TARGET GROUP | Officials from debt management offices, treasuries, or central banks responsible for public debt management in DMF eligible countries. Participants should have a degree in economics or finance, or equivalent experience.
DESCRIPTION | This course, delivered by the IMF’s Monetary and Capital Markets Department, jointly with WB’ Global Macro and Debt Unit, aims at building capacity in developing and implementing a sound medium-term debt management strategy (MTDS), through designing an annual borrowing plan (ABP). Officials are trained on the joint IMF-WB MTDS analytical tool (MTDS AT), which is useful for identifying the risk exposure embedded in a debt portfolio and analyzing the cost-risk trade-offs of alternative debt management strategies. Debt management strategies are formulated by taking into account the composition of the debt portfolio, macroeconomic indicators, market conditions, potential sources of financing, and the linkages with broader medium-term macroeconomic framework. Officials select a single debt management strategy (DMS) to design an annual borrowing plan and auction calendar, utilizing a new Annual Borrowing Plan (ABP) tool.
OBJECTIVES | Using the quantitative MTDS analytical tool that accompanies the MTDS framework:
o Analyze the central government debt portfolio to identify the costs and risks inherent in the existing debt.
o Formulate different market risk scenarios (baseline and shock scenarios), adapting them to the country’s specific situation.
o Identify and assess various financing strategies under these scenarios and compare the cost/risk trade-offs involved.
o Select a strategy that is in line with debt management objectives
Using the new ABP tool:
o Design annual borrowing plan, including auction calendars, for the first two years of the strategy period
End: Aug 06
Sponsoring Organization: IBRD/IMF
Application Deadline: By invitation only