拉丁美洲和加勒比国家实施综合国家融资框架的最新经验（英）2025

ElisaAraneda|IgnacioRuelas|TomásGálvez Thank you for your interest inthis ECLAC publication Please register if you would like to receive information on our editorialproducts and activities. When you register, you may specify your particularareas of interest and you will gain access to our products in other formats. Click on the link below for our social networks andother channels for accessing our publications: https://bit.ly/m/CEPAL Recent experiences in implementing integratednational financing frameworks for Latin Americanand Caribbean countries Elisa AranedaIgnacio RuelasTomás Gálvez This document was prepared by Elisa Araneda, Ignacio Ruelas and Tomás Gálvez, consultants with the EconomicDevelopment Division of the Economic Commission for Latin America and the Caribbean (ECLAC), within theframework of Development Account project 2124A entitled “Towards integrated national financing frameworks”. The authors gratefully acknowledge the valuable input and suggestions of Daniel Titelman, Chief of the EconomicDevelopment Division of ECLAC at the time of writing, Noel Pérez Benítez, Officer in Charge of the Division,IvonneGonzález, ResearchAssistant, Michael Hanni and Dalmiro Morán, EconomicAffairsOfficers, andSoniaAlbornoz,Consultant, all in the same division. The United Nations and the countries it represents assume no responsibility for the content of links to external sitesin this publication. Mention of any firm names and commercial products or services does not imply endorsement by the United Nationsor the countries it represents. The views expressed in this document, a translation of a Spanish original which did not undergo formal editing,are those of the authors and do not necessarily reflect the views of the Organization or the countries it represents. United Nations publicationLC/TS.2025/9Distribution: LCopyright © United Nations, 2025All rights reservedPrinted at United Nations, SantiagoS.2401248[E] This publication should be cited as: E. Araneda, I. Ruelas and T. Gálvez “Recent experiences in implementing integrated nationalfinancing frameworks for LatinAmerican andCaribbean countries”,Project Documents(LC/TS.2025/9),Santiago, EconomicCommissionfor Latin America and the Caribbean (ECLAC), 2025. Applications for authorization to reproduce this work in whole or in part should be sent to the Economic Commission forLatinAmerica and the Caribbean (ECLAC), Documents and Publications Division, publicaciones.cepal@un.org. Member Statesand their governmental institutions may reproduce this work without prior authorization, but are requested to mention the sourceand to inform ECLAC of such reproduction. Contents Introduction.......................................................................................................................... 5 I.Integrated national financing frameworks and their recent implementationin the region’s countries................................................................................................ 7A.What are INFFs?................................................................................................................ 7 B.Key experiences of INFFs in the region’s countries............................................................. 81.Colombia................................................................................................................... 92.Ecuador....................................................................................................................113.The Dominican Republic.......................................................................................... 124.Costa Rica................................................................................................................ 145.Experiences with sovereign thematic bonds in the region........................................ 15 II.INFFs from the subnational government perspective..................................................... 19Fiscal relevance of subnational governments................................................................... 19 A.B.Territorial heterogeneity and inequality among subnational governments...................... 21C.Fiscal aggregates, vertical imbalance and subnational debt............................................. 23D.Strategies for financing from subnational governments.................................................. 271.Own revenues.......................................................................................................... 282.Intergovernmental transfers.................................................................................... 283.Public-private partnerships...................................................................................... 294.Borrowing............................................................................................................... 295.Non-profit organizations......................................................................................... 30E.I