In 2001, the evaluation of the existing objectives and changes in macroeconomic conditions led to revision of the existing objectives.2 The new objectives were incorporated in the strategy of debt management for the years 2002–04. The major change in comparison with the previous strategy was a shift in emphasis regarding the goal of cost minimization, from reducing the cost burden in the three-year time horizon to long-term cost minimization. The objectives are divided into two groups with three main objectives and four complementary (conditional) objectives. The fulfillment of the conditional goals will depend on the situation in the financial markets.

Accompanying Document and Selected Case Studies