INDONESIA: Strengthening Sub-National Fiscal Capacity for Infrastructure Finance

This activity supports the GOI, both central and local government levels, on the preparation of municipal bonds. Capacity building were provided to central and selected local governments (Yogyakarta, Balikpapan, East Kalimantan, and Semarang) on bonds instruments, fiscal and debt management, and DMU training for East Kalimantan. Policy notes on guidance towards municipal bonds and international experiences on bonds issuance as well as regulatory frameworks were part of this activity, where the team hired international consultants who have extensive experience on the bonds market. Regular communications among stakeholders were also held to discuss unresolved issues.