National Debt and Its Financing

Last update: 22.08.2005 06:00

The Establishment of the Debt and Liquidity Management Agency (ARDaL) was the part of the reform measures aimed at creating aimed at creating a state-of-the-art regime of debt and liquidity regime based on the best international practice in the EU countries. 

Aim and reason of the ARDaL activities is to “providing liquidity and access to the market in order to finance the needs of the State in a transparent, prudent and cost – effective manner.  At the same time minimise the debt service costs over the time, provided the debt portfolio inherent risks will remain on an acceptable level."

Management of the public finance by ARDaL represents the solution, which is rare abroad. Trouble free ensuring of state refinancing and long term sustainability of the public finance is the main contribution.