LAC Debt Group was born during a workshop on the development of bond markets that took place at the IDB on August 5 and 6, 2004. At this meeting, representatives of national debt management offices strongly endorsed the notion of creating this group and pledged to start working to establish it. They underscored the organizational and technical importance of IDB support in this endeavor. The IDB began providing support for the LAC Debt Group in July of 2005 under its Regional Public Goods Initiative. This support is being used to finance important activities, studies and regional products.
The Group was formally created in March 2005 during its first Annual Meeting in Rio de Janeiro, Brazil. The Group is made up of 26 Latin American and Caribbean countries.
During the Rio meeting country representatives discussed the Group’s general framework to structure and guide its actions. The approach chosen was one of continuous sharing of experiences across countries and technical discussions involving a broad group of debt management analysts that deal with back, middle and front office issues. The Group’s bylaws were approved during the meeting and the first Steering Committee was elected. The first Steering Committee was made up of representatives from Brazil (President), Colombia (Vice President), Chile, Jamaica, Mexico and Panama. The role of Executive Secretary was designated to the Inter-American Development Bank. All the representatives pledged to start working immediately in the implementation of the Group’s objectives and enthusiastically supported the proposal.