barati-Stec ...................................................................................................................................... 10

John Venner ................................................................................................................................................ 10

Kevin Daly .................................................................................................................................................... 10

Lars Jessen ................................................................................................................................................... 10

Lars Mayland Nielsen .................................................................................................................................. 11

Lawrence Norton ........................................................................................................................................ 11

Léa Hakim .................................................................................................................................................... 11



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Leonce Yapo ................................................................................................................................................ 11

Lilia Razlog ................................................................................................................................................... 12

Liviu Voinea ................................................................................................................................................. 12

Malvina Pollock ........................................................................................................................................... 12

Maria Cannata ............................................................................................................................................. 13

Mark Flanagan ............................................................................................................................................ 13

Massimiliano Paolucci ................................................................................................................................. 13

Matthew Martin .......................................................................................................................................... 14

Mehwish Ashraf .......................................................................................................................................... 14

Mike Williams .............................................................................................................................................. 14

Mkhulu Aubrey Maseko .............................................................................................................................. 14

Moritz Kraemer ........................................................................................................................................... 15

Na Zhu ......................................................................................................................................................... 15

Nura Muhammad Danmadami ................................................................................................................... 15

Nouran Youssef ........................................................................................................................................... 15

Paloma Anós Casero ................................................................................................................................... 16

Pamella McLaren......................................................................................................................................... 16

Peter Istjan-Hölzl ......................................................................................................................................... 17

Phillip Anderson .......................................................................................................................................... 17

Razia Khan ................................................................................................................................................... 17

Roger Nord .................................................................................................................................................. 18

Sébastien Boitreaud .................................................................................................................................... 18

Stanislas Nkhata .......................................................................................................................................... 18

Stefano Manservisi...................................................................................................................................... 19

Stella Rusine Nteziryayo .............................................................................................................................. 19

Subhash Chand............................................................................................................................................ 19

Teppo Koivisto............................................................................................................................................. 19

Tomas I. Magnusson ................................................................................................................................... 20

Vera John-Emmanuel .................................................................................................................................. 20

Yasantha Weerasinghe ............................................................................................................................... 20



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Abha Prasad is the former Program Manager of the Debt Management Facility and has recently been selected as Program Leader for the Caribbean Countries in the World Bank’s Latin America and Caribbean Vice Presidency. Ms. Prasad has over 20 years of experience working on debt management and fiscal policy. Prior to joining the World Bank, she was a Director at the Reserve Bank of India, managing the debt of both the federal government and 28 sub-nationals. Ms. Prasad has been leading the work on the Debt Management Performance Assessment (DeMPA) framework, and the medium-term debt management strategies. She has worked in numerous developing countries and emerging markets on debt management issues, including in Asia, Africa and Latin America.

Agostino Consolo joined the European Central Bank in 2007 and is a senior economist in the Directorate General Economics. He has extensively contributed to the ECB policy work both on monetary policy issues and on the economic analysis of the euro area and of its member states. More recently, in the context of the European country surveillance framework, he has worked on the analysis of macroeconomic imbalances related to private sector debt, combining a balance-sheet and econometric approach as well as on the underlying institutional factors which can affect the deleveraging process across euro area countries. He holds a PhD in economics from Bocconi University and he has published papers in the Journal of Monetary Economics and Journal of Econometrics.

Anderson Caputo Silva is Practice Manager for Long Term Finance in the Finance, Competitiveness and Innovation Global Practice of the World Bank Group. He is responsible for managing five global product lines, including: Capital Markets, Pensions & Insurance, Housing Finance, Infrastructure Finance and Agriculture Finance. Anderson joined the World Bank in 2006 and has been actively engaged in the coordination and implementation of Capital Market Development projects in several Emerging Markets around the world. Prior to joining the World Bank, Mr. Silva worked for the Brazilian Treasury from 1993 to 2005, where, among others, he served as Head of the Public Debt Strategic Planning Department of the Brazilian Treasury (2001-2005). He holds a Ph.D. degree in Finance from the University of Illinois at Urbana-Champaign.

Antoinette Monsio Sayeh is a distinguished visiting fellow at CGD. Previously, she oversaw and enhanced the International Monetary Fund’s engagement with its sub-Saharan African members as director of the African Department from July 2008 to August 2016. As Minister of Finance in post-conflict Liberia, Sayeh led the country through the clearance of its long-standing multilateral debt arrears, the HIPC Decision Point, the Paris Club, and its first Poverty Reduction Strategy. Previoulsy, she worked for the World Bank for 17 years, including as Country Director for Benin, Niger, and Togo. She earned a bachelor’s degree with honors in Economics from Swarthmore College and a PhD in International Economic Relations from the Fletcher School at Tufts University.



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Arijeta Neziraj Elshani has served as the Deputy Treasurer for Cash and Debt Management of the Kosovo Ministry of Finance since 2013. Her responsibilities include, but are not limited to, managing efficiently the government’s cash flows ensuring that government financing needs and it’s payment obligations are met at lowest cost, consistent with prudent degree of risk. Ms. Neziraj Elshani has been part of debt management function since its establishment in 2010. Previously she worked for an international commercial bank as a Treasury officer, responsible for money market operations.

Baba Y. Musa is Director of the Debt Management Department at the West African Institute for Financial and Economic Management (WAIFEM). Prior to joining WAIFEM, Mr. Musa had a 21-year stint at the Central Bank of Nigeria, where he worked in both the Research and the International Economic Relations Departments and retired as Assistant Director of Research. Over the last 23 years, Mr. Musa has been facilitating debt management training and capacity building activities of public sector officials in West Africa and beyond. He is currently Chairman of the Implementation Coordination Group (ICG) of the World Bank Debt Management Facility and an adviser on debt management to several state governments in Nigeria.

Bodo Ellmers is Policy and Advocacy Manager for Debt and Financial Reforms at the European Network on Debt and Development (Eurodad). He is leading Eurodad’s work on debt, financial governance, and responsible financing. This involves research and advocacy, coordinating Eurodad’s 46 member organizations members and liaising with partners. Before he took over this portfolio, he was in charge of Eurodad’s work on aid and governance for several years. Bodo has been a member of the UNCTAD expert group on Debt Workout Mechanisms and has consulted the UN General Assembly’s Ad Hoc Committee on a Multilateral Legal Framework for Sovereign Debt Restructurings. He has studied political science and development economics at Free University Berlin.



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Carlos Felipe Jaramillo is the Senior Director of the World Bank Group’s Macroeconomics, Trade and Investment Global Practice (MTI). In this position, Mr. Jaramillo leads a team of over 450 country economists, macroeconomists, as well as trade economists and specialists, debt and macro modeling experts, competition, business environment and investment policy experts, providing integrative development strategies, policy-based lending, and analytical and advisory services across more than 120 countries. Before this, Mr. Jaramillo was Director of Strategy and Operations in the Office of the Managing Director and Chief Operating Officer and the Senior Vice President for Operations. Since joining the Bank, in 2002, he has been Country Director for the Central America countries as well as for the Andean countries; Sector Manager in the Poverty Reduction and Economic Management (PREM) network in the Europe and Central Asia region and Lead Economist for Central America. Before joining the Bank, Mr. Jaramillo was a public servant in the Government of Colombia. Mr. Jaramillo holds a PhD in Development Economics from Stanford University. He has taught at the Department of Economics of the Universidad de Los Andes in Bogota and at the University of Maryland College Park.

Catherine Anne Pattillo is an Assistant Director, Fiscal Affairs Department and chief of the Fiscal Policy and Surveillance Division, responsible for the IMF’s Fiscal Monitor. Since joining the Fund from a position at Oxford University, she has worked in the Research Department and on countries in Africa and the Caribbean, and the Strategy, Policy and Review Department where she worked on low-income country issues, and emerging issues such as gender, inequality, and climate change. She has published in these areas, as well as on growth, investment, debt, monetary and exchange rate policies, aid, and currency crises.

Daniel C. Hardy is currently Chief of the Debt and Capital Market Instruments Division of the Monetary and Capital Markets Department of the IMF. His current work focuses on capacity building and innovation in public debt management; public debt-related issues in Fund surveillance and Fund-supported programs; developing markets for government debt and long-term financing; and the connection between public debt management and macro-financial stability. He has long experience in planning and executing technical assistance, and leading other work streams such as Financial Sector Assessment Programs (most recently for the Euro Area). He has published research on such topics as cross-border policy coordination, credit market behavior, policies for financial stability, and stress testing. He was an undergraduate at the University of Oxford and did his doctorate at Princeton University.



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Doerte Doemeland is the Practice Manager for Global Macro and Debt Analytics in the Macroeconomics, Trade and Investment (MTI) Global Practice of the World Bank. She has worked on technical, analytical and operational tasks in low and middle-income countries in ECA, LAC and Sub-Saharan Africa, including as Lead Economist for EU member states and the Andean Countries. She also joined the World Bank’s Research Department for two years to work with the Sr. Vice President and Chief Economist. She was the first Program Manager of the World Bank’s Debt Management Facility (DMF), responsible for setting up the DMF and establishing its work program . Doerte has published several books, book chapters and articles in peer reviewed journals on issues related to fiscal policy, debt and growth. She holds a PhD in economics from University Pompeu Fabra (Spain).

Donna Yearwood is the head of the Debt Management Division in the Office of the Budget of the Guyana Ministry of Finance. She has 32 years of experience working in public debt management. She has served as Guyana’s team leader in debt relief negotiations and restructuring within the context of the Paris Club, HIPC, MDRI and other bilateral arrangements and has also worked on capacity building programmes mainly with the Centre for Latin American Monetary Studies (CEMLA), Debt Relief International (DRI) and the Commonwealth Secretariat. Ms. Yearwood was a member of the World Bank’s Technical Advisory Group (TAG) from 2009-2011 working to support the Steering Committee of the Debt Management Facility (DMF). She is also a recipient of a National Award, Cacique Crown of Honours (CCH), for her outstanding work in Public Debt Management in Guyana.

Dougal Martin is Lead Economist in the Vice-Presidency for Countries at the Inter-American Development Bank (IDB). He coordinates concessional assistance matters in the IDB, including country eligibility for concessional assistance, the performance-based allocation of concessional resources and the IDB’s application of the Joint World Bank-IMF Debt Sustainability Framework. Prior to this position, he served for 22 years as IDB Country Economist for the following countries: The Bahamas, Belize, Jamaica, Nicaragua, Suriname and Trinidad and Tobago. He holds an M.Sc. in Economics of Latin America from the University of London.



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Ebrima L.S. Darboe is the Director of Loans and Debt Management at the Ministry of Finance and Economic Affairs, The Gambia. In this role, he is mandated with policy, strategy and operational management of The Gambia Public Debt. Previously, Mr. Darboe served for three years as Principal Loans Officer at the Ministry of Finance and Economic Affairs. Before joining the Ministry of Finance and Economic Affairs, Mr. Darboe worked as Head of Credit and Risk Management Department at International Commercial Bank, in 2010. Mr. Darboe holds a double master’s degree of MSc in Finance and MSc in Project Planning and Management from Leeds Metropolitan University and University of Bradford in UK respectively. He also obtained a BA in Economics and Social Policy from University of West of England, Bristol, UK and a National Certificate in Integrated Rural Development (RDI), The Gambia.

Efi Koutsokosta is a presenter and European affairs journalist at Euronews, the European news channel. She has produced the Brief from Brussels, a daily magazine programme about daily european affairs in Brussels but also across the whole continent. With a background as a news journalist Efi started working as a reporter for daily news and afterwards she started covering economic affairs since the economic crisis in Greece begun. She graduated from the Athens Panteion University with a bachelor degree in Communication and Journalism in 2005 and she is currently enrolled in the Business Administration Masters Program at Athens University of Economics and Business.

Elena Flores is Director for International Economic and Financial Relations, Global Governance, DG ECFIN, European Commission. Previously, she was Director, Economies of Member States II and head of the unit for Public finance in the euro area and the EU. Ms. Flores served as Advisor in Commissioner Solbes’ office, responsible for economic policies and financial issues, head of the unit Monetary union: technical and market questions, and head of the unit Financial markets and financial intermediaries. Elena Flores was a member of the team responsible for economic and monetary union within DG ECFIN. Before joining DG ECFIN, Elena Flores worked in the Directorate General for Budget. Ms. Flores was an assistant professor at the Universitat Autònoma de Barcelona (UAB) in 1982-1986. She has a Master’s degree from the UAB and a Master in European Economy from the College of Europe in Brugge, Belgium.



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Emre Balibek is a Senior Debt Specialist at the Macroeconomics, Trade and Investment (MTI) Global Practice of the World Bank, contributing to the Bank’s capacity building activities on public debt management. Prior to joining the Bank, he worked for the Turkish Treasury for more than fifteen years, most recently as the Deputy Director General of Public Finance, where he led a team that focused on risk analysis of sovereign assets and liabilities. He also served as part-time lecturer at the Middle East Technical University (METU) in Ankara, teaching a course in financial engineering, and a board member at the national Credit Guarantee Fund. He holds a PhD degree in Operational Research from METU, a MSc degree in Management Science from Warwick Business School; and has several publications on debt and risk management in national and international journals.

Eric Lalo is Managing Director of Lazard and Co-Head of the Sovereign Advisory Group. He has advised sovereign and quasi-sovereign clients in Africa, Central Asia, Europe and Latin America, most often in debt restructuring transactions involving sovereign creditors (Paris Club) and private sector creditors (London Club), and in capital raising transactions through international debt capital markets, multilateral and bilateral debt financing. He holds a MS in Management from Ecole des Hautes Etudes Commerciales (HEC), and a MA in Economy from Institut d’Etudes Poliques of Paris.

Erica Gerretsen has been working for the European Commission since 1995. She has been posted in Slovenia prior to accession, and to Benin as Economic advisor in the EU Delegation. She has been working in the European Commission Directorate General in charge of international development cooperation (DG DEVCO) since 2003 on budget support as well as on human rights and democracy. She has been deputy Head of Unit for West Africa and then became Head of Unit of the Central Africa region. She shortly led the Unit in charge of financing for development and development effectiveness. Since 2016, she is Head of Unit in DEVCO A4 "Budget Support, Public Finance Management and Domestic Revenue Mobilisation".

Erjon Luçi is Deputy Minister of Finance and Economy for Albania, responsible for the public finance management reform particularly in the areas of Fiscal Expenses, Treasury, Debt Management and Donor Coordination. Prior to this appointment, he worked as senior economist in the World Bank. Between 2003 and 2006 he worked in the Bank of Albania as the Head of the Research Department among other positions. Mr. Luçi has also worked at the University of Tirana as Chief of Monetary Sector, Macroeconomic Unit, and the Council of Ministers. Mr. Luci holds a Ph.D. in economics from Staffordshire University. He graduated with a B.A. in economics in 1996 from the University of Tirana. He also has a M.A. in economics from Staffordshire University.



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Gerry A. Teeling is Senior Economic Affairs Officer with the United Nations Conference on Trade and Development (UNCTAD). He heads the Debt Management and Financial Analysis Systems (DMFAS) Program. He has over 20 years of experience in debt management in developing countries and economies in transition, occupying a variety of roles in providing capacity-building support to over 60 countries. He has served the Debt Management Facility (DMF) as Chair of the Implementation Coordination Group (ICG), and he formerly chaired the DMF Technical Advisory Group. Mr. Teeling previously worked with the Department of Finance of the Government of Ireland.

Grant Cameron is Manager, Development Data Group, at the World Bank in Washington DC. He leads a team supporting developing countries improve their capacity to produce data and statistics to make them more accessible and useful. Grant also manages the International Comparison program that estimates GDP-based purchasing power parities for over 190 countries and economies and oversees the production of the economic and debt statistics in the World Development Indicators. Before joining the Bank, Grant worked for the Government of Canada in policy work (Manager, Personal Income Tax Policy, Finance Canada) and held managerial and statistician posts at Statistics Canada in the System of National Accounts and Advisory Services Branch.

Guillaume Chabert is Assistant Secretary for Multilateral Affairs, Trade and Development Policies, Directorate General of the Treasury, Ministry for Finance and Public Accounts, Ministry for the Economy, Industry and Digital Affairs. He is also Co-Chair of the Paris Club and G20/G7 Financial Sous-Sherpa. Previously, he was Deputy Chief of Staff of the Minister for Finance and Public Accounts and Adviser to the Prime Minister, in charge of the Economy, Finance and Business; and later appointed Deputy Chief of Staff of the Minister for Finance and Public Accounts. He is a graduate from Centrale Paris, the Institute of Political Studies, Paris, and the French Senior Civil Service School (ENA).

Herman Kamil is Director of the Sovereign Debt Management Division of the Minister of Economy and Finance of Uruguay, since 2015. He is also the co-Head of the Public Debt Coordation Committee established together with the Central Bank. Before joining the Ministry, he worked for 10 years at the International Monetary Fund. There, he held diferents positions in the Western Hemisphere and International Capital Market departments. He holds a PhD in Economics from the University of Michigan at Ann Arbor. He also has a Bachelors Degree from the University of the Republic in Uruguay.

http://isearch.worldbank.org/skillfinder/ppl_profile_new/000232123#pic-popup



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Izabella Barati-Stec is a professor and practitioner with a focus on public financing, urban financing, sub-national borrowing, taxation policies and capacity building in developing countries. During her career, she has worked closely with international organizations and contributes to building a global network of partners including governments, NGOs, the private sector and academia.

John Venner joined the Eastern Caribbean Central Bank (ECCB) in October 1984 as an Economist in the Research and Information Department. Since then he has worked in a number of Departments at the Central Bank such as Banking and Monetary Operations; Communications; Money and Capital Markets; and Statistics. The majority of his work has been in debt management where he has been involved in the implementation of CS-DRMS in the member states of the Eastern Caribbean and more recently the development of the Regional Government Securities Market.

Kevin Daly is a Senior Investment Manager on the EMD team at Aberdeen Standard Investments. Kevin joined Aberdeen Asset Management in 2007 having spent the previous ten years at Standard & Poor's in London and Singapore. During that time Kevin worked as a Credit Market Analyst covering global emerging debt, and was Head of Origination for Global Sovereign Ratings. Kevin was a regular participant on the Global Sovereign Ratings Committee, and was one of the initial members of the Emerging Market Council, formed in 2006 to advise senior management on business and market developments in emerging markets. Kevin graduated with a BA in English Literature from the University of California, Los Angeles.

Lars Jessen has over 20 years of experience in the field of public debt management, including asset and liability management, risk modeling, and management of contingent liabilities. Before joining the World Bank in 2002, Mr. Jessen was Special Adviser on government debt management for the Danish Central Bank. As Lead Debt Specialist at the World Bank, he has worked on the assessment and reform of public debt management in Egypt, Indonesia, Lebanon, Mongolia, Thailand, Turkey, Zambia, and others.



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Lars Mayland Nielsen is Head of Monetary Policy Operations and Government Debt at Denmark’s Nationalbank. He is responsible for the implementation of Denmark's monetary policy. He is also responsible for Danish government debt management. This includes developing borrowing strategies, managing market and credit risk, issuance of government bonds and swap transactions. Prior to his current position, Lars was Head of Government Debt Management in 2014-2016 and Head of Investments at Danmarks Nationalbank from 2012 to 2014. Lars holds a Master of Science degree in economics from Aarhus University, Denmark, and University of New South Wales, Sydney, Australia.

Lawrence Norton has served since September 2016 as the U.S. Treasury Representative to the EU. Prior to this position, he spent five years at the IMF, most recently as a Senior Economist in the Western Hemisphere Department, where he helped design and monitor Haiti's credit facility with the IMF. From 2011-2013, Lawrence served as an Advisor to the U.S. Executive Director at the IMF. Prior to that, he was the desk economist responsible for eurozone and EU issues at the U.S. Treasury, from 2008 until 2011. He began his career at the U.S. Commerce Department, where he focused on international trade subsidy cases. Lawrence holds a Master's degree from Yale University, and pursued his undergraduate studies at the Pennsylvania State University.

Léa Hakim is a Senior Economist with the World Bank’s Global Macro and Debt Analytics team specializing in debt sustainability and debt management issues. She has 13 years of experience in international organizations and the public sector covering macroeconomic monitoring and policy-advice, debt management reform, and climate change finance. Before joining the World Bank, she spent more than seven years with a UNDP project at the Ministry of Finance in Lebanon providing economic and fiscal policy advice to Ministers of Finance where she led Eurobond issuances for Lebanon. Léa has taught development economics at the American University of Beirut. She holds an M.A. in International and Development Economics from Yale University as a Fulbright scholar.

Leonce Yapo is a Senior Resource Mobilization Officer at the African Development Bank. He was actively involved in all key stages of the resource mobilization and allocation process through the African Development Fund, and has actively participated as a resource person in training workshops and in outreach events on ADF resource allocation process and related strategic options. He is the coordinator of the countries’ debt relief under the HIPC/MDRI initiatives. He actively participated in joint field missions in formulating and implementing aid strategies, mainly for capacity building in debt management and debt sustainability analysis. He is the new country Economist for Central Africa Republic



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Lilia Razlog is a Senior Debt Specialist at the Macroeconomics, Trade and Investment (MTI) Global Practice of the World Bank. She is a leading expert in Debt Management Performance Assessment (DeMPA) evaluations, conducted by the World Bank as part of the DMF technical assistance program. She has more than 20 years of professional experience in public sector reforms and regional experience from Europe, Asia and Africa regions. Prior to joining the World Bank, Ms. Razlog was Director of the Debt Department in Moldova, a member of the Board of Directors of the Black Sea Trade and Development Bank, an Alternate Governor representative at the IMF, WB, a Governor representative at IFAD and other international institutions. Ms. Razlog holds an MA degree from University College of London, UK.

Liviu Voinea has been Deputy Governor of the National Bank of Romania and executive member of the Board of the National Bank since October 2014, as well as a permanent member of the ESRB (European Systemic Risk Board) General Board and a member of the EFC (Economic and Financial Committee) of the European Union. In addition, Mr. Voinea has been a full professor of macroeconomics and international economics at the Academy of Economic Studies in Bucharest. Prior to his current position, he was Minister Delegate for Budget (member of the government) between December 2012 and August 2014, responsible for budget and public debt. He holds a Master degree in Business Administration from the School of Business, Stockholm University and a Ph.D. in economics degree from Academy of Economic Studies, Bucharest.

Malvina Pollock is a recognized expert in the measurement and management of external and public debt and credit-risk analysis, with broad-based country specific knowledge and in-depth experience of debt restructuring. Since retirement from the World Bank in 2009, Malvina has worked as an independent consultant on a range of debt-related projects and policy issues. During the course of her World Bank career Malvina played a lead role in the compilation and analysis of external debt data, the formulation of capacity building programs in debt management and initiatives to address debt crises. She served as the World Bank representative to the Paris Club and Berne Union of Credit and Investment Insurers. Malvina holds post-graduate degrees from the University of London and Oxford University.



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Maria Cannata is a consultant within the Counsel of Experts in the Treasury Department of the Italian Ministry of Economy and Finance. Between December 2000 and January 31, 2018 she was director general of Public Debt Management within the same department, and since 1999 she was member of the EFC subcommittee on European sovereign debt markets and member of the steering group of the OECD working group on public debt management. Since 2005 she was also member of the governance group of the OECD - Italian Treasury - World Bank Public Debt Management Network. Since 2013 she has been a member of the board of CDP S.p.A., where before represented the Director General of the Treasury from 2004. She holds a degree in mathematics, and an advanced diploma in French.

Mark Flanagan is Assistant Director of the Strategy, Policy and Review Department at the IMF. For the past two years he has also been in charge of the Debt Policy Division, where he has overseen work on a variety of debt-related issues, including a review of state contingent debt instruments, and the recently completed review of the IMF-World Bank debt sustainability framework for low-income countries. In his twenty-year career at the Fund he has covered debt crises both as an economist and then as a mission chief, with extended stays in the IMF’s European Department and Fiscal Affairs Department.

Massimiliano Paolucci is the World Bank Group Special Representative to the European Institutions, NATO, the Kingdom of Belgium and the Grand-Duchy of Luxembourg, a position he has held since November 1, 2013. Previously, Mr. Paolucci served as Head of the World Bank Group Office for Southern Europe based in Rome. He also served as Senior Country Officer for Brazil and several Caribbean countries. Prior to joining the World Bank Group in 1999, he served with the Carnegie Endowment for International Peace, McKinsey – Brussels Office and the Statistical and Economics Department of the Faculty of Political Science of the University of Genoa, Italy. Mr. Paolucci holds a M. A. in International Relations and Economics from the John Hopkins University, and a Master’s equivalent degree in International Political Science.

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Matthew Martin is Director of Debt Relief International (DRI), a non-profit organization which has built the capacity of more than 50 developing countries to design and implement their own debt management strategies, and conducts analysis of debt issues for many international organizations, donors and developing countries. Mr. Martin also directs Development Finance International (DFI) which performs similar functions on aid, private capital flows, tax and government spending. He was previously employed by the World Bank, Oxford University and the Overseas Development Institute, and has published extensively on debt relief and development financing.

Mehwish Ashraf is an Economist with the Macroeconomics, Trade and Investment Global Practice of the World Bank, based in Islamabad, Pakistan, and has been with the Bank for over seven years. She is the PMT Manager for the multi-year trust fund on Debt Management in Pakistan and has been engaged with the Federal government as well as the Sub-National governments in this area since she joined the Bank. Previously, Mehwish worked as a Financial Analyst at Debt Policy Co-ordination Office, Ministry of Finance, Govt. of Pakistan. She holds and MBA from Quaid-e-Azam University, Islamabad.

Mike Williams established the UK Debt Management Office as its first CEO in 1998. Prior to that he worked for nearly 25 years in the UK Treasury. Since leaving the DMO in early 2003, he has worked as an independent consultant on government debt and cash management. Through the IMF, World Bank, and others, he has worked extensively with governments across most regions of the world, in particular on institution and capacity building, governance, debt strategy and market development, and developing a more efficient and proactive approach to the management of the government’s cash.

Mkhulu Aubrey Maseko is Director, Credit Risk, at the National Treasury of South Africa, since 2010. The primary activities of the section are to quantify and to assess the quality of government’s implicit and explicit contingent liability exposure. He was part of the team that established the intergovernmental cash coordination project which coordinates government-wide surplus cash through pooling of investment accounts. He has assisted the World Bank on missions to Uganda and Ghana to assist the Ministries of Finance to develop methodologies for the credit risk assessment of contingent liabilities from guarantees and on-lending.



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Moritz Kraemer is an international expert on government debt and default. Until early 2018 he was a Managing Director and Chief Rating Officer at S&P Global Ratings’ Sovereign Ratings Group, which he had joined in 2001. Until August 2013 he was the Head of the Sovereign Ratings Group for Europe, Middle East and Africa (EMEA). Before joining S&P Moritz was an Economist with the Inter-American Development Bank in Washington DC, working with governments in Latin America in the design and implementation of economic policy reforms. Moritz holds a Ph.D. in Economics from the University of Göttingen (Germany). He studied Economics, Latin American Studies and Literature in Frankfurt, Southampton and San Diego.

Na Zhu is the Deputy Director of the Government Debt Management Division of the Department of Finance, Hunan Province, China. She has over 14 years of experience in designing and implementing fiscal reforms focusing on subnational government debt management, public financial management, fiscal decentralization, and budgeting. During 2016-2017, she served as a Senior Public Sector Specialist at the Governance Global Practice of the World Bank under the Global Secondment Program, which she worked for South Asia and East Asia countries.

Nura Muhammad Danmadami is currently serving as Director General, Debt Management Agency Bauchi, Bauchi State of Nigeria, a position he has held since 2010. Prior to that, he served as a Senior Special Assistant to the Governor (Bauchi State Governor) on Debt Management. He worked in various capacities with the Debt Management Office Abuja, and Inland Bank Plc. Mr. Danmadami holds a Master of Science degree in International Development, Development Finance, from University of Manchester, UK.

Nouran Youssef is a Senior Financial Sector Specialist at the Arab Monetary Fund (AMF). She has more than 13 years of experience in debt management, debt & sukuk markets Development, and capital markets. Also, in her current position, Ms. Nouran works on the assessment and reforms of debt markets in Arab countries, particularly Algeria, Bahrain, Morocco and UAE. Before joining the AMF, Ms. Nouran was the deputy debt manager at the Egyptian treasury. She holds a Doctorate of Business Administration and a Masters Degree in Finance from Cairo University, the same University.



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Paloma Anós Casero is Director of the Macroeconomics, Trade and Investment (MTI) Global Practice at the World Bank overseeing 180 staff. Her regional responsibilities include Sub-Saharan Africa, Latin America and the Caribbean, and Middle East and North Africa. Her thematic responsibilities include the oversight of the debt and macro-modeling unit. A Spanish National, she joined the World Bank in 2001 as a Young Professional. She has held various technical and managerial positions working on macroeconomic and microeconomic policy issues. Paloma holds Masters Degrees in Economics and Public Policy from the London School of Economics (LSE, London); International Economics from the Université Libre de Bruxelles (ULB, Brussels); and Macroeconomics and Finance from the Universidad Pontificia de Comillas (ICADE, Madrid).

Pamella McLaren is the Head of the Debt Management Unit at the Commonwealth Secretariat, which she joined in 2013. She is responsible for the overall operations of the Unit, which provides technical assistance in debt management through policy advisory support and capacity building activities to strengthen and reform debt management in Commonwealth member countries. Previoulsy, she served as a debt manager at the Bank of Jamaica and the Ministry of Finance of Jamaica. Mrs. McLaren holds a MBA from the University of New Orleans and a BSc from the University of the West Indies.

http://www.worldbank.org/en/about/people/p/paloma-anos-casero



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Peter Istjan-Hölzl is an adviser for sustainable development and finance at the Department for International Financial Institutions, Austrian Federal Ministry of Finance. He is responsible for Austria’s cooperation with the World Bank Group and several World Bank Group Programs and Trust Funds. Previously, he represented Austria in the World Bank Group’s Boards of Directors, working as an Advisor to the Executive Director for Austria, Belarus, Belgium, Czech Republic, Hungary, Kosovo, Luxembourg, Slovakia, Slovenia and Turkey for two years until November 2016. Before that, also at the Austrian Federal Ministry of Finance, he was in charge of the export financing scheme, tied aid credits, among others. He holds a degree in International Business Administration from the Vienna University of Economics and Business and studied at the College of Humanities and Social Science at the University of Edinburgh.

Phillip Anderson is an independent consultant with 30 years experience in public debt management, both as a practitioner and advisor. From 2002 to 2015 he was Senior Manager of the Banking and Debt Management Department at the World Bank Treasury, where he led the advisory activities of the department. In addition to country assignments, the team developed training courses for World Bank member countries and publications on sound practices. Prior to joining the World Bank, Mr. Anderson worked in the New Zealand Government Treasury, where amongst other positions he was the Treasurer of the New Zealand Debt Management Office from 1997 to 2002. He has authored publications in the field on a variety of topics including reform implementation, institutional arrangements, and debt in emerging market economies.

Razia Khan is Standard Chartered Bank’s London-based Chief Economist for Africa, responsible for providing in-depth analysis on African economies to the Bank’s clients. In addition to advising key multinational corporations and funds with African interests in Europe, USA, Asia, and the Middle East, she is a frequent visitor to Africa, sharing her insights on African economies with clients and policy makers. A frequent media commentator, Razia is often called on to provide analysis of African markets in key local and international media. Razia is a graduate of the London School of Economics with a BSc Hons degree in Economics and an MSc (Econ) in Development, including Monetary Economics and International Trade Law.



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Roger Nord is a national of the Netherlands. Currently, he is Deputy Director of the IMF’s Institute for Capacity Development, where he oversees the IMF’s global partnerships. Previously, he was Deputy Director of the IMF’s African Department, responsible for country operations in East Africa and Francophone West Africa and oversight over the IMF’s network of resident representatives in sub-Saharan Africa. He also led the work on public finance issues in Africa and was responsible for the IMF’s relations with China regarding Africa. Before joining the African Department, he was advisor to IMF Managing Director Horst Köhler and the IMF’s regional representative in Central Europe. He is a graduate of the University of St. Gallen, Switzerland, and of the University of Chicago.

Sébastien Boitreaud is Lead Financial Officer at the Financial Advisory and Banking Department, at the World Bank Treasury. He has over 12 years of experience in public debt management and financial sector regulation and development, gained at French Treasury where he was Deputy Head of the Debt Management Office. A former Alternate Executive Director for France at the IMF, he joined the World Bank in 2012 as an advisor to the Vice President & Treasurer before moving to the Government Debt and Risk Management team in 2014. In his current position, Mr. Boitreaud works on the assessment and reform of public debt management in Egypt, Serbia, Vietnam, Chad, Ghana, Benin, Azerbaijan and other countries. Stanislas Nkhata is Director of the Debt Management Programme at the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI), since 2017. His work at the MEFMI Secretariat involves managing and supervising all aspects of the Debt Management Programme. These include contributing to the enhancement of human and institutional capacity in sovereign debt management through improved policies, systems, databases and awareness creation in MEFMI member countries. Prior to joining MEFMI, Mr. Nkhata held various positions in the Debt and Aid Management Division in the Ministry of Finance in Malawi, and is an alumni of the World Bank Debt Management Practitioners Programme. Mr. Nkhata holds a Master of Arts Degree in Economics and a Bachelor of Social Sciences Degree from the University of Malawi.



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Stefano Manservisi is the Director-General for International Cooperation and Development (DEVCO) at the European Commission, since May 2016. An Italian national, he previously served as Head of the Private Office of Federica Mogherini, High Representative of the Union for Foreign Affairs and Security Policy and Commission Vice-President. In 2014, he was the Head of the Delegation of the European Union to Turkey. Before that, he held different positions at the Commission, including as Director-General for Migration and Home Affairs, and Director-General for Development and Relations with African, Caribbean, and Pacific States. He has also headed the Private Offices of the Commission's President Romano Prodi and Commissioner Mario Monti. A lawyer by training, he has been a visiting professor at the University of Bologna, University of Roma III, and the College of Europe.

Stella Rusine Nteziryayo is the head of Public Debt Management in the Ministry of Finance and Economic Planning of Rwanda, and lead the successful issuance of Rwanda’s first Eurobond. Previuosly, Stella worked extensively on the design and formulation of the macroeconomic framework, while focusing on the external sector. She is an alumni of the World Bank’s debt management practitioner program, and holds a BA in International Economics from the University of Rwanda, and is currently pursuing a Master Degree in Economics.

Subhash Chand joined the Reserve Bank of India in 2002 and has worked in many Departments since then. He started his career at the RBI in the Public Debt Office and then moved to the Public Accounts Department, two departments which handle back-office functions of public debt. Mr. Chand also worked in the Department and Settlement Systems. He joined the Public Debt Management Cell (PDMC) in the Ministry of Finance, Government of India, in December 2016 and has been heading it since.

Teppo Koivisto is the Director of Finance and Head of the Finance Division, State Treasury, Republic of Finland, also the Chairman of the OECD Working Party on Debt Management, since 2014. Mr. Koivisto is in charge of central government debt management. Previously, he was head of Debt Capital Markets and head of research at OKKO Bank, and held various positions within Nordea Group. In 2011-2017. Mr. Koivisto served on the Board of Directors of Municipality Finance Pic (MuniFin). Mr. Koivisto holds a Master’s degree in Economics from the Universtiy of Helsinki, and has completed the Finnish Postgraduate Programme in Economics at the University of Helsinki and the Advanced Studies Programme in Economic Policiy Research at the Kiel Institute for the World Economy, Germany.



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Tomas I. Magnusson is an international consultant with various institutions, and the DMF’s Chair of the Panel of Experts (PoE). After retirement from the World Bank, he has continued working in these areas as a consultant, mainly for the World Bank and the IMF, but also for the Asian Development Bank, INTOSAI, GIZ, UNCTAD and UNDP. He was recruted as Principal Financial Advisor for the World Bank in 2002, with a focus on enhancing public debt management capacity in developing countries. Previously, he held the positions of General Counsel of the Swedish National Debt Office (SNDO), and Director and Head of its Guarantee Department. He has been working in the area of public financial management in a wide range of countries and jurisdictions, and has written several papers in public financial management, particularly on the legal and organizational framework. He has a Master of Laws degree (LL.M) from the University of Stockholm.

Vera John-Emmanuel has worked in the field of Debt Management for the past 14 years. She is a graduate of the University of the West-Indies. She was the Assistant Director of Debt & Investment for the past 6 years and is currently the Acting Deputy Director of Finance for Debt & Investment. She currently sits on ECLAC’s Debt for Climate Change Adaptation Swap Task Force. Ms. John-Emmanuel Manages the largest portfolio in the Eastern Caribbean where she is actively involved in the issuance of instruments on the Regional Government Securities Market. In 2012, she spearheaded Saint Lucia’s inaugural Debt Management Strategy. Mrs. John-Emmanuel has done extensive work in re-organising the Debt Management Unit into Front, Middle and Back Offices.

Yasantha Weerasinghe is Deputy Superintendent in the Public Debt Department of the Central Bank of Sri Lanka (CBSL). In recent times, he contributed extensively towards introduction of the new issuance methodology for the Government of Sri Lanka Treasury Bonds. Also, he had played active roles in conducting various socio-economic surveys carried out by CBSL. Beginning his career in the field of Air navigation services, he had worked at Ernst & Young and La Trobe University, Australia as a Senior Statistics Officer. A fellow member of the Institute of Chartered Accountants of Sri Lanka, Yasantha presently serves as a member of the Accounting Standards Committee as well. He holds a Master of International and Development Economics from Australian National University and Bachelor of Science ( Statistics) from University of Colombo, Sri Lanka.

dmf stakeholders’ forum 2012

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