First, the Ministry of Finance which (a) monitors loan servicing, (b) processes payments of external debt, (c) instructs the Central Bank (BDL) to execute payments to creditors, and (d) monitors the issuance and maturity of domestic Treasury bills managed by the Central Bank.

Second, the Council for Development and Reconstruction (CDR) which (a) negotiates and contracts all public and publicly guaranteed foreign loans, and (b) assesses different project financing schemes.

The Central Bank which (a) executes all payments to creditors based on instructions given by the Ministry of Finance, and (b) manages the issuance and servicing of domestic Treasury bills on behalf of the Ministry of Finance.

New debt management is motivated by four main factors: (a) a high net debt ratio, (b) a high debt service ratio, (c) a short maturity on the local debt, and (d) a narrow holder base.

The objective is to have an Active Debt Management Strategy in order to (a) implement debt re-profiling, (b) improve the risk profile, (c) play a proactive role in the market, and (d) strengthen the institutional set-up.

The following five measures are necessary to develop the local debt market: (a) streamlining the issuing strategy and creating benchmarks, (b) fostering the development of the secondary market, (c) improving and modernizing market infrastructure, (d) developing instruments to enhance liquidity, and (e) adjusting the regulatory framework.