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Medium-Term Debt Management Strategy Framework (MTDSx)

Deadline passed

Session No.: OL 23.160

Location: Course conducted online

Date: May 1, 2023 - April 15, 2024 (50 weeks)

Delivery Method: Online Training

Primary Language: English

    Target Audience

    Officials from debt management offices, ministries of finance, or central banks who deal with public debt management.

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    Participants are expected to have a degree in economics or finance, or equivalent experience.

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    Course Description

    This course, presented by the Monetary and Capital Markets Department, aims at building capacity in developing and implementing a sound medium-term debt management strategy (MTDS). Officials are trained on the joint IMF-WB MTDS framework, which is useful for illustrating government cost and risk tradeoffs associated with different debt management strategies and managing the risk exposure embedded in a debt portfolio, in particular, the potential variation in debt servicing costs and its budgetary impact. Officials analyze cost-risk trade-offs of alternative debt management strategies, utilizing the MTDS analytical tool (MTDS AT) developed by the IMF and WB, taking into account the composition of the debt portfolio, macroeconomic indicators, market conditions, potential sources of financing, and the linkages with the broader medium-term macroeconomic framework. Officials then use a selected strategy to work on MTDS implementation with an annual borrowing plan template.

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    Course Objectives

    Upon completion of this course, participants should be able to:

    • Describe the steps in developing an MTDS (the IMF-WB MTDS framework).
    • Analyze the central government debt portfolio to identify the costs and risks inherent in the existing debt.
    • Formulate different market risk scenarios (baseline and shock scenarios), adapting them to the country’s specific situation.
    • Identify and assess various financing strategies under these scenarios and compare the cost/risk trade-offs involved.
    • Use the quantitative MTDS analytical tool that accompanies the MTDS framework.
    • Present the results of the analysis in a manner that enhances its value for policy purposes.
    • Formulate a strategy that is in line with debt management objectives.
    • Design an annual borrowing plan for the first two years of the strategy period.
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