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LAC Debt Group About Us

LAC Debt Group

About Us

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LAC Debt Group Events Statistics Research

We support efforts by Latin America and Caribbean countries to increase their capacities in public debt management and to foster better debt management practices. We aim to improve debt management through regional integration, sharing of experiences, and cooperation among countries.

Instrumented Public Debt Statistics

Asset Liability Management

Contingent Liabilities

Creation of a conceptual framework

Creation of templates and identification of methodology to follow

Measurement

LAC DEBT GROUP
Who We Are

LAC Debt Group is the Group of Latin American and the Caribbean Debt Management Specialists. The Group is made up of 26 Latin American and Caribbean countries.

The Group's main objective is to strengthen the capacity of governments to manage public debt and to foster better management practices through the continuous sharing of experiences across countries and technical discussions.

This initiative was born during a workshop on the development of bond markets that took place at the IDB on August 5 and 6, 2004. The Group was formally created in March 2005 during its first Annual Meeting in Rio de Janeiro, Brazil.

Member countries and representatives
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What We Do

LAC Debt Group proposes a general framework to structure and guide the actions of public debt management specialists in the region by fostering uninterrupted sharing of experiences and policies across countries, technical discussions among a broad group of debt management analysts, as well as access to standardized public debt data and statistics. The Group also serves as a mechanism for harmonization, a facilitator of the sharing of experiences, fostering innovations, and promoting financial markets in the region. Finally, the Group encourages studies and debates on current and potential debt and bond management analytical tools.

impact-evaluation
Our Objectives

LAC Debt Group seeks to strengthen the capacity of governments to manage public debt and to foster better practices in Latin America and the Caribbean.

The main objectives of the LAC Debt Group are related to supporting regional cooperation in order to create a more homogeneous framework for the debt and bond markets to:

  • Enhance discussions among debt managers as a result of better integration across countries and the establishment of a network that facilitates the sharing of experiences and the provision of technical assistance.
  • Contribute to the effectiveness of DMOs (Debt Management Offices) in the countries of the region.
  • Foster DMO best practices to deal with common subjects of interests that will have been identified in the region, serving as valuable references to the conduct of debt management; and
  • Favor financial and capital sector development.
Productive-Financing
Members

LAC Debt Group is made up of 26 Latin American and Caribbean countries. Each country member of the Group has one vote and can appoint one voting representative to attend the annual meeting.

Application for voting membership is limited to the public entity responsible for debt management in each country.

Member Countries and representatives

LAC Debt Group is headed by the Steering Committee, which delegates oversight of day-to-day operations to the Chair, Vice-Chair, and Executive Secretary. The Steering Committee is responsible for the overall policy and direction of the Group. It is made up of seven members, a Chair, a Vice-Chair, an Executive Secretary, and other four Steering Committee officers. The Advisory Board, which is comprised of an International Organization, provides guidance to Steering Committee:

Steering Committee

The Steering Committee is responsible for the overall policy and direction of the Group. It is constituted by six representatives and four alternate representatives of member countries, and by the Executive Secretary.

Each of the four sub-regions (Andean Group; Caribbean; Central America, Mexico, Panama, Dominican Republic, and Haiti; and Southern Cone) elects two countries to act as members and alternate members, respectively, in the Steering Committee. The two other members of the Steering Committee are elected by the representatives of the at-large members participating in the Annual Meeting.

A Chair and a Vice-Chair are elected from the pool of the six representatives of member countries. Members of the Steering Committee serve two-year terms and are eligible for re-election for one term.

Elected by Member Country Alternate Member Country
Andean Group Peru Colombia
Caribbean Barbados Trinidad and Tobago
Central America, Mexico, Panama, Dominican Republic and Haiti Panama Dominican Republic
Southern Cone Argentina Uruguay
Membership Brazil  
Membership Mexico  
Chair Peru  
Vice-Chair Argentina  
Advisory Board

The advisory Board is comprised of International Organization members who wish to provide guidance to Steering Committee. Members of the Steering Committee identify potential candidates for the Advisory Board based on their commitment to the Group's objectives and mission and their expressed interest in it. Candidates are invited to participate as members of the Advisory Board for a period of two years but are eligible for re-election for one term.

Executive Secretariat

The Executive Secretary is responsible for keeping records of Board actions, assisting in the preparation of the budget, helping develop fundraising plans, and making financial information available to Steering Committee members and the public. The Executive Secretary is Inter-American Development Bank (IDB). It proposes to the Steering Committee the agenda for annual meetings, workshops, and other activities.

The Executive Secretary appoints a General Coordinator to establish with an endorsement of the Steering Committee and the other personnel needed in order to support the implementation of the program of the Group.

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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.

a group of people sitting and some raising a hand

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.

Article I - Name, Purpose

Section 1: The name of the organization shall be LAC Debt Group - Group of Latin American and Caribbean Debt Management Specialists (Group).

Section 2: The Group was designed to support the generation of technical knowledge and the strengthening of the institutional capacities of the public entities responsible for debt management in Latin America and the Caribbean (Debt Management Offices - DMOs).

Section 3: The Group will have meetings every year. The date and place of the regular annual meeting shall be set by the Steering Committee.

Section 4: Notice of the annual meeting shall be given to each public entity responsible for debt management in the member countries, by e-mail or fax, not less than two months before the meeting.

Section 5: The Steering Committee may call special meetings of the Group.

 

Article ll - Membership

Section 1: Application for voting membership shall be limited to the public entity responsible for debt management in each country and -assigned by the authority that supports the purpose statement in Article 1 Section 2- permanent membership is contingent upon being up to date on membership dues.

Section 2: Each country member of the Group has one vote. It shall appoint one voting representative to attend the annual meeting.

Section 3: Other public entities related to public debt management in a country can participate in the Group (with voice but no vote) in coordination with the public entity responsible.

Section 4: International institutions related to public debt management can participate in the meetings of the Group. The invitation and participation of these institutions must be ratified by the Steering Committee.

Section 5: The Steering Committee shall have the authority to establish and define non-voting categories of membership.

Article lll - Governing Bodies

Section 1: The Steering Committee is responsible for the overall policy and direction of the Group and shall have seven members: a Chair, a Vice-Chair, an Executive Secretary, and other four Steering Committee officers. It will delegate responsibility for day-to-day operations to the Chair, Vice-Chair, and Executive Secretary. The Steering Committee receives no compensation.

Section 2: The Steering Committee shall meet once a year at the time of the Annual Meetings of the Group, at an agreed-upon time and place. It will have as many additional meetings as necessary at the request of any member of the Steering Committee. These meetings can be at the level of conference call. Decisions made should be communicated by e-mail to the Group members.

Section 3: Every meeting of the Steering Committee must have a quorum of at least four of the Steering Committee members before business can be transacted or motions made or passed.

Section 4: An official Steering Committee meeting requires that each Steering Committee member have a written notice not less than two weeks in advance. In specific circumstances, each member of the Steering Committee will have a written notice at least 48 hours in advance.

Section 5: The Steering Committee members shall be elected by the representatives of the voting entities of the member countries.

Section 6: All Steering Committee members shall serve three-year terms but are eligible for re-election for one term.

Section 7: All Steering Committee members, except the Executive Secretary, shall be elected at the corresponding Annual Meeting. Their duties are as follows:

The Chair shall convene the regular meetings of the Steering Committee and shall preside or arrange for other members of the Steering Committee to preside at each meeting in the following order: Vice-Chair and the other three officers.

The Vice-Chair will chair committees on special subjects as designated by the Steering Committee.

Section 8: The Executive Secretary will have the function of representing the Group. Together with the Steering Committee, it will be responsible for defining the Group's strategic guidelines and the research agenda. It Shall lead the organization of the annual meetings of the Group. It shall be responsible for keeping records of the actions of the Steering Committee, including overseeing the taking of minutes at all meetings, sending out meeting announcements, distributing copies of minutes and the agenda to each Steering Committee member, and assuring that corporate records are maintained. It shall make a report at each Steering Committee meeting. It shall assist in the preparation of the budget, help develop fundraising plans, and make financial information available to Steering Committee members and the public. The Executive Secretary must be an Inter-American Development Bank (IDB) official, who will have a voice but no vote. The Executive Secretary could appoint -with the endorsement of the Steering Committee- a General Coordinator and other personnel needed in order to support the implementation of the program of the Group.

Article lV - Technical Secretariat

Section 1: The Technical Secretariat of the Group is created with the following functions: coordination and monitoring of the studies to be carried out within the framework of the Group's activities; update of the regional standardized sovereign debt database; update of the Group's website; support the technical aspects of the organization of the annual meetings of the Group; among other activities defined by the Steering Committee.

Section 2: The IDB will hire a consultant or appoint an official to perform the functions of the Technical Secretary of the Group. The Technical Secretary shall be responsible for carrying out the duties assigned to the Technical Secretariat.

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