2022-12-15-亚开行-新冠肺炎疫情后新兴经济体中发展本币政府债券市场_以老挝人民民主共和国为例（英）_36页_5mb

报告摘要

Lao PDR Local Currency Government Bond Market Development Post-COVID-19 Analysis

Key Importance

The local currency (LCY) government bond market is crucial for sustainable economic recovery post-COVID-19. It reduces reliance on foreign financing, enhances debt management, and strengthens financial stability by providing stable funding sources and mitigating currency risks.

Challenges in Lao PDR

High government debt-to-GDP ratio, averaging over 60%, with a significant portion of debt denominated in foreign currency.
Inefficient cash management due to lack of full Treasury Single Account (TSA) consolidation and limited market liquidity.
Outdated settlement systems not supporting delivery-versus-payment (DVP), hindering secondary market development.

Essential Building Blocks for Market Development

Sound market infrastructure: Develop secure payment, clearing, and settlement systems to enable DVP, and consolidate government securities in depositories linked to the central bank's RTGS.
Enhancement of TSA and fiscal transparency: Improve data collection on revenues and expenditures to optimize cash flow projections, and regularly disclose fiscal policies and issuance schedules to build market confidence.
Introduction of primary dealers: Fostering closer ties with banks and securities firms to enhance market communication and support government securities auctions.
Expansion of investor base: Encouraging institutional investors like pension funds and expanding access for retail investors and foreign participants to increase market depth.
Coordination among authorities: Establishing mechanisms for interagency collaboration to align policies and remove systemic barriers.

Recommendations for Lao PDR

Prioritize reforms in current settlement infrastructure, debt management, and transparency. By adopting best practices from ASEAN+3 markets, the Lao PDR can accelerate the development of a resilient LCY bond market, supporting post-pandemic recovery efforts.

展开完整摘要