To be a successful issuer of government securities, the government must earn the confidence of financial market participants. In addition to pursuing sound and sustainable fiscal and monetary policies and establishing an appropriate legal and regulatory infrastructure, the government needs a credible government bond issuing strategy, based on a strong commitment to market financing and a well-structured management framework. The strategy must provide a clear mapping of the portfolio structure and the instruments to obtain that structure. It must also devise procedures for marketing government securities issues and managing the government’s cash position in ways that establish efficient distribution channels and encourage the development of secondary markets.