Big reforms don’t live or die with ministers alone. They depend on the machinery beneath them. In Episodes 1 and 2, I traced the early journey of debt-for-health swaps in Sierra Leone: from first hearing about the tool, to testing its relevance, to earning political attention from the Minister of Health and the Ministry of Finance. In Episode 3, the story shifts. A new Minister of Finance steps in. A workshop gathers technocrats, partners, and experts who co-shape the proposal. And what began as a single idea becomes a multi-stakeholder effort with staying power. We explore: How leadership transitions can both test and strengthen reforms Why workshops and co-creation build credibility that outlasts personalities What lessons Sierra Leone drew from Antigua and Barbuda’s experience with swaps And how the COVID-era Debt Service Suspension Initiative (DSSI) reframed global debt rules, creating space for new instruments like swaps Lesson learned: Ministers can open doors, but it’s the directors, deputies, and economists who keep reforms alive. Debt swaps don’t just need political will. They need a bureaucratic home.   #debtswap #debtfinancing