This paper presents a synthesis of presentations and discussions at a UNITAR Sub-Regional workshop held recently in Harare, Zimbabwe (September 1999) for debt managers coming from Eastern and Southern African countries. The paper, moreover, expands significantly on the workshop discussions. The theme of the workshop was 'Effective National Debt Management' and it drew on the expertise of resource persons from Austria, Denmark, Ireland, and Sweden to share with their African counterparts the latest developments in debt and financial management of the Organisation for Economic Co-operation and Development (OECD) countries. As part of this initiative, UNITAR had the privilege of collaborating with the Eastern and Southern African Management Institute (ESAMI, Arusha) for which it is grateful. This paper, which has been written for UNITAR by Mr. Michael Horgan, deals with a range of issues to be considered by any developing country or economy in transition for effective national debt management. Some factors, no matter how extraneous they may be to a debt management unit within a particular country, will nonetheless have a bearing on sound financial management. Furthermore, special consideration is given to factors of direct interest and concern to debt managers. An attempt is also made to expound on the debt management and institutional aspects in selected OECD countries with a view to drawing some parallels and seeing how African economies may evolve in this particular area.