1. UNCTAD, World Bank and IMF Workshop Geneva, February 06-10 2017
THE MTDS DOCUMENT
UNCTAD, World Bank and IMF Workshop
Geneva, February

2. Debt Law

3. What works will vary – but there are some things not to do
Content and presentation varies widely – what works for you?
Reproduction of the World Bank/IMF Aide Memoire
Detailed discussion of all the steps utilized in the MTDS process

4. Background outlines objectives and context
Objectives and Scope
Objectives
Scope of debt included
Costs and risks to be managed
Existing Portfolio
Description of debt levels and trends, including drivers
Composition by creditor, currency, interest type, etc.
Key risk and cost indicators
Conclusions regarding the costs and risks to be managed
Environment for Debt Management
Market environment
Policy and budget environment
Constraints on policy choices regarding debt portfolio

5. Strategy section describes objectives and how they were developed
Analysis
Description of analysis undertaken
Assumptions and forecasts
Limitations
Strategy
Description of a single, clear strategy
Desired composition of portfolio and rationale
Progress to be made over period
Risk/cost indicators that will be targeted

6. Example Indicators Table
Goal
Indicator
Target
Manage FX risk
FX non EUR debt (as % of MTDS debt)
≤ 30
Domestic market development
domestic debt (as % of RS MTDS debt)
≥ 30
Manage refinancing risk
ATM (years)
≥ 4
short term debt - original maturity (as % of last year public revenues)
≤ 8
Manage interest rate risk
Fixed rate debt (% of MTDS debt)
≥ 60
Manage cost of debt
WAIR (%)
≤ 3.5

7. Additional information can be included on specific plans
Specific projects (implementation of DMS?)
Specific measures for domestic market development (new framework?)
Monitor and evaluate
Description of how progress will be measured
Steps to be taken if conditions change

8. MTDS is an Ongoing Process
Formulate
Agreement
(Publish)
Implement
Monitor
(Regular: Annual, but more often if key changes)
Revise
(if warranted)