【世界银行】解锁国家以下各级财政：克服中低收入国家市政融资障碍-2025_68页_5mb

Report Analysis Summary: Unlocking Subnational Finance

Overview

This report examines the challenges of financing municipal infrastructure in low- and middle-income countries (L&MICs) and suggests solutions. Investment requirements are estimated at 2-4% of L&MIC GDP annually (USD 0.9-1.9 trillion in 2022), but current financing is insufficient. Municipal debt rarely exceeds 2% of GDP, and PPPs account for only a small fraction of transactions.

Key Findings

1. Financing Shortfall:

• Repayable financing for municipalities is extremely low, dominated by government financial institutions (GFIs).
• Concentration issue: Most borrowing occurs in a few large cities; smaller municipalities lack access.
• Trends stagnant or declining since the 2010s globally except Colombia.

2. Constraints:
   A three-dimensional framework identifies:

• Demand-side: Low revenues, poor financial management, weak absorptive capacity.
• Regulatory: Restrictive frameworks (e.g., Brazil, India) limit borrowing and PPPs.
• Supply-side: GFI dominance crowds out private finance; subsidies create distortions.

Recommendations

For National and Municipal Governments

• Demand-Side:
  • Strengthen fiscal transfers and own-source revenues (property taxes, user fees).
  • Improve financial management and project execution capacities.
• Regulatory:
  • Reform frameworks to balance risk management with market access.
  • Clarify procedures for defaults and debt resolution.
• Supply-Side:
  • De-risk private investment selectively; limit GFIs' roles to avoid crowding out markets.

Role of Development Partners

• Accelerate reforms and disseminate knowledge.
• Support credit guarantee programs and market-building initiatives.

Conclusion

Unlocking municipal finance requires systemic reforms combining robust demand-side fundamentals with transparent regulatory frameworks and targeted supply-side supports, driven by national governments and facilitated by development partners.