Archived Series > World Economic and Financial Surveys
Abstract
The 2007 Global Monitoring Report on the Millennium Development Goals (MDGs) assesses the contributions of developing countries, developed countries, and international financial institutions toward meeting universally agreed development commitments. Fourth in a series of annual reports leading up to 2015, this year's report reviews key developments of the past year, emerging priorities, and provides a detailed region-by-region picture of performance in the developing regions of the world, drawing on indicators for poverty, education, gender equality, health, and other goals. Subtitled "Confronting the Challenges of Gender Equality and Fragile States", this year's report highlights two key thematic areas-gender equality and empowerment of women (the third MDG) and the special problems of fragile states, where extreme poverty is increasingly concentrated. The report, which is jointly issued by the World Bank and the International Monetary Fund, argues that gender equality and the empowerment of women are central to the development agenda. This is because gender equality makes good economic sense and because it helps advance the other development goals-including education, nutrition, and reducing child mortality. Rapid progress has been made in some areas, such as achieving educational parity for girls in primary and secondary school in most countries. But in many other dimensions-including political representation and participation in nonagricultural employment-performance still falls short. Better monitoring and efforts at mainstreaming gender equality requires realistic goals, strong leadership, technical expertise, and financing.
Abstract
This third edition of the Global Monitoring Report examines the commitments and actions of donors, international financial institutions, and developing countries to implement the Millennium Declaration, signed by 189 countries in 2000. Many countries are off track to meet the Millennium Development Goals, particularly in Africa and South Asia, but new evidence is emerging that higher-quality aid and a better policy environment are accelerating progress in some countries, and that the benefits of this progress are reaching poor families. This report takes a closer look at the donors' 2005 commitments to aid and debt relief, and argues that rigorous, sustained monitoring is needed to ensure that they are met and deliver results, and to prevent the cycle of accumulating unsustainable debt from repeating itself. International financial institutions need to focus on development outcomes rather than inputs, and strengthen their capacity to manage for results in developing countries.
Abstract
This study provides information on official financing and the debt situation of developing countries. It discusses issues related to trade finance in financial crises, and the challenge of maintaining external debt sustainability in debtor countries. It updates the 2001 edition of Official Financing for Developing Countries.
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This study provides information on official financing for developing countries with the focus on low and lower-middle-income countries. It updates the 1995 edition and reviews developments in direct financing by offical and multilateral sources. Topics of interest include external debt sustainability for heavily indebted poor countries; new official financing flows to developing countries; developments in export credits;financing from multilateral institutions; debt restructuring by official bilateral creditors; plus, numerous appendices.
Abstract
This study provides information on official financing for developing countries with the focus on low- and lower-middle-income countries. It updates the 1995 edition and reviews developments in direct financing by official and multilateral sources. Topics of interest include external debt sustainability for heavily indebted poor countries; new official financing flows to developing countries; developments in export credits; financing from multilateral institutions; debt restructuring by official bilateral creditors; plus, numerous appendices.
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This study surveys recent trends in private market financing for developing countries. In addition to examining developments in flows to developing countries through banking and securites markets, it analyzes the institutional and regulatory framework for developing country finance, institutional investor behavior and pricing of developing country stocks, management of public sector debt and implications of private external borrowing for macroeconomic policy management, and progress in commercial bank debt restructuring in low-income countries
Abstract
This paper reports the growing number of low-income countries that are making efforts to resolve their debt problems, often aided by the resources of the debt reduction facility for countries of the International Development Association (IDA). Progress for most, however, remains slow. With the backing of IDA resources and assistance from official bilateral sources, debt buy-backs have been concluded by Bolivia, Guyana, Mozambique, Niger, Sao Tome and Principe, Uganda, and Zambia. Preliminary discussions on similar operations are under way with several other countries. Although most of the major baric debt cases have been resolved, attention still needs to be focused on the problems of low-income countries. In many of these countries, the process of debt restructuring has been delayed owing to economic and political difficulties. To maintain market access on reasonable terms, countries need consistently to implement strong macroeconomic and structural policy programs. Maintenance of such programs is likely to be particularly important in the period ahead, given the high degree of uncertainty with regard to interest rate movements in the industrial countries.
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This paper focuses mainly on official bilateral and multilateral financing for countries that have rescheduled their debts to official bilateral creditors. In contrast to the approaches taken by private lenders, official creditors have continued to provide new financing on a large scale to countries with debt-servicing difficulties that implement adjustment and reform programs. Financial support bas been provided through a wide variety of instruments and channels. For the low-income rescheduling countries as a group, total financial assistance has been about as large as these countries' own export earnings in every year since 1986. The recent trends in official financing have important ramifications for developing countries. Access to external financing from official sources is likely to remain high for those countries whose adjustment and reform efforts provide assurances that resources will be used efficiently. Conversely, countries with uneven records of policy implementation (particularly as regards payments arrears) are likely to find difficulty in attracting financial support.
Abstract
This paper analyzes the origins of the recent turbulence in government bond markets in the major industrial countries, and considers whether the role of hedge funds in that episode argues for altering present regulatory arrangements. In financial markets, it is possible for such a revision of expectations—if it is shared by all market participants—to alter asset prices almost immediately; indeed, the change in asset prices can occur without any transactions even taking place. In this case, however, trading volumes soared along with the rise in bond yields, as a broad spectrum of market participants sought to undo large positions that had been built up under the projections of a continued rise of European and US bond prices and a strengthening of the dollar against the yen and some European currencies. Although the increase in bond yields was undeniably large for such a short time period, the markets did receive new information in February and March on economic performance—especially on growth rates—and on the likely future course of macroeconomic policies.
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This paper provides information on private market financing for developing countries, covering developments since August 1992. Progress in dealing with bank debt problems has been based in large part on persistence in the pursuit of stabilization and reform programs. Such programs have resulted in strengthened external positions that have allowed debtor countries to accumulate reserves for use in debt-reduction operations. All of the countries where negotiations are now continuing had at some point suspended payments on medium- and long-term debt. Banks have recognized that resumption of regular (albeit partial) payments can be politically difficult in the absence of a quid pro quo. The group of middle-and lower-middle income countries with debt problems still to come to terms with bank creditors on debt-reduction packages is now limited. Many of these remaining countries (including Bulgaria, Ecuador, Panama, Peru, and Poland) have already begun negotiations with creditor banks.