Efficient public sector borrowing in a country requires an effective and transparent legal and regulatory framework and organizational structure. The Guidelines for Public Debt Management, a publication of the International Monetary Fund and World Bank, confirms that an effective governance structure for public debt management requires a clear legislative framework and well-defined organizational arrangements with the mandates of different agencies articulated to ensure that there is no overlap. Debt management operations should be supported by an accurate management information
system which would enable analytical work to be undertaken as loan portfolios become more complex and governments wish to undertake debt and risk analyses. Sound debt management requires the conduct of annual audits to ensure comprehensive reporting on public debt. Staff working in debt offices should be required to work in a modern business environment with clear conflict-of-interest guidelines.