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Economic & Sector Work :: Other Poverty Study

Analysis and Options for Namibia's Medium-Term Debt Strategy

ACCOUNTING ANNUAL BORROWING PLAN ARREARS ASSET MANAGEMENT AUCTIONS BALANCE OF PAYMENTS BASIS POINTS BENCHMARK BONDS BENEFICIARIES BENEFICIARY BOND BOND ISSUE BOND ISSUES BOND MARKET CAPITALIZATION BOND MARKET TRADING BOND MARKETS BORROWER BORROWING COSTS BORROWING STRATEGIES BROKERS CAPITAL INFLOWS CAPITAL INVESTMENTS CAPITAL MOBILITY CASH FLOW CENTRAL GOVERNMENT DEBT CENTRAL SECURITIES DEPOSITORY COLLECTION PROCESS COMMERCIAL BANKS COMMERCIAL TERMS COMMODITY PRICES COMPOSITION OF DEBT CONTINGENT LIABILITIES CONTINGENT LIABILITY CORPORATE BONDS COUPON COUPON RATE CREDIT RISK CREDIT RISK EVALUATION CREDIT RISK EXPOSURE CREDITORS CURRENCY CURRENCY DEPRECIATION CURRENCY RISK CURRENT ACCOUNT DEFICIT DEBT DEBT CATEGORY DEBT COMPOSITION DEBT DATA DEBT DATABASE DEBT LEVEL DEBT MANAGEMENT DEBT MARKET DEVELOPMENT DEBT OPERATIONS DEBT RATIO DEBT SERVICE DEBT STOCK DEFAULT RISKS DEFAULTS DEVELOPMENT BANK DEVELOPMENT FINANCE DISBURSEMENT DOMESTIC BOND DOMESTIC BOND MARKET DOMESTIC BONDS DOMESTIC BORROWING DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS DOMESTIC DEBT DOMESTIC DEBT MARKET DOMESTIC DEBT SECURITIES DOMESTIC MARKET EMERGING ECONOMIES EUROBOND EXCESS LIQUIDITY EXCHANGE RATE EXCHANGE RATES EXPENDITURE EXTERNAL BORROWING EXTERNAL DEBT EXTERNAL FUNDING FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL STATEMENT FINANCIAL STATEMENTS FISCAL DEFICIT FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FIXED INTEREST FIXED INTEREST RATE FIXED INTEREST RATES FLOATING RATE FLOATING RATE DEBT FOREIGN CURRENCY FOREIGN CURRENCY RISK FOREIGN EXCHANGE FOREIGN EXCHANGE DEBT FOREIGN EXCHANGE RISK FOREIGN LOANS FORWARD CURVE FORWARD RATES GLOBAL ECONOMY GOVERNMENT BOND GOVERNMENT BONDS GOVERNMENT BORROWING GOVERNMENT BUDGET GOVERNMENT DEBT MARKET GOVERNMENT DEFICIT GOVERNMENT EXPENDITURES GOVERNMENT GUARANTEE GOVERNMENT GUARANTEES GOVERNMENT REVENUE GOVERNMENT REVENUES GOVERNMENT SECURITIES GRACE PERIOD GRACE PERIODS GROSS DOMESTIC PRODUCT GUARANTEE FEE GUARANTEE FEES HOUSEHOLD INCOME INCOME INEQUALITY INFLATION INFLATION RATE INFRASTRUCTURE INVESTMENTS INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INTEREST PAYMENTS INTEREST RATE INTEREST RATE RISK INTEREST RATE RISKS INTERNATIONAL BOND INTERNATIONAL BOND MARKETS INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL MARKET INTERNATIONAL MARKETS INTERNATIONAL SETTLEMENTS ISSUANCE ISSUANCES ISSUERS OF DEBT LEGAL FRAMEWORK LENDERS LEVEL OF RISK LEVY LIABILITY LIQUID BOND MARKET LIQUIDITY PREMIUM LOAN LOAN GUARANTEES LOAN RATES LOCAL CURRENCY LOCAL MARKET LONG TERM DEBT LONG-TERM INSTRUMENTS LONG-TERM MATURITIES MACROECONOMIC ENVIRONMENT MACROECONOMIC POLICIES MACROECONOMIC RISKS MACROECONOMIC STABILITY MARKET CONSTRAINTS MATURITIES MATURITY MEDIUM TERM NOTE MONETARY FUND MONETARY POLICY NATIONAL TREASURY OUTSTANDING DOMESTIC DEBT OUTSTANDING LOAN OUTSTANDING LOANS PARTICULAR DEBT PENSION PENSION FUND PENSION FUNDS POLITICAL STABILITY PORTFOLIO PORTFOLIO RISK PRIVATE INVESTMENT PROBABILITY OF DEFAULT PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC DEBT STOCK PUBLIC FINANCE REPAYMENT REPAYMENTS RESERVES RISK ASSESSMENTS RISK AVERSION RISK EXPOSURE RISK FACTORS RISK MANAGEMENT RISK OF LOAN SECONDARY BOND MARKET SECONDARY MARKET SECURITIES SECURITIES MARKET SOVEREIGN BOND SOVEREIGN DEBT STOCK EXCHANGE SUB-NATIONAL FINANCE T-BILL T-BILLS T-BONDS TAX TOTAL DEBT TRANSACTION TRANSPARENCY TREASURIES TREASURY TREASURY BILL TREASURY BILLS TREASURY BONDS TRUSTEES TURNOVER UNSECURED DEBTS YIELD CURVE
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Washington, DC
Africa | Namibia
2013-10-03T19:52:27Z | 2013-10-03T19:52:27Z | 2013-06

Since 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.

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