The shadow banking system can broadly be described as credit intermediation involving entities and activities outside the regular banking system. Intermediating credit through non-bank channels can have important advantages and contributes to the financing of the real economy, but such channels can also become a source of systemic risk, especially when they are structured to perform bank-like functions (e.g. maturity transformation and leverage) and when their interconnectedness with the regular banking system is strong. Therefore, appropriate monitoring of shadow banking helps to mitigate the build-up of such systemic risks. The FSB set out its approach for monitoring the global shadow banking system in its report to the G20 in October 2011. This report presents the results of the third annual monitoring exercise following this approach, using end-2012 data. The report includes data from 25 jurisdictions and the euro area as a whole, bringing the coverage of the monitoring exercise to about 80% of global GDP and 90% of global financial system assets.
Because an extensive, well maintained network of roads is essential for economic development, road construction and maintenance projects have been a mainstay of the World Bank’s lending portfolio since its founding. This long experience in the roads sector is reflected in favorable project evaluations. The Bank’s Independent Evaluation Group reports that roads and other transport projects consistently score higher on measures of outcomes, institutional development, and sustainability than non-transport projects and the Bank’s Quality Assurance Group has found that roads projects are well-supervised. At the same time, roads projects around the globe remain plagued by fraud, corruption, and collusion. A Transparency International poll ranked construction as the industry most prone to corruption and a survey of international firms revealed that companies in the construction industry were more likely than firms in any other sector to have lost a contract because of bribery. World Bank-financed projects are not immune. Roughly one-fourth of the 500 plus projects with a Bank-funded roads component approved over the past decade drew one or more allegations of fraud, corruption, or collusion; to date, the Bank’s Integrity Vice Presidency (INT) has confirmed allegations in 25 projects resulting in 29 cases of misconduct under Bank rules.
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In the context of rapidly increasing inter-dependence across national economies and shifting economic weight of different regions, the crisis has been a wake-up call for putting in place a global financial and monetary system that reduces the frequency and severity of crisis, underpinned by greater multilateralism in policymaking. Global cooperation and coordination on a wide set of issues, ranging from crisis prevention to regulatory and prudential reform and to provision of financial support, is critical for responding to the challenges presented by financial fragilities, external imbalances, weak fiscal positions and rising debt levels, and volatile capital flows.
The magnitude and importance of Afghanistan’s opium economy are virtually unprecedented and unique in global experience —it has been roughly estimated as equivalent to 36% of licit (i.e. non-drug) GDP in 2004/05, or if drugs are also included in the denominator, 27% of total drug-inclusive GDP (see Chapter 2). The sheer size and illicit nature of the opium economy mean that not surprisingly, it infiltrates and seriously affects Afghanistan’s economy, state, society, and politics. It generates large amounts of effective demand in the economy, provides incomes and employment including in rural areas (even though most of the final “value” from Afghan opium accrues outside the country), and supports the balance of payments and indirectly (through Customs duties on drug-financed imports) government revenues. The opium economy by all accounts is a massive source of corruption and undermines public institutions especially in (but not limited to) the security and justice sectors. There are worrying signs of infiltration by the drug industry into higher levels of government and into the emergent politics of the country. Thus it is widely considered to be one of the greatest threats to state-building, reconstruction, and development in Afghanistan.
Connections among board of directors and executive leadership of Citigroup as of March 20, 2009.
This Joint Staff Advisory Note (JSAN) reviews Sierra Leone’s Second Poverty Reduction Strategy Paper (PRSP-H) covering the period 2009-2012, The PRSP-I1 examines achievements and lessons learned under the first PRSP, analyzes challenges and constraints in the economy, and lays out the strategic priorities for accelerating growth and reducing Poverty.
This Financial Sector Assessment (FSA) summarizes the key findings and recommendations of the 2007 FSAP update report for the Republic of Lithuania.1 The FSA, which focuses on developmental issues, should be read together with the Financial System Stability Assessment (FSSA) in order to get a full overview of the findings and recommendations of the 2007 Republic of Lithuania FSAP update. The FSAP update team noted progress since the 2002 banking sector vulnerability assessment2, and evaluated regulatory and supervisory challenges for the banking and non-banking sectors; cross-border arrangements, safety nets, crisis management preparedness; the pension reform, and capital market development.
This Program Document proposes an Integration and Competitiveness Development Policy Loan (ICL) for Tunisia in the amount o f US$250 million. This ICL supports the key strategc elements o f Tunisia’s 1 I* National Development Plan (2007-1 1) which seeks to strengthen growth and ensure that this growth i s translated into employment. It is also a cornerstone of the World Bank’s program in Tunisia as outlined in the Country Assistance Strategy (FYO5-08) and the Country Assistance Strategy Progress Report (2007) that set out an indicative program for FY09-10.
In September 2008, nearly 2,000 people gathered in Accra, Ghana, for the Third High Level Forum on Aid Effectiveness (HLF). They represented a wide range o f development actors-low-income countries, middle-income countries, fragile states, donor countries, international aid organizations, global funds, civil society organizations, parliaments, media-but they were united by the goal o f improving the delivery and use o f development assistance. To move this agenda forward, they ended the HLF by endorsing the Accra Agenda for Action (AAA).
This Country Partnership Strategy Progress Report (CPSPR) assesses progress in implementing the FY07-10 Country Partnership Strategy (CPS) for the former Yugoslav Republic of Macedonia (fYR Macedonia), which was discussed by the Board of Executive Directors on March 27, 2007.’ The CPSPR confirms the overall direction of the World Bank Group program while introducing adjustments to the evolving partnership through the remainder of the CPS period, including the introduction of a streamlined CPS results framework.
Afghanistan’s political transformation, implemented according to the 200 1 Bonn Agreement was successfully concluded in late 2005. As a result o f that historic process, Afghanistan has developed a Constitution, conducted nationwide elections for a President and most recently has elected a Parliament and Provincial Councils. Notwithstanding these timely and commendable achievements, the normalization o f political culture still has a long way to go.
This review covers both the FYO3-05 CAS (extended to FY06) and the FYO6-08 Interim Strategy Note (ISN), as does the CASCR, and refers to the two documents together as the FY03 CAS, unless otherwise specified. The FY03 CAS sought to assist land-locked Rwanda to overcome the legacy of civil war, genocide, and cross-border war which left it with a per capita income of only US$210 in 2002, compared to US$370 in 1990. Its objectives were: (a) revitalization of the rural economy; (b) private sector development and employment creation; and (c) human and social development.
The Tien Shan mountain range covers most of the Kyrgyz Republic, southern Kazakhstan, and smaller areas of Uzbekistan, China, and Tajikistan. This territory plays an exceptional role in conserving biodiversity and maintaining environmental sustainability in Central Asia. In 2004, Conservation International (CI) identified the Tien Shan range as a “biodiversity hotspot” based on the high numbers of endemic species and the significant level of threat—the concentration of species in Western Tien Shan is 63 times higher for birds and 37 times higher for mammals than the average for Central Asia.
In the light of the threatening global food crisis, and soaring food prices, the Government of Eritrea (GOE) requested IFAD to expand the on-going Post-Crisis Rural Recovery and Development Programme (PCRRDP) noting the good implementation capacity, and the good agricultural potentials of both districts, the poverty and food insecurity in the two regions and nationally. An IFAD mission which visited the country in February 2008 examined the government request and came to a conclusion that capacity exists to implement additional agricultural initiatives which will further contribute to the food security in the region and nationally. A draft proposal was submitted to IFAD in May 2008.
Recent positive developments suggest that Iraq has made important progress towards political and economic stabilization, although the situation remains fragile and reversible. Recent months have seen a sharp decline in incidents of violence, especially in the Baghdad area, and a corresponding decrease in the rate of internal displacement of the population.
Global Situation. Influenza is an acute viral disease of the respiratory tract caused by influenza viruses A, B or C. These A, B and C viruses are antigenically distinct and there is no cross immunity between them. While all three influenza viruses may affect humans, in lower animals and birds, influenza A viruses are of primary concern.
Through in-depth consultations, the Government of Tanzania finalized in June 2005 its second poverty reduction strategy called the “National Strategy for Growth and Reduction of Poverty”, or MKUKUTA, covering 2005-2010. The strategy identifies three clusters of broad outcomes: growth of the economy and reduction of income poverty; improvement of quality of life and social well-being; and governance and accountability.
Iraq has had two political transitions over the past year, taking steps toward a constitutionally-elected government. Nevertheless, the country faces a violent insurgency that is impeding reconstruction and economic recovery. Immediate challenges are to restore rule of law, establish political legitimacy, and begin to build credible and inclusive institutions. The ability of the Iraqi Transitional Government to include ethnic and religious groups in the political process over the coming months will be important in determining whether a future constitutionally-elected government will improve security and stability, which are preconditions for successful reconstruction.
Uruguay is currently in the midst of a dual transition. First, there is an economic transition from the 2002 crisis towards a path of equitable and sustainable development, as the economy continues to recover strongly. Second, there is a political transition, as the victory of the Frente Amplio – Encuentro Progresista – Nueva Mayoría coalition in the October 2004 elections marked a new phase in the country’s political history.
The FY03-05 CAS and the FY06-07 ISN were aligned around Nicaragua’s first Poverty Reduction Strategy Paper (PRSP) which was later revised and renamed the National Development Plan in 2005. Although Nicaragua’s core objective to reduce extreme poverty was not achieved to the extent desirable, achievements were made across the program with considerable progress in promoting a stable macroeconomic environment, reducing the fiscal deficit significantly, and lowering external debt to sustainable levels by achieving the HIPC Completion Point and obtaining further debt reduction through the Multilateral Debt Relief Initiative (MDRI). Growth has been modest averaging around 3.2 percent per year since 2002, and exports have doubled. Though the Bank was instrumental in the increase of poverty spending from 9.6 percent of GDP in 2002 to 13.6 percent in 2006, greater expenditure has yet to translate into significant gains in poverty reduction.