Ministry of Finance and Economic Development2014-04-072014-04-072012-10https://hdl.handle.net/10986/17637This medium term debt management strategy (MTDS) for Ethiopia provides a framework for developing an effective public sector debt management strategy that aims to achieve a desired composition of the public sector debt portfolio that reflects a cost-risk analysis and captures the government's preferences with regard to the cost-risk trade-off. This MTDS is considered a tool for evaluating and managing the risk involved with different debt compositions; facilitating coordination with fiscal and monetary management; and enhancing transparency. It ensures that the government's financing needs and payment obligations are met at the lowest possible cost consistent with a prudent degree of risk.en-USCC BY 3.0 IGOACCESS TO FINANCINGACCOUNTINGANNUAL BORROWING PLANARREARSAUCTIONAUCTIONSBALANCE OF PAYMENTSBONDBORROWERBORROWING STRATEGYBUDGET DEFICITCASH MANAGEMENTCENTRAL GOVERNMENT DEBTCENTRAL GOVERNMENT FINANCINGCOMMERCIAL BANKCOMMERCIAL BANKSCOMMERCIAL TERMSCOMPOSITION OF DEBTCONTINGENT LIABILITIESCREDITORCREDITORSCREDITWORTHINESSCURRENCYCURRENCY COMPOSITIONCURRENCY MISMATCHCURRENCY RISKCURRENT ACCOUNT DEFICITDATED INSTRUMENTSDEBTDEBT BURDENDEBT BURDENSDEBT COMPOSITIONDEBT COMPOSITIONSDEBT FORGIVENESSDEBT INSTRUMENTDEBT LEVELSDEBT MANAGEMENTDEBT MANAGEMENT OPERATIONSDEBT MANAGEMENT STRATEGIESDEBT MANAGEMENT STRATEGYDEBT MARKET DEVELOPMENTDEBT MATURITIESDEBT OBLIGATIONSDEBT OUTSTANDINGDEBT OVERHANGDEBT PORTFOLIODEBT PROBLEMSDEBT REDEMPTIONDEBT REDUCTIONDEBT RELIEFDEBT SERVICEDEBT SERVICE PAYMENTSDEBT SERVICINGDEBT SERVICING COSTSDEBT STOCKDEBT STRATEGIESDEBT STRATEGYDEBT SUSTAINABILITYDEBT SUSTAINABILITY ANALYSISDEFICIT FINANCINGDEFICITSDEGREE OF RISKDEVALUATIONDEVELOPMENT BANKDEVELOPMENT FINANCEDISBURSEMENTDISBURSEMENTSDISCOUNT RATEDOMESTIC BONDDOMESTIC BONDSDOMESTIC BORROWINGDOMESTIC CURRENCYDOMESTIC DEBTDOMESTIC DEBT MANAGEMENTDOMESTIC DEBT MARKETDOMESTIC DEBT MARKET DEVELOPMENTDOMESTIC DEBT MARKETSDOMESTIC FINANCIAL MARKETDOMESTIC FINANCINGDOMESTIC INTEREST RATEDOMESTIC INTEREST RATESDOMESTIC MARKETECONOMIC DEVELOPMENTECONOMIC DEVELOPMENTSEXCHANGE RATEEXCHANGE RATESEXPENDITUREEXPENDITURESEXTERNAL BORROWINGEXTERNAL BORROWINGSEXTERNAL DEBTEXTERNAL DEBT MANAGEMENTEXTERNAL FINANCESEXTERNAL FINANCINGFINANCIAL CRISISFINANCIAL MARKETSFINANCING REQUIREMENTFISCAL DEFICITFIXED INTERESTFIXED INTEREST RATEFIXED INTEREST RATESFLOATING RATEFLOATING RATE DEBTFOREIGN CURRENCIESFOREIGN CURRENCYFOREIGN DEBTFOREIGN EXCHANGEFOREIGN EXCHANGE RESERVESFOREIGN FINANCINGFUTURE LOANSGLOBALIZATIONGOVERNMENT BONDSGOVERNMENT BORROWINGGOVERNMENT BUDGETGOVERNMENT GUARANTEEGOVERNMENT PAPERGOVERNMENT REVENUEGOVERNMENT SECURITIESGRACE PERIODGROSS DOMESTIC PRODUCTINFLATIONINFLATION RATEINFLATIONARY PRESSUREINSURANCEINSURANCE COMPANIESINTEREST COSTINTEREST EXPENDITUREINTEREST PAYMENTINTEREST RATEINTEREST RATE CHANGESINTEREST RATE RISKINTERNATIONAL BONDINTERNATIONAL DEVELOPMENTINTERNATIONAL FINANCEINTERNATIONAL SECURITIESINTERNATIONAL STANDARDINVESTINGINVESTMENT BANKINVESTOR BASEISSUANCEISSUANCE OF TREASURY BILLSLEGAL FRAMEWORKLEVEL OF DEBTLIQUIDITYLIQUIDITY RISKLOANLOCAL CURRENCYLONG TERM BONDSMACROECONOMIC CONDITIONSMACROECONOMIC ENVIRONMENTMACROECONOMIC INSTABILITYMACROECONOMIC RISKSMACROECONOMIC STABILITYMARKET CONDITIONSMARKET ENVIRONMENTMARKET INTEREST RATESMARKET REFORMMARKET RISKMATURITIESMATURITYMATURITY DATEMATURITY STRUCTUREMONETARY FUNDMONETARY POLICIESMONETARY POLICYNATIONAL BANKOPTIMAL DEBT STRUCTUREOUTSTANDING DOMESTIC DEBTOVERALL DEBT PORTFOLIOPAYMENT OBLIGATIONSPOLITICAL RISKPORTFOLIOPOTENTIAL INVESTORSPRIMARY MARKETPRIVATE BANKSPRIVATE CREDITORSPRIVATE INVESTORSPUBLIC BORROWINGPUBLIC DEBTPUBLIC DEBT MANAGEMENTPUBLIC SECTOR BORROWINGPUBLIC SECTOR DEBTRATES OF RETURNREAL INTERESTREAL INTEREST RATESREPAYMENTREPAYMENTSRISK EXPOSURERISK MANAGEMENTRISK MANAGEMENT TOOLSSECONDARY DEBTSECONDARY DEBT MARKETSSECONDARY MARKETSSECURITIES MARKETSSECURITY MARKETSECURITY MARKETSSHORT TERM INTEREST RATEST-BILLT-BONDTAXTOTAL DEBTTRADE BALANCETRANSPARENCYTREASURYTREASURY BILLTREASURY BILLSTREASURY BONDSVARIABLE INTEREST RATEVARIABLE INTEREST RATESYIELD CURVE10.1596/17637