Medium-Term Debt Management Strategy strengthened and operationalized 
The Medium-Term Debt Management Strategy (MTDS) has been strengthened to guide government borrowing decisions in a more strategic and risk-sensitive manner. The strategy supports interest-rate rationalization and a gradual shift toward market-based pricing of government debt, helping the government manage borrowing costs, maturity risks and refinancing pressures more effectively. The 2025 MTDS also aims to lower interest costs and extend debt maturity, including a shift from short-term treasury bills to longer-term bonds.

MTDS updated periodically  
The MTDS has been institutionalized as a living policy instrument rather than a one-off document. Periodic updating of the MTDS helps reflect changes in macroeconomic conditions, interest rates, exchange rates, financing needs and debt portfolio risks. The scheme document specifically identifies the development of a procedure to update the strategy annually and conduct debt sustainability analysis at regular intervals.

Debt Sustainability Analysis strengthened       
The scheme has supported regular Debt Sustainability Analysis to assess the government’s repayment capacity, debt-risk profile and medium-term fiscal sustainability. This has improved the analytical basis for debt-related decisions and helped policymakers identify emerging risks in domestic and external borrowing.

Retail debt management partially automated        
Retail debt management has advanced through partial automation of National Savings Certificates and related savings instruments. The online management of National Savings Certificates has improved operational efficiency, reduced manual processing and supported better data availability for debt management. Several workshops on automation of the National Savings Certificates Online Management System was organized under the scheme.

Non-Tax Revenue (NTR) management system strengthened     
The scheme has contributed to strengthening the Non-Tax Revenue system by supporting a more structured, transparent and digital approach to the assessment, collection, monitoring and reporting of NTR. As NTR includes fees, charges, dividends, profits, service payments, rents, fines and other non-tax receipts of the government, improved management of this area is important for broadening domestic resource mobilization beyond tax revenue. The reform initiative has helped create stronger attention to proper identification of NTR sources, rationalization of rates, timely deposit of receipts into the treasury, and improved coordination among collecting ministries, divisions and agencies.

Draft Non-Tax Revenue Policy developed 
A major achievement under the scheme is the development of a Draft Non-Tax Revenue Policy to provide a clearer policy framework for managing government non-tax receipts. The draft policy is expected to guide ministries, divisions and public entities in identifying NTR sources, reviewing and updating rates, improving deposit and accounting procedures, reducing leakage, and strengthening reporting and accountability. Once finalized, the policy may help establish a more predictable and disciplined NTR regime, improve revenue forecasting, and support fiscal sustainability by increasing the contribution of non-tax receipts to the national budget.

 Quarterly Debt Bulletin published regularly        
Debt reporting has become more systematic through the publication of Debt Bulletins and debt portfolio-related reports. The FD and SPFMS website list Debt Bulletin issues from April 2021 to July 2025, showing progress  toward regular public reporting and stronger fiscal transparency.

Debt data transparency improved  
Regular publication of debt information has helped make public debt data more accessible to policymakers, researchers, development partners and citizens. This supports informed discussion on debt composition, borrowing trends, fiscal risks and debt sustainability.

Public debt risk assessment improved      
The scheme has contributed to a more structured assessment of debt-related fiscal risks. Presentations under the scheme highlighted that Bangladesh’s debt risk level had been shifted from “low” to “moderate,” while also emphasizing cautious borrowing, revenue discipline and export diversification.

Market-based debt management reform advanced           
Important reforms have been initiated to modernize domestic debt management, including automation of National Savings Certificates, secondary trading of government securities, issuance of Sukuk bonds, regular publication of debt reports, and market-based interest rate reforms.

Sukuk guideline introduced as a new financing instrument       
The introduction of Sukuk guideline has diversified the government’s borrowing instruments and opened an Islamic finance-compatible channel for public debt financing. This contributes to broadening the investor base and strengthening the domestic debt market.

Debt database and data quality agenda advanced           
 The scheme has focused on improving the quality, timeliness and reliability of debt data. Its activities include operationalizing debt databases, strengthening DMFAS-related capacity, conducting debt inventory and integrating debt data with wider PFM systems.

Coordination among debt management institutions improved  
The scheme has promoted coordination among Finance Division, Bangladesh Bank, ERD, BBS, CGA, NSD and other relevant institutions. The scheme document also mentions the need for regular meetings of debt management units to review data quality and suggest corrective actions.

Integration of debt management systems with iBAS++ promoted  
The scheme has identified integration of iBAS++ and DMFAS outputs as an important reform area. This would help connect budget execution, cash management and debt data, improving consistency across public financial management systems.

Cash management and forecasting reform initiated        
The scheme has included cash management and forecasting module interface with iBAS++ as a reform activity. Improved cash forecasting can help reduce idle balances, avoid unnecessary borrowing and support better coordination between treasury operations and debt issuance.

Professional capacity of TDM Wing enhanced
Capacity-building activities, technical discussions and engagement with IMF, World Bank and national stakeholders have helped strengthen the professional base of the Treasury and Debt Management Wing. Senior officials have emphasized the need to build a stronger pool of skilled debt management, FAM and PPPs experts.

Debt management aligned with fiscal sustainability goals         
The scheme has contributed to better alignment of borrowing decisions with fiscal sustainability. Its activities are linked with SDG targets 17.3 and 17.4, especially mobilizing financial resources and attaining long-term debt sustainability through coordinated policies.