The debt buyback programme of the Republic of Portugal has been a key component of its financing strategy since January 2001 reflecting IGCP’s commitment to promote the liquidity and efficiency of Portugal’s government debt market and to carry out a market-oriented funding strategy whilst maintaining refinancing risk at prudent levels.The debt buyback programme is also an essential tool for managing the refinancing risk associated with IGCP’s market-oriented financing strategy, which aims at providing the market with issues of a size that meets market liquidity standards.