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Republic of Kenya : Medium Term Debt Management Strategy, 2010/11-2012/13The objective of debt management in
 Kenya is to finance the Government financing requirements at
 the least cost with a prudent degree of risk. The 2010
 Medium Term Debt Strategy (MTDS) is a versatile public debt
 management tool linked to the medium term fiscal framework
 that contains prudent revenue projections and planned
 expenditures consistent with Kenya's economic recovery
 effort. The strategy seeks to address the terms of new
 borrowing, including the appropriate mix between domestic
 and external debt. This report explores the objectives of
 debt management in Kenya, an overview of the previous medium
 term debt strategy, key developments, characteristics of the
 existing debt portfolio, outcomes of analysis of strategies,
 debt sustainability and implementing the 2010 MTDS.
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Ethiopia's Medium Term Debt Management Strategy (2013-2017)This 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.
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Analysis and Options for Namibia's Medium-Term Debt StrategySince gaining its independence 23 years ago, Namibia has established an enviable track record of political stability, prudent macroeconomic policies, moderate growth, poverty reduction, and natural resource conservation. The country has achieved these gains while facing constraints imposed by geography, legacies of apartheid and colonialism, and the challenges of constructing a national government. Daunting challenges remain, however. Namibia suffers from chronic high unemployment, the ravages of HIV/AIDS, and one of the world most skewed distributions of income. The structure of the economy has remained fundamentally unchanged since Independence: minerals and metals make up the majority of exports; the public sector remains the largest employer; and there has been little investment in labor-intensive manufacturing, which in many countries has absorbed low-skilled labor exiting traditional agriculture. This report uses the Medium-Term Debt Management Strategy (MTDS) framework developed by the International Monetary Fund (IMF) and the World Bank to analyze options facing the GRN as it prepares the new Sovereign Debt Management Strategy (SDMS). This framework emphasizes the explicit analysis of relative costs and risks in a debt management strategy, the linkages between the debt strategy and other macroeconomic policies, and the strategy's consistency with debt sustainability. The report opens with a review of the GRN's current debt management strategy, the sources of financing available to the government, and the macroeconomic environment. The report then applies the MTDS analytical tool to analyze costs and risks of alternative debt management strategies that were developed by MOF participants in the November 2012 capacity-building exercise. It also examines domestic debt market development and contingent liabilities arising from government guarantees, two issues of special concern to the GRN. Finally, it discusses institutional arrangements and implementation issues.