The policy note is organized as follows:the first section reviews the local government structure andfiscal system and discusses how it can be improved to betterenable local governments to efficiently fulfill theirfunctions. The second section then examines the state ofmunicipal utilities. The third and the final sectionexamines the recent evolution, opportunities and challengesahead for the development of the sub-national debt market,analyzes key deficiencies and proposes priority reforms inthe legal and regulatory framework for local governmentborrowing, and proposes a strategy to increase the access ofsub-national entities to the sub-national debt market, basedon a range of technical assistance and financial supportinstruments carefully attuned to sub-national entities'risk profiles.
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