that want to further develop their domestic government bond markets . Reform plans should be anchored on the long-term objectives of the country and formulated by considering the country’s degree of market development. The plans should include a targeted timeframe (for example, three to five years) to achieve the intended outcomes. Any LCBM reform plan should be informed by comprehensive assessment of the relevant indicators of each building block, as well as an identification of the key constraints for market development ( figure III.1 ). This section presents seven