Borrowing requirements by governments in Africa to finance their budget deficits are met by both funds raised on financial markets and to a decreasing extent by non-marketable debt via bilateral, multilateral and concessional loans. Debt management techniques and policies can influence substantially the development and liquidity of local currency bond markets. Cross-border government borrowings have become more significant. Government debt instruments attract both institutional and retail investors and have an important share in the portfolios of both domestic and foreign fund managers.