The objectives of public debt management are to ensure that the government’s financing needs and settling of obligations meet the medium term objective of low borrowing costs, prudent risk exposure and promotes an active domestic debt market.

 Public debt is composed of  both  external and domestic debt.

External debt: This is made up of three categories of creditors; Bilateral, Multilaterals and commercials

AFTER THE AGREEMENT HAS BEEN SIGNED

DOMESTIC DEBT

Domestic debt is comprised of treasury bills, treasury bonds, Government bonds, corporate loans.

For the short and medium term instruments (T-bills and T-Bonds) which are domestically traded, the issuance is done at the central bank’s level on a weekly basis in line with MINECOFIN recommendations; after the market auctions, statistics are sent to MINECOFIN for recording, payment and reporting.

Domestic debt is made of T-Bills, T-Bonds, Government bonds and Corporate Loan.

T-Bills: These are short term Government securitieshaving 4, 13, 26 and 52 weeks maturity period. These are issued by the National Bank of Rwanda (NBR) on behalf of the National Treasuryand can be issued to individuals, banks and other institutions.

T-BONDS: These are medium term Government securities issued by the National Bank of Rwanda (BNR) on behalf of the Treasury for the capital market development purpose.

GOVERNMENT BONDS: This category comprises the old development bonds which were not restructured, bonds issued at the time of acquiring government buildings and some other liabilities from debt guarantee. All these  categories of Government Bonds were not restructured (rationalized) and are still under the negotiation process to be repaid.

 CORPORATE LOANS: This category of debt includes the old treasury development bonds issued before 1994 and purchased by commercial banks. These loans were restructured into new bonds and have been repaid since 1998 for the commercial banks, and 1999 for other creditors respectively. These were restructured (rationalized) into new Bonds after 1994 and are being paid up to date.