The trend towards fiscal decentralisation over the past decade has led to the growing importance of sub-national funding including debt. In India and Brazil, state debt account for about 27% and 30% of GDP respectively. Sub-national debt crises have occurred from time to time and borrowing by sub-nationals must be managed in a comprehensive manner.

This module will consider issues specific to subnational borrowing and management including:

• The regulatory framework for sub national borrowing
• The management of sub national contingent liabilities
• How to develop competitive sub national credit markets
• The analysis and sustainability of sub-national debt
• Undertaking sub-national debt management capacity assessments using the World Bank DeMPA tool

The module will be of interest to debt managers working in both sub-national institutions as well as in central government.