Study on Managing Sovereign Debt in Times of Crisis: Study Summary, Findings and Lessons

This executive summary describes a study commissioned by MEFMI and supported by FSD Africa that examines the policies and practices countries used to manage public debt and support debt markets during the COVID-19 pandemic. The study focuses on four themes: macroeconomic policy interventions, external financing operations, local currency bond markets, and governance and operational risk management frameworks.

• The COVID-19 pandemic caused severe global health and economic crises, with the IMF estimating that the impact on developing countries was historic and unusual in its severity. The crisis led to significant debt stresses, which were particularly difficult to manage for countries that were already vulnerable before the pandemic.
• Sub-Saharan African countries faced higher exposure and more limited fiscal maneuverability during the COVID-19 crisis compared to their position during the 2008/09 global financial crisis. Additionally, the shift to remote work created frequent operational challenges that hindered risk management.

APA

FSD Africa (2023). Study on Managing Sovereign Debt in Times of Crisis: Study Summary, Findings and Lessons. https://fsdafrica.org/publication/study-on-managing-sovereign-debt-in-times-of-crisis-study-summary-findings-lessons/

Chicago

FSD Africa. Study on Managing Sovereign Debt in Times of Crisis: Study Summary, Findings and Lessons. 2023. https://fsdafrica.org/publication/study-on-managing-sovereign-debt-in-times-of-crisis-study-summary-findings-lessons/.

Wikipedia

{{cite report |author=FSD Africa |title=Study on Managing Sovereign Debt in Times of Crisis: Study Summary, Findings and Lessons |date=12 August 2023 |url=https://fsdafrica.org/publication/study-on-managing-sovereign-debt-in-times-of-crisis-study-summary-findings-lessons/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{fsdafrica2023study, author = {{FSD Africa}}, title = {{Study on Managing Sovereign Debt in Times of Crisis: Study Summary, Findings and Lessons}}, institution = {FSD Africa}, year = {2023}, month = aug, url = {https://fsdafrica.org/publication/study-on-managing-sovereign-debt-in-times-of-crisis-study-summary-findings-lessons/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }