This paper reviews Bank-Fund staff experience with strengthening Public Debt Management(PDM) frameworks and capacity in developing countries. In 2001, the World Bank and the IMF developed sound practice guidelines in this area, followed by a pilot program to assist 12 countries develop and implement reforms. In addition, an assessment of PDM has been incorporated into surveillance work, where relevant, and included in other Bank and Fund advisory and technical assistance work. Based on these, the paper draws key lessons, identifies the continuing challenges facing debt managers, and propose further capacity building and advisory work in PDM.