{
  "title": "The Medium-Term Debt Management Strategy: An Assessment of Recent Capacity Building",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2017/07/28/pp072817-the-medium-term-debt-management-strategy",
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  "summary": "<p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nb",
  "sections": [
    {
      "heading": "Background",
      "content": "- This report to the Boards of the International Monetary Fund (IMF) and the World Bank (WB) is the third in a series regarding the evolution of the Medium-Term Debt Management Strategy (MTDS) framework and the associated capacity building efforts.\n- In 2007 the two Boards endorsed the development of the MTDS and ancillary tools, and mandated a program of technical assistance to help countries build capacity in this area.\n- Rationale: sound debt management is critical to macroeconomic stability and to the development and functioning of the financial sector."
    },
    {
      "heading": "Capacity building delivery and evolution",
      "content": "- Delivery modes:\n  - Country visits by staff and experts.\n  - Regional training events.\n  - Organization of forums.\n- Evolving emphasis:\n  - Greater tailoring to country circumstances and ownership.\n  - Improved coordination within and across agencies in recipient countries.\n  - Move from one-off missions toward sustained streams of support, which often produced better results.\n- Complementary reforms and linkages:\n  - Strengthening of institutions and governance arrangements.\n  - Improvements in debt recording and government cash management.\n  - Strengthened linkages with annual borrowing plans (ABP) and debt sustainability analysis (DSA), though more work is needed.\n- Client focus:\n  - Primary focus on middle- and lower-income countries.\n  - Donor support recognized as generous."
    },
    {
      "heading": "Outcomes, evidence, and metrics",
      "content": "- Documentation methods:\n  - Qualitative and quantitative metrics.\n  - Responses from national authorities to a questionnaire on MTDS technical assistance.\n  - Case studies showing tailoring to country needs.\n- Reported benefits:\n  - Majority of recipient countries indicated technical assistance helped introduce a structured and coherent approach to designing a debt management strategy (DMS).\n  - Assistance raised awareness of risks among senior officials and broader stakeholders.\n  - Countries appreciated advice on institutional and governance reforms and on integrating debt management into macroeconomic policy formulation and implementation.\n  - Many recipient countries are now better able to integrate debt management into overall economic policy and adapt DMS to changing country circumstances.\n  - For some countries, risk exposure indicators have improved even as debt levels have increased."
    },
    {
      "heading": "Technical challenges and future needs",
      "content": "- Changes in country circumstances:\n  - Increasing market access (for example, issuance of Eurobonds or local currency bonds).\n  - Potential realization of contingent claims.\n- Implications for MTDS:\n  - Need to consider additional risk factors.\n  - Need for more diverse scenarios and market risk metrics.\n  - Need for a wider range of strategies.\n- Capacity spectrum:\n  - Some countries will require more sophisticated techniques to analyze cost-risk trade-offs and to implement chosen strategies.\n  - Others remain in the process of building a solid foundation for debt management.\n- Delivery innovations:\n  - In addition to hands-on trainings, greater use of on-line learning may enhance effectiveness and efficiency.\n  - Building institutional capacity is a long-term endeavor that often requires a programmatic approach: diagnosis followed by an actionable reform plan supported by tailored technical assistance."
    },
    {
      "heading": "Policy considerations and questions for the Boards",
      "content": "- The Boards are asked for their views on:\n  - Priorities in a strategy for future development of capacity building in MTDS.\n  - How best to ensure that improvements in debt management are sustained.\n- Critical factors for sustained enhancement:\n  - Country ownership, often reflected in commitments under IMF- or WB-supported programs.\n  - Sustained client ownership and programmatic, sustained support rather than one-off interventions.\n\nThe Medium-Term Debt Management Strategy: An Assessment of Recent Capacity Building, July 28, 2017.\n\n---\n\n Content in this bundle\n\n- Policy Paper\n  - Policy Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Policy Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/policy-papers/issues/2017/07/28/pp072817-the-medium-term-debt-management-strategy"
    }
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    "Published: July 28, 2017",
    "This report to the Boards of the International Monetary Fund (IMF) and the World Bank (WB) is the third in a series regarding the evolution of the Medium-Term Debt Management Strategy (MTDS) framework and the associated capacity building efforts.",
    "In 2007 the two Boards endorsed the development of the MTDS and ancillary tools, and mandated a program of technical assistance to help countries build capacity in this area.",
    "Rationale: sound debt management is critical to macroeconomic stability and to the development and functioning of the financial sector.",
    "Delivery modes:",
    "Evolving emphasis:",
    "Complementary reforms and linkages:",
    "Client focus:",
    "Documentation methods:",
    "Reported benefits:",
    "Changes in country circumstances:",
    "Implications for MTDS:",
    "Capacity spectrum:",
    "Delivery innovations:",
    "The Boards are asked for their views on:",
    "Critical factors for sustained enhancement:",
    "**Policy Paper**"
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