Financing of the African Integrated High-Speed Railway Network (AIHSRN) through Standard Gauge Railway (SGR) Projects is very expensive. As a result, most of the African countries seek financial supports from the Inte...Financing of the African Integrated High-Speed Railway Network (AIHSRN) through Standard Gauge Railway (SGR) Projects is very expensive. As a result, most of the African countries seek financial supports from the International Financial Institutions (IFIs). However, conditions provided by the IFIs through the Performance Standards (PS) of the International Financial Corporation (IFC) increase cost of the projects and thus, it becomes a burden to most of the African countries. This study aimed to explore the causes of IFC-PS through the SGR Projects that escalate costs and how to address them. The Tanzania SGR Lot 1 Project that covered 205 km from Dar es Salaam to Morogoro was selected as a case study. The methods used for data collection involved literature review, focus group discussions and interviews. The results and findings show a gap between the IFC-PS and the National Laws and Regulations that escalates costs of the projects if funds from the IFIs were to be secured. To bridge the gap, it is recommended that the African countries should engage into negotiations with the IFIs to agree to waive IFC-PS conditions that escalate costs provided they are adequately covered in the national laws and regulations;engagement of locally established national and regional financial institutions;and the responsible government institutions in the African countries should sit together for assessment and review of the IFC-PS against the national laws and regulations.展开更多
This working paper aims to investigate one of the most present markets in whole economic life： financial market. Even if not everyone is playing on financial market, the result of trading on this markets can be seen ...This working paper aims to investigate one of the most present markets in whole economic life： financial market. Even if not everyone is playing on financial market, the result of trading on this markets can be seen and felt by any participant on economic life--individuals, businesses, and government. Those which are participating and trading on financial markets influence economic and social life in a way or another. The paper comes to showing how existence and trading on financial markets can change the money supply and behavior of individuals, businesses, and later they can affect entire economic and social life. The author uses financial data provided by international database such as： Eurostat, central banks, International Monetary Fund, World Bank, BMI Research, website of domestic ministries of finance, and/or economy. The research concluded that in those countries where there is an active and experienced financial market, with a huge volume of transactions, also exists a financial and fiscal stability. Unemployment rate is lower, and a higher level of confidence of investors. A very active financial market can also help governments to maintain their balance of payment in equilibrium and/or to accelerate the development of productive capacity, and for raising and maintaining social stability level.展开更多
With the advent of the economic crisis, fair value once again becomes a hot topic. This paper discusses the issues of fair value from three aspects including the meaning of fair value, its serious impacts and its inap...With the advent of the economic crisis, fair value once again becomes a hot topic. This paper discusses the issues of fair value from three aspects including the meaning of fair value, its serious impacts and its inapplicability in China. As for this point, this paper stress that the rub of the fair value is its inaccurate recognition elements which will inevitably lead to the inaccurate measurement. Finally, the paper puts forward the viewpoint that China should be careful enough to apply the fair value accounting.展开更多
This study aims are two folds:First is to investigate the role of the World Bank funding through using a novel financing instrument called Program-for-Results(P for R)to strengthen the government programs and second i...This study aims are two folds:First is to investigate the role of the World Bank funding through using a novel financing instrument called Program-for-Results(P for R)to strengthen the government programs and second is to assess the P for R programs adopted in countries focusing on the direct effects and the results.The Bank currently has three integral financing options to offer client countries:Investment Project Financing supports specific projects and disburses against specific expenditures and transactions,Development Policy Lending supports policy and institutional reforms and provides general budget support,and P for R Financing supports government programs and disburses against results.Results for the P for R reflect on the new level because disbursements are directly linked to the achievement of measurable and verifiable outcome.As well,the Disbursement-Linked Indicators(DLIs)are used to provide governments with incentives to achieve critical program milestones and enhance the performance of programs.This study structured based on descriptive and observed the behavior of two countries’government(Egypt and Ethiopia)for using P for R financing loan in a national project.On the ground,the field of practices was the main indicator in this stage of the investigation,then one of the P for R programs was compared to observe the effectiveness of this kind of financing system in these two countries specifically in the infrastructure sector,and classifications of DLIs were the main parameter in this comparison.The outcome and the existing literature are analyzed to develop a multibeneficial for country adopting P for R collaborative programs,as they should be applied to mitigate the same challenges and solve the institutional complications for the beneficial countries homogeneously.Furthermore,enhance the profit generated from this kind of program targeting via sustainable management tools.展开更多
文摘Financing of the African Integrated High-Speed Railway Network (AIHSRN) through Standard Gauge Railway (SGR) Projects is very expensive. As a result, most of the African countries seek financial supports from the International Financial Institutions (IFIs). However, conditions provided by the IFIs through the Performance Standards (PS) of the International Financial Corporation (IFC) increase cost of the projects and thus, it becomes a burden to most of the African countries. This study aimed to explore the causes of IFC-PS through the SGR Projects that escalate costs and how to address them. The Tanzania SGR Lot 1 Project that covered 205 km from Dar es Salaam to Morogoro was selected as a case study. The methods used for data collection involved literature review, focus group discussions and interviews. The results and findings show a gap between the IFC-PS and the National Laws and Regulations that escalates costs of the projects if funds from the IFIs were to be secured. To bridge the gap, it is recommended that the African countries should engage into negotiations with the IFIs to agree to waive IFC-PS conditions that escalate costs provided they are adequately covered in the national laws and regulations;engagement of locally established national and regional financial institutions;and the responsible government institutions in the African countries should sit together for assessment and review of the IFC-PS against the national laws and regulations.
文摘This working paper aims to investigate one of the most present markets in whole economic life： financial market. Even if not everyone is playing on financial market, the result of trading on this markets can be seen and felt by any participant on economic life--individuals, businesses, and government. Those which are participating and trading on financial markets influence economic and social life in a way or another. The paper comes to showing how existence and trading on financial markets can change the money supply and behavior of individuals, businesses, and later they can affect entire economic and social life. The author uses financial data provided by international database such as： Eurostat, central banks, International Monetary Fund, World Bank, BMI Research, website of domestic ministries of finance, and/or economy. The research concluded that in those countries where there is an active and experienced financial market, with a huge volume of transactions, also exists a financial and fiscal stability. Unemployment rate is lower, and a higher level of confidence of investors. A very active financial market can also help governments to maintain their balance of payment in equilibrium and/or to accelerate the development of productive capacity, and for raising and maintaining social stability level.
文摘With the advent of the economic crisis, fair value once again becomes a hot topic. This paper discusses the issues of fair value from three aspects including the meaning of fair value, its serious impacts and its inapplicability in China. As for this point, this paper stress that the rub of the fair value is its inaccurate recognition elements which will inevitably lead to the inaccurate measurement. Finally, the paper puts forward the viewpoint that China should be careful enough to apply the fair value accounting.
文摘This study aims are two folds:First is to investigate the role of the World Bank funding through using a novel financing instrument called Program-for-Results(P for R)to strengthen the government programs and second is to assess the P for R programs adopted in countries focusing on the direct effects and the results.The Bank currently has three integral financing options to offer client countries:Investment Project Financing supports specific projects and disburses against specific expenditures and transactions,Development Policy Lending supports policy and institutional reforms and provides general budget support,and P for R Financing supports government programs and disburses against results.Results for the P for R reflect on the new level because disbursements are directly linked to the achievement of measurable and verifiable outcome.As well,the Disbursement-Linked Indicators(DLIs)are used to provide governments with incentives to achieve critical program milestones and enhance the performance of programs.This study structured based on descriptive and observed the behavior of two countries’government(Egypt and Ethiopia)for using P for R financing loan in a national project.On the ground,the field of practices was the main indicator in this stage of the investigation,then one of the P for R programs was compared to observe the effectiveness of this kind of financing system in these two countries specifically in the infrastructure sector,and classifications of DLIs were the main parameter in this comparison.The outcome and the existing literature are analyzed to develop a multibeneficial for country adopting P for R collaborative programs,as they should be applied to mitigate the same challenges and solve the institutional complications for the beneficial countries homogeneously.Furthermore,enhance the profit generated from this kind of program targeting via sustainable management tools.
