Financial constraints are widespread in developing countries, where even short-term credit is limited. Finance held by firms as working capital is a substantial proportion of sales revenue, yet the role of working capital is largely neglected by existing models of financial constraints.
... Подробнее + This paper presents a dynamic model of the firm that incorporates working capital by introducing a delay between factor payments and the receipt of revenue. In contrast with previous models, the working capital model predicts that firms under binding constraints will substitute between labor and capital in response to demand shocks, causing investment to be countercyclical. For firms near the margin of being constrained, constraints bind when positive production opportunities arise. Output growth is therefore constrained in response to positive shocks but not to negative shocks. Simulations suggest that models without working capital may understate the predicted effects of financial constraints on production efficiency, firm profit and growth over time. The predictions are tested with the Bangladesh Panel Survey data for manufacturing firms. Consistent with the theory, there is evidence that constraints bind when output price increases, that investment by constrained firms is countercyclical, and that output response to positive shocks is dampened for firms that are sometimes constrained. The results also are important for policy. In order to maximize growth, efforts to relieve credit constraints should be focused on periods when demand shocks are high.
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Рабочий документ в рамках исследования вопросов политики WPS6797 MAR 01, 2014
Industrial parks are as popular as they are controversial, in India and globally. At their best they align infrastructure provision and agglomeration economies to jolt industrial growth.
... Подробнее + More often, they generate negative spill-overs, provide handouts, sit empty, or simply do not get built. This paper disaggregates how parks are built and how they fail. It contextualizes parks in India, followed by a thick case study of an innovative scheme that appears to buck the trend. This performance is then explained by the way in which the scheme's design and action fit India's political economy. The paper concludes by considering how the analysis and the lessons learned might inform the design and implementation of industrial park programs and other public interventions, in India and elsewhere.
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Рабочий документ в рамках исследования вопросов политики WPS6799 MAR 01, 2014
The development objective of the Export Development Project for Mongolia is to strengthen the fundamental structure of support and available resources to the Mongolian entrepreneurs who wish to start, maintain, or expand exports of their products.
... Подробнее + Some of the negative impacts and mitigation measures include: (i) identifying and summarizing all anticipated significant adverse environmental impacts (including those involving indigenous people or involuntary resettlement); (ii) describing with technical details - each mitigation measure, including the type of impact to which it relates and the conditions under which it is required (for example, continuously or in the event of contingencies), together with designs, equipment descriptions, and operating procedures, as appropriate; (iii) estimating any potential environmental impacts of these measures; and (iv) providing linkage with any other mitigation plans (for example, involuntary resettlement, indigenous peoples, or cultural property) required for the project.
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Оценка состояния окружающей среды E4466 FEB 28, 2014
Ratings for the Public Financial Management Strengthening Program (PFMSP) Project for Lao People's Democratic Republic were as follows: outcomes were moderately unsatisfactory, risk to development outcome was high, Bank performance was moderately satisfactory, and Grantee performance was moderately unsatisfactory.
... Подробнее + Some lessons learned included: it is important to recognize that PFM reforms are complex and outcomes are difficult to measure. Accurate assessment of the recipient's institutional environment and capacity is crucial when designing a capacity-building technical assistance (TA) project and its implementing unit. Past Bank experience shows that when the government is highly committed to a project, a high degree of project flexibility leads to good results. But in the case of the PFMSP-multi-donor trust fund (MDTF), project flexibility worked against successful implementation since it allowed authorities to shift their attention to new priorities and responsibilities, and pay much less attention to the Bank's project and its results. The guiding principles for project implementation must be clear to all involved - the project's steering committee, managing agency, project management units, and implementing units in order to ensure that procedures are followed and results are carefully tracked. Intensive supervision and adequate funding are crucial prerequisites for TA project success. For a public finance management TA project, the correct mix of knowledge, skills, adequate training, and clear and easy-to-follow procedures are crucial.
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Отчет о завершении и результатах проекта ICR2888 FEB 28, 2014
The objectives of the Third Shared Growth Grant (SGG-3) Project for Niger are to: (i) improve the business environment for investment and trade; (ii) increase agricultural productivity; and (iii) improve public financial management.
... Подробнее + The proposed SGG-3 supports key reforms in three policy areas. The first policy area aims to establish a competitive and diversified economy to support accelerated and inclusive growth. Reforms under the second policy area continue the reinforce food security and promote sustainable agricultural growth that begun during earlier operations. The third policy area continues the series support to enhance the efficacy of public spending. The proposed SGG-3 completes this program by supporting (i) institutional reforms, including the adoption of a new investment code and measures aimed at strengthening the electricity sector; (ii) reforms that simplify international trade procedures; (iii) expanded labor-market reforms; and (iv) measures to improve transparency in the oil sector.
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Ratings for the Fourth, Fifth, and Sixth Programmatic Development Policy Grant Project for Tajikistan were as follows: outcomes were satisfactory, risk to development outcome was substantial, Bank performance was satisfactory, and Borrower performance was moderately satisfactory.
... Подробнее + Some lessons learned included: development policy operations (DPO) is an important instrument to facilitate dialogue on structural reforms in combination with macro advice, technical assistance, and investments provided by complementary sector specific operations. Providing continuous support for implementation of the reform agenda is essential in an environment of low government capacity. Ensuring availability of information on a regular basis is important for monitoring progress towards the program objectives. The indicators should be available through the public domain (that is websites of national statistical agency, ministry of finance, Central Bank, and other government agencies). As this is not possible in case of Tajikistan (and, likely in case of most low income countries), the list of clearly defined indicators (including information required for monitoring of the adequacy of the macro-framework) with the frequency of their reporting should be agreed with the Borrower as a part of the negotiation package for each operation.
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Отчет о завершении и результатах проекта ICR2965 FEB 25, 2014
The objective of the Eastern Recovery Project is to improve access to livelihoods and socio-economic infrastructure in vulnerable communities in the eastern provinces of Democratic Republic of Congo (DRC).
... Подробнее + There are three components to the project, the first component being community support. This component will focus on strengthening community resilience. This will be achieved through: (a) improving access to community social and economic infrastructure; (b) facilitating and improving inclusive community participation processes; and (c) strengthening local conflict prevention and resolution mechanisms. The Project Implementation Manual (PIM) will specify the mechanisms and processes to improve access to social and economic infrastructure while ensuring social inclusiveness and discourage elite-capture. The second component is the livelihoods and employment generation. This component will support employment creation through two sub-components that will create short-term employment as well as sustainable livelihood options. In light of the persistent joblessness and poverty, as well as of the need to provide immediate tangible benefits to the region, Labor-Intensive Public Works (LIPW) will likely absorb at least half of the funds available for this component. It is expected that employment creation will contribute both to poverty reduction and stabilization. Finally, the third component is the capacity building. Capacity building will be provided on a need-basis to national and provincial actors who will play a direct role in project implementation.
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The development objective of the Additional Financing (AF) for the Emergency Support to Critical Education, Health, and Nutrition Services Project for Madagascar is to preserve critical education, health, and nutrition service delivery in targeted vulnerable areas in the recipient's territory.
... Подробнее + The AF credit will primarily finance the costs associated with a geographical scale-up of activities under the nutrition component three of the project. Financing will support an additional 837 community nutrition sites in the most food insecure areas of the country. The main objective of the nutrition sites is to deliver a package of direct nutrition services to pregnant and lactating women and children under-five years of age. The AF will also support food security interventions at community and household levels which will be implemented in the same areas as the community nutrition sites supported by the parent project. The AF will scale-up activities in four of the same regions as the food security project as well as two districts in a fifth region severely affected by the on-going locust infestation. Two of these regions are already financed under the parent project so these regions will receive incremental financing to implement the package of food security activities.
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The development objective of the Additional Financing (AF) for the Productive Partnerships in Agriculture Project (PPAP) for Papua New Guinea is to improve the livelihoods of smallholder cocoa and coffee producers through the improvement of the performance and the sustainability of value chains in cocoa- and coffee-producing areas.
... Подробнее + The AF will contribute to the twin goals of ending extreme poverty and enhancing shared prosperity. It will enable the project to provide support to additional partnerships and extend activities to additional provinces, and increase the number of beneficiaries. It will also strengthen the project's gender focus and provide nutrition education to help improve health behaviors. The AF is expected to increase poor farmers' incomes and improve their livelihoods, thereby contributing to ending extreme poverty among project beneficiaries. It is also expected to provide critically needed public goods for shared prosperity by improving market connectivity, coordination, and access in areas characterized by higher than average poverty rates. This level one restructuring will introduce the following changes to the project: (i) revision of the project development objective (PDO) to better align it with the scale and coverage of the project; (ii) revision of the results framework to strengthen the links between activities and indicators; (iii) revision to project component two (productive partnerships) to explicitly highlight increased support to functional literacy and numeracy as well as to nutrition enhancement activities; and (iv) revision of implementation arrangements through an increased number of field offices commensurate with the increased size of the project.
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The objective of the Additional Financing for the Community Development and Safety Nets Project for Togo is to provide poor communities with greater access to basic socio-economic infrastructures and social safety nets.
... Подробнее + The additional financing will help finance the costs associated with: (a) scaling up the Projet de Developpement Communautaire et des Filets Sociaux (PDCplus) by increasing support for community infrastructure sub-projects; and (b) providing financing for a new community-based school feeding sub-component, which was supported under the PDC until it closed on September 30, 2013. This project paper also seeks approval for restructuring the PDCplus in order to extend the closing date, reallocate funds, and revise outcome indicator targets in line with the expanded activities.
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The Thai economy has been recovering slowly from the global financial crisis compared to countries like Malaysia and China. Growth in 2013 is projected to be 3 percent with slower than expected performance in all components of gross domestic product (GDP) - consumption, investment, next exports, and government spending.
... Подробнее + Growth is projected to be 4.0 percent in 2014 as the global economy recovers. Exports should accelerate and may well be helped by the tapering of the United States (U.S.) quantitative easing (QE) as the baht depreciates. Taking a longer perspective, there remains visible inequality in public service delivery and human achievement outcomes. Addressing the regional disparities is important for Thailand not only from a social equity perspective, but also from a competitiveness and economic growth perspective. As the population ages, Thailand is seeking to move to a high income economy. Such a transition will require a much broader base of healthy and high skilled citizens. Suggested policy responses include: (a) rebalancing public spending regionally, (b) improving the functioning of local administration by devolving more responsibility to local levels, and (c) supporting greater accountability at the local level. This report is divided into two parts: part one presents macroeconomic developments in 2013 and 2014; and part two deals with equitable public service provision in Thailand.
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The objective of the North East Region Livelihoods Project (NERLP) for India is to empower poor households in rural areas directly so that they are able to take advantage of the opportunities for improvement of their livelihoods especially women, unemployed youth and the most disadvantaged in four project states.
... Подробнее + All community subprojects will be prepared by the community groups based on transparent and participatory processes, involving full participation of the members of the Community Development Groups (CDG), Natural Resource Management Groups (NRMG) or Self Help Group (SHG), without any prescription by the project. Any project requiring compulsory acquisition of private land or purchase of land is ineligible for support under NERLP, has been included in the negative list of the project. While NERLP does not involve any land acquisition by the borrower, there could be minor, potential adverse impacts caused by community projects on irrigation, link roads, microhydel, markets and other physical infrastructure etc. To avoid, minimize and mitigate any adverse impacts associated with community subprojects involving land, the safeguard mechanisms by way of screening or negative checklist, documentation, grievance redressed mechanism, and participatory and transparent decision making with approval and endorsement of the Village Council or Panchayat have been included.
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План развития коренных народов IPP511 FEB 06, 2014