## Preparing an Annual Borrowing Plan

_Technical Notes and Manuals, September 16, 2025_

## Source details

**Canonical URL:** [Preparing an Annual Borrowing Plan](https://www.imf.org/en/publications/tnm/issues/2025/09/16/preparing-an-annual-borrowing-plan-567444)

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## Bibliographic details
- Authors: Oumar Dissou, James Knight, Miriam Tamene, Leandro Secunho, Diego Rivetti
- Published: September 16, 2025
- Series: Technical Notes and Manuals
- DOI: https://doi.org/10.5089/9798229011433.005

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### Purpose and scope
- An Annual Borrowing Plan (ABP) guides the short-term execution of a debt management strategy (DMS), which typically spans 3–5 years.
- An ABP requires high-frequency data and detailed planning, considering:
  - gross financing needs (GFN),
  - seasonal revenue and expenditure patterns,
  - debt service obligations.
- The ABP is presented as a technical guidance note spanning 43 pages (Technical Notes and Manuals No. 2025/012).

### Key benefits and functions
- Identifies refinancing risks.
- Assesses financing feasibility.
- Detects funding gaps.
- Contributes to market development and investor engagement.
- Enhances transparency in government borrowing and securities issuance.
- Links debt management with broader macroeconomic components, including:
  - fiscal and monetary policy,
  - cash flow forecasting,
  - market liquidity.

### Implementation challenges and context
- Emerging market and low-income countries have improved their ability to develop DMS but face ongoing implementation challenges in translating DMS into executable short-term plans.
- Preparing an ABP requires alignment across government units and timely, granular data.

### Core steps in preparing an ABP
- Identify the debt coverage.
- Analyze gross financing needs (GFN).
- Evaluate market conditions.
- Select borrowing instruments.
- Align borrowing choices with DMS targets.
- Obtain policymaker approval once finalized.
- Publish the ABP, with publication practices varying by country:
  - A high-level borrowing overview should accompany the national budget.
  - A more detailed version should be published subsequently.
  - An issuance calendar should be published for government securities.

### Practical recommendations for good practice
- Maintain high-frequency cash flow forecasting and data collection to support short-term execution.
- Use the ABP to proactively manage refinancing schedules and seasonal liquidity pressures.
- Publish an issuance calendar to support market development and investor engagement.
- Ensure coordination between debt management, fiscal policy units, and the central bank to align liquidity and monetary considerations.

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## Content in this bundle

- **Preparing an Annual Borrowing Plan; September 2025; TNM/2025/12**
  - [Preparing an Annual Borrowing Plan; September 2025; TNM/2025/12 (Markdown version)](/-/media/files/publications/tnm/2025/english/tnmea2025012.pdf.md){rel="alternate" type="text/markdown"}
  - [Preparing an Annual Borrowing Plan; September 2025; TNM/2025/12 (PDF)](/-/media/files/publications/tnm/2025/english/tnmea2025012.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/tnm/issues/2025/09/16/preparing-an-annual-borrowing-plan-567444_