Training Program
Virtual: Formulating and Implementing a Medium-Term Debt Management Strategy (MTDS)
Deadline passed
Session No.: CE 22.05V
Location: Kuwait City, Kuwait
Date: January 10-13, 2022 (1 week)
Delivery Method: Virtual Training
Primary Language: English
Interpretation Language: Arabic
Target Audience
Officials from debt management offices, ministries of finance, or central banks who deal with public debt management.
Qualifications
Participants are expected to have a degree in economics or finance, or equivalent experience.
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 for 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 broader medium-term macroeconomic framework. Officials use a selected strategy to then work on MTDS implementation with an annual borrowing plan template.
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 purpose.
- 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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