Strengthening the role of debt management offices (DMOs) through technology and innovation

Adapting to change

DMO success in a challenging market
  • Blog
  • 4 minute read
  • June 17, 2025

DMOs operate in a high stakes and constantly evolving environment where the cost of inefficiency or misjudgement can be significant for national economies. The situation is further complicated by the unprecedented fiscal measures that have been implemented in response to global economic disruptions over the past few years. This has resulted in an urgent need for DMOs to transform so they are able to operate with the agility and resilience required in an uncertain and rapidly changing macroeconomic and geopolitical environment.

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Adapting to change

Outstanding sovereign bond debt

in OECD countries is predicted to reach nearly USD 59 trillion in 2025, up from USD 54 trillion in 2023 – a rise of 9% in just 2 years.

Net borrowing to GDP ratios

are at a historic high of 84%

 

Borrowing costs on fixed rate bonds

almost quadrupled from 2021 to 2024.

Interest payments to GDP ratios

rose to 3.3% in 2024, more than the requirements of major government functions such as defense.

Reference: OECD Global Debt Report 2025: Financing growth in a challenging debt market environment. https://www.oecd.org/en/publications/2025/03/global-debt-report-2025_bab6b51e.html.

Many DMOs rely on technology and processes that were implemented years, or even decades, ago. These legacy systems are increasingly ill-equipped to meet the evolving demands of today’s fiscal environment. In comparison, a new generation of purpose-built, end-to-end sovereign debt management solutions – many offering cloud and SaaS deployment models – now provide an opportunity to modernise and future-proof DMO operations. By transitioning to a modern digital infrastructure, DMOs can move beyond the limitations of fragmented systems and manual processes, towards an integrated, agile environment capable of responding in real time to both risks and opportunities.

Successfully managing a transformation is complex. However, DMOs don’t need to navigate it alone. Our team brings deep expertise in guiding governments and public finance institutions through successful DMO modernisation - from needs assessment to system selection and implementation strategy.

For more than 20 years, the PwC and FIS alliance has delivered award-winning treasury solutions that enhance liquidity and risk management by modernising financial infrastructure for clients worldwide. This collaboration combines PwC's extensive consulting expertise and treasury in-depth knowledge with FIS' innovative technology to address evolving client needs across various industries.  


At PwC, we help clients build trust and reinvent so they can turn complexity into competitive advantage. We’re a tech-forward, people-empowered network with more than 370,000 people in 149 countries. Across audit and assurance, tax and legal, deals and consulting we help build, accelerate and sustain momentum. Find out more at www.pwc.com.

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Adapting to change

Damien McMahon

Damien McMahon

Partner, PwC Belgium

Camelia Cristiana Dan

Camelia Cristiana Dan

Senior Manager, PwC Belgium

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