The contours of sovereign debt management have changed significantly, requiring a strategic framework with closer co-ordination to deal with the inter-linkages of associated risks between the balance sheets of the sovereign, financial, corporate and household sectors. The global financial and economic crises have brought public debt management to the centre of macroeconomic policy. The dynamic of sovereign debt problems in advanced economies carries potential for spillover effects and consequent policy challenges for many indebted developing countries, including those in the Commonwealth. It has widened the canvas for future management of sovereign debt liabilities, and bears important lessons for developing economies.