Government debt managers have as key responsibility the issuing of debt instruments to meet the borrowing needs of governments, the management of the outstanding stock of debt, and contributing to the development of the market infrastructure. The type of debt instruments to be issued, and the amounts to be raised, depend not only on the volume of the borrowing requirements but also on the liquidity of the various outstanding instruments, preferences of investors and, more generally, on the financial and macroeconomic environment. Raising funds through marketable instruments will depend on factors such as access to well-functioning primary and secondary markets (in particular the degree of market liquidity), and the presence of well developed market segments – institutional and retail investors.