Medium-Term Debt Management Strategy: Analytical Tool Manual

Emre Balibek, Tobias Haque, Diego Rivetti and Miriam Tamene

No 2019/002, IMF Technical Notes and Manuals from International Monetary Fund

Abstract: This report provides guidance on using the Analytical Tool of the Medium-Term Debt Management Strategy (MTDS). The MTDS framework consists of a methodology, published as the ‘Guidance Note for Developing a Medium-Term Debt Management Strategy’, and an associated analytical tool (AT) that can be used to assess the cost-risk trade-offs of alternative strategies to help identify the preferred strategy. The MTDS framework supported by the AT quantitative analysis helps to determine the financing strategy. The chosen debt management strategy sets out the financing composition path to meet the debt management objective(s). The profile of future interest payments and the amortizations of new debt are driven by the debt management strategy. The MTDS AT is based on annual cash flow. Although this assumption is enough for analyzing alternative debt management strategies, in some cases, particularly for countries that are heavily dependent on short-term securities with maturities of less than a year, it would be helpful to work with cash flows with higher frequency.

Keywords: TNM; debt portfolio; interest payment; base currency; debt management; debt manager; MTDS; Debt Management Strategy; Debt Management; Debt Portfolio Cost and Risk Analysis; baseline interest rate; environment debt securities; portfolio data; Currencies; Exchange rates; Interest payments; Government cash forecasting; Securities; tool manual; medium-term debt management strategy (search for similar items in EconPapers)
Pages: 68
Date: 2019-05-15
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