Making Debt Work For Development and Macroeconomic Stability

be used to identify priorities, and be compared with peers to inform the local debt market development plan. The work on developing local currency debt markets feeds into the WBG-IMF core areas of work. This includes fiscal and monetary policy, financial stability, capital market development, management of foreign flows, business cycles, and economic growth. In many cases, a wide spectrum of reforms is needed to help develop local currency bond markets, and often careful consideration is needed to determine optimal sequencing and timing of the reforms. The WBG and IMF will continue to play a catalytic role in helping coordinate reforms through regular monitoring of economic and financial conditions, as well as through ongoing dialogue with authorities.