The main objective of the Federal Government’s public debt policy has been to cover its financing needs at the most favorable cost conditions, subject to a prudent level of risk. An efficient management of public liabilities is a fundamental part of the economic policy of the Federal Government and it is a key element for macroeconomic and financial stability.

In general terms, the public debt policy has pursued two goals: a) to contribute to the fiscal effort by moderating the financing cost of debt and; b) to promote the development of the domestic financial system and the efficiency of public and corporate local debt markets. Based on these elements, an appropriate level of risk for the debt portfolio must be understood as one that allows the Federal Government to accomplish its fiscal objectives, while promoting a healthy development of domestic financial markets.