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Launched in November 2008, the Debt Management Facility (DMF) for Low-Income Countries (LICs) is a multi-donor trust fund that supports the scaling up and accelerated implementation of the World Bank Group's debt management work program in low-income countries - (List of DMF-eligible countries). The program has the specific objective of strengthening debt management capacity and institutions through a number of tools that help countries assess and plan their debt. The DMF also helps empower debt managers faced with political pressure to advocate for a prudent and sustainable approach to taking on new debt.

In 2014, the World Bank Group launched a second round of the trust fund (DMF II) that formalizes a partnership with the International Monetary Fund. Experts from both institutions will now execute trainings and technical assistance for low-income countries hoping to improve and professionalize their debt management. The list of topics covered by the trust fund has also been expanded to cover emerging issues, such as domestic debt market development and the issuance of debt on international markets.

The third phase of the Debt Management Facility (DMF III) was launched at the 2019 Bank-Fund Spring meetings, scaling up the work of the DMF, and continuing to adapt to address evolving country needs. DMF III builds on a decade of track experience and results and looks to the future in supporting debt management capacity building in a changing debt landscape for low and middle income developing countries. DMF III introduces capacity building in areas that support boosting debt transparency such as in areas of debt reporting and monitoring, and debt-related contingent liabilities and other relevant fiscal risks; and enhances TA related to debt management institutions. In addition to introducing new trainings in these areas, DMF III also seeks to expand outreach activities and pilot innovative peer-to-peer learning initiatives.