Municipal finances are vital to achieving a sustainable flow of resources and the necessary conditions for sustainable urbanization. Recognition of the importance of municipal finances for the national economy by central and local governments is essential and must be accompanied by strong legal and institutional frameworks aligned with global best practices.
7. Municipal finance
One out of every three trips in Latin America and the Caribbean is made on foot. Roadways, public areas, pedestrian and bicycle paths are fundamental for mobility, public health and environmental quality, economic and cultural vitality, in short, for urban sustainability. However, in the region there is a systematic lack of resources for their financing, despite their positive impact on land prices.