Improving Public Debt Management
In the OIC Member Countries
174
Table 4-13: Comparison of Debt Management Objectives in Case Study Countries
Country Formal
DeM
strategy
Targets Currency risk Interest rate risk Refinancing risk
Gambia yes no Increase ext.
borrowing
(concessional)
Mozambique yes no
Togo yes no Extend concessional
and semiconcessional
ext. borrowing which
generally has higher
maturities;Target maturities of 310 years for dom.
borrow.
Uganda yes yes Dom. to ext. debt:
40:60;FX share: Max.
80%
ATR: Min. 10
years ATM: Min. 3 years;
Debt maturing in 1 year:
15%
Egypt yes yes Dom. to ext. debt:
85:15 Share of fixed
rate debt: 100% ATM: 2.5 yearsDebt maturing in 1 year:
Max. 50%
Indonesia yes yes FX share: 39% Share of fixedrate debt: 89% ATM: 9 years;Debt maturing in 3
years: 22%
Nigeria yes yes Dom. to ext. debt:
60:40;Dom. debt mix of
75:25 for long and
shortterm debts.Increase ext.
borrowing
(concessional)
ATR: Min. 10
years ATM: Min. 10 years;
Debt maturing in 1 year:
Max. 20%
Sudan no no
Albania yes FX proportion:
5055% ATR: Min. 3
years ATM: Min. 4.7 years;
Debt maturing in 1 year:
Max. 26%
Iran no no
Kazakhstan yes no
Lebanon yes yes Increased ext.
borrowing ATR: Min. 4.3
years ATM: Min. 4.3 years
Turkey yes yes* Make borrowing
mainly in TL Fixed rate TL
instruments as
major source of
dom. cash
borrowing;Decrease share
of debt with
interest rate
refixing < 1 year
Increase average
maturity of dom. cash
borrowing;Decrease share of debt
maturing within 12
months.
Oman no no
Saudi Arabia no no
Note: * not published; ATM = Average Time to Maturity; ATR = Average Time to Refixing.
Sources: Public debt management strategies, ifo Debt Management Survey (2016).