*2025 Medium-Term Debt Management Strategy (MTDS)* The National Treasury published the 2025 draft MTDS for public comments between 27th and 31st January 2025. The strategy aims to reduce the issuance of treasury bills , extend the maturity of public debt instruments, and deepen the domestic debt market. It proposes a borrowing mix of 25% external and 75% domestic, which is an increase from 73:27 domestic to external borrowing in FY 2024/25, with the net fiscal deficit financing at 65% domestic and 35% external. Closely related, the draft Budget Policy Statement (BPS) indicates a 72% domestic and 28% external borrowing split, highlighting differences in the government's debt-sourcing approach.