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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.

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.

Countries with Current Medium-Term Debt Management Strategies*

Country

Year published

Period covered

Albania20222022 - 2026
Angola20222022 - 2024
Armenia20232024 - 2026
Bangladesh20222022 - 2024
Benin20232023 - 2025
Bhutan20212021 - 2023
Botswana20232023 - 2024
Brazil20212021 - 2030
Burkina Faso20222022 - 2024
Cambodia20202019 - 2023
Cameroon20202021 - 2023
Colombia20182018 - 2022
Congo, Dem. Rep.20192020 - 2024
Costa Rica20222020 - 2027
Côte d'Ivoire20222022 - 2026
Dominica20132014 - 2018
Dominican Republic20162016 - 2020
Egypt, Arab Rep.20202021 - 2024
Ecuador20212021 - 2024
Ethiopia20192016 - 2020
Fiji20232024 - 2026
Georgia20232022 - 2025
Ghana20232023 - 2026
Grenada20222022 - 2024
Guinea20202020 - 2024
Honduras20212022 - 2025
India20152015 - 2018
Indonesia20202020 - 2024
Jamaica20222024 - 2028
Kenya20242024 - 2027
Kosovo20212022 - 2024
Lebanon20172017 - 2021
Lesotho20182018 - 2022
Liberia20212021 - 2023
Madagascar20212020 - 2022
Malawi20222018 - 2022
Maldives20232024 - 2026
Mali20212022 - 2024
Moldova20202020 - 2022
Mongolia20192019 - 2022
Namibia20192018 - 2025
Nicaragua20192020 - 2023
Nigeria20212020 - 2023
North Macedonia20232024 - 2026
Pakistan20232023 - 2026
Panama20142023 - 2027
Papua New Guinea20242022 - 2027
Paraguay20212021 - 2025
Peru20202020 - 2023
Poland20222023 - 2026
Romania20212021 - 2023
Rwanda20222023 - 2025
Samoa20222022 - 2026
Senegal20232023 - 2025
Serbia20222022 - 2024
Sierra Leone20222021 - 2025
Sri Lanka20192019 - 2023
St. Lucia20232023 - 2026
St. Vincent and the Grenadines20222022 - 2024
Tanzania20222022 - 2024
Togo20242024 - 2026
Tonga20212021 - 2025
Uganda20232023 - 2026
Ukraine20212012 - 2024
Uruguay20202020 - 2024
Vanuatu20192019 - 2022
Zambia20232023 - 2026
Zimbabwe20222022 - 2025

*The documents in this list are published and maintained by governments. This list will be updated annually. (Last update occurred in April 2024.) The publication of a Medium-Term Debt Management Strategy is assessed as part of the Debt Reporting Heat Map.

 

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.




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