This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.

Although the global economy is emerging from the collapse triggered by COVID-19, the recovery is likely to be subdued, and global GDP is projected to remain well below its pre-pandemic trend for a prolonged period. Several risks cloud the outlook, including those related to the pandemic and to rapidly rising debt. The pandemic has further diminished already-weak growth prospects for the next decade. Decisive policy actions will be critical in raising the likelihood of better growth outcomes while warding off worse ones. Immediate priorities include supporting vulnerable groups and ensuring a prompt and widespread vaccination process to bring the pandemic under control. Although macroeconomic policy support will continue to be important, limited fiscal policy space amid high debt highlights the need for an ambitious reform agenda that bolsters growth prospects. To address many of these challenges, global cooperation will be key. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). The January edition includes in-depth analyses of topical policy challenges faced by these economies, while the June edition contains shorter analytical pieces.

ASEAN+3 Bond Market Guide is a comprehensive explanation of the region's bond markets. It provides information such as the history, legal and regulatory framework, specific characteristics of the market, trading and transaction (including settlement systems), and other relevant information. The Bond Market Guide 2017 for Indonesia is an outcome of the support and contributions of ASEAN+3 Bond Market Forum members and experts, particularly from Indonesia.

Since the collapse of Soeharto’s New Order regime in May 1998, Indonesia’s national, provincial, and district governments have engaged in an intense struggle over how authority and the power embedded in it, should be shared. How this ongoing struggle over authority in the forestry sector will ultimately play out is of considerable significance due to the important role that Indonesia’s forests play in supporting rural livelihoods, generating economic revenues, and providing environmental services. This book examines the process of forestry sector decentralization that has occurred in post-Soeharto Indonesia, and assesses the implications of more recent efforts by the national government to recentralize administrative authority over forest resources. It aims to describe the dynamics of decentralization in the forestry sector, to document major changes that occurred as district governments assumed a greater role in administering forest resources, and to assess what the ongoing struggle among Indonesia’s national, provincial, and district governments is likely to mean for forest sustainability, economic development at multiple levels, and rural livelihoods. Drawing from primary research conducted by numerous scientists both at CIFOR and its many Indonesian and international partner institutions since 2000, this book sketches the sectoral context for current governmental reforms by tracing forestry development and the changing structure of forest administration from Indonesia’s independence in 1945 to the fall of Soeharto’s New Order regime in 1998. The authors further examine the origins and scope of Indonesia’s decentralization laws in order to describe the legal-regulatory framework within which decentralization has been implemented both at the macro-level and specifically within the forestry sector. This book also analyses the decentralization of Indonesia’s fiscal system and describes the effects of the country’s new fiscal balancing arrangements on revenue flows from the forestry sector, and describes the dynamics of district-level timber regimes following the adoption of Indonesia’s decentralization laws. Finally, this book also examines the real and anticipated effects of decentralization on land tenure and livelihood security for communities living in and around forested areas, and summarizes major findings and options for possible interventions to strengthen the forestry reform efforts currently underway in Indonesia.

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