One of the objectives of a PDM strategy is to develop the domestic debt markets, in order to reduce dependence on foreign borrowing and associated risks. A mature domestic debt market also provides a range of opportunities for both government and private sector funding needs. This module will discuss some of the pertinent issues in developing domestic debt markets including:

  • The legal and regulatory framework for domestic debt markets
  • The Money market (Treasury Bills and Commercial Papers) and monetary policy and operations
  • Fundamentals of the bond market
  • Developing a primary market for government securities
  • Debt Issuance Strategy – extending maturities
  • The investor base
  • Developing a settlement structure for government securities
  • Secondary markets for securities
  • Private sector bond markets
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