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This paper provides an overview of the strategic and operational issues as well as institutional challenges, related to the implementation of the Sovereign Asset and Liability Management (SALM) approach. Application of an SALM framework allows the authorities to identify and monitor sovereign exposure mismatches; increase resilience to foreign currency and interest rate risks; and thus, strengthen financial stability; and implement more cost-effective management of the public-sector debt. The analysis is based on emerging market (EM) countries and illustrated by the experience of Uruguay, using data as of end-2017.

Accounting --- Financial Risk Management --- Money and Monetary Policy --- Public Finance --- Debt --- Debt Management --- Sovereign Debt --- General Financial Markets: General (includes Measurement and Data) --- Portfolio Choice --- Investment Decisions --- International Financial Markets --- General Financial Markets: Government Policy and Regulation --- Public Administration --- Public Sector Accounting and Audits --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financial reporting, financial statements --- Monetary economics --- Public finance & taxation --- Finance --- Financial statements --- Currencies --- Public debt --- Asset and liability management --- Government debt management --- Public financial management (PFM) --- Government asset and liability management --- Money --- Finance, Public --- Debts, Public --- Asset-liability management --- Uruguay