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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.

Goals

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.

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.

Countries with Current Medium-Term Debt Management Strategies*

CountryYear publishedPeriod Covered
Angola20192019-2021
Armenia20182019-2021
Azerbaijan20182018-2025
Benin20172017-2021
Bosnia and Herzegovina20182018-2020
Cambodia20152015-2018
Côte d'Ivoire20162017-2022
Ethiopia20192016-2020
Gambia, The20172017-2020
Ghana20172017-2020
Grenada20172018-2020
Honduras20182018-2022
India20152015-2018
Kenya20182018-2021
Kosovo20182019-2021
Kyrgyz Republic20182018-2020
Lesotho20182018-2022
Madagascar20182019-2021
Maldives20172019-2021
Moldova20182019-2021
Mongolia20152016-2018
Mozambique20152015-2018
Nicaragua20162016-2019
Nigeria20162016-2019
Pakistan20152016-2019
Papua New Guinea20182019-2022
Rwanda20182018-2021
Samoa20162016-2020
Senegal20172018-2020
Solomon Islands20162016-2020
Sri Lanka20172017-2020
St. Vincent and the Grenadines20182018-2020
Tajikistan20142015-2017
Tanzania20172018-2021
Uganda20162018-2021
Vanuatu20152015-2017
Zambia20172017-2019

*The documents in this list are published and maintained by governments. The World Bank endeavors to be transparent about all information regarding government debt. This list will be updated every six months. Last update: February 1, 2020