2023 Annual Borrowing Plan is published
December 28, 2022
The 2023 Annual Borrowing Plan (ABP), detailing how the annual financing needs will be met during the 2023 budget year is published and is online, on the Ministry’s website.
The Plan is prepared in accordance to the Public Debt Management Act section 29, which requires the Debt Management Office of the Ministry of Finance to prepare and publish an ABP.
The document has been developed in accordance with the targets and benchmark indicators of the 2023-2025 Medium-Term Debt Management Strategy (MTDS) and is based on the macroeconomic and fiscal frameworks presented in the 2023 Budget. The MTDS determines the proportions of different instruments to be used during the implementation of the strategy and the ABP turns these, in line with the annual financing needs, into nominal values, keeping into account the short-term macroeconomic outlook and market dynamics.
The ABP has been revisited and updated with the objective to ensure it is more informative, promote transparency and predictability of debt management operations.
The exercise to revisit and update the ABP was made even more important when the Government entered on an economic reform programme in 2021, which is being supported by the International Monetary Fund (IMF).
The Debt Management Office noted that by publishing the ABP, it is ensuring that the ‘Government’s financing needs are met on a timely basis, borrowing is done at the lowest possible cost with prudent degree of risk and additionally, enhance predictability of government borrowing and helps promote the development of the domestic market.’
The plan will be complemented by the quarterly issuance calendar for government securities, which provides indication of the domestic borrowing operations of the Government over the fiscal year, the instruments to be issued and indicative timing of such borrowings.
Click on the link to access the document.