Financial liabilities of the State

Principles of Debt Management

As a general principle, the State Treasury borrows when there is an actual funding need and repays debt as soon it is economically viable.

Government debt obligations

The State Treasury may assume debt obligations as a loan or by issuing bonds. The quarterly debt reports provide an overview of the structure of the state treasury's debt and the main risk indicators.

Government short-term debt

The State Treasury is allowed promptly to assume short-term borrowing from financial markets to smooth out fluctuations in cash flows. T-bills and Euro-Commercial Papers (ECP) are used for this purpose.

Government long-term debt

The State Treasury Department of the Ministry of Finance is responsible for the government’s debt management. The Ministry of Finance is allowed to assume long-term debt obligations with maximum term of 50 years for the State.

Contingent liabilities

For one of the State’s contingent liabilities to crystallise requires particular circumstances to occur (e.g., a State guarantee to be called, a capital call by an International Financial Institution).

Last updated: 06.02.2024

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