## Developing Domestic Debt Markets (DDM)

## Source details

**Canonical URL:** [Developing Domestic Debt Markets (DDM)](https://www.imf.org/en/capacity-development/training/icdtc/courses/ddm)

## Other formats

- [Markdown version](/en/capacity-development/training/icdtc/courses/ddm/index.md)
- [Structured JSON version](/en/capacity-development/training/icdtc/courses/ddm/index.json)
- [Bundle manifest](/en/capacity-development/training/icdtc/courses/ddm/bundle-manifest.json)

## Bibliographic details
- Published: September 6, 2023

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### Course overview
- Presented by the Monetary and Capital Markets Department.
- Structured based on the new diagnostic on Guidance Note for Developing Government Local Currency Bond Markets jointly prepared by the IMF and World Bank.
- Covers an array of issues related to the development of local government bond markets.
- Trains officials on the relevant macro-financial environment and key building blocks related to Money Market, Primary Market, Secondary Market, Investor Base, Legal and Regulatory Framework, and Market Infrastructure that support market development.
- Emphasizes the interlinkages between each building block and the associated challenges around their development.
- Uses a set of metrics on outcome and policy indicators to train participants to undertake a self-assessment on the stage of market development for the building blocks to identify the gaps and key constraints.

### Target audience and qualifications
- Target audience: Officials from debt management offices, central banks, and regulators who deal with topics related to the securities markets in middle and lower-income countries.
- Qualifications: Participants are expected to have a degree in economics or finance, or equivalent experience.

### Core topics and pedagogy
- Key building blocks: Money Market; Primary Market; Secondary Market; Investor Base; Legal and Regulatory Framework; Market Infrastructure.
- Focus on: macro-financial environment, stakeholder coordination with a range of government agencies and market participants, investor relations practices, and diversification of the investor base.
- Method: Training includes a self-assessment exercise based on metrics on outcome and policy indicators to identify stages of market development, gaps, and key constraints.

### Course objectives
Upon completion of this course, participants should be able to:
- Describe the importance of connected markets for the development of the government bond market.
- Assess the main challenges to deepening a local debt market.
- Formulate effective policies and practices for the¿money¿and¿government bond markets¿that support market development.
- Explain the need for¿stakeholder¿coordination with a range of government agencies and¿market participants.
- Develop effective investor relations practices and¿diversification of¿the¿investor base.
- Undertake a self-assessment on the stage of market development to identify gaps and key constraints.

---


## References

- [Core Elements of Banking Supervision (CBS)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2027/cbsat27-10)
- [Advanced Government Finance Statistics (GFS-A)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/gfs-ace26-45)
- [Fiscal Sustainability (FS)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/fsce26-38)
- [Safeguards Assessments of Central Banks (SAC)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2026/sacat26-30)

_Source: https://www.imf.org/en/capacity-development/training/icdtc/courses/ddm_