Staff Guidance Note on Information Sharing in The Context of Sovereign Debt Restructurings - Purpose and Application

Jul 19, 2026

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This guidance note explains what information included in debt sustainability analyses may be shared and the manner of sharing with creditors and other stakeholders. It applies to the Bank and covers how information sharing supports decisions on financing assurances and the design and implementation of debt restructurings consistent with restoring debt sustainability and an appropriate macroeconomic policy framework. It also clarifies that DSAs themselves are generally assigned confidential security classification until specified internal approvals and publication steps are completed.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages14

Reading Time35 min

SECTION I – PURPOSE AND APPLICATION

Purpose

Application

SECTION II – DEFINITIONS

Key terms and acronyms

SECTION III – SCOPE

Executive summary and structure

General principles on information sharing

Sharing information with creditors during restructuring and program design

Public Disclosure Staff Guidance Note on Information Sharing in The Context of Sovereign Debt Restructurings Bank Access to Information Policy Designation Public Content This Guidance explains what information included in debt sustainability analyses can be shared (and how) with creditors and other stakeholders, in accordance with the applicable Bank policies and procedures. Applicable to IBRD , IDA Pub lic Disc losure Authorized SECTION I – PURPOSE AND APPLICATION 1. This Guidance explains what information included in debt sustainability analyses can be shared with creditors and other stakeholders, and how such information sharing can take place, in accordance with the applicable Bank policies and procedures. 2. This Guidance applies to the Bank. SECTION II – DEFINITIONS 3. As used in this Guidance, the capitalized terms and acronyms have the meanings set out below: | ATI: | Access to Information | | --- | --- | | AMS: | Administrative Manual Statement | | AMS 6.21A | Information Classification and Control Policy, AMS 6.21A, June 2010, or its successor thereof | | ASA: | Advisory Services and Analytics | | Bank | IBRD or IDA, or both, as applicable. | | CAT-DDO: | Catastrophe Deferred Drawdown | | CF: | Common Framework | | DPO: | Development Policy Operations | | EFI: | Equitable Growth, Finance and Institutions Practice Group within IBRD | | External Party | As the term is defined in the Information Classification and Control Policy, AMS 6.21A, June 2010, or its successor thereof | | IBRD: | International Bank for Reconstruction and Development | | IDA: | International Development Association | | IMF: | International Monetary Fund | | LIC DSA: | Low Income Country Debt Sustainability Analysis | | LIC DSF: | Low-Income Country Debt Sustainability Framework | | EMFDR: | Macro/Fiscal-Global Director | | MTI: | Macroeconomics Trade and Investment Global Practice within IBRD | | NDA: | Non-Disclosure Agreement | | PBG: | Policy-Based Guarantee | | Staff | World Bank Staff | | UFR: | Use of Fund Resources | | WBG: | World Bank Group | | World Bank: | IBRD or IDA, or both, as applicable | SECTION III – SCOPE Executive Summary 4 I. Introduction 5 II. Guiding Policies 6 III. General Guidance on Information Sharing 9 IV. Information sharing with Creditors throughout the Debt Restructuring and Program Design Phases 111 Where a debt restructuring is needed to restore debt sustainability in a member country, the World Bank can facilitate the sharing of information underlying staff’s assessment of that country’s debt sustainability with selected and relevant parties (i.e. , External Party) . This is especially important to inform creditors’decisions on the provision of financing assurances and the implementation of a debt restructuring consistent with restoring debt sustainability and an adequate macroeconomic policy framework. Pursuant to the applicable policies, procedures and directives, determining what information is to be shared, to which extent, with whom, how, and when to share information, will also depend on the specific context. This guidance note explains what information can be shared in accordance with applicable Bank policies and procedures. Although information sharing with external creditors is essential to support the restructuring process, in general, the draft debt sustainability analysis document itself cannot be made public and should be assigned the security classification of “confidential” until either of: World Bank Board approval (for DSAs in DPOs), circulation for information to the World Bank Board (for stand-alone LIC DSAs , assuming the authorities have given their consent), or appropriate management approval (for publication of DSAs in Advisory Services and Analytical pieces, subject to exceptions under the Bank’s Access to Information Policy) . Staff must navigate this tension and, to the extent questions arise, should consult with the Global Macroeconomics and D

FAQs

What does the guidance note cover regarding sharing debt sustainability analysis information?

It explains what information included in debt sustainability analyses can be shared with creditors and other stakeholders, and how the sharing can take place under applicable Bank policies and procedures.

What is the purpose of information sharing in sovereign debt restructuring contexts?

Sharing supports creditors’ decisions on financing assurances and helps implement debt restructuring consistent with restoring debt sustainability and an adequate macroeconomic policy framework.

Can draft debt sustainability analysis documents be made public?

In general, the draft DSA document cannot be made public and should be assigned a “confidential” security classification until defined approvals and circulation/publication steps occur.

Jul 19, 2026

Upload by Finn