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Debt & Fiscal Risks Toolkit

Medium-Term Debt Management Strategy (MTDS)

The Medium-Term Debt Management Strategy (MTDS) is a framework developed by the World Bank and IMF to guide the debt management decisions and operations of government authorities. The MTDS links borrowing with macroeconomic policy; helps countries maintain sustainable levels of debt; and facilitates domestic debt market development.

Debt managers are responsible for raising the funding a government needs at the lowest possible cost over the medium- to long-run, consistent with a prudent degree of risk. The MTDS outlines how the government intends to borrow and manage its debt to achieve a portfolio that reflect its cost and risk preferences, while meeting financing needs.

Implementing an MTDS helps governments manage risk exposures arising from its debt portfolio, reduce macro-financial risks, reinforces fiscal policy and supports the development of a functioning government securities market.

Countries with Current Medium-Term Debt Management Strategies*

Country

Year published

Period covered

Albania20212021 - 2023
Angola20192019 - 2021
Antigua and Barbuda20162016 - 2020
Armenia20212022 - 2024
Azerbaijan20182018 - 2025
Bangladesh20142014 - 2016
Benin20212020 - 2024
Bhutan20212021 - 2023
Bosnia and Herzegovina20212021 - 2023
Botswana20162017 - 2019
Brazil20212021 - 2030
Cambodia20202019 - 2023
Cameroon20202021 - 2023
Colombia20182018 - 2022
Congo, Dem. Rep.20192020 - 2024
Costa Rica20202020 - 2024
Côte d'Ivoire20212019 - 2023
Dominica20132014 - 2018
Dominican Republic20162016 - 2020
Egypt, Arab Rep.20202021 - 2024
Ecuador20212021 - 2024
Ethiopia20192016 - 2020
Fiji20212021 - 2023
Georgia20212022 - 2025
Ghana20212021 - 2024
Grenada20202021 - 2023
Guinea20202020 - 2024
Honduras20212022 - 2025
India20152015 - 2018
Indonesia20202020 - 2024
Jamaica20202020 - 2024
Kenya20212021 - 2024
Kosovo20212022 - 2024
Kyrgyz Republic20202020 - 2023
Lebanon20172017 - 2021
Lesotho20182018 - 2022
Madagascar20212020 - 2022
Malawi20182018 - 2022
Maldives20212022 - 2024
Mali20212022 - 2024
Moldova20202020 - 2022
Mongolia20192019 - 2022
Montenegro20182018 - 2022
Namibia20192018 - 2025
Nicaragua20192020 - 2023
Nigeria20212020 - 2023
North Macedonia20202021 - 2025
Pakistan20192020 - 2023
Panama20142014 - 2018
Papua New Guinea20212022 - 2027
Paraguay20172017 - 2021
Peru20202020 - 2023
Poland20202021 - 2024
Romania20182018 - 2020
Rwanda20202021 - 2022
Samoa20162016 - 2020
Senegal20182018 - 2020
Serbia20212022 - 2024
Sierra Leone20222021 - 2025
Sri Lanka20192019 - 2023
St. Lucia20202020 - 2023
St. Vincent and the Grenadines20212021 - 2023
Tanzania20212020 - 2022
Togo20212021 - 2025
Uganda20202020 - 2024
Ukraine20192019 - 2022
Uruguay20202020 - 2024
Vanuatu20192019 - 2022
Zambia20172017 - 2019

*The documents in this list are published and maintained by governments. This list will be updated annually. (Last update occurred in June 2022.) The publication of a Medium-Term Debt Management Strategy is assessed as part of the Debt Reporting Heat Map.

 

Methodology

The MTDS framework consists of an eight-step methodology, supported by an analytical tool, which enables governments to assess the potential cost and risk trade-offs they may face under different debt management strategies. The MTDS framework covers:

  • the objectives and scope of debt management;
  • the characteristics of the existing debt portfolio and the identification of risk priorities;
  • the sources of potential domestic and external financing; the macroeconomic framework and structural factors;
  • baseline pricing assumptions and shock scenarios; and the comparison of alternative funding strategies based on estimates of cost and risk.

Delivery

Through the Debt Management Facility, The World Bank and IMF have provided over 100 bilateral technical assistance missions on the MTDS since 2008. This technical assistance has been complemented by regional, international, and online training.  

Read More

Publication: The Medium-Term Debt Management Strategy (MTDS): An Assessment of Recent Capacity Building

This publication looks at the 10 years of MTDS and how it has been adapted to function in a more complex international environment.

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