Analysis and Options for Namibia's Medium-Term Debt Strategy
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Washington, DC
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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.
Palabras clave
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