Debt managers from Barbados, Sri Lanka & Tanzania have won the inaugural Commonwealth Public Debt Management Awards in recognition of their contributions and innovation in public debt management.
The winners were announced at a ceremony hosted by the Commonwealth Secretariat on Thursday, 26 March ’26. This was during the Commonwealth Public Debt Management Forum.
Winners
Barbados’ Debt Management Unit won the Regional Debt Management Office Award for the Caribbean. This was for its work on debt-for-climate swaps. This approach permits the country to reduce its public debt in exchange for investments in local climate projects.
Sri Lanka received the Regional Debt Management Office Award for Asia-Pacific for its efforts in restructuring public debt and returning it towards sustainable levels. The stratergy includes the use of new financing approaches.
Tanzania’s Debt Management Division won the Regional Debt Management Office Award for Africa. This was in addition to the overall Commonwealth Debt Management Office of the Year Award. The award recognises its work in strengthening how public debt is managed. It includes better integration with wider government financial systems, besides improved access to development financing.
The winners were selected by an independent panel based on innovation, resilience, & sustainability. It followed submissions from across Commonwealth countries.
The awards ceremony was declared open by the Commonwealth Deputy Secretary-General (Programmes), Tanmaya Lal. This was in the presence of high commissioners and representatives from ministries of finance, treasuries, development organisations and financial institutions, said Tanmaya Lal.
Debt management is one of the most important national exercises. This is especially for countries of the Global South that are developing economies and have growing needs to deliver development for their people.
For over 4 decades, the Commonwealth Secretariat has supported member states in sustainable debt management. It has been providing ongoing technical advice, expert input and capacity building.
Addressing the forum after receiving the award, Chief Debt Strategy Analyst, Debt Management Unit, Ministry of Finance in Barbados, Antonio Inniss shared that;
Debt managers routinely go above & beyond to deliver the best solutions for their respective countries. They are fully aware of the long-term impact of every decision. Much of this work happens behind the scenes. Often, there may be little acknowledgement of the effort involved. Teams are small, especially in the Caribbean. This makes our achievements even more remarkable. To be recognised by the Commonwealth Secretariat, which is a much valued & consistent partner on this journey, is deeply humbling, besides being sincerely appreciated.
When closing, Senior Director of the Secretariat’s Economic, Development, Trade & Investment Directorate, Dr Ruth Kattumuri, congratulated all the finalists and commended the debt officials for their sincere efforts to enable sustainable debt management. Also, for being engines for driving economic resilience in their respective countries.
She particularly commended the overall winner, Tanzania, for its reforms in strengthening public debt management. She reaffirmed the Secretariat’s sustained support to the country in line with the outcomes of the 72nd Commonwealth Ministerial Action Group.
The week-long Commonwealth Public Debt Management Forum brings together a gathering that consists of debt managers from member countries for peer-to-peer learning. Also, for sharing experiences and exploring the latest thinking trends on how governments borrow, manage and repay public debt. This forum also involved high-level panel meetings to discuss innovative policy frameworks for enabling sustainable and inclusive debt management.
Discussions focus on cultivating a shared understanding of debt risks. Also supporting countries in developing and implementing sound debt strategies, besides strengthening partnerships in unlocking sustainable financing.
Insights from the forum that concluded on 27 March will inform the delivery of support provided by the Secretariat. That’s in helping countries strengthen public debt management policies and operations.
This forum has been created as part of the Commonwealth Year of Resilient, Innovative and Sustainable Debt.
