No. Pusr;c DEnr MnxncEMENT 412015 'Office" means Cap"22z2l the Public Debt Management Office; "Reserve Bank" means the Reserve Bank of Zimbabwe established in terms of the Reserve Bank of Zimbabwe Act [Clmpter 22 : 1 5l: "public debt" comprises domestic and external- (a) Government debt, lending and guarantees; (b) local authority debt, lending and guarantees; (c) public entity debt, lending and guarantees; and includes the debt of any other entity as the Minister may specify by notice in the Gazette; "public entity" has the meaning given to that term in section 2 of the Public Finance Management Act; "Public Finance ManagementAct" means the Public Finance ManagementAct fClwpter 22:/91 (No.l I of 2009) or any other law that may substantially replace the same; "Secretary" means the Secretary for the Ministry of Finance and Economic Development or any other Ministry to whom the President may, from time to time; assign the adrninistration of this Act. (2) A reference in this Act to borrowing, lending or the issuance of guarantees is, unless otherwise specified or the context otherwise requires, a reference to borrowing, Iending, and the issuance of guarantees having a bearing on the public debt. 3 Public debt management obiectives The objectives of public debt management are to ensure that Government's financing needs and its payment obligations are met at the lowest possible cost over the medium to long term, with a prudent level of risk, and to promote development of the domestic debt market. PARTII FurlcLroNs aNo AourxrsrnAlroN oF Pust-tc DEsr MaNacs[aeNr Orptce 4 Public Debt Management Office The department of the Ministry responsible for Finance known as the Public Debt Management OtEce, which existeci before the commencement of this Act, shall continue to operate in accordance with this Act. 5 Functions of Public Debt Management Office (1) The Office shall be responsible fbr debt management operations relating to the public debt. (2) The functions of the Office shall be to- (a) prepare and publish a Medium Term Debt Management Strategy in accordance with section 8; (b) prepare and publish an annual borrowing plan which includes a borrowing limit, and participate in the preparation of an issuance calendar Government securities in line with the annual borrowing plan; (c) (d) (e) of advise the Minister on all Government borrowings, and participate in all negotiations with creiitors on Government borrowings and guaranteed loans; undertake annual debt sustainability analyses; assess the risks in issuing any guarantees, including assessing the capacity of the beneficiary of a guarantee to repay the loan, and to prepare reports 104