global development finance 2011

342
VDM QB_JF O@EG Ajbo`j Fmvmjbpcmet Ine`elm Mxtmre`j Fmot bi Fmv mjb pnea Lbuetrnms Ajbo`j Fmvmjbpcmet Ine`elm

Upload: world-bank-staff

Post on 08-Apr-2018

219 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 1/341

V D M Q B _ J F O @ E

Ajbo jFmvmjbpcmet

Ine`elmMxtmre`j Fmot bi Fmvmjbpnea Lbuetrnms

Ajbo jFmvmjbpcmet

Ine`elm

Page 2: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 2/341

Page 3: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 3/341

Ajbo`jFmvmjbpcmet

Ine`elmMxtmre`j Fmot bi Fmvmjbpnea Lbuetrnms

Page 4: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 4/341

Page 5: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 5/341

Ajbo`jFmvmjbpcmetIne`elmMxtmre`j Fmot bi Fmvmjbpnea Lbuetrnms

?800

Page 6: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 6/341

© ?800 Vdm Netmre`tnbe`j O`eg ibr _mlbestrultnbe `ef Fmvmjbpcmet / Vdm Qbrjf O`eg

0404 D \trmmt EQ

Q`sdneatbe FL ?86<<

Vmjmpdbem; ?8?-61<-0888

Netmremt; www.wbrjfo`eg.bra

@jj rnadts rmsmrvmf

0 ? < 6 0< 0? 00 08

Vdns vbjucm ns ` prbfult bi tdm st`ii bi tdm Netmre`tnbe`j O`eg ibr _mlbestrultnbe `ef Fmvmjbpcmet / Vdm

Qbrjf O`eg. Vdm inefneas, netmrprmt`tnbes, `ef lbeljusnbes mxprmssmf ne tdns vbjucm fb ebt emlmss`rnjy rmijmlt

tdm vnmws bi tdm Mxmlutnvm Fnrmltbrs bi Vdm Qbrjf O`eg br tdm abvmrecmets tdmy rmprmsmet.

Vdm Qbrjf O`eg fbms ebt au`r`etmm tdm `llur`ly bi tdm f`t` neljufmf ne tdns wbrg. Vdm obuef`rnms, lbjbrs,

fmebcne`tnbes, `ef btdmr neibrc`tnbe sdbwe be `ey c`p ne tdns wbrg fb ebt ncpjy `ey kufamcmet be tdm

p`rt bi Vdm Qbrjf O`eg lbelmrenea tdm jma`j st`tus bi `ey tmrrntbry br tdm mefbrsmcmet br `llmpt`elm bi suld

obuef`rnms.

_nadts ef Xmrcnssnbes

Vdm c`tmrn`j ne tdns puojnl`tnbe ns lbpyrnadtmf. Lbpynea `ef/br tr`escnttnea pbrtnbes br `jj bi tdns wbrg wntd-

but pmrcnssnbe c`y om ` vnbj`tnbe bi `ppjnl`ojm j`w. Vdm Netmre`tnbe`j O`eg ibr _mlbestrultnbe `ef Fmvmjbp-

cmet / Vdm Qbrjf O`eg melbur`ams fnssmcne`tnbe bi nts wbrg `ef wnjj ebrc`jjy ar`et pmrcnssnbe tb rmprbfulm

pbrtnbes bi tdm wbrg prbcptjy.

Ibr pmrcnssnbe tb pdbtblbpy br rmprnet `ey p`rt bi tdns wbrg, pjm`sm smef ` rmqumst wntd lbcpjmtm neibrc`tnbe

tb tdm Lbpyrnadt Ljm`r`elm Lmetmr Nel., ??? _bsmwbbf Frnvm, F`evmrs, C@ 80>?<, ]\@7 tmjmpdbem; >14-1=8-

46887 i`x; >14-1=8-66187 Netmremt; www.lbpyrnadt.lbc.

@jj btdmr qumrnms be rnadts `ef jnlmesms, neljufnea suosnfn`ry rnadts, sdbujf om `ffrmssmf tb tdm Biinlm bi tdm

Xuojnsdmr, Vdm Qbrjf O`eg, 0404 D \trmmt EQ, Q`sdneatbe, FL ?86<<, ]\@7 i`x; ?8?-=??-?6??7m-c`nj; puornadtsHwbrjfo`eg.bra.

N\OE; >14-8-4?0<-491<-9

mN\OE; >14-8-4?0<-4916-<

FBN; 08.0=>=/>14-8-4?0<-491<-9N\\E; 08?8-=6=6

Page 7: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 7/341

 

V`ojm bi Lbetmets

Xrmi`lm vnn

@lgebwjmfacmets nx

Bvmrvnmw 0Ine`eln`j Ijbws tb Fmvmjbpnea

Lbuetrnms; Vrmef ne ?88> 0

_mlmet Vrmefs ne Ine`elnea irbc

Biinln`j Lrmfntbrs 6

Ybj`tnjnty ne Xrnv`tm Fmot Ijbws

tb Fmvmjbpnea Lbuetrnms 4

Fmot Nefnl`tbrs 08

_manbe`j Fmvmjbpcmets `ef Vrmefs 00

@eemx @; Fmot _mstrulturnea ne ?88> 0>

\ucc`ry V`ojms ?0

_manbe`j `ef Nelbcm Arbup@aarma`tm V`ojms <=

Lbuetry V`ojms ==

@iad`enst`e =9@jo`en` =4@jamrn` 98@eabj` 9?@rametne` 96@rcmen` 99@zmro`nk`e 94O`eaj`fmsd 18Omj`rus 1?Omjnzm 16Omene 19Odut`e 14Objnvn`, Xjurne`tnbe`j \t`tm bi 48Obsen` `ef Dmrzmabvne` 4?Obtsw`e` 46Or`znj 49Ouja`rn` 44Ourgne` I`sb >8Ouruefn >?

L`cobfn` >6L`cmrbbe >9L`pm Ymrfm >4

Lmetr`j @irnl`e _mpuojnl 088Ld`f 08?Ldnjm 086Ldne` 089Lbjbcon` 084Lbcbrbs 008Lbeab, Fmcblr`tnl _mpuojnl bi 00?Lbeab, _mpuojnl bi 006Lbst` _nl` 009Lötm f„Nvbnrm 004Fknobutn 0?8Fbcnenl` 0??Fbcnenl`e _mpuojnl 0?6

Mlu`fbr 0?9Maypt, @r`o _mpuojnl bi 0?4Mj \`jv`fbr 0<8Mrntrm` 0<?Mtdnbpn` 0<6Inkn 0<9A`obe 0<4A`con`, Vdm 068Ambran` 06?Ad`e` 066Arme`f` 069Au`tmc`j` 064

Aunem` 0=8Aunem`-Onss`u 0=?Auy`e` 0=6D`ntn 0=9Dbefur`s 0=4Nefn` 098Nefbemsn` 09?Nr`e, Nsj`cnl _mpuojnl bi 096

 K`c`nl` 099 Kbrf`e 094

v

Page 8: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 8/341

A J B O @ J F M Y M J B X C M E V I N E @ E L M ? 8 0 0

vn

G`z`gdst`e 018Gmey` 01?Gbsbvb 016

Gyrayz _mpuojnl 019J`b Xmbpjm„s Fmcblr`tnl _mpuojnl 014Jmo`ebe 048Jmsbtdb 04?Jnomrn` 046Jntdu`en` 049C`lmfben`, Ibrcmr uabsj`v _mpuojnl bi 044C`f`a`sl`r 0>8C`j`wn 0>?C`j`ysn`  0>6C`jfnvms 0>9C`jn 0>4C`urnt`en` ?88

C`urntnus ?8?Cmxnlb ?86Cbjfbv` ?89Cbeabjn` ?84Cbetmemarb ?08Cbrbllb ?0?Cbz`conqum ?06Cy`ec`r ?09Emp`j ?04Enl`r`au` ??8Enamr ???Enamrn` ??6X`gnst`e ??9X`e`c` ??4X`pu` Emw Aunem` ?<8X`r`au`y ?<?Xmru ?<6Xdnjnppnems ?<9_bc`en` ?<4_ussn`e Imfmr`tnbe ?68_w`ef` ?6?\`cb` ?66\ìb Vbcî `ef Xrãelnpm ?69\mema`j ?64\mron` ?=8

\myldmjjms ?=?\nmrr` Jmbem ?=6\bjbcbe Nsj`efs ?=9

\bc`jn` ?=4\butd @irnl` ?98\rn J`eg` ?9?\t. Gntts `ef Emvns ?96\t. Juln` ?99\t. Ynelmet `ef tdm Arme`fnems ?94\uf`e ?18\w`znj`ef ?1?\yrn`e @r`o _mpuojnl ?16V`kngnst`e ?19V`ez`en` ?14Vd`nj`ef ?48Vbab ?4?

Vbea` ?46Vuensn` ?49Vurgmy ?44Vurgcmenst`e ?>8]a`ef` ?>?]gr`nem ?>6]ruau`y ?>9]zomgnst`e ?>4Y`eu`tu <88Ymemzumj`, _mpûojnl` Objnv`rn`e` fm <8?Ynmte`c <86^mcme, _mpuojnl bi <89[`con` <84[nco`owm <08

@obut tdm F`t` <0<

  F`t` \burlms <0<

  Cmtdbfbjbay <06

  Mxtmre`j Fmot `ef Nts Lbcpbemets <09

  Lbuetrnms wntd Mstnc`tmf F`t` <0>

Lbuetry Arbups <?0

Ajbss`ry <?<

]smrs„ Aunfm <?1

vn

Page 9: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 9/341

 

Vdm Qbrjf O`eg„s Fmotbr _mpbrtnea \ystmc(F_\), irbc wdnld tdm `aarma`tms `eflbuetry t`ojms prmsmetmf ne tdns rmpbrt `rm

fr`we, w`s mst`ojnsdmf ne 0>=0.  Vdm fmot lrnsnsbi tdm 0>48s orbuadt nelrm`smf `ttmetnbe tb fmotst`tnstnls `ef tb tdm Qbrjf Fmot V`ojms, tdm prmfm-lmssbr tb Ajbo`j Fmvmjbpcmet Ine`elm. Ebw tdmajbo`j i ne`eln`j lrnsns d`s belm `a`ne dmnadtmemf`w`rmemss ne fmvmjbpnea lbuetrnms bi tdm ncpbr-t`elm bi c`e`anea tdmnr mxtmre`j bojna`tnbes. Lmetr`j tb tdns prblmss ns tdm cm`surmcmet `efcbentbrnea bi mxtmre`j fmot stblgs `ef ijbws ne `lbbrfne`tmf `ef lbcprmdmesnvm w`y.  Vdm nentn`jbokmltnvm bi tdm F_\ w`s tb suppbrt tdm QbrjfO`eg„s `ssmsscmet bi tdm lrmfntwbrtdnemss bi ntsobrrbwmrs. Out nt d`s arbwe `s ` tbbj tb neibrc

fmvmjbpnea lbuetrnms `ef tdm netmre`tnbe`j lbc-cuenty bi trmefs ne mxtmre`j i ne`elnea `ef `s `st`ef`rf ibr tdm lbelmpts ef fmi nentnbes be wdnldlbuetrnms l`e o`sm tdmnr bwe fmot c`e`amcmetsystmcs. 

Bvmr tdm ym`rs, tdm mxtmre`j i ne`elnea bptnbes`v`nj`ojm tb fmvmjbpnea lbuetrnms d`vm mvbjvmf `efmxp`efmf, `ef sb tbb d`s tdm fmc`ef ibr tncmjy`ef rmjmv`et f`t` tb cm`surm tdm `ltnvnty bi puojnl`ef prnv`tm smltbr obrrbwmrs `ef lrmfntbrs. _mlur-rmet fmot lrnsms l`usmf oy `fvmrsm ajbo`j mlbebcnllbefntnbes br pbbr mlbebcnl c`e`amcmet d`vmfmc`efmf sbjutnbes, neljufnea fmot rmstrultur-nea `ef, ne tdm l`sm bi tdm pbbrmst, cbst dnadjynefmotmf lbuetrnms, butrnadt fmot ibranvmemss,ibrcuj`tmf be tdm o`sns bi fmt`njmf `ef rboustneibrc`tnbe be mxtmre`j bojna`tnbes. 

Xrmi`lm

\tmps `rm lbetneubusjy omnea t`gme tb mesurmtd`t tdm f`t` l`pturmf oy tdm F_\ cnrrbr tdmsmfmvmjbpcmets `ef rmspbef tb tdm emmfs bi fmot

c`e`amrs `ef `e`jysts.  Ne tdns lbetmxt, rmpbrtnearmqunrmcmets `rm pmrnbfnl`jjy `cmefmf tb rmijmltld`eams ne obrrbwnea p`ttmres.  C`ey fmvmjbp-nea lbuetrnms nelrm`sneajy rmjy be i ne`elnea r`nsmfne fbcmstnl c`rgmts, sb wm `rm mxpjbrnea w`ys tbmxp`ef tdm lbvmr`am bi puojnl smltbr obrrbwnea nefbcmstnl c`rgmts. @t tdm s`cm tncm, wm `rm cnefiujtd`t mxp`efmf lbvmr`am `ef miibrts tb med`elm f`t``llur`ly `ef tncmjnemss cust om o`j`elmf `a`nesttdm rmpbrtnea ourfme ncpbsmf be fmvmjbpnea lbue-trnms.  Orneanea cbfmre tmldebjbay tb om`r rmfulmsrmpbrtnea lbsts. Ne p`rtemrsdnp wntd tdm c`kbr prb-vnfmrs bi fmot f`t` c`e`amcmet systmcs tb fmvmj-

bpnea lbuetrnms, tdm Lbccbewm`jtd \mlrmt`rn`t(LBC\ML) `ef tdm ]entmf E`tnbes Lbeimrmelm beVr`fm `ef Fmvmjbpcmet (]ELV@F), wm d`vm mst`o-jnsdmf st`ef`rf lbfm `ef systmc jnegs td`t me`ojmlbuetrnms tb prbvnfm tdmnr F_\ rmpbrts mjmltrbenl`jjy,ne sm`cjmss ef utbc`tmf f`t` mxld`eam prblmss. 

Qm rmlbaenzm td`t rboust fmot f`t` `ef abbffmot c`e`amcmet ab d`ef ne d`ef, `ef tdm QbrjfO`eg, tbamtdmr wntd nts p`rtemrs, ns lbccnttmf tbncprbvnea tdm l`p`lnty bi fmvmjbpnea lbuetrnmstb c`e`am tdmnr fmot.  Qm `rm `jsb lbccnttmf tbc`net`nenea tdm F_\ `s ` rnld sburlm bi neibrc`-tnbe. @jj tdm rmjmv`et f`t` `ef neibrc`tnbe `rm

`v`nj`ojm tb ybu irbc tdm Qbrjf O`eg„s BpmeF`t` sntm `t dttp; //f`t`.wbrjfo`eg.bra/ . Qm wmj-lbcm ybur lbccmets `ef suaamstnbes tb mesurmtd`t bur f`t` cmmt ybur emmfs. 

\d`nf` O`fnmmFnrmltbr, Fmvmjbpcmet F`t` Arbup

vnn

Page 10: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 10/341

Page 11: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 11/341

 

_mcntt`elms uent prbvnfmf wbrgmr rmcntt`elms`ef lbcpmes`tnbe bi mcpjbymm f`t`. Vdm bvmr-vnmw bi lurrmet fmvmjbpcmets w`s prmp`rmf oy

C`jvne` Xbjjblg ne lbesujt`tnbe wntd tdm st`ii biFMLFA, `ef lbuetry mlbebcnsts rmvnmwmf tdmf`t`. Vdm wbrg w`s l`rrnmf but uefmr tdm c`e-`amcmet bi \d`nf` O`fnmm.

Vdm prbfultnbe bi tdns vbjucm w`s c`e`amf oy@znt` @ck`fn, wntd tdm `ssnst`elm bi @jnsbe Gwbea`ef Ymr` Qme. Vdm LF-_BC `ef bejnem f`t`o`smwmrm prmp`rmf oy Ouy`et Mrfmem Gd`jt`rgduu `efQnjjn`c Xrnelm, wntd tmldenl`j suppbrt irbc \dmjjyIu, Ynj`s G. C`fjmg`r, @o`re` A`y`tdrn C`enlgufnX`eld`p`gms`e, \uk`y _`c`s`cy, `ef C`j`rvnzdnYmmr`pp`e. Vdm lbvmr w`s fmsnaemf oy Kbcb V`rngu.\t`ii cmcomrs irbc Mxtmre`j @ii`nrs lbbrfne`tmf

tdm puojnl`tnbe ef fnssmcne`tnbe bi tdm obbg.

V

dns vbjucm `ef nts lbcp`enbe vbjucm,Vdm Jnttjm F`t` Obbg be Mxtmre`j Fmot ,wmrm prmp`rmf oy tdm Ine`eln`j F`t` Vm`c

bi tdm Fmvmjbpcmet F`t` Arbup (FMLFA), jmfoy Nor`dnc Jmvmet uefmr tdm supmrvnsnbe bi Mrnl\w`esbe `ef Emnj K`cms I`etbc, `ef lbcprns-nea E`e`s`cuff Lddnc, \dmjjmy Iu, @g`emD`e`n, Dnrbgb C`mf`, Ajbrn` Cbrmeb, Mvns_ug`k, ^`sum \`gur`cbtb, C`gngb \`eb, _uome`\ug`k, @j`anrnsw`cy Ymeg`tms`e, `ef Cnzugn^`c`e`g`, wbrgnea ljbsmjy wntd btdmr tm`cs netdm Fmvmjbpcmet Mlbebcnls Ynlm Xrmsnfmely„sFmvmjbpcmet F`t` Arbup. Vdm tm`c w`s `ssnstmfoy @w`tni D. @ouzmnf, _bs`rnb @jnpnb, `ef Xrmcn_`td`e. Vdm systmc suppbrt tm`c w`s jmf oy@ofbjrmz` I`rnv`rn7 \bbea \up Jmm prbvnfmf tdm

c`lrbmlbebcnl f`t`, `ef tdm Cnar`tnbe `ef

@lgebwjmfacmets

 

nx

Page 12: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 12/341

Page 13: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 13/341

 

Bvmrvnmw

Ine`eln`j Ijbws tb FmvmjbpneaLbuetrnms; Vrmef ne ?88>

Netmre`tnbe`j l`pnt`j ijbws tb tdm 0?4 fmvmjbpnea

lbuetrnms rmpbrtnea tb tdm Qbrjf O`eg Fmotbr_mpbrtnea \ystmc (F_\) imjj oy ?8 pmrlmet ne?88> tb $=>4 onjjnbe (<.1 pmrlmet bi arbss e`tnbe`jnelbcm WAENS), lbcp`rmf wntd $166 onjjnbe ne?884 (6.= pmrlmet bi AEN) `ef ` jnttjm bvmr d`jitdm pm`g jmvmj bi $0,000 onjjnbe rm`jnzmf ne ?881(t`ojm 0). Xrnv`tm ijbws (fmot `ef mqunty) fmljnemfoy ?1 pmrlmet fmspntm ` rmobuef ne obef nssu`elm,pbrtibjnb mqunty ijbws, `ef sdbrt-tmrc fmot ijbws

(wdnld wmrm cbstjy tr`fm rmj`tmf). Obtd ibrmnaefnrmlt nevmstcmet (IFN) ijbws `ef o`eg jmef-nea imjj prmlnpntbusjy. Oy lbetr`st, tdm emt neijbw

bi fmot-rmj`tmf ine`elnea irbc biinln`j lrmfntbrs(mxljufnea ar`ets) rbsm 01= pmrlmet s suppbrt w`sstmppmf up tb jbw- `ef cnffjm-nelbcm lbuetrnmssmvmrmjy `iimltmf oy tdm ajbo`j ine`eln`j lrnsns.

Emt mqunty neijbws (fnrmlt nevmstcmet `efpbrtibjnb nevmstcmet lbconemf) tbt`jmf $69? onj-jnbe ne ?88>, fbwe 0< pmrlmet irbc tdm $=<6 onj-jnbe tbt`j rmlbrfmf ne ?884 `ef ljbsm tb <8 pmrlmetjbwmr td`e tdm $96< onjjnbe tbt`j rmlbrfmf ne ?881

V`ojm 0. Emt L`pnt`j Neijbws tb Fmvmjbpnea Lbuetrnms, ?880“8>$ onjjnbes 

Neijbws ?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

Emt prnv`tm ef biinln`j neijbws ?0?.9 0=6.6 ?9?.6 <6?.? 696.4 908.? 0,008.= 16<.> =>1.4

Xmrlmet`am bi AEN <.1 ?.1 <.> 6.< 6.> =.= 4.8 6.= <.1

Emt mqunty neijbws 09=.= 09?.= 014.4 ?6<.9 <60.0 6=0.8 96<.? =<<.> 69?.?

Emt IFN neijbws 0=4.4 0=6.< 0=?.= ?89.1 ?1<.9 <6<.< =84.0 =41.0 <=6.0

Emt pbrtibjnb mqunty neijbws 9.1 4.< ?9.< <9.> 91.= 081.1 0<=.0   =<.? 084.?

Emt fmot ijbws 61.?   4.0 4<.9 >4.9 0?<.1 0=>.? 691.< ?8>.> 0<=.=

Biinln`j lrmfntbrs <0.8 9.1   00.>   ?6.0   96.8   9>.9 8.8 ?1.4 19.6

Qbrjf O`eg 1.6   8.=   ?.= ?.6 ?.1   8.? =.? 1.< 01.1

NCI 0>.= 06.? ?.6   06.1   68.?   ?9.1   =.0 08.8 ?9.=

Btdmr biinln`j lrmfntbrs 6.0   1.8   00.4   00.4   ?9.9   6?.9 8.8 08.9 <?.?

Xrnv`tm lrmfntbrs 09.?   06.4 >=.= 0??.1 041.1 ??4.4 691.< 04?.0 =>.0

Emt cmfnuc- `ef jbea-tmrcfmot ijbws   <.?   0.1 <4.< 9>.4 00<.? 066.> ?4<.0 0>9.0 =?.1

Obefs 0=.= 00.0 ?<.0 <6.< 64.? <0.1 44.? ?6.0 =0.0O`egs `ef btdmr prnv`tmlrmfntbrs   04.1   0?.4 0=.? <=.= 9=.8 00<.? 0>6.> 01?.8 0.9

Emt sdbrt-tmrc fmot ijbws 0>.6   0<.0 =1.? =?.> 16.= 4<.> 046.?   06.8 9.6

Ld`eam ne rmsmrvms (  nelrm`sm)   40.=   09=.<   ?44.0   <>=.<   686.9   9<6.?   0,84<.1   6=?.1   91<.4

Cmcbr`efuc ntmcs

Biinln`j ar`ets mxljufnea tmldenl`jlbbpmr`tnbe ?4.6 <<.0 66.1 =?.0 =9.> 089.> 19.0 49.6 >=.8

Qbrgmr rmcntt`elms ><.4 08>.> 0<9.4 0=4.9 0>8.9 ??=.< ?11.? <?<.= <8=.?

\burlms; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc, NCI, O`eg ibr Netmre`tnbe`j \mttjmcmets, `ef BMLF.Ebtm; Ar`ets `rm Qbrjf O`eg st`ii mstnc`tms.

0

Page 14: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 14/341

A J B O @ J F M Y M J B X C M E V I N E @ E L M ? 8 0 0

?

(t`ojm 0 `ef inaurm 0). IFN neijbws imjj tb $<=6 onj-jnbe irbc $=41 onjjnbe ne ?884‖tdm sd`rpmst frbpne ?8 ym`rs, wntd `jj bi tdm j`ramst rmlnpnmets bi IFNsmmnea emt neijbws fmljnem. Ldne`, tdm j`ramst rmlnp-nmet bi IFN neijbws `cbea fmvmjbpnea lbuetrnms,mxpmrnmelmf ` 61 pmrlmet frbp ne IFN neijbws ne?88>, tb `e mstnc`tmf $14 onjjnbe, p`rtjy oml`usmbi dnad fnsnevmstcmet ne tdm ine`eln`j smltbr (inaurm?). Vdm stbry w`s rmpm`tmf ne btdmr rmanbes s cuj-tne`tnbe`j inrcs wmrm dnt d`rf oy tdm ajbo`j mlb-ebcnl rmlmssnbe `ef ine`eln`j lrnsns. \jbwmr ajbo`jarbwtd sqummzmf tdmnr prbint`onjnty, `ef mlbebcnluelmrt`nety `ef wm`g ajbo`j fmc`ef rmfulmftdmnr wnjjneaemss (`ef `onjnty) tb mxp`ef `orb`f.Or`znj `ef Cmxnlb s`w IFN neijbws fmljnem 6?pmrlmet `ef =0 pmrlmet rmspmltnvmjy. Neijbws tb tdm_ussn`e Imfmr`tnbe wmrm fbwe =8 pmrlmet, `efne Vurgmy tdmy frbppmf oy =9 pmrlmet. Ne Nefn`,tdm fmljnem w`s cbrm cbfmr`tm (09 pmrlmet), `eftdm s`cm w`s trum ibr Ldnjm (fbwe 09 pmrlmet)`ef, tb ` jmssmr mxtmet, G`z`gdst`e (fbwe ?8pmrlmet). Ne amemr`j, memray-brnmetmf IFN w`s jmss

`iimltmf oml`usm c`ey lbcp`enms wntd mxpmrtnsm nememray mxpjbr`tnbe stnjj d`f strbea l`sd pbsntnbes,`ef i`jjnea prnlms bi memray `ssmts ne fmvmjbpnealbuetrnms r`nsmf nevmstcmet `ttr`ltnvmemss. @s `rmsujt, lbuetrnms suld `s @eabj`, @zmro`nk`e, tdmNsj`cnl _mpuojnl bi Nr`e, `ef Enamrn` `jj rmlbrfmfnelrm`smf emt IFN ijbws ne ?88>.

Ne lbetr`st tb tdm i`jj ne IFN neijbws, pbrtibjnbmqunty neijbws turemf sd`rpjy pbsntnvm ne ?88>,rnsnea tb $084 onjjnbe‖` fr`c`tnl ture`rbuef

irbc tdm emt butijbw bi $=< onjjnbe ne ?884, wdmenevmstbrs rmtrm`tmf irbc stblg dbjfneas ne mcmra-nea c`rgmts. Or`znj rmlbrfmf tdm strbeamst rmvmrs`j,wntd `e neijbw bi $<1 onjjnbe ne ?88> lbcp`rmf tb`e butijbw bi $4 onjjnbe ne ?884. Btdmr lbuetrnmstd`t s`w `e ncpbrt`et rmvmrs`j ne pbrtibjnb ijbws

ne ?88> neljufmf Ldne` ($0> onjjnbe nelrm`sm),Nefn` ($<9 onjjnbe nelrm`sm), _ussn` ($01 onjjnbenelrm`sm), `ef \butd @irnl` ($06 onjjnbe nelrm`sm).Xbrtibjnb mqunty ijbws rmc`ne lbelmetr`tmf ne08 lbuetrnms td`t typnl`jjy `llbuet ibr `obut >8pmrlmet bi `jj pbrtibjnb mqunty ijbws tb fmvmjbpnealbuetrnms (t`ojm ?).

Fmot-rmj`tmf ijbws pjuccmtmf ne ?88>, i`jj-nea oy <= pmrlmet tb $0<9 onjjnbe ($?08 onjjnbe ne?884), `ef tdmnr lbcpbsntnbe ld`eamf c`rgmfjy.

Inaurm 0. Emt Mqunty Ijbws tb Fmvmjbpnea

Lbuetrnms, ?880“8>

$ onjjnbes 

188

988

=88

688

<88

?88

088

8

“088?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

Emt IFN neijbws Emt pbrtibjnb mqunty neijbws

\burlms; NCI `ef Qbrjf O`eg st`ii mstnc`tms.

Inaurm ?. Emt Ibrmnae Fnrmlt Nevmstcmet Neijbws

tb C`kbr _mlnpnmets, ?884“8>

$ onjjnbes 

8 =8 088 ?880=8

Ldne`

_ussn`eImfmr`tnbe

Or`znj

Nefn`

Cmxnlb

Vurgmy

G`z`gdst`e

Ldnjm

?884 ?88>

\burlms; NCI `ef Qbrjf O`eg st`ii mstnc`tms.

V`ojm ?. Emt Neijbws bi Xbrtibjnb Mqunty; Vbp 08

_mlnpnmets$ onjjnbes 

Lbuetry ?88= ?889 ?881 ?884 ?88>

Or`znj 9.= 1.1 ?9.?   1.9 <1.0

Ldne` ?8.< 6?.> 04.= 4.1 ?4.?

Nefn` 0?.? >.= <=.8   0=.8 ?0.0

Nefbemsn`   8.? 0.> <.9 8.< 8.4

Cmxnlb <.6 ?.4   8.=   <.= 6.?

Xdnjnppnems 0.= ?.= <.?   0.<   0.0

_ussn`eImfmr`tnbe   8.0 9.= 04.1   0=.8 ?.8

\butd @irnl` 1.? 0=.8 4.1   6.1 >.6

Vd`nj`ef =.0 =.? 6.<   <.4 0.>

Vurgmy =.1 0.> =.0 8.1 ?.4

\burlms; NCI `ef Qbrjf O`eg st`ii mstnc`tms.

Page 15: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 15/341

B Y M _ Y N M Q

<

Cmfnuc- `ef jbea-tmrc ine`elnea irbc biinln`jlrmfntbrs `llbuetmf ibr =9 pmrlmet bi fmot-rmj`tmfijbws, lbcp`rmf tb kust 0< pmrlmet ne ?884. Fmot

neijbws irbc biinln`j sburlms surp`ssmf tdbsm irbcprnv`tm lrmfntbrs ibr tdm inrst tncm snelm ?88? (ina-urm <). Vdm fbcne`et mjmcmet w`s emw jmefnea oycujtnj`tmr`j lrmfntbrs, neljufnea tdm Netmre`tnbe`jCbemt`ry Iuef (NCI). Nt lbestntutmf `jcbst >8pmrlmet bi emt neijbws irbc biinln`j sburlms ne?88>, rmijmltnea nelrm`smf suppbrt tb jbw- `efcnffjm-nelbcm lbuetrnms smvmrmjy `iimltmf oy tdmajbo`j ine`eln`j lrnsns. Vdm strulturm bi neijbwsirbc prnv`tm lrmfntbrs ne ?88> w`s c`rgmfjy fni-imrmet irbc tdm p`ttmre rmlbrfmf ne ?884. Emtneijbws be obefs rmobuefmf ibjjbwnea ` rmsur-amelm bi emw nssums oy puojnl smltbr ef, tb jmssmr

fmarmm, lbrpbr`tm obrrbwmrs. \ncnj`rjy, sdbrt-tmrcijbws rmturemf tb pbsntnvm tmrrntbry ($9 onjjnbe)`itmr tdm $06 onjjnbe butijbw bi ?884‖tdm bejytncm tdmrm d`f omme `e butijbw bi sdbrt-tmrcl`pnt`j irbc fmvmjbpnea lbuetrnms snelm ?888.Dbwmvmr, tdm emt neijbw bi l`pnt`j irbc o`egs`ef btdmr prnv`tm lrmfntbrs, wdnld dmjf up rm`sbe-`ojy wmjj ne ?884, lbjj`psmf ne ?88> oml`usm bitdm lbconemf miimlt bi ` sd`rp rmfultnbe ne arbssneijbws `ef j`ram p`ycmets oy lbrpbr`tm obrrbw-mrs (inaurm 6).

@t tdm rmanbe`j jmvmj, tdm mcmranea c`rgmtmlbebcnms ne Murbpm `ef Lmetr`j @sn` mxpmrn-melmf tdm cbst prbebuelmf frbp ne tdm emt neijbw

bi l`pnt`j. Fmot `ef mqunty ijbws lbconemf imjj

99 pmrlmet ne ?88> tb $>8 onjjnbe, wmjj omjbwbem-qu`rtmr bi tdm `cbuet rmlmnvmf ne ?881 (t`ojm<). Emt l`pnt`j neijbws tb J`tne @cmrnl` `ef tdmL`rnoom`e `jsb lbetneumf tdmnr fbwew`rf tr`kml-tbry ne ?88> out fmljnemf bejy cbfmr`tmjy, fbwe9 pmrlmet irbc tdmnr ?884 jmvmj. @jj btdmr rmanbesmekbymf `e nelrm`sm ne emt l`pnt`j neijbws ne ?88>.Ne tdm Cnffjm M`st `ef Ebrtd @irnl` `ef ne \butd@sn`, emt l`pnt`j neijbws rbsm oy << pmrlmet `ef?9 pmrlmet, rmspmltnvmjy, frnvme oy emw obrrbwnea

=88

688

<88

?88

088

8

“088?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

Biinln j lrmfntbrs Xrnv`tm lrmfntbrs

Inaurm <. Emt Fmot Ijbws oy Lrmfntbr Vypm, ?880“8>

$ onjjnbes 

\burlm; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc.

?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

?=8

?88

0=8

088

=8

8

“=8

Obefs

Emt sdbrt tmrc fmot ijbws

O`egs ef btdmr prnv`tm

Inaurm 6. Emt Xrnv`tm Fmot Ijbws oy Lrmfntbr Vypm,

?880“8>

$ onjjnbes 

\burlm; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc.

V`ojm <. Emt L`pnt`j Neijbws tb Fmvmjbpnea _manbes,

?88=“8>$ onjjnbes 

Neijbws (oy rmanbe) ?88= ?889 ?881 ?884 ?88>

Emt prnv`tm `ef biinln`jneijbws 69= 908 0,000 166 =>4

M`st @sn` ef X`lninl 010 0>? ?4? 04< 0>0

Murbpm ef Lmetr`j @sn` 0?4 ?04 600 ?9? >8

J`tne @cmrnl` `ef tdm

L`rnoom`e 4= 99 ?01 011 091

Cnffjm M`st `ef Ebrtd@irnl` 0> 06 <8 ?0 ?4

\butd @sn` ?> 11 004 9? 11

\uo-\`d`r`e @irnl` << 6< =< <> 6=

\burlm; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc.

Page 16: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 16/341

A J B O @ J F M Y M J B X C M E V I N E @ E L M ? 8 0 0

6

ne tdm l`sm bi tdm ibrcmr `ef `jcbst metnrmjy oypbrtibjnb neijbws tb Nefn` ne tdm l`sm bi tdm j`ttmr.M`st @sn` `ef tdm X`lninl rmlbrfmf ` sc`jj (6 pmr-

lmet) rnsm ne tdm emt neijbw bi l`pnt`j ne ?88>, wntdtdm sd`rp fmlrm`sm ne tdm emt neijbw bi IFN biismt oynelrm`smf pbrtibjnb ijbws `ef oy tdm rnsm ne sdbrt-tmrc obrrbwnea. Ne \uo-\`d`r`e @irnl`, emt l`pnt`jneijbws wmrm up oy 09 pmrlmet ne ?88>, prnc`rnjyoml`usm bi tdm ture`rbuef ne pbrtibjnb mqunty ijbwstb \butd @irnl`. Dbwmvmr, cbst lbuetrnms ne tdmrmanbe s`w emt l`pnt`j neijbws i`jj ne ?88>. Qdme\butd @irnl` ns mxljufmf, tdm emt neijbws bi l`pnt`jtb \uo-\`d`r`e @irnl` wmrm 00 pmrlmet jbwmr td`etdm lbcp`r`ojm inaurm ibr ?884.

_mlmet Vrmefs ne Ine`elnea irbcBiinln`j Lrmfntbrs

Emt neijbws bi l`pnt`j irbc biinln`j lrmfntbrs(jb`es `ef ar`ets) wmrm mstnc`tmf `t $010

onjjnbe ne ?88>, `e nelrm`sm bi `obut =8 pmrlmetbvmr tdm lbcp`r`ojm inaurm ibr ?884 (t`ojm 6). Vdnsnelrm`sm w`s frnvme cbstjy oy tdm r`pnf rnsm ne tdmemt neijbw bi cmfnuc- `ef jbea-tmrc jb`es irbctdm NCI `ef tdm cujtnj`tmr`j fmvmjbpcmet o`egs,rmijmltnea tdm fmlnsnbe c`fm `t tdm Arbup bi ?8Jbefbe \uccnt ne @prnj ?88> tb `llbrf tdmsmnestntutnbes ` lmetr`j rbjm ne lrnsns rmspbesm ibrfmvmjbpnea lbuetrnms (t`ojm 6). Vdm emt neijbw bil`pnt`j irbc onj`tmr`j lrmfntbrs turemf pbsntnvm ibrtdm inrst tncm snelm ?888, ne j`ram cm`surm oml`usmbi nelrm`smf \butd-\butd jmefnea. Cbst Bra`ens`-tnbe ibr Mlbebcnl Lb-bpmr`tnbe `ef Fmvmjbpcmet(BMLF) lbuetrnms prbvnfmf ` j`ram sd`rm bi tdmnronj`tmr`j `ssnst`elm ne tdm ibrc bi biinln`j ar`ets,p`rtnluj`rjy tb jbw-nelbcm lbuetrnms wntd jnttjm

br eb `llmss tb c`rgmt-o`smf ine`elnea. Biinln`jar`ets f`t` ibr ?88> tb om puojnsdmf oy BMLFne Fmlmcomr ?808 `rm mxpmltmf tb sdbw td`t

ar`ets (mxljufnea tmldenl`j lbbpmr`tnbe ar`ets)rbsm oy `e `ffntnbe`j 08 pmrlmet ne ?88>, rmijmlt-nea fbebrs„ lbccntcmet tb ` suost`etn`j nelrm`smne biinln`j fmvmjbpcmet `ssnst`elm (BF@) tb dmjpfmvmjbpnea lbuetrnms, p`rtnluj`rjy tdbsm bi \uo-\`d`r`e @irnl`, ldnmvm netmre`tnbe`jjy mst`ojnsdmffmvmjbpcmet bokmltnvms, neljufnea tdm CnjjmeenucFmvmjbpcmet Ab`js (CFAs).

Vdm rmlmet sdnit irbc ar`ets tb jb`es neine`elnea irbc biinln`j sburlms ns snaeninl`et. Ne?881, ar`ets lbestntutmf `jcbst 088 pmrlmet bitdm lbconemf emt neijbws bi jb`es `ef ar`etsirbc biinln`j onj`tmr`j `ef cujtnj`tmr`j sburlms. Oy

?88>, ar`ets, `s ` sd`rm bi tdm emt neijbw bi biin-ln`j ine`elnea (jb`es `ef ar`ets), `rm mstnc`tmf tbd`vm i`jjme tb == pmrlmet. Oy lbetr`st, emt biinln`jine`elnea prbvnfmf oy cujtnj`tmr`j nestntutnbes(neljufnea tdm NCI `ef ar`ets irbc NF@), rbsmirbc $00.6 onjjnbe ne ?881 tb $18.4 onjjnbe ne?88>. Ne p`r`jjmj, cnffjm-nelbcm lbuetrnms snaenin-l`etjy nelrm`smf tdmnr sd`rm bi biinln`j ine`elnea7 ne?88>, tdmy rmlmnvmf >8 pmrlmet bi emt biinln`j jb`eine`elnea ($94 onjjnbe). Vdm jmvmj `ef lbcpbsntnbebi emw lbccntcmets ne ?88> oy tdm cujtnj`tmr`jnestntutnbes suaamst tdns trmef wnjj lbetneum. Vdmsmnestntutnbes nelrm`smf tdmnr ?884 jmvmj oy cbrmtd`e 9= pmrlmet tb $08? onjjnbe, wntd >< pmrlmetfnrmltmf tb cnffjm-nelbcm lbuetrnms.

Vdm arbss neijbw bi l`pnt`j irbc cujtnj`tmr`jnestntutnbes (fminemf `s NCI purld`sms `ef fns-oursmcmets irbc cujtnj`tmr`j lrmfntbrs) nelrm`smf00< pmrlmet snelm ?881 tb rm`ld $>4 onjjnbe ne?88>. Vdm fbcne`et i`ltbr omdnef tdns r`pnf rnsmw`s tdm `cbuet bi cmcomr lbuetrnms„ purld`sms

V`ojm 6. Emt Biinln`j Ine`elnea tb Fmvmjbpnea Lbuetrnms, ?880“8>

$ onjjnbes 

Ine`elnea ?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

Vbt`j =>.< <>.4 <?.4 ?4.8   1.0 <1.6 19.0 006.? 010.6Biinln`j ar`ets ?4.6 <<.0 66.1 =?.0 =9.> 089.> 19.0 49.6 >=.8

  NF@ 8.8 8.< 8.6 0.0 0.? 0.? 0.> ?.0 ?.=

Jb`es <0.8 9.1   00.>   ?6.0   96.8   9>.9   8.0 ?1.4 19.6

  Onj`tmr`j   <.9   4.=   0<.>   0?.<   <0.=   69.?   00.6   ?.= =.9

  Cujtnj`tmr`j <6.9 0=.? 0.>   00.4   <?.=   ?<.6 00.6 <8.< 18.4

  NO_F ?.6   9.8   1.9   6.8   ?.>   =.?   8.< ?.1 00.<

  NF@ =.8 =.= =.8 9.6 =.9 =.8 =.= 6.9 9.=

  NCI 0>.= 06.? ?.6   06.1   68.?   ?9.1   =.? >.> ?9.=

\burlms; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc `ef BMLF.Ebtm; Ar`ets `rm Qbrjf O`eg st`ii mstnc`tms.

Page 17: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 17/341

B Y M _ Y N M Q

=

irbc tdm NCI7 nt nelrm`smf 06-ibjf tb $?4.< onj-jnbe ne ?88> ($? onjjnbe ne ?881). Fnsoursmcmetsirbc tdm Qbrjf O`eg (tdm Netmre`tnbe`j O`eg

ibr _mlbestrultnbe WNO_FS `ef tdm Netmre`tnbe`jFmvmjbpcmet @ssbln`tnbe WNF@S) rbsm 1< pmrlmetbvmr tdns pmrnbf, `ef tdns trmef w`s `jsb cnrrbrmfne tdm nelrm`smf jmvmj bi jmefnea oy tdm rmanbe`jfmvmjbpcmet o`egs. Lbjjmltnvmjy, tdmnr fnsoursm-cmets d`vm rnsme =6 pmrlmet snelm ?881 (inaurm =).

Vdm Ormttbe Qbbfs nestntutnbes (NCI, NO_F,`ef NF@) `rm tdm cbst ncpbrt`et sburlm bi cuj-tnj`tmr`j ine`elnea tb fmvmjbpnea lbuetrnms `rbueftdm ajbom. Vbamtdmr tdmy `llbuetmf ibr 98 pmrlmetbi arbss fnsoursmcmets irbc cujtnj`tmr`j sburlmsne ?88>, up irbc 66 pmrlmet ne ?881. Dbwmvmr,tdm rmanbe`j fmvmjbpcmet o`egs `rm ` lrntnl`j lbc-

pbemet bi cujtnj`tmr`j ine`elnea ef rm irmqumetjytdm prnelnpjm sburlm bi suld ine`elnea ne tdm rmanbestdmy t`ramt. Ibr mx`cpjm, tdm Netmr-@cmrnl`eFmvmjbpcmet O`eg (NFO) `llbuetmf ibr 64 pmr-lmet bi fnsoursmcmets oy cujtnj`tmr`j lrmfntbrstb lbuetrnms ne J`tne @cmrnl` `ef tdm L`rnoom`ene ?884“8>. Vdm Qbrjf O`eg (NO_F `ef NF@lbconemf) sd`rm `llbuetmf ibr 68 pmrlmet. Fns-oursmcmets oy tdm @sn`e Fmvmjbpcmet O`eg wmrmmqunv`jmet tb 6< pmrlmet bi fnsoursmcmets irbccujtnj`tmr`j lrmfntbrs tb lbuetrnms ne \butd @sn`ne ?884“8>, `jcbst tdm s`cm sd`rm bi tdm tbt`j `std`t bi NO_F `ef NF@ lbconemf. (\mm tdm smltnbetntjmf ‚_manbe`j Fmvmjbpcmets `ef Vrmefs– ibr `

cbrm mxtmesnvm fnslussnbe be tdm lbcpbsntnbe bijmefnea oy cujtnj`tmr`j lrmfntbrs.)

Mvmry fmvmjbpnea lbuetry td`t rmpbrts tb tdm

F_\ nefnl`tms sbcm neijbw bi l`pnt`j irbc cujtnj`t-mr`j sburlms. Dbwmvmr, cujtnj`tmr`j jmefnea ns lbe-lmetr`tmf ne ` rmj`tnvmjy sc`jj eucomr bi lbuetrnmsne m`ld rmanbe‖p`rtnluj`rjy ne tdm l`sm bi tdm NCI,wdbsm jmefnea p`ttmres `rm fnlt`tmf oy tdm o`j`elmbi p`ycmet emmfs bi nts cmcomr lbuetrnms. Ne ?88>,91 pmrlmet bi NCI purld`sms wmrm `ttrnout`ojm tbkust tdrmm lbuetrnms; _bc`en` (<< pmrlmet), ]gr`nem(?? pmrlmet), `ef X`gnst`e (0? pmrlmet). @jj rmanbesd`vm smme ` rnsm ne cujtnj`tmr`j ine`elnea snelm ?881,out twb rmanbes, Murbpm `ef Lmetr`j @sn` `ef J`tne@cmrnl` `ef tdm L`rnoom`e, d`vm omme tdm prnc`ryomeminln`rnms (inaurm 9). Vbamtdmr tdmy `llbuetmf ibr

9? pmrlmet bi arbss neijbws irbc cujtnj`tmr`j nestn-tutnbes ne ?88>, up irbc =? pmrlmet ne ?884. Vdnsa`ne l`cm `t tdm mxpmesm bi btdmr rmanbes, wdnld `jjs`w tdmnr sd`rm bi arbss cujtnj`tmr`j neijbws fmljnemne ?88>. \butd @sn` w`s tdm cbst `iimltmf; nts sd`rmimjj oy cbrm td`e 9 pmrlmet`am pbnets tb 0?.? pmr-lmet ne ?88> (inaurm 1).

Ine`elnea irbc tdm Qbrjf O`eg Arbup t`gms `v`rnmty bi ibrcs; jb`es `ef au`r`etmms irbc NO_F`ef jb`es, ar`ets, `ef au`r`etmms irbc NF@ tb tdmpuojnl smltbr bi tdm obrrbwnea lbuetry7 jb`es `efmqunty ine`elnea irbc NIL tb tdm prnv`tm smltbr7 `efnevmstcmet au`r`etmms irbc tdm Cujtnj`tmr`j Nevmst-cmet Au`r`etmm @amely (CNA@). Ine`elnea oy

?88= ?889 ?881 ?884 ?88>

?=

<=

6=

?8

<8

68

0=

08

=

8

NCI NO_F NF@

Btdmr cujtnj`tmr`j

Inaurm =. Arbss Neijbws irbc Cujtnj`tmr`j Lrmfntbrs

tb Fmvmjbpnea Lbuetrnms, ?88=“8>

$ onjjnbes 

\burlm; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc.

?=

<=

?8

<8

68

0=

08

=

8

   M  u  r  b  p  m

     e  f

   L  m  e   t  r  `

   j

  @  s   n  `

   J  `   t   n  e

   @  c  m  r   n  l  `

     e  f

    t   d  m

  L    r   n   o   o  m

    e

   M    s   t   @  s   n  ` 

    e  f    X  

  l   n  i   n  l

  \  b  u   t   d 

  @  s   n  `

  \  u   o  -

  \  `   d  

  r    e   @  i  r   n  l  `

   C   n  f  f

   j  m    M  

  s   t     e

  f    E  b

  r   t   d

  @  i  r   n  l  `

?884 ?88>

Inaurm 9. Fnsoursmcmets irbc Cujtnj`tmr`j \burlms

oy _manbe, ?884“8>

$ onjjnbes 

\burlm; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc.

Page 18: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 18/341

A J B O @ J F M Y M J B X C M E V I N E @ E L M ? 8 0 0

9

tdm Qbrjf O`eg Arbup ns l`pturmf ne tdm f`t` prm-smetmf ne Ajbo`j Fmvmjbpcmet I ne`elm `s ibjjbws;

• Jb`es irbc NO_F `ef NF@ lbestntutm p`rt bitdm obrrbwnea lbuetry„s puojnl `ef puojnljy au`r-`etmmf fmot `ef `rm `jsb smp`r`tmjy nfmetninmf oysburlm.• Jb`e ine`elnea irbc NIL ns rmlbrfmf `s p`rtbi prnv`tm, ebeau`r`etmmf fmot. Ar`ets prbvnfmfoy NF@ `rm rmlbrfmf ne biinln`j ar`ets. Mquntyine`elnea irbc NIL ef nevmstcmets au`r`etmmf oyCNA@ `rm rmlbrfmf `s p`rt bi IFN.• NO_F `ef NF@ au`r`etmms fb ebt rmprmsmetine`elnea `ef `rm rmlbrfmf bejy `s ` ijbw bi iuefsni tdm au`r`etmm ns nevbgmf.

Vrmefs ne NO_F Ine`elnea Ne ?88>, NO_F lbccntcmets tbt`jmf $<9 onjjnbe,` 1= pmrlmet nelrm`sm bvmr tdm lbcp`r`ojm inaurmibr ?884 `ef tdm dnadmst mvmr rmlbrfmf ne tdmnestntutnbe„s dnstbry. Vdns tbt`j rmijmltmf ` suramne emw jb`es tb obrrbwmrs `lrbss `jj rmanbes. Vdm

lbuetrnms bi J`tne @cmrnl` `ef tdm L`rnoom`e`ef bi Murbpm `ef Lmetr`j @sn` lbcc`efmf 98pmrlmet bi emw NO_F jb`e lbccntcmets ne ?88>,out Nefn` w`s tdm sneajm j`ramst rmlnpnmet, smlurnea$=.4 onjjnbe. NO_F lbccntcmets rmc`nemf lbe-lmetr`tmf; 08 obrrbwmrs `llbuetmf ibr 1= pmrlmetbi emw NO_F jb`es ne ?88>. Fnsoursmcmets oyNO_F kucpmf 90 pmrlmet ne ?88> tb $?? onjjnbe.Vdm lbuetrnms bi J`tne @cmrnl` `ef tdm L`rnoom`es`w ` >8 pmrlmet nelrm`sm ne NO_F fnsoursmcmets

ne ?88> bvmr tdm lbcp`r`ojm inaurm ibr ?884. Vdmrmanbe rmlmnvmf jcbst d`ji bi NO_F fnsoursmcmetsne ?88>. NO_F fnsoursmcmets tb lbuetrnms ne

Murbpm `ef Lmetr`j @sn` rbsm 9= pmrlmet ne ?88>tb $6.1 onjjnbe lbcp`rmf tb cbfmr`tm, 09 pmrlmetnelrm`sm ne lbuetrnms ne M`st @sn` ef tdm X`lninl tb$<.1 onjjnbe. Vdm tdrmm rmc`nenea rmanbes lbc-onemf rmlmnvmf $< onjjnbe ne NO_F fnsoursmcmetsne ?88> (0< pmrlmet bi tdm tbt`j), mxlmmfnea tdmlbcp`r`ojm inaurm ibr ?884 oy == pmrlmet (inaurm4). Jngm lbccntcmets, NO_F fnsoursmcmets `rmdm`vnjy lbelmetr`tmf, wntd bem lbuetry, Cmxnlb,`llbuetnea ibr ?? pmrlmet bi NO_F fnsoursmcmetsne ?88> `ef tdm tbp 08 obrrbwmrs `llbuetnea ibr19 pmrlmet (inaurm >). Vdm tbt`j `cbuet bi fmot

Inaurm 1. Fnsoursmcmets oy Cujtnj`tmr`j Lrmfntbrs,

_manbe`j Fnstrnoutnbe

$ onjjnbes 

`. \d`rm bi ?884 fnsoursmcmets (%) o. \d`rm bi ?88> fnsoursmcmets (%)

0?.1

?9.?

?9.0

9.0

04.=

08.6 08.6

<=.?

?9.9

=.4

0?.?

>.4

M`st @sn` ef X`lninl Murbpm ef Lmetr`j @sn`

J`tne @cmrnl` ef tdm L rnoom e Cnffjm M st `ef Ebrtd @irnl`

\butd @sn` \uo-\`d`r`e @irnl`

\burlm; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc. Inaurm 4. NO_F Fnsoursmcmets, _manbe`j

Fnstrnoutnbe, ?884“8>

$ cnjjnbes 

8

?,888

6,888

9,888

4,888

08,888

0?,888

J`tne @cmrnl``ef tdmL`rnoom`e

Murbpm efLmetr`j @sn` M`st @sn``ef X`lninl Btdmr rmanbes

?884 ?88>

\burlm; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc.

Inaurm >. Vbp 08 _mlnpnmets bi NO_F

Fnsoursmcmets, ?88>

$ cnjjnbes 

8 0,888 ?,888 <,888 6,888 =,888 9,888

Maypt, @r`o_mp.

_bc`en`

@rametne`

Or`znj

Ldne`

Lbjbcon`

Nefn`

Nefbemsn`

Vurgmy

Cmxnlb

\burlm; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc.

Page 19: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 19/341

B Y M _ Y N M Q

1

butst`efnea `ef fnsoursmf tb NO_F stbbf `t $084onjjnbe `t tdm mef bi ?88> ibr lbuetrnms rmpbrtneatb tdm Qbrjf O`eg Fmotbr _mpbrtnea \ystmc.0 Bi

tdns `cbuet, =6 pmrlmet w`s bwmf oy snx obrrbw-mrs; ne brfmr bi dnadmst `cbuet, Ldne`, Cmxnlb,Or`znj, Vurgmy, Nefn`, `ef Nefbemsn`.

Vrmefs ne NF@ Ine`elnea NF@ rmsburlms `rm rmsmrvmf ibr tdm wbrjf„s pbbr-mst lbuetrnms, `ef nts bpmr`tnbes `rm lbelmetr`tmfne \butd @sn` `ef \uo-\`d`r`e @irnl`. Emw jb`elbccntcmets irbc NF@ rbsm 0= pmrlmet ne ?88>tb $08.6 onjjnbe, out arbss fnsoursmcmets nelrm`smfcbrm r`pnfjy, oy ?9 pmrlmet tb $4.1 onjjnbe. Ne`ffntnbe, NF@ fnsoursmf $?.= onjjnbe ne ar`ets ne?88>, `e nelrm`sm bi 0> pmrlmet bvmr tdm lbc-

p`r`ojm inaurm ibr ?884 ($?.0 onjjnbe). Lbuetrnmsne \uo-\`d`r`e @irnl` rmlmnvmf 69 pmrlmet bi `jjNF@ arbss fnsoursmcmets (jb`es `ef ar`ets) ne?88>, fbwe irbc =0 pmrlmet ne ?8847 \butd @sn`rmlmnvmf <0 pmrlmet (up irbc ?1 pmrlmet tdm prmvn-bus ym`r), rmijmltnea nelrm`sms ne NF@ rmsburlmsabnea tb @iad`enst`e `ef X`gnst`e. Vdm sd`rmbi NF@ arbss fnsoursmcmets tb M`st @sn` `ef tdmX`lninl rmc`nemf j`ramjy ueld`eamf `t 06 pmrlmetbi tdm tbt`j. Arbss NF@ ijbws tb lbuetrnms nermanbes btdmr td`e tdbsm lntmf nelrm`smf sd`rpjy,`jomnt irbc ` sc`jj o`sm, prnc`rnjy oml`usm bi tdmfbuojnea bi NF@ ar`ets tb D`ntn (inaurm 08). NF@rmsburlms `rm `jjbl`tmf tb nefnvnfu`j lbuetrnmsusnea ` pmribrc`elm-o`smf `jjbl`tnbe systmc td`t

`llbuets ibr tdm snzm bi tdm pbpuj`tnbe `ef AENpmr l`pnt`. NF@ rmlnpnmet lbuetrnms ne tdm tbp pmr-ibrc`elm qunetnjm rmlmnvm `obut tdrmm tncms tdm

lbccntcmet `cbuet pmr l`pnt` rmlmnvmf oy tdbsmne tdm jbwmst qunetnjm. @t tdm s`cm tncm, tdm fnstrn-outnbe bi NF@ rmsburlms ns rmj`tnvmjy lbelmetr`tmf.Vdmrm `rm lurrmetjy 1> NF@-mjnanojm lbuetrnms, out1= pmrlmet bi arbss NF@ fnsoursmcmets ne ?88>wmet tb 08 lbuetrnms (inaurm 00).

Vdm butst`efnea NF@ jb`e pbrtibjnb ($001onjjnbe `t tdm mef bi ?88>) ns dm`vnjy lbelmetr`tmf,wntd invm M`st `ef \butd @sn`e lbuetrnms `llbuet-nea ibr =6 pmrlmet bi tdm tbt`j; ne brfmr bi dnadmst`cbuet Nefn`, O`eaj`fmsd, X`gnst`e, Ldne`, `efYnmte`c. Vdns lbelmetr`tnbe ns ` lbesmqumelm bitdm i`lt td`t, `t tdm mef bi ?88>, ?9 lbuetrnms,

prnc`rnjy ne \uo-\`d`r`e @irnl`, d`f rm`ldmf tdmDnadjy Nefmotmf Xbbr Lbuetry (DNXL) lbcpjm-tnbe pbnet `ef rmlmnvmf $6?.4 onjjnbe ne DNXL`ef Cujtnj`tmr`j Fmot _mjnmi Nentn`tnvm (CF_N)`ssnst`elm irbc NF@. @cbea \uo-\`d`r`e @irnl`elbuetrnms, tdbsm wntd tdm j`ramst sd`rm bi tdm but-st`efnea NF@ pbrtibjnb neljufm Gmey` ($<.? onj-jnbe) ef Enamrn` ($?.1 onjjnbe), emntdmr bi wdnld nsmjnanojm ibr DNXL br CF_N rmjnmi. Vdrmm lbuetrnms(Ouruefn, tdm Lmetr`j @irnl`e _mpuojnl, ef D`ntn)rm`ldmf tdm DNXL lbcpjmtnbe pbnet ne ?88> `efoml`cm mjnanojm ibr fmot rmjnmi uefmr tdm CF_N.Lötm f„Nvbnrm rm`ldmf tdm DNXL fmlnsnbe pbnet ne?88> `ef oml`cm mjnanojm ibr netmrnc rmjnmi irbcNF@ (`llbrfmf tb lbuetrnms omtwmme tdm DNXL

Inaurm 08. Arbss Neijbws (Jb`es ef Ar`ets),

?884“8>

$ cnjjnbes 

\burlm; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc.

8

0,888

?,888

<,888

6,888

=,888

9,888

\uo-\`d`r`e@irnl`

\butd @sn` M st @sn``ef X`lninl

Btdmr rmanbes

?884 ?88>

Inaurm 00. Vbp 08 _mlnpnmets bi Arbss NF@

Fnsoursmcmets (Jb`es `ef Ar`ets), ?88>

$ cnjjnbes 

8 ?88 688 988 488 0,888 0,?88 0,688

@iad`enst`e

O`eaj`fmsd

Lbeab, Fmc._mp.

]a`ef`

Enamrn`

V`ez`en`

Mtdnbpn`

X`gnst`e

Ynmte`c

Nefn`

\burlm; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc.

Page 20: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 20/341

A J B O @ J F M Y M J B X C M E V I N E @ E L M ? 8 0 0

4

fmlnsnbe `ef lbcpjmtnbe pbnets), r`nsnea tdm euc-omr bi lbuetrnms rmlmnvnea netmrnc rmjnmi tb enem.

Ybj`tnjnty ne Xrnv`tm Fmot Ijbwstb Fmvmjbpnea Lbuetrnms

Vdm ajbo`j ine`eln`j lrnsns smvmrmjy rmfulmffmvmjbpnea lbuetrnms„ `llmss tb netmre`tnbe`j

l`pnt`j c`rgmts; lbuetrnms rmpbrtnea tb tdm QbrjfO`eg F_\ lbeinrcmf ` suost`etn`j rmfultnbe nefmot ijbws irbc prnv`tm lrmfntbrs. Vdmsm ijbws imjj18 pmrlmet ne ?88> tb $=> onjjnbe, bem-mnadtd bitdm $691 onjjnbe emt neijbw irbc prnv`tm lrmfntbrsne ?881. Frnvnea tdm fbweture ne ?88> w`s tdmlbjj`psm ne cmfnuc-tmrc lbccmrln`j o`eg jmef-

nea tb obtd puojnl `ef prnv`tm smltbr obrrbwmrs.Vdmsm ijbws `jj out fns`ppm`rmf ne ?88>, wntd tdmemt neijbws tb `jj fmvmjbpnea lbuetrnms rmfulmftb ` cmrm $0.9 onjjnbe, lbcp`rmf tb $01? onjjnbene ?884. Vdm fmljnem w`s imjt `lrbss `jj rmanbes`s o`egs rmc`nemf l`utnbus `obut tdmnr mxpbsurmtb mcmranea c`rgmt mlbebcnms `ef lbetneumf tbrmfrmss tdmnr o`j`elm sdmmts ne tdm mxpmlt`tnbe bisnaeninl`et tnadtmenea ne rnsg-wmnadtmf o`eg l`pnt`jrmqunrmcmets. Vdm cbst suost`etn`j i`jj irbc prmvn-bus jmvmjs w`s ne Murbpm `ef Lmetr`j @sn`, wdmrmlbelmres bvmr cbuetnea ebepmribrcnea jb`es `efj`ram fbcmstnl `fkustcmets rmstr`nemf obtd tdmfmc`ef ibr `ef suppjy bi jmefnea. Vdm rmanbe s`wemt cmfnuc-tmrc jmefnea oy o`egs pjuccmt tb$1 onjjnbe (fbwe irbc $08= onjjnbe ne ?884). Emtprnv`tm fmot ijbws tb J`tne @cmrnl` ef tdm L`rno-om`e turemf ema`tnvm (∟$9 onjjnbe) irbc `e neijbwbi $60 onjjnbe tdm prmvnbus ym`r. O`eg jmefnea tbM`st @sn` `ef tdm X`lninl w`s `jsb ema`tnvm, outtdns miimlt w`s fum cbrm tb jbwmr fmc`ef td`e tbjncntmf suppjy (inaurm 0?). Qntd `ouef`et fbcms-tnl jnqunfnty, obrrbwmrs ne M`st @sn` `ef tdm X`lninld`f jmss emmf tb t`p netmre`tnbe`j c`rgmts.

Fmvmjbpnea lbuetrnms„ prnv`tm smltbrs d`f tb

`osbro cbst bi tdm ncp`lt bi tdm fbweture neo`eg ine`elnea. Bvmr tdm p`st 0= ym`rs, tdm suramne cmfnuc-tmrc o`eg jmefnea tb fmvmjbpnea lbue-trnms d`f omme j`ramjy fnrmltmf tb prnv`tm smltbrobrrbwmrs. Qdmrm`s ne 0>>= fmvmjbpnea lbuetrnms„bojna`tnbes tb lbccmrln`j o`egs wmrm fnvnfmfrbuadjy mqu`jjy omtwmme puojnl `ef prnv`tm smltbrobrrbwmrs, oy tdm mef bi ?88> tdm j`ttmr„s sd`rmd`f rnsme tb `jcbst >8 pmrlmet bi tdm tbt`j. Arbssfnsoursmcmets irbc lbccmrln`j o`egs rbsm irbc

$081 onjjnbe tb $666 onjjnbe omtwmme ?888 `ef?884. Vdbsm fnrmltmf tb prnv`tm smltbr obrrbwmrsnelrm`smf invmibjf irbc $48 onjjnbe tb $60? onjjnbe`ef, `s ` sd`rm bi tdm tbt`j, irbc 1= pmrlmet tb>< pmrlmet. Oml`usm c`turntnms be cmfnuc-tmrco`eg jb`es typnl`jjy `vmr`amf = ym`rs, prnelnp`jrmp`ycmets `jsb ibjjbwmf ` r`pnf upw`rf tr`kml-tbry. Vdmy kucpmf irbc $084 onjjnbe ne ?888 tb$?14 onjjnbe ne ?884, wntd rmp`ycmets bwmf oyprnv`tm smltbr obrrbwmrs trnpjnea bvmr tdns pmrnbf.Ne ?88>, obtd puojnl `ef prnv`tm smltbr obrrbwmrsd`f tb lbetmef wntd ` iurtdmr 0< pmrlmet nelrm`smne prnelnp`j p`ycmets, wdnjm arbss fnsoursmcmetstb puojnl obrrbwmrs imjj oy ?8 pmrlmet `ef tdbsm tbprnv`tm smltbr obrrbwmrs oy <8 pmrlmet (inaurm 0<).

Fmvmjbpnea lbuetrnms rmlbrfmf bejy ` sc`jj$9 onjjnbe emt neijbw bi sdbrt-tmrc fmot ne ?88>,out tdns inaurm rmijmltmf ` $?8 onjjnbe ture`rbuefirbc tdm $06 onjjnbe butijbw rmlbrfmf ne ?884.Dbwmvmr, rmlbvmry rmc`nemf jncntmf wdme vnmwmf

ne tdm lbetmxt bi tdm $046 onjjnbe neijbw bi sdbrt-tmrc fmot ne fmvmjbpnea lbuetrnms ne ?881. Cbrm-bvmr, tdm `aarma`tm neijbw ne ?88> c`sgs sd`rpfnsp`rnty `t tdm rmanbe`j jmvmj ne tdm fnrmltnbe bisdbrt-tmrc fmot ijbws. \dbrt-tmrc fmot tr`es`l-tnbes `rm cbstjy tr`fm rmj`tmf, `ef nt ns tdmrmibrmebt surprnsnea td`t sdbrt-tmrc ine`elnea ne ?88>w`s fnrmltmf prnc`rnjy tb tdm i`stmst-arbwnearmanbes `ef `w`y irbc tdbsm wdmrm tdm p`lm bimlbebcnl rmlbvmry w`s sjuaansd. Vdm c`ne frnvmr

“?8

8

?8

68

98

48

088

0?8

068

J`tne @cmrnl``ef tdm

L`rnoom`e

Murbpm `efLmetr`j @sn`

M`st @sn``ef X`lninl

Btdmr rmanbes

?884?881 ?88>

Inaurm 0?. Emt Cmfnuc- `ef Jbea-Vmrc O`eg

Jmefnea, ?881“8>

$ onjjnbes 

\burlm; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc.

Page 21: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 21/341

B Y M _ Y N M Q

>

w`s M`st @sn` `ef tdm X`lninl, wdmrm tdm emtneijbw bi sdbrt-tmrc l`pnt`j rmturemf tb prm-lrnsnsjmvmjs. Vdm rmanbe rmlbrfmf neijbws bi $== onjjnbene ?88>, tdm s`cm `s ne ?881, `ef ` $99 onjjnbeture`rbuef irbc butijbws bi $00 onjjnbe ne ?884.Lbuetrnms ne tdm Cnffjm M`st `ef Ebrtd @irnl``jsb s`w sdbrt-tmrc fmot rmobuef ne ?88>. @jjbtdmr rmanbes d`f tb lbetmef wntd emt butijbws bisdbrt-tmrc fmot ne ?88> (t`ojm =). Vdns sntu`tnbew`s p`rtnluj`rjy c`rgmf ne tdm l`sm bi Murbpm `efLmetr`j @sn`, wdmrm butijbws rbsm tb $<4 onjjnbe,cbrm td`e fbuojm tdm $0= onjjnbe butijbw rmlbrfmfne ?88>. \dbrt-tmrc fmot ijbws jsb turemf sd`rpjyema`tnvm ne \uo-\`d`r`e @irnl` (∟$08 onjjnbe),

frnvme prnc`rnjy oy butijbws irbc \butd @irnl`.Netmre`tnbe`j obef nssu`elm oy fmvmjbp-nea lbuetrnms lbetr`ltmf ne ?884 `s tdm ajbo`jine`eln`j lrnsns ueibjfmf out nelrm`smf strbeajy ne?88>. Nt sb`rmf `itmr tdm inrst qu`rtmr bi tdm ym`r tb$086 onjjnbe ibr tdm metnrm ym`r, `e nelrm`sm bi ?6pmrlmet bvmr nts ?884 jmvmj, `s nevmstbr lbeinfmelmrmturemf `ef fmc`ef ibr rnsgnmr `ssmts nelrm`smf.Mcmranea c`rgmt obef sprm`fs e`rrbwmf, i`jjneatb em`r prm-lrnsns jmvmjs oy tdm ym`r„s mef, irbc `e

`vmr`am bi 188 o`sns pbnets ne m`rjy C`rld. J`tne@cmrnl` `ef tdm L`rnoom`e jmf tdm w`y ne sbvmr-mnae obef nssu`elms, wntd lbuetrnms ne tdm rmanber`nsnea ` tbt`j bi $<? onjjnbe ne ?88>, `jcbstnfmetnl`j tb tdm `cbuet tdmy r`nsmf ne ?884 (t`ojm9). \bvmrmnae obef ine`elnea ne M`st @sn` `ef tdmX`lninl kucpmf tb $0<.> onjjnbe, irbc $=.? onjjnbene ?884, oml`usm bi emw nssu`elms oy Nefbemsn`,C`j`ysn`, `ef tdm Xdnjnppnems. Vdmrm w`s ` 0=pmrlmet fmljnem ne sbvmrmnae obef nssu`elm oylbuetrnms ne Murbpm `ef Lmetr`j @sn` ne ?88>, outJntdu`en`, _ussn`, `ef Vurgmy `jj l`cm tb tdm c`r-

gmt ne ?88>. Lbrpbr`tm nssu`elms nelrm`smf oy 6?pmrlmet ne ?88> tb $<9.= onjjnbe out wmrm jncntmfprnelnp`jjy tb dnad-ar`fm obrrbwmrs, suaamstneatd`t tdm c`rgmt ns stnjj j`ramjy ljbsmf tb dnad-rnsglbrpbr`tm obrrbwmrs. Lbrpbr`tm obef nssu`elms,`s ` sd`rm bi tbt`j obef nssu`elms, wmrm <= pmrlmetne ?88>, orb`fjy ueld`eamf irbc tdmnr sd`rm ne?884. Out tdmrm w`s ` c`rgmf rmanbe`j sdnit. Ne?884, _ussn`e obrrbwmrs `llbuetmf ibr =9 pmr-lmet bi lbrpbr`tm obef nssu`elms oy `jj fmvmjbpnea

8

=8

088

0=8

?88

?=8

<88

<=8

688

6=8

?88=?888 ?889 ?881 ?884 ?88>

Arbss fnsoursmcmets puojnl obrrbwmrs

Arbss fnsoursmcmets prnv`tm smltbr obrrbwmrs

Xrnelnp`j p`ycmets puojnl obrrbwmrs

Xrnelnp`j p`ycmets prnv`tm smltbr obrrbwmrs

Inaurm 0<. Arbss Cmfnuc-Vmrc Lbccmrln`j O`eg

Ijbws tb Fmvmjbpnea Lbuetrnms, ?888“8>

$ onjjnbes 

\burlm; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc.

V`ojm =. Emt \dbrt-Vmrc Fmot Ijbws tb Fmvmjbpnea

Lbuetrnms, ?881∟8>$ onjjnbes 

_manbe ?881 ?884 ?88>

M`st @sn` ef X`lninl ==   00 ==

Murbpm ef Lmetr`j @sn` 19   0=   <4

J`tne @cmrnl` ef tdm L`rnoom`e << 6   ?

Cnffjm M`st ef Ebrtd @irnl` 6   6 ?

\butd @sn` 0< 4   0

\uo-\`d`r`e @irnl` 6 =   08

@jj fmvmjbpnea lbuetrnms 046   06 9

\burlms; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc `ef O`eg ibr Netmr-e`tnbe`j \mttjmcmets.

V`ojm 9. Obef Nssu`elm oy Fmvmjbpnea Lbuetrnms,

?884“8>$ onjjnbes 

_manbe

\bvmrmnae

obrrbwmrs

Lbrpbr`tm

obrrbwmrs

?884 ?88> ?884 ?88>

M`st @sn` ef X`lninl =.? 0<.> 8.6 ?.1

Murbpm ef Lmetr`j @sn` 01.> 0=.< 09.< <.?

J`tne @cmrnl` `ef tdm

L`rnoom`e <?.= <?.6 4.6 ?1.4

Cnffjm M`st ef Ebrtd @irnl` ?.< ?.> 8.8 8.?

\butd @sn` 8.8 8.1 8.9 ?.=

\uo-\`d`r`e @irnl` 8.8 ?.? 8.8 8.8

@jj fmvmjbpnea lbuetrnms =1.> 91.6 ?=.1 <9.6

\burlm; Qbrjf O`eg Fmot _mpbrtnea \ystmc.

Page 22: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 22/341

A J B O @ J F M Y M J B X C M E V I N E @ E L M ? 8 0 0

08

lbuetrnms, wdmrm`s ne ?88> tdmnr sd`rm d`f i`jjmetb 9 pmrlmet. Bi $?.< onjjnbe r`nsmf oy _ussn`elbrpbr`tms ne ?88> cbst w`s `llbuetmf ibr oy

A`zprbc. Vdm bppbsntm w`s trum ibr Or`znj, wdnlds`w nts sd`rm bi tbt`j obef nssu`elms oy lbrpbr`tmobrrbwmrs em`rjy fbuojm, rm`ldnea 61 pmrlmet ne?88> (irbc ?9 pmrlmet ne ?884). Vdm lbrpbr`tmsmltbrs ne Ldnjm, Lbjbcon`, K`c`nl`, `ef Cmxnlbwmrm `jsb `ltnvm ne tdm obef c`rgmts ne ?88>. NeM`st @sn` `ef tdm X`lninl, tdm bejy lbrpbr`tm obr-rbwmrs tb metmr tdm obef c`rgmts ne ?88> wmrmtdbsm ne Ldne` `ef Nefbemsn`.

Fmot Nefnl`tbrs

Mxtmre`j fmot nefnl`tbrs (cm`surmf ne tmrcs biAEN) `ef mxpbrt m`reneas ncprbvmf c`rgmfjy

irbc tdm st`rt bi tdm fml`fm uetnj ?884, wntd tdmr`tm bi arbwtd ne fmvmjbpnea lbuetrnms butp`lneatdm `llucuj`tnbe bi emw mxtmre`j bojna`tnbes.Mxpbrt m`reneas rbsm sd`rpjy oml`usm bi nelrm`smfmxpbrt vbjucm `ef dnad netmre`tnbe`j prnlms ibrprnc`ry lbccbfntnms, wdnld prmv`njmf uetnj tdmj`st qu`rtmr bi ?884. Vdm rbt`tnbe bi netmre`tnbe`jl`pnt`j ijbws irbc fmot tb mqunty `ef, ne tdm l`smbi jbw-nelbcm lbuetrnms, tdm j`ram-sl`jm ibranvm-emss bi mxtmre`j fmot bojna`tnbes uefmr tdm DNXL`ef CF_N `jsb pj`ymf `e ncpbrt`et rbjm ne rmful-nea c`ey lbuetrnms„ mxtmre`j fmot ourfmes. Irbc?888 tb ?884, tdm r`tnb bi tbt`j mxtmre`j fmotbutst`efnea tb mxpbrts ibr `jj fmvmjbpnea lbuetrnmsrmpbrtnea tb tdm F_\ imjj oy wmjj bvmr d`ji, irbc0?4.6 pmrlmet tb =4.1 pmrlmet. Cm`surmf `a`nestfmvmjbpnea lbuetrnms„ AEN, tdm r`tnb frbppmf irbc<1.4 pmrlmet tb ?8.9 pmrlmet bvmr tdm s`cm pmrnbf.Dbwmvmr, tdns trmef l`cm tb `e `orupt d`jt ne ?88>`s tdm ncp`lt bi ajbo`j mlbebcnl `ef ine`eln`j lrn-sns c`enimstmf ntsmji ne sjbwmr arbwtd `ef sd`rpjyrmfulmf mxpbrt m`reneas ne tdm v`st c`kbrnty bifmvmjbpnea lbuetrnms. Mxpbrt m`reneas wmrm fbwe

`jcbst ?8 pmrlmet irbc tdmnr ?884 jmvmj, wdnld,lbconemf wntd nelrm`smf mxtmre`j obrrbwnea,pusdmf tdm r`tnb bi tbt`j mxtmre`j fmot butst`efneatb mxpbrts up tb 16.9 pmrlmet, nts dnadmst jmvmj snelm?88= `ef ljbsm tb <8 pmrlmet dnadmr td`e nts ?884jmvmj. Vdm r`tnb bi fmot smrvnlm tb mxpbrts w`s sncn-j`rjy `iimltmf, nelrm`snea irbc >.? pmrlmet ne ?884tb 00.< pmrlmet ne ?88>. Vdm ld`eam ne tdm r`tnb bibutst`efnea mxtmre`j fmot tb AEN w`s cbrm cbf-mr`tm, out nt `jsb rbsm ne ?88> (inaurm 06).

@jj rmanbes s`w tdmnr mxtmre`j fmot r`tnbs fmtm-rnbr`tm ne ?88>, out tdm p`lm `t wdnld tdns tbbgpj`lm v`rnmf lbesnfmr`ojy irbc rmanbe tb rmanbe.Vdm lbuetrnms bi M`st @sn` `ef tdm X`lninl `ef tdmCnffjm M`st `ef Ebrtd @irnl` lbetneumf tb d`vmtdm jbwmst jmvmj bi mxtmre`j fmot, cm`surmf `a`nestobtd mxpbrt m`reneas `ef AEN. Ne ?88>, tdmsmlbuetrnms mxpmrnmelmf bejy ` cbfmr`tm nelrm`sm netdm r`tnb bi mxtmre`j fmot tb mxpbrt m`reneas `ef` c`rane`j upw`rf ld`eam ne tdmnr mxtmre`j fmottb AEN r`tnb. Oy lbetr`st, ne Murbpm `ef Lmetr`j@sn`, tdm cbst dm`vnjy nefmotmf rmanbe, tdm r`tnbbi mxtmre`j fmot butst`efnea tb AEN nelrm`smf tb66.1 pmrlmet ne ?88> (irbc <=.0 pmrlmet ne ?884),bvmr tdrmm tncms td`t bi M`st @sn` `ef tdm X`lninl

`ef em`rjy twnlm `s dnad `s J`tne @cmrnl` `ef tdmL`rnoom`e. Murbpm `ef Lmetr`j @sn` `jsb d`s tdmdnadmst r`tnb bi butst`efnea fmot tb mxpbrts; 0<0.4pmrlmet ne ?88>, up irbc >0.9 pmrlmet ne ?884(t`ojm 1).

Bvmr tdm lbursm bi tdm fml`fm, tdmrm d`s omme` c`rgmf ncprbvmcmet ne tdm sust`ne`onjnty bifmvmjbpnea lbuetrnms„ fmot, cm`surmf oy tdm r`tnbbi mxtmre`j fmot smrvnlm tb mxpbrt m`reneas. Vdmr`tnb bi fmot smrvnlm tb mxpbrts ibr `jj fmvmjbpnea

Inaurm 06. Gmy Fmot Nefnl`tbrs; Vrmef ?888“8>

8

?8

68

98

48

088

0?8

068

?88=?888 ?881 ?884 ?88>

Mxtmre`j fmot stblgs tb mxpbrts (%)

Mxtmre`j fmot stblgs tb AEN (%)

Fmot smrvnlm tb mxpbrts (%)

\burlms; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc ef NCI.

Page 23: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 23/341

B Y M _ Y N M Q

00

lbuetrnms lbconemf w`s rmfulmf oy cbrm td`ed`ji omtwmme ?888 `ef ?884, irbc ?8.> pmrlmettb >.? pmrlmet. Vdm ncprbvmcmet w`s p`rtnluj`rjystrngnea ne tdm l`sm bi jbw-nelbcm lbuetrnms, wdnlds`w tdm r`tnb bi fmot smrvnlm tb mxpbrts i`jj tb 6.>pmrlmet oy ?884. Ne ?88>, tdm sd`rp i`jj ne mxpbrtm`reneas netmrruptmf tdm fbwew`rf tr`kmltbry netdm fmot-tb-mxpbrt r`tnb, out tdm ncp`lt w`s cbstprbebuelmf ne cnffjm-nelbcm lbuetrnms. Vdmnrmxpbrt m`reneas imjj `jcbst ?8 pmrlmet ne ?88>,`ef `s ` lbesmqumelm, tdm lbst bi fmot smrvnlm `s` sd`rm bi mxpbrt m`reneas rbsm tb 00.< pmrlmet,`e nelrm`sm bi ?? pmrlmet bvmr tdm lbcp`r`ojminaurm ibr ?884. Oy lbetr`st, ne jbw-nelbcm lbue-trnms, tdm fmljnem ne mxpbrt m`reneas w`s culd jmss(fbwe 08 pmrlmet irbc tdmnr ?884 jmvmj) `ef tdmr`tnb bi fmot smrvnlm tb mxpbrts rbsm bejy c`rane-`jjy ne ?88> tb =.0 pmrlmet (inaurm 0=).

Jbw-nelbcm lbuetrnms `jsb omemintmf irbciurtdmr fmot rmstrulturnea `ef fmot rmjnmi. Ne ?88>,X`rns Ljuo lrmfntbrs rmstrulturmf $= onjjnbe nelj`ncs be snx jbw-nelbcm lbuetrnms, bi wdnld $0.?onjjnbe w`s l`elmjmf (smm `eemx @). @jj snx wmrm

lbuetrnms mjnanojm ibr tdm DNXL Nentn`tnvm, `ef tdmarbup neljufmf tdm tdrmm lbuetrnms td`t rm`ldmftdm DNXL lbcpjmtnbe pbnet ne ?88> (Ouruefn,tdm Lmetr`j @irnl`e _mpuojnl, `ef D`ntn) `ef `jsbqu`jninmf ibr fmot rmjnmi uefmr tdm CF_N. Ne `ffn-tnbe, Jnomrn` obuadt o`lg $0.? onjjnbe bwmf tbprnv`tm lrmfntbrs `t ` fnslbuet bi em`rjy >1 pmrlmetwntd suppbrt irbc tdm NF@ Fmot _mfultnbe I`lnj-nty `ef onj`tmr`j fbebrs. Fmot rmjnmi ibr tdm ?9lbuetrnms td`t rm`ldmf tdm DNXL lbcpjmtnbe pbnet

oy tdm mef bi ?88> tbt`jmf $080 onjjnbe, neljufneafmot rmjnmi uefmr DNXL, CF_N rmjnmi, `ef `ffn-tnbe`j fmot rmjnmi irbc onj`tmr`j lrmfntbrs. Lbe-smqumetjy, tdmsm lbuetrnms d`vm smme ` lbetneu`jncprbvmcmet ne tdmnr fmot nefnl`tbrs.

_manbe`j Fmvmjbpcmets `ef Vrmefs

 M`st @sn` `ef X`lninlEmt l`pnt`j ijbws tb tdm rmanbe rbsm sjnadtjy ne?88> tb $0>0 onjjnbe `ef rmc`nemf lbest`et, netmrcs bi AEN (<.0 pmrlmet), `t tdmnr ?884 jmvmj(t`ojm 4). @ ture`rbuef ne pbrtibjnb mqunty ijbws`ef rmobuef ne sdbrt-tmrc (tr`fm-rmj`tmf) ine`el-nea tb prm-lrnsns jmvmjs biismt tdm sd`rp i`jj ne emtIFN neijbws `ef butijbws ibr cmfnuc-tmrc jb`es

irbc lbccmrln`j o`egs.Emt mqunty ijbws imjj oy ?9 pmrlmet ne ?88>,wntd tdm ncpbrt`et ture`rbuef ne pbrtibjnb ijbwsebt j`ram mebuad tb biismt tdm 6= pmrlmet rmful-tnbe ne IFN. Ldne` w`s tdm c`ne frnvmr ibr obtdl`tmabrnms bi mqunty ijbws. Vdm prmlnpntbus frbp(61 pmrlmet) ne IFN nevmstcmet ijbws tb Ldne`, tdmj`ramst rmlnpnmet bi IFN `cbea fmvmjbpnea lbue-trnms, fnlt`tmf tdm rmanbe`j trmef. Out tdm fbwe-ture w`s cnrrbrmf `lrbss tdm rmanbe, wntd bejy tdm

V`ojm 1. Fmot Nefnl`tbrs ibr _manbe`j Lbuetry

Arbupspmrlmet

_manbe

Fmot butst`efnea/AEN Fmot butst`efnea/mxpbrts

?888 ?884 ?88> ?888 ?884 ?88>

M`st @sn` `efX`lninl ?>.9 0?.> 0<.? 14.0 <8.> <>.8

Murbpm `efLmetr`j @sn` =?.> <=.0 66.1 068.? >0.9 0<0.4

J`tne @cmrnl` `ef

tdm L`rnoom`e <4.< ?0.= ?<.1 09>.9 4=.? 000.6

Cnffjm M`st `ef

Ebrtd @irnl` <4.6 06.> 0=.6 004.6 <<.> <1.6

\butd @sn` ?9.1 ?8.4 ?8.1 040.= 41.6 086.6

\uo-\`d`r`e @irnl` 99.8 ?0.6 ??.> 04=.? 6>.8 99.=

\burlms; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc ef NCI.

Inaurm 0=. _`tnb bi Fmot \mrvnlm tb Mxpbrts,

0>>=“?88>

pmrlmet 

8

=

08

0=

?8

?=

<8

?88=?8880>>= ?889 ?881 ?884 ?88>

Jbw-nelbcm lbuetrnms Cnffjm-nelbcm lbuetrnms

\burlms; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc ef NCI.

Page 24: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 24/341

A J B O @ J F M Y M J B X C M E V I N E @ E L M ? 8 0 0

0?

Xdnjnppnems rmlbrfnea nelrm`smf IFN neijbws‖up?9 pmrlmet ne ?88>. Ne lbetr`st, pbrtibjnb mquntyijbws tb Ldne` rmobuefmf tb $?4 onjjnbe (irbc

$> onjjnbe ne ?884). Vd`nj`ef `jsb s`w pbrtibjnbmqunty rmobuef tb $0.> onjjnbe irbc `e butijbw bi$<.4 onjjnbe ne ?884.

Emt l`pnt`j neijbws irbc prnv`tm lrmfntbrskucpmf tb 00 tncms tdmnr ?884 jmvmj, wntd sdbrt-tmrc ine`elnea (cbstjy tr`fm rmj`tmf) rmlbvmrneatb prm-lrnsns jmvmjs `s tdm ajbo`j mlbebcnl mevnrbe-cmet ebrc`jnzmf. Cbst obrrbwmrs ne tdm rmanbermpbrtmf neijbws bi sdbrt-tmrc fmot, out Ldne``a`ne fbcne`tmf tdm trmef; nts emt sdbrt-tmrcfmot neijbws rbsm ?4 pmrlmet bvmr tdm ?884 jmvmjtb $?60 onjjnbe. Mxlmptnbes tb tdm rmanbe`j trmefwmrm tdm Xdnjnppnems, wntd `e butijbw bi sdbrt-tmrc

fmot bi $< onjjnbe ne ?88> `ef Nefbemsn`, wntd `cbrm cbfmr`tm $8.6 onjjnbe butijbw. Ne lbetr`st,sdbrt-tmrc fmot fnsoursmcmets be cmfnuc-tmrco`eg jb`es tb obtd puojnl smltbr `ef prnv`tm smltbrobrrbwmrs wmrm suofumf; tdm fmc`ef ibr netmr-e`tnbe`j ine`elnea w`s wm`g oml`usm fbcmstnlc`rgmts wmrm jnqunf `ef ldm`p. Vdmsm fnsoursm-cmets imjj oy ?8 pmrlmet irbc tdmnr ?884 jmvmj `ef,lbconemf wntd nelrm`smf prnelnp`j rmp`ycmets, jmftb `e butijbw bi $>.? onjjnbe ne ?88> lbcp`rmf

tb `e `vmr`am neijbw bi $09.> onjjnbe ne tdm twbprmlmfnea ym`rs. @sn`e obrrbwmrs tbbg `fv`et`ambi ncprbvmf c`rgmt lbefntnbes `ef rmemwmf nevms-

tbr `ppmtntm, nssunea obefs tbt`jnea $09.9 onjjnbe ne?88>, trnpjm tdm `cbuet nssumf ne ?884. Bi tdmsmobefs, 4= pmrlmet wmrm r`nsmf oy puojnl smltbrobrrbwmrs, wntd tdm Xdnjnppnems, Nefbemsn`, `efC`j`ysn` nssunea $=.= onjjnbe, $6.= onjjnbe, `ef$<.> onjjnbe rmspmltnvmjy.

L`pnt`j ijbws irbc biinln`j sburlms `rm `rmj`tnvmjy sc`jj sd`rm bi tdm tbt`j ibr cbst obr-rbwmrs ne tdm rmanbe. @e ncpbrt`et mxlmptnbe nsYnmte`c, wdnld w`s tdm smlbef-j`ramst rmlnpnmet biNF@ ne ?88>, wntd fnsoursmcmets bi $0.? onjjnbe.Vdm rmanbe `jsb sd`rmf ne tdm rmsuramelm bi ijbwsirbc biinln`j lrmfntbrs ne ?88>; tdmsm ijbws turemf

pbsntnvm ibr tdm inrst tncm snelm ?880, frnvme oyfnsoursmcmets irbc cujtnj`tmr`j lrmfntbrs, wdnldrbsm <8 pmrlmet bvmr tdmnr ?884 jmvmj `s ` rmsujtbi nelrm`smf jmefnea oy obtd tdm Qbrjf O`egArbup `ef tdm @sn`e Fmvmjbpcmet O`eg. Vdmsmnestntutnbes prbvnfmf =? pmrlmet `ef 69 pmrlmet,rmspmltnvmjy, bi tdm $08.0 onjjnbe fnsoursmf oy cuj-tnj`tmr`j lrmfntbrs ne ?88>.

Vdm i`jj ne mxpbrt m`reneas jmf tb `e nelrm`smne tdm r`tnb bi butst`efnea fmot `ef fmot smrvnlm

V`ojm 4. Emt L`pnt`j Neijbws tb M`st @sn` `ef tdm X`lninl, ?880“8>$ onjjnbes 

Neijbws ?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

Emt prnv`tm ef biinln`j neijbws 4?.? 6>.9 19.6 0?1.8 010.8 0>?.6 ?4?.? 04<.? 0>8.9

Xmrlmet`am bi AEN 6.9 ?.= <.6 6.> =.9 =.< 9.0 <.0 <.0

Emt mqunty neijbws =8.1 9<.? 9>.< 4>.1 0<8.8 090.> ?0?.? 01>.< 0<?.<

Emt IFN neijbws 64.> =>.6 =9.4 18.6 086.< 08=.1 011.0 049.9 08?.=

Emt pbrtibjnb mqunty neijbws 0.4 <.4 0?.= 0>.< ?=.1 =9.? <=.0   1.< ?>.>

Emt fmot ijbws <0.=   0<.9 1.0 <1.< 68.> <8.9 18.8 <.> =4.<

Biinln`j lrmfntbrs <.0   1.1   1.?   =.?   <.?   >.<   <.4   0.0 <.1

Qbrjf O`eg 8.>   0.1   0.=   0.>   8.9   8.6   8.< 0.? ?.?

NCI   ?.=   ?.1   8.=   0.9   0.9   4.= 8.8 8.8 8.0

Btdmr biinln`j lrmfntbrs 6.1   <.<   =.?   0.1   0.8   8.6   <.=   ?.< 0.6

Xrnv`tm lrmfntbrs ?4.= 

=.> 06.< 6?.= 66.? <>.> 1<.> =.8 =6.=Emt cmfnuc- `ef jbea-tmrcfmot ijbws   0?.>   0?.<   >.4 >.0 >.< 06.4 04.= 09.?   8.4

Obefs 8.6 8.0 0.4 >.9 08.0 <.> 8.1 8.? 4.6

O`egs `ef btdmr prnv`tmlrmfntbrs   0<.<   0?.6   00.=   8.=   8.1 08.> 01.4 09.8   >.?

Emt sdbrt-tmrc fmot ijbws 60.6 9.= ?6.0 <<.6 <6.4 ?=.0 ==.6   00.? ==.6

Ld`eam ne rmsmrvms (  nelrm`sm)   6>.4   >?.4   0<>.4   ?<1.0   ?01.1   ?>=.0   =60.8   6<?.6   =<6.4

Cmcbr`efuc ntmc

Qbrgmr rmcntt`elms ?0.8 ?1.8 <?.< 68.8 =8.< =1.6 10.0 4=.= 46.>

\burlms; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc, NCI, O`eg ibr Netmre`tnbe`j \mttj mcmets, `ef BMLF.

Page 25: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 25/341

B Y M _ Y N M Q

0<

tb mxpbrt m`reneas ne ?88>, out tdmsm r`tnbs rmc`netdm jbwmst bi `jj snx rmanbes `t <> pmrlmet `ef 6.4pmrlmet, rmspmltnvmjy. Jmf oy Ldne`, lbuetrnms ne

tdm rmanbe nelrm`smf netmre`tnbe`j rmsmrvms oy ` iur-tdmr $988 cnjjnbe ne ?88>; `t tdm mef bi ?88>, tdmstblg bi netmre`tnbe`j rmsmrvms w`s tdrmm `ef bem-d`ji tncms tdm jmvmj bi butst`efnea mxtmre`j fmot.

 Murbpm `ef Lmetr`j @sn`Vdns rmanbe d`s omme smvmrmjy `iimltmf oy tdmajbo`j mlbebcnl lrnsns `ef d`s smme prnv`tm l`pnt`jijbws pjuccmt irbc $600 onjjnbe ne ?881 (0=.4pmrlmet bi AEN) tb $>8 onjjnbe ne ?88> (<.9 pmr-lmet bi AEN). @s ` lbesmqumelm, tdm rmanbe d`somlbcm nelrm`sneajy fmpmefmet be ine`elnea irbcbiinln`j lrmfntbrs, wdnld `llbuetmf ibr <9 pmrlmet

bi emt l`pnt`j ijbws tb tdm rmanbe ne ?88> (t`ojm >).IFN lbjj`psmf ne ?88>, pujjnea fbwe emt

mqunty neijbws oy <4 pmrlmet. Ne _ussn`, tdmsmlbef-j`ramst rmlnpnmet bi IFN `cbea fmvmjbpnealbuetrnms, tdm emt neijbw bi IFN w`s fbwe oy =8pmrlmet irbc nts ?884 jmvmj tb $<1 onjjnbe. Vdm p`t-tmre w`s rmpm`tmf lrbss tdm rmanbe wntd neijbws tbOuja`rn`, _bc`en`, Vurgmy, `ef ]gr`nem fbwe oy` sncnj`r pmrlmet`am. @cbea tdm c`kbr rmlnpnmetsbi IFN, bejy G`z`gdst`e, wdmrm nevmstcmets netb

tdm dyfrbl`robe smltbr dmjf up wmjj, mxpmrnmelmf` cbrm cbfmr`tm fmljnem bi neijbws (?8 pmrlmet).Vdmrm w`s rmsuramelm ne pbrtibjnb mqunty neijbws

tb _ussn` `ef Vurgmy, out `t $= onjjnbe tdmyrmc`nemf wmjj omjbw tdm $?6 onjjnbe rmlmnvmf ne?881.

Vdm emt neijbw bi ine`elnea irbc biinln`jlrmfntbrs trnpjmf ne ?88> tb $<? onjjnbe, prnc`r-njy oml`usm bi tdm j`ram-sl`jm rmslum p`lg`ams ibr_bc`en` `ef ]gr`nem. Vbamtdmr tdmsm lbuetrnmsrmlmnvmf == pmrlmet bi NCI ine`elnea (purld`sms)tb fmvmjbpnea lbuetrnms ne ?88>. Emw lbccnt-cmets oy cujtnj`tmr`j lrmfntbrs btdmr td`e tdmNCI cbrm td`e fbuojmf ne ?88> tb $?6 onjjnbe,neljufnea $1 onjjnbe irbc tdm Murbpm`e Lbccu-enty `s p`rt bi tdm rmslum p`lg`am tb _bc`en`.

Arbss fnsoursmcmet rbsm oy 4? pmrlmet tb $0<.6onjjnbe, bi wdnld =6 pmrlmet wmet tb _bc`en` `efVurgmy. Fnsoursmcmets oy NO_F rbsm 9= pmrlmet ne?88> tb $6.1 onjjnbe, bi wdnld Vurgmy rmlmnvmf 6>pmrlmet.

Vdm emt neijbw bi cmfnuc- `ef jbea-tmrcine`elnea irbc o`egs dmjf up wmjj ne ?884, outtdm rmtrmeldcmet ne ?88> w`s smvmrm; ` <= pmrlmetfrbp ne fnsoursmcmets kuxt`pbsmf wntd prnelnp`jrmp`ycmets be ` stmmp upw`rf tr`kmltbry rmfulmf

V`ojm >. Emt L`pnt`j Neijbws tb Murbpm `ef Lmetr`j @sn`, ?880“8>$ onjjnbes 

Neijbws ?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

Emt prnv`tm ef biinln`j neijbws ?8.9 <9.> 40.9 >>.> 0?1.4 ?04.< 608.9 ?9?.< 4>.4

Xmrlmet`am bi AEN <.8 6.1 4.< 1.1 1.4 08.> 0=.4 4.? <.9

Emt mqunty neijbws 06.= 09.4 ?=.< 6<.1 =1.4 086.9 098.? 06=.8 >8.8

Emt IFN neijbws 0<.> 06.8 ?<.4 60.> =0.0 >?.< 0<<.? 098.0 4=.0

Emt pbrtibjnb mqunty neijbws 8.9 ?.1 0.= 0.4 9.1 0?.< ?1.8   0=.0 =.8

Emt fmot ijbws 9.0 ?8.0 =9.< =9.? 18.8 00<.1 ?=8.6 001.<   8.<

Biinln`j lrmfntbrs 9.9 <.4   6.1   1.<   ?4.6   <8.1   <.8 00.0 <?.?

Qbrjf O`eg ?.8 0.8   8.? 0.8   8.1 8.? 8.? 8.1 ?.4

NCI 9.0 6.4   ?.8   =.>   >.4   =.4   =.8 9.? ?8.?

Btdmr biinln`j lrmfntbrs   0.=   ?.8   ?.=   ?.=   04.8   ?=.0 0.4 6.? >.<

Xrnv`tm lrmfntbrs 

8.= 09.< 90.8 9<.= >4.6 066.6 ?=<.6 089.? 

<?.=Emt cmfnuc- `ef jbea-tmrcfmot ijbws 8.< 06.> <6.= =?.0 48.0 084.> 011.1 0?0.= =.?

Obefs 8.= <.? 1.< 06.6 09.9 <?.? ==.> 09.<   0.9

O`egs `ef btdmr prnv`tmlrmfntbrs 8.4 00.1 ?1.? <1.1 9<.= 19.1 0?0.4 08=.? 9.4

Emt sdbrt-tmrc fmot ijbws   8.4 0.6 ?9.= 00.6 04.< <=.= 1=.1   0=.<   <1.1

Ld`eam ne rmsmrvms (  nelrm`sm)   00.8   ?4.1   6>.0   94.4   41.8   010.9   ??9.0 =1.4   ?9.8

Cmcbr`efuc ntmc

Qbrgmr rmcntt`elms 08.? 08.= 00.= 09.8 ?<.? ?4.6 <>.? 6=.4 <=.9

\burlms; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc, NCI, O`eg bi Netmre`tnbe`j \mttjmcmets, `ef BMLF.

Page 26: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 26/341

A J B O @ J F M Y M J B X C M E V I N E @ E L M ? 8 0 0

06

`ef sdbrt-tmrc o`eg ine`elnea w`s j`ramjy biismtoy ` suram ne emw obef nssu`elm, ` trnpjnea bi emtneijbws irbc biinln`j lrmfntbrs, `ef ` c`rane`j

fmljnem ne emt mqunty ijbws.Vdm lbjj`psm ne IFN ne ?88> `iimltmf obrrbwmrs

`lrbss tdm rmanbe `ef rmijmltmf tdm 6< pmrlmet i`jjne IFN neijbws tb Or`znj `ef tdm =0 pmrlmet fmljnemne Cmxnlb, tdm rmanbe„s twb j`ramst rmlnpnmets biIFN. Nevmstcmets ne tdm dyfrbl`robe smltbr typn-l`jjy dmjf up wbrjfwnfm ne ?88>, out td`t w`s ebttdm l`sm ne tdm _mpûojnl` Objnv`rn`e` fm Ymemzumj`,wdmrm `pprbprn`tnbe bi sbcm IFN lj`ncs fmtmrrmfnevmstbrs `ef jmf tb ` $<.0 onjjnbe emt butijbw biIFN ne ?88>, ` c`rgmf ture`rbuef irbc tdm $08.0onjjnbe `ef $<.= onjjnbe IFN neijbws tb tdm lbuetryne ?881 `ef ?884, rmspmltnvmjy. Vdm fmljnem ne IFN

neijbws w`s ne p`rt biismt oy tdm suram ne pbrtib-jnb mqunty neijbws. Vdmsm neijbws rmobuefmf nermspbesm tb mlbebcnl rmlbvmry, wdnld prblmmfmf `t` i`stmr p`lm ne tdm rmanbe td`e d`f omme mxpmltmf.Vdm c`ne frnvmr w`s Or`znj, wntd pbrtibjnb mquntyneijbws bi $<1 onjjnbe ne ?88>, >8 pmrlmet bi tdmrmanbe`j tbt`j, ne lbetr`st tb tdm $1.9 onjjnbe but-ijbw ne ?884. Cmxnlb, tdm bejy btdmr snaeninl`etrmlnpnmet bi pbrtibjnb mqunty neijbws `jsb rmlbrfmf `emt neijbw ($6.? onjjnbe) ne ?88> lbcp`rmf tb ` emtbutijbw bi $<.= onjjnbe ne ?884.

emt neijbws tb $1 onjjnbe, tdmnr jbwmst jmvmj snelm?880. \dbrt-tmrc fmot `jsb lbetr`ltmf ne rmspbesmtb tdm fmtmrnbr`tnea tmrcs bi tr`fm `ef sd`rp

ncpbrt lbcprmssnbe, rmsujtnea ne ` wnfmenea bitdm emt butijbw bi sdbrt-tmrc fmot tb $<4 onjjnbene ?88>, (irbc $0= onjjnbe ne ?884). Emw obefnssu`elms oy puojnl smltbr `amelnms ne ?88> tbt`jmf$0=.< onjjnbe, fbwe oy bejy 0= pmrlmet irbc tdmnr?884 jmvmj, out tdmrm w`s ` sd`rp rmfultnbe neobef nssu`elm oy prnv`tm smltbr obrrbwmrs. Vdnsrmfultnbe w`s frnvme prnc`rnjy oy _ussn`, wdmrmtdm lbrpbr`tm smltbr r`nsmf bejy $?.< onjjnbe neemw nssu`elms ne ?88> lbcp`rmf tb $06.< onjjnbene ?884.

Fmot nefnl`tbrs fmtmrnbr`tmf snaeninl`etjy,bwnea tb ` suost`etn`j nelrm`sm ne fmot `ef amemr-

`jjy pbbr mxpbrt arbwtd pmribrc`elm. Vdm r`tnbbi fmot tb mxpbrts nelrm`smf irbc >=.< pmrlmet ne?88= tb 0<0.4 pmrlmet ne ?88> wdnjm tdm r`tnb bifmot smrvnlm tb mxpbrts ljncomf tb ?9.> pmrlmet(irbc 0>.1 pmrlmet ne ?88=), tdm dnadmst r`tnb bi`ey rmanbe.

 J`tne @cmrnl` `ef tdm L`rnoom`eEmt l`pnt`j ijbws tb tdm rmanbe imjj 9 pmrlmet ne?88> out rmc`nemf lbest`et ne rmj`tnbe tb AEN `t6.< pmrlmet (t`ojm 08). Vdm fbweture ne cmfnuc-

V`ojm 08. Emt L`pnt`j Neijbws tb J`tne @cmrnl` `ef tdm L`rnoom`e, ?880“8>$ onjjnbes 

Neijbws ?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

Emt prnv`tm ef biinln`j neijbws 49.0 68.6 9?.? =1.? 4=.? 99.? ?01.= 011.? 099.1

Xmrlmet`am bi AEN 6.= ?.6 <.6 ?.1 <.< ?.? 9.0 6.< 6.<

Emt mqunty neijbws 16.< =9.9 69.9 9=.< 46.6 4<.8 0<4.? 004.? 00=.?

Emt IFN neijbws 10.4 ==.? 6<.< 9=.> 1?.? 1?.8 08>.6 0?1.> 1<.9

Emt pbrtibjnb mqunty neijbws ?.= 0.6 <.<   8.9 0?.? 00.8 ?4.4   >.1 60.9

Emt fmot ijbws 00.4   09.? 0=.1   4.0 8.4   09.4 1>.? =>.8 =0.=

Biinln`j lrmfntbrs ?8.9 0?.6 6.1   08.?   <0.<   0>.>   0.0 9.= 0>.?

Qbrjf O`eg 0.<   8.9   8.6   0.8   8.1   <.6   8.0 ?.6 9.9

NCI 0=.9 00.> =.9   9.<   ?1.9   0?.0 8.8 8.8 8.6

Btdmr biinln`j lrmfntbrs <.4 0.0   8.6   ?.>   <.8   6.6   0.8 6.0 0?.?

Xrnv`tm lrmfntbrs 

4.4 

?4.9 08.> ?.8 <?.? <.0 48.< =?.= <?.<Emt cmfnuc- `ef jbea-tmrcfmot ijbws 9.=   4.6 >.?   8.> 09.6 =.? 61.9 64.6 <6.0

Obefs >.4 0.> 09.1 <.0 ?8.9   00.> 0<.6 1.= 68.<

O`egs `ef btdmr prnv`tmlrmfntbrs   <.<   08.?   1.=   6.8   6.? 01.0 <6.? 68.>   9.?

Emt sdbrt-tmrc fmot ijbws   0=.<   ?8.? 0.4 <.8 0=.1   ?.0 <?.1 6.0   0.4

Ld`eam ne rmsmrvms (  nelrm`sm)   8.>   ?.9   <=.9   ?=.6   <6.6   ==.=   0<1.4   =8.0   =?.8

Cmcbr`efuc ntmc

Qbrgmr rmcntt`elms ?6.6 ?4.0 <9.1 6<.< =8.0 =>.? 9<.0 96.9 =9.>

\burlms; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc, NCI, O`eg ibr Netmre`tnbe`j \mttj mcmets, `ef BMLF.

Page 27: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 27/341

B Y M _ Y N M Q

0=

`llbuetmf ibr 9> pmrlmet. Emw nssu`elms oy prn-v`tm smltbr obrrbwmrs sdbt up tb $?4 onjjnbe (irbc$4 onjjnbe ne ?884), jmf oy tdm lbrpbr`tm smltbr ne

Or`znj ($01 onjjnbe) `ef, tb ` jmssmr mxtmet, Cmxnlb($=.0 onjjnbe).

Vdm rnsm ne tdm stblg bi butst`efnea fmot ne?88> w`s cbfmr`tm‖< pmrlmet ibr tdm metnrmrmanbe‖`ef nt w`s tdm fmljnem ne mxpbrt m`re-neas td`t l`usmf tdm r`tnb bi butst`efnea fmot tbmxpbrts tb fmtmrnbr`tm. Nt kucpmf tb 000.6 pmrlmet(irbc 4=.? pmrlmet ne ?884). Fmot ne rmj`tnbe tbAEN rbsm sjnadtjy ne ?88> out rmc`nes cbfmr`tm `t?<.1 pmrlmet.

 Cnffjm M`st `ef Ebrtd @irnlVdm Cnffjm M`st `ef Ebrtd @irnl` rmlbrfmf tdm

sd`rpmst rnsm ne emt l`pnt`j neijbws ne ?88> bi `jjrmanbes. L`pnt`j neijbws nelrm`smf oy <? pmrlmetj`ramjy oml`usm bi tdm nelrm`sm ne jmefnea oy biinln`jlrmfntbrs `ef `e neijbw bi sdbrt-tmrc fmot. Vdmrmvmrs`j ne emt fmot ijbws tb $? onjjnbe ne ?88>, irbc`e butijbw bi $> onjjnbe ne ?884, cbrm td`e biismttdm 06 pmrlmet i`jj ne emt mqunty ijbws (t`ojm 00).

Emt mqunty neijbws d`vm lbestntutmf >9 pmr-lmet bi `jj emt l`pnt`j ijbws netb tdm rmanbe snelm?880. Vdm 01 pmrlmet fmljnem ne emt IFN neijbwsne ?88> w`s p`rtn`jjy biismt oy `e nelrm`sm ne emt

Nelrm`smf obrrbwnea irbc cujtnj`tmr`j nestntu-tnbes w`s `jrm`fy mvnfmet ne ?884 `ef lbetneumf`p`lm ne ?88>. Vdns nelrm`sm w`s tdm c`ne i`l-

tbr ne tdm sd`rp rnsm ne emt neijbws irbc biinln`jlrmfntbrs, wdnld rbsm tb $0>.? onjjnbe ne ?88>,ljbsm tb tdrmm tncms dnadmr td`e tdmnr ?884 jmvmj`ef ne c`rgmf lbetr`st tb tdm butijbws irbc tdmrmanbe tb biinln`j lrmfntbrs omtwmme ?886 `ef?881. Emw lbccntcmets irbc NO_F `ef tdm NFOfbuojmf tb $<8 onjjnbe ne ?88>, wdnjm fnsoursm-cmets oy tdm twb nestntutnbes kucpmf 4> pmrlmettb $??.9 onjjnbe (irbc $0?.? onjjnbe ne ?884). Outtdmsm fnsoursmcmets wmrm dnadjy lbelmetr`tmf,wntd 91 pmrlmet bi NO_F arbss fnsoursmcmets `ef=4 pmrlmet bi tdbsm irbc NFO ne ?88> abnea tbtdrmm lbuetrnms, ne brfmr bi j`ramst fnsoursmcmet,

Cmxnlb, Or`znj, `ef @rametne`. NFO, tdm j`ramstcujtnj`tmr`j lrmfntbr, `llbuetmf ibr =8 pmrlmet bi?88> cujtnj`tmr`j lbccntcmets `ef 64 pmrlmet biarbss fnsoursmcmets.

Vdm stmmp frbp ne cmfnuc-tmrc jmefnea oyo`egs w`s biismt oy ` sd`rp rnsm ne emt neijbws ibrobefs, wdnld jm`pt irbc $1.= onjjnbe ne ?884 tb$68.< onjjnbe ne ?88>. Emw obefs nssumf oy tdmpuojnl smltbr tbt`jmf $<? onjjnbe, `jcbst nfmetnl`jtb ?884, bi wdnld Or`znj ($9.0 onjjnbe), Lbjbc-on` ($=.= onjjnbe), `ef Cmxnlb ($08.> onjjnbe)

V`ojm 00. Emt L`pnt`j Neijbws tb Cnffjm M`st `ef Ebrtd @irnl`, ?880“8>$ onjjnbes 

Neijbws ?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

Emt prnv`tm ef biinln`j neijbws 6.6 08.< 0<.= 0<.8 0>.6 06.6 ?>.6 ?0.0 ?1.4

Xmrlmet`am bi AEN 0.? ?.1 <.< ?.1 <.9 ?.< <.> ?.< <.8

Emt mqunty neijbws <.> 1.9 08.? 08.6 0>.? ?4.? ?=.= ?>.1 ?=.9

Emt IFN neijbws 6.8 4.0 08.8 >.1 09.4 ?1.? ?1.9 ?>.< ?6.6

Emt pbrtibjnb mqunty neijbws 8.8   8.= 8.? 8.1 ?.6 0.8   ?.0 8.6 0.?

Emt fmot ijbws 8.= ?.1 <.6 ?.9 8.?   0<.1 <.>   4.9 ?.?

Biinln`j lrmfntbrs   0.=   ?.0   ?.0   <.6   <.8   00.? 0.0   0.4 ?.<

Qbrjf O`eg   8.0   8.<   8.<   8.9 8.8   8.4 0.8   8.< 8.>

NCI   8.0   8.<   8.9   8.=   8.1   8.?   8.0   8.0   8.0

Btdmr biinln`j lrmfntbrs   0.<   0.=   0.?   ?.<   ?.<   08.< 8.?   0.6 0.6

Xrnv`tm lrmfntbrs 0.> 6.4 =.6 =.> <.? 

?.= ?.4 

9.4 

8.0Emt cmfnuc- `ef jbea-tmrcfmot ijbws 6.> =.6 8.> ?.1 ?.>   0.1   8.1   ?.1   0.1

Obefs 6.6 =.? 8.1 ?.4 ?.= 8.4 8.1   8.4 8.=

O`egs `ef btdmr prnv`tmlrmfntbrs 8.= 8.? 8.?   8.0 8.6   ?.=   0.6   0.4   ?.0

Emt sdbrt-tmrc fmot ijbws   <.8   8.1 6.9 <.? 8.<   8.4 <.=   6.? 0.9

Ld`eam ne rmsmrvms (  nelrm`sm)   >.<   0?.9   ?<.?   06.1   <4.>   <1.4   64.8   6<.6   ?6.?

Cmcbr`efuc ntmc

Qbrgmr rmcntt`elms 06.? 06.> 0>.> ??.9 ?<.9 ?=.0 <0.8 <6.1 <?.<

\burlms; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc, NCI, O`eg ibr Netmre`tnbe`j \mttjmcmets, `ef BMLF.

Page 28: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 28/341

A J B O @ J F M Y M J B X C M E V I N E @ E L M ? 8 0 0

09

`ef emt neijbw be obefs. Vdm Nsj`cnl _mpuojnl biNr`e, Cbrbllb, `ef Vuensn` wmrm ncpbrt`et frnvmrsbi tdm bvmr`jj rnsm ne sdbrt-tmrc fmot neijbws; tdmy

rmlbrfmf nelrm`sms bi $8.> onjjnbe, $8.= onjjnbe,`ef $8.= onjjnbe, rmspmltnvmjy, ne ?88>. Oy lbetr`st,sbcm obrrbwmrs ne tdm rmanbe, neljufnea Maypt`ef Kbrf`e, s`w sdbrt-tmrc fmot lbetr`lt ne ?88>.Obef neijbws ne ?88> `rm lbelmetr`tmf metnrmjy neJmo`ebe `ef rmijmlt tdm obef mxld`eam bpmr`tnbe,wdnld ns v`jumf `t $?.> onjjnbe. Ne ?884, Jmo`eber`nsmf $?.= onjjnbe ne tdm obef c`rgmts.

Fmot nefnl`tbrs `rm cbfmr`tm oml`usm bi tdmprmpbefmr`elm bi mqunty ne emt l`pnt`j ijbws tbtdm rmanbe `ef rmj`tnvmjy rboust mxpbrt m`reneas.Fmspntm ` 08 pmrlmet i`jj ne mxpbrt m`reneas ne?88>, tdm stblg bi butst`efnea fmot ne rmj`tnbe tb

mxpbrt m`reneas w`s, `t <1.6 pmrlmet, tdm jbwmst bi`ey rmanbe, `ef tdm r`tnb bi fmot smrvnlm tb mxpbrtw`s bejy 6.1 pmrlmet. Fmot `s ` sd`rm bi AEN w`s0=.6 pmrlmet ne ?88>, jbwmr td`e ne `jj rmanbesmxlmpt M`st @sn` `ef tdm X`lninl.

\butd @sn`Emt l`pnt`j neijbws tb tdm rmanbe rbsm ?9 pmrlmet ne?88>, tb 6.1 pmrlmet bi AEN, oml`usm bi ` rmc`rg-`ojm $<1 onjjnbe ture`rbuef ne pbrtibjnb mquntyijbws (t`ojm 0?). Vdm nelrm`sm cbrm td`e biismt tdm

pbrtibjnb mqunty ijbws. Vdmy rbsm tb $0.? onjjnbe ne?88> irbc $8.6 onjjnbe ne ?884. Xbrtibjnb mquntyijbws `rm lbelmetr`tmf ne tdm @r`o _mpuojnl bi

Maypt `ef Jmo`ebe, `ef obtd lbuetrnms rmlbrfmf` c`rgmf nelrm`sm ne neijbws ne ?88>. Qntd rma`rftb IFN, dbwmvmr, tdm pnlturm w`s cnxmf. Maypt,tdm rmanbe„s j`ramst rmlnpnmet bi IFN, s`w emt IFNneijbws i`jj ?> pmrlmet ne ?88>. Out ne Jmo`ebe,IFN neijbws wmrm $6.4 onjjnbe, up oy 08 pmrlmet,`ef ne tdm Nsj`cnl _mpuojnl bi Nr`e, tdmy kucpmfoy `e ueprmlmfmetmf 41 pmrlmet tb $< onjjnbe,fnrmltmf prnc`rnjy `t tdm bnj `ef a`s smltbr.

Emt fmot ijbws irbc biinln`j lrmfntbrs turemfpbsntnvm ne ?88>, rnsnea tb $?.< onjjnbe lbcp`rmftb `e butijbw bi $0.4 onjjnbe ne ?884. Vdns rnsmw`s frnvme oy `e nelrm`sm ne fnsoursmcmets oy

m`ld bi tdm prnelnp`j cujtnj`tmr`j nestntutnbesbpmr`tnea ne tdm rmanbe; tdm @irnl`e FmvmjbpcmetO`eg, tdm Murbpm`e Nevmstcmet O`eg, `ef NO_F.Lbjjmltnvmjy, tdmsm o`egs fnsoursmf $<.> onjjnbene ?88>, `e nelrm`sm bi ljbsm tb 18 pmrlmet bvmrtdm lbcp`r`ojm inaurm ibr ?884, wntd Maypt `efCbrbllb omnea tdm prnc`ry omeminln`rnms.

Vdm j`ram emt butijbw irbc tdm rmanbe ne ?884ibr fmot bwmf tb prnv`tm lrmfntbrs, $9.4 onjjnbe,w`s rmvmrsmf ne ?88> oml`usm bi ` sd`rp ture-`rbuef ne tdm fnrmltnbe bi sdbrt-tmrc fmot ijbws

V`ojm 0?. Emt L`pnt`j Neijbws tb \butd @sn`, ?880“8>$ onjjnbes 

Neijbws ?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

Emt prnv`tm ef biinln`j neijbws 4.0 1.= 06.= ?0.? ?4.= 19.9 001.1 90.6 11.1

Xmrlmet`am bi AEN 0.< 0.0 0.> ?.< ?.1 9.= 1.4 6.8 6.1

Emt mqunty neijbws 4.> 1.4 0<.= 09.4 ?<.9 <9.6 94.6 <?.> =4.4

Emt IFN neijbws 9.0 9.4 =.6 1.4 00.? ?9.8 <?.< 64.1 <4.<

Emt pbrtibjnb mqunty neijbws ?.4 0.0 4.8 >.8 0?.6 08.6 <9.0   0=.4 ?8.=

Emt fmot ijbws   8.>   8.6 0.8 6.6 6.> 68.? 6>.< ?4.= 04.4

Biinln`j lrmfntbrs ?.0   ?.<   6.0   8.< ?.> <.= 6.6 4.9 >.=

Qbrjf O`eg 0.=   0.8   ?.< ?.< ?.< ?.8 ?.8 0.6 ?.0

NCI 8.< 8.0   8.0   8.< 8.8   8.0   8.0 <.? <.9

Btdmr biinln`j lrmfntbrs 8.<   0.6   0.4   ?.6 8.9 0.9 ?.6 6.8 <.4

Xrnv`tm lrmfntbrs 

<.8 ?.8 =.0 6.1 ?.8 <9.1 66.> 0>.> >.<Emt cmfnuc- `ef jbea-tmrcfmot ijbws   ?.0 8.0 <.0 6.8   8.? 0>.> <?.8 0?.8 08.<

Obefs 8.6   8.1   <.1 <.>   ?.4 9.6 08.1 0.1 0.1

O`egs `ef btdmr prnv`tmlrmfntbrs   0.9 8.4 9.4 8.? ?.9 0<.= ?0.< 08.< 4.9

Emt sdbrt-tmrc fmot ijbws   8.> 0.4 ?.8 8.1 ?.< 09.4 0?.> 1.>   0.8

Ld`eam ne rmsmrvms (  nelrm`sm)   08.?   ?4.8   <9.>   ?1.9   9.4   60.1   08<.4 ?9.<   <4.9

Cmcbr`efuc ntmc

Qbrgmr rmcntt`elms 0>.? ?6.0 <8.6 ?4.1 <<.> 6?.= =6.8 10.9 16.>

\burlms; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc, NCI, O`eg ibr Netmre`tnbe`j \mttj mcmets, `ef BMLF.

Page 29: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 29/341

B Y M _ Y N M Q

01

fmljnem ne emt cmfnuc- ef jbea-tmrc o`eg ine`el-nea `ef tdm rmvmrs`j bi sdbrt-tmrc fmot, wdnldturemf ema`tnvm (∟$0 onjjnbe irbc `e $4 onjjnbe

neijbw ne ?884).Emt mqunty ijbws tb tdm rmanbe rbsm oy `jcbst

48 pmrlmet ne ?88> oml`usm bi `e ncpbrt`et ture-`rbuef ne pbrtibjnb mqunty ijbws tb Nefn`. Ibrmnaenevmstbrs rmp`trn`tmf $09 onjjnbe ne ?884 out l`cmo`lg tb tdm Nefn`e stblg c`rgmt ne ?88> `s im`rs`obut tdm miimlt bi tdm ajbo`j mlbebcnl lrnsnssuosnfmf wntd emt neijbws bi $?0 onjjnbe. Nefn`d`s `jsb omlbcm bem bi tdm ibrmcbst rmlnpnmets biIFN `cbea fmvmjbpnea lbuetrnms‖tdm tdnrf j`ra-mst `itmr Ldne` `ef _ussn`. Jngm tdbsm lbuetrnms,Nefn` s`w IFN i`jj ne ?88>, out oy ` cbfmr`tm 0>pmrlmet. IFN tb X`gnst`e imjj oy cbrm td`e d`ji,

tb $?.6 onjjnbe, `s nevmstbrs rmtrm`tmf oml`usm bilbelmres `obut tdm fmtmrnbr`tnea mlbebcnl `efsmlurnty sntu`tnbe `ef tdm st`jjmf prnv`tnz`tnbeprbar`c. Xbrtibjnb mqunty ijbws tb X`gnst`e `jsbfwnefjmf tb `jcbst ebtdnea ne ?88>, irbc $0.<onjjnbe ne ?881, oml`usm bi sncnj`r lbelmres.

Lbuetrnms ne tdm rmanbe `rm rmj`tnvmjy pbbr`ef rmjy ne j`ram cm`surm be biinln`j sburlms biine`elnea, neljufnea biinln`j `nf. @iad`enst`e,tdm smlbef-dnadmst `nf rmlnpnmet bi `jj fmvmjbpnealbuetrnms, rmlmnvmf 6 pmrlmet bi ajbo`j `nf ijbwsne ?884, `ef tdns trmef ns jngmjy tb om rmpm`tmf ne?88>. O`eaj`fmsd, Nefn`, `ef X`gnst`e `rm `jsb`cbea tdm tbp 08 `nf rmlnpnmets. Fmot-rmj`tmfijbws irbc biinln`j lrmfntbrs rbsm oy 08 pmrlmetne ?88>. X`gnst`e w`s tdm j`ramst rmlnpnmet `efrmlmnvmf `jcbst =8 pmrlmet bi fnsoursmcmets tbtdm rmanbe ne ?88> irbc cujtnj`tmr`j lrmfntbrs,neljufnea $<.< onjjnbe ne purld`sms irbc NCI.Vdmsm purld`sms wmrm c`fm uefmr tdm $1.9 onjjnbeNCI prbar`c, `pprbvmf ne Ebvmcomr ?884 `efnelrm`smf oy ` iurtdmr $<.?onjjnbe ne Kujy ?88>.Fnsoursmcmets ne ?88> irbc tdm Qbrjf O`eg(NO_F `ef NF@ lbconemf) wmrm $6 onjjnbe, `jcbstnfmetnl`j tb tdbsm bi tdm @sn`e Fmvmjbpcmet O`eg

tb tdm rmanbe ne ?88>.Vdm bvmr`jj i`jj ne fmot-rmj`tmf ijbws irbcprnv`tm lrmfntbrs w`s frnvme ne j`ram p`rt oy tdmlbetr`ltnbe ne sdbrt-tmrc (tr`fm-rmj`tmf) fmot tbNefn`. @ffntnbe`jjy, fnsoursmcmets bi cmfnuc-tmrc ine`elnea oy o`egs imjj oy `obut 08 pmrlmetirbc tdmnr ?884 jmvmj, wdnld, lbupjmf wntd tdmlbetneumf rnsm ne prnelnp`j rmp`ycmets, jmf tb ` 01pmrlmet fmljnem ne emt neijbw ne ?88> lbcp`rmf tb?884. Obef nssu`elm oy puojnl smltbr obrrbwmrs,

ebt`ojy Nefn`, `jsb frbppmf bii sd`rpjy ne ?88>,out \rn J`eg` nssumf $=88 cnjjnbe ne fmvmjbpcmetobefs7 `ncmf `t tdm \rn J`eg`e Fn`spbr`, tdmsm

obefs wmrm bvmrsuoslrnomf. Obef nssu`elm oy lbr-pbr`tm obrrbwmrs, `a`ne j`ramjy ne Nefn`, rbsm tb$?.= onjjnbe, invm tncms tdm ?884 jmvmj.

Fmot nefnl`tbrs `rm jbwmr td`e tdbsm bi Murbpm`ef Lmetr`j @sn` `ef J`tne @cmrnl` `ef tdm L`rno-om`e. Fmot butst`efnea `t tdm mef bi ?88> `s `pmrlmet`am bi mxpbrts w`s 086.6 pmrlmet `ef tdmfmot smrvnlm tb mxpbrt r`tnb w`s 9.4 pmrlmet. Outtdmrm `rm ncpbrt`et fniimrmelms omtwmme lbuetrnms;tdm fmot-tb-mxpbrt r`tnb r`eamf irbc 49.9 pmrlmetne Nefn` tb ?<=.? pmrlmet ne X`gnst`e. \ncnj`rjy,rmsmrvms `s ` pmrlmet`am bi tdm stblg bi mxtmre`jfmot wmrm 00>.4 pmrlmet ne Nefn` t tdm mef bi ?88>

lbcp`rmf tb ?=.< pmrlmet ne X`gnst`e. _mjn`elm becujtnj`tmr`j lrmfntbrs ns dnad; tdm sd`rm bi butst`ef-nea fmot bwmf tb cujtnj`tmr`j lrmfntbrs (neljufneatdm NCI) w`s <8 pmrlmet `t tdm mef bi ?88>.

\uo-\`d`r`e @irnl`Emt l`pnt`j ijbws tb \uo-\`d`r`e @irnl` rbsm 09pmrlmet ne ?88>, frnvme oy ` rmsuramelm ne pbrt-ibjnb mqunty neijbws, ` cbrm td`e 088 pmrlmetnelrm`sm ne tdm emt fmot neijbws irbc biinln`j lrmfn-tbrs, `ef ` 0<8 pmrlmet rnsm ne emt cmfnuc-tmrco`eg ine`elnea. Cm`surmf ne tmrcs bi AEN, emtl`pnt`j ijbws wmrm =.? pmrlmet ne ?88>, dnadmrtd`e ne `ey btdmr rmanbe (t`ojm 0<).

IFN ne tdm rmanbe, fnrmltmf c`nejy tb tdm cne-mr`js `ef cmt`js smltbr, lbestntutmf twb-tdnrfs biemt l`pnt`j ijbws (mxljufnea ar`ets) omtwmme ?880`ef ?88>. Nt fmljnemf ne ?88>, frnvme oy i`jjneanevmstcmet ijbws tb \butd @irnl`, tdm rmanbe„s j`ra-mst rmlnpnmet bi IFN snelm ?880. Out bvmr`jj tdm i`jjw`s culd jmss td`e mxpmltmf oml`usm rmfulmf IFNirbc dnad-nelbcm lbuetrnms w`s biismt oy strbea\butd-\butd IFN, `ef mxljufnea \butd @irnl`,IFN neijbws fmljnemf bejy 0 pmrlmet ne ?88>. IFNtb Enamrn`, wdnld rmlmnvmf tdm dnadmst sd`rm bi

`jj IFN tb tdm rmanbe ne ?88>, rbsm oy `jcbst ?8pmrlmet (cbstjy anvme tb tdm dyfrbl`robe smltbr),`ef IFN tb lbuetrnms ne tdm rmanbe lj`ssninmf `sDNXLs imjj bejy c`rane`jjy. Xbrtibjnb mqunty ijbwstb \butd @irnl` rmobuefmf tb $>.6 onjjnbe, oubymfoy ncprbvmf mlbebcnl prbspmlts `ef tdm s`jm biYbf`lbc. Vdmy `jsb turemf pbsntnvm ne Enamrn`($8.= onjjnbe).

C`ey lbuetrnms ne tdm rmanbe rmc`ne be tdmc`ranes bi netmre`tnbe`j l`pnt`j c`rgmts `ef

Page 30: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 30/341

A J B O @ J F M Y M J B X C M E V I N E @ E L M ? 8 0 0

04

\butd @irnl` `llbuets ibr `jcbst `jj bi tdmnelrm`sm ne cmfnuc-tmrc ine`elnea irbc prnv`tmlrmfntbrs (obefs `ef o`egs). Nt rmturemf tb tdm

c`rgmts ne C`rld ?88> wntd ` $? onjjnbe sbvmrmnaeobef. \mema`j oml`cm tdm smlbef pbst“lbcpjmtnbepbnet DNXL lbuetry (Ad`e` omnea tdm inrst) tb nssum`e netmre`tnbe`j obef; $?88 cnjjnbe ne Fmlmcomr?88>. \dbrt-tmrc fmot ijbws tb tdm rmanbe sdr`egoml`usm bi ncpbrt lbetr`ltnbe ne Enamrn` (fbwe$6 onjjnbe) `ef \butd @irnl` (fbwe $= onjjnbe), tdmc`ne frnvmrs.

Fmot nefnl`tbrs d`vm ncprbvmf snaeninl`etjysnelm ?888 oml`usm bi mlbebcnl rmibrcs, ` i`vbr-`ojm mxtmre`j mevnrbecmet, nelrm`smf `nf `ef fmotrmstrulturnea, `ef fmot rmjnmi. Mxljufnea \butd@irnl`, tdm stblg bi butst`efnea fmot `t tdm mef

bi ?88> w`s 1< pmrlmet bi mxpbrts `ef tdm fmotsmrvnlm r`tnb d`f i`jjme tb omjbw = pmrlmet. \nxlbuetrnms ne tdm rmanbe rmstrulturmf $= onjjnbe bwmftb X`rns Ljuo lrmfntbrs ne ?88>, bi wdnld $0 onjjnbew`s ibranvme (smm `eemx @), `ef wntd suppbrt irbctdm NF@ Fmot _mfultnbe I`lnjnty Jnomrn` obuadto`lg $0.? onjjnbe `t ` fnslbuet bi >1 pmrlmet. Oy tdmmef bi ?88>, ?0 bi tdm << mjnanojm @irnl`e lbuetrnmsd`f rm`ldmf tdm DNXL lbcpjmtnbe pbnet `ef d`frmlmnvmf $16 onjjnbe ne DNXL `ef CF_N fmot rmjnmi.

fmpmef be biinln`j `nf, cbstjy ar`ets. \uld `nfns prbkmltmf tb rnsm `a`ne ne ?88>, ebtwntdst`ef-nea tdm rmlmssnbes ne fmvmjbpmf lbuetrnms, out tb

rmc`ne omjbw tdm t`ramt smt oy fbebrs„ ‚_memwmfLbccntcmet tb @irnl`,– wdnld l`jjmf ibr `nf tbnelrm`sm oy $?= onjjnbe oy ?808 irbc nts ?886jmvmj. Fmot-rmj`tmf ine`elnea irbc biinln`j lrmfntbrsfbuojmf ne ?88> tb $08 onjjnbe, jmf oy ` sd`rp rnsmne arbss fnsoursmcmets irbc cujtnj`tmr`j lrmfn-tbrs (neljufnea tdm NCI). NF@ ns tdm sneajm cbstncpbrt`et cujtnj`tmr`j lrmfntbr tb tdm rmanbe, fns-oursnea $= onjjnbe ne ?88> (ne jb`es `ef ar`ets),` 0< pmrlmet rnsm bvmr tdm lbcp`r`ojm inaurm ibr?884. Vwmety-ibur lbuetrnms rmlmnvmf ine`elneauefmr NCI prbar`cs, `ef NCI purld`sms rbsm 4=pmrlmet ne ?88>. @cbea tdm j`ramst rmlnpnmets wmrm

@eabj`, tdm Fmcblr`tnl _mpuojnl bi Lbeab, Lötmf„Nvbnrm, `ef V`ez`en`. Vdmrm w`s `jsb ` sd`rpupture ne c`rgmt-o`smf ine`elnea oy tdm @irnl`eFmvmjbpcmet O`eg. Nt lbccnttmf $= onjjnbe ne?88>, neljufnea $0.= onjjnbe tb Obtsw`e` (bi wdnld$0.0 onjjnbe w`s fnsoursmf nccmfn`tmjy) `ef $?.1onjjnbe tb \butd @irnl`. Fnsoursmcmets irbc onj`t-mr`j lrmfntbrs (ibr tdm cbst p`rt ebe-BMLF lbue-trnms‖ebt`ojy Ldne`) kucpmf <1 pmrlmet out wmrmdm`vnjy lbelmetr`tmf ne cnemr`j-rnld lbuetrnms.

V`ojm 0<. Emt L`pnt`j Neijbws tb \uo-\`d`r`e @irnl`, ?880“8>$ onjjnbes 

Neijbws ?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

Emt prnv`tm ef biinln`j neijbws 00.0 08.0 06.9 ?6.8 <<.8 6?.6 =<.? <4.> 6=.<

Xmrlmet`am bi AEN <.= <.8 <.= 6.9 =.= 9.8 9.1 6.< =.?

Emt mqunty neijbws 0<.? 08.6 06.8 01.1 ?9.0 <1.8 <4.1 ?4.> 68.?

Emt IFN neijbws 06.0 08.4 0<.< 00.8 04.8 ?8.? ?4.= <6.= <8.<

Emt pbrtibjnb mqunty neijbws   8.>   8.6 8.1 9.1 4.0 09.4 08.0   =.9 08.8

Emt fmot ijbws   ?.0   8.6 8.9 9.6 9.> =.6 06.9 08.8 =.0

Biinln`j lrmfntbrs 8.8 ?.1 0.6 ?.<   8.>   0.> ?.= 6.9 >.=

Qbrjf O`eg 0.4 ?.? ?.? ?.= ?.6 ?.? ?.6 0.> <.0

NCI 8.0 8.= 8.8   8.0   8.6   8.0 8.0 8.1 ?.?

Btdmr biinln`j lrmfntbrs   0.> 8.8   8.4 8.8   ?.>   6.0 8.8 ?.8 6.0

Xrnv`tm lrmfntbrs 

?.0 

<.8 

8.4 6.8 1.> 1.6 0?.0 =.= 

6.6Emt cmfnuc- `ef jbea-tmrcfmot ijbws 8.8   0.? 8.> ?.1 6.4   ?.8 4.8 8.4 =.9

Obefs 0.> 0.= 8.6 8.9 0.< 8.< 9.1   8.1 0.>

O`egs `ef btdmr prnv`tmlrmfntbrs   0.>   ?.1 8.= ?.0 <.=   ?.< 0.6 0.9 <.1

Emt sdbrt-tmrc fmot ijbws   ?.0   0.4   0.1 0.6 <.8 >.6 6.8 6.9   08.8

Ld`eam ne rmsmrvms (  nelrm`sm)   8.?   8.1   <.=   ?0.1   0>.>   <?.=   ?1.8   08.> 0.>

Cmcbr`efuc ntmc

Qbrgmr rmcntt`elms 6.9 =.8 9.8 4.8 >.6 0?.1 04.9 ?0.< ?8.4

\burlms; Qbrjf O`eg Fmotbr _mpbrtnea \ystmc, NCI, O`eg ibr Netmre`tnbe`j \mttj mcmets, `ef BMLF.

Page 31: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 31/341

B Y M _ Y N M Q

0>

V`ojm @.0. X`rns Ljuo @armmcmets, K`eu`ry 0“Fmlmcomr ?0, ?88>

Lbuetry \nae`turm f`tm Lutbii f`tm

@cbuet ($ cnjjnbes) Lbelmssnbe`jnty

(% emt

prmsmet v`ujm)

Lbesbjnf`tnbe pmrnbf

Vbt`j _msldmfujmf L`elmjmf \t`rt Mef

Ouruefn C`rld 00, ?88> Kuem 0>>> 0<6.8 =.8 0?>.8 >8 \tblgLmetr`j @irnl`e_mpuojnl

\mptmcomr 0=,?88>

 K`eu`ry 0>4< 6>.? 8.8 6>.? >8 \tblg

Lbcbrbs Ebvmcomr 0>,

?88>

 Kuem 0>>> 0<.8 0?.8 0.8 91 Kujy ?88> Kuem ?80?

Lötm f„Nvbnrm C`y 0=, ?88> Kujy 0>4< 6,9>8.8 <,46=.8 46=.8 >8 @prnj ?88> C`rld ?80?

D`ntn Kujy 4, ?88> Bltbomr 0>>< 090.8 >4.> 9?.1 >8 \tblg

\myldmjjms @prnj 09, ?88> Fmlmcomr?884

09<.8 4>.9 1<.6 =8 Bltbomr ?88> Kujy ?808

Vbab K`eu`ry ??, ?88> K`eu`ry 0>4< ??.8 8.8 ??.8 >8 @prnj ?884 C`r ?800

\burlms; Qbrjf O`eg `ef X`rns Ljuo.

@eemx @; Fmot _mstrulturnea ne ?88>

 Fmvmjbpcmets ne ?88>

Vdm X`rns Ljuo rmstrulturmf $=.? onjjnbe ne ?88>ibr smvme lbuetrnms. Bi tdmsm lbuetrnms, snx `rm mjn-anojm ibr tdm DNXL Nentn`tnvm. @obut ?< pmrlmet bitdm rmstrulturmf fmot w`s l`elmjmf ef tdm rmc`ne-fmr rmsldmfujmf (t`ojm @0). Vdm sd`rm bi fmotl`elmjmf ibr m`ld fmotbr lbuetry w`s fnlt`tmf oynts prbarmss uefmr tdm DNXL prblmss `ef tdm lbc-pbsntnbe bi tdm fmot bwmf tb X`rns Ljuo lrmfntbrs.

 @armmcmets wntd DNXL LbuetrnmsOuruefn  oml`cm tdm ?6td lbuetry tb rm`ld tdmDNXL lbcpjmtnbe pbnet ne K`eu`ry ?88> `eflbeljufmf ` stblg bi fmot trm`tcmet wntd X`rns

Ljuo lrmfntbrs be C`rld 00, ?88>. Vdm `armmcmetc`rgmf `e mxnt irbc tdm X`rns Ljuo rmsldmfujneaprblmss `ef l`elmjmf lj`ncs v`jumf `t $0?> cnj-jnbe ne ebcne`j tmrcs.

Vdm Lmetr`j @irnl`e _mpuojnl  oml`cm tdm?=td lbuetry tb rm`ld tdm DNXL lbcpjmtnbe pbnetne Kuem ?88> `ef lbeljufmf ` stblg bi fmot trm`t-cmet wntd X`rns Ljuo lrmfntbrs ne \mptmcomr ?88>.Vdm `armmcmet, wdnld c`rgmf `e mxnt irbc tdmX`rns Ljuo rmsldmfujnea prblmss, rmstrulturmf$6>.? cnjjnbe, bi wdnld tdm metnrmty w`s l`elmjmf.

Vdm Lbcbrbs  lbeljufmf `e `armmcmet neEbvmcomr ?88> td`t rmstrulturmf lj`ncs tbt`jnea

$0< cnjjnbe. Vdns `armmcmet ibjjbwmf `pprbv`j ne\mptmcomr ?88> bi ` emw tdrmm-ym`r `rr`eamcmetuefmr tdm NCI Xbvmrty _mfultnbe `ef ArbwtdI`lnjnty (X_AI) td`t w`s lbeljufmf be E`pjmstmrcs (91 pmrlmet emt prmsmet v`jum rmfultnbe).Vdm `armmcmet rmstrulturmf `rrm`rs bi prnelnp`j

`ef netmrmst `s bi Kuem <8, ?88>, `ef c`turntnmsfum irbc Kujy 0, ?88> tb Kuem <8, ?80?. Bi tdm`cbuet rmstrulturmf, $0 cnjjnbe w`s l`elmjmf

`ef $0? cnjjnbe w`s rmsldmfujmf. Lrmfntbrs `jsbsnae`jmf tdmnr wnjjneaemss tb tbp up fmot rmjnmi tbLbjbaem tmrcs (>8 emt pmrlmet v`jum rmfultnbe)belm Lbcbrbs rm`ldms tdm DNXL fmlnsnbe pbnet.

Lötm f„Nvbnrm lbeljufmf `e `armmcmet ne C`y?88> td`t rmstrulturmf lj`ncs tbt`jnea $6.1 onjjnbe.Vdns `armmcmet ibjjbwmf `pprbv`j ne C`rld bi `emw tdrmm-ym`r `rr`eamcmet uefmr tdm NCI X_AI`ef tdm DNXL fmlnsnbe pbnet oy mxmlutnvm fnrml-tbrs bi tdm NCI `ef tdm Qbrjf O`eg. Vdm C`y`armmcmet w`s lbeljufmf be Lbjbaem tmrcs (>8pmrlmet emt prmsmet v`jum rmfultnbe). Vdm `armm-cmet rmstrulturmf `rrm`rs bi prnelnp`j `ef netmrmst

`s bi C`rld <0, ?88>, `ef c`turntnms i`jjnea fumirbc @prnj ?88> tb C`rld ?80?. Bi tdm $6.1 onj-jnbe lbvmrmf oy tdm `armmcmet, $<.4 onjjnbe w`srmsldmfujmf `ef $8.> onjjnbe w`s l`elmjmf bvmr tdmtdrmm-ym`r lbesbjnf`tnbe pmrnbf.

D`ntn  oml`cm tdm ?9td lbuetry tb rm`ld tdmDNXL lbcpjmtnbe pbnet ne Kuem ?88> `ef lbe-ljufmf ` stblg bi fmot trm`tcmet wntd X`rns Ljuolrmfntbrs be Kujy 4, ?88>. Vdm `armmcmet c`rgmf`e mxnt irbc tdm X`rns Ljuo rmsldmfujnea prblmss`ef l`elmjmf lj`ncs v`jumf t $9? cnjjnbe ne ebcn-e`j tmrcs `ef rmstrulturmf $>4 cnjjnbe.

Vbab rm`ldmf tdm DNXL fmlnsnbe pbnet neEbvmcomr ?884 ef oml`cm mjnanojm ibr fmot rmjnmibe Lbjbaem tmrcs (>8 pmrlmet emt prmsmet v`jum).Vdm `armmcmet lbeljufmf ne K`eu`ry ?88> tbppmfup tdm fmot rmjnmi bi 91 pmrlmet (ne emt prmsmetv`jum tmrcs) llbrfmf uefmr tdm armmcmet bi Kuem?884 tb >8 pmrlmet (ne emt prmsmet v`jum tmrcs).

Page 32: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 32/341

A J B O @ J F M Y M J B X C M E V I N E @ E L M ? 8 0 0

?8

Nt lbvmrmf $?? cnjjnbe ne lj`ncs, bi wdnld tdmmetnrmty w`s l`elmjmf (ne `ffntnbe tb tdm $<61 cnj-jnbe l`elmjmf uefmr tdm ?884 `armmcmet).

 @armmcmets wntd Ebe-DNXL Lbuetrnms\myldmjjms  lbeljufmf ` fmot rmstrulturnea `armm-cmet wntd X`rns Ljuo lrmfntbrs ne @prnj ?88> ibj-jbwnea `pprbv`j bi ` ?-ym`r st`efoy `rr`eamcmetwntd tdm NCI ne Ebvmcomr ?884. Vdns `armmcmetw`s tdm lbuetry„s inrst wntd X`rns Ljuo lrmfntbrs,`ef nt rmstrulturmf ` tbt`j bi $09< cnjjnbe ne lj`ncs,j`ramjy `rrm`rs `ef j`tm netmrmst ld`rams. Vdm `armm-cmet w`s lbeljufmf uefmr tdm Mvn`e `pprb`ld `efprbvnfmf ibr tdm l`elmjj`tnbe bi 6= pmrlmet bi tdm

`cbuet rmstrulturmf (mqunv`jmet tb =8 pmrlmet neemt prmsmet v`jum tmrcs) ne twb pd`sms; ??.= pmr-lmet be Kujy 0, ?88>, `ef ` iurtdmr ??.= pmrlmet

be Kujy 0, ?808. X`rns Ljuo lrmfntbrs rmqunrmf tdm\myldmjjms tb smmg lbcp`r`ojm trm`tcmet irbc btdmronj`tmr`j `ef mxtmre`j lbccmrln`j lrmfntbrs.

Ebtm0. Obrrbwmrs td`t d`vm butst`efnea bojna`tnbes tb

NO_F, `ef lj`ssninmf `s dnad-nelbcm lbuetrnms, `ef `rm ebtneljufmf ne tdm F_\; O`ro`fbs, Lrb`tn`, Mstben`, Duea`ry,tdm _mpuojnl bi Gbrm`, J`tvn`, Xbj`ef, tdm \jbv`g _mpuojnl,\jbvmen`, ef Vrnenf`f ef Vbo`ab.

Page 33: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 33/341

 

\ucc`ry V ojms

?0

Page 34: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 34/341

Page 35: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 35/341

\ ] C C @ _ ^ V @ O J M \

?<

\ucc`ry V ojm 0. Gmy Nefmotmfemss Nefnl`tbrs, ?881“8>

Lbuetry

Vbt`j mxtmre`j

fmot, ?88>($ cnjjnbes)

Xrmsmet v`jum

bi fmot, ?88>($ cnjjnbes)

_`tnb bi tbt`j

mxtmre`j fmot

tb mxpbrts bi abbfs`ef smrvnlms (%)

_`tnb bi prmsmet

v`jum bi fmot

tb mxpbrts

bi abbfs `efsmrvnlms (%)

_`tnb bi tbt`j

mxtmre`j fmottb AEN (%)

_`tnb bi prmsmet

v`jum bi fmottb AEN (%)

@iad`enst`e ?,<?4 =>9 >9 ?= ?0 =

@jo`en` 6,10> <,94< 0?< >9 68 <0

@jamrn` =,<6= 6,10> 9 = 6 <

@eabj` 09,10= 06,??4 ?= ?0 ?4 ?6

@rametne` 0?8,04< 00>,>=? 0=9 0=9 60 60

@rcmen` 6,><= <,9=9 ?88 064 64 <9

@zmro`nk`e 6,49= <,180 04 06 0< 08

O`eaj`fmsd ?<,4?8 06,9>1 069 >8 ?4 01

Omj`rus 01,0=4 0=,??4 =1 =0 <6 <8

Omjnzm 0,8>? 400 0<= 088 >6 18

Omene 0,81< 1<4 >8 9? 01 0?

Odut`e 19? 9?= 089 41 90 =8

Obj nvn` =,16= ?,669 40 <6 <4 09

Obsen` `ef Dmrzmabvne` >,=4< 1,>?= 0?4 089 == 6=

Obtsw`e` 0,901 0,880 ?= 09 0< 4

Or`znj ?19,><? ?98,9>1 0<< 0?= 04 01

Ouja`rn` 68,=4? <9,>=> 06= 0<? >< 4=

Ourgne` I`sb 0,4<= 0,?1? ??? 0=6 ?6 01 

Ouruef n =04 0=9 611 06< 6= 0<

L`cobfn` 6,<96 <,=66 16 98 61 <4

L`cmrbbe ?,>60 110 69 0? 06 6

L`pm Ymrfm 181 <40 00< 90 6> ?1

Lmetr`j @irnl`e _mpuoj nl <>9 ??? 0<6 1= ?0 0?

Ld`f  0,16< 0,<=6 =< 60 ?4 ??

Ldnjm 10,969 9=,16> >? 46 61 6<

Ldne` 6?4,66? 686,8?9 ?9 ?= 08 >

Lbjbcon` =?,??< 66,<18 0<0 000 ?6 ?8

Lbcbrbs ?1> ?8= 698 <<4 =6 68

Lbeab, Fmc. _mp. 0?,04< ?,<46 <9? 10 0?? ?6Lbeab, _mp. =,860 0,?9= 1? 04 40 ?8

Lbst` _nl` 4,818 1,=1< =6 =8 ?> ?1

Lötm f„Nvbnrm 00,180 >,1<4 089 44 == 69

Fknobutn 1=? =00 0>= 0<< 1? 6>

Fbcnenl` ?=? ?00 09? 0<9 1< 90

Fbcnenl`e _mpuojnl 00,88< >,?64 49 1< ?9 ??

Mlu`fbr 0?,><8 00,409 9= => ?= ?<

Maypt, @r`o _mp. <<,?=1 ?9,9?> 99 =< ?0 09

Mj \`jv`fbr 00,<46 08,0>4 040 09? == 6>

Mrntrm` 0,80> =>1  0,<4< 400 =4 <6

Mtdnbpn` =,8?= ?,><0 0=< 4> ?8 0?

Inkn 6<? <>8 ?9 ?< 0< 0?

A`obe ?,0<8 0,>>8 0> 04 ?8 0>

A`con`, Vdm =?8 ?8< ?81 40 19 <8

Ambran` 6,?<0 <,896 000 48 <4 ?4Ad`e` =,1?8 6,?<= 40 98 <1 ?1 

Arme`f` =<0 =48 ?9> ?>< >8 >4

Au`tmc`j` 0<,480 0?,80< 066 0?9 <4 <<

Aunem` ?,>?9 0,>48 ??= 0=? 9= 66

Aunem`-Onss`u 0,000 464 461 961  ?9= ?8<

Auy`e` 0,8<9 994 081 9> >? =>

D`nt n 0,?66 >4> 06? 00< 0> 0=

Dbefur`s <,91= 0,11= =0 ?= ?4 0<

Nefn` ?<1,9>? ?0?,?9? 48 10 0> 01

(t`ojm lbet neums be emxt p`am)

Page 36: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 36/341

A J B O @ J F M Y M J B X C M E V I N E @ E L M ? 8 0 0

?6

\ucc`ry V ojm 0. Gmy Nefmotmfemss Nefnl`tbrs, ?881“8>

Lbuetry

Vbt`j mxtmre`j

fmot, ?88>($ cnjjnbes)

Xrmsmet v`jum

bi fmot, ?88>($ cnjjnbes)

_`tnb bi tbt`j

mxtmre`j fmot

tb mxpbrts bi abbfs`ef smrvnlms (%)

_`tnb bi prmsmet

v`jum bi fmot

tb mxpbrts

bi abbfs `efsmrvnlms (%)

_`tnb bi tbt`j

mxtmre`j fmottb AEN (%)

_`tnb bi prmsmet

v`jum bi fmottb AEN (%)

Nefbemsn` 0=1,=01 068,90= 000 >> << <8

Nr`e, Nsj`cnl _mp. 0<,6<= 00,991 ‖ ‖ 6 6

 K`c`nl` 08,>=> 08,>>0 011 014 4? 4?

 Kbrf`e 9,90= =,98< =6 69 <0 ?1

G`z`gdst`e 08>,41< >1,0?6 011 0=1 08> >9

Gmey` 4,88= =,94> 080 1? ?1 0>

Gbsbvb <=> ??< 60 ?= 1 6

Gyrayz _mpuoj nl ?,>88 0,=19 00< 9? 99 <9

J`b XF_ =,=<> <,>9< <?= ?<< 08> 14

Jmo`ebe ?6,496 ?6,0<? 084 08= 4? 48

Jmsbtdb 18= <44 6> ?1 <6 0>

Jnomrn` 0,998 0,>11  ?>0 <61  ?9= <09

Jntdu`en` <0,101 ?4,><> 0<0 0?8 1> 1?

C`lmfben`, I^_ =,=4> =,044 081 088 96 =>C`f`a`sl`r ?,?0< 0,696 4> => ?9 01 

C`j`wn 0,8>< 96> 008 9= ?1 09

C`j`ysn` 99,<>8 98,440 ?> ?1 <6 <0

C`jfnvms 148 9<8 4= 9> 99 =6

C`j n ?,991 0,?88 006 =0 <? 06

C`urnt`en` ?,8?> ?,98? 00> 0=< 9= 4<

C`urntnus 16? =4> 06 00 > 1

Cmxnlb 0>?,884 019,199 91 90 ?8 04

Cbjfbv` <,6=1 <,0=1 00> 08> 98 ==

Cbeabjn` ?,?0? 0,6>1 46 =1 =0 <=

Cbetmemarb ?,<84 ?,8?= 00= 088 =9 6>

Cbrbllb ?<,1=? 0>,=14 1> 9= ?4 ?<

Cbz`conqum 6,094 0,=4> 0<4 =< 61 04

Cy`ec`r 4,049 =,041 ‖ ‖ ‖ ‖

Emp`j  <,94< ?,1?4 ?84 0=6 <0 ?<E nl`r`au` 6,6?8 ?,8>8 06= 94 19 <9

E n amr >>0 9<< 08= 91  ?8 0<

Enamrn` 1,469 =,><9 00 4 = 6

X`gnst`e =<,108 <4,1<? ?04 0=1 << ?6

X`e`c` 0?,604 00,696 1? 99 =4 =6

X`pu` Emw Aunem` 0,=== 0,?41 ?= ?0 ?0 04

X`r`au`y 6,<?< <,198 == 64 <8 ?9

Xmru ?>,=>< ?9,<60 41 14 ?9 ?<

Xdnjnppnems 9?,>00 =6,406 086 >8 68 <=

_bc`en` 001,=00 >6,==1 ?89 099 99 =<

_ussn`e Imfmr`tnbe <40,<<> <64,>0< 40 16 ?4 ?9

_w`ef` 161 <=< 0<9 96 01 4

\`cb` ?<= 0<9 0<1 1> 69 ?1

\ìb Vbcî `ef Xrneln pm 049 04 >88 4> 089 00

\mema`j  <,=8< ?,6>? 08< 1< ?4 ?8

\mron` <<,68? <8,646 ?66 ??< 14 10

\myldmjjms 0,9?6 0,180 040 04> ?88 ?08

\nmrr` Jmbem 666 <94 0?= 086 ?6 ?8

\bjbcbe Nsj`efs 0=9 008 98 6< <8 ?0

\bc`jn` ?,>1< <,108 ‖ ‖ ‖ ‖.

\butd @irnl` 6?,080 6?,86< 66 66 0= 0=

\rn J`eg` 01,?84 0<,?=1 019 0<9 69 <=

\t. Gntts `ef Emvns ??1 0>= 088 49 66 <4

\t. Juln` 609 <6< 40 91 61 <>

(t`ojm lbet neums be emxt p`am)

(lbetneumf )

Page 37: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 37/341

\ ] C C @ _ ^ V @ O J M \

?=

\ucc`ry V ojm 0. Gmy Nefmotmfemss Nefnl`tbrs, ?881“8>

Lbuetry

Vbt`j mxtmre`j

fmot, ?88>($ cnjjnbes)

Xrmsmet v`jum

bi fmot, ?88>($ cnjjnbes)

_`tnb bi tbt`j

mxtmre`j fmot

tb mxpbrts bi abbfs`ef smrvnlms (%)

_`tnb bi prmsmet

v`jum bi fmot

tb mxpbrts

bi abbfs `efsmrvnlms (%)

_`tnb bi tbt`j

mxtmre`j fmottb AEN (%)

_`tnb bi prmsmet

v`jum bi fmottb AEN (%)

\t. Ynelmet `ef tdmArme`fnems ?8> 099 >= 19 <4 <8

\uf`e ?8,0<> <=,84? ?8? <=? 6? 1<

\w`znj`ef 604 <1> 01 09 0= 0<

\yrn`e @r`o _mpuojnl =,?<9 6,60< ?4 ?6 00 >

V`kngnst`e ?,=06 0,1>? 0=> 006 == <>

V`ez`en` 1,<?= ?,964 0=1 =1  <1 0<

Vd`nj`ef =4,1== =6,==6 <8 ?4 ?< ??

Vbab 0,968 0,<98 096 0<9 98 =8

Vbea` 08= 99 09> 081 <? ?8

Vuensn` ?0,18> 0>,9=8 4> 48 98 =6

Vurgmy ?=0,<1? ?<0,6<> 0=1 066 <4 <=

Vurgcmenst`e =19 =?= = 6 6 <

]a`ef` ?,6>8 0,0<? 19 <6 04 4]gr`nem ><,0=< 4>,8?> 0?4 0?< 9= 9?

]ruau`y 0?,0=> 08,494 0<= 0?0 60 <1

]zomgnst`e 6,08> <,<?> <9 ?> 0= 0?

Y`eu`tu 0<8 >9 64 <= ?? 09

Ymemzumj`, _O =6,=8< =6,>89 99 99 0> 0>

Ynmte`c ?4,916 ?0,186 6= <6 <= ?1

mcme, _mp. 9,<=9 6,8=? 16 61 ?1 01

[`con` <,86> 0,01? 9< ?6 ?9 08

[nco`owm =,80= 9,?61 ?9> <<= ‖ 8

\burlm; Qbrjf O`eg f`t`.Ebtm; AEN 3 arbss e`tnbe`j nelbcm7 ‖ 3 ebt `v`nj`ojm. Ibr fminentnbes bi nefnl`tbrs, smm tdm ‚@obut tdm F`t`– smltnbe. Eucomrs nent`j nls `rmo`smf be tdm j`tmst `v`nj`ojm Fmot \ust`ne`onjnty @e`jysns ibr Jbw-Nelbcm Lbuetrnms (JNL F\@) `ef neljufm tdm miimlts bi tr`fntnbe`j rmjnmi,fmot rmjnmi uefmr tdm Dm`vnjy Nefmotmf Xbbr Lbuetry (DNXL) Nentn`tnvm, `ef rmjnmi uefmr tdm Cujtnj`tmr`j Fmot _mjnmi Nentn`tnvm (CF_N). ]efmrCF_N, tdm Netmre`tnbe`j Fmvmjbpcmet @ssbln`tnbe (NF@), tdm Netmre`tnbe`j Cbemt`ry Iuef (NCI), `ef tdm @irnl`e Fmvmjbpcmet Iuef (@iFI)prbvnfm fmot stblg l`elmjj`tnbe tb pbst“lbcpjmtnbe pbnet DNXLs be fmot bwmf tb tdm tdrmm nestntutnbes. Vdm Netmr-@cmrnl`e Fmvmjbpcmet O`eg

(NFO) prbvnfms sncnj`r fmot stblg l`elmjj`tnbe uefmr tdm NFO ?881 Fmot Nentn`tnvm. CF_N fmot rmjnmi prbvnfms 088 pmrlmet stblg l`elmjj`tnbebe fmot fnsoursmf omibrm tdm mef bi ?886 (ibr tdm NCI, @iFI, `ef NFO) br tdm mef bi ?88< (ibr NF@) `ef stnjj butst`efnea `t tdm tncm tdm lbue-try rm`ldms tdm lbcpjmtnbe pbnet uefmr tdm DNXL Nentn`tnvm. Ne jnem wntd tdm Fmot \ust`ne`onjnty Ir`cmwbrg ibr Jbw-Nelbcm Lbuetrnms, bejytdm lbefntnbe`j fmot rmjnmi uefmr DNXL Nentn`tnvm ns neljufmf ibr lbuetrnms ne tdm netmrnc pmrnbf (omtwmme tdm fmlnsnbe `ef lbcpjmtnbe pbnets bitdm DNXL Nentn`tnvm).

(lbetneumf )

Page 38: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 38/341

Page 39: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 39/341

\ ] C C @ _ ^ V @ O J M \

?1

Xuojnl `ef puojnljy

au`r`etmmf fmot,

lbccmrln`j o`egs

`ef btdmr

Xrnv`tm

ebeau`r`etmmf

fmot, obefs

Xrnv`tm

ebeau`r`etmmf

fmot, lbccmrln`j

o`egs ef btdmr NO_F (cmcb) NF@ (cmcb) ]sm bi NCI lrmfnt \dbrt -tmrc fmot

8 8 8 8 610 089 ?8

99= 8 >4< ?6 46> 10 4<=

4?0 8 >4? 08 8 8 0,6>?

4,>8? 8 8 8 <4= <=> ?,9<6

>?6 9,4=8 ?8,41< =,<8= 8 8 0>,=<1

0 8 0,690 =< 0,090 =41 =0?

0,?0? 8 =>8 0>> 1<> 9? 408

46 8 8 8 08,169 91= 0,><>

0?4 0> 0,64= ?=9 8 ?,410 4,8?6

9<6 8 06 09 8 1 4

8 8 8 8 <8> <> 6=

8 8 8 8 006 8 8

46 8 ?,961 8 <09 8 ==6

?89 8 6,8=0 601 0,08? ?49 0,911

? 8 8 8 = 8 ??>

1,=10 =<,<6? >9,64< 08,89= 8 8 <>,14>

?0 069 01,84= 0,=8> 8 8 04,=14

?8 8 8 8 1?0 008 8

8 8 8 8 061 >0 1

8 8 8 8 =99 8 ?9=

00 8 90= <8 ?1< 01= ?<

9 8 8 8 ?49 00 ?

<6 8 8 8 > 14 91

<< 8 8 8 4>9 ?> 6?,4?1 9,=46 <4,<86 ?0= 0 8 01,619

06,??8 1,8?8 41,144 0?,18= >,=?0 8 ?68,=8>

?,>=> ?,18> 08,868 9,=18 0 8 6,008

8 8 8 8 0?8 08 =

?>? 8 8 8 ?,6>1 488 =>9

>?6 8 8 8 ?>4 6< ?0<

04= 8 ?,=<4 =1 8 8 ?<60

0<6 8 ?10 6? 0,140 <=? >>

0= 8 8 8 0,=4 09 =

9 8 8 0 ?4 ?8 68

0,<1< 46< 8 164 4 191 0,91>

0>? 8 6,988 =<? 00 8 0,60>

608 8 16 0,4=8 0,688 8 ?,=90

>8 8 <,0<> =9> > 8 ?,006

60 8 8 8 611 8 9

0,?=> 8 8 8 0,6?? 094 6=

8 8 0 8 8 8 18

0>= 8 8 04 8 8 084

0 8 8 8 96 ?> 6?

0 8 =04 088 0,0=< 149 <<8

(t`ojm lbet neums be emxt p`am)

Page 40: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 40/341

A J B O @ J F M Y M J B X C M E V I N E @ E L M ? 8 0 0

?4

Ad`e` =,1?8 6,0?9 ?,?<8 <<> 1=8

Arme`f` =<0 69? 090 44 ?08

Au`tmc`j` 0<,480 0,?=1= <,9?8 <=9 >==

Aunem` ?,>?9 ?,4?1 0,4?1 >99 8

Aunem`-Onss`u 0,000 >=8 =81 66< 8

Auy`e` 0,8<9 140 664 <0? 8

D`ntn 0,?66 0,814 =?8 ==4 8

Dbefur`s <,91= <,<?9 0,=01 46< =8

Nefn` ?<1,9>? 0>6,160 60,649 ??,148 =,=6?

Nefbemsn` 0=1,=01 0<4,4=6 ?0,8=? 6?,?1? 06,<66

Nr`e, Nsj`cnl _mp. 0<,6<= 1,=?6 4<9 0,604 8

 K`c`nl` 08,>=> >,>8= 0,=?8 441 <,4>8

 Kbrf`e 9,90= =,66= ?,<90 ?,168 040

G`z`gdst`e 08>,41< 080,0>1 0,<6> 0,0<1 8

Gmey` 4,88= 9,=6< <,49? ?,<<8 8

Gbsbvb <=> <=> <=> 8 8

Gyrayz _mpuojnl ?,>88 ?,9=? 0,<08 0,808 8

J`b XF_ =,=<> =,=?< ?,88< >?8 8

Jmo`ebe ?6,496 ?0,96> 0,<80 0,884 04,08=

Jmsbtdb 18= 940 981 98 8

Jnomrn` 0,998 911 0== =8? 8

Jntdu`en` <0,101 ?=,191 0,?<> 8 1,409

C`lmfben`, I^_ =,=4> <,94> 0,840 ?68 694

C`f`a`sl`r ?,?0< 0,4=0 0,661 <>< 8C`j`wn 0,8>< 4>> =68 <6> 8

C`j`ysn` 99,<>8 6?,9>9 <8< <,14> 0<,<09

C`jfnvms 148 =9> ?44 04< 8

C`jn ?,991 ?,=>? 0,=86 0,840 8

C`urnt`en` ?,8?> 0,4=0 0,006 1?= 8

C`urntnus 16? 16? <18 ?80 8

Cmxnlb 0>?,884 094,91? 01,?<? <,>48 =4,4>8

Cbjfbv` <,6=1 0,>4= =06 ?9= 8

Cbeabjn` ?,?0? 0,>=4 0,89> 996 1=

Cbetmemarb ?,<84 0,080 =>0 <8? 8

Cbrbllb ?<,1=? ?0,=1< 08,8?0 9,9>6 8

Cbz`conqum 6,094 <,<=6 0,>>9 0,<<8 8

Cy`ec`r 4,049 9,<?8 0,<60 6,886 8

Emp`j <,94< <,=9< <,?00 <6> 8

Enl`r`au` 6,6?8 <,==6 0,664 0,808 8

Enamr >>0 >09 946 ??= 8

Enamrn` 1,469 6,<<? <,<>0 6>? 8

X`gnst`e =<,108 66,16> ?<,=89 0=,=>0 ?,0=8

X`e`c` 0?,604 0?,604 0,9?9 ?81 >,?0>

\ucc`ry V ojm ?. Lbcpbsntnbe bi Vbt`j Mxtmre`j Fmot \tblgs, ?88> (lbetneumf) $ cnjjnbes 

Lbuetry

Vbt`j mxtmre`j

fmot stblgs

Vbt`j jbea-tmrc

mxtmre`j fmot

Xuojnl `ef puojnljy

au`r`etmmf fmot,

cujtnj`tmr`j

Xuojnl `ef

puojnljy au`r`etmmf

fmot, onj`tmr`j

Xuojnl `ef

puojnljy

au`r`etmmf

fmot, obefs

Page 41: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 41/341

\ ] C C @ _ ^ V @ O J M \

?>

489 8 8 8 0,=40 ?10 0,<?<

? 8 8 00 <> ?< 69

8 = 1,9<> 0,00? 8 8 0,??9

<= 8 8 8 0,?9> => 68

8 8 8 8 <86 08 0=0

?0 8 8 8 08 =4 0>1

8 8 8 8 <> 099 8

<1 8 448 8 =8? <? <01

9,1?< 0=,<<0 08?,448 4,864 ?=,>48 8 6?,>=8

4,<=? =,4>1 69,><1 1,419 ?,?<6 8 04,99?

=,?9> 8 8 4<9 8 8 =,>00

<91 <,?0= ?9 <>4 8 8 0,8=6

09< 8 8 0816 <6 0? 0,0=4

0 ??,8>1 19,90< =61 8 8 4,919

<=? 8 8 8 <,0=9 6=0 0,800

8 8 8 <=> 8 8 8

8 8 <<? 8 9=9 091 40

8 8 ?,980 8 948 09 8

=9= 918 8 <04 8 00> <,8>9

06 8 8 < <00 ?6 8

?0 8 8 8 9> 4>0 >?

6 0,8<8 0=,91> ?< 8 8 =,>6>

46 8 0,409 ?10 <4? 8 0,>88

1 8 6 8 0,08= 080 ?9?08 8 8 8 ?0< 0?1 91

<,>== =,>?1 0=,689 <> 8 8 ?<,9>=

>1 8 8 8 46 > ?8?

1 8 8 8 9>4 66 <?

0? 8 8 8 ?4? 09 09<

>8 8 40 ?86 4 8 8

0>,?1? ?0,=?= 61,116 08,06< 8 8 ?<,<<=

6 8 0,?8< 008 <<? 0=6 0,<04

> 8 060 8 <>? 04? 1?

?80 8 4 ?90 1= 8 0,?81

?,=86 8 ?,<=6 ?,=6< 06 8 ?,01>

?4 8 8 8 0,<=9 010 96<

>19 8 8 8 111 8 0,499

6 8 8 8 0,64< 19 66

6 8 0,8>< 8 604 0=8 109

8 8 1 8 ?99 =1 04

?1< 01= 8 00< ?,1<> 8 <,=06

?<1 4=8 ?,60= 0,19> 08,81= 1,6>= 0,699

?<8 0,890 1= 6<= 8 8 8

(t`ojm lbet neums be emxt p`am)

Xuojnl `ef puojnljy

au`r`etmmf fmot,

lbccmrln`j o`egs

`ef btdmr

Xrnv`tm

ebeau`r`etmmf

fmot, obefs

Xrnv`tm

ebeau`r`etmmf

fmot, lbccmrln`j

o`egs ef btdmr NO_F (cmcb) NF@ (cmcb) ]sm bi NCI lrmfnt \dbrt -tmrc fmot

Page 42: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 42/341

A J B O @ J F M Y M J B X C M E V I N E @ E L M ? 8 0 0

<8

X`pu` Emw Aunem` 0,=== 0,6<6 1?6 ?19 8

X`r`au`y 6,<?< <,=10 0,<>4 9?4 8

Xmru ?>,=>< ?6,49< 4,<14 <,<=? 4>00

Xdnjnppnems 9?,>00 =4,>8> 4,664 0<,900 04,=??

_bc`en` 001,=00 49,><= 08,=04 9>? ?,48>

_ussn`e Imfmr`tnbe <40,<<> <=8,10= <,1?6 <,=>> 9>,=48

_w`ef` 161 1?= 9<0 >6 8

\`cb` ?<= ??9 048 69 8

\ìb Vbcî `ef Xrnelnpm 049 01? 6< 0?4 8

\mema`j <,=8< <,<04 0,408 >6> ?88

\mron` <<,68? ?1,480 6,66? <,08> 8

\myldmjjms 0,9?6 96< =8 0=> <81

\nmrr` Jmbem 666 <10 <84 9< 8

\bjbcbe Nsj`efs 0=9 0=6 000 ?0 8

\bc`jn` ?,>1< 0>41 48= 0,06= 8

\butd @irnl` 6?,080 ?4,4?1 ??1 8 >?1>

\rn J`eg` 01,?84 06,906 =,41= 9,8=6 0,888

\t. Gntts `ef Emvns ??1 ??? >4 68 ?>

\t. Juln` 609 <66 0>1 ?= ==

\t. Ynelmet `ef tdm Arme`fnems ?8> ?8? 0?0 ?0 8

\uf`e ?8,0<> 0?,>>4 <,0=6 1,<>= 8

\w`znj`ef 604 <>0 ?== 009 8

\yrn`e @r`o _mpuojnl =,?<9 6,648 0,9=1 ?,4?6 8

V`kngnst`e ?,=06 ?,6=4 4?9 111 8V ez`en` 1,<?= =,9=< <,=1< >61 8

Vd`nj`ef =4,1== <8,41< ?84 9,?90 0,1=6

Vbab 0,968 0,=8? 4<1 99= 8

Vbea` 08= 08= 1< <0 8

Vuensn` ?0,18> 09,>81 9,=00 <,664 <,119

Vurgmy ?=0,<1? ?8<,94> 09,418 9,?46 68,484

Vurgcmenst`e =19 =80 01 <>? 8

]a`ef` ?,6>8 ?,?6= ?,801 ?8< 8

]gr`nem ><,0=< 9?,<89 6,?<1 0,=61 <,0?0

]ruau`y 0?,0=> 00,8<= <,9=< 0<= 1,8>6

]zomgnst`e 6,08> <,>9= 0,89= 0,46< 8

Y`eu`tu 0<8 >> 9> <8 8

Ymemzumj`, _O =6,=8< <4,6>6 <,0?8 0,808 ?4,<98

Ynmte`c ?4,916 ?<,68< 08,<0? 00,<69 0,860

mcme, _mp. 9,<=9 =,490 <,0=> ?,9>4 8

[`con` <,86> ?,?<8 440 ??? 8

[nco`owm =,80= <,4<0 090> 0,911 8

@jj fmvmjbpnea lbuetrnms <,=6=,006 ?,1=>,0>> 6<4,866 <?9,801 61=,194

\ucc`ry V ojm ?. Lbcpbsntnbe bi Vbt`j Mxtmre`j Fmot \tblgs, ?88> (lbetneumf) $ cnjjnbes 

Lbuetry

Vbt`j mxtmre`j

fmot stblgs

Vbt`j jbea-tmrc

mxtmre`j fmot

Xuojnl `ef puojnljy

au`r`etmmf fmot,

cujtnj`tmr`j

Xuojnl `ef

puojnljy au`r`etmmf

fmot, onj`tmr`j

Xuojnl `ef

puojnljy

au`r`etmmf

fmot, obefs

Page 43: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 43/341

\ ] C C @ _ ^ V @ O J M \

<0

<9 8 <>1 06> 4? 8 0?0

?4? 8 0,?9< ?40 0= 8 1=?

06> ?,8>1 0,>19 ?,469 8 8 6,1<8

0,0=1 >=9 09,?0= ?,644 040 8 6,88?

<,44= <= 94,>>9 ?,>>= 8 >,=66 ?0,8<?

?<,841 1<,<<0 011,<>= <,?00 8 8 <8,9?6

8 8 8 8 ?=6 0= 9

8 8 8 8 48 > 8

8 8 8 8 06 6 08

? 8 <=1 8 >?0 091 04

0,01= 09= 04,>00 0,14< 919 0,980 6,888

0?1 8 8 8 8 0> >9?

8 8 8 8 0?6 1< 8

8 8 ?0 8 66 8 ?

<4 8 8 8 664 019 408

=,==4 9,86> 1,10= ?0 8 8 0<,?16

104 8 >91 8 ?,641 1?0 0,41<

== 8 8 0? 0 < 0

91 8 8 0> =8 00 9?

98 8 8 < ?8 9 0

?,66> 8 8 8 0,<89 68< 9,1<>

?8 8 8 4 ? 8 ?1

8 8 8 8 09 8 1=9

8 8 4== 8 <1< 60 0=004 8 0,809 8 ?,=>4 <?> 0,<6?

?,>9? <,868 09,96> 16 => 8 ?1,440

8 8 8 8 =49 >0 61

0 8 8 8 ?< 8 8

0,080 8 ?,818 0,<4= ?8 8 6,480

?8,>0< 9,989 00?,?81 >,19> 64 1,>=4 <>,1?=

=6 8 <4 0< 8 8 1=

?= 8 8 8 0,<1> > ?<=

0,=66 =,8=> 69,1>4 <,?>6 8 08,>16 0>,41<

1? 48 8 0,8>> 8 8 0,0?6

<<8 8 1?1 ?46 4< 8 066

8 8 8 8 0? 8 <0

?,9>6 <,<08 8 8 8 8 09,88>

186 8 8 8 9,?18 46 =,049

= 8 8 8 ?,041 =< 66?

081 8 0,8?8 8 681 <6= 616

669 8 4> 69< =?? 009 0,894

091,090 ?=9,8?= 0,8>9,04= 081,>46 009,>8< =?,01> 1<,<1<9

(t`ojm lbet neums be emxt p`am)

Xuojnl `ef puojnljy

au`r`etmmf fmot,

lbccmrln`j o`egs

`ef btdmr

Xrnv`tm

ebeau`r`etmmf

fmot, obefs

Xrnv`tm

ebeau`r`etmmf

fmot, lbccmrln`j

o`egs ef btdmr NO_F (cmcb) NF@ (cmcb) ]sm bi NCI lrmfnt \dbrt -tmrc fmot

Page 44: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 44/341

A J B O @ J F M Y M J B X C M E V I N E @ E L M ? 8 0 0

<?

_manbe br Arbup

M`st @sn` ef X`lninl 4?=,98? =8?,>=8 48,9=6 0?8,>88 98,8?>

Murbpm ef Lmetr`j @sn` 0,0?9,?=? >?=,196 =>,8<< <8,0?? 0?9,4=<

J`tne @cmrnl` ef tdm L`rnoom`e >0?,>48 11<,088 00=,?84 <<,49> ?6?,448

Cnffjm M`st ef Ebrtd @irnl` 060,<?0 004,10> <6,91< 6<,8>9 ?<,>69

\butd @sn` <<>,>4< ?4?,681 >6,068 6>,?9> 4,9>?

\uo-\`d`r`e @irnl` 0>4,>19 0=9,?98 =6,<<= 64,190 0<,<94

Jbw-nelbcm lbuetrnms 0<=,=>< 009,48> 94,=>6 <9,196 1=8

Cnffjm-nelbcm lbuetrnms <,68>,=?0 ?,96?,<>0 <9>,6=8 ?4>,?=? 61=,804

\burlm; Qbrjf O`eg f`t`. Ebtm; NO_F 3 Netmre`tnbe`j O`eg ibr _mlbestrultnbe `ef Fmvmjbpcmet7 NF@ 3 Netmre`tnbe`j Fmvmjbpcmet@ssbln`tnbe7 NCI 3 Netmre`tnbe`j Cbemt`ry Iuef.

\ucc`ry V ojm ?. Lbcpbsntnbe bi Vbt`j Mxtmre`j Fmot \tblgs, ?88> (lbetneumf) $ cnjjnbes 

Lbuetry

Vbt`j mxtmre`j

fmot stblgs

Vbt`j jbea-tmrc

mxtmre`j fmot

Xuojnl `ef puojnljy

au`r`etmmf fmot,

cujtnj`tmr`j

Xuojnl `ef

puojnljy au`r`etmmf

fmot, onj`tmr`j

Xuojnl `ef

puojnljy

au`r`etmmf

fmot, obefs

Page 45: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 45/341

\ ] C C @ _ ^ V @ O J M \

<<

<?,<1? ??,468 049,0=6 ?<,<<? ?8,>?0 ?>0 <??,<90

=<,=09 084,64> =61,1=8 ?=,61> 1,9<0 <=,08< 09=,<4=

68,0=> 080,9?0 ?<>,<96 68,6<> 0,694 0,?6< 0<4,9<1

08,4=< 918 =,648 4,809 <,4<0 ?88 ??,68?

1,49< 09,040 089,?90 >,401 =0,668 >,840 64,6>=

??,<>9 9,??6 00,01= >88 <0,90? 9,?90 <9,6=9

6,1=6 8 =,>69 69< <>,00= =,>=0 0,?4<<

09?,689 ?=9,8?= 0,8>8,?<> 081,=?0 11,144 69,??1 1?8,>8<

Xuojnl `ef puojnljy

au`r`etmmf fmot,

lbccmrln`j o`egs

`ef btdmr

Xrnv`tm

ebeau`r`etmmf

fmot, obefs

Xrnv`tm

ebeau`r`etmmf

fmot, lbccmrln`j

o`egs ef btdmr NO_F (cmcb) NF@ (cmcb) ]sm bi NCI lrmfnt \dbrt -tmrc fmot

Page 46: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 46/341

Page 47: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 47/341

 

_manbe`j `ef Nelbcm Arbup

@aarma`tm V ojms

<=

Page 48: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 48/341

Page 49: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 49/341

@JJ FMYMJBXNEA LB]EV_NM\

(]\$ cnjjnbe, uejmss btdmrwnsm nefnl`tmf)

0>>8 0>>= ?888 ?88= ?889 ?881 ?884 ?88>

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst efnea ef fnsoursmf 0,8<?,094 0,69>,991 0,119,496 0,>96,4?> ?,891,841 ?,6?0,>08 ?,91?,86> ?,1=>,0>>Xuojnl ef puojnljy au`r`etmmf >1?,==? 0,?90,019 0,?41,006 0,?4<,040 0,?08,4=> 0,<84,?9= 0,<64,8?< 0,689,>>8  Biinln`j lrmfntbrs =0>,4?= 196,10= 1=0,894 106,?>6 9<9,861 999,?>1 181,990 196,890  Cujtnj`tmr`j 0>>,>=0 ?14,90< <?9,848 <1<,601 <61,908 <1?,=01 <><,666 6<4,866  b w l ; NO_F >8,9<1 089,<4= 084,848 >9,?=> >?,?49 ><,=99 >9,9<= 081,>46  NF@ 6=,?14 10,6>= 49,1>9 0?0,811 >>,88= 081,91= 000,?9> 009,>8<

  Onj`tmr`j <0>,416 649,08? 6?6,>44 <68,419 ?44,6<1 ?><,148 <06,?01 <?9,801  Xrnv`tm lrmfntbrs 6=?,1?1 6>9,690 =<9,86= =94,441 =16,40? 960,>94 968,<90 96?,>?>  bi wdnld; Obefs >>,<=8 ??8,69? <60,4=1 688,<<? 68>,81= 6=?,099 69?,?>8 61=,194  Lbccmrln`j o`egs ??6,?11 069,49= 0?=,49= 0?=,1=1 0?4,044 0=1,?1= 0=8,0<= 0<9,<68Xrnv`tm ebeau`r`etmmf =>,909 ?84,6>0 64>,1=8 940,964 4=9,??1 0,00<,96= 0,<?6,8?9 0,<=?,?08  bi wdnld; Obefs <61 =0,804 4>,6>? 0=6,8?9 0>8,0=0 ?=8,6?? ?68,180 ?=9,8?=

Fnsoursmcmets 00<,418 040,949 ??=,18< <48,<?6 6=6,=?6 96<,>>1 98>,<66 =8>,0?1Xuojnl ef puojnljy au`r`etmmf >9,90< 0?4,0>0 0<6,498 06?,=?4 068,804 040,>4< 010,14< 0>8,0>0  Biinln`j lrmfntbrs 64,648 96,499 =?,<81 69,800 =6,08= =4,69> 94,881 >9,6<8  Cujtnj`tmr`j ?9,6>9 <0,8>6 <6,049 <6,?40 <>,1<? 6<,8== 61,<98 9>,118  bi wdnld; NO_F 0<,849 0?,=<1 0?,>89 >,014 00,><< 08,6>4 0<,984 ??,0?=  NF@ 6,<<8 =,616 =,?0> 1,?81 9,110 1,<=4 9,496 4,180  Onj`tmr`j ?0,>46 <<,11? 04,0?0 00,1<8 06,<1< 0=,60< ?8,969 ?9,998  Xrnv`tm lrmfntbrs 64,0<< 9<,<?= 4?,==< >9,=01 4=,>0? 0?<,=0= 08<,119 ><,190  bi wdnld; Obefs 6,??9 ?0,>>< ==,146 90,899 =9,>1? 1?,?09 1?,><9 94,>8>  Lbccmrln`j o`egs 06,=>? ??,0>8 04,08> <0,1<? ?6,098 61,>60 ?4,669 0>,861Xrnv`tm ebeau`r`etmmf 01,?=1 =<,6>= >8,466 ?<1,1>9 <06,=81 69?,80< 6<1,=90 <04,><9

  bi wdnld; Obefs ?>0 06,89< 08,408 69,4>4 =<,801 4<,>=8 ?=,9== <9,646

Xrnelnp`j rmp`ycmets 10,<01 000,>?1 ?0?,00> ?>8,448 <=?,6?4 <==,41? <>=,<>? 689,<>8Xuojnl ef puojnljy au`r`etmmf 96,8>9 49,88> 006,090 06=,40? 0>0,44= 0?4,8?< 066,?19 009,><1  Biinln`j lrmfntbrs ??,=1> 6?,=4= 61,616 9>,414 >9,>>6 =<,<?4 =8,0<8 69,=8<  Cujtnj`tmr`j 00,9=9 0>,96> ??,=66 ?9,9<6 <9,69= ?9,648 ?9,>1? ?=,610  bi wdnld; NO_F 1,486 00,<96 >,68> 0?,899 01,094 08,466 08,>?6 08,4<4  NF@ ?64 =6? >64 0,9?0 0,11> 0,4<9 ?,?>9 ?,?=8  Onj`tmr`j 08,>?< ??,><= ?6,>?> 6<,?6< 98,=?> ?9,464 ?<,0=4 ?0,8<?  Xrnv`tm lrmfntbrs 60,=01 6<,6?6 99,944 1=,><= >6,4>0 16,9>= >6,06= 18,6<=  bi wdnld; Obefs 6,?18 00,8>0 <0,6=6 66,9<8 98,?94 6<,9<? =6,9?= <?,41?  Lbccmrln`j o`egs 0>,418 0=,?40 ?<,?=9 ??,<09 ?=,0=6 ?<,>10 <?,<<1 <8,0>4Xrnv`tm ebeau`r`etmmf 1,??0 ?=,>04 >1,>=4 06=,891 098,=6< ??1,46> ?=0,001 ?4>,6=<  bi wdnld; Obefs 8 6,86? 0=,88? 0=,89< 01,>1< ?6,<=8 0>,>8? ?0,680

Netmrmst p`ycmets 64,>01 91,619 ><,166 46,46< >=,84> 08>,01? 0?8,?=1 008,?8=Xuojnl ef puojnljy au`r`etmmf 66,<1= =9,=48 9<,0<> 98,=89 =9,<<= =>,96< =>,868 =<,>==  Biinln`j lrmfntbrs 01,>?0 ?1,<>= ?=,>90 ?<,>86 0>,9>6 ?8,09< 04,>98 09,44=

  Cujtnj`tmr`j 08,?<> 0<,0=< 0=,?84 08,=1? 00,9=> 0?,4=> 0?,?41 08,6??  bi wdnld; NO_F 9,1=< 1,908 1,666 6,80< 6,111 =,6<8 6,=1? <,60=  NF@ <80 =8< =11 4>1 400 1=4 >84 1>4  Onj`tmr`j 1,94? 06,?60 08,1=< 0<,<<? 4,8<= 1,<8< 9,916 9,69<  Xrnv`tm lrmfntbrs ?9,6== ?>,04= <1,01> <9,98? <9,960 <>,640 68,848 <1,810  bi wdnld; Obefs 6,088 06,10< ?=,888 <8,06< ?4,490 <0,0=0 <0,1<8 <8,166  Lbccmrln`j o`egs 0=,>>0 1,4?? 4,=99 6,>?0 9,?=4 9,=60 9,91? =,086Xrnv`tm ebeau`r`etmmf 6,=6? 08,4>1 <8,98= ?6,<<1 <4,1== 6>,=?> 90,?01 =9,?=8  bi wdnld; Obefs < <,01? 1,116 4,48> 0<,><= 09,049 0=,>>< 09,044

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s >?,>>1 09>,4>? -9<,?10 -0>,0>4 0=6,=04 =<9,1=6 ?6=,<1> ..  Emt bws be mxtmre` m t =9,<=4 06?,>4= -=,019 0?<,111 0=>,<80 691,??> ?8>,>8< 8  Lrbss-lurrmely v` u`t be 6<,6>8 <,098 -6>,=0> -1=,?1< -9,>6? <4,8>? 06,??4 ..

>. Fmot rmstrulturneasVbt`j cbuet rmsldmfujmf 1=,=8= <8,10> 90,<<4 <?,4?6 6,144 <,0=8 0,904 ..

bt` `cbuet bra vme , , , , , , ..

Fmot ouyo`lg 6,<=> 09? 09,81? 1<9 =,6=8 9,8<= <,>>4 ..

8

?=8

=88

1=8

?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

Ebe-fmot ijbws (onjj ]\$)

Ibrmnae fnrmlt nevmstcmet Xbrtibjnb mqunty ijbws

8

=8

088

0=8

?88

?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

Fmot r`tnbs (%)

Fmot tb mxpbrts _msmrvms tb fmot

<1

Page 50: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 50/341

Page 51: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 51/341

M@\V @\N@ @EF X@LNINL

(]\$ cnjjnbe, uejmss btdmrwnsm nefnl`tmf)

0>>8 0>>= ?888 ?88= ?889 ?881 ?884 ?88>

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 0>6,=?9 <6=,<4? 604,906 684,=9? 6?=,>60 664,9>= 64>,940 =8?,>=8Xuojnl ef puojnljy au`r`etmmf 01?,>49 ?==,<>> ?10,6=> ?9?,861 ?90,?04 ?98,4>9 ?14,009 ?><,>=9  Biinln`j lrmfntbrs 086,1=? 0=>,=>= 010,6=8 01?,?66 01<,6>1 014,819 0><,>11 ?80,==6  Cujtnj`tmr`j <6,>19 =<,981 9=,1=9 96,<94 99,6?6 9>,960 1<,901 48,9=6  b w l ; NO_F ?8,019 ?1,>0? <8,619 ?<,<<0 ??,==8 ?0,9>< ??,?1= ?<,<<?  NF@ =,0<8 >,9>? 0?,=?8 09,6>4 01,94< 0>,849 0>,94< ?8,>?0

  Onj`tmr`j 9>,11= 08=,>44 08=,9>6 081,419 081,81< 084,6<= 0?8,<98 0?8,>88  Xrnv`tm lrmfntbrs 94,?<6 >=,486 088,88> 4>,48< 41,1?0 4?,4?8 46,068 >?,680  bi wdnld; Obefs 00,406 ?<,9>8 <=,>6< =?,6=8 =6,>>1 ==,604 ==,<>9 98,8?>  Lbccmrln`j o`egs <=,??0 <>,4>6 <<,?=1 01,91= 06,1== 0?,440 0=,66? 09,911Xrnv`tm ebeau`r`etmmf ?0,=60 4>,>4? 061,0== 069,=0= 096,1?< 041,1>> ?00,=9= ?84,>>6  bi wdnld; Obefs 098 0=,=16 ??,811 ?6,6<= ?=,61? ??,>94 ?0,100 ??,468

Fnsoursmcmets ?>,6<0 =4,>89 <>,><= 16,>9< 19,>68 >8,1?= 44,=6< 4=,??>Xuojnl ef puojnljy au`r`etmmf 0>,986 <4,88> ?9,64> ?=,?=0 ?=,9>> 0>,088 ??,111 <1,600  Biinln`j lrmfntbrs 08,0<4 01,9=< 0=,90> >,8=9 00,941 00,?0< 0?,9=? 09,<69  Cujtnj`tmr`j 6,100 9,0?> 9,>6< =,06= =,><8 9,10= 1,11= 08,894  bi wdnld; NO_F ?,=<? <,094 <,?6= 0,4?= ?,80? ?,<61 <,?88 <,108  NF@ 986 ><6 188 9?1 1=6 0,8=4 0,0=? 0,==8  Onj`tmr`j =,6?1 00,=?6 4,919 <,>00 =,1=1 6,6>4 6,411 9,?14  Xrnv`tm lrmfntbrs >,699 ?8,<=9 08,418 09,0>= 06,800 1,441 08,0?9 ?0,89=  bi wdnld; Obefs 4=? 6,66> 6,=<> 00,=?< 4,>89 6,?>= =,048 0<,>8<  Lbccmrln`j o`egs 6,8>1 4,14= ?,=<= <,8<6 0,>0? 0,?81 <,60< <,=60Xrnv`tm ebeau`r`etmmf >,4?1 ?8,4>1 0<,669 6>,100 =0,?60 10,9?= 9=,199 61,401

  bi wdnld; Obefs 0?8 =,1<0 0,089 6,>40 <,666 0,180 <94 ?,1<<

Xrnelnp`j rmp`ycmets 01,<=> <0,4=8 61,=94 91,?98 9<,88= 19,8?1 1<,6== 4?,69=Xuojnl ef puojnljy au`r`etmmf 06,484 ?0,99= ?<,<90 ?6,6?1 ?=,068 ??,449 ?<,84> ?6,4?0  Biinln`j lrmfntbrs 6,?99 4,<=1 08,?6< 08,914 0?,=00 0=,881 0<,16? 0?,16>  Cujtnj`tmr`j ?,8<? <,8>6 6,89? 6,98> 6,919 6,>9> 6,140 6,=44  bi wdnld; NO_F 0,69? ?,0=? ?,889 ?,1>4 ?,4>0 <,<<9 ?,11= ?,=4<  NF@ 0> =8 081 ?49 <?6 <94 60< 6=8  Onj`tmr`j ?,?<6 =,?9? 9,04? 9,894 1,4<= 08,8<4 4,>90 4,098  Xrnv`tm lrmfntbrs 08,=6? 0<,<84 0<,001 0<,1=8 0?,9?> 1,41> >,<61 0?,81<  bi wdnld; Obefs 0,>?= 0,4=6 0,?00 6,<?1 =,660 ?,=>0 <,4<0 =,<?<  Lbccmrln`j o`egs =,<>= =,<?8 1,098 =,610 ?,946 ?,989 0,91= ?,9?>Xrnv`tm ebeau`r`etmmf ?,==0 08,04= ?6,?84 6?,4<< <1,49= =<,060 =8,<99 =1,966  bi wdnld; Obefs 8 0?8 =,094 ?,00= <,8?? ?,10> 0,=<< ?,>?>

Netmrmst p`ycmets 08,061 0=,=<> ?8,<11 0?,4=> 06,?=1 01,690 09,4=> 0=,<6=Xuojnl ef puojnljy au`r`etmmf 4,496 0?,869 0?,4<4 4,961 >,?1= 08,=44 08,001 >,6<0  Biinln`j lrmfntbrs <,91< 9,?4< 1,?<4 6,86< 6,694 =,08< 6,996 <,>69

  Cujtnj`tmr`j ?,069 <,8=0 <,4<< ?,804 ?,?6= ?,6>? ?,?4? 0,1?9  bi wdnld; NO_F 0,=?0 0,>>> ?,069 0,8?4 0,094 0,?>4 0,84= 1<6  NF@ <6 9> 41 0<< 0<0 0<6 069 0<>  Onj`tmr`j 0,=?1 <,?<? <,686 ?,8?= ?,??< ?,900 ?,<4? ?,??8  Xrnv`tm lrmfntbrs =,0>0 =,19< =,988 6,98= 6,481 =,649 =,6=< =,64=  bi wdnld; Obefs >?< 0,?<4 ?,<88 <,?<? <,91< <,>94 6,8?1 6,<>?  Lbccmrln`j o`egs ?,1>= ?,69? 0,>?0 46= 98> 101 =>= =61Xrnv`tm ebeau`r`etmmf 0,?4< <,6>< 1,=<> 6,?00 6,>4? 9,41< 9,16< =,>06  bi wdnld; Obefs ? =8< 0,>6? 0,?>< 0,649 0,6>= 0,?<> 0,0=6

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s <8,?>9 10,><< -6?,<84 <0,9?> <6,840 14,?<6 ?>,409 ..  Emt bws be mxtmre` m t 04,9<8 =6,844 -01,?0> 68,><1 <8,=98 18,8<1 <,444 8  Lrbss-lurrmely v` u`t be 08,<64 -0,11? -0<,>8> -0=,4<0 <,9>< 1,==4 0<,>>< ..

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 0,614 <06 ?,694 ?,48> < 0 8 ..

bt` `cbuet bra vme ..

Fmot ouyo`lg 1?0 8 8 8 8 8 8 ..

8

=8

088

0=8

?88

?=8

?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

Ebe-fmot ijbws (onjj ]\$)

Ibrmnae fnrmlt nevmstcmet Xbrtibjnb mqunty ijbws

8

=8

088

0=8

?88

?=8

<88

<=8

688

?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

Fmot r`tnbs (%)

Fmot tb mxpbrts _msmrvms tb fmot

<>

Page 52: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 52/341

Page 53: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 53/341

M]_BXM @EF LMEV_@J @\N@

(]\$ cnjjnbe, uejmss btdmrwnsm nefnl`tmf)

0>>8 0>>= ?888 ?88= ?889 ?881 ?884 ?88>

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 00<,9>1 0>>,<88 ?46,648 6=1,=<9 =9<,6?6 191,61= >84,6<= >?=,196Xuojnl ef puojnljy au`r`etmmf 084,111 04>,866 ?01,6<4 ?8>,961 ?8<,>6< ?=9,016 ?=9,9?8 ?9>,=?6  Biinln`j lrmfntbrs <?,1?< >4,=?9 006,=0? 49,84< 96,9>8 18,4?? 19,048 4>,0==  Cujtnj`tmr`j 0<,<0= 04,189 ?4,>=6 <1,496 68,=?1 6=,16> 64,=>< =>,8<<  b w l ; NO_F 4,186 08,4=< 04,4?= ?0,94? ??,00< ??,98? ?<,808 ?=,61>  NF@ 0=1 99> ?,991 =,=64 9,044 9,49? 1,098 1,9<0

  Onj`tmr`j 0>,684 1>,4?8 4=,==> 64,?0> ?6,09? ?=,81< ?1,=41 <8,0??  Xrnv`tm lrmfntbrs 19,8=6 >8,=04 08?,>?9 0?<,=9= 0<>,?=< 04=,<=< 048,668 048,<18  bi wdnld; Obefs 1,0>= ?0,<1< 94,6<1 14,><> 4>,40> 006,??9 0?8,801 0?9,4=<  Lbccmrln`j o`egs 6<,9=< <=,=?< ?6,91= <>,649 66,>18 91,19? =1,9<0 =0,8<1Xrnv`tm ebeau`r`etmmf 6,>?0 08,?=9 91,860 ?61,44> <=>,640 =00,<80 9=0,40= 9=9,?<>  bi wdnld; Obefs 09 06> <,<<< 69,<?6 18,=14 081,164 00=,99< 084,64>

Fnsoursmcmets ?<,>6> 06,><8 <9,9?6 06<,>0> 01>,9?0 ?>0,018 ?41,009 ?88,606Xuojnl ef puojnljy au`r`etmmf ??,044 0?,1?9 ?0,00= ?9,060 <8,9<= 9=,484 68,<48 <>,?0=  Biinln`j lrmfntbrs =,=46 =,?>4 9,468 =,04? 9,8<= 4,9?= 00,0=> 01,4>>  Cujtnj`tmr`j 0,=48 <,<>= 6,?>< 6,?6? 6,44? =,118 1,<91 0<,604  bi wdnld; NO_F 4>9 ?,0=1 ?,=>? 0,406 ?,611 ?,0=< ?,4?= 6,91?  NF@ 8 <18 <=0 6?8 60? 694 6?< =8>  Onj`tmr`j 6,88< 0,>86 ?,=61 >68 0,0=< ?,4=6 <,1>0 6,640  Xrnv`tm lrmfntbrs 09,986 1,6?1 06,?1= ?8,>=> ?6,=>> =1,046 ?>,??0 ?0,<09  bi wdnld; Obefs 0,80> ?,<19 1,>81 1,141 06,84= ?1,96> 01,>80 0=,?91  Lbccmrln`j o`egs ?,=91 0,=1> =,?>8 0?,>=? 08,<4? ?>,<1? 00,099 =,41>Xrnv`tm ebeau`r`etmmf 0,190 ?,?8= 0=,=8> 001,11> 064,>41 ??=,<9? ?69,1<9 090,?88

  bi wdnld; Obefs 8 8 =99 ?0,6>6 ?=,<09 6?,<=< 09,?=< <,?=4

Xrnelnp`j rmp`ycmets 0=,66> 0?,089 ?9,8=1 4?,=0? >=,968 000,9=0 098,>0= 04<,08?Xuojnl ef puojnljy au`r`etmmf 0<,>=? 08,><< 0?,91< <4,>49 6<,=96 ?<,8?8 <9,4?= ?1,>9=  Biinln`j lrmfntbrs ?,141 <,964 =,1<4 ?<,406 <8,><1 9,9<9 9,?9= =,4=6  Cujtnj`tmr`j 0,?19 0,>46 ?,??6 <,>14 <,1=8 <,489 6,88? <,4=0  bi wdnld; NO_F 0,8?9 >80 >=? ?,494 ?,9<= ?,<4> ?,664 ?,<06  NF@ 6 9 9 ?< <4 =9 1= >?  Onj`tmr`j 0,=00 0,99= <,=06 0>,4<9 ?1,041 ?,4<8 ?,?9< ?,88<  Xrnv`tm lrmfntbrs 00,09= 1,?4= 9,><= 0=,01? 0?,9?1 09,<46 <8,=98 ??,000  bi wdnld; Obefs 61 ?,19= ?,?60 08,998 =,906 1,?4< 08,<84 >,9?8  Lbccmrln`j o`egs 9,6?? 0,4?> ?,6?6 <,888 9,868 1,>8= 0>,=8> 00,>=>Xrnv`tm ebeau`r`etmmf 0,6>1 0,01? 0<,<46 6<,=?9 =?,819 44,9<0 0?6,8>8 0==,0<9  bi wdnld; Obefs 8 8 >88 0,>4? 0,=?6 9,1>6 1,981 08,==4

Netmrmst p`ycmets 1,=<9 1,=1= 0?,908 ?8,<<8 ?9,?04 <6,?4< 6=,194 60,8<>Xuojnl ef puojnljy au`r`etmmf 1,8>= 1,?88 >,808 0?,?14 0?,=60 0<,88= 06,9>0 0<,81=  Biinln`j lrmfntbrs 0,4>6 <,84< ?,>10 6,8<< <,=?< ?,90> ?,96> ?,?68

  Cujtnj`tmr`j >99 0,804 0,=<1 0,6<< 0,=1< 0,446 0,44> 0,=>?  bi wdnld; NO_F 18< =44 0,894 499 0,899 0,?0? 0,81> 46<  NF@ 0 < 0> 6= 61 =8 =6 =<  Onj`tmr`j >?4 ?,89= 0,6<6 ?,988 0,>=8 1<6 1=> 964  Xrnv`tm lrmfntbrs =,?80 6,001 9,8<4 4,?69 >,804 08,<49 0?,86? 08,4<=  bi wdnld; Obefs 6>6 0,909 6,?11 9,6?? 9,6<0 1,=88 4,944 4,19=  Lbccmrln`j o`egs <,6<8 0,68? 0,?61 0,=<8 ?,<<1 ?,991 <,010 0,>?>Xrnv`tm ebeau`r`etmmf 660 <1= <,980 4,8=0 0<,911 ?0,?14 <0,811 ?1,>9=  bi wdnld; Obefs 0 0< <08 ?,1?1 6,=?4 9,>>9 1,44= 4,8=<

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 0?,<>= 0<,>89 >,81= 96,>49 0<<,86> ?1=,949 0<0,96? ..  Emt bws be mxtmre` m t 0,=81 06,060 04,9?9 9>,>9> 00<,90< ?=8,?89 001,816 8  Lrbss-lurrmely v` u`t be =,44= 6,<=> -9,>4< -0<,80? 9,<18 1,><0 -0,68< ..

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 08,861 ?>,011 =>9 0,<=1 <> =6 ..

bt` `cbuet bra vme ..

Fmot ouyo`lg 44? <8 8 8 8 8 0?1 ..

8

?=

=8

1=

088

0?=

0=8

01=

?88

?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

Ebe-fmot ijbws (onjj ]\$)

Ibrmnae fnrmlt nevmstcmet Xbrtibjnb mqunty ijbws

8

=8

088

0=8

?88

?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

Fmot r`tnbs (%)

Fmot tb mxpbrts _msmrvms tb fmot

60

Page 54: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 54/341

J@VNE @CM_NL@ @EF L@_NOOM@E

(]\$ cnjjnbe, uejmss btdmrwnsm nefnl`tmf)

0>>8 0>>= ?888 ?88= ?889 ?881 ?884 ?88>

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 660,0>4 984,999 1=0,848 168,=>4 1<9,9?8 4<=,<9= 4>8,=0= >0?,>48  Jbea-tmrc mxtmre`j fmot <6>,>?< 6=>,01> 9<0,?94 9?6,<>< 9<=,618 9>>,60= 16>,>86 11<,088  Xuojnl ef puojnljy au`r`etmmf <?=,014 <10,41= <4>,=61 608,=4> <>6,08= 689,168 6?8,849 6<?,00=  Xrnv`tm ebeau`r`etmmf ?6,16= 41,<8< ?60,1?? ?0<,486 ?60,<9= ?>?,91= <?>,401 <68,>46  ]sm bi NCI lrmfnt 01,>94 ?9,9<? 4,469 0<,0?? 1<1 486 4?6 0,?6<  \dbrt-tmrc mxtmre`j fmot 1<,<81 0??,4=9 008,>99 08<,846 088,606 0<=,061 0<>,141 0<4,9<1  netmrmst rrm`rs be jbea-tmrc ?=,=6? 08,<8< 0,916 4,>88 4,<?8 08,<91 08,>68 00,=>4

 Cmcbr`efuc ntmcs Xrnelnp`j `rrm`rs be jbea-tmrc ?6,?96 0=,4<6 <,=08 0?,<90 0<,064 09,>19 0>,?90 ?8,66< Jbea-tmrc puojnl smltbr fmot  <?0,40< <9>,>08 <49,981 684,0>= <>0,4>8 686,=6? 601,=8? 6?4,==< Jbea-tmrc prnv`tm smltbr m t  ?4,008 4>,?9> ?66,990 ?09,0>4 ?6<,=48 ?>6,41< <<?,68? <66,=61 Xuojnl & puojnljy au`r`etmmf lbccntcmets ?=,46= 6>,>6< 99,84? ==,?=? =8,=41 =<,89> 90,494 4?,8<>

Mxtmre`j fmot ijbwsFnsoursmcmets <?,?>0 4>,146 00>,4=? 081,8>? 0<=,6?0 0=?,=4> 096,98? 0=1,?>>  Jbea-tmrc mxtmre`j fmot ?1,==4 16,80< 009,<6< 089,=88 0<6,4=1 0=?,<68 096,<44 0=9,46>  NCI purld`sms 6,1<< 0=,11? <,=08 =>< =96 ?6> ?0< 6=8

Xrnelnp`j rmp`ycmets ?0,1>8 6<,0?< 0?6,09? 0??,808 0=8,00< 089,8<> 08>,9>0 08<,>9<  Jbea-tmrc mxtmre`j fmot 04,0<4 68,?>8 08>,>?= ><,4<4 0<1,6<8 08=,40> 08>,=04 08<,>08  NCI rmpurld`sms <,9=0 ?,4<? 06,?<1 ?4,01? 0?,94< ??8 01< =<

 Emt ijbws 04,0<6 90,8=6 -=,??9 406 -09,14? 1>,?<1 =4,>14 =0,=?4  Jbea-tmrc mxtmre`j fmot >,6?8 <<,1?? 9,604 0?,990 -?,=1< 69,=?0 =6,418 =?,>68  \dbrt-tmrc mxtmre`j fmot 1,9<< 06,<>? ->01 0=,1<? -?,8>8 <?,941 6,891 -0,484

Netmrmst p`ycmets ?0,100 <=,>86 =6,14> 68,<>= 6=,1?8 61,689 6=,>06 6?,1<<  Jbea-tmrc mxtmre`j fmot 01,>0= ?4,600 61,?1< <6,<<9 68,91? 60,100 60,>9< <>,>8<  NCI ld`rams 0,6<= 0,088 111 0,1<? <<8 <= ?9 >  \dbrt-tmrc mxtmre`j fmot ?,<9? 9,<>< 9,1<> 6,<?1 6,104 =,998 <,>?= ?,4?8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 4,0?0 <8,?8? 1>,868 1?,??< 10,>=6 08>,68= 0?1,496 1<,9??Xbrtibjnb mqunty ?,696 =,?09 -=90 0?,?8> 00,861 ?4,4<1 ->,944 60,=46

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. >.= 08.1 00.< 08.0 00.0K`p`emsm yme 9.? 4.? 9.9 <.6 <.8 ?.1 <.? 6.8Xbuef stmrjnea 0.9 0.0 8.9 8.? 8.< 8.? 8.0 8.6\wnss ir`el 0.8 8.9 8.< 8.? 8.0 8.0 8.0 8.?].\.fbjj`rs =>.9 9?.0 1<.6 4?.8 40.1 4?.< 4<.1 4?.?

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 1.8 1.9 =.> 6.6 =.6 =.? <.9 ?.0

  C`turnty (ym`rs) 04.0 06.? 0?.= 04.4 04.> 04.? ?8.9 04.4  Ar`lm pmrnbf (ym`rs) 6.> 6.0 ?.4 6.> =.6 =.8 =.< 9.<Xrnv`tm lrmfntbrs

  Netmrmst (%) >.0 9.4 >.6 1.< 9.? 1.? 9.= 9.0  C`turnty (ym`rs) 00.8 6.0 0?.9 06.= 06.4 09.= 0=.> 00.4  Ar`lm pmrnbf (ym`rs) =.? ?.> 00.9 0?.8 0?.9 0?.4 00.< 00.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 0,86>,>9= 0,9>4,04> 0,>90,48= ?,==>,61> <,884,094 <,===,0=? 6,06=,1=9 <,4=0,4?6Mxpbrts bi abbfs, smrvnlms & nelbcm 011,=>6 ?4>,9?8 66?,>00 991,8>6 1>>,?<= >0?,?84 0,86=,898 40>,<94Qbrgmr rmcnt. & lbcp. bi mcpjbymms =,940 0<,<04 ?8,096 =8,00> =>,0>1 9<,001 96,9?8 =9,41>Ncpbrts bi abbfs, smrvnlms & nelbcm 04>,04> <6<,4>< =0?,1?? 94=,>08 404,<91 >94,0<1 0,06=,1?= 4>0,=04Xrbint rmcntt`elms be IFN 1,<?< 06,>8> ??,141 =<,<04 19,140 >8,??0 >6,60< 1=,?1=Netmre`tnbe`j rmsmrvms =4,8=1 0<4,909 0=4,60< ?=1,<8> <0?,1>0 6=8,=4> =88,1?8 ==?,16=

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) ?64.6 ?08.? 09>.9 000.8 >?.? >0.9 4=.? 000.6Mxtmre`j fmot stblgs tb AEN (%) 6?.8 <=.4 <4.< ?4.> ?6.= ?<.= ?0.= ?<.1Fmot smrvnlm tb mxpbrts (%) ?6.= ?1.< 68.6 ?6.< ?6.> 09.4 06.> 01.>\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 09.9 ?8.? 06.4 0<.> 0<.9 09.? 0=.1 0=.?Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 0<.= 00.> 0?.< 0<.> 0<.8 00.6 00.6 0?.9_msmrvms tb mxtmre`j fmot stblgs (%) 0<.? ??.4 ?0.0 <6.1 6?.= =<.> =9.? 98.=_msmrvms tb ncpbrts (cbetds) <.1 6.4 <.1 6.= 6.9 =.9 =.? 1.6

6?

Page 55: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 55/341

J@VNE @CM_NL@ @EF L@_NOOM@E

(]\$ cnjjnbe, uejmss btdmrwnsm nefnl`tmf)

0>>8 0>>= ?888 ?88= ?889 ?881 ?884 ?88>

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf <6>,>?< 6=>,01> 9<0,?94 9?6,<>< 9<=,618 9>>,60= 16>,>86 11<,088Xuojnl ef puojnljy au`r`etmmf <?=,014 <10,41= <4>,=61 608,=4> <>6,08= 689,168 6?8,849 6<?,00=  Biinln`j lrmfntbrs 0?8,=4< 0=>,80= 0<>,961 0<6,09> 0?<,190 0?0,<0< 0<8,=98 06>,811  Cujtnj`tmr`j =>,946 1?,0<6 >?,96> 08<,?60 >=,494 >=,<6= 080,<64 00=,?84  b w l ; NO_F <6,94< <9,?>> <1,6?> <6,>=4 <0,=?4 <0,=<6 <<,4=1 68,6<>  NF@ 0,001 ?,049 <,<41 =,86> 0,=?> 0,9>? 0,114 0,694  Onj`tmr`j 98,4>> 49,440 69,>>4 <8,>?4 ?1,4>< ?=,>94 ?>,?0? <<,49>

  Xrnv`tm lrmfntbrs ?86,=>= ?0?,498 ?6>,4>> ?19,6?8 ?18,<66 ?4=,6?1 ?4>,=?1 ?4<,8<>  bi wdnld; Obefs 1=,=1? 09=,08= ?08,8?< ?<<,=60 ??1,909 ?<1,>4= ?6<,=?= ?6?,448  Lbccmrln`j o`egs 088,>>0 <6,<98 <0,609 <4,6>< <>,=>8 6<,<64 6?,9<? <=,>>0Xrnv`tm ebeau`r`etmmf ?6,16= 41,<8< ?60,1?? ?0<,486 ?60,<9= ?>?,91= <?>,401 <68,>46  bi wdnld; Obefs 010 <<,4?> 98,<?= 16,641 48,984 >9,808 48,>4< 080,9?0

Fnsoursmcmets ?1,==4 16,80< 009,<6< 089,=88 0<6,4=1 0=?,<68 096,<44 0=9,46>Xuojnl ef puojnljy au`r`etmmf ??,498 69,64< =4,668 =6,4<= 6>,600 6=,100 9<,<1< 9>,981  Biinln`j lrmfntbrs 0<,089 ?<,99< 09,016 0?,44> 09,160 06,1== 0>,<?= <?,?10  Cujtnj`tmr`j 4,>?= >,4>< 0<,?>1 08,=<0 06,911 0<,8=? 0=,1=8 ?=,906  bi wdnld; NO_F 9,006 6,9?6 =,=>= <,==8 =,=18 <,891 =,91> 08,1>8  NF@ 00> ?11 ?8? <89 014 0?> 006 0=1  Onj`tmr`j 6,04? 0<,110 ?,411 ?,<=> ?,896 0,18< <,=16 9,9=9  Xrnv`tm lrmfntbrs >,1=6 ??,40> 6?,?99 60,>69 <?,99> <8,>=9 66,86> <1,<<1  bi wdnld; Obefs 0,><4 0<,9=6 <=,8?? <=,?>4 ?6,4=6 ?6,61< <9,8>? <?,=<8  Lbccmrln`j o`egs 6,169 1,6?1 9,6>> 9,0=0 1,?04 9,06> 1,1>4 6,060Xrnv`tm ebeau`r`etmmf 6,9>4 ?1,=<8 =1,>8< =0,996 4=,661 089,9?> 080,80= 41,?6?  bi wdnld; Obefs 010 1,60? 4,<0? 0=,899 0>,6=> ?9,<60 4,668 ?1,4?0

Xrnelnp`j rmp`ycmets 04,0<4 68,?>8 08>,>?= ><,4<4 0<1,6<8 08=,40> 08>,=04 08<,>08Xuojnl ef puojnljy au`r`etmmf 0=,>91 ?1,=>6 =0,>80 6<,>8= 14,440 61,104 61,=8< <1,?49  Biinln`j lrmfntbrs 9,6?< 06,6>< 09,141 09,9=< ?6,=69 0=,4=< 0?,494 0<,66>  Cujtnj`tmr`j 6,1?4 4,<8> >,141 08,>?? 0>,?<9 08,40= 08,6>6 >,194  bi wdnld; NO_F <,?>1 6,>16 <,1>4 6,=90 >,06< <,<00 <,681 6,<80  NF@ > ?0 04 <> ?> 06 ?6 ?8  Onj`tmr`j 0,9>9 9,046 1,888 =,1<8 =,<08 =,8<4 ?,<16 <,940  Xrnv`tm lrmfntbrs >,=66 0<,080 <=,006 ?1,?=? =6,<<6 <0,49= <6,9<= ?<,4<1  bi wdnld; Obefs 0,>0? =,4<< ?9,=1= 0>,0>6 6<,896 ?6,98< ?1,44? 0<,>?9  Lbccmrln`j o`egs =,088 6,?68 9,><6 1,?1< 08,001 9,64? 9,0?? 4,1?<Xrnv`tm ebeau`r`etmmf ?,010 0?,9>9 =4,8?6 6>,><< =4,=6> =4,088 9?,80= 99,9?6  bi wdnld; Obefs 8 <,>?? 4,46> 08,=4< 0<,09= 0?,19< >,0?9 9,0<=

Netmrmst p`ycmets 01,>0= ?4,600 61,?1< <6,<<9 68,91? 60,100 60,>9< <>,>8<Xuojnl ef puojnljy au`r`etmmf 0=,948 ??,=4? ?>,?6> ?6,01= ?6,9== ?=,<=0 ?<,11= ??,0=1  Biinln`j lrmfntbrs =,6<< 4,4<8 4,=<0 =,=4> =,>>? =,>>= =,69? =,8<=  Cujtnj`tmr`j 6,081 6,4=8 9,<?< 6,6=0 6,>46 =,8?8 6,9=4 6,84>  bi wdnld; NO_F ?,=<< ?,9=0 ?,480 0,=81 0,40< 0,140 0,=6= 0,<8?  NF@ 4 ?< 01 <1 ?< 0? 06 0?

  Onj`tmr`j 0,<?9 <,>40 ?,?84 0,0<1 0,881 >19 486 >69  Xrnv`tm lrmfntbrs 08,?61 0<,1=0 ?8,101 04,=49 04,99< 0>,<=9 04,<0< 01,0??  bi wdnld; Obefs ?,<9= 00,?=6 01,0>6 09,1=9 09,==? 01,<6? 09,6?= 0=,819  Lbccmrln`j o`egs 9,9?4 0,=94 ?,10= 0,9<8 0,><= 0,18> 0,9<0 0,164Xrnv`tm ebeau`r`etmmf ?,?<= =,4?> 04,8?6 08,090 09,804 09,<=> 04,044 01,169  bi wdnld; Obefs 8 ?,=>1 =,04= 6,641 1,640 1,8>= 9,??9 9,<<6

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt`j ld`eam ne mxtmre`j fmot stblgs 0>,6?8 9<,?9? -0=,<88 -99,908 -<,>14 >4,16= ==,0=8 ..  Emt bws be mxtmre` m t 04,0<6 90,8=6 -=,??9 406 -09,14? 1>,?<1 =4,>14 8  Lrbss-lurrmely v`ju`tnbe 00,<48 0,>04 ->,>8? -06,<<0 ?,?8? 4,<90 -004 ..

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 9<,616 1,>?? =,?<9 ?=,>>4 ?,<<9 0,0<= <=? ..Vbt`j `cbuet ibranvme 01< =<6 009 499 <=0 0,??< ?04 ..Fmot ouyo`lg ?,1=9 08? 0=,4=0 1<9 =,6=8 ?,10? 0,689 ..

8

?=

=8

1=

088

0?=

0=8

?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

Ebe-fmot ijbws (onjj ]\$)

Ibrmnae fnrmlt nevmstcmet Xbrtibjnb mqunty ijbws

8

=8

088

0=8

?88

?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

Fmot r`tnbs (%)

Fmot tb mxpbrts _msmrvms tb fmot

6<

Page 56: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 56/341

Page 57: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 57/341

Page 58: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 58/341

Page 59: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 59/341

Page 60: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 60/341

\]O-\@D@_@E @I_NL@

(]\$ cnjjnbe, uejmss btdmrwnsm nefnl`tmf)

0>>8 0>>= ?888 ?88= ?889 ?881 ?884 ?88>

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 019,600 ?<=,46? ?00,0=4 ?06,691 018,666 044,44> 0>=,=?1 0>4,>19  Jbea-tmrc mxtmre`j fmot 06>,00= 049,946 01?,44? 011,==9 0?9,8?4 068,406 06<,08< 0=9,?98  Xuojnl ef puojnljy au`r`etmmf 06<,4=0 016,>?6 090,=<6 094,>8> 009,161 0?6,<48 0?4,11? 0<4,490  Xrnv`tm ebeau`r`etmmf =,?96 00,198 00,<64 4,964 >,?40 09,6<6 06,<<8 01,<>>  ]sm bi NCI lrmfnt 9,989 4,9=6 9,1<6 =,>61 <,068 <,<60 <,>9< 9,?90  \dbrt-tmrc mxtmre`j fmot ?8,94> 68,=86 <0,=6? <8,>9< 60,?1= 66,1<6 64,690 <9,6=9  netmrmst rrm`rs be jbea-tmrc >,=?? ?8,1<6 0<,=18 06,?=8 0=,0== 06,=9= 0<,9=8 00,9=6

 Cmcbr`efuc ntmcs Xrnelnp`j `rrm`rs be jbea-tmrc 01,198 60,89? ?=,=<6 ?6,8?1 ?6,9=> ??,>=0 ?0,6<> 0>,>00 Jbea-tmrc pu nl smltbr m t  06<,996 016,1>4 098,9?1 094,400 009,100 0?6,<=< 0?4,1=6 0<4,46? Jbea-tmrc prnv`tm smltbr m t  =,6=0 00,449 0?,?== 4,169 >,<04 09,690 06,<6> 01,604 Xuojnl & puojnljy au`r`etmmf lbccntcmets 00,664 >,0=1 4,<=9 ?<,9<4 0?,?61 04,0== 01,680 ?9,966

Mxtmre`j fmot ijbwsFnsoursmcmets 08,<0? 06,886 08,086 09,8=8 0<,066 ?6,896 06,<>8 ?6,944  Jbea-tmrc mxtmre`j fmot >,9=? 00,808 >,=48 0=,1?1 0?,461 ?<,108 0?,>11 ??,89=  NCI purld`sms 998 ?,>>6 =?= <?< ?>4 <=6 0,60< ?,9?<

Xrnelnp`j rmp`ycmets =,=94 >,60> >,809 0?,0<0 01,08? 0<,=64 4,>49 >,98=  Jbea-tmrc mxtmre`j fmot 6,9?8 1,864 4,==9 00,<46 09,16= 0<,?=0 4,?>> >,??8  NCI rmpurld`sms >61 ?,<10 698 161 <=1 ?>9 941 <4=

 Emt ijbws 1,880 1,=8? -0,1>1 9,>61 =,6=8 06,=9= 08,869 =,81<  Jbea-tmrc mxtmre`j fmot =,8<0 <,>9< 0,8?< 6,<6< -<,4>4 08,6=> 6,914 0?,46=

  \dbrt-tmrc mxtmre`j fmot ?,?=1 ?,>01 -?,449 <,8?4 >,681 6,86> 6,96? -08,808Netmrmst p`ycmets =,?49 =,<<1 6,66< 1,>90 6,<8? =,?68 =,808 <,>40  Jbea-tmrc mxtmre`j fmot 6,<64 <,>1= <,<0> 1,<?? <,6?8 6,89< <,=>9 <,?90  NCI ld`rams ?<4 ==> 6< ?1 <> 06 6>6 ?4  \dbrt-tmrc mxtmre`j fmot 180 48< 0,840 90? 46? 0,09< >?0 9>?

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 0,041 6,?=4 9,=6< 01,>=6 ?8,0== ?4,=06 <6,6>4 <8,?99Xbrtibjnb mqunty <>< ?,>=? 6,096 4,0?0 09,48= 08,061 -=,961 >,>99

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 0>.4 ??.4 ?0.4 0>.6 04.4K`p`emsm yme 6.0 =.= 6.0 <.9 <.? ?.1 <.4 <.?Xbuef stmrjnea =.= <.4 ?.0 6.? 0.4 0.9 0.0 0.?\wnss ir`el ?.< ?.0 0.= 0.> ?.= ?.= ?.9 ?.=].\.fbjj`rs <9.= 68.1 90.6 ==.8 =0.4 =0.> =<.9 =<.1

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) <.= 0.4 0.0 6.6 0.= 0.6 0.4 ?.9  C`turnty (ym`rs) ?4.6 <0.1 <9.< ?0.6 ?>.1 <0.= <8.= ?6.4  Ar`lm pmrnbf (ym`rs) 1.1 4.1 >.0 6.= 1.< 1.> 4.0 9.6Xrnv`tm lrmfntbrs

  Netmrmst (%) 4.0 =.1 =.4 =.9 9.4 9.1 6.8 =.4  C`turnty (ym`rs) 00.9 0?.6 1.1 1.? 00.< 4.< 4.0 4.<  Ar`lm pmrnbf (ym`rs) ?.1 0.> ?.0 0.> 6.> =.< 0.< 6.0

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) ?40,9?< <08,8>9 <0>,10< 980,694 18=,86= 1>>,841 >06,8>0 491,<1=Mxpbrts bi abbfs, smrvnlms & nelbcm 14,==? >8,4<0 006,8?> ?60,809 ?1>,<48 <?>,196 <>4,169 ?>>,6?8Qbrgmr rmcnt. & lbcp. bi mcpjbymms 0,14= <,014 6,9?1 >,688 0?,9=0 04,=94 ?0,<6= ?8,408Ncpbrts bi abbfs, smrvnlms & nelbcm 49,0<? 000,>41 004,6>1 ?6?,>9? ?>8,4>? <9=,0>< 6<9,?44 <69,>9<Xrbint rmcntt`elms be IFN ?,194 <,>=? 1,498 01,?66 ?1,1<6 <4,989 6<,84? ?6,61>Netmre`tnbe`j rmsmrvms 0=,<9? ?8,9=? <9,=8= 4?,681 006,419 060,4?1 0=?,941 0=8,4?8

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) ??6.9 ?=>.9 04=.? 4>.8 90.8 =1.< 6>.8 99.=Mxtmre`j fmot stblgs tb AEN (%) 9?.9 19.0 99.8 <=.1 ?6.? ?<.9 ?0.6 ??.>Fmot smrvnlm tb mxpbrts (%) 0<.4 09.? 00.4 4.< 1.1 =.1 <.= =.>\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 00.1 01.? 06.> 06.6 ?6.? ?<.1 ?6.4 04.<Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) ?0.9 ?<.0 ?=.4 <<.4 ?=.< ?=.< ?=.9 ?1.<_msmrvms tb mxtmre`j fmot stblgs (%) 4.1 4.4 01.< <4.6 91.6 1=.0 14.0 1=.4_msmrvms tb ncpbrts (cbetds) ?.0 ?.? <.1 6.0 6.1 6.1 6.? =.?

64

Page 61: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 61/341

\]O-\@D@_@E @I_NL@

(]\$ cnjjnbe, uejmss btdmrwnsm nefnl`tmf)

0>>8 0>>= ?888 ?88= ?889 ?881 ?884 ?88>

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 06>,00= 049,946 01?,44? 011,==9 0?9,8?4 068,406 06<,08< 0=9,?98Xuojnl ef puojnljy au`r`etmmf 06<,4=0 016,>?6 090,=<6 094,>8> 009,161 0?6,<48 0?4,11? 0<4,490  Biinln`j lrmfntbrs 084,?0? 0<4,<90 0<=,=8? 0<=,818 41,=99 >?,4<8 >=,908 08<,8>9  Cujtnj`tmr`j <4,01? =6,6?1 =6,=99 1?,618 6<,840 61,411 =8,8=1 =6,<<=  b w l ; NO_F >,014 1,960 <,611 ?,80= 0,1>> 0,=?6 >>6 >88  NF@ 0=,104 ?1,46? <<,=16 64,666 ?6,041 ?1,<?= ?>,<04 <0,90?

  Onj`tmr`j 18,860 4<,><6 48,><1 9?,988 66,64= 66,>=< 6=,==< 64,190  Xrnv`tm lrmfntbrs <=,9<> <9,=9< ?9,8<? <<,4<4 ?>,040 <0,==8 <<,09? <=,196  bi wdnld; Obefs <80 6,146 >,0=8 08,1<6 >,?4= 0?,814 00,11= 0<,<94  Lbccmrln`j o`egs 0<,49< 0?,=10 4,66< 01,909 0=,<84 0=,906 01,949 01,1>1Xrnv`tm ebeau`r`etmmf =,?96 00,198 00,<64 4,964 >,?40 09,6<6 06,<<8 01,<>>  bi wdnld; Obefs 8 <=8 0,<98 0,<81 0,646 9,4>8 9,0>? 9,??6

Fnsoursmcmets >,9=? 00,808 >,=48 0=,1?1 0?,461 ?<,108 0?,>11 ??,89=Xuojnl ef puojnljy au`r`etmmf >,8?? 08,?9< 1,690 0?,691 >,9=4 09,?=1 00,>>1 04,<80  Biinln`j lrmfntbrs 1,009 =,41< 6,06< 9,080 9,<81 1,=48 1,=44 08,901  Cujtnj`tmr`j 6,=6? 6,?8? <,<=> 6,48= 6,==8 6,>19 6,>81 9,><9  bi wdnld; NO_F 40< ?16 1= 06 0 <0 6= 00<  NF@ ?,8?= ?,<>8 ?,0>< ?,>6< ?,16> ?,>41 ?,4>4 <,666  Onj`tmr`j ?,=16 0,910 146 0,?>1 0,1=4 ?,986 ?,940 <,940  Xrnv`tm lrmfntbrs 0,>89 6,<>8 <,<04 9,<99 <,<=8 4,911 6,68> 1,946  bi wdnld; Obefs 8 =60 19= 8 ?,819 <,=?= 8 ?,?88  Lbccmrln`j o`egs <14 0,9?< 0,1=? 9,84= 4<< 6,4>8 6,89> 6,?86Xrnv`tm ebeau`r`etmmf 9<8 161 ?,00> <,?98 <,04> 1,6=< >48 <,196

  bi wdnld; Obefs 8 <=8 10? 0,<81 8 =,19? 8 8

Xrnelnp`j rmp`ycmets 6,9?8 1,864 4,==9 00,<46 09,16= 0<,?=0 4,?>> >,??8Xuojnl ef puojnljy au`r`etmmf 6,0== =,484 1,0=> 08,911 06,?<6 00,?68 9,<>? 1,40=  Biinln`j lrmfntbrs ?,=60 ?,>1= <,668 9,=41 4,0>9 =,06> <,169 <,<>?  Cujtnj`tmr`j 0,<6< ?,809 0,9<8 0,==6 0,==< 0,1<6 ?,888 0,1=>  bi wdnld; NO_F 1?0 0,8=9 ==? ?49 ?46 689 9?8 ?8?  NF@ =0 0?8 ??= ?64 ?<4 0>= 69< ?99  Onj`tmr`j 0,0>1 >=> 0,400 =,8<< 9,96< <,606 0,169 0,9<<  Xrnv`tm lrmfntbrs 0,906 ?,4<6 <,10> 6,8>0 9,8<4 9,8>0 ?,96= 6,6?<  bi wdnld; Obefs <0 68 648 0 0,16? 0,??? =? ?>6  Lbccmrln`j o`egs >>1 0,?90 ?,666 <,=?= <,01? <,4=9 ?,018 <,9=1Xrnv`tm ebeau`r`etmmf 699 0,?68 0,<>4 189 ?,=00 ?,80? 0,>81 0,68=  bi wdnld; Obefs 8 8 8 8 8 0,<>8 9>4 8

Netmrmst p`ycmets 6,<64 <,>1= <,<0> 1,<?? <,6?8 6,89< <,=>9 <,?90Xuojnl ef puojnljy au`r`etmmf 6,801 <,610 ?,>0= 9,>10 ?,>4< <,=0= <,8?< ?,990  Biinln`j lrmfntbrs ?,9>9 ?,889 0,4?9 =,4== 0,681 ?,81> 0,991 0,=?>

  Cujtnj`tmr`j 0,086 0,?<6 46< 1=1 9>= 0,8=< ><0 491  bi wdnld; NO_F 9=0 9<8 ?0< =< 61 <<> 08> ??  NF@ >1 014 0>> <0< ?68 01> ?11 0>9  Onj`tmr`j 0,=>0 11? >4? =,8>4 10? 0,8?9 1<1 99?  Xrnv`tm lrmfntbrs 0,<?0 0,69= 0,84> 0,009 0,=19 0,6<9 0,<=9 0,0<?  bi wdnld; Obefs 0< <?? =90 =01 ==? =<> 911 96>  Lbccmrln`j o`egs 90= 6=1 <8< 6?= 148 1=? =61 <><Xrnv`tm ebeau`r`etmmf <<0 =86 68= <=? 6<4 =64 =16 =>>  bi wdnld; Obefs 8 8 60 90 4> 0<> ?=4 ?=4

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 0>,16= 06,=6= -<,<8= -??,<<9 -66,8?< 04,66= 9,9<4 ..  Emt bws be mxtmre` m t 1,880 1,=8? -0,1>1 9,>61 =,6=8 06,=9= 08,869 8  Lrbss-lurrmely v` u`t be 1,990 >?0 -9,410 -0<,161 -?9,4>= <,6== -0,6=0 ..

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf =,>41 <,64> ??,9<8 0,??8 14> 4>= 0,08? ..

bt` `cbuet bra vme , , , , , , ..

Fmot ouyo`lg 8 ?> 0<1 8 8 <,<?? 6?4 ..

8

08

?8

<8

68

=8

?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

Ebe-fmot ijbws (onjj ]\$)

Ibrmnae fnrmlt nevmstcmet Xbrtibjnb mqunty ijbws

8

=8

088

0=8

?88

?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

Fmot r`tnbs (%)

Fmot tb mxpbrts _msmrvms tb fmot

6>

Page 62: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 62/341

JBQ-NELBCM LB]EV_NM\

(]\$ cnjjnbe, uejmss btdmrwnsm nefnl`tmf)

0>>8 0>>= ?888 ?88= ?889 ?881 ?884 ?88>

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 08<,>=4 0<8,?91 0?=,<=1 0<=,64= 008,61= 0??,60< 0?>,=<0 0<=,=><  Jbea-tmrc mxtmre`j fmot >8,<1= 00?,<9> 081,<?? 004,990 ><,6=8 086,8<9 08>,>41 009,48>  Xuojnl ef puojnljy au`r`etmmf 44,>>< 08>,==0 086,6?< 009,6?? >8,=46 >>,>?< 086,=80 008,49<  Xrnv`tm ebeau`r`etmmf 0,<4< ?,404 ?,4>> ?,?<> ?,499 6,00< =,64= =,>69  ]sm bi NCI lrmfnt =,<<1 9,198 =,984 =,6<0 <,81> <,666 6,<6? =,>=0  \dbrt-tmrc mxtmre`j fmot 4,?6= 00,0<> 0?,6?1 00,<>< 0<,>69 06,><< 0=,?8? 0?,4<<  netmrmst rrm`rs be jbea-tmrc <,=>? 1,19= 1,4=> 1,?6= 1,1<1 1,169 9,481 =,49>

 Cmcbr`efuc ntmcs Xrnelnp`j `rrm`rs be jbea-tmrc 4,=90 0>,840 09,8>0 06,<01 06,>6= 0=,>66 0=,886 0=,><< Jbea-tmrc pu nl smltbr m t  44,<>> 08>,8=9 086,8>= 009,?=> >8,61= >>,1>> 086,<19 008,1<8 Jbea-tmrc prnv`tm smltbr m t  0,>19 <,<0< <,??1 ?,68? ?,>1= 6,?<1 =,908 9,81> Xuojnl & puojnljy au`r`etmmf lbccntcmets 4,?8= =,84> =,01> 9,>16 4,=6> 08,6=4 0?,089 00,8=8

Mxtmre`j fmot ijbwsFnsoursmcmets 1,0?< 4,111 6,41> 1,8<? 1,<16 >,?1> 08,<<> 0<,=04  Jbea-tmrc mxtmre`j fmot 9,=>1 =,>49 6,6?8 9,=16 9,>8> 4,4=0 4,10= 00,999  NCI purld`sms =?= ?,1>? 6=> 6=1 69= 6?4 0,9?6 0,4=<

Xrnelnp`j rmp`ycmets <,0?4 =,<96 ?,4<< <,8<0 ?,=40 <,8<0 <,<>1 <,94=  Jbea-tmrc mxtmre`j fmot ?,0>9 <,00> ?,<44 ?,66> ?,<06 ?,40> ?,146 <,<49  NCI rmpurld`sms ><? ?,?6= 66= =4< ?91 ?0< 90< ?>>

 Emt ijbws 6,10= <,1?? 0,=09 <,966 9,4=6 1,??= 4,0=0 4,68<  Jbea-tmrc mxtmre`j fmot 6,680 ?,491 ?,8<? 6,0?9 6,=>= 9,8<? =,><? 4,?48

  \dbrt-tmrc mxtmre`j fmot 1?8 <8> -=<8 -<=1 ?,890 >14 0,?84 -0,6<0Netmrmst p`ycmets 0,40< ?,0?6 0,<4? 0,?96 0,<84 0,488 ?,089 0,614  Jbea-tmrc mxtmre`j fmot 0,<?0 0,618 0,8<6 0,8=6 0,88= 0,=80 0,60< 0,?>4  NCI ld`rams ?81 6>8 6= ?< <4 06 6>1 <<  \dbrt-tmrc mxtmre`j fmot ?4= 096 <8< 049 ?9= ?49 0>9 061

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet >66 0,=68 ?,1=> =,6?4 1,0=1 0?,40? 06,=?9 0?,8<<Xbrtibjnb mqunty = -08 = => 18 066 -?1 -<9

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 4.< 00.0 00.< 08.0 >.4K`p`emsm yme >.8 00.6 08.4 4.0 >.4 >.8 >.> >.8Xbuef stmrjnea 6.8 ?.> ?.< 0.4 0.= 0.< 0.8 0.8\wnss ir`el 8.> 8.> 8.1 8.9 8.1 8.9 8.= 8.6].\.fbjj`rs <1.4 60.< =0.1 ==.4 6>.1 6>.? 6>.9 6>.1

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) ?.8 0.1 0.? 0.< 0.= 0.= 0.= 0.<  C`turnty (ym`rs) <<.> <6.9 <9.< <6.> <6.8 <6.? <<.9 <0.9  Ar`lm pmrnbf (ym`rs) >.8 >.6 >.< 4.1 4.9 4.1 4.4 1.>Xrnv`tm lrmfntbrs

  Netmrmst (%) 1.> 6.< =.> <.1 9.8 1.1 ?.> <.0  C`turnty (ym`rs) 00.9 9.0 08.= 09.= 09.< 08.? 0?.> 00.>  Ar`lm pmrnbf (ym`rs) ?.? 0.? ?.4 6.? <.? 4.9 ?.4 ?.=

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 064,=89 064,=0> 018,4<0 ?=?,=>< ?4?,>=6 <<?,9<4 <>1,944 601,>06Mxpbrts bi abbfs, smrvnlms & nelbcm 04,9>6 ?>,?80 <9,<>1 99,016 40,<68 ><,<06 000,=6? 088,1=9Qbrgmr rmcnt. & lbcp. bi mcpjbymms 0,618 ?,04> 6,066 08,810 0?,>>? 09,=16 ?0,>9? ??,=<=Ncpbrts bi abbfs, smrvnlms & nelbcm <?,?48 61,99? =0,><1 >0,94? 084,191 0<6,689 0=1,1>4 0<?,=44Xrbint rmcntt`elms be IFN =40 ?41 91> <,>60 6,>1> 6,911 6,=1? <,9?4Netmre`tnbe`j rmsmrvms =,4>? 08,>1= 00,189 ??,?40 ?9,?68 <8,>?4 <?,8<? 68,96>

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) ==9.0 669.0 <66.6 ?86.1 0<=.4 0<0.? 009.0 0<6.9Mxtmre`j fmot stblgs tb AEN (%) 18.8 41.1 1<.6 =<.9 <>.8 <9.4 <?.9 <?.6Fmot smrvnlm tb mxpbrts (%) ?9.6 ?=.9 00.9 9.= 6.4 =.? 6.> =.0\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 1.> 4.9 >.> 4.6 0?.9 0?.? 00.1 >.=Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) <?.1 <>.6 69.? =>.< 6>.4 6>.> =8.? =8.9_msmrvms tb mxtmre`j fmot stblgs (%) =.1 4.6 >.< 09.6 ?<.4 ?=.< ?6.1 <8.8_msmrvms tb ncpbrts (cbetds) ?.? ?.4 ?.1 ?.> ?.> ?.4 ?.6 <.1

=8

Page 63: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 63/341

Page 64: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 64/341

CNFFJM-NELBCM LB]EV_NM\

(]\$ cnjjnbe, uejmss btdmrwnsm nefnl`tmf)

0>>8 0>>= ?888 ?88= ?889 ?881 ?884 ?88>

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 0,06>,8=4 0,1?>,>4< 0,>>9,1<4 ?,<=<,?61 ?,=<?,11= <,8=1,=>? <,?>=,4=< <,68>,=?0  Jbea-tmrc mxtmre`j fmot >60,1>< 0,<=1,?>4 0,99>,=6< 0,469,094 0,>1<,9<9 ?,<01,416 ?,=9?,89< ?,96?,<>0  Xuojnl ef puojnljy au`r`etmmf 44<,==> 0,0=0,9?= 0,04?,9>0 0,099,1=> 0,0?8,?1= 0,?84,<60 0,?6<,=?0 0,?>9,0?1  Xrnv`tm ebeau`r`etmmf =4,?<6 ?8=,91< 649,4=? 91>,68> 4=<,<90 0,08>,=<? 0,<04,=60 0,<69,?96  ]sm bi NCI lrmfnt ?4,?4> =?,>90 =?,9?< 6<,164 09,148 0?,8>1 ?8,=1< 69,??1  \dbrt-tmrc mxtmre`j fmot 014,>19 <0>,1?6 ?16,=1< 69<,<<0 =6?,<=> 1?1,9?0 10<,?01 1?8,>8<  netmrmst rrm`rs be jbea-tmrc 60,8>9 <9,116 ?<,>14 ?0,60> 04,=>4 ?8,049 ?0,888 ?8,4=1

 Cmcbr`efuc ntmcs Xrnelnp`j `rrm`rs be jbea-tmrc 6=,6?8 4=,=1= 66,16< <?,006 <8,0?9 <?,860 <6,901 <=,9?6 Jbea-tmrc pu nl smltbr m t  414,<91 0,061,8=? 0,011,06> 0,09?,6<0 0,009,00? 0,?8<,18= 0,?<4,8<? 0,?4=,8<4 Jbea-tmrc prnv`tm smltbr m t  9<,6?9 ?08,?69 6>?,<>6 94<,1<9 4=1,=?= 0,006,09> 0,<?6,8<0 0,<=1,<=< Xuojnl & puojnljy au`r`etmmf lbccntcmets 086,1?9 0<=,66< 068,991 0=8,<19 0<0,61? 01>,=?4 096,<69 ?8=,994

Mxtmre`j fmot ijbwsFnsoursmcmets 006,0>9 ?88,9>0 ?<8,><> <11,?=< 6=0,?96 9<9,1<0 90?,19= =?<,>==  Jbea-tmrc mxtmre`j fmot 081,?1< 01=,188 ??0,?4< <1<,1=8 661,90= 9<=,069 988,9?> 6>1,69?  NCI purld`sms 9,>?6 ?6,>>? >,9=9 <,=86 <,96> 0,=4= 0?,0<1 ?9,6><

Xrnelnp`j rmp`ycmets 19,806 00=,?80 ??>,414 <<0,>10 <48,991 <=>,>>= <>=,1>= 686,=6>  Jbea-tmrc mxtmre`j fmot 9>,0?0 084,484 ?8>,1<8 ?44,6<0 <=8,006 <=<,8=< <>?,98> 68<,886  NCI rmpurld`sms 9,4>< 9,<>< ?8,064 6<,=<> <8,==< 9,>6? <,041 0,=6=

 Emt ijbws =0,96< 0<>,?9< -9,9>? 0?8,0<< 0=?,661 698,886 ?80,1=< 0?1,?<=  Jbea-tmrc mxtmre`j fmot <4,0=? 99,4>? 00,==< 4=,<0> >1,=80 ?4?,8>? ?84,8?8 >6,6=4

  \dbrt-tmrc mxtmre`j fmot 0<,690 =<,11< -1,1=? 16,4=8 40,4=8 04<,?94 -0=,?04 1,4?>Netmrmst p`ycmets =4,>10 4?,441 000,868 08?,<?= 009,880 0<<,>08 0<4,69? 0??,469  Jbea-tmrc mxtmre`j fmot 61,=>9 99,881 >?,108 4<,14> >6,846 081,910 004,46= 084,>81  NCI ld`rams ?,?84 ?,0<< ?,404 <,?=6 0,=46 9>1 64? =?0  \dbrt-tmrc mxtmre`j fmot >,099 06,164 0=,=0? 0=,?4? ?8,<<< ?=,=6? 0>,0<= 0<,604

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet ?8,99= ><,001 06=,906 ?94,09? <<9,048 6>=,<0> =1?,=4< <6?,8==Xbrtibjnb mqunty <,<4= 0<,14> 0<,>=8 91,6<> 081,98< 0<6,><1 -=<,099 084,0><

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 06.4 0=.6 0=.> 06.9 0=.6K`p`emsm yme 00.0 0<.? 0?.0 08.< 08.? >.6 00.? 08.1Xbuef stmrjnea ?.< 0.6 8.> 0.8 8.1 8.9 8.6 8.=\wnss ir`el 0.4 0.0 8.6 8.9 8.9 8.9 8.9 8.=].\.fbjj`rs 6=.? 64.9 9<.4 99.9 99.= 91.6 91.9 91.6

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) =.4 9.0 =.? <.> 6.< 6.8 <.? ?.?  C`turnty (ym`rs) ?0.< 04.< 04.= ?8.9 ?0.< ?0.= ??.0 ?8.6  Ar`lm pmrnbf (ym`rs) 9.< =.0 6.9 =.< =.> 9.0 9.< 9.8Xrnv`tm lrmfntbrs

  Netmrmst (%) 4.= 9.= 4.0 9.< 9.? 9.< 9.8 9.<  C`turnty (ym`rs) 00.1 1.= 00.< 00.? 0?.8 08.4 00.1 08.8  Ar`lm pmrnbf (ym`rs) =.8 <.= 4.6 4.1 >.1 1.> 4.0 4.1

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) <,<49,==8 6,96?,81? =,660,1=0 >,09>,?60 08,4>1,9>1 0<,=08,=48 09,01=,1?= 0=,=>=,940Mxpbrts bi abbfs, smrvnlms & nelbcm 9<<,>64 0,00?,?=8 0,909,948 <,?9<,=?4 <,>19,40= 6,401,>0> =,1=0,?0> 6,9=9,96<Qbrgmr rmcnt. & lbcp. bi mcpjbymms ?>,?>0 =?,686 19,8=? 048,=1< ?0?,<<< ?98,=>0 <80,=40 ?4?,99=Ncpbrts bi abbfs, smrvnlms & nelbcm 949,<94 0,?=<,<01 0,9=0,?1? <,009,18> <,1?>,=1? 6,=1?,166 =,=1=,998 6,6=<,9>?Xrbint rmcntt`elms be IFN 0=,=<1 <9,6?? 91,89? 0=>,?89 ??1,?80 ?>6,1<6 <<9,<91 ?68,019Netmre`tnbe`j rmsmrvms 01?,9<8 6?1,4?6 9<8,0?4 0,>=6,<9= ?,=46,=>1 <,99<,=<= 6,00=,0?> 6,148,<<6

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 040.< 0==.= 0?<.= 1?.0 9<.1 9<.= =1.< 1<.?Mxtmre`j fmot stblgs tb AEN (%) <<.> <1.< <9.1 ?=.1 ?<.? ??.9 ?8.6 ?0.>Fmot smrvnlm tb mxpbrts (%) ?0.< 01.4 ?0.0 0<.< 0?.9 08.< >.< 00.6\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 0=.9 04.= 0<.4 0>.1 ?0.6 ?<.4 ?0.9 ?0.0Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 06.6 0<.0 0<.6 0?.= 00.9 08.? 08.8 08.4_msmrvms tb mxtmre`j fmot stblgs (%) 0=.8 ?6.1 <0.9 4<.8 08?.8 00>.4 0?6.> 068.?_msmrvms tb ncpbrts (cbetds) <.8 6.0 6.9 1.= 4.< >.9 4.> 0?.>

=?

Page 65: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 65/341

CNFFJM-NELBCM LB]EV_NM\

(]\$ cnjjnbe, uejmss btdmrwnsm nefnl`tmf)

0>>8 0>>= ?888 ?88= ?889 ?881 ?884 ?88>

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst efnea ef fnsoursmf >60,1>< 0,<=1,?>4 0,99>,=6< 0,469,094 0,>1<,9<9 ?,<01,416 ?,=9?,89< ?,96?,<>0Xuojnl ef puojnljy au`r`etmmf 44<,==> 0,0=0,9?= 0,04?,9>0 0,099,1=> 0,0?8,?1= 0,?84,<60 0,?6<,=?0 0,?>9,0?1  Biinln`j lrmfntbrs 6<4,69= 998,<41 9=8,<?? 980,1>6 =6>,0=8 =18,><> 981,==8 9=4,18?  Cujtnj`tmr`j 09=,>>? ??1,?>9 ?94,0<9 ?><,8=1 ?>?,968 <00,6?= <?4,646 <9>,6=8  b w l ; NO_F 41,>=4 086,9>< 081,<?4 >=,960 >0,996 ><,849 >9,010 081,=?0  NF@ ?=,>?> <>,1=> 6>,<== 91,<41 99,4=1 1?,800 1<,66> 11,144

  Onj`tmr`j ?1?,61< 6<<,8>0 <4?,049 <84,1<4 ?=9,=08 ?=>,=06 ?1>,89= ?4>,?=?  Xrnv`tm lrmfntbrs 66=,8>6 6>0,?<4 =<?,<9> =96,>96 =10,0?9 9<1,68? 9<=,>1? 9<1,6?6  bi wdnld; Obefs >>,864 ??8,<<< <60,4=8 688,<<0 68>,816 6=0,609 690,=68 61=,804  Lbccmrln`j o`egs ???,80< 06=,?<= 0?6,064 0?6,861 0?9,66? 0==,6=? 064,<9= 0<6,694Xrnv`tm ebeau`r`etmmf =4,?<6 ?8=,91< 649,4=? 91>,68> 4=<,<90 0,08>,=<? 0,<04,=60 0,<69,?96  bi wdnld; Obefs <61 =0,804 4>,?6? 0=6,8?9 0>8,0=0 ?=8,6?? ?68,180 ?=9,8?=

Fnsoursmcmets 081,?1< 01=,188 ??0,?4< <1<,1=8 661,90= 9<=,069 988,9?> 6>1,69?Xuojnl ef puojnljy au`r`etmmf >8,?18 0??,616 0<8,=8= 0<9,6<> 0<<,>01 016,=80 09<,4>1 01>,44>  Biinln`j lrmfntbrs 6?,1>> =>,16< 64,0=1 68,04= 64,0<= =0,49= 98,?>9 41,=66  Cujtnj`tmr`j ??,=64 ?1,?04 <8,9?? ?>,8>0 <6,49> <1,104 60,=04 9<,0=0  bi wdnld; NO_F 0<,80> 0?,=8= 0?,444 >,011 00,><< 08,6>4 0<,984 ??,0?=  NF@ 0,>?> <,0?6 ?,48< 6,8<1 6,8?> 6,0=? <,=>8 =,909  Onj`tmr`j ?8,?=0 <?,=?9 01,=<= 00,8>6 0<,?91 06,061 04,11> ?6,<><  Xrnv`tm lrmfntbrs 61,61? 9?,1<8 4?,<64 >9,?== 4=,140 0??,9<9 08<,988 >?,<6=  bi wdnld; Obefs 6,??9 ?0,>>< ==,146 90,899 =9,>1? 10,699 1?,><9 94,>8>  Lbccmrln`j o`egs 06,<>> ?0,>94 01,>44 <0,908 ?6,898 61,446 ?4,<49 04,196Xrnv`tm ebeau`r`etmmf 01,88? =<,??9 >8,114 ?<1,<08 <0<,9>> 698,96= 6<9,1<? <01,=1<

  bi wdnld; Obefs ?>0 06,89< 08,408 69,4>4 =<,801 4<,>=8 ?=,9== <9,646

Xrnelnp`j rmp`ycmets 9>,0?0 084,484 ?8>,1<8 ?44,6<0 <=8,006 <=<,8=< <>?,98> 68<,886Xuojnl ef puojnljy au`r`etmmf 9?,80< 4<,086 00?,8?8 06<,=4> 04>,198 0?=,64> 060,>6< 006,=81  Biinln`j lrmfntbrs ?0,0>9 68,699 6=,969 91,4=< >=,896 =8,>?> 61,><6 66,?>=  Cujtnj`tmr`j 08,>19 04,=>? ?0,=>9 ?=,6?= <=,?8? ?6,>?? ?=,=?= ?6,08>  bi wdnld; NO_F 1,=16 00,81> >,?41 0?,8=> 01,096 08,911 08,4>4 08,4<4  NF@ 04> <18 96= 0,??8 0,<=< 0,6<0 0,9>8 0,16=  Onj`tmr`j 08,??8 ?0,416 ?6,8=8 6?,6?4 =>,49< ?9,881 ??,68> ?8,049  Xrnv`tm lrmfntbrs 68,401 6?,9<4 99,<16 1=,1<9 >6,9>9 16,=90 >6,88> 18,?0?  bi wdnld; Obefs 6,?68 00,890 <0,6=6 66,9?> 98,?94 6<,9<? =6,9?= <?,41?  Lbccmrln`j o`egs 0>,=>= 06,>>? ?<,088 ??,?0= ?=,8=9 ?<,>?? <?,?19 <8,0?6Xrnv`tm ebeau`r`etmmf 1,084 ?=,186 >1,108 066,46< 098,<=6 ??1,=96 ?=8,999 ?44,6>4  bi wdnld; Obefs 8 6,86? 0=,88? 0=,89< 01,>1< ?6,<=8 0>,>8? ?0,680

Netmrmst p`ycmets 61,=>9 99,881 >?,108 4<,14> >6,846 081,910 004,46= 084,>81Xuojnl ef puojnljy au`r`etmmf 6<,00> ==,049 9?,??0 =>,=<? ==,<>? =4,?09 =1,1<6 =?,48?  Biinln`j lrmfntbrs 09,>=< ?9,01? ?=,0?= ??,>1< 04,48< 04,141 01,199 0=,4??

  Cujtnj`tmr`j >,108 0?,640 06,9>8 >,41< 00,80< 00,4=? 00,646 >,1<>  bi wdnld; NO_F 9,=44 1,614 1,686 6,808 6,11= =,0<9 6,=10 <,60=  NF@ 014 ?11 <66 =?= =86 =06 906 =<>  Onj`tmr`j 1,?6< 0<,9>0 08,6<= 0<,080 1,1>8 9,><6 9,?4? 9,84<  Xrnv`tm lrmfntbrs ?9,099 ?>,806 <1,8>1 <9,==4 <9,=4> <>,6?> <>,>94 <9,>48  bi wdnld; Obefs 6,841 06,181 ?=,888 <8,06< ?4,490 <0,0=0 <0,999 <8,10?  Lbccmrln`j o`egs 0=,49= 1,1<= 4,=?1 6,>88 9,?<6 9,=06 9,964 =,818Xrnv`tm ebeau`r`etmmf 6,611 08,4?8 <8,64> ?6,?=1 <4,9>0 6>,6=9 90,008 =9,08=  bi wdnld; Obefs < <,01? 1,198 4,48> 0<,><= 09,049 0=,>>< 09,044

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 4?,888 09=,?=> -=4,>=> -08,=04 01>,=?4 =?6,409 ?<4,?90 ..  Emt bws be mxtmre` m t =0,96< 0<>,?9< -9,9>? 0?8,0<< 0=?,661 698,886 ?80,1=< 8  Lrbss-lurrmely v` u`t be <4,411 6,44> -6<,1?? -99,04< 0>,4>1 <=,<=6 0=,6=? ..

>. Fmot rmstrulturneasVbt`j cbuet rmsldmfujmf 1<,60= ?>,9== 98,=08 <0,180 6,<0< 0,>=4 4?< ..

bt` `cbuet bra vme , , , , , ..

Fmot ouyo`lg 6,<=> 0<? 0=,><= 1<9 =,6=8 9,8<= <,>>4 ..

8

?=8

=88

1=8

?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

Ebe-fmot ijbws (onjj ]\$)

Ibrmnae fnrmlt nevmstcmet Xbrtibjnb mqunty ijbws

8

=8

088

0=8

?88

?880 ?88? ?88< ?886 ?88= ?889 ?881 ?884 ?88>

Fmot r`tnbs (%)

Fmot tb mxpbrts _msmrvms tb fmot

=<

Page 66: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 66/341

Page 67: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 67/341

 

Lbuetry V ojms

==

Page 68: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 68/341

@IAD@EN\V@E

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs .. .. .. .. >?> 0,>16 ?,84> ?,<?4  Jbea-tmrc mxtmre`j fmot .. .. .. .. >00 0,4>6 0,>4= ?,?8<  Xuojnl `ef puojnljy au`r`etmmf .. .. .. .. >00 0,4>6 0,>4= ?,?8<  Xrnv`tm ebeau`r`etmmf .. .. .. .. 8 8 8 8  ]sm bi NCI lrmfnt .. 8 8 8 8 => 41 089  \dbrt-tmrc mxtmre`j fmot .. .. .. .. 04 ?0 01 ?8  netmrmst `rrm`rs be jbea-tmrc .. .. .. .. 04 ?0 01 ?8

 Cmcbr`efuc ntmcs  .. .. .. .. 41 4> =9 =6    .. .. .. .. >00 0,4>6 0,>4= ?,?8<    .. .. .. .. 8 8 8 8  .. .. .. .. 0<8 <1 =4 8

Mxtmre`j fmot ijbwsFnsoursmcmets .. .. .. .. 069 ?8? 0<? 0<8  Jbea-tmrc mxtmre`j fmot .. .. .. .. 069 061 >9 00?  NCI purld`sms .. 8 8 8 8 == <9 01

Xrnelnp`j rmp`ycmets .. .. .. .. < 0 0 <  Jbea-tmrc mxtmre`j fmot .. .. .. .. < 0 0 <  NCI rmpurld`sms .. 8 8 8 8 8 8 8

 Emt ijbws .. .. .. .. 06< ?80 0<0 0?9  Jbea-tmrc mxtmre`j fmot .. .. .. .. 06< 069 >= 08>

  \dbrt-tmrc mxtmre`j fmot .. .. .. .. 8 8 8 8Netmrmst p`ycmets .. .. .. .. 9 < 9 1  Jbea-tmrc mxtmre`j fmot .. .. .. .. 9 < 9 1  NCI ld`rams .. 8 8 8 8 8 8 0  \dbrt-tmrc mxtmre`j fmot .. .. .. .. 8 8 8 8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet .. .. .. .. ?<4 ?6< <88 04=Xbrtibjnb mqunty .. .. .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. .. 8.8 8.8 8.8 8.8K`p`emsm yme .. .. .. .. 8.8 8.8 8.8 8.8Xbuef stmrjnea .. .. .. .. ?.4 0.< 8.8 8.8\wnss ir`el .. .. .. .. 8.8 8.8 8.8 8.8].\.fbjj`rs .. .. .. .. 9<.< 16.= 1<.8 99.0

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) .. .. .. .. 0.? 0.6 8.= 8.8  C`turnty (ym`rs) .. .. .. .. <>.4 <0.9 <6.9 8.8  Ar`lm pmrnbf (ym`rs) .. .. .. .. 08.< 4.0 08.8 8.8Xrnv`tm lrmfntbrs

  Netmrmst (%) .. .. .. .. 8.8 8.8 8.8 8.8  C`turnty (ym`rs) .. .. .. .. 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) .. .. .. .. 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) .. .. .. .. 4,?8> 08,046 08,966 ..Mxpbrts bi abbfs, smrvnlms & nelbcm .. .. .. .. <,106 <,1>0 6,<91 ?,4?=Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. .. .. .. .. .. .. ..Ncpbrts bi abbfs, smrvnlms & nelbcm .. .. .. .. .. =,169 =,98< ..Xrbint rmcntt`elms be IFN .. .. .. .. .. .. .. ..Lurrmet `llbuet o`j`elm .. .. .. .. .. .. .. ..Netmre`tnbe`j rmsmrvms .. .. .. .. .. .. .. ..

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. .. .. .. ?=.8 =?.0 61.4 4?.6Mxtmre`j fmot stblgs tb AEN (%) .. .. .. .. 00.< 0>.6 0>.9 ..Fmot smrvnlm tb mxpbrts (%) .. .. .. .. 8.? 8.0 8.? 8.6\dbrt-tmrc tb mxtmre`j fmot stblgs (%) .. .. .. .. ?.8 0.0 8.4 8.>Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) .. .. .. .. 18.6 60.= 6<.< 61.1_msmrvms tb mxtmre`j fmot stblgs (%) .. .. .. .. .. .. .. .._msmrvms tb ncpbrts (cbetds) .. .. .. .. .. .. .. ..

=9

Page 69: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 69/341

@IAD@EN\V@E

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf .. .. .. .. >00 0,4>6 0,>4= ?,?8<Xuojnl `ef puojnljy au`r`etmmf .. .. .. .. >00 0,4>6 0,>4= ?,?8<  Biinln`j lrmfntbrs .. .. .. .. >08 0,4>< 0,>46 ?,?8?  Cujtnj`tmr`j .. .. .. .. 9=6 40> >8< 0,00?  b w l ; NO_F .. 8 8 8 8 8 8 8  NF@ .. 8 8 ?>6 <6< <>> 6<4 610

  Onj`tmr`j .. .. .. .. ?=1 0,816 0,840 0,8>8  Xrnv`tm lrmfntbrs .. .. .. .. 8 8 8 8  bi wdnld; Obefs .. .. .. .. 8 8 8 8  Lbccmrln`j o`egs .. .. .. .. 8 8 8 8Xrnv`tm ebeau`r`etmmf .. .. .. .. 8 8 8 8  bi wdnld; Obefs .. .. .. .. 8 8 8 8

Fnsoursmcmets .. .. .. .. 069 061 >9 00?Xuojnl `ef puojnljy au`r`etmmf .. .. .. .. 069 061 >9 00?  Biinln`j lrmfntbrs .. .. .. .. 069 061 >9 00?  Cujtnj`tmr`j .. .. .. .. 081 068 >9 08>  bi wdnld; NO_F .. 8 8 8 8 8 8 8  NF@ .. 8 8 46 <> 66 66 ?1  Onj`tmr`j .. .. .. .. 68 1 0 6  Xrnv`tm lrmfntbrs .. .. .. .. 8 8 8 8  bi wdnld; Obefs .. .. .. .. 8 8 8 8  Lbccmrln`j o`egs .. .. .. .. 8 8 8 8Xrnv`tm ebeau`r`etmmf .. .. .. .. 8 8 8 8

  bi wdnld; Obefs .. .. .. .. 8 8 8 8

Xrnelnp`j rmp`ycmets .. .. .. .. < 0 0 <Xuojnl `ef puojnljy au`r`etmmf .. .. .. .. < 0 0 <  Biinln`j lrmfntbrs .. .. .. .. < 0 0 <  Cujtnj`tmr`j .. .. .. .. < 0 0 0  bi wdnld; NO_F .. 8 8 8 8 8 8 8  NF@ .. 8 8 < < 8 8 8  Onj`tmr`j .. .. .. .. 8 8 8 <  Xrnv`tm lrmfntbrs .. .. .. .. 8 8 8 8  bi wdnld; Obefs .. .. .. .. 8 8 8 8  Lbccmrln`j o`egs .. .. .. .. 8 8 8 8Xrnv`tm ebeau`r`etmmf .. .. .. .. 8 8 8 8  bi wdnld; Obefs .. .. .. .. 8 8 8 8

Netmrmst p`ycmets .. .. .. .. 9 < 9 1Xuojnl `ef puojnljy au`r`etmmf .. .. .. .. 9 < 9 1  Biinln`j lrmfntbrs .. .. .. .. 9 < 9 1

  Cujtnj`tmr`j .. .. .. .. 9 < 9 1  bi wdnld; NO_F .. 8 8 8 8 8 8 8  NF@ .. 8 8 < < 8 ? ?  Onj`tmr`j .. .. .. .. 8 8 8 8  Xrnv`tm lrmfntbrs .. .. .. .. 8 8 8 8  bi wdnld; Obefs .. .. .. .. 8 8 8 8  Lbccmrln`j o`egs .. .. .. .. 8 8 8 8Xrnv`tm ebeau`r`etmmf .. .. .. .. 8 8 8 8  bi wdnld; Obefs .. .. .. .. 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s .. .. .. .. ??> 0,86= 00= ?68  Emt bws be mxtmre` m t .. .. .. .. 06< ?80 0<0 0?9

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf .. .. .. .. >= 46? =? 0

bt` `cbuet bra vme .. .. .. ..

Fmot ouyo`lg .. .. .. .. 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 1 01 <0 6< >6 086 081 >>Netmrmst 0? 06 ?? ?0 96 90 => =6Xrnv`tm lrmfntbrs

Xrnelnp`j 8 8 8 8 8 8 8 8Netmrmst 8 8 8 8 8 8 8 8

 Ebtms;

F`t` neljufm tdm miimlts bi tdm ?889 X`rns Ljuo rmsldmfujnea. F`t` ibr ?881, ?884, `ef ?88> neljufm tdm miimlts bi Med`elmf DNXL Nentn`tnvm, ne tdm cbuet bi

$0,116 ne tdbus`efs, $<,=<1 ne tdbus`efs, `ef $<,=?< ne tdbus`efs rmspmltnvmjy.

=1

Page 70: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 70/341

@JO@EN@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs .. 6=9 0,890 ?,8=? ?,6<> ?,441 <,>6? 6,10>  Jbea-tmrc mxtmre`j fmot .. <<8 ><9 0,48= 0,>98 ?,?41 ?,><? <,40<  Xuojnl ef puojnljy au`r`etmmf .. <<8 >?0 0,<1> 0,980 0,4?> ?,?96 ?,4?>  Xrnv`tm ebeau`r`etmmf .. 8 0= 6?9 <=> 6=4 994 >4<  ]sm bi NCI lrmfnt .. 9= 44 >? >< >8 48 10  \dbrt-tmrc mxtmre`j fmot .. 9? <1 0== <49 =00 ><8 4<=  netmrmst `rrm`rs be jbea-tmrc .. ? < 0 0 0 8 8

 Cmcbr`efuc ntmcs  .. ?1 ?10 09 09 01 0 8    .. <<8 >?8 0,<1> 0,980 0,4?> ?,?96 ?,4?>    .. 8 09 6?9 <=> 6=4 994 >4<  .. 04< 01< ??= <00 ?48 908 <=9

Mxtmre`j fmot ijbwsFnsoursmcmets .. 48 0<4 =0? ?84 <0? 4?0 119  Jbea-tmrc mxtmre`j fmot .. 18 0?8 =88 ?80 <8= 40< 11?  NCI purld`sms .. 00 0> 0? 1 1 4 6

Xrnelnp`j rmp`ycmets .. ? 09 =8 0=4 >? >9 01?  Jbea-tmrc mxtmre`j fmot .. 8 > 60 061 11 48 0=4  NCI rmpurld`sms .. 0 1 > 00 06 0= 06

 Emt ijbws .. ->> 0<8 909 ?40 <66 0,06= =8>  Jbea-tmrc mxtmre`j fmot .. 9> 008 6=> =6 ??1 1<< 906

  \dbrt-tmrc mxtmre`j fmot .. -014 4 0=6 ?<0 0?6 6?8 ->=Netmrmst p`ycmets .. > 00 <8 61 98 94 >?  Jbea-tmrc mxtmre`j fmot .. = 4 ?= ?> <6 =8 40  NCI ld`rams .. 0 0 8 0 0 0 0  \dbrt-tmrc mxtmre`j fmot .. < ? 6 01 ?9 01 00

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet .. 18 06< ?9? <?= 99? >1< >14Xbrtibjnb mqunty .. 8 8 .. .. .. ?< 6

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. ?4.9 <?.< <9.4 64.= ==.=K`p`emsm yme .. ?.= <.? <.> <.6 ?.> ?.4 ?.0Xbuef stmrjnea .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs .. 98.1 1?.= =4.< =6.< =8.0 <>.6 <<.<

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) .. <.6 <.= ?.1 <.6 6.< 0.> ?.<  C`turnty (ym`rs) .. ?=.6 ?>.1 ?0.< ?8.? ?8.1 ?4.< 09.6  Ar`lm pmrnbf (ym`rs) .. 1.= 08.= 1.? 9.9 =.< 4.< 9.6Xrnv`tm lrmfntbrs

  Netmrmst (%) .. <.8 8.8 8.8 8.< =.< 9.? 00.8  C`turnty (ym`rs) .. ??.1 8.8 8.8 ?>.> 00.? 0=.6 <.<  Ar`lm pmrnbf (ym`rs) .. 00.1 8.8 8.8 04.4 0.1 9.8 <.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) .. ?,694 <,1>8 4,=60 >,<49 00,0<9 0?,>11 00,1?6Mxpbrts bi abbfs, smrvnlms & nelbcm .. <19 40> ?,864 ?,9?> <,681 6,<81 <,4<9Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. 6?1 =>4 0,?>8 0,<=> 0,694 0,6>= 0,<01Ncpbrts bi abbfs, smrvnlms & nelbcm .. 49= 0,=8> <,>0< 6,=9> =,>4> 1,94> 1,804Xrbint rmcntt`elms be IFN .. 6 8 ? = > ?4= 680Lurrmet `llbuet o`j`elm .. -0? -0=9 -=10 -910 -0,0=0 -?,88? -0,41=Netmre`tnbe`j rmsmrvms .. ?9= 969 0,668 0,40< ?,09? ?,<96 ?,<9>

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. 0?0.= 0?>.= 088.? >?.4 46.1 >0.= 0?<.8Mxtmre`j fmot stblgs tb AEN (%) .. 04.= ?4.8 ?6.8 ?9.8 ?=.> <8.6 68.<Fmot smrvnlm tb mxpbrts (%) .. ?.4 <.< <.> 1.4 6.= <.4 9.>\dbrt-tmrc tb mxtmre`j fmot stblgs (%) .. 0<.1 <.= 1.9 0=.4 01.1 ?<.9 01.1Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) .. ?=.0 68.? 6?.9 6?.9 6?.< <6.0 <0.>_msmrvms tb mxtmre`j fmot stblgs (%) .. =4.0 98.> 18.? 16.< 16.> 98.8 =8.?_msmrvms tb ncpbrts (cbetds) .. <.1 =.0 6.6 6.4 6.< <.1 6.0

=4

Page 71: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 71/341

@JO@EN@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf .. <<8 ><9 0,48= 0,>98 ?,?41 ?,><? <,40<Xuojnl ef puojnljy au`r`etmmf .. <<8 >?0 0,<1> 0,980 0,4?> ?,?96 ?,4?>  Biinln`j lrmfntbrs .. <8= 4>> 0,<=1 0,=14 0,481 0,>?< ?,096  Cujtnj`tmr`j .. 00= 6?9 41= 0,8<> 0,??? 0,<6< 0,=86  b w l ; NO_F .. 8 8 8 8 9 01 ?6  NF@ .. 08> <69 9== 1?> 48< 401 46>

  Onj`tmr`j .. 0>8 61< 64? =<> =49 =1> 998  Xrnv`tm lrmfntbrs .. ?= ?? ?? ?< ?0 <6? 99=  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 8 8 8 8 <?9 9<8Xrnv`tm ebeau`r`etmmf .. 8 0= 6?9 <=> 6=4 994 >4<  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Fnsoursmcmets .. 18 0?8 =88 ?80 <8= 40< 11?Xuojnl `ef puojnljy au`r`etmmf .. 18 0?8 0?< 04= 019 =16 =6<  Biinln`j lrmfntbrs .. 18 0?8 0?< 04= 01= ?04 ?60  Cujtnj`tmr`j .. 64 080 4> 0<? 06< 048 01=  bi wdnld; NO_F .. 8 8 8 8 = 0? 1  NF@ .. 6< 96 <6 69 64 ?1 <6  Onj`tmr`j .. ?? 0> <6 =< <? <> 99  Xrnv`tm lrmfntbrs .. 8 8 8 8 0 <=9 <8?  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 8 8 8 8 <6= ?4<Xrnv`tm ebeau`r`etmmf .. 8 8 <11 0= 0?4 ?<> ??>

  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets .. 8 > 60 061 11 48 0=4Xuojnl `ef puojnljy au`r`etmmf .. 8 > 68 =1 == =4 1>  Biinln`j lrmfntbrs .. 8 4 <> =6 =? =4 14  Cujtnj`tmr`j .. 8 ? 04 ?6 ?9 ?4 <>  bi wdnld; NO_F .. 8 8 8 8 8 8 8  NF@ .. 8 8 6 = 9 1 >  Onj`tmr`j .. 8 9 ?0 <0 ?9 <8 <>  Xrnv`tm lrmfntbrs .. 8 0 0 < 6 8 0  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 8 0 >8 ?? ?< 1>  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Netmrmst p`ycmets .. = 4 ?= ?> <6 =8 40Xuojnl `ef puojnljy au`r`etmmf .. = 1 ?< ?= <0 66 18  Biinln`j lrmfntbrs .. 6 1 ?< ?= <0 <= <1

  Cujtnj`tmr`j .. 0 6 06 06 04 ?6 ?=  bi wdnld; NO_F .. 8 8 8 8 8 0 0  NF@ .. 0 ? = 9 9 9 9  Onj`tmr`j .. < < > 00 0< 00 0?  Xrnv`tm lrmfntbrs .. 0 8 8 8 8 > <<  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 8 8 8 8 > <<Xrnv`tm ebeau`r`etmmf .. 8 0 ? 6 < 9 08  bi wdnld; Obefs .. 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s .. -6?1 <=? =8= <41 664 0,8== 111  Emt bws be mxtmre` m t .. ->> 0<8 909 ?40 <66 0,06= =8>

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf .. 9 ?4 08 > 8 4 60

bt` cbuet bra vme ..

Fmot ouyo`lg .. <8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 00? 0?6 0<6 060 06= 0=? 06? 069Netmrmst <= <1 <1 <9 <6 <0 ?4 ?9Xrnv`tm lrmfntbrs

Xrnelnp`j 0>= 09< 6<1 066 010 >> 1> 089Netmrmst 1= 10 <6 ?4 ?< 0> 0= 00

 Ebtms;

Jbea-tmrc prnv`tm ebeau`r`etmmf fmot f`t` `rm rmpbrtmf oy tdm O`eg bi @jo`en` ibr tdm inrst tncm. \dbrt-tmrc fmot ns rmvnsmf o`smf be Lmetr`j O`eg f`t` irbc

?88=.

=>

Page 72: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 72/341

@JAM_N@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs ?4,06> <<,8=< ?=,<4> 09,41< =,1?? =,1>6 =,4?= =,<6=  Jbea-tmrc mxtmre`j fmot ?9,944 <0,<06 ?<,66> 09,<=1 =,040 =,86= 6,=?? <,4=<  Xuojnl ef puojnljy au`r`etmmf ?9,944 <0,<06 ?<,66> 0=,6>0 <,411 <,4>9 <,814 ?,410  Xrnv`tm ebeau`r`etmmf 8 8 8 499 0,<86 0,064 0,666 >4?  ]sm bi NCI lrmfnt 918 0,614 0,104 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 1>0 ?90 ??? =09 =60 1=8 0,<86 0,6>?  netmrmst `rrm`rs be jbea-tmrc 8 < 8 8 8 8 8 8

 Cmcbr`efuc ntmcs  0 0 8 8 8 8 8 8    ?9,984 <0,??9 ?<,<?4 0=,<09 <,401 <,144 ?,>>1 ?,1>4    48 4> 0?? 0,868 0,<96 0,?=9 0,=?= 0,8==  4,8=6 ?,6?1 0,60> <<0 ?0? >6 8 =

Mxtmre`j fmot ijbwsFnsoursmcmets 1,801 6,0=1 0,?0= 0,?<> 4=< 610 =48 0>6  Jbea-tmrc mxtmre`j fmot 1,801 <,94< 0,?0= 0,?<> 4=< 610 =48 0>6  NCI purld`sms 8 61= 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 9,148 ?,60> ?,40< =,8=1 0?,1>0 0,0?? 0,898 441  Jbea-tmrc mxtmre`j fmot 9,148 ?,?64 ?,1?0 6,66= 0?,1>0 0,0?? 0,898 441  NCI rmpurld`sms 8 010 >< 90? 8 8 8 8

 Emt ijbws -400 0,<90 -0,=1? -<,1<< -00,>06 -66< 1< -=86  Jbea-tmrc mxtmre`j fmot ?<1 0,6<= -0,=89 -<,?81 -00,><> -9=? -640 -9><

  \dbrt-tmrc mxtmre`j fmot -0,86> -<14 ?1 4= ?= ?8> ==6 04>Netmrmst p`ycmets ?,8?= 0,4<? 0,9== >?0 9?9 ??6 0>0 068  Jbea-tmrc mxtmre`j fmot 0,146 0,160 0,==? 444 908 ?8? 090 0??  NCI ld`rams 9? 9> >? 04 0 8 8 8  \dbrt-tmrc mxtmre`j fmot 01> ?? 08 0= 0= ?? <0 04

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 8 .. 6<4 0,840 0,1>= 0,99? ?,969 ?,461Xbrtibjnb mqunty 8 .. .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 68.= =4.6 90.> 98.> 9?.=K`p`emsm yme 0=.0 0<.0 06.6 4.? 9.0 6.4 =.6 6.=Xbuef stmrjnea 0.= 8.> 0.8 0.6 8.8 8.8 8.8 8.8\wnss ir`el 8.4 8.1 8.= 8.4 8.0 8.0 8.8 8.8].\.fbjj`rs <<.= <4.8 66.6 68.> <8.8 ?9.4 ?1.9 ?9.>

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 1.8 9.? 9.? <.? 8.= 8.> 8.8 ?.8  C`turnty (ym`rs) 09.4 00.1 06.> 0?.> 01.= 06.1 8.8 ?0.4  Ar`lm pmrnbf (ym`rs) 6.8 <.< 6.0 <.9 <.6 1.1 8.8 9.1Xrnv`tm lrmfntbrs

  Netmrmst (%) 4.> 1.? 9.? ?.9 <.= 6.9 8.8 8.8  C`turnty (ym`rs) 9.9 4.> 1.6 >.9 0?.8 9.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) ?.8 0.> 0.> ?.8 <.0 8.> 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) =>,>== <>,=16 =?,848 >1,?=> 00?,99> 0<6,886 09>,94> 0<>,=11Mxpbrts bi abbfs, smrvnlms & nelbcm 0<,=<= .. .. =8,?18 =>,168 91,?68 41,?08 ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms <=? 0,0?8 1>8 ?,898 0,908 ?,0?8 ?,?8? ?,0><Ncpbrts bi abbfs, smrvnlms & nelbcm 0?,664 .. .. ?6,968 ?=,698 <<,048 6>,068 ..Xrbint rmcntt`elms be IFN 0=0 .. .. .. .. .. .. ..Lurrmet `llbuet o`j`elm 0,6?8 .. .. .. .. .. .. ..Netmre`tnbe`j rmsmrvms ?,18< 6,096 0<,==9 =>,091 40,69< 006,>1? 064,8>> 0==,00?

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) ?84.8 .. .. <<.9 >.9 4.9 9.1 ..Mxtmre`j fmot stblgs tb AEN (%) 61.8 4<.= 64.4 01.< =.0 6.< <.6 <.4Fmot smrvnlm tb mxpbrts (%) 9=.0 .. .. 00.> ??.= ?.8 0.6 ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) ?.4 8.4 8.> <.0 >.= 0?.> ??.6 ?1.>Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 1.? 00.4 09.? 06.= ?.= ?.< 8.? 8.?_msmrvms tb mxtmre`j fmot stblgs (%) >.9 0?.9 =<.6 <=8.1 0,6?<.9 0,>46.< ?,=6?.< ?,>80.4_msmrvms tb ncpbrts (cbetds) ?.9 .. .. ?4.4 <4.6 60.9 <9.? ..

98

Page 73: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 73/341

@JAM_N@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf ?9,944 <0,<06 ?<,66> 09,<=1 =,040 =,86= 6,=?? <,4=<Xuojnl ef puojnljy au`r`etmmf ?9,944 <0,<06 ?<,66> 0=,6>0 <,411 <,4>9 <,814 ?,410  Biinln`j lrmfntbrs =,499 0=,9>1 01,=>4 0?,6?9 ?,01? ?,<04 ?,899 ?,8=8  Cujtnj`tmr`j ?,8<0 <,>0= 6,0?< ?,66< 066 0<9 0< 00  b w l ; NO_F 0,?84 ?,86> 0,6?= 11> 00> 00< 00 08  NF@ 8 8 8 8 8 8 8 8

  Onj`tmr`j <,4<= 00,140 0<,61= >,>4< ?,8?1 ?,04< ?,8=< ?,8<>  Xrnv`tm lrmfntbrs ?8,4?? 0=,904 =,4=0 <,89= 0,189 0,=14 0,80? 4?0  bi wdnld; Obefs 0,6?8 8 8 8 8 8 8 8  Lbccmrln`j o`egs =,4=0 6,=?> ?,=84 0,8<4 => 19 98 =6Xrnv`tm ebeau`r`etmmf 8 8 8 499 0,<86 0,064 0,666 >4?  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 1,801 <,94< 0,?0= 0,?<> 4=< 610 =48 0>6Xuojnl `ef puojnljy au`r`etmmf 1,801 <,94< 0,?0= 119 680 091 01< 10  Biinln`j lrmfntbrs 0,4<= 0,=>9 1>= 66= ?9< 08> 0=1 18  Cujtnj`tmr`j 90? ><? <6> <=4 =6 9 = 8  bi wdnld; NO_F <88 ==6 =4 <0 09 9 = 8  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 0,??< 996 669 41 ?8> 08< 0=? 18  Xrnv`tm lrmfntbrs =,04? ?,841 6?8 <<0 0<4 =4 09 0  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs ?89 ??? 8 4 <6 ?8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 69< 6=0 <86 681 0?<

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 9,148 ?,?64 ?,1?0 6,66= 0?,1>0 0,0?? 0,898 441Xuojnl ef puojnljy au`r`etmmf 9,148 ?,?64 ?,1?0 6,?01 0?,968 =>0 >01 <99  Biinln`j lrmfntbrs 0,016 910 0,8== ?,469 08,><4 0>4 <1? 0=9  Cujtnj`tmr`j <0? 6=6 <=0 0,0>8 ?,<>9 09 0?1 0  bi wdnld; NO_F 0<8 ?98 01? 0=9 911 0? 081 0  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 49? ?01 186 0,9== 4,=6? 04? ?6= 0==  Xrnv`tm lrmfntbrs =,989 0,=11 0,999 0,<10 0,18? <>? =6= ?08  bi wdnld; Obefs 09 ?14 8 8 8 8 8 8  Lbccmrln`j o`egs 0,<<8 ??8 6<> <64 0,8?> 08 0< 4Xrnv`tm ebeau`r`etmmf 8 8 8 ??> 0=0 =<? 066 =??  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 0,146 0,160 0,==? 444 908 ?8? 090 0??Xuojnl `ef puojnljy au`r`etmmf 0,146 0,160 0,==? 49< ==1 06= 00< 1<  Biinln`j lrmfntbrs <0? 4?< 0,0<0 100 660 90 6> <6

  Cujtnj`tmr`j 001 ?=0 ?>1 09< 004 1 0? 0  bi wdnld; NO_F 1< 0<1 0?4 69 ?0 9 0? 0  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 0>= =1? 4<6 =61 <?? =< <1 <<  Xrnv`tm lrmfntbrs 0,61? >01 6?0 0=? 009 46 9< <>  bi wdnld; Obefs 08= 0< 8 8 8 8 8 8  Lbccmrln`j o`egs =?9 ?=0 069 <6 <8 ? ? ?Xrnv`tm ebeau`r`etmmf 8 8 8 ?= =< =1 64 6>  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s >0? ?,408 -?,904 -=,<06 -00,0=0 1? <0 -648  Emt bws be mxtmre` m t -400 0,<90 -0,=1? -<,1<< -00,>06 -66< 1< -=86

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 =,8>9 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 614 ??< ?8= 0>< ?06 04= 0=? 0<6Netmrmst 61 68 <9 <? ?4 ?< ?8 09Xrnv`tm lrmfntbrs

Xrnelnp`j 6=8 <=1 =09 0<? >6 48 1> =<Netmrmst 6= << ?6 01 0< 08 1 =

 Ebtms;

\dbrt-tmrc fmot f`t` `rm rmpbrtmf oy tdm lbuetry.

90

Page 74: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 74/341

Page 75: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 75/341

@EABJ@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 1,98< >,=6< 4,84= >,=89 1,<<1 >,?61 0?,10< 0<,1??Xuojnl ef puojnljy au`r`etmmf 1,98< >,=6< 4,84= >,=89 1,<<1 >,?61 0?,10< 0<,1??  Biinln`j lrmfntbrs 0,4<> ?,??9 ?,18< <,09? ?,=14 <,?8? 6,889 6,4?8  Cujtnj`tmr`j =1 0>0 ?>6 <10 <>9 609 6?0 660  b w l ; NO_F 8 8 8 8 8 8 8 8  NF@ 8 40 ??9 <0> <61 <9= <9> <4=

  Onj`tmr`j 0,14? ?,8<= ?,68> ?,1>0 ?,04? ?,14= <,=4= 6,<1>  Xrnv`tm lrmfntbrs =,19= 1,<09 =,<4? 9,<66 6,198 9,86= 4,181 4,>8?  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 06< 41< ?,9?= =,89? <,>?4 =,?64 1,1>8 1,>=<Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 49? ==8 0,86= <,996 0,??6 =,964 6,9?6 6,869Xuojnl ef puojnljy au`r`etmmf 49? ==8 0,86= <,996 0,??6 =,964 6,9?6 6,869  Biinln`j lrmfntbrs 09> 00> <6 <8> =84 >=< 0,08< 0,00?  Cujtnj`tmr`j = <8 ?6 <6 ?0 > 09 ?<  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 8 <8 ?6 <8 04 4 0? 0>  Onj`tmr`j 096 4> 08 ?1= 641 >66 0,841 0,84>  Xrnv`tm lrmfntbrs 9>< 6<0 0,800 <,<== 101 6,9>= <,=?0 ?,><6  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 01 <>9 0,808 <,?<9 =1< 6,=9? <,?19 ?,1>?Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 04< <<? 0,=<8 ?,?4> <,=0< <,1=< 0,0<? <,844Xuojnl ef puojnljy au`r`etmmf 04< <<? 0,=<8 ?,?4> <,=0< <,1=< 0,0<? <,844  Biinln`j lrmfntbrs => ?6 ?94 =8= 0,?89 <=0 ?14 <08  Cujtnj`tmr`j 6 ? ?1 4 0= 1 4 4  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 8 8 8 = = = 9 9  Onj`tmr`j =9 ?? ?60 6>1 0,0>0 <66 ?18 <8?  Xrnv`tm lrmfntbrs 0?< <84 0,?9? 0,146 ?,<81 <,68? 4=6 ?,114  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 4 084 0,06> 0,9=6 0,10< <,?=< 10= ?,96>Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 088 1> 06> ?=1 4?6 =11 66< <4>Xuojnl `ef puojnljy au`r`etmmf 088 1> 06> ?=1 4?6 =11 66< <4>  Biinln`j lrmfntbrs 0> 0? <9 90 <96 09? 004 06<

  Cujtnj`tmr`j ? 0 ?4 6 1 < 6 6  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 8 8 ? < < ? < <  Onj`tmr`j 09 0? 4 =1 <=9 0=> 006 0<>  Xrnv`tm lrmfntbrs 40 91 00< 0>= 698 60= <?= ?69  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs = << >< 098 <<8 <=? ?98 ?04Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l eam e mxtmre` m t stbl s 0,<8< ?81 -4>0 ?,698 -?,<=< ?,864 <,906 0,=4<  Emt bws be mxtmre` m t >11 ->8 -1<< ?,=>0 -?,8=1 ?,08= <,9=> 0,=84

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf ?=? 6<1 8 8 ? ?0 91 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 0,909 0,4>4 0,>>< 0,>4> 0,>=< 0,>?1 0,>?0 0,484Netmrmst 06= <0> <9< <6< ?>< ?<= 094 080Xrnv`tm lrmfntbrs

Xrnelnp`j ?,909 ?,6>1 ?,??= 0,=89 0,86? 608 000 008Netmrmst ?6? ?81 0=? >> 9? <9 ?< 06

9<

Page 76: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 76/341

@_AMEVNE@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 9?,?<< >4,69= 068,>06 0?6,><> 00=,49< 001,<01 004,>80 0?8,04<  Jbea-tmrc mxtmre`j fmot 64,919 18,>1> 081,=6< 48,=49 41,=96 >4,8=4 >4,>?6 088,969  Xuojnl ef puojnljy au`r`etmmf 69,419 =6,>0< 40,9<< =6,??= 98,1=6 94,8?> 94,9?1 1?,>?<  Xrnv`tm ebeau`r`etmmf 0,488 09,899 ?=,>8> ?9,<90 ?9,400 <8,8?4 <8,?>4 ?1,1?<  ]sm bi NCI lrmfnt <,84< 9,0<0 =,8=9 >,=0< 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 08,61< ?0,<== ?4,<0= <6,460 ?4,?>> 0>,?98 0>,>11 0>,=<1  netmrmst rrm`rs be jbea-tmrc 1,=>8 8 8 1,1<= 1,6=? >,6=? 08,88< 08,99=

 Cmcbr`efuc ntmcs  6,<1? 8 8 00,0>< 0?,0?= 09,0=1 04,699 0>,9<<    66,181 =6,4>0 40,=4? =6,?8= 98,9== 91,><= 94,=<4 1?,49?    <,>9> 09,844 ?=,>90 ?9,<40 ?9,>8> <8,0?< <8,<49 ?1,14=  =1? 4,<40 00,>4= ?,69? =,161 1,=?? 6,>9> <,<1=

Mxtmre`j fmot ijbwsFnsoursmcmets 0,=41 00,<0> ?8,4=< 6,9>8 4,14> >,84> 1,8<1 1,=<1  Jbea-tmrc mxtmre`j fmot 0,0=8 4,>=6 04,1=> 6,9>8 4,14> >,84> 1,8<1 1,=<1  NCI purld`sms 6<1 ?,<9= ?,8>6 8 8 8 8 8

Xrnelnp`j rmp`ycmets <,66< <,=<? 0=,91> 1,88> 06,40> =,010 6,9<= 4,146  Jbea-tmrc mxtmre`j fmot ?,16= <,864 06,688 <,6<4 =,8?9 =,010 6,9<= 4,146  NCI rmpurld`sms 9>1 646 0,?48 <,=10 >,1>< 8 8 8

 Emt ijbws -0,4=9 ?0,>1? 6,816 06,141 -0?,?4> -1,0?0 ?,=94 -?,<=8  Jbea-tmrc mxtmre`j fmot -0,=>= =,>89 6,<=> 0,?=? <,19< <,>04 ?,68? -0,?64

  \dbrt-tmrc mxtmre`j fmot 8 06,04= -0,088 01,089 -9,?=> -00,8<> 099 -0,08?Netmrmst p`ycmets ?,109 =,<?? 00,09< ?,>9? <,>1> <,116 <,84> <,<6<  Jbea-tmrc mxtmre`j fmot ?,?84 6,<?8 >,?<9 ?,084 ?,>=> ?,>88 ?,46> <,???  NCI ld`rams ?11 ?16 0>= =08 4< 8 8 8  \dbrt-tmrc mxtmre`j fmot ?<0 1?1 0,1<? <66 ><1 416 ?68 0?0

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 0,4<9 =,98> 08,604 =,?9= =,=<1 9,61< >,1?9 6,88>Xbrtibjnb mqunty 8 0,==? -<,??1 -64 181 0,14= -=<0 -?0?

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. <9.9 <9.9 <>.0 <9.> <9.8K`p`emsm yme 9.1 >.? 9.? ?.1 ?.= ?.< ?.> ?.1Xbuef stmrjnea 0.0 8.? 8.9 8.0 8.0 8.0 8.0 8.0\wnss ir`el ?.? 0.9 8.6 8.6 8.6 8.6 8.6 8.6].\.fbjj`rs =6.= =1.= 90.8 =6.6 ==.> =6.1 =1.8 =4.4

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 9.= 9.= 1.? 6.? =.= 9.0 <.? 0.<  C`turnty (ym`rs) 0>.? 09.< 04.? 01.< ?8.< 04.> 04.6 ?9.<  Ar`lm pmrnbf (ym`rs) 6.8 6.1 6.4 6.9 =.8 6.4 <.9 <.>Xrnv`tm lrmfntbrs

  Netmrmst (%) 9.8 1.6 08.8 =.8 =.1 9.9 9.4 =.6  C`turnty (ym`rs) 4.6 6.4 00.9 4.6 00.0 0<.1 0?.4 ?4.=  Ar`lm pmrnbf (ym`rs) 0.< 6.9 00.9 <.1 9.8 00.= 00.< 0>.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 0<=,0=8 ?=<,<>9 ?19,9=9 019,=1= ?84,446 ?=1,0?> <?0,?=1 ?>>,694Mxpbrts bi abbfs, smrvnlms & nelbcm 09,9=6 ?>,<=9 <4,9>1 =0,<<6 98,?== 1?,>9> 41,10? 18,09?Qbrgmr rmcnt. & lbcp. bi mcpjbymms ?< 96 49 6<? =60 989 9>4 998Ncpbrts bi abbfs, smrvnlms & nelbcm 0<,088 <=,818 64,819 69,=6< =?,>61 9=,>91 48,4?9 90,=10Xrbint rmcntt`elms be IFN 9<1 ?,0?> <,849 =,6=9 1,00? 1,?4< 1,>8? 4,<=9Lurrmet llbuet o`j`elm 6,==? -=,004 -4,>40 =,?1= 1,194 1,<== 1,8<1 4,9<=Netmre`tnbe`j rmsmrvms 9,??? 0=,>1> ?=,0=? ?4,84? <?,8?? 69,06> 69,<4= 64,881

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) <1<.1 <<=.6 <96.0 ?6<.6 0>?.< 098.4 0<=.9 010.<Mxtmre`j fmot stblgs tb AEN (%) 69.8 <4.> =8.> 18.4 ==.= 6=.9 <1.8 68.0Fmot smrvnlm tb mxpbrts (%) <1.8 <8.? 9>.6 0>.6 <9.? 0?.< 4.4 01.<\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 09.4 ?0.1 ?8.0 ?1.> ?6.6 09.6 09.4 09.<Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 4.8 >.= 00.= 0?.= 0?.> 0?.1 0?.6 0<.6_msmrvms tb mxtmre`j fmot stblgs (%) 08.8 09.? 01.4 ??.= ?1.9 <>.< <>.8 <>.>_msmrvms tb ncpbrts (cbetds) =.1 =.= 9.< 1.? 1.< 4.6 9.> >.6

96

Page 77: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 77/341

Page 78: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 78/341

@_CMEN@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs .. <10 >09 0,46? ?,886 ?,4>4 <,689 6,><=  Jbea-tmrc mxtmre`j fmot .. ?>4 9>1 0,<94 0,=<< ?,?40 ?,404 <,4<1  Xuojnl ef puojnljy au`r`etmmf .. ?>4 91= >?< 0,8<1 0,?4? 0,669 ?,<19  Xrnv`tm ebeau`r`etmmf .. 8 ?0 669 6>9 >>> 0,<1< 0,690  ]sm bi NCI lrmfnt .. 18 01= 019 096 0=4 0<= =41  \dbrt-tmrc mxtmre`j fmot .. ? 66 ?>4 <81 6=> 6=< =0?  netmrmst `rrm`rs be jbea-tmrc .. 0 9 8 8 8 8 8

 Cmcbr`efuc ntmcs  .. 1= 6 8 8 8 8 8    .. ?>4 91= >?< 0,8<1 0,?4? 0,669 ?,<19    .. 8 ?0 669 6>9 >>> 0,<1< 0,690  .. 0<0 16 ?=0 9= ?8< ?80 4>4

Mxtmre`j fmot ijbwsFnsoursmcmets .. 064 46 011 01= 190 14< 0,1<?  Jbea-tmrc mxtmre`j fmot .. 08? 46 094 09= 1=0 119 0,?99  NCI purld`sms .. 69 8 08 08 08 1 699

Xrnelnp`j rmp`ycmets .. < <0 086 48 4? ?48 <?4  Jbea-tmrc mxtmre`j fmot .. < 0= 9> 6> =4 ?=< <8=  NCI rmpurld`sms .. 8 09 <6 <0 ?6 ?1 ?<

 Emt ijbws .. 061 6? -<4 086 4<0 6>1 0,69?  Jbea-tmrc mxtmre`j fmot .. 088 9> >4 009 9>< =?< >90

  \dbrt-tmrc mxtmre`j fmot .. 0 -00 -00? > 0=? -9 =>Netmrmst p`ycmets .. 4 0= <= 18 081 4= 08?  Jbea-tmrc mxtmre`j fmot .. 1 > ?< => >0 18 40  NCI ld`rams .. ? < 0 0 0 0 6  \dbrt-tmrc mxtmre`j fmot .. 8 ? 00 00 0= 0= 04

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet .. ?= 086 ?<> 6=< 9>> ><= 111Xbrtibjnb mqunty .. .. 8 0 -0 8 -0 0

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 4.8 4.4 >.8 4.1 9.<K`p`emsm yme .. 8.8 8.8 8.? 8.6 1.8 0?.0 00.<Xbuef stmrjnea .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs .. 9?.9 ><.< 49.< 4?.9 10.? 9?.> 99.8

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) .. 0.< 8.4 8.4 8.4 0.= 0.? ?.>  C`turnty (ym`rs) .. <?.9 <=.1 <>.9 <?.? ?6.6 <?.0 0>.1  Ar`lm pmrnbf (ym`rs) .. >.? 08.? 08.8 08.< 4.1 4.4 =.>Xrnv`tm lrmfntbrs

  Netmrmst (%) .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) .. 0,699 0,>96 =,8<< 9,988 >,64= 0?,<44 4,>?9Mxpbrts bi abbfs, smrvnlms & nelbcm .. <=6 ==0 0,41< ?,0<6 ?,=44 ?,1=0 ?,8=9Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. 9= 41 6>4 9=4 469 0,89? 19>Ncpbrts bi abbfs, smrvnlms & nelbcm .. 160 0,801 ?,66> ?,>69 6,0?? =,?1? 6,04>Xrbint rmcntt`elms be IFN .. .. ?? 018 ?66 <<? ?1> <<?Lurrmet `llbuet o`j`elm .. -?04 -?14 -=? -001 -=>8 -0,<4< -0,<?9Netmre`tnbe`j rmsmrvms .. 000 <06 99> 0,81? 0,9=> 0,681 ?,886

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. 086.1 099.6 >4.< ><.> 00?.8 0?<.4 ?68.8Mxtmre`j fmot stblgs tb AEN (%) .. ?=.< 69.9 <9.9 <8.6 <8.9 ?1.= ==.<Fmot smrvnlm tb mxpbrts (%) .. <.? 4.< 1.6 1.8 1.< 0<.< ?8.>\dbrt-tmrc tb mxtmre`j fmot stblgs (%) .. 8.9 6.4 09.? 0=.< 0=.4 0<.< 08.6Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) .. =9.0 =?.> 6<.> 6=.0 <=.> <?.9 ?4.>_msmrvms tb mxtmre`j fmot stblgs (%) .. <8.8 <6.< <9.< =<.= =1.? 60.< 68.9_msmrvms tb ncpbrts (cbetds) .. 0.4 <.1 <.< 6.6 6.4 <.? =.1

99

Page 79: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 79/341

@_CMEN@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf .. ?>4 9>1 0,<94 0,=<< ?,?40 ?,404 <,4<1Xuojnl `ef puojnljy au`r`etmmf .. ?>4 91= >?< 0,8<1 0,?4? 0,669 ?,<19  Biinln`j lrmfntbrs .. ?>4 9=4 >?0 0,8<9 0,?40 0,666 ?,<1=  Cujtnj`tmr`j .. ?84 64= 484 >8= 0,860 0,000 0,6?1  b w l ; NO_F .. = 4 9 9 = = =<  NF@ .. >0 <44 169 460 >9= 0,8?= 0,090

  Onj`tmr`j .. >8 01< 00< 0<0 ?68 <<< >64  Xrnv`tm lrmfntbrs .. 8 01 0 0 0 0 0  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 = 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 ?0 669 6>9 >>> 0,<1< 0,690  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Fnsoursmcmets .. 08? 46 094 09= 1=0 119 0,?99Xuojnl `ef puojnljy au`r`etmmf .. 08? 9< =8 4< ?81 096 >60  Biinln`j lrmfntbrs .. 08? 9? =8 4< ?81 096 >60  Cujtnj`tmr`j .. 08? =4 <1 1? 008 >? <?6  bi wdnld; NO_F .. < 8 8 8 8 8 6>  NF@ .. 44 =6 <6 96 >< 48 06?  Onj`tmr`j .. 8 6 06 00 >1 1? 901  Xrnv`tm lrmfntbrs .. 8 0 8 8 8 8 8  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 ?0 001 4? =66 90? <?=

  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets .. < 0= 9> 6> =4 ?=< <8=Xuojnl `ef puojnljy au`r`etmmf .. < 0= 09 01 01 0= ?0  Biinln`j lrmfntbrs .. < 0< 09 01 01 0= ?0  Cujtnj`tmr`j .. 8 4 06 0= 0= 0< 0=  bi wdnld; NO_F .. 8 8 0 0 0 0 0  NF@ .. 8 8 < 9 1 00 06  Onj`tmr`j .. < = ? ? ? ? 9  Xrnv`tm lrmfntbrs .. 8 ? 8 8 8 8 8  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 8 =< <? 6? ?<4 ?46  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Netmrmst p`ycmets .. 1 > ?< => >0 18 40Xuojnl `ef puojnljy au`r`etmmf .. 1 > > > 08 00 ?<  Biinln`j lrmfntbrs .. 1 > > > 08 00 ?<

  Cujtnj`tmr`j .. 1 4 4 4 4 > >  bi wdnld; NO_F .. 8 8 8 8 8 8 8  NF@ .. 8 < 9 9 1 4 4  Onj`tmr`j .. 8 0 ? ? ? ? 06  Xrnv`tm lrmfntbrs .. 8 8 8 8 8 8 8  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 8 06 6> 40 =4 =4  bi wdnld; Obefs .. 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s .. 0=9 0= -0?1 09? 4>6 =84 0,=<8  Emt bws be mxtmre` m t .. 061 6? -<4 086 4<0 6>1 0,69?

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf .. 8 06 8 8 8 8 8

bt` cbuet bra vme ..

Fmot ouyo`lg .. 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j ?= ?4 <8 1= >0 >= 086 00>Netmrmst <= <9 <9 <9 <6 <? <8 ?>Xrnv`tm lrmfntbrs

Xrnelnp`j <94 ?>8 ?=1 0=8 00> 44 16 =4Netmrmst 9< 61 <? ?< 09 00 1 6

 Ebtms;

\dbrt-tmrc fmot ns o`smf be rmpbrts prbvnfmf oy tdm lbuetry.

91

Page 80: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 80/341

@[M_O@NK@E

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs .. <?0 0,<?4 ?,86< ?,=49 <,=>< 6,<0= 6,49=  Jbea-tmrc mxtmre`j fmot .. ?89 4<9 0,9>< 0,><? ?,661 <,899 <,>><  Xuojnl ef puojnljy au`r`etmmf .. ?89 1<1 0,=89 0,4?4 ?,<86 ?,1<> <,68<  Xrnv`tm ebeau`r`etmmf .. 8 >> 041 086 06< <?1 =>8  ]sm bi NCI lrmfnt .. 080 <<9 096 0<6 08< 1> 9?  \dbrt-tmrc mxtmre`j fmot .. 06 0=9 049 =?8 0,86< 0,09> 408  netmrmst `rrm`rs be jbea-tmrc .. 9 8 8 8 8 8 8

 Cmcbr`efuc ntmcs  .. <9 8 8 8 8 8 8    .. ?89 1<1 0,=89 0,4?4 ?,<86 ?,1<> <,68<    .. 8 >> 041 086 06< <?1 =>8  .. 044 ?8? 0,<41 60? 1?< 0,>?4 0,<94

Mxtmre`j fmot ijbwsFnsoursmcmets .. ?8= ?=9 66> 694 6>8 1?1 >4=  Jbea-tmrc mxtmre`j fmot .. 08? ?=9 6<8 694 6>8 1?1 >4=  NCI purld`sms .. 08< 8 0> 8 8 8 8

Xrnelnp`j rmp`ycmets .. 8 16 0>4 ?0= 006 048 <84  Jbea-tmrc mxtmre`j fmot .. 8 ?? 0=8 014 11 0=> ?>8  NCI rmpurld`sms .. 8 =0 64 <1 <1 ?? 0>

 Emt ijbws .. ?81 <8> <88 =41 4>> 91< <04  Jbea-tmrc mxtmre`j fmot .. 08? ?<6 ?40 ?>8 60< =94 9>9

  \dbrt-tmrc mxtmre`j fmot .. ? 0?1 64 <<6 =?< 0?9 -<=>Netmrmst p`ycmets .. 08 =9 <9 == 44 00? 4>  Jbea-tmrc mxtmre`j fmot .. > <1 ?1 <> 9> 1> 18  NCI ld`rams .. 0 06 ? ? 0 0 8  \dbrt-tmrc mxtmre`j fmot .. 8 = 9 0= 04 << 0>

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet .. <<8 0<8 0,948 -=46 -6,16> 0= 61<Xbrtibjnb mqunty .. .. .. 8 0 ? 8 8

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 0?.9 04.9 ?0.9 ?8.1 ?9.=K`p`emsm yme .. 8.8 ?8.4 ?6.4 0>.4 09.9 01.< 0?.=Xbuef stmrjnea .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el .. 8.8 9.= 6.0 <.0 ?.6 ?.0 0.=].\.fbjj`rs .. =0.6 9=.4 =6.0 =?.= =0.4 =0.4 =0.9

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) .. 0.6 6.< ?.< 6.= =.? <.8 0.9  C`turnty (ym`rs) .. <?.? ??.9 ?4.4 ?6.1 ?8.0 ?0.= ?=.?  Ar`lm pmrnbf (ym`rs) .. >.6 6.1 1.1 4.8 6.? 6.4 9.9Xrnv`tm lrmfntbrs

  Netmrmst (%) .. 8.8 4.? <.= 9.8 9.9 6.4 6.<  C`turnty (ym`rs) .. 8.8 >.1 0<.< 0?.8 >.4 0<.8 0=.?  Ar`lm pmrnbf (ym`rs) .. 8.8 0.0 <.8 8.= 0.< =.8 6.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) .. <,8<> 6,>41 00,=>> 04,<8? ?1,>18 68,>>? 68,?==Mxpbrts bi abbfs, smrvnlms & nelbcm .. 1>= ?,016 4,=<6 06,?<= ??,46= <?,1?4 ?<,<>4Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. < =1 9>< 40< 0,?41 0,==6 0,?16Ncpbrts bi abbfs, smrvnlms & nelbcm .. 0,<89 ?,60= 4,4=8 00,8>< 06,4<0 01,<?= 0<,>6?Xrbint rmcntt`elms be IFN .. 8 <01 0,=4? ?,9?6 6,>>= =,680 <,996Lurrmet `llbuet o`j`elm .. -680 -094 091 <,184 >,80> 09,6=6 08,014Netmre`tnbe`j rmsmrvms .. 0?0 948 0,014 ?,=88 6,?1< 9,691 =,<96

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. 68.6 90.0 ?<.> 04.? 0=.1 0<.? ?8.4Mxtmre`j fmot stblgs tb AEN (%) .. 08.9 ?9.9 01.9 06.0 0?.4 08.= 0?.0Fmot smrvnlm tb mxpbrts (%) .. 0.< 9.8 ?.1 0.> 8.> 8.> 0.1\dbrt-tmrc tb mxtmre`j fmot stblgs (%) .. 6.6 00.4 >.0 ?8.0 ?>.8 ?1.0 09.9Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) .. <8.4 ?6.< <8.4 ?4.6 ?9.4 ?9.6 <8.8_msmrvms tb mxtmre`j fmot stblgs (%) .. <1.1 =0.? =1.1 >9.1 004.> 06>.> 008.<_msmrvms tb ncpbrts (cbetds) .. 0.0 <.6 0.9 ?.1 <.= 6.= 6.9

94

Page 81: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 81/341

@[M_O@NK@E

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf .. ?89 4<9 0,9>< 0,><? ?,661 <,899 <,>><Xuojnl ef puojnljy au`r`etmmf .. ?89 1<1 0,=89 0,4?4 ?,<86 ?,1<> <,68<  Biinln`j lrmfntbrs .. ?89 961 0,?01 0,<== 0,=>6 0,4>? ?,0>0  Cujtnj`tmr`j .. >> <?< 9<8 1<= >9< 0,068 0,69?  b w l ; NO_F .. 8 8 8 = ?0 14 0>>  NF@ .. <8 ?09 =80 =4< 998 9>4 1<>

  Onj`tmr`j .. 081 <?6 =41 9?8 9<0 1=? 1<8  Xrnv`tm lrmfntbrs .. 8 >8 ?4> 61< 108 464 0,?0?  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 9= ?4> 60> =18 9=? >94Xrnv`tm ebeau`r`etmmf .. 8 >> 041 086 06< <?1 =>8  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Fnsoursmcmets .. 08? ?=9 6<8 694 6>8 1?1 >4=Xuojnl `ef puojnljy au`r`etmmf .. 08? ?=8 <89 66< 66< =0? 46=  Biinln`j lrmfntbrs .. 08? ?8> 18 ?99 ?<< ?4< 6<0  Cujtnj`tmr`j .. >8 =9 =1 ?00 ?0> ?0< <91  bi wdnld; NO_F .. 8 8 8 = 09 =9 0??  NF@ .. <8 ?1 64 98 =4 =8 6=  Onj`tmr`j .. 0< 0=< 0< == 06 18 96  Xrnv`tm lrmfntbrs .. 8 60 ?<9 011 ?08 ??4 606  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 <4 ?<9 0?0 00> 091 <69Xrnv`tm ebeau`r`etmmf .. 8 9 0?6 ?= 61 ?09 068

  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets .. 8 ?? 0=8 014 11 0=> ?>8Xuojnl `ef puojnljy au`r`etmmf .. 8 0= =< 9? 99 0<9 ?06  Biinln`j lrmfntbrs .. 8 0< <9 6< =8 18 0<=  Cujtnj`tmr`j .. 8 > 04 01 ?0 ?> =6  bi wdnld; NO_F .. 8 8 8 8 8 8 8  NF@ .. 8 8 ? 6 9 4 >  Onj`tmr`j .. 8 6 0> ?9 ?> 60 40  Xrnv`tm lrmfntbrs .. 8 ? 09 0> 09 99 14  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 8 09 01 0< => =>Xrnv`tm ebeau`r`etmmf .. 8 1 >1 009 00 ?< 19  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Netmrmst p`ycmets .. > <1 ?1 <> 9> 1> 18Xuojnl `ef puojnljy au`r`etmmf .. > <? ?8 <? 9? 91 =?  Biinln`j lrmfntbrs .. > <0 09 04 <= ?> <0

  Cujtnj`tmr`j .. ? 1 > 00 ?9 ?0 ??  bi wdnld; NO_F .. 8 8 8 0 0 < =  NF@ .. 8 ? 6 6 = = =  Onj`tmr`j .. 1 ?6 1 1 > > >  Xrnv`tm lrmfntbrs .. 8 0 6 06 ?1 <4 ?0  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 8 6 0< ?6 <= 0=Xrnv`tm ebeau`r`etmmf .. 8 = 1 1 1 00 04  bi wdnld; Obefs .. 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s .. ?84 ?== >6 =6< 0,881 1?0 ==8  Emt bws be mxtmre` m t .. ?81 <8> <88 =41 4>> 91< <04

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf .. 8 8 8 8 8 8 8

bt` cbuet bra vme ..

Fmot ouyo`lg .. 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 0<< 0<8 0>6 ?8> ?<< ?6= ?46 ?4=Netmrmst <6 68 66 69 61 69 6= 6?Xrnv`tm lrmfntbrs

Xrnelnp`j ?6< ?=9 ??8 ?0? ??4 ?0< 04= 0=4Netmrmst 64 6? <= ?> ?6 0> 06 08

 Ebtms;

Jbea-tmrc prnv`tm ebeau`r`etmmf fmot f`t` bejy lbvmr Murbpm`e O`eg ibr _mlbestrultnbe `ef Fmvmjbpcmet.

9>

Page 82: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 82/341

O@EAJ@FM\D

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 0?,?4= 0=,1?9 0=,=<= 04,<40 ?8,8<? ?0,?>9 ??,449 ?<,4?8  Jbea-tmrc mxtmre`j fmot 00,=86 06,>8= 06,>4= 01,<4= 04,<14 0>,6?9 ?8,<81 ?0,?89  Xuojnl ef puojnljy au`r`etmmf 00,=86 06,>8= 06,>4= 01,<4= 04,<14 0>,6?9 ?8,<81 ?0,?89  Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  ]sm bi NCI lrmfnt 9?9 9?? ?09 <84 619 =80 949 91=  \dbrt-tmrc mxtmre`j fmot 0=9 0>> <<6 944 0,014 0,<18 0,4>6 0,><>  netmrmst `rrm`rs be jbea-tmrc 0 0= 8 09 8 6 0 8

 Cmcbr`efuc ntmcs  00 0< 6 0 < =< 08 1    00,=86 06,>8= 06,>4= 01,<4= 04,<14 0>,6?9 ?8,<81 ?0,?89    8 8 8 8 8 8 8 8  0,?<0 109 =44 0,089 0,<?? 0,>>1 ?,1=0 0,1>9

Mxtmre`j fmot ijbwsFnsoursmcmets 0,?96 1=1 490 >19 0,?00 0,848 0,><> 0,6>>  Jbea-tmrc mxtmre`j fmot 0,?8< 1=1 490 414 0,890 0,848 0,1<? 0,6>>  NCI purld`sms 98 8 8 >1 0=8 8 ?89 8

Xrnelnp`j rmp`ycmets =<> =16 =1? =99 64? 1<= 968 1?>  Jbea-tmrc mxtmre`j fmot <<= =0< 641 =99 64? 1<= 9<? 18=  NCI rmpurld`sms ?86 90 49 8 8 8 4 ?<

 Emt ijbws 40? 04? <94 <18 0,?<= =<? 0,4?9 401  Jbea-tmrc mxtmre`j fmot 494 ?66 <16 <0? =1> <66 0,088 1>6

  \dbrt-tmrc mxtmre`j fmot 44 -0 48 -68 =89 044 =?1 69Netmrmst p`ycmets 0>9 048 0>6 ?<< ??4 ?== ?6> ??4  Jbea-tmrc mxtmre`j fmot 069 091 09= 0>1 091 048 ?8< 0>1  NCI ld`rams 68 < 1 0 ? ? 1 9  \dbrt-tmrc mxtmre`j fmot > 08 ?? <= => 1? <> ?=

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet < ? ?48 40< 9>1 9=< 0,808 916Xbrtibjnb mqunty 8 -0= 0 ?8 <0 0=< -64 -0=6

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 8.1 8.4 8.> 8.1 8.9K`p`emsm yme ?6.? ?=.9 ?8.< 06.? 0?.= 08.6 08.8 >.8Xbuef stmrjnea =.0 <.= <.8 ?.0 0.> 0.1 0.= 0.6\wnss ir`el 8.0 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs 64.< 60.1 66.< =8.1 =?.< =0.> =?.6 =<.=

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 0.0 0.> ?.6 0.= ?.8 ?.0 0.? ?.8  C`turnty (ym`rs) <1.9 <4.? ?4.6 <=.? <<.9 <?.6 <1.9 ?=.6  Ar`lm pmrnbf (ym`rs) 08.? 08.8 1.6 >.? 4.1 4.? >.= 1.<Xrnv`tm lrmfntbrs

  Netmrmst (%) =.4 8.8 <.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 00.4 8.8 0?.1 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) <.6 8.8 <.? 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) <8,1=1 <>,8>1 64,4?4 9<,<>1 9=,>=8 1<,=?9 49,986 >>,<>0Mxpbrts bi abbfs, smrvnlms & nelbcm ?,0?4 6,18? 1,?>< 08,994 0<,89= 06,<<= 01,9>8 01,898Qbrgmr rmcnt. & lbcp. bi mcpjbymms 11> 0,?8? 0,>94 6,<0= =,6?4 9,=9? 4,>60 08,=?<Ncpbrts bi abbfs, smrvnlms & nelbcm 6,068 1,1>8 08,804 0=,904 01,48? ?8,199 ?9,<4? ?6,=>8Xrbint rmcntt`elms be IFN 8 8 06> 990 19= >8< 468 0,846Lurrmet `llbuet o`j`elm -<>4 -4?6 -<89 -019 0,0>9 4=1 >?9 <,<6=Netmre`tnbe`j rmsmrvms 998 ?,<19 0,=09 ?,4?= <,411 =,?11 =,141 08,<6?

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) =11.< <<6.= ?0<.8 01?.< 0=<.< 064.9 0?>.6 0<>.9Mxtmre`j fmot stblgs tb AEN (%) <>.> 68.? <0.4 ?>.8 <8.6 ?>.8 ?9.6 ?6.8Fmot smrvnlm tb mxpbrts (%) <6.9 09.0 08.= 1.= =.6 9.> =.8 =.9\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 0.< 0.< ?.? <.1 =.> 9.6 4.< 4.0Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) =?.6 90.= 18.4 19.6 16.9 19.9 1=.9 11.0_msmrvms tb mxtmre`j fmot stblgs (%) =.6 0=.0 >.4 0=.6 0>.6 ?6.4 ?=.< 6<.6_msmrvms tb ncpbrts (cbetds) 0.> <.1 0.4 ?.? ?.9 <.8 ?.9 =.8

18

Page 83: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 83/341

Page 84: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 84/341

OMJ@_]\

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs .. 0,9>6 ?,068 6,1<1 =,<=? 08,<60 0?,?>> 01,0=4  Jbea-tmrc mxtmre`j fmot .. 0,<8? 141 0,?<< 0,9>1 <,69< =,<68 9,?9?  Xuojnl ef puojnljy au`r`etmmf .. 0,<80 94> 149 46? ?,<<4 <,1=? 6,1=4  Xrnv`tm ebeau`r`etmmf .. 8 >4 664 4== 0,0?= 0,=4> 0,=86  ]sm bi NCI lrmfnt .. ?4< 006 8 8 8 8 ?,410  \dbrt-tmrc mxtmre`j fmot .. 008 0,?<> <,=8< <,9=6 9,414 9,>=> 4,8?6  netmrmst `rrm`rs be jbea-tmrc .. 0> 06 0 6 ? ? <

 Cmcbr`efuc ntmcs  .. 068 ?> <1 ?? 08 6 0>    .. 0,<80 94> 111 4<1 ?,<<9 <,1=? 6,1=4    .. 8 >4 6=9 498 0,0?1 0,=4> 0,=86  .. 06= 0<9 60? 016 0,9<> 0,>90 0,6>?

Mxtmre`j fmot ijbwsFnsoursmcmets .. 660 ?6> 964 161 ?,=<? ?,18> 6,>01  Jbea-tmrc mxtmre`j fmot .. ?=4 ?6> 964 161 ?,=<? ?,18> ?,8>0  NCI purld`sms .. 04? 8 8 8 8 8 ?,4?=

Xrnelnp`j rmp`ycmets .. 084 ?90 =0> 64< 1=1 4?9 ><=  Jbea-tmrc mxtmre`j fmot .. 084 ?89 =08 64< 1=1 4?9 ><=  NCI rmpurld`sms .. 8 =9 > 8 8 8 8

 Emt ijbws .. <9> -4> 9>= 60? =,888 0,>9= =,869  Jbea-tmrc mxtmre`j fmot .. 0=8 6< 0<4 ?96 0,11= 0,44< 0,0=1

  \dbrt-tmrc mxtmre`j fmot .. <9 -19 =99 064 <,??= 4? 0,896Netmrmst p`ycmets .. 16 081 090 ?=8 <?? <6> <0<  Jbea-tmrc mxtmre`j fmot .. => <> =0 1? 40 ?<? 01?  NCI ld`rams .. 08 1 8 8 8 8 0<  \dbrt-tmrc mxtmre`j fmot .. 6 90 000 014 ?60 001 0?4

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet .. 0= 00> <8= <=6 0,14= ?,040 0,446Xbrtibjnb mqunty .. .. 0 0 -0 = 0 0

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 06.6 ?9.8 >.> 6.0 1.4K`p`emsm yme .. ?.< ?.? 0.0 8.1 8.0 8.8 8.8Xbuef stmrjnea .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el .. 8.1 8.0 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs .. =8.4 64.> 10.4 90.0 4=.= ><.6 4>.<

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) .. =.0 9.4 =.8 =.> 6.9 9.0 6.?  C`turnty (ym`rs) .. 09.8 =.> 1.9 09.> 06.> 0?.0 0<.6  Ar`lm pmrnbf (ym`rs) .. =.9 ?.6 0.6 =.6 =.6 6.? 6.1Xrnv`tm lrmfntbrs

  Netmrmst (%) .. 4.0 1.? 4.> 1.? 6.4 8.8 <.?  C`turnty (ym`rs) .. =.4 ?.= 0.0 ?.< <.8 8.8 >.8  Ar`lm pmrnbf (ym`rs) .. 0.9 0.8 0.0 0.< 0.8 8.8 ?.<

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) .. 0<,>?? 0?,9>8 <8,??8 <9,460 66,418 =>,>16 64,?6>Mxpbrts bi abbfs, smrvnlms & nelbcm .. =,?10 1,991 04,<=8 ??,64? ?1,>80 <1,<44 ?=,818Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. ?> 0<> ?== <68 <=6 66< <=?Ncpbrts bi abbfs, smrvnlms & nelbcm .. =,48= 4,098 04,81> ?6,0<6 <0,0?6 6?,466 <0,1?>Xrbint rmcntt`elms be IFN .. .. = 0<= ?<9 6<= 94? 410Lurrmet `llbuet o`j`elm .. -6=4 -<<4 6<9 -0,664 -<,8<? -=,?9? -9,68?Netmre`tnbe`j rmsmrvms .. <11 <=8 0,<6? 0,<49 6,01> <,89< =,968

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. <?.0 ?1.> ?=.4 ?<.4 <1.0 <?.> 94.6Mxtmre`j fmot stblgs tb AEN (%) .. 0?.? 09.> 0=.1 06.= ?<.8 ?8.= <=.9Fmot smrvnlm tb mxpbrts (%) .. <.6 6.4 <.1 <.< <.> <.0 =.8\dbrt-tmrc tb mxtmre`j fmot stblgs (%) .. 9.= =1.> 16.8 94.< 99.= =9.9 69.4Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) .. 00.0 08.0 0.1 0.? 8.= 8.6 0.=_msmrvms tb mxtmre`j fmot stblgs (%) .. ??.< 09.6 ?4.< ?=.> 68.6 ?6.> <?.>_msmrvms tb ncpbrts (cbetds) .. 8.4 8.= 8.> 8.1 0.9 8.> ?.0

1?

Page 85: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 85/341

Page 86: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 86/341

OMJN[M

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 06< ?== 90? 0,80? 0,8<9 0,84= 0,810 0,8>?  Jbea-tmrc mxtmre`j fmot 0<9 ?0> =9? 0,889 0,8?> 0,814 0,896 0,819  Xuojnl ef puojnljy au`r`etmmf 0<9 ?0> ==< >40 0,88> 0,896 0,864 0,89<  Xrnv`tm ebeau`r`etmmf 8 8 4 ?= ?8 06 09 06  ]sm bi NCI lrmfnt 8 8 8 8 8 8 8 1  \dbrt-tmrc mxtmre`j fmot 9 <9 =8 9 1 9 1 4  netmrmst `rrm`rs be jbea-tmrc 0 0 8 9 1 9 1 4

 Cmcbr`efuc ntmcs  ? 0 8 ? 8 0 0 0    0<9 ?0> ==< >40 0,88> 0,8=? 0,8<4 0,8=6    8 8 4 ?= ?8 ?9 ?9 ?<  = ?> ??6 0>> 089 =>0 09 >8

Mxtmre`j fmot ijbwsFnsoursmcmets 04 <0 ??< ?0? >> 90= 6< 1?  Jbea-tmrc mxtmre`j fmot 04 <0 ??< ?0? >> 90= 6< 96  NCI purld`sms 8 8 8 8 8 8 8 1

Xrnelnp`j rmp`ycmets 0? ?= 60 098 11 =91 =9 =?  Jbea-tmrc mxtmre`j fmot > ?= 60 098 11 =91 =9 =?  NCI rmpurld`sms < 8 8 8 8 8 8 8

 Emt ijbws 1 ?1 040 =< ?< 64 -0< 0>  Jbea-tmrc mxtmre`j fmot > 9 04? =< ?< 64 -0< 0?

  \dbrt-tmrc mxtmre`j fmot 0 ?0 -0 8 8 8 8 8Netmrmst p`ycmets 9 00 <= 1< 96 96 =0 61  Jbea-tmrc mxtmre`j fmot 9 08 <? 1< 96 96 =0 61  NCI ld`rams 8 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 8 0 < 8 8 8 8 8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 01 ?0 ?< 0?1 08> 068 0>0 >=Xbrtibjnb mqunty 8 8 8 8 6 8 ? 8

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 0.< 0.6 0.< 8.4 8.4K`p`emsm yme 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea ?<.9 08.8 0.4 8.6 8.6 8.? 8.0 8.0\wnss ir`el 8.8 8.0 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs 6=.< 9?.1 ><.? >9.1 >9.> >1.? >1.4 >4.8

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) =.8 =.> 9.< 8.8 ?.> =.< 6.0 0.>  C`turnty (ym`rs) 08.8 01.> ?0.0 ?4.6 08.= ??.< ?<.6 ??.?  Ar`lm pmrnbf (ym`rs) ?.= <.> =.< 0.8 ?.6 =.9 =.9 6.9Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 4.9 >.= 6.1 8.8 6.? 6.< 8.8  C`turnty (ym`rs) 8.8 6.4 4.0 1.0 8.8 ?0.> ??.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.< <.8 0.9 8.8 0?.? 0?.= 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 689 =>> 11= 0,888 0,844 0,004 0,0>1 ..Mxpbrts bi abbfs, smrvnlms & nelbcm ?== <88 660 9<6 488 4<0 41? 1<0Qbrgmr rmcnt. & lbcp. bi mcpjbymms 04 06 ?9 69 9= 1= 14 48Ncpbrts bi abbfs, smrvnlms & nelbcm ?9> <=0 990 4<9 4>> >19 0,009 >8=Xrbint rmcntt`elms be IFN 1 4 <0 <= =? 41 >6 99Lurrmet `llbuet o`j`elm 0= -01 -09? -0=0 -?= -=? -0<? ->6Netmre`tnbe`j rmsmrvms 18 <4 0?< 10 006 08> 099 ?06

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) ==.> 4=.8 0<4.9 0=>.9 0?>.= 0<8.9 0??.1 06>.<Mxtmre`j fmot stblgs tb AEN (%) <=.0 6?.9 14.> 080.0 >=.? >1.8 4>.6 ..Fmot smrvnlm tb mxpbrts (%) 1.? 0?.? 01.< <9.1 01.9 19.8 0?.< 0<.9\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 6.< 06.8 4.? 8.9 8.9 8.9 8.9 8.1Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 68.? <=.0 ??.? ?0.6 ?0.? ?0.1 ?0.0 ??.=_msmrvms tb mxtmre`j fmot stblgs (%) 64.> 06.1 ?8.0 1.0 00.8 08.8 0=.= 0>.9_msmrvms tb ncpbrts (cbetds) <.0 0.< ?.? 0.8 0.= 0.< 0.4 ?.4

16

Page 87: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 87/341

OMJN[M

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 0<9 ?0> =9? 0,889 0,8?> 0,814 0,896 0,819Xuojnl ef puojnljy au`r`etmmf 0<9 ?0> ==< >40 0,88> 0,896 0,864 0,89<  Biinln`j lrmfntbrs 004 01= ??= <68 681 <4< <40 681  Cujtnj`tmr`j =1 4> 0<9 ?09 ?0> ?<9 ??9 ?6=  b w l ; NO_F 04 <8 68 <= <8 ?= ?0 09  NF@ 8 8 8 8 8 8 8 8

  Onj`tmr`j 90 49 4> 0?6 044 064 0=9 09?  Xrnv`tm lrmfntbrs 04 66 <?4 960 98? 940 991 9==  bi wdnld; Obefs 8 8 1= 64? 699 ?6 ?? ?0  Lbccmrln`j o`egs 09 <> ?6= 06> 0?> 9=? 96? 9<6Xrnv`tm ebeau`r`etmmf 8 8 4 ?= ?8 06 09 06  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 04 <0 ??< ?0? >> 90= 6< 96Xuojnl `ef puojnljy au`r`etmmf 04 <0 ?04 ?0? >> 90= 6< 96  Biinln`j lrmfntbrs 0< ?9 ?9 64 >1 9< 60 9<  Cujtnj`tmr`j 9 0? ?? 06 01 <9 04 <6  bi wdnld; NO_F < 9 ? 0 8 8 8 8  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 1 0< 6 <6 48 ?9 ?6 <8  Xrnv`tm lrmfntbrs = = 0>? 09= < ==? ? 0  bi wdnld; Obefs 8 8 49 06< 8 8 8 8  Lbccmrln`j o`egs = = >9 0? < ==? ? 0Xrnv`tm ebeau`r`etmmf 8 8 = 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets > ?= 60 098 11 =91 =9 =?Xuojnl `ef puojnljy au`r`etmmf > ?= 60 0=4 1? =90 =? =8  Biinln`j lrmfntbrs 1 04 ?8 ?< <8 41 <9 <1  Cujtnj`tmr`j < 1 > 01 0= ?0 ?0 0=  bi wdnld; NO_F 0 ? 6 6 = = = 6  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 6 00 00 9 0= 99 09 ?<  Xrnv`tm lrmfntbrs ? 4 ?? 0<= 60 616 09 0<  bi wdnld; Obefs 8 8 00 <9 09 660 ? 0  Lbccmrln`j o`egs ? = > >4 ?? <8 00 >Xrnv`tm ebeau`r`etmmf 8 8 8 ? = 9 6 ?  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 9 08 <? 1< 96 96 =0 61Xuojnl `ef puojnljy au`r`etmmf 9 08 <? 1? 96 9< =8 61  Biinln`j lrmfntbrs 6 4 0? 0= 01 04 01 06

  Cujtnj`tmr`j < 6 1 > 08 00 08 4  bi wdnld; NO_F 0 ? < ? ? ? 0 0  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 0 6 6 = 1 4 1 1  Xrnv`tm lrmfntbrs 0 ? ?8 =4 61 6= << <<  bi wdnld; Obefs 8 8 0 60 <9 ?< ? ?  Lbccmrln`j o`egs 0 ? 04 09 08 ?0 <0 <8Xrnv`tm ebeau`r`etmmf 8 8 8 0 0 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 9 =9 ??8 6> ?6 6> -06 ?0  Emt bws be mxtmre` m t 1 ?1 040 =< ?< 64 -0< 0>

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 8 8 8 8 1 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j <? ?4 ?4 ?1 ?> ?> <> ?4Netmrmst 0< 0? 0? 00 08 > 4 1Xrnv`tm lrmfntbrs

Xrnelnp`j <1 0? <0 > > > = =Netmrmst <0 ?> ?1 ?9 ?= ?6 ?6 ?<

 Ebtms;

Jbea-tmrc prnv`tm ebeau`r`etmmf fmot f`t` `rm Qbrjf O`eg st`ii mstnc`tms.

1=

Page 88: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 88/341

Page 89: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 89/341

OMENE

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 0,864 0,?91 0,?<> 0,669 =>> 1=1 4=1 >>8Xuojnl ef puojnljy au`r`etmmf 0,864 0,?91 0,?<> 0,669 =>> 1=1 4=1 >>8  Biinln`j lrmfntbrs 0,8<0 0,?9< 0,?<1 0,669 =>> 1=1 4=1 >>8  Cujtnj`tmr`j =19 44? >9> 0,<=9 69< =>1 9>? 480  b w l ; NO_F 8 8 8 8 8 8 8 8  NF@ <?9 6>4 =14 110 0?9 019 ?== <8>

  Onj`tmr`j 6== <40 ?91 4> 0<9 098 09= 044  Xrnv`tm lrmfntbrs 01 6 < 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 0?8 >8 <> >1 090 0=4 06< 0=8Xuojnl `ef puojnljy au`r`etmmf 0?8 >8 <> >1 090 0=4 06< 0=8  Biinln`j lrmfntbrs 0?8 >8 <> >1 090 0=4 06< 0=8  Cujtnj`tmr`j >8 48 ?1 >? 4= 0<4 0<4 001  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ =9 <0 <9 6> <? 6< 46 =0  Onj`tmr`j ?> 08 0? 6 1= ?0 = <<  Xrnv`tm lrmfntbrs 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 04 ?< 6< ?6 ?1 04 01 ?=Xuojnl `ef puojnljy au`r`etmmf 04 ?< 6< ?6 ?1 04 01 ?=  Biinln`j lrmfntbrs 04 ?< 6< ?8 ?1 04 01 ?=  Cujtnj`tmr`j 04 09 06 ?8 ?0 01 06 01  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 0 < 6 9 < 8 8 8  Onj`tmr`j 8 1 ?4 0 9 ? < 4  Xrnv`tm lrmfntbrs 8 8 8 6 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 0< ?0 09 06 0? 08 60 0?Xuojnl `ef puojnljy au`r`etmmf 0< ?0 09 06 0? 08 60 0?  Biinln`j lrmfntbrs 0< ?0 09 06 0? 08 60 0?

  Cujtnj`tmr`j 0? 4 00 0< 0? 08 ?6 08  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ ? 6 6 9 6 0 ? ?  Onj`tmr`j 0 0? = 0 0 0 01 ?  Xrnv`tm lrmfntbrs 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s =8 06 -44 -98 -4>1 0?< 0=? 0=9  Emt bws be mxtmre` m t >0 >= -=6 4? 0<= 08? 014 0?8

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 0? = =< 8 8 8 8 8

bt` `cbuet bra vme ,

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 6< 69 =8 =9 =4 98 =1 ==Netmrmst 06 0= 09 09 09 0= 06 0<Xrnv`tm lrmfntbrs

Xrnelnp`j 8 8 8 8 8 8 8 8Netmrmst 8 8 8 8 8 8 8 8

 Ebtms;

Dnstbrnl`j f`t` be jbea-tmrc puojnl ef puojnljy au`r`etmmf fmot up tb ?884 `rm rmvnsmf o`smf be rmpbrts prbvnfmf oy tdm lbuetry. Omene w`s ar`etmf fmot rmjnmi

miimltnvm ne ?889 uefmr CF_N.

11

Page 90: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 90/341

OD]V@E

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 4<.= 08=.4 ?8<.4 96>.? 10<.< 11=.8 9>?.6 19?.6  Jbea-tmrc mxtmre`j fmot 48.< 08=.? ?8?.? 9<9.1 9>1.< 11=.8 9>?.6 19?.6  Xuojnl ef puojnljy au`r`etmmf 48.< 08=.? ?8?.? 9<9.1 9>1.< 11=.8 9>?.6 19?.6  Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  ]sm bi NCI lrmfnt 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  \dbrt-tmrc mxtmre`j fmot <.< 8.9 0.= 0?.= 09.8 8.8 8.8 8.8  netmrmst `rrm`rs be jbea-tmrc 8.< 8.9 8.8 6.= 8.8 8.8 8.8 8.8

 Cmcbr`efuc ntmcs  0.= 8.? 8.8 6.0 8.8 8.8 8.8 8.8    48.< 08=.? ?8?.? 9<9.1 9>1.< 11=.8 9>?.6 19?.6    8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  8.8 ?6.8 4=.0 98.< ?=.8 4>9.9 8.8 01=.4

Mxtmre`j fmot ijbwsFnsoursmcmets 4.6 >.> <6.4 40.> 6=.? <0.> 64.6 >0.>  Jbea-tmrc mxtmre`j fmot 4.6 >.> <6.4 40.> 6=.? <0.> 64.6 >0.>  NCI purld`sms 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets ?.> 1.? 6.1 6.9 =.> ?<.> 6<.= 60.0  Jbea-tmrc mxtmre`j fmot ?.> 1.? 6.1 6.9 =.> ?<.> 6<.= 60.0  NCI rmpurld`sms 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

 Emt ijbws 9.= ?.1 ?>.9 4=.< 61.< -4.8 6.> =8.4  Jbea-tmrc mxtmre`j fmot =.= ?.1 <8.0 11.< <>.< 4.8 6.> =8.4

  \dbrt-tmrc mxtmre`j fmot 0.8 8.8 -8.= 4.8 4.8 -09.8 8.8 8.8Netmrmst p`ycmets ?.< ?.9 ?.8 ?.? 6.? 1.< <4.8 <6.6  Jbea-tmrc mxtmre`j fmot ?.8 ?.9 0.4 ?.8 <.6 9.> <4.8 <6.6  NCI ld`rams 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  \dbrt-tmrc mxtmre`j fmot 8.? 8.8 8.? 8.? 8.4 8.6 8.8 8.8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet .. .. .. >.8 9.0 1<.< ?>.1 <9.6Xbrtibjnb mqunty .. .. .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. >.9 08.> 00.0 00.< 00.<K`p`emsm yme 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs 6<.0 ?4.9 01.1 04.? 0>.? 0>.8 ??.6 ?<.9

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 8.8 0.< <.9 8.4 0.6 >.= 8.4 6.<  C`turnty (ym`rs) 8.8 <<.6 <?.0 ?4.9 <?.8 0>.< <4.> ?6.1  Ar`lm pmrnbf (ym`rs) 8.8 00.? 08.= 1.0 4.= 1.9 >.6 9.0Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) ?>1.1 ?>0.9 604.1 1>?.1 41=.1 00>8.= 0?04.9 0<??.6Mxpbrts bi abbfs, smrvnlms & nelbcm .. .. .. 066.> 0>6.4 ?99.= <40.> 9=>.4Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. .. .. .. .. .. .. ..Ncpbrts bi abbfs, smrvnlms & nelbcm .. .. .. .. .. 9=4.9 9=9.8 908.8Xrbint rmcntt`elms be IFN .. .. .. .. .. .. .. ..Lurrmet `llbuet o`j`elm .. .. .. .. .. .. .. ..Netmre`tnbe`j rmsmrvms 44.4 0<8.= <01.9 691.6 =6=.< 9>>.8 196.4 ..

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. .. .. 664.8 <99.? ?>8.4 040.< 00=.9Mxtmre`j fmot stblgs tb AEN (%) ?4.0 <9.< 64.1 40.> 40.= 9=.0 =9.4 =1.1Fmot smrvnlm tb mxpbrts (%) .. .. .. 6.1 =.? 00.1 ?0.< 00.6\dbrt-tmrc tb mxtmre`j fmot stblgs (%) <.> 8.= 8.4 0.> ?.? .. .. ..Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) =8.0 96.= 6>.6 ?1.< ?1.6 ?4.> <6.6 <1.=_msmrvms tb mxtmre`j fmot stblgs (%) 089.< 0?<.< 0==.> 1?.8 19.= >8.? 008.= .._msmrvms tb ncpbrts (cbetds) .. .. .. .. .. 0?.1 06.8 ..

14

Page 91: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 91/341

Page 92: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 92/341

OBJNYN@, XJ]_NE@VNBE@J \V@VM BI

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 6,?1= =,?1? =,14= 9,>84 =,1>4 6,>>? =,=?> =,16=  Jbea-tmrc mxtmre`j fmot <,496 6,9>4 =,09< 9,64? =,=9< 6,40= =,<10 =,0>0  Xuojnl ef puojnljy au`r`etmmf <,941 6,6=> 6,0<1 6,=94 <,01= ?,0>6 ?,68< ?,=6=  Xrnv`tm ebeau`r`etmmf 011 ?<> 0,8?9 0,>06 ?,<44 ?,9?0 ?,>9> ?,961  ]sm bi NCI lrmfnt ?=1 ?94 ??8 ?66 0= 8 8 8  \dbrt-tmrc mxtmre`j fmot 0=6 <81 68? 04? ??8 011 0=4 ==6  netmrmst `rrm`rs be jbea-tmrc 9 ?8 ? 8 8 8 8 8

 Cmcbr`efuc ntmcs  <0 <8 0> 8 8 8 8 8    <,941 6,6=> <,1=> 6,=6= <,0=1 ?,046 ?,<>< ?,=<=    011 ?<> 0,68< 0,><1 ?,689 ?,9<0 ?,>14 ?,9=9  =6> 946 048 ==0 04= 0,8=> 0,01< 0,0=9

Mxtmre`j fmot ijbwsFnsoursmcmets <<0 =?8 1=> 4>= <96 >0? 0,?96 =0?  Jbea-tmrc mxtmre`j fmot <88 6>6 166 448 <96 >0? 0,?96 =0?  NCI purld`sms <0 ?9 0= 06 8 8 8 8

Xrnelnp`j rmp`ycmets ?60 0>> 6=6 <== ?84 =<> 191 6=?  Jbea-tmrc mxtmre`j fmot 0>9 01< 6<6 <0= ?84 =?= 191 6=?  NCI rmpurld`sms 69 ?9 ?8 68 8 0= 8 8

 Emt ijbws <? <60 ?>6 66> 0>6 <?> 61> 6=9  Jbea-tmrc mxtmre`j fmot 086 <?0 <8> =9= 0== <41 6>4 98

  \dbrt-tmrc mxtmre`j fmot -=1 ?8 -08 ->0 <4 -6< -0> <>9Netmrmst p`ycmets 066 01< 048 016 ?0= ?8? 01> 0<1  Jbea-tmrc mxtmre`j fmot 001 0== 0=> 0=> ?8< 0>6 01= 004  NCI ld`rams 0< 0 0 9 ? 0 8 8  \dbrt-tmrc mxtmre`j fmot 06 01 ?8 08 08 1 6 0>

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet ?1 <>< 1<9 -?<> ?40 <99 =0? 6?<Xbrtibjnb mqunty 8 8 8 8 8 8 8 ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 0.= ?.9 6.? <.9 <.0K`p`emsm yme 08.8 0<.? 0?.< 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea 8.> 8.1 8.? 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.1 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs 60.< <?.1 6=.8 1=.< 99.? 19.= 1>.1 4?.8

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 6.0 <.4 6.? 6.> 6.0 ?.1 <.9 <.6  C`turnty (ym`rs) ?>.= ?>.0 ?4.9 ?0.9 ?6.> ??.4 0>.> ??.<  Ar`lm pmrnbf (ym`rs) 1.> 1.4 1.> =.9 =.4 =.? =.< =.=Xrnv`tm lrmfntbrs

  Netmrmst (%) >.6 9.1 1.6 8.8 8.8 =.8 6.4 ?.?  C`turnty (ym`rs) =.4 =.9 =.4 8.8 8.8 ?.8 ?.1 0=.8  Ar`lm pmrnbf (ym`rs) 0.= 0.8 8.4 8.8 8.8 ?.8 ?.8 6.=

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 6,9?9 9,6>6 4,01? 08,>48 0?,<14 0?,9<0 09,0<4 09,91=Mxpbrts bi abbfs, smrvnlms & nelbcm >>9 0,?9? 0,908 <,680 6,=41 =,<?1 1,?>6 6,8>9Qbrgmr rmcnt. & lbcp. bi mcpjbymms = 1 0?1 <69 90? 0,89= 0,066 0,08>Ncpbrts bi abbfs, smrvnlms & nelbcm 0,<=6 0,48> ?,66< <,<9< 6,8>0 =,88? 9,=9< =??Xrbint rmcntt`elms be IFN 01 ?6 064 ?10 <>? 966 940 ..Lurrmet `llbuet o`j`elm -0>> -<8< -669 9?? 0,<01 0,=>0 ?,80= ..Netmre`tnbe`j rmsmrvms =00 0,88= 0,046 0,1>= <,0>6 =,<06 1,1?8 4,=1=

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 6?>.6 601.1 <=>.6 ?8<.0 0?9.6 ><.1 1=.4 068.<Mxtmre`j fmot stblgs tb AEN (%) >?.6 40.? 18.4 9?.> 69.4 <>.= <6.< <6.=Fmot smrvnlm tb mxpbrts (%) <4.1 ?>.= <>.6 0=.9 >.? 0<.> 0<.8 06.6\dbrt-tmrc tb mxtmre`j fmot stblgs (%) <.9 =.4 1.8 ?.9 <.4 <.= ?.> >.9Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) <1.? 64.> 64.= 98.> 61.9 <6.8 <?.1 <6.6_msmrvms tb mxtmre`j fmot stblgs (%) 0?.8 0>.0 ?8.= ?9.8 ==.0 089.6 0<>.9 06>.?_msmrvms tb ncpbrts (cbetds) 6.= 9.1 =.4 9.6 >.6 0?.1 06.0 0>1.?

48

Page 93: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 93/341

Page 94: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 94/341

OB\EN@ @EF DM_[MABYNE@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs .. .. ?,11< 9,??? 1,?6? 4,4?< 4,<8< >,=4<  Jbea-tmrc mxtmre`j fmot .. .. ?,90> =,<?< 9,8=0 1,0<< 1,<>4 1,9?8  Xuojnl ef puojnljy au`r`etmmf .. .. 0,>=1 ?,==9 ?,109 ?,>=4 <,888 <,=9>  Xrnv`tm ebeau`r`etmmf .. .. 99< ?,191 <,<<= 6,01= 6,<>4 6,8=0  ]sm bi NCI lrmfnt .. 64 08= 9? ?8 ? 8 ?49  \dbrt-tmrc mxtmre`j fmot .. .. 6> 4<1 0,010 0,941 >8= 0,911  netmrmst `rrm`rs be jbea-tmrc .. .. 0 8 8 8 8 8

 Cmcbr`efuc ntmcs  .. .. 0 8 8 8 8 8    .. .. 0,>=1 ?,==9 ?,109 ?,>=4 <,888 <,=9>    .. .. 99< ?,191 <,<<= 6,01= 6,<>4 6,8=0  .. .. 0>1 0?8 909 ?<0 <8? <94

Mxtmre`j fmot ijbwsFnsoursmcmets .. .. 0<4 =<9 1=6 0,8?? 610 40=  Jbea-tmrc mxtmre`j fmot .. .. 08< =<9 1=6 0,8?? 610 =<<  NCI purld`sms .. 69 <9 8 8 8 8 ?4?

Xrnelnp`j rmp`ycmets .. .. 0>8 0<6 044 06= 0<> <=6  Jbea-tmrc mxtmre`j fmot .. .. 018 >= 066 0?1 0<1 <=6  NCI rmpurld`sms .. ?4 ?8 <> 66 04 ? 8

 Emt ijbws .. .. -60 41> 4>> 0,<>? -6=8 0,?<<  Jbea-tmrc mxtmre`j fmot .. .. -94 660 98> 4>= <<= 01>

  \dbrt-tmrc mxtmre`j fmot .. .. 00 611 <<6 =09 -14? 11?Netmrmst p`ycmets .. .. 0?1 0=0 04< ?>8 <81 ?>?  Jbea-tmrc mxtmre`j fmot .. .. 00> 0<9 019 ?01 ?=9 ?0>  NCI ld`rams .. = = < ? 0 8 0  \dbrt-tmrc mxtmre`j fmot .. .. < 0? 6 1< =8 1?

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet .. .. 069 984 194 ?,810 >?0 ?<=Xbrtibjnb mqunty .. .. 8 .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. <<.> <=.1 <4.8 <4.> 64.9K`p`emsm yme .. .. 8.8 0.? 0.< 0.? 0.= 0.?Xbuef stmrjnea .. .. 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el .. .. ?.< 0.1 0.? 0.? 0.? 0.0].\.fbjj`rs .. .. ?1.9 60.< 68.> 68.0 <>.0 <?.1

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) .. .. <.1 0.> <.0 <.> 6.1 0.9  C`turnty (ym`rs) .. .. ?<.< 01.0 ?8.9 ??.6 09.? 09.0  Ar`lm pmrnbf (ym`rs) .. .. 9.1 =.> 9.> 9.0 6.< 6.4Xrnv`tm lrmfntbrs

  Netmrmst (%) .. .. 8.8 8.8 ?.> 6.? 0.? 0.8  C`turnty (ym`rs) .. .. 8.8 8.8 00.> 0=.0 0<.6 0<.=  Ar`lm pmrnbf (ym`rs) .. .. 8.8 8.8 ?.> 9.> 9.8 6.=

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) .. .. 9,8>9 00,<6< 0?,408 0=,1?< 0>,088 01,==6Mxpbrts bi abbfs, smrvnlms & nelbcm .. .. ?,?61 6,??1 =,?=< 9,1<4 4,89? 9,0?=Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. .. 0,981 ?,86< ?,0=1 ?,188 ?,1<= ?,091Ncpbrts bi abbfs, smrvnlms & nelbcm .. .. 6,?<6 4,08< 4,694 00,86> 0<,=<> >,660Xrbint rmcntt`elms be IFN .. .. 8 >1 01= <66 ?<6 ?>Lurrmet `llbuet o`j`elm .. .. -<>9 -0,466 ->40 -0,=>6 -?,196 ..Netmre`tnbe`j rmsmrvms .. .. 6>1 ?,=<0 <,<1? 6,=?= <,=09 <,?6=

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. .. 0?<.6 061.? 0<1.> 0<8.> 08<.8 0=9.=Mxtmre`j fmot stblgs tb AEN (%) .. .. 6=.= =6.> =9.= =9.0 6<.= =6.9Fmot smrvnlm tb mxpbrts (%) .. .. 06.? 9.4 1.0 9.= =.= 08.=\dbrt-tmrc tb mxtmre`j fmot stblgs (%) .. .. 0.4 0<.= 09.? 0>.0 08.> 01.=Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) .. .. 6=.9 ?1.= ?6.> ??.8 ?<.> ??.>_msmrvms tb mxtmre`j fmot stblgs (%) .. .. 01.> 68.1 69.9 =0.< 6?.< <<.>_msmrvms tb ncpbrts (cbetds) .. .. 0.6 <.1 6.4 6.> <.0 6.0

4?

Page 95: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 95/341

Page 96: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 96/341

OBV\Q@E@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs ==< 101 6=< 661 <4? 60< 6<6 0,901  Jbea-tmrc mxtmre`j fmot =61 181 6<4 60? <=4 <>0 <>0 0,<44  Xuojnl `ef puojnljy au`r`etmmf =61 181 6<4 60? <=4 <>0 <>0 0,<44  Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  ]sm bi NCI lrmfnt 8 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 9 08 0= <= ?6 ?? 6< ??>  netmrmst `rrm`rs be jbea-tmrc < 9 8 8 8 8 8 8

 Cmcbr`efuc ntmcs  < > 0 8 8 8 8 8    =61 919 6<? 60? <=4 <>0 <>0 0,<44    8 <0 = 8 8 8 8 8  40 8 8 8 1= =8 8 0,111

Mxtmre`j fmot ijbwsFnsoursmcmets ?1 91 ?4 00 6 =8 =6 0,889  Jbea-tmrc mxtmre`j fmot ?1 91 ?4 00 6 =8 =6 0,889  NCI purld`sms 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 99 96 =? 68 6= <1 90 <9  Jbea-tmrc mxtmre`j fmot 99 96 =? 68 6= <1 90 <9  NCI rmpurld`sms 8 8 8 8 8 8 8 8

 Emt ijbws -<> 6 -?> -01 -=0 00 0= 0,0=9  Jbea-tmrc mxtmre`j fmot -<> < -?6 -<8 -68 0< -9 >18

  \dbrt-tmrc mxtmre`j fmot 8 0 -= 0< -00 -? ?0 049Netmrmst p`ycmets <> ?1 01 0< 0? 08 4 00  Jbea-tmrc mxtmre`j fmot <> ?1 0= 0? 08 > 1 >  NCI ld`rams 8 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 8 8 0 0 ? 0 0 ?

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet >9 18 =1 ?1> 649 961 08> ?<6Xbrtibjnb mqunty 8 9 -9 9? <9 > -<1 04

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 9.> 4.? 4.8 1.? ?.8K`p`emsm yme 6.6 00.0 00.6 01.0 08.6 0<.< 0<.> <.=Xbuef stmrjnea 08.0 <.4 ?.< =.? 9.0 =.= <.9 0.8\wnss ir`el 8.8 8.0 8.0 8.0 8.8 8.8 8.8 8.8].\.fbjj`rs 00.> 0<.6 04.8 ?8.= ?8.4 04.< ?6.> 1.1

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) =.9 8.8 8.8 8.8 6.9 <.< 8.8 8.4  C`turnty (ym`rs) 01.9 8.8 8.8 8.8 04.? ?8.> 8.8 ?8.1  Ar`lm pmrnbf (ym`rs) 6.= 8.8 8.8 8.8 =.? =.> 8.8 =.4Xrnv`tm lrmfntbrs

  Netmrmst (%) 4.> 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 00.9 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 6.0 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) <,949 6,160 =,?48 >,6?8 08,64? 00,961 0<,09> 00,6<?Mxpbrts bi abbfs, smrvnlms & nelbcm ?,6?0 ?,>86 <,<14 =,1=1 =,4?0 9,890 9,86? <,4<=Qbrgmr rmcnt. & lbcp. bi mcpjbymms 49 => ?9 0?1 001 08= 006 0??Ncpbrts bi abbfs, smrvnlms & nelbcm ?,=8> ?,=9= <,8=8 6,4<> 6,1=< =,409 9,==8 =,?04Xrbint rmcntt`elms be IFN 681 609 9=4 0,899 0,86< >4> =>4 ..Lurrmet `llbuet o`j`elm -0> <88 =6= 0,=>0 0,>68 0,<=0 =8? ..Netmre`tnbe`j rmsmrvms <,<<0 6,9>= 9,<04 9,<8> 1,>>? >,1>8 >,00> 4,186

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) ??.4 ?6.1 0<.6 1.4 9.9 9.4 1.? 6?.?Mxtmre`j fmot stblgs tb AEN (%) 0=.8 0=.0 4.9 6.1 <.9 <.= <.< 06.0Fmot smrvnlm tb mxpbrts (%) 6.< <.0 ?.8 8.> 0.8 8.4 0.0 0.?\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 0.8 0.6 <.< 1.4 9.< =.< >.> 06.?Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 18.8 18.0 9=.1 =4.9 96.? =4.? =1.0 11.6_msmrvms tb mxtmre`j fmot stblgs (%) 98?.= 9=6.1 0,<>=.= 0,608.= ?,8>0.< ?,<9>.> ?,08?.0 =<4.?_msmrvms tb ncpbrts (cbetds) 0=.> ??.8 ?6.> 0=.9 ?8.? ?8.? 09.1 ?8.8

46

Page 97: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 97/341

OBV\Q@E@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf =61 181 6<4 60? <=4 <>0 <>0 0,<44Xuojnl `ef puojnljy au`r`etmmf =61 181 6<4 60? <=4 <>0 <>0 0,<44  Biinln`j lrmfntbrs =?8 998 608 680 <6> <46 <4> 0,<41  Cujtnj`tmr`j <41 =8< ?>1 ?9? ?6= ?68 ?64 0,?=?  b w l ; NO_F 0== >9 09 ? 0 8 8 8  NF@ 06 0? > 1 9 9 = =

  Onj`tmr`j 0<< 0=1 00? 0<> 086 066 060 0<=  Xrnv`tm lrmfntbrs ?1 61 ?4 0? > 1 ? ?  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs < << ?8 1 = 6 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets ?1 91 ?4 00 6 =8 =6 0,889Xuojnl `ef puojnljy au`r`etmmf ?1 91 ?4 00 6 =8 =6 0,889  Biinln`j lrmfntbrs ?1 91 ?6 00 6 =8 =6 0,889  Cujtnj`tmr`j ?0 ?< 4 8 ? 4 66 >>1  bi wdnld; NO_F 1 0 8 8 8 8 8 8  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 9 66 09 00 < 6< 00 >  Xrnv`tm lrmfntbrs 8 8 6 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 6 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 99 96 =? 68 6= <1 90 <9Xuojnl `ef puojnljy au`r`etmmf 99 96 =? 68 6= <1 90 <9  Biinln`j lrmfntbrs 64 =4 6= <4 6? <= =9 <=  Cujtnj`tmr`j <1 64 << ?4 <8 ?= ?9 ?0  bi wdnld; NO_F 0> ?6 1 0 0 0 8 8  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 00 > 0? 08 0? 08 <8 06  Xrnv`tm lrmfntbrs 04 9 1 ? ? ? = 0  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 = 9 ? ? ? 6 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets <> ?1 0= 0? 08 > 1 >Xuojnl `ef puojnljy au`r`etmmf <> ?1 0= 0? 08 > 1 >  Biinln`j lrmfntbrs <9 ?6 06 00 08 > 1 >

  Cujtnj`tmr`j ?4 ?0 00 4 1 9 = =  bi wdnld; NO_F 06 > 0 8 8 8 8 8  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 4 < < 6 < < < <  Xrnv`tm lrmfntbrs < < 0 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 ? 0 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s < 01 -=0 -9< -9= <0 ?0 0,046  Emt bws be mxtmre` m t -<> 6 -?> -01 -=0 00 0= 0,0=9

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j <= =? <6 <8 ?> 0<8 0?4 0<<Netmrmst 00 0= 06 06 06 0< 0? 0?Xrnv`tm lrmfntbrs

Xrnelnp`j 0 0 0 8 8 8 8 8Netmrmst 8 8 8 8 8 8 8 8

4=

Page 98: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 98/341

O_@[NJ

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 00>,1<? 098,69> ?60,==8 041,=?9 0><,6=4 ?<1,98= ?9?,0<> ?19,><?  Jbea-tmrc mxtmre`j fmot >6,0>9 0?>,8>8 ?84,48> 09<,=<< 01<,0<< 0>4,<=1 ??=,644 ?<1,06<  Xuojnl ef puojnljy au`r`etmmf 41,=?= >4,?98 >9,0?1 >6,8?4 46,?6= 1>,=>= 1>,969 41,<01  Xrnv`tm ebeau`r`etmmf 9,910 <8,4<8 00?,94? 9>,=8= 44,44> 004,19? 06=,46? 06>,4?9  ]sm bi NCI lrmfnt 0,4?0 06? 0,194 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot ?<,10= <0,?<4 <8,>1< ?<,>>< ?8,<?= <>,?64 <9,9=? <>,14>  netmrmst `rrm`rs be jbea-tmrc 4,1>8 0,=69 019 8 ? ? 4 <

 Cmcbr`efuc ntmcs  <,=>1 <,><9 0,4?0 04 < 9 = 08    49,>== >1,<>? >=,940 >?,911 4<,866 14,<16 14,<>9 4=,888    1,?60 <0,9>4 00<,0?1 18,4== >8,84> 00>,>4< 061,8>? 0=?,066  <,80? 1,989 <8,==1 0?,9=> >,?61 00,818 0?,16< 0>,?9?

Mxtmre`j fmot ijbwsFnsoursmcmets 6,841 ?8,?81 66,8=0 ?1,68? =?,9?? =>,>8= 9>,6>9 =1,6<0  Jbea-tmrc mxtmre`j fmot 6,841 ?8,?81 66,8=0 ?1,68? =?,9?? =>,>8= 9>,6>9 =1,6<0  NCI purld`sms 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets =,4>9 00,8=0 61,1<< 6>,=90 61,<44 68,6?? 68,?4= <8,0=0  Jbea-tmrc mxtmre`j fmot =,0<0 00,88? 60,868 ?=,1=0 61,<44 68,6?? 68,?4= <8,0=0  NCI rmpurld`sms 19= 6> 9,9>< ?<,408 8 8 8 8

 Emt ijbws -0,108 4,1>1 -0,4=0 -?<,6<< 0,=96 <4,681 ?9,908 <8,6??  Jbea-tmrc mxtmre`j fmot -0,866 >,?8= <,800 0,9=0 =,?<6 0>,646 ?>,?0? ?1,?48

  \dbrt-tmrc mxtmre`j fmot >> -<=> 0,4<0 -0,?16 -<,918 04,>?< -?,98? <,06?Netmrmst p`ycmets ?,?98 08,=?? 01,000 0<,?4? 06,14= 06,=06 09,01= 06,099  Jbea-tmrc mxtmre`j fmot ?,8?> 4,10> 0=,?48 08,<8< 0<,0=8 0<,8?= 0=,8<1 0<,911  NCI ld`rams ?<0 08 <<9 0,81> 08> 8 8 8  \dbrt-tmrc mxtmre`j fmot 8 0,1>? 0,6>6 0,>88 0,=?9 0,64> 0,0<4 64>

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet >4> 6,4=> <?,11> 0=,899 04,14? <6,=4= 6=,8=4 ?=,>6>Xbrtibjnb mqunty 08< ?,11= <,819 9,6=0 1,109 ?9,?01 -1,=9= <1,810

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. >.6 08.6 >.4 >.8 1.<K`p`emsm yme 1.6 4.1 1.6 9.0 =.6 6.1 =.> =.8Xbuef stmrjnea 0.4 0.4 0.8 8.? 8.< 8.8 8.0 8.0\wnss ir`el 0.8 8.< 8.< 8.0 8.8 8.8 8.8 8.8].\.fbjj`rs 98.= 94.< 18.6 1>.< 1>.8 48.1 48.9 46.?

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 1.6 =.> =.1 6.1 9.8 6.9 <.1 ?.=  C`turnty (ym`rs) 0=.? 0>.> 4.9 04.= 01.0 09.1 ?<.9 0=.<  Ar`lm pmrnbf (ym`rs) 6.0 6.> 0.? 6.< 6.6 <.> <.4 =.8Xrnv`tm lrmfntbrs

  Netmrmst (%) >.8 1.1 >.> 4.1 1.= 4.= =.= =.1  C`turnty (ym`rs) 4.8 <.< 0=.= 06.= 0=.0 0<.1 06.? 06.4  Ar`lm pmrnbf (ym`rs) <.? ?.0 06.? 06.8 0=.8 >.6 0<.1 0<.>

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 66>,91? 1=1,449 9?9,194 49>,=9= 0,81<,4<1 0,<69,?<? 0,98>,9>? 0,=61,0<0Mxpbrts bi abbfs, smrvnlms & nelbcm <9,<?1 =9,8>4 94,?8= 0<1,==8 09<,184 0>9,8>9 ?68,>86 04>,=6>Qbrgmr rmcnt. & lbcp. bi mcpjbymms =1< <,<0= 0,96> <,=68 6,?=< 6,<4? =,84> 6,?<6Ncpbrts bi abbfs, smrvnlms & nelbcm 68,>6> 11,4== ><,>=8 0?1,0?< 0=6,<>< 0>4,=16 ?1<,<?8 ?01,04>Xrbint rmcntt`elms be IFN 0,4>? ?,406 6,?<4 00,8<= 0<,446 0>,9>? ?4,11< ?0,8?>Lurrmet llbuet o`j`elm -<,4?< -04,0<9 -?6,??= 0<,>4= 0<,9?0 0,==0 -?4,0>? -?6,<8?Netmre`tnbe`j rmsmrvms >,?88 =0,611 <<,80= =<,1>> 4=,46< 048,<<6 0><,14< ?<4,=<>

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) <?>.9 ?49.0 <=6.? 0<9.< 004.? 0?0.? 084.4 069.0Mxtmre`j fmot stblgs tb AEN (%) ?9.9 ?0.? <4.= ?0.9 04.8 01.9 09.< 01.>Fmot smrvnlm tb mxpbrts (%) ??.= <4.= >=.0 6=.1 <4.8 ?4.8 ?<.6 ?<.6\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 0>.4 0>.= 0?.4 0?.4 08.= 09.= 06.8 06.6Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) >.= =.4 1.9 08.< 00.< >.9 >.< 4.>_msmrvms tb mxtmre`j fmot stblgs (%) 1.1 <?.0 0<.1 ?4.1 66.6 1=.> 1<.> 49.0_msmrvms tb ncpbrts (cbetds) ?.1 1.> 6.? =.0 9.1 08.> 4.= 0<.?

49

Page 99: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 99/341

Page 100: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 100/341

O]JA@_N@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 08,4>8 08,<1> 00,?0? 0=,188 ?8,>>8 <?,>91 <>,191 68,=4?  Jbea-tmrc mxtmre`j fmot >,4<6 >,0=8 4,668 08,=>1 0?,98> 04,><8 ?0,6<< ??,886  Xuojnl ef puojnljy au`r`etmmf >,4<6 4,484 1,910 =,81= =,899 =,?6? 6,<>1 6,11?  Xrnv`tm ebeau`r`etmmf 8 <6? 19> =,=?? 1,=6< 0<,94> 01,8<= 01,?<?  ]sm bi NCI lrmfnt 8 101 0,<?? 998 <60 8 8 8  \dbrt-tmrc mxtmre`j fmot 0,8=9 =0? 0,6=8 6,66? 4,868 06,8<9 04,<<6 04,=14  netmrmst `rrm`rs be jbea-tmrc ??9 16 8 8 8 8 8 8

 Cmcbr`efuc ntmcs  <=9 ??1 0 8 8 8 8 8    >,4<6 4,484 1,910 =,81= =,899 =,0>> 6,<=> 6,1<=    8 <6? 19> =,=?? 1,=6< 0<,1<? 01,816 01,?9>  =9< 914 188 ?99 086 6== <16 ?48

Mxtmre`j fmot ijbwsFnsoursmcmets 41= ?=> >>= <,108 <,909 1,168 4,??6 <,448  Jbea-tmrc mxtmre`j fmot 41= ?=> 10> <,108 <,909 1,168 4,??6 <,448  NCI purld`sms 8 8 ?19 8 8 8 8 8

Xrnelnp`j rmp`ycmets 49= =9= 10? <,<=? 0,>>? <,8<< <,19= <,9>6  Jbea-tmrc mxtmre`j fmot 49= <0> =1< ?,>8> 0,96= ?,949 <,19= <,9>6  NCI rmpurld`sms 8 ?69 0<> 66< <69 <61 8 8

 Emt ijbws -06 -0>6 69= 0,=96 =,??? 08,186 4,1=9 6<8  Jbea-tmrc mxtmre`j fmot 00 -90 06= 480 0,>18 =,8=6 6,6=4 049

  \dbrt-tmrc mxtmre`j fmot -?6 00< 04< 0,?89 <,=>4 =,>>9 6,?>4 ?66Netmrmst p`ycmets =08 =1= =46 90< 166 0,096 0,908 0,=09  Jbea-tmrc mxtmre`j fmot 6=? =80 6=9 66= 64> 98< 4=4 11<  NCI ld`rams 8 =8 9< <1 ?6 > 8 8  \dbrt-tmrc mxtmre`j fmot =4 ?6 9= 0<8 ?<8 ==? 1=? 16<

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 6 >8 0,88? 6,<0? 1,1=4 0<,?0= >,><1 6,64>Xbrtibjnb mqunty 8 8 = 66> 064 4> -089 4

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 64.6 =8.1 =?.6 =0.1 =9.4K`p`emsm yme 9.9 >.8 =.= =.0 9.= 1.6 0?.> 0?.6Xbuef stmrjnea 8.< 8.? 8.0 8.8 8.8 8.8 8.8 8.8\wnss ir`el 1.1 0.0 8.< 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs 6?.0 99.0 48.0 66.> 60.1 <>.< <6.9 <8.6

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) >.< =.> 9.? <.8 <.1 6.> 6.< ?.6  C`turnty (ym`rs) 1.? 01.< 09.0 09.? 09.0 09.9 09.4 01.9  Ar`lm pmrnbf (ym`rs) <.8 =.6 6.6 6.1 ?.9 6.= 6.8 =.<Xrnv`tm lrmfntbrs

  Netmrmst (%) >.0 <.6 1.9 6.? =.8 8.8 ?.8 8.8  C`turnty (ym`rs) <.? 6.1 09.8 >.6 08.8 8.8 ?>.? 8.8  Ar`lm pmrnbf (ym`rs) ?.< <.? 6.> 0.> 8.= 8.8 >.? 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 0>,84< 0?,91= 0?,?19 ?1,?9= <8,1>< <4,804 61,<?1 66,>81Mxpbrts bi abbfs, smrvnlms & nelbcm 1,818 9,>?9 1,<?0 01,916 ?0,>1? ?1,641 <0,><0 ?6,696Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. .. =4 0,90< 0,109 0,9>6 0,416 0,==4Ncpbrts bi abbfs, smrvnlms & nelbcm 4,>8= 1,846 4,<06 ??,8<6 ?4,948 <>,>8> 6=,084 <8,8>=Xrbint rmcntt`elms be IFN 8 8 081 >0? 0,4=1 <,16? ?,1?8 ?,<<=Lurrmet llbuet o`j`elm -0,108 -?9 -18< -<,<61 -=,49< -00,6<1 -00,4>4 -6,<68Netmre`tnbe`j rmsmrvms .. 0,9<= <,=81 4,9>1 00,1=9 01,=6= 01,><8 04,=??

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 0=6.8 06>.> 0=<.? 44.4 >=.= 00>.> 0?6.= 09=.>Mxtmre`j fmot stblgs tb AEN (%) =1.0 40.> >0.< =1.9 94.? 49.1 46.8 >8.6Fmot smrvnlm tb mxpbrts (%) 0>.6 09.= 01.1 ??.6 0?.6 0=.< 09.4 ?0.<\dbrt-tmrc tb mxtmre`j fmot stblgs (%) >.1 6.> 0?.> ?4.< <4.< 6?.9 69.0 6=.4Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) ?.8 00.> 0<.4 0=.1 00.6 4.0 =.= 9.?_msmrvms tb mxtmre`j fmot stblgs (%) .. 0=.4 <0.< ==.6 =9.8 =<.? 6=.0 6=.9_msmrvms tb ncpbrts (cbetds) .. ?.4 =.0 6.1 6.> =.< 6.4 1.6

44

Page 101: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 101/341

O]JA@_N@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf >,4<6 >,0=8 4,668 08,=>1 0?,98> 04,><8 ?0,6<< ??,886Xuojnl ef puojnljy au`r`etmmf >,4<6 4,484 1,910 =,81= =,899 =,?6? 6,<>1 6,11?  Biinln`j lrmfntbrs 0,99> ?,>=8 ?,98< <,86= <,80? <,<9? <,80> <,<??  Cujtnj`tmr`j ??? 0,?<8 0,=6? ?,6=1 ?,<>? ?,916 ?,0>4 ?,=81  b w l ; NO_F 8 666 4?6 0,6=< 0,<<0 0,986 0,?81 0,=8>  NF@ 8 8 8 8 8 8 8 8

  Onj`tmr`j 0,661 0,1?8 0,890 =41 9?8 944 4?0 40=  Xrnv`tm lrmfntbrs 4,09= =,4=1 =,894 ?,8<8 ?,8=6 0,448 0,<14 0,6=8  bi wdnld; Obefs <?1 =,60? 6,>4? 0,>?8 0,><1 0,1>? 0,<6? 0,6<8  Lbccmrln`j o`egs 1,846 <>6 ?9 000 009 49 <6 0>Xrnv`tm ebeau`r`etmmf 8 <6? 19> =,=?? 1,=6< 0<,94> 01,8<= 01,?<?  bi wdnld; Obefs 8 8 8 =?9 1<9 4== =?? 069

Fnsoursmcmets 41= ?=> 10> <,108 <,909 1,168 4,??6 <,448Xuojnl `ef puojnljy au`r`etmmf 41= ?=> 68= 68? ?98 <94 <18 =?8  Biinln`j lrmfntbrs 48 0?> <40 <4< ?6< <90 <9? =?8  Cujtnj`tmr`j 66 <4 0=9 <?4 0=8 ?>< ??1 669  bi wdnld; NO_F 8 0= 10 ?88 <4 ?80 =9 <18  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j <9 >0 ??= == >< 94 0<9 16  Xrnv`tm lrmfntbrs 1>= 0?> ?6 0> 01 1 4 8  bi wdnld; Obefs 9= << 8 8 8 8 8 8  Lbccmrln`j o`egs 9=? >9 ?6 0> 09 1 4 8Xrnv`tm ebeau`r`etmmf 8 8 <0< <,<84 <,<== 1,<1? 1,4=< <,<98

  bi wdnld; Obefs 8 8 8 ?6> ?0= 8 8 8

Xrnelnp`j rmp`ycmets 49= <0> =1< ?,>8> 0,96= ?,949 <,19= <,9>6Xuojnl `ef puojnljy au`r`etmmf 49= <0> <6= 0,190 =0= 686 4=4 ?40  Biinln`j lrmfntbrs ?< >? ?>1 ?== =8? ?>> 10= ?99  Cujtnj`tmr`j ?? ?= =4 ?06 6<8 ?=< 9=4 041  bi wdnld; NO_F 8 8 ?1 4= ?19 9= 69? 4=  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 0 91 ?<> 60 1< 61 =1 1>  Xrnv`tm lrmfntbrs 46? ??4 64 0,=81 0< 08= 06< 0=  bi wdnld; Obefs 8 <> 69 0,6>9 8 41 0?6 8  Lbccmrln`j o`egs ?60 04? 0 00 0< 04 0> 0=Xrnv`tm ebeau`r`etmmf 8 8 ??> 0,061 0,0<8 ?,?4? ?,>84 <,60<  bi wdnld; Obefs 8 8 8 08 6> 8 ?41 <1?

Netmrmst p`ycmets 6=? =80 6=9 66= 64> 98< 4=4 11<Xuojnl `ef puojnljy au`r`etmmf 6=? =80 6?6 <?1 <=? ?4= ?49 ?00  Biinln`j lrmfntbrs 06 014 0<> >< 088 0?> 064 089

  Cujtnj`tmr`j 0< 90 40 1= 4? 008 0?6 46  bi wdnld; NO_F 8 <0 6> 68 66 9? 1? 6<  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 8 004 =4 04 0> 0> ?6 ??  Xrnv`tm lrmfntbrs 6<4 <?< ?4= ?<6 ?=? 0=9 0<> 08=  bi wdnld; Obefs 0= <0= ?46 ??> ?6= 06> 0<< 086  Lbccmrln`j o`egs <<1 1 8 = 1 1 = 0Xrnv`tm ebeau`r`etmmf 8 8 <? 004 0<1 <04 =1? =9?  bi wdnld; Obefs 8 8 8 <8 66 == <9 ?>

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 1=< ==8 0>? << =,?>8 00,>11 9,488 40=  Emt bws be mxtmre` m t -06 -0>6 69= 0,=96 =,??? 08,186 4,1=9 6<8

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 46 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 0?1 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 6>8 ?<< ?6= ?19 ?>8 ?11 ?4? ?14Netmrmst 40 94 9? =9 6> 6< <9 <8Xrnv`tm lrmfntbrs

Xrnelnp`j <,=6< ?,9>? ?,60= ?,109 0,68> ?,694 0,986 0,1>8Netmrmst 6=? <40 <6< ?1= 01< 081 =? 64

 Ebtms;

\dbrt-tmrc fmot ns o`smf be Lmetr`j O`eg f`t`.

4>

Page 102: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 102/341

Page 103: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 103/341

O]_GNE@ I@\B

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 164 0,068 0,??9 0,494 >>> 0,?=1 0,=04 0,1?=Xuojnl ef puojnljy au`r`etmmf 164 0,068 0,??9 0,494 >>> 0,?=1 0,=04 0,1?=  Biinln`j lrmfntbrs 108 0,0<= 0,??? 0,494 >41 0,?<? 0,6>9 0,18=  Cujtnj`tmr`j =9< >40 0,8?6 0,9>> 146 >1> 0,?89 0,68?  b w l ; NO_F 8 8 8 8 8 8 8 8  NF@ ?4? 984 =>< 0,86< <10 694 9?9 1?0

  Onj`tmr`j 061 0=6 0>4 09> ?8? ?=? ?>0 <8<  Xrnv`tm lrmfntbrs <4 = < 8 0? ?9 ?? ?8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 0 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 11 00? >0 ?8< ?4? ??= <84 ?8>Xuojnl `ef puojnljy au`r`etmmf 11 00? >0 ?8< ?4? ??= <84 ?8>  Biinln`j lrmfntbrs 11 00? >0 ?8< ?18 ?00 <84 ?8>  Cujtnj`tmr`j 6< 089 19 0>0 ?<? 090 ?=< 041  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 0= 4= <4 081 0?= 48 098 >8  Onj`tmr`j <6 9 09 0< <4 =8 == ??  Xrnv`tm lrmfntbrs 8 8 8 8 0? 06 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 04 ?4 ?9 ?6 ?1 ?= ?1 ?9Xuojnl `ef puojnljy au`r`etmmf 04 ?4 ?9 ?6 ?1 ?= ?1 ?9  Biinln`j lrmfntbrs 04 ?4 ?9 ?6 ?1 ?? ?6 ?6  Cujtnj`tmr`j 0< ?6 ?8 01 04 00 0= 0=  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 0 6 0 = < 8 8 8  Onj`tmr`j 6 6 9 4 > 00 > >  Xrnv`tm lrmfntbrs 8 8 8 8 8 < < <  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 08 04 0? 09 0= 0? 06 0=Xuojnl `ef puojnljy au`r`etmmf 08 04 0? 09 0= 0? 06 0=  Biinln`j lrmfntbrs 08 04 0? 09 0= 0? 06 0=

  Cujtnj`tmr`j 1 00 > 06 0< > 00 0?  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ ? 6 6 4 = 6 6 =  Onj`tmr`j < 9 ? ? < < < <  Xrnv`tm lrmfntbrs 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 00= 0<> -090 = -410 <?1 ?<< 0=<  Emt bws be mxtmre` m t 94 0?6 61 044 <60 ?91 ?=6 0?1

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 01 0 6 8 0 8

bt` `cbuet bra vme ,

Fmot ouyo`lg 8 8 >? 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 9? =? == 99 1? 1= 40 >8Netmrmst ?? ?< ?< ?< ?< ?? ?0 ?8Xrnv`tm lrmfntbrs

Xrnelnp`j < < < < < < < 8Netmrmst 0 0 0 8 8 8 8 8

 Ebtms;

F`t` be jbea-tmrc puojnl fmot ibr ?88> `rm Qbrjf O`eg st`ii mstnc`tms. Ourgne` I`sb w`s ar`etmf fmot rmjnmi miimltnvm ne ?889 uefmr CF_N.

>0

Page 104: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 104/341

Page 105: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 105/341

O]_]EFN

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 4=0.8 08>>.< 08<9.8 0??>.9 0?>0.6 0<6<.1 0<84.8 60>.4Xuojnl ef puojnljy au`r`etmmf 4=0.8 08>>.< 08<9.8 0??>.9 0?>0.6 0<6<.1 0<84.8 60>.4  Biinln`j lrmfntbrs 460.9 08>1.9 08<?.8 0??1.= 0?>8.4 0<6?.> 0<84.8 60>.4  Cujtnj`tmr`j 9=>.4 ><8.= 4>8.6 0890.4 00?6.8 0011.8 009<.4 <?0.4  b w l ; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ <>4.8 =>0.6 988.= 1=8.4 1>1.8 4<8.0 404.= 061.?

  Onj`tmr`j 040.4 091.0 060.9 09=.1 099.> 09=.> 066.? >4.8  Xrnv`tm lrmfntbrs >.6 0.9 6.8 ?.0 8.9 8.1 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 0.< 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Fnsoursmcmets >=.1 66.4 60.< 6?.0 <>.6 <0.< ?6.4 ?<.9Xuojnl `ef puojnljy au`r`etmmf >=.1 66.4 60.< 6?.0 <>.6 <0.< ?6.4 ?<.9  Biinln`j lrmfntbrs ><.6 66.4 <4.? 6?.0 <9.> <0.< ?6.4 ?<.9  Cujtnj`tmr`j 9<.= 68.9 <4.? 6?.0 <9.> ?>.4 ?6.< ?<.9  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 64.1 ?1.< <9.6 ?1.6 ?4.> 0>.? 0<.4 4.1  Onj`tmr`j ?>.4 6.? 8.8 8.8 8.8 0.= 8.= 8.8  Xrnv`tm lrmfntbrs ?.6 8.8 <.8 8.8 ?.= 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets ?1.= 01.4 >.6 ?1.0 0?.> 00.? 00.< 4.<Xuojnl `ef puojnljy au`r`etmmf ?1.= 01.4 >.6 ?1.0 0?.> 00.? 00.< 4.<  Biinln`j lrmfntbrs 0>.? 09.> >.6 ??.= 4.> 00.? 00.< 4.<  Cujtnj`tmr`j 00.< 00.4 >.6 ??.< 4.> 08.1 08.8 4.<  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 8.> ?.> 4.4 4.= 8.8 8.8 8.0 8.0  Onj`tmr`j 1.> =.0 8.8 8.? 8.8 8.9 0.< 8.8  Xrnv`tm lrmfntbrs 4.< 8.> 8.8 6.9 6.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs =.? 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Netmrmst p`ycmets 0?.? 00.8 6.= 00.> =.0 1.< 1.6 <.9Xuojnl `ef puojnljy au`r`etmmf 0?.? 00.8 6.= 00.> =.0 1.< 1.6 <.9  Biinln`j lrmfntbrs 00.0 08.> 6.= 00.> =.0 1.< 1.6 <.9

  Cujtnj`tmr`j >.8 4.= 6.= 00.1 6.= =.9 9.? <.0  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ ?.9 6.9 6.6 6.< 0.1 ?.6 <.1 0.8  Onj`tmr`j ?.0 ?.6 8.8 8.? 8.9 0.1 0.? 8.=  Xrnv`tm lrmfntbrs 0.0 8.0 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.= 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 04.0 <6.9 -?9.> -94.= >8.8 6<.> -0?.= ->?=.?  Emt bws be mxtmre` m t 96.> ?9.< 04.6 <6.? 61.= <0.8 64.< ?0.1

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8.8 8.8 8.8 8.8 <.> <.< 8.8 10.6

bt` `cbuet bra vme . . . . . . . .

Fmot ouyo`lg 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 0=.4 06.6 06.0 01.< 09.< 04.9 04.= 01.4Netmrmst <.4 <.4 <.1 <.9 <.= <.6 <.? <.8Xrnv`tm lrmfntbrs

Xrnelnp`j 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Netmrmst 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

 Ebtms;

F`t` neljufm tdm miimlts bi X`rns Ljuo fmot rmstrulturnea armmcmet snaemf ne ?88>. F`t` ibr ?881, ?884, `ef ?88> neljufm tdm miimlts bi CF_N ef DNXL fmot

rmjnmi, ne tdm `cbuet bi $?0,810 ne tdbus`efs, $??,410 ne tdbus`efs, `ef $9==,=<4 ne tdbus`efs rmspmltnvmjy.

><

Page 106: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 106/341

L@COBFN@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 0,46= ?,?46 ?,9?4 <,=0= <,=?1 <,190 6,?0= 6,<96  Jbea-tmrc mxtmre`j fmot 0,94< ?,008 ?,<?4 <,0== <,<04 <,=<1 <,4>? 6,8>>  Xuojnl ef puojnljy au`r`etmmf 0,94< ?,008 ?,<?4 <,0== <,<04 <,=<1 <,4>? 6,8>>  Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  ]sm bi NCI lrmfnt ?1 1? 1< 40 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 0<9 08? ??1 ?1> ?8> ??6 <?< ?9=  netmrmst `rrm`rs be jbea-tmrc 08< >8 0<0 ?6< 01< 096 0>1 ?84

 Cmcbr`efuc ntmcs  <>< 9=< 0,?1= 0,64= 0,=84 0,=6= 0,=>> 0,90<    0,94< ?,008 ?,<?4 <,0== <,<04 <,=<1 <,4>? 6,8>>    8 8 8 8 8 8 8 8  8 090 04= ?84 06> <>8 <8= 101

Mxtmre`j fmot ijbwsFnsoursmcmets 8 0?< >8 094 0=< 0=6 <4< ?00  Jbea-tmrc mxtmre`j fmot 8 48 1> 094 0=< 0=6 <4< ?00  NCI purld`sms 8 6? 00 8 8 8 8 8

Xrnelnp`j rmp`ycmets 8 = 06 09 0= 0< 0> ?9  Jbea-tmrc mxtmre`j fmot 8 = 1 4 0= 0< 0> ?9  NCI rmpurld`sms 8 8 1 > 8 8 8 8

 Emt ijbws 0= 088 0?4 0=6 0<4 09= 6<8 009  Jbea-tmrc mxtmre`j fmot 8 1= 1? 098 0<4 060 <96 04=

  \dbrt-tmrc mxtmre`j fmot 0= -04 =? ? 8 ?6 99 -9>Netmrmst p`ycmets <8 < 04 0= 0= 04 ?< ?<  Jbea-tmrc mxtmre`j fmot ?> 0 0? 0? 0< 0= ?0 ??  NCI ld`rams 8 0 0 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot .. .. = ? ? < ? ..

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet .. 0=0 06> <40 64< 491 40= =<8Xbrtibjnb mqunty .. .. 8 8 8 8 8 ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 8.4 8.4 8.> 8.> 8.>K`p`emsm yme 8.9 8.6 8.< 0.0 0.? 0.= ?.8 ?.6Xbuef stmrjnea 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs 0?.9 ?1.? <8.? <>.6 <>.8 <>.8 68.0 68.9

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 8.8 0.4 0.< 0.6 0.8 0.= 0.? 0.<  C`turnty (ym`rs) 8.8 <1.= <8.< ?9.> ?9.? ?<.9 ?>.6 ?=.6  Ar`lm pmrnbf (ym`rs) 8.8 >.1 4.? >.? >.4 1.1 4.9 <.<Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 0,00= <,<48 <,=<= 9,8<> 9,>9< 4,?10 >,4>9 >,944Mxpbrts bi abbfs, smrvnlms & nelbcm .. >1> 0,4>< 6,8>9 =,81> =,164 9,69? =,>4?Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. 0? 0?0 ?88 ?>1 <=< <?= <<4Ncpbrts bi abbfs, smrvnlms & nelbcm .. 0,66? ?,6=< 6,>?< =,>10 9,4<8 4,0?1 1,6??Xrbint rmcntt`elms be IFN .. 6 0?< ??1 ?18 <=< 68< <6>Lurrmet `llbuet o`j`elm .. -049 -0<9 -<81 -?9? -644 -0,8=0 ..Netmre`tnbe`j rmsmrvms .. 0>? 900 0,0=4 0,600 ?,068 ?,9<> <,?49

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. ?<<.< 0<4.4 4=.4 9>.6 9=.6 9=.? 1?.>Mxtmre`j fmot stblgs tb AEN (%) 09=.= 91.9 16.< =4.? =8.1 6=.= 6?.9 6=.8Fmot smrvnlm tb mxpbrts (%) .. 8.1 0.1 8.4 8.9 8.= 8.1 8.4\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 1.< 6.= 4.9 1.> =.> 9.8 1.1 9.0Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 8.0 =.? 06.= <8.0 <<.0 <6.= <<.1 <6.6_msmrvms tb mxtmre`j fmot stblgs (%) .. 4.6 ?<.< <?.> 68.8 =9.> 9?.9 1=.<_msmrvms tb ncpbrts (cbetds) .. 0.9 <.8 ?.4 ?.4 <.4 <.> =.<

>6

Page 107: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 107/341

L@COBFN@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 0,94< ?,008 ?,<?4 <,0== <,<04 <,=<1 <,4>? 6,8>>Xuojnl ef puojnljy au`r`etmmf 0,94< ?,008 ?,<?4 <,0== <,<04 <,=<1 <,4>? 6,8>>  Biinln`j lrmfntbrs 0,94< ?,8>1 ?,<?4 <,0== <,<04 <,=<1 <,4>? 6,8>>  Cujtnj`tmr`j 0 004 <40 0,8=> 0,094 0,?>4 0,6?8 0,=80  b w l ; NO_F 8 8 8 8 8 8 8 8  NF@ 8 9= ?81 69? =88 =<= =6= =99

  Onj`tmr`j 0,940 0,>1> 0,>61 ?,8>9 ?,0=8 ?,?<> ?,61? ?,=>4  Xrnv`tm lrmfntbrs 8 0< 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 8 48 1> 094 0=< 0=6 <4< ?00Xuojnl `ef puojnljy au`r`etmmf 8 48 1> 094 0=< 0=6 <4< ?00  Biinln`j lrmfntbrs 8 96 1> 094 0=< 0=6 <4< ?00  Cujtnj`tmr`j 8 90 14 0<8 1> 14 06= >?  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 8 ?= <1 <9 0> 04 ?8 ?<  Onj`tmr`j 8 6 0 <4 16 19 ?<4 00>  Xrnv`tm lrmfntbrs 8 09 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 8 = 1 4 0= 0< 0> ?9Xuojnl `ef puojnljy au`r`etmmf 8 = 1 4 0= 0< 0> ?9  Biinln`j lrmfntbrs 8 ? 1 4 0= 0< 0> ?9  Cujtnj`tmr`j 8 8 8 = > 00 01 ?<  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 8 8 8 ? 6 = 9 9  Onj`tmr`j 8 ? 1 ? 9 ? ? <  Xrnv`tm lrmfntbrs 8 < 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets ?> 0 0? 0? 0< 0= ?0 ??Xuojnl `ef puojnljy au`r`etmmf ?> 0 0? 0? 0< 0= ?0 ??  Biinln`j lrmfntbrs ?> 0 0? 0? 0< 0= ?0 ??

  Cujtnj`tmr`j 8 0 < 08 08 00 0< 0<  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 8 8 0 6 6 6 6 6  Onj`tmr`j ?> 8 > < < 6 4 >  Xrnv`tm lrmfntbrs 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 099 <1= 000 19 00 ?<6 6=6 06>  Emt bws be mxtmre` m t 0= 088 0?4 0=6 0<4 09= 6<8 009

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 ??6 8 8 8 0 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 9< 1? 1= 41 00< 0?< 0?> 06=Netmrmst <1 <4 <4 <4 <4 <9 <= <<Xrnv`tm lrmfntbrs

Xrnelnp`j 8 8 8 8 8 8 8 8Netmrmst 8 8 8 8 8 8 8 8

 Ebtms;

L`cobfn` w`s ar`etmf fmot rmjnmi miimltnvm ne ?889 uefmr CF_N.

>=

Page 108: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 108/341

Page 109: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 109/341

L@CM_BBE

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf =,=8= >,>84 4,496 9,991 ?,1<< ?,16> ?,9>8 ?,16<Xuojnl ef puojnljy au`r`etmmf =,?19 >,9?8 4,=61 9,81= ?,?6< ?,00< ?,8== ?,0?4  Biinln`j lrmfntbrs <,48> 4,1<6 4,??1 =,>4> ?,01> ?,000 ?,8=? ?,001  Cujtnj`tmr`j 0,<?< 0,946 0,60> 0,=4= =08 =9? 904 94?  b w l ; NO_F 9=0 9<> ?04 46 69 68 <= <8  NF@ ?<4 66< 19> 0,8<? 018 0>4 ??= ?1<

  Onj`tmr`j ?,649 1,8=8 9,484 6,68< 0,99> 0,=6> 0,6<= 0,6<=  Xrnv`tm lrmfntbrs 0,691 44= <?8 41 9= < ? 00  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs <>8 <88 01= 6< 69 ? ? 00Xrnv`tm ebeau`r`etmmf ?<8 ?44 <01 =>? 64> 9<9 9<9 90=  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 186 090 ?49 ??1 0=4 ?9? ?1> <<>Xuojnl `ef puojnljy au`r`etmmf 9=0 090 ?61 0<8 00> 048 0>? 0<8  Biinln`j lrmfntbrs =69 090 ?61 0<8 004 048 0>? 0??  Cujtnj`tmr`j ?88 40 00= 94 46 4< 089 ><  bi wdnld; NO_F 1= 9 8 8 8 8 8 8  NF@ 8 <= == <0 ?> ?8 ?> 64  Onj`tmr`j <61 48 0<< 9? <6 >1 49 ?>  Xrnv`tm lrmfntbrs 08= 8 8 8 0 8 8 4  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 08 8 8 8 0 8 8 4Xrnv`tm ebeau`r`etmmf =< 8 <> >4 <> 4? 41 ?8>

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets ?94 ?00 ?=< =<1 <== <9> <=4 <<9Xuojnl `ef puojnljy au`r`etmmf 0<4 04< 099 <>9 0>6 049 099 081  Biinln`j lrmfntbrs >9 069 09? <>= 0>6 091 09= 081  Cujtnj`tmr`j 94 0<8 >1 >? 49 68 60 <>  bi wdnld; NO_F 6? >0 =< <? <> = = =  NF@ < 6 1 0? 9 8 0 ?  Onj`tmr`j ?4 09 99 <8< 084 0?1 0?= 94  Xrnv`tm lrmfntbrs 60 <9 6 8 8 0> 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs ?4 ?= 6 8 8 09 8 8Xrnv`tm ebeau`r`etmmf 0<8 ?4 49 060 090 04< 0>? ??>  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 0>6 01< ?0= ?<0 0<= 0<= 00= =4Xuojnl `ef puojnljy au`r`etmmf 011 09< 0>4 040 1> >< 18 ?1  Biinln`j lrmfntbrs 0?? 0=? 0>4 048 1> 18 18 ?1

  Cujtnj`tmr`j 1< 48 64 ?1 ?8 09 06 00  bi wdnld; NO_F 6> =9 ?? = 6 ? ? ?  NF@ ? < = 4 = ? ? ?  Onj`tmr`j 6> 1? 06> 0=< => =6 =9 09  Xrnv`tm lrmfntbrs == 08 0 0 8 ?< 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs <> = 0 8 8 ?< 8 8Xrnv`tm ebeau`r`etmmf 01 00 01 =0 =1 6? 66 <0  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l eam e mxtmre` m t stbl s 0,0>4 0,941 -?<> -<,8?= -6,8<8 -?<> -?64 049  Emt bws be mxtmre` m t 91? 001 -?0 -94< -?88 <? -?18 0=0

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 1= 0,818 ?89 94 ?8 6 8 8

bt` `cbuet bra vme ,

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 0>9 019 0=< 0<4 0<> 0=8 0<0 0?=Netmrmst =1 =< =8 61 6= 6? <> <9Xrnv`tm lrmfntbrs

Xrnelnp`j =? =< =< =< =< =< =< =<Netmrmst > > 4 1 9 = = 6

 Ebtms;

L`cmrbbe w`s ar`etmf fmot rmjnmi miimltnvm ne ?889 uefmr CF_N.

>1

Page 110: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 110/341

L@XM YM_FM

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 0<<.4 ?0<.4 <09.= 61=.? =??.0 =14.1 9?6.9 181.?  Jbea-tmrc mxtmre`j fmot 0?>.0 046.9 <0?.9 690.> =84.6 =96.8 908.4 9>6.1  Xuojnl ef puojnljy au`r`etmmf 0?>.0 046.9 <0?.9 690.> =84.6 =96.8 908.4 9>6.1  Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  ]sm bi NCI lrmfnt 8.8 8.8 8.8 0?.< 0<.8 0<.= 0?.6 00.8  \dbrt-tmrc mxtmre`j fmot 6.1 ?>.? <.> 8.> 8.1 0.< 0.6 0.=  netmrmst `rrm`rs be jbea-tmrc ?.< 6.9 <.> 8.> 8.1 0.< 0.6 0.=

 Cmcbr`efuc ntmcs  00.0 0>.9 <?.? <.? ?.6 ?.6 ?.6 ?.6    0?>.0 046.9 <0?.9 690.> =84.6 =96.8 908.4 9>6.1    8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  <=.> 00.= <<.> 44.4 ?1.6 ?8>.> <1>.8 ?=0.4

Mxtmre`j fmot ijbwsFnsoursmcmets 0?.0 ?0.6 ?4.4 11.> 64.> =0.0 16.4 >1.<  Jbea-tmrc mxtmre`j fmot 0?.0 ?0.6 ?4.4 16.< 64.> =0.0 16.4 >1.<  NCI purld`sms 8.8 8.8 8.8 <.1 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets <.1 =.9 00.0 ?4.9 ?=.8 ??.1 ?6.= ?=.>  Jbea-tmrc mxtmre`j fmot <.1 =.9 00.0 ?4.9 ?=.8 ??.= ?<.1 ?6.6  NCI rmpurld`sms 8.8 8.8 8.8 8.8 8.8 8.? 8.4 0.=

 Emt ijbws 08.1 <6.6 ?.8 6>.< ?<.> ?4.6 =8.6 10.6  Jbea-tmrc mxtmre`j fmot 4.< 0=.4 01.1 6=.1 ?<.> ?4.9 =0.0 1?.>

  \dbrt-tmrc mxtmre`j fmot ?.6 04.1 -0=.1 8.8 8.8 8.8 8.8 8.8Netmrmst p`ycmets ?.8 6.0 6.1 9.4 9.< 9.6 9.9 1.8  Jbea-tmrc mxtmre`j fmot 0.> <.6 6.1 9.4 9.? 9.6 9.= 9.>  NCI ld`rams 8.8 8.8 8.8 8.0 8.0 8.0 8.0 8.0  \dbrt-tmrc mxtmre`j fmot 8.0 8.4 8.8 8.8 8.8 8.8 8.8 8.8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 8.< ?9.? <<.6 48.6 0<0.4 0>0.> ?00.< 00>.9Xbrtibjnb mqunty 8.8 8.8 .. 8.8 8.< ?.? 8.8 ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 0<.6 0=.8 09.0 04.? 0>.?K`p`emsm yme 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.?Xbuef stmrjnea 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs <4.= <=.< ==.4 =6.0 =<.< 6>.9 64.= 6<.?

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 0.= 8.4 ?.8 <.= ?.> 0.< ?.8 0.9  C`turnty (ym`rs) 6?.9 <>.4 <0.< <?.= <4.0 ?=.1 ?9.> ?9.9  Ar`lm pmrnbf (ym`rs) >.0 08.< 08.6 4.6 >.8 4.? 9.1 1.?Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 =.1 8.8 8.8 8.8 8.8 0.1  C`turnty (ym`rs) 8.8 8.8 08.9 8.8 8.8 8.8 8.8 <<.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 ?.? 8.8 8.8 8.8 8.8 0?.4

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) <68.= 64=.< =?8.8 >9=.1 089?.> 0<86.4 0646.6 06>>.0Mxpbrts bi abbfs, smrvnlms & nelbcm 9<.? 41.= 0=8.> <11.= 6>1.8 =>>.6 166.9 ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms =>.0 08=.> 49.> 0<9.9 0<9.9 0<4.> 0==.0 06>.?Ncpbrts bi abbfs, smrvnlms & nelbcm 0=<.0 <88.1 <6<.9 9>>.8 494.4 08>>.8 0?9=.? ..Xrbint rmcntt`elms be IFN 8.8 8.= =.0 08.> ?6.0 ?4.? <4.? ..Lurrmet `llbuet o`j`elm -<.4 -90.9 -=4.8 -68.1 -4?.1 -0>4.< -?8=.= ..Netmre`tnbe`j rmsmrvms 11.8 <9.> ?4.< 096.9 ?66.6 <96.= <90.= <99.?

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) ?00.= ?66.6 ?8>.1 0?=.> 08=.8 >9.9 4<.> ..Mxtmre`j fmot stblgs tb AEN (%) <>.< 66.0 98.> 6>.? 6>.0 66.6 6?.0 61.?Fmot smrvnlm tb mxpbrts (%) >.0 00.? 08.= >.6 9.< 6.> 6.? ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) <.= 0<.1 0.? 8.? 8.0 8.? 8.? 8.?Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 9=.8 91.< 1?.6 14.4 14.> 14.9 11.< 1=.<_msmrvms tb mxtmre`j fmot stblgs (%) =1.= 01.< 4.> <6.9 69.4 9<.8 =1.> =0.4_msmrvms tb ncpbrts (cbetds) 9.8 0.= 0.8 ?.4 <.6 6.8 <.6 ..

>4

Page 111: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 111/341

L@XM YM_FM

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 0?>.0 046.9 <0?.9 690.> =84.6 =96.8 908.4 9>6.1Xuojnl ef puojnljy au`r`etmmf 0?>.0 046.9 <0?.9 690.> =84.6 =96.8 908.4 9>6.1  Biinln`j lrmfntbrs 0?9.9 014.? <8=.? 668.< 6>0.0 =6>.? 988.> 944.?  Cujtnj`tmr`j 41.8 06<.> ??>.? <16.1 600.4 6=6.4 64?.> =<?.6  b w l ; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 0<.9 <<.8 >1.> ?8=.0 ?<=.> ?91.6 ?4<.4 ?49.6

  Onj`tmr`j <>.9 <6.? 1=.> 9=.9 1>.< >6.< 001.> 0==.4  Xrnv`tm lrmfntbrs ?.= 9.6 1.= ?0.9 01.< 06.4 >.> 9.=  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 0.4 0.= 0.8 8.< 8.?Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Fnsoursmcmets 0?.0 ?0.6 ?4.4 16.< 64.> =0.0 16.4 >1.<Xuojnl `ef puojnljy au`r`etmmf 0?.0 ?0.6 ?4.4 16.< 64.> =0.0 16.4 >1.<  Biinln`j lrmfntbrs 0?.0 01.0 ?4.4 96.> 64.4 =0.0 16.4 >1.<  Cujtnj`tmr`j 9.8 06.> ?<.= 64.4 <8.8 <6.= <9.9 =4.9  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ ?.8 9.8 08.6 ?1.? ??.0 ??.1 ?8.4 <.4  Onj`tmr`j 9.0 ?.? =.< 09.0 04.1 09.9 <4.? <4.1  Xrnv`tm lrmfntbrs 8.8 6.? 8.8 >.6 8.0 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.> 8.0 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets <.1 =.9 00.0 ?4.9 ?=.8 ??.= ?<.1 ?6.6Xuojnl `ef puojnljy au`r`etmmf <.1 =.9 00.0 ?4.9 ?=.8 ??.= ?<.1 ?6.6  Biinln`j lrmfntbrs <.9 =.9 >.< ?<.? 04.= 04.< 0>.< ?8.4  Cujtnj`tmr`j ?.= 6.4 9.0 0?.? 4.9 >.< 08.6 0<.1  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 8.8 8.0 8.< 0.6 0.= 0.4 ?.9 <.<  Onj`tmr`j 0.0 8.4 <.? 00.8 >.> >.8 >.8 1.0  Xrnv`tm lrmfntbrs 8.0 8.8 0.4 =.6 9.= 6.? 6.< <.9  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 0.6 8.9 8.9 8.1 8.0Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Netmrmst p`ycmets 0.> <.6 6.1 9.4 9.? 9.6 9.= 9.>Xuojnl `ef puojnljy au`r`etmmf 0.> <.6 6.1 9.4 9.? 9.6 9.= 9.>  Biinln`j lrmfntbrs 0.> <.6 <.4 =.1 =.1 9.0 9.< 9.1

  Cujtnj`tmr`j 0.? <.< ?.1 6.? 6.0 6.< 6.1 6.>  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 8.0 8.? 8.1 0.9 0.1 0.4 ?.0 ?.8  Onj`tmr`j 8.1 8.0 0.0 0.9 0.9 0.4 0.9 0.>  Xrnv`tm lrmfntbrs 8.8 8.8 8.> 0.8 8.= 8.< 8.< 8.?  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.= 8.0 8.0 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 1.1 <1.> -4.1 0<.9 69.> =9.9 6=.4 4?.1  Emt bws be mxtmre` m t 08.1 <6.6 ?.8 6>.< ?<.> ?4.6 =8.6 10.6

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

bt` `cbuet bra vme . . . . . . . .

Fmot ouyo`lg 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j ?6.8 ?6.= ??.1 60.< 6?.1 69.0 6=.1 61.8Netmrmst 08.0 0?.9 06.0 06.1 06.9 06.< 0<.1 0<.0Xrnv`tm lrmfntbrs

Xrnelnp`j <.9 ?.< 8.= 8.8 8.8 8.8 8.8 8.8Netmrmst 8.0 0.8 ?.? ?.6 ?.= ?.= ?.= ?.=

>>

Page 112: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 112/341

LMEV_@J @I_NL@E _MX]OJNL

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 9>4.= >69.8 498.8 080>.> 0808.? >96.? >==.0 <>9.8  Jbea-tmrc mxtmre`j fmot 9?6.0 4=<.> 1>1.< 411.= 494.= 46>.8 401.0 ?=8.6  Xuojnl ef puojnljy au`r`etmmf 9?6.0 4=<.> 1>1.< 411.= 494.= 46>.8 401.0 ?=8.6  Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  ]sm bi NCI lrmfnt <9.1 <6.> ?0.= <=.> 6?.0 6>.6 9<.8 14.6  \dbrt-tmrc mxtmre`j fmot <1.1 =1.0 60.? 089.9 >>.9 9=.4 1=.8 91.?  netmrmst rrm`rs be jbea-tmrc 0=.8 <=.1 ?9.0 >1.9 >8.9 9=.4 9<.8 9<.?

 Cmcbr`efuc ntmcs  ?<.? 16.? >1.1 ??1.0 ?04.1 018.4 0=4.? 0=9.9    9?6.0 4=<.1 1>9.< 419.0 491.8 461.6 401.0 ?=8.6    8.8 8.< 0.8 0.< 0.= 0.9 8.8 8.8  016.> 09.9 ?4.8 8.8 8.8 8.8 8.8 8.8

Mxtmre`j fmot ijbwsFnsoursmcmets 0?0.0 <?.9 09.0 8.8 08.? <6.> ?6.> 6<.=  Jbea-tmrc mxtmre`j fmot 00?.4 <?.9 09.0 8.8 8.8 <.? 0.> <.4  NCI purld`sms 4.< 8.8 8.8 8.8 08.? <0.1 ?<.8 <>.9

Xrnelnp`j rmp`ycmets 01.6 08.8 4.< =.< =?.1 94.1 0>.6 ?4.?  Jbea-tmrc mxtmre`j fmot 1.9 ?.9 1.= 8.6 69.1 6?.0 00.1 4.>  NCI rmpurld`sms >.4 1.6 8.4 6.> 9.8 ?9.1 1.1 0>.6

 Emt ijbws 089.9 ?=.0 -0<.4 -=.< -6?.= -6?.> 01.= 1.?  Jbea-tmrc mxtmre`j fmot 08=.? <8.8 4.9 -8.6 -69.1 -<4.> ->.4 -=.8

  \dbrt-tmrc mxtmre`j fmot ?.> ?.6 -?0.9 8.8 8.8 ->.8 0?.8 -4.8Netmrmst p`ycmets 00.4 =.1 =.> 8.> 01.1 ?8.? 9.9 <.9  Jbea-tmrc mxtmre`j fmot >.8 <.= 6.< 8.0 09.= 0>.9 9.0 <.?  NCI ld`rams 0.? 0.8 8.0 8.6 8.> 8.6 8.< 8.<  \dbrt-tmrc mxtmre`j fmot 0.9 0.? 0.6 8.< 8.< 8.? 8.? 8.0

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 8.1 9.? 8.4 <?.6 <6.9 =9.1 001.0 6?.<Xbrtibjnb mqunty 8.8 .. .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. =.> 9.< <.4 <.6 =.<K`p`emsm yme 8.1 8.1 8.1 8.9 8.9 8.< 8.6 8.8Xbuef stmrjnea 8.0 8.8 8.0 8.0 8.0 8.0 8.0 8.8\wnss ir`el ?.9 ?.4 ?.? ?.= ?.1 ?.? ?.< 6.1].\.fbjj`rs 6<.9 =9.? 90.? =>.9 =1.= 90.> 9<.0 =9.9

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 0.8 8.4 8.4 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) <1.9 <>.1 <>.4 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 08.? 08.? 08.< 8.8 8.8 8.8 8.8 8.8Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 069=.0 0088.> >69.4 0<64.8 061?.> 0180.> 0>9=.4 0>4<.<Mxpbrts bi abbfs, smrvnlms & nelbcm ??8.6 .. .. .. .. .. .. ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms 8.0 .. .. .. .. .. .. ..Ncpbrts bi abbfs, smrvnlms & nelbcm 6<?.= .. .. .. .. <40.6 696.= ..Xrbint rmcntt`elms be IFN ?.0 .. .. .. .. .. .. ..Lurrmet `llbuet o`j`elm -4>.0 .. .. .. .. .. .. ..Netmre`tnbe`j rmsmrvms 0??.> ?<1.> 0<9.< 066.> 0<?.6 >0.> 0<0.= ???.1

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) <01.8 .. .. .. .. .. .. ..Mxtmre`j fmot stblgs tb AEN (%) 61.1 4=.> >8.4 1=.1 94.9 =9.1 64.9 ?8.8Fmot smrvnlm tb mxpbrts (%) 0<.? .. .. .. .. .. .. ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) =.6 9.8 6.4 08.= >.> 9.4 1.4 01.8Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 9=.? 91.< 91.4 90.9 98.1 9?.9 98.? 0=.0_msmrvms tb mxtmre`j fmot stblgs (%) 01.9 ?=.? 0=.> 06.? 0<.0 >.= 0<.4 =9.?_msmrvms tb ncpbrts (cbetds) <.6 .. .. .. .. ?.> <.6 ..

088

Page 113: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 113/341

Page 114: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 114/341

Page 115: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 115/341

LD@F

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 6=6 111 >41 0,6>= 0,9?4 0,10? 0,18= 0,100Xuojnl ef puojnljy au`r`etmmf 6=6 111 >41 0,6>= 0,9?4 0,10? 0,18= 0,100  Biinln`j lrmfntbrs 669 11= >1? 0,69< 0,=>= 0,91> 0,91? 0,91>  Cujtnj`tmr`j <<1 96= 4<6 0,<68 0,6=8 0,=?1 0,69> 0,61>  b w l ; NO_F 8 8 8 <= <8 ?9 8 8  NF@ 049 <1> =0= 496 >?= >94 >8= 4>9

  Onj`tmr`j 08> 0<0 0<4 0?< 06= 0=? ?8< 0>>  Xrnv`tm lrmfntbrs 4 ? 0= <? << << << <<  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets >6 90 69 008 08? =8 >1 <=Xuojnl `ef puojnljy au`r`etmmf >6 90 69 008 08? =8 >1 <=  Biinln`j lrmfntbrs >6 90 69 008 08? =8 >1 <=  Cujtnj`tmr`j 1? 90 <9 084 10 <> <4 <?  bi wdnld; NO_F 8 8 8 0 8 8 8 8  NF@ 64 6? 04 96 <0 09 = <  Onj`tmr`j ?? 8 08 ? <0 0? => 6  Xrnv`tm lrmfntbrs 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets < < 0< ?6 ?6 <6 08= 6?Xuojnl `ef puojnljy au`r`etmmf < < 0< ?6 ?6 <6 08= 6?  Biinln`j lrmfntbrs < < 0< ?< ?6 << 08= 6?  Cujtnj`tmr`j < < 08 01 04 ?4 088 <9  bi wdnld; NO_F 8 8 8 ? = = ?9 8  NF@ 0 0 6 6 = 1 9? 01  Onj`tmr`j 8 0 < = 9 = 9 9  Xrnv`tm lrmfntbrs 0 8 0 0 0 0 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets < 6 > 09 09 0> 04 ?<Xuojnl `ef puojnljy au`r`etmmf < 6 > 09 09 0> 04 ?<  Biinln`j lrmfntbrs < 6 > 09 09 04 04 ?<

  Cujtnj`tmr`j ? < 9 06 0< 0= 0= 0>  bi wdnld; NO_F 8 8 8 0 ? ? 0 8  NF@ 0 < < 9 9 1 4 1  Onj`tmr`j 0 8 < ? < < 6 6  Xrnv`tm lrmfntbrs 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 009 => -4 -=9 0?? >8 -64 -9  Emt bws be mxtmre` m t >4 9< 66 1= 90 ?0 -6= -0>

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 4 69 8 0? 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 9? 9= 18 1? 48 4= 40 4?Netmrmst 0> 0> 04 01 09 0= 06 0<Xrnv`tm lrmfntbrs

Xrnelnp`j 9 ? ? ? ? ? 0 8Netmrmst 8 8 8 8 8 8 8 8

 Ebtms;

F`t` ibr ?881 neljufm tdm miimlts bi Med`elmf DNXL Nentn`tnvm, ne tdm `cbuet bi $<,90? ne tdbus`efs.

08<

Page 116: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 116/341

Page 117: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 117/341

Page 118: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 118/341

LDNE@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs ==,<80 004,8>8 06=,100 ?4<,>49 <?=,?98 <1<,11< <14,?6= 6?4,66?  Jbea-tmrc mxtmre`j fmot 6=,=0= >=,196 0<?,9<0 0<=,10> 0=0,44< 018,81= 0>0,8=1 041,><<  Xuojnl ef puojnljy au`r`etmmf 6=,=0= >6,916 >6,46? 4=,??1 44,?01 41,1>0 4>,?4? ><,0?=  Xrnv`tm ebeau`r`etmmf 8 0,8>8 <1,14> =8,6>? 9<,999 4?,?46 080,116 >6,484  ]sm bi NCI lrmfnt 69> 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot >,<01 ??,<?= 0<,848 064,?91 01<,<11 ?8<,9>4 041,044 ?68,=8>  netmrmst `rrm`rs be jbea-tmrc 8 8 8 8 8 8 8 8

 Cmcbr`efuc ntmcs  8 8 8 8 8 8 8 8    6=,66> ><,=1< >6,46? 46,>94 41,>1? 41,90> 4>,0?= >?,>4?    99 ?,0>? <1,14> =8,1=0 9<,>08 4?,6=9 080,><? >6,>=0  >,>44 ??,40? 08,18? 08,?<< 9,?1= 9,>?1 9,808 1,?1<

Mxtmre`j fmot ijbwsFnsoursmcmets >,99= ?0,>4= 09,119 ?>,??4 ?9,=?6 <9,<<> <4,044 ?<,08=  Jbea-tmrc mxtmre`j fmot >,99= ?0,>4= 09,119 ?>,??4 ?9,=?6 <9,<<> <4,044 ?<,08=  NCI purld`sms 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets <,48> >,818 0>,>?6 ?8,469 04,0?8 ?8,1>8 ?=,06< <6,614  Jbea-tmrc mxtmre`j fmot <,<0> >,818 0>,>?6 ?8,469 04,0?8 ?8,1>8 ?=,06< <6,614  NCI rmpurld`sms 6>8 8 8 8 8 8 8 8

 Emt ijbws 4,?91 01,1=4 -=,?61 68,414 <<,=06 6=,418 -<,69= 60,>64  Jbea-tmrc mxtmre`j fmot 9,<69 0?,>0= -<,061 4,<40 4,686 0=,=6> 0<,86= -00,<1<

  \dbrt-tmrc mxtmre`j fmot ?,608 6,46? -?,088 <?,6>1 ?=,008 <8,<?0 -09,=08 =<,<?0Netmrmst p`ycmets <,?64 =,>>9 1,09= 9,=0> >,<=> 00,<>= >,?69 1,<=?  Jbea-tmrc mxtmre`j fmot ?,=<6 6,9=1 =,>>4 <,?04 <,404 =,6=6 6,198 6,066  NCI ld`rams 9= 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 96> 0,<68 0,094 <,<8? =,=60 =,>6? 6,649 <,?84

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet <,641 <=,46> <4,<>> 1>,0?1 14,8>= 0<4,60< 061,1>0 14,0><Xbrtibjnb mqunty 8 8 9,>0? ?8,<69 6?,490 04,=08 4,1?0 ?4,090

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 4.8 4.6 4.0 9.9 9.?K`p`emsm yme <8.6 ?8.1 09.> 0<.= 0?.8 4.6 >.0 1.>Xbuef stmrjnea 8.1 8.? 8.0 8.0 8.0 8.0 8.8 8.8\wnss ir`el 8.? 8.8 8.0 8.0 8.0 8.8 8.8 8.8].\.fbjj`rs ?>.0 =4.0 10.= 16.1 19.< 48.9 40.1 4<.4

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) <.1 9.4 1.? 6.< =.6 =.6 <.9 0.4  C`turnty (ym`rs) ?1.> 04.< ?0.0 ??.= ??.1 ?0.4 ?<.8 ?=.>  Ar`lm pmrnbf (ym`rs) 1.> <.1 6.> =.= =.1 =.6 =.4 =.4Xrnv`tm lrmfntbrs

  Netmrmst (%) 4.9 9.< =.> 6.9 =.8 6.0 6.9 =.8  C`turnty (ym`rs) 0<.< 1.< 01.8 >.0 06.6 >.8 0<.8 06.=  Ar`lm pmrnbf (ym`rs) ?.1 ?.6 0.4 =.? 8.> 0.6 0.0 8.>

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) <=1,>>? 109,?<< 0,04<,40= ?,?91,9>4 ?,1<?,8?0 <,=<0,?06 6,=96,??6 6,><1,>48Mxpbrts bi abbfs, smrvnlms & nelbcm 98,<>0 0=?,6<0 ?>?,000 41=,461 0,009,<?< 0,6?=,?<9 0,91<,<?4 0,660,>?4Qbrgmr rmcnt. & lbcp. bi mcpjbymms 01= 414 =,?<1 ?6,08? ?1,>=6 <4,1>0 64,=?6 61,==<Ncpbrts bi abbfs, smrvnlms & nelbcm 64,994 0=?,?64 ?11,>86 168,606 4>?,?== 0,8>?,810 0,?><,8?8 0,014,=<6Xrbint rmcntt`elms be IFN 69 >,>=< ?8,0>4 ?0,868 ?>,?<9 6<,100 64,499 =6,14<Lurrmet llbuet o`j`elm 00,>>1 0,904 ?8,=04 098,404 ?=<,?94 <10,4<< 6?9,081 ..Netmre`tnbe`j rmsmrvms <6,619 48,?44 010,19< 4<0,608 0,848,1=9 0,=69,<9= 0,>99,8<1 ?,6=?,4>>

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) >0.9 11.= 6>.> <?.6 ?>.0 ?9.? ??.9 ?>.1Mxtmre`j fmot stblgs tb AEN (%) 0=.6 09.= 0?.< 0?.= 00.> 08.9 4.< 4.1Fmot smrvnlm tb mxpbrts (%) 00.1 >.> >.< <.0 ?.= ?.< ?.0 ?.>\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 09.4 04.> >.8 =?.? =<.< =6.= 6>.= =9.0Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 00.0 0<.4 01.1 >.< 4.= 1.4 4.0 1.1_msmrvms tb mxtmre`j fmot stblgs (%) 9?.< 94.8 001.> ?>?.4 <<?.< 60<.1 =0>.4 =1?.=_msmrvms tb ncpbrts (cbetds) 4.= 9.< 1.6 0<.= 06.= 01.8 04.? ?=.8

089

Page 119: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 119/341

LDNE@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 6=,=0= >=,196 0<?,9<0 0<=,10> 0=0,44< 018,81= 0>0,8=1 041,><<Xuojnl ef puojnljy au`r`etmmf 6=,=0= >6,916 >6,46? 4=,??1 44,?01 41,1>0 4>,?4? ><,0?=  Biinln`j lrmfntbrs 06,=06 <9,>4? =8,<16 =?,?0= ==,<<< =4,<1= 9<,0?4 94,81>  Cujtnj`tmr`j 9,000 09,<8? ?=,400 ?9,60< ?1,1<4 ?>,?=4 <8,9== <<,0=9  b w l ; NO_F ?,49= 1,?8> 00,004 00,068 00,60= 00,19? 0?,696 0?,18=  NF@ <,809 1,8<4 4,110 >,160 >,>>1 08,0=0 >,149 >,=?0

  Onj`tmr`j 4,68< ?8,948 ?6,=9< ?=,48? ?1,=>= ?>,001 <?,61< <6,>?<  Xrnv`tm lrmfntbrs <0,880 =1,9>< 66,691 <<,80? <?,446 ?>,609 ?9,0=6 ?=,869  bi wdnld; Obefs =,6?= 08,946 00,<10 09,8<> 09,<4? 09,=99 0<,>?= 08,4?9  Lbccmrln`j o`egs 06,=?8 ?<,49> 08,90> <,?61 <,19< <,8<8 ?,494 ?,1<=Xrnv`tm ebeau`r`etmmf 8 0,8>8 <1,14> =8,6>? 9<,999 4?,?46 080,116 >6,484  bi wdnld; Obefs 8 0,8>8 0,894 <,=16 =,?1> 9,804 =,>18 1,8?8

Fnsoursmcmets >,99= ?0,>4= 09,119 ?>,??4 ?9,=?6 <9,<<> <4,044 ?<,08=Xuojnl ef puojnljy au`r`etmmf >,99= ?0,660 >,9>6 >,119 9,?14 9,=9? =,66> =,><4  Biinln`j lrmfntbrs ?,=14 >,81< =,1>8 ?,09> <,=44 ?,4<= <,4>< <,<08  Cujtnj`tmr`j 0,0=4 ?,4<4 <,<8< ?,808 ?,0=< ?,6?= ?,418 ?,9=1  bi wdnld; NO_F =>0 0,6=1 0,=?4 0,890 0,0<6 0,0>6 0,986 0,?>8  NF@ =81 40? <1> 18 <6 06 > 0  Onj`tmr`j 0,6?8 9,?<= ?,641 0=> 0,6<6 608 0,8?< 9=<  Xrnv`tm lrmfntbrs 1,841 0?,<94 <,>86 1,989 ?,9>8 <,1?1 0,==9 ?,9?4  bi wdnld; Obefs ?11 0,??6 464 6,?84 8 0,6=9 8 8  Lbccmrln`j o`egs <,?61 6,>11 0<0 ?,090 01 ?0= ?1 69Xrnv`tm ebeau`r`etmmf 8 =66 1,84? 0>,6=? ?8,?69 ?>,111 <?,1<> 01,091

  bi wdnld; Obefs 8 =66 <>8 0,9?? 0,>6= 168 8 >?=

Xrnelnp`j rmp`ycmets <,<0> >,818 0>,>?6 ?8,469 04,0?8 ?8,1>8 ?=,06< <6,614Xuojnl ef puojnljy au`r`etmmf <,<0> >,818 08,1>1 9,=9> 9,=?8 =,1?1 1,><6 9,61?  Biinln`j lrmfntbrs 4=0 0,010 6,?18 0,<?< ?,946 ?,4== ?,>>8 ?,=>6  Cujtnj`tmr`j ??8 6?8 0,688 0,0>= 0,<<< 0,<>1 0,=?8 0,98?  bi wdnld; NO_F ?09 <=8 =14 141 >80 >84 >10 >>?  NF@ 8 06 99 ?01 ?6< ?19 <8> <<0  Onj`tmr`j 9<0 1=0 ?,418 0?4 0,<=0 0,6=4 0,618 >>?  Xrnv`tm lrmfntbrs ?,694 1,4>> 9,=?1 =,?69 <,4<9 ?,41? 6,>66 <,414  bi wdnld; Obefs <?= 0,6=0 66< ==8 8 61> 0,169 =88  Lbccmrln`j o`egs 484 ?,96= ?,809 0,><9 06> 919 ?96 ?88Xrnv`tm ebeau`r`etmmf 8 8 >,0?1 06,?11 00,988 0=,89< 01,?8> ?4,889  bi wdnld; Obefs 8 8 =<6 <18 ?68 8 <=8 696

Netmrmst p`ycmets ?,=<6 6,9=1 =,>>4 <,?04 <,404 =,6=6 6,198 6,066Xuojnl ef puojnljy au`r`etmmf ?,=<6 6,9?< 6,816 ?,?80 ?,<86 <,??1 ?,=68 ?,081  Biinln`j lrmfntbrs =<0 0,?44 ?,<49 0,<1= 0,6?1 0,9>8 0,681 0,8>8

  Cujtnj`tmr`j ??9 90> 0,=04 948 ><= 0,08= 0,88> 1<<  bi wdnld; NO_F ?88 698 10< <=0 =6? 9=< ==< <9<  NF@ 0> 6> 9= 1> 16 16 1> 9>  Onj`tmr`j <8= 99> 491 9>= 6>? =49 <>4 <=4  Xrnv`tm lrmfntbrs ?,88< <,<<= 0,944 4?9 411 0,=<1 0,0<< 0,801  bi wdnld; Obefs <91 =>6 =?0 6<8 =8? 114 66= ==1  Lbccmrln`j o`egs >=> 0,<<< ??? 10 48 04? << 6?Xrnv`tm ebeau`r`etmmf 8 << 0,>?6 0,801 0,=06 ?,??1 ?,??8 ?,8<1  bi wdnld; Obefs 8 << >< ?64 <6< 66= 6<0 66=

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 08,<9> 01,9<< -9,<=6 <9,<81 60,?16 64,=0< 6,61? =8,0>4  Emt bws be mxtmre` m t 4,?91 01,1=4 -=,?61 68,414 <<,=06 6=,418 -<,69= 60,>64

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 9,99= 9,010 9,?6< =,460 =,4?> =,918 =,6?4 =,<?9Netmrmst ?,84= 0,49< 0,994 0,648 0,<8= 0,0<< >94 484Xrnv`tm lrmfntbrs

Xrnelnp`j <8,9<< ?<,6?? 04,9=6 0?,08? 00,091 >,484 =,9<< 6,888Netmrmst =,<9< 6,89? ?,>68 ?,0>8 0,9<0 0,840 98? <86

 Ebtms;

F`t` be jbea-tmrc puojnl ef puojnljy au`r`etmmf, jbea-tmrc prnv`tm ebeau`r`etmmf ef sdbrt-tmrc fmot ibr ?88> rm Qbrjf O`eg st`ii mstnc`tms o`smf be

`aarma`tm neibrc`tnbe prbvnfmf oy tdm `utdbrnty.

081

Page 120: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 120/341

LBJBCON@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 01,??? ?=,866 <<,><1 <1,1?8 <4,8?6 6<,91= 69,==0 =?,??<  Jbea-tmrc mxtmre`j fmot 0=,146 0>,6>> <0,899 <0,=66 <<,?90 <4,=06 68,>04 64,00<  Xuojnl ef puojnljy au`r`etmmf 06,910 0<,>69 ?8,489 ??,=== ?6,1?8 ?1,68? ?4,>98 <=,<96  Xrnv`tm ebeau`r`etmmf 0,00< =,==< 08,?=> 4,>4> 4,=60 00,00? 00,>=4 0?,16>  ]sm bi NCI lrmfnt 8 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 0,6<4 =,=6= ?,410 9,019 6,19< =,090 =,9<< 6,008  netmrmst `rrm`rs be jbea-tmrc ?4 ? 8 8 8 8 8 8

 Cmcbr`efuc ntmcs  68> 011 4 8 8 8 8 8    06,9<8 0<,>6= ?8,48= ??,==6 ?6,10> ?1,680 ?4,64< <6,4<1    0,0=6 =,=== 08,?90 4,>>8 4,=6? 00,00< 0?,6<= 0<,?19  0,?9> 0,1>? <,14? 6,41> 6,>09 6,961 =,089 1,>10

Mxtmre`j fmot ijbwsFnsoursmcmets 0,>>6 6,01> <,48< 9,6>9 4,>6< 4,498 1,?0> 0<,04<  Jbea-tmrc mxtmre`j fmot 0,>>6 6,01> <,48< 9,6>9 4,>6< 4,498 1,?0> 0<,04<  NCI purld`sms 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets ?,04> ?,<61 ?,>88 1,68< 1,19> =,960 6,414 =,>?<  Jbea-tmrc mxtmre`j fmot ?,04> ?,<61 ?,>88 1,68< 1,19> =,960 6,414 =,>?<  NCI rmpurld`sms 8 8 8 8 8 8 8 8

 Emt ijbws -<>> ?,4>6 -0>0 06> -?68 <,904 ?,406 =,1<1  Jbea-tmrc mxtmre`j fmot -0>= 0,4<? >8< ->81 0,016 <,??8 ?,<6? 1,?98

  \dbrt-tmrc mxtmre`j fmot -?86 0,89? -0,8>6 0,8=9 -0,60< <>4 61? -0,=?<Netmrmst p`ycmets 0,180 0,>>4 ?,?86 ?,4<4 ?,=11 ?,>>? <,8<6 ?,>01  Jbea-tmrc mxtmre`j fmot 0,==4 0,941 ?,8<? ?,=46 ?,<=1 ?,164 ?,19> ?,1?6  NCI ld`rams 8 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 06< <00 01? ?=6 ??8 ?66 ?9= 0><

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet =88 >94 ?,6<9 08,?=? 9,9=9 >,86> 08,=>9 1,?98Xbrtibjnb mqunty 8 09= 01 49 -<8 1>8 -49 91

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 6.? <.= <.= 0.6 0.0K`p`emsm yme 6.> =.9 <.9 0.9 0.< 0.0 0.0 ?.?Xbuef stmrjnea 8.< 8.0 8.4 8.4 8.4 8.4 8.8 8.8\wnss ir`el 8.< 8.? 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs 66.8 6>.> 16.6 4=.? 44.8 4>.4 ><.1 >6.<

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 1.= 9.6 4.4 =.0 =.= =.1 <.1 0.<  C`turnty (ym`rs) 04.1 ?8.6 0?.0 0=.> 01.1 0?.< ?<.0 ?<.>  Ar`lm pmrnbf (ym`rs) =.6 6.4 <.0 9.8 =.< 6.4 1.0 1.8Xrnv`tm lrmfntbrs

  Netmrmst (%) >.< <.4 1.9 4.8 1.= >.? 9.4 9.9  C`turnty (ym`rs) 08.? 9.0 08.? 00.6 04.< 0<.6 06.= 06.8  Ar`lm pmrnbf (ym`rs) ?.? 6.8 1.= 08.? 01.> 0<.? 0<.1 0<.9

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) <4,0>< >8,>?6 >0,1<4 0<>,0?6 0=9,601 0>>,>88 ?<?,>96 ??0,?88Mxpbrts bi abbfs, smrvnlms & nelbcm >,8?9 0?,>10 09,4=8 ?=,691 <8,811 <9,891 66,606 <>,6?0Qbrgmr rmcnt. & lbcp. bi mcpjbymms 6>= 40= 0,908 <,<69 <,>?4 6,=?< 6,446 6,048Ncpbrts bi abbfs, smrvnlms & nelbcm >,=08 04,?49 01,1?4 <0,6<= <1,484 61,?1< =9,48> 6>,049Xrbint rmcntt`elms be IFN >96 <=> 9== <,=9= 6,=>0 9,=>4 4,189 1,===Lurrmet llbuet o`j`elm =6? -6,=09 1>= -0,449 -?,>4> -=,>11 -9,44< -=,069Netmre`tnbe`j rmsmrvms 6,49> 4,6=? >,889 06,>== 0=,6<1 ?8,>=0 ?<,910 ?6,>41

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 0>8.4 0><.0 ?80.6 064.0 0?9.6 0?0.0 086.4 0<?.=Mxtmre`j fmot stblgs tb AEN (%) 6=.0 ?1.= <1.8 ?1.0 ?6.< ?0.4 ?8.8 ?<.9Fmot smrvnlm tb mxpbrts (%) 6<.0 <<.= <8.< 68.? <6.6 ?<.> 01.4 ??.6\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 4.6 ??.0 4.= 09.6 0?.= 00.4 0?.0 1.>Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) <=.6 ?0.? 04.= ?=.= ?4.= ?=.4 ?4.? ?4.?_msmrvms tb mxtmre`j fmot stblgs (%) ?4.< <<.1 ?9.= <>.9 68.9 64.8 =8.4 61.4_msmrvms tb ncpbrts (cbetds) 9.0 =.= 9.0 =.1 6.> =.< =.8 9.0

084

Page 121: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 121/341

Page 122: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 122/341

LBCB_B\

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 041.4 ?06.= ?<9.9 ?>0.4 ?>9.1 ?>0.4 ?4?.8 ?1>.<  Jbea-tmrc mxtmre`j fmot 01=.6 ?80.? ?89.> ?=4.8 ?98.< ?1>.> ?10.8 ?9<.4  Xuojnl ef puojnljy au`r`etmmf 01=.6 ?80.? ?89.> ?=4.8 ?98.< ?1>.> ?10.8 ?9<.4  Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  ]sm bi NCI lrmfnt 8.8 <.< 0.= 8.8 8.8 8.8 =.0 08.0  \dbrt-tmrc mxtmre`j fmot 0?.6 08.8 ?4.0 <<.1 <9.< 00.4 =.4 =.6  netmrmst `rrm`rs be jbea-tmrc 0?.? 4.8 0>.0 <8.1 <?.< 1.4 =.4 =.6

 Cmcbr`efuc ntmcs  ?=.= ?9.1 98.? 16.0 14.9 <4.= ?1.6 ?6.4    01=.6 ?80.? ?89.> ?=4.8 ?98.< ?1>.> ?10.8 ?9<.4    8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  8.> 6.1 8.8 8.9 8.8 8.8 8.8 8.8

Mxtmre`j fmot ijbwsFnsoursmcmets =.0 >.9 ?.0 <.< <.8 6.4 9.1 9.>  Jbea-tmrc mxtmre`j fmot =.0 >.9 ?.0 <.< <.8 6.4 0.6 8.<  NCI purld`sms 8.8 8.8 8.8 8.8 8.8 8.8 =.< 9.=

Xrnelnp`j rmp`ycmets 8.? 8.6 0.4 ?.9 ?.6 0?.4 4.0 4.>  Jbea-tmrc mxtmre`j fmot 8.? 8.6 0.? ?.9 ?.6 0?.4 4.0 1.?  NCI rmpurld`sms 8.8 8.8 8.9 8.8 8.8 8.8 8.8 0.1

 Emt ijbws 0.4 00.? ?.< 8.1 0.9 -4.8 -=.= -?.0  Jbea-tmrc mxtmre`j fmot 6.4 >.? 8.> 8.1 8.9 -4.8 -9.1 -9.>

  \dbrt-tmrc mxtmre`j fmot -<.8 ?.8 ?.8 8.8 0.8 8.8 -6.8 8.8Netmrmst p`ycmets 8.> 8.9 0.6 0.6 0.6 0<.< 6.? ?.>  Jbea-tmrc mxtmre`j fmot 8.1 8.= 8.4 0.< 0.? 0<.0 6.? ?.>  NCI ld`rams 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  \dbrt-tmrc mxtmre`j fmot 8.? 8.0 8.9 8.? 8.? 8.? 8.8 8.8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 8.6 8.> 8.0 8.9 8.9 1.= 1.= >.0Xbrtibjnb mqunty 8.8 8.8 .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 0?.6 0?.< 00.9 00.6 00.6K`p`emsm yme 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs 09.1 ?1.0 <0.> 68.9 60.< 6?.= 6<.0 6<.1

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) ?.8 8.> 8.8 0.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) ?>.4 <1.1 8.8 <>.1 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 08.< 08.6 8.8 08.? 8.8 8.8 8.8 8.8Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) ?6>.< ?<?.> ?8?.? <46.9 68<.9 699.> =<0.? =61.>Mxpbrts bi abbfs, smrvnlms & nelbcm <4.0 6>.? .. .. .. .. .. ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms >.> 0?.? 0?.8 0?.8 0?.8 0?.8 0?.8 0?.8Ncpbrts bi abbfs, smrvnlms & nelbcm ><.6 08=.1 .. .. .. 01<.1 0>=.> ..Xrbint rmcntt`elms be IFN 8.9 8.? .. .. .. .. .. ..Lurrmet `llbuet o`j`elm -08.= -0>.8 .. .. .. .. .. ..Netmre`tnbe`j rmsmrvms ?>.> 66.> 6<.6 49.0 ><.> 001.9 00?.1 ..

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 6>?.? 6<=.4 .. .. .. .. .. ..Mxtmre`j fmot stblgs tb AEN (%) 1=.< >?.0 001.8 1=.> 1<.= 9?.= =<.0 =0.8Fmot smrvnlm tb mxpbrts (%) ?.> ?.8 .. .. .. .. .. ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 9.9 6.1 00.> 00.9 0?.? 6.0 ?.0 0.>Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 90.8 1?.> 18.0 10.0 1<.0 14.? 11.4 19.4_msmrvms tb mxtmre`j fmot stblgs (%) 0=.> ?8.> 04.< ?>.= <0.9 68.< 68.8 .._msmrvms tb ncpbrts (cbetds) <.4 =.0 .. .. .. 4.0 9.> ..

008

Page 123: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 123/341

Page 124: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 124/341

Page 125: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 125/341

Page 126: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 126/341

Page 127: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 127/341

LBEAB, _MX]OJNL BI

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 6,098 6,491 <,94? =,60< =,16> =,?61 =,=86 6,14=Xuojnl ef puojnljy au`r`etmmf 6,098 6,491 <,94? =,60< =,16> =,?61 =,=86 6,14=  Biinln`j lrmfntbrs <,80< <,>61 ?,>?8 <,<8< <,98> <,496 6,0=8 <,490  Cujtnj`tmr`j === 9<0 6>> =?? =04 =80 619 69<  b w l ; NO_F 096 08= 9= 8 8 8 8 8  NF@ 1= 016 0=> ?48 ?>= <8< ?>> ?>4

  Onj`tmr`j ?,6=4 <,<09 ?,6?0 ?,148 <,8>0 <,<9< <,916 <,<>4  Xrnv`tm lrmfntbrs 0,061 >?8 19? ?,000 ?,068 0,<4< 0,<=6 >?6  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 10> 114 949 ?,801 ?,8<1 0,?40 0,?90 11>Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets <?8 0= 0 ?<0 06? ?4 0> 1Xuojnl `ef puojnljy au`r`etmmf <?8 0= 0 ?<0 06? ?4 0> 1  Biinln`j lrmfntbrs 0?1 0= 0 ?<0 06? ?4 06 1  Cujtnj`tmr`j 00 0 8 >= 4 06 > =  bi wdnld; NO_F ? 0 8 8 8 8 8 8  NF@ 8 8 8 <= 4 ? < <  Onj`tmr`j 009 0= 0 0<= 0<6 06 6 0  Xrnv`tm lrmfntbrs 0>< 8 8 8 8 8 = 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 016 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets <=8 4= 9 9= =8 16 00? 49Xuojnl `ef puojnljy au`r`etmmf <=8 4= 9 9= =8 16 00? 49  Biinln`j lrmfntbrs 99 << 9 9= =8 1? 46 49  Cujtnj`tmr`j ?9 ?8 9 61 <0 ?< ?0 ??  bi wdnld; NO_F 9 04 ? 8 8 8 8 8  NF@ 8 0 0 = < ? ? ?  Onj`tmr`j 68 0? 8 0> 0> 6> 96 96  Xrnv`tm lrmfntbrs ?4< =< 8 8 8 0 ?4 0  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs ?== 69 8 8 8 8 ?6 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 006 9? 1 <6 <0 ?> 96 1=Xuojnl `ef puojnljy au`r`etmmf 006 9? 1 <6 <0 ?> 96 1=  Biinln`j lrmfntbrs 9? ?8 1 <6 <0 ?> => =1

  Cujtnj`tmr`j ?= 00 1 ?9 06 00 > 4  bi wdnld; NO_F 0? 08 0 8 8 8 8 8  NF@ 0 0 0 ? ? ? ? ?  Onj`tmr`j <4 > 8 4 01 0> =8 6>  Xrnv`tm lrmfntbrs =0 6? 8 8 8 8 = 04  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 66 <> 8 8 8 8 = 04Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 9>0 =49 -0<4 -608 689 ->0? ?4< -4>8  Emt bws be mxtmre` m t 089 09< -=? 019 0=0 -6 -98 -066

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 148 084 8 49 0?6 909 <0? =<

bt` `cbuet bra vme ,

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j <09 ?1? ?14 ?89 ?<0 ?01 ?00 ?08Netmrmst 9? 96 9> 96 9? => == =0Xrnv`tm lrmfntbrs

Xrnelnp`j ?6 ?6 ?4 <? <? <? <? <?Netmrmst 0? 00 00 08 08 > 4 00

 Ebtms;

F`t` neljufm tdm miimlts bi Jbefbe Ljuo fmot rmstrulturnea armmcmet snaemf ne ?881 ef X`rns Ljuo fmot rmstrulturnea armmcmet snaemf ne ?884. F`t` ibr ?881,

?884, `ef ?88> neljufm tdm miimlts bi Med`elmf DNXL Nentn`tnvm, ne tdm `cbuet bi $<,909 ne tdbus`efs `ef $<,=>9 ne tdbus`efs, `ef $<,=19 ne tdbus`efs

rmspmltnvmjy.

00=

Page 128: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 128/341

Page 129: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 129/341

Page 130: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 130/341

LBVM F'NYBN_M

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 01,?=0 04,4>> 0?,0<4 00,>0? 0?,196 0<,49= 0?,=94 00,180  Jbea-tmrc mxtmre`j fmot 0<,??< 06,=9? 08,=69 08,499 00,98= 0?,?<1 00,8<9 00,?=8  Xuojnl ef puojnljy au`r`etmmf 08,99= 00,>8? >,89< >,>9= 08,4?< 00,969 08,9?? 08,>1>  Xrnv`tm ebeau`r`etmmf ?,==4 ?,998 0,64? >88 14? =>0 606 ?10  ]sm bi NCI lrmfnt 6<0 6?1 =6> 0>4 0=8 01< 044 <=?  \dbrt-tmrc mxtmre`j fmot <,=>1 <,>08 0,86< 464 0,808 0,6== 0,<66 >>  netmrmst `rrm`rs be jbea-tmrc 40> 0,8?8 1> 464 0,808 0,6== 0,<66 >>

 Cmcbr`efuc ntmcs  0,1?1 ?,949 09> 0,6>> ?,8<< ?,6>1 ?,?04 04<    08,99< 00,>80 >,89< >,>9= 08,4?< 00,969 08,9?? 08,>1>    ?,=98 ?,990 0,64? >88 14? =>0 606 ?10  196 109 1? 68 =4 09? 1< 064

Mxtmre`j fmot ijbwsFnsoursmcmets 0,01? >?6 064 == 009 068 004 <=>  Jbea-tmrc mxtmre`j fmot 0,80> 16< 064 == 009 11 =6 =4  NCI purld`sms 0=< 040 8 8 8 9? 96 <80

Xrnelnp`j rmp`ycmets 9?0 9?= 640 ?== ?01 <6= 4?> 460  Jbea-tmrc mxtmre`j fmot 6>4 =<> 66? 096 098 ?>4 146 9>1  NCI rmpurld`sms 0?< 49 <> >0 =1 61 66 06<

 Emt ijbws 0,04> ><= -901 -<84 -080 -?89 -100 -640  Jbea-tmrc mxtmre`j fmot =?0 ?86 -?>6 -08> -66 -??0 -1<0 -9<>

  \dbrt-tmrc mxtmre`j fmot 9<> 9<9 -?4< -084 8 8 8 8Netmrmst p`ycmets 960 6?0 =<> =8 =8 46 ??0 ?99  Jbea-tmrc mxtmre`j fmot 66< <>8 69? 69 6> 4? ?09 ?96  NCI ld`rams <0 4 < 0 0 0 = ?  \dbrt-tmrc mxtmre`j fmot 091 ?< 16 < 8 8 8 8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 64 ?00 ?<= <0? <0> 6?1 669 <40Xbrtibjnb mqunty 8 0 0 06 ? ? ? ->

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. =0.> =<.6 ==.9 =9.? =4.9K`p`emsm yme 8.> 0.6 0.6 0.< 0.? 0.0 0.9 ?.8Xbuef stmrjnea 0.< 8.> 8.9 8.6 8.6 8.6 8.< 8.6\wnss ir`el ?.< 8.= 8.? 8.? 8.? 8.? 8.? 8.8].\.fbjj`rs 0=.= ??.8 =<.1 <1.1 <=.> <6.0 <<.8 <6.8

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) =.> 0.> 8.4 0.1 8.? 6.4 0.1 <.1  C`turnty (ym`rs) ?8.8 ?>.4 69.? ?8.8 1.4 06.> ?8.= ?0.<  Ar`lm pmrnbf (ym`rs) 9.< 4.= >.9 =.1 0.1 6.6 =.1 9.9Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 06.= 8.8 8.8 8.8 8.= 8.8 0.0  C`turnty (ym`rs) 8.8 0>.9 8.8 8.8 8.8 00.1 8.8 ?8.<  Ar`lm pmrnbf (ym`rs) 8.8 8.0 8.8 8.8 8.8 <.1 8.8 ?.<

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) >,?8> 08,80< >,10= 0=,96< 09,=4> 04,>0< ??,66? ??,814Mxpbrts bi abbfs, smrvnlms & nelbcm <,=90 6,=?9 6,=0? 4,1?6 >,=04 >,4?8 00,9=0 00,18?Qbrgmr rmcnt. & lbcp. bi mcpjbymms 66 0=0 00> 09< 091 04= 0>> 04=Ncpbrts bi abbfs, smrvnlms & nelbcm 6,=>6 6,14? 6,6?< 4,??? 4,=84 >,909 08,491 >,>01Xrbint rmcntt`elms be IFN 1= ?86 ?46 <18 614 =<0 =40 8Lurrmet `llbuet o`j`elm -0,?06 -6>? -?60 68 61> -0<> 6=? 0,918Netmre`tnbe`j rmsmrvms ?0 =?> 994 0,<?? 0,1>4 ?,=0> ?,?=< <,?91

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 646.= 601.= ?9>.8 0<9.= 0<6.0 060.? 081.> 088.8Mxtmre`j fmot stblgs tb AEN (%) 041.< 044.1 0?6.> 19.? 19.> 1<.< =9.8 =<.8Fmot smrvnlm tb mxpbrts (%) <=.6 ?<.0 ??.9 <.= ?.4 6.6 >.8 >.=\dbrt-tmrc tb mxtmre`j fmot stblgs (%) ?8.4 ?8.1 4.9 1.0 1.> 08.= 08.1 8.4Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) ?8.4 ?8.9 ?6.6 ?=.> ?9.0 ?=.8 ?<.8 ?8.<_msmrvms tb mxtmre`j fmot stblgs (%) 8.0 ?.4 =.= 00.0 06.0 04.? 01.> ?1.>_msmrvms tb ncpbrts (cbetds) 8.0 0.< 0.4 0.> ?.= <.0 ?.= 6.8

004

Page 131: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 131/341

LBVM F'NYBN_M

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 0<,??< 06,=9? 08,=69 08,499 00,98= 0?,?<1 00,8<9 00,?=8Xuojnl ef puojnljy au`r`etmmf 08,99= 00,>8? >,89< >,>9= 08,4?< 00,969 08,9?? 08,>1>  Biinln`j lrmfntbrs 1,949 >,?01 9,99> 1,91< 4,<46 >,89? 4,0?< 4,>06  Cujtnj`tmr`j <,=4= <,>88 ?,>=4 <,841 <,<<8 <,610 ?,4>? ?,<16  b w l ; NO_F 0,>0< 0,=1< =>> 6?< 6=9 61> 001 6?  NF@ 1 40< 0,<99 0,19< 0,461 0,>8> 0,1>1 0,140

  Onj`tmr`j 6,080 =,<01 <,100 6,=49 =,8=6 =,=>0 =,?<? 9,=68  Xrnv`tm lrmfntbrs ?,>48 ?,94= ?,<>6 ?,?>? ?,6<> ?,=46 ?,6>> ?,89=  bi wdnld; Obefs 8 8 ?,<6< ?,0=> ?,?>< ?,6?= ?,<69 0,><0  Lbccmrln`j o`egs ?,968 ?,9<8 06 0<< 069 098 0=? 0<6Xrnv`tm ebeau`r`etmmf ?,==4 ?,998 0,64? >88 14? =>0 606 ?10  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 0,80> 16< 064 == 009 11 =6 =4Xuojnl `ef puojnljy au`r`etmmf 19> 918 064 ?0 44 =1 <= <9  Biinln`j lrmfntbrs 1=4 99> 064 ?0 44 =1 <= <9  Cujtnj`tmr`j 698 <68 064 00 10 <= ?6 ?<  bi wdnld; NO_F ?90 0> 8 8 8 8 8 8  NF@ 8 ??9 19 8 8 8 0< 0<  Onj`tmr`j ?>4 <?> 8 08 01 ?? 08 0<  Xrnv`tm lrmfntbrs 00 0 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs ? 0 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf ?=8 1< 8 <6 ?4 ?8 0> ??

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 6>4 =<> 66? 096 098 ?>4 146 9>1Xuojnl `ef puojnljy au`r`etmmf <0> =06 <?> ?0 06 00? =44 =<?  Biinln`j lrmfntbrs ?61 61> ?4< ?0 0< 00? =44 =<?  Cujtnj`tmr`j ?<8 ?49 06< ?8 0? 089 =41 =86  bi wdnld; NO_F 0?= 0>> =1 8 8 <8 <11 1<  NF@ 8 8 8 8 8 09 001 60  Onj`tmr`j 09 0>< 068 8 0 9 0 ?4  Xrnv`tm lrmfntbrs 1? <9 69 8 8 8 8 8  bi wdnld; Obefs 0 8 69 8 8 8 8 8  Lbccmrln`j o`egs ?= = 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 01> ?= 00< 06< 069 041 0>9 09=  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 66< <>8 69? 69 6> 4? ?09 ?96Xuojnl `ef puojnljy au`r`etmmf ?8= ?=1 <6? < ? 60 04< ?60  Biinln`j lrmfntbrs 041 ?=? 04> < ? 60 04< ?60

  Cujtnj`tmr`j 019 01? 14 < ? 60 04< ?<4  bi wdnld; NO_F 060 0<= <? 8 8 08 4< 9  NF@ 8 = 4 8 8 4 90 06  Onj`tmr`j 0? 40 000 8 8 0 0 <  Xrnv`tm lrmfntbrs 04 = 0=< 8 8 8 8 8  bi wdnld; Obefs 8 8 0=< 8 8 8 8 8  Lbccmrln`j o`egs 1 0 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf ?<1 0<< 0?8 6< 61 60 << ?<  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s ?,6<8 0,=8< -0,8<? -0,?41 4=? 0,080 -0,?>1 -491  Emt bws be mxtmre` m t 0,04> ><= -901 -<84 -080 -?89 -100 -640

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf ><8 <40 1? 8 8 8 8 <,81>

bt` `cbuet bra vme ,

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 0,8=8 0,860 946 =<? =<6 =<= =<4 =?=Netmrmst ?=0 ?6> ?69 ?60 ??9 ?84 0>8 01?Xrnv`tm lrmfntbrs

Xrnelnp`j <88 ?41 ?14 ?98 ?=< ?64 ?6= ?6?Netmrmst <0 ?9 ?0 01 06 00 4 9

 Ebtms;

Jbea-tmrc prnv`tm ebeau`r`etmmf fmot f`t` rm Qbrjf O`eg st`ii mstnc`tms. F`t` neljufm tdm miimlts bi X`rns Ljuo fmot rmstrulturnea armmcmets snaemf ne ?88>.

00>

Page 132: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 132/341

Page 133: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 133/341

FKNOB]VN

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 0==.? ?94.> ?<4.< <14.> 6?<.9 9<6.> 999.= 1<0.>Xuojnl ef puojnljy au`r`etmmf 0==.? ?94.> ?<4.< <14.> 6?<.9 9<6.> 999.= 1<0.>  Biinln`j lrmfntbrs 0==.? ?94.> ?<4.< <1<.< 604.8 9??.9 9=<.8 109.1  Cujtnj`tmr`j 49.0 0<9.6 0<4.< ?94.1 <8=.1 <61.8 <9?.4 68<.0  b w l ; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ <0.0 69.? 6>.> 0?8.< 0<<.< 061.? 0=0.9 0=4.6

  Onj`tmr`j 9>.? 0<?.= 088.8 086.9 00?.< ?1=.9 ?>8.? <0<.9  Xrnv`tm lrmfntbrs 8.8 8.8 8.8 =.9 =.9 0?.< 0<.= 0=.?  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 =.9 =.9 0?.< 0<.= 0=.?Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Fnsoursmcmets ?1.8 04.6 1.1 ?9.= 66.= <>.8 6=.> 10.8Xuojnl `ef puojnljy au`r`etmmf ?1.8 04.6 1.1 ?9.= 66.= <>.8 6=.> 10.8  Biinln`j lrmfntbrs ?1.8 04.6 1.1 ?9.= 66.= <>.8 6=.> 10.8  Cujtnj`tmr`j 4.> 08.8 1.1 09.? <6.? ?>.9 ?6.8 64.6  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ ?.= ?.4 <.> 6.1 4.? >.1 1.? 1.6  Onj`tmr`j 04.8 4.6 8.8 08.< 08.6 >.6 ?0.> ??.9  Xrnv`tm lrmfntbrs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets 4.> >.? 4.6 00.8 06.= 0<.? 0<.9 01.6Xuojnl `ef puojnljy au`r`etmmf 4.> >.? 4.6 00.8 06.= 0<.? 0<.9 01.6  Biinln`j lrmfntbrs 4.< >.? 4.6 00.8 06.= 0<.? 0<.9 01.6  Cujtnj`tmr`j <.= 6.6 6.8 =.0 4.? 1.> 4.1 >.1  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 8.8 8.< 8.= 0.6 0.? 0.4 0.9 0.4  Onj`tmr`j 6.4 6.4 6.6 9.8 9.< =.< =.8 1.1  Xrnv`tm lrmfntbrs 8.9 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.6 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Netmrmst p`ycmets ?.0 ?.8 ?.? <.1 6.> 9.= 1.? 1.9Xuojnl `ef puojnljy au`r`etmmf ?.0 ?.8 ?.? <.1 6.> 9.= 1.? 1.9  Biinln`j lrmfntbrs ?.0 ?.8 ?.? <.1 6.> 9.= 1.? 1.9

  Cujtnj`tmr`j 0.< 8.> 0.6 ?.1 <.> 6.9 =.? =.8  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 8.? 8.< 8.6 0.8 8.4 0.0 0.< 0.0  Onj`tmr`j 8.4 0.0 8.4 0.8 0.0 0.> ?.8 ?.9  Xrnv`tm lrmfntbrs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s ?6.8 06.4 ->.9 -0<.8 6=.8 ?8=.0 ?1.4 91.1  Emt bws be mxtmre` m t 04.8 >.? 8.1 06.1 ?4.6 ?<.8 <6.0 =0.9

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8.8 8.8 ?.0 8.8 8.8 8.8 =4.? 4.1

bt` `cbuet bra vme . . . . . . . .

Fmot ouyo`lg 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j ?>.> <0.= 6>.9 ?>.< ?9.1 ?9.> <8.1 <0.0Netmrmst 4.1 >.8 08.8 >.? 4.> 4.= 4.8 1.=Xrnv`tm lrmfntbrs

Xrnelnp`j ?.> ?.> ?.4 8.0 8.0 8.0 8.0 8.0Netmrmst 8.? 8.0 8.0 8.8 8.8 8.8 8.8 8.8

 Ebtms;

F`t` be jbea-tmrc puojnl ef puojnljy au`r`etmmf fmot neljufm tdm miimlts bi X`rns Ljuo fmot rmstrulturnea armmcmet snaemf ne ?884.

0?0

Page 134: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 134/341

FBCNENL@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 44.8 08<.< 096.4 ?1<.1 ?=<.= ?4>.9 ?>1.? ?=0.9  Jbea-tmrc mxtmre`j fmot 48.? >6.> 06=.4 ??0.9 ?01.= ?06.6 0>>.? 0>?.=  Xuojnl ef puojnljy au`r`etmmf 48.? >6.> 06=.4 ??0.9 ?01.= ?06.6 0>>.? 0>?.=  Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  ]sm bi NCI lrmfnt =.1 0.1 8.8 00.9 06.8 0?.0 0=.8 0>.9  \dbrt-tmrc mxtmre`j fmot ?.8 9.1 0>.8 68.9 ??.8 9<.8 4<.0 <>.=  netmrmst `rrm`rs be jbea-tmrc 8.8 8.? 8.8 4.9 00.8 06.8 01.0 0>.=

 Cmcbr`efuc ntmcs  8.? 0.4 8.< 9.= 9.8 00.? 08.< 08.4    48.? >6.> 06=.4 ??0.9 ?01.= ?06.6 0>>.? 0>?.=    8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  <.6 =.0 =1.< ?=.4 8.8 9.8 ?.6 8.8

Mxtmre`j fmot ijbwsFnsoursmcmets 00.= >.= =9.? 4.8 9.= 6.> 9.4 00.=  Jbea-tmrc mxtmre`j fmot 00.= >.= =9.? 6.= <.0 6.> <.= 9.=  NCI purld`sms 8.8 8.8 8.8 <.= <.6 8.8 <.? =.0

Xrnelnp`j rmp`ycmets <.4 6.6 9.1 08.8 00.8 0?.1 00.0 0<.0  Jbea-tmrc mxtmre`j fmot ?.= <.9 9.1 >.9 >.6 08.< 00.0 0?.6  NCI rmpurld`sms 0.6 8.> 8.8 8.6 0.9 ?.= 8.8 8.4

 Emt ijbws 1.4 6.9 6>.1 -<1.8 -?=.= <8.0 0?.9 -61.9  Jbea-tmrc mxtmre`j fmot >.8 =.> 6>.= -=.? -9.< -=.6 -1.9 -=.>

  \dbrt-tmrc mxtmre`j fmot 8.0 -8.= 8.? -<=.8 -?0.8 <4.8 01.8 -69.8Netmrmst p`ycmets ?.8 ?.6 6.0 9.? 9.4 9.9 9.? 6.1  Jbea-tmrc mxtmre`j fmot 0.9 ?.8 <.8 6.9 =.= 6.> 6.< 6.8  NCI ld`rams 8.? 8.8 8.8 8.? 8.? 8.0 8.? 8.0  \dbrt-tmrc mxtmre`j fmot 8.? 8.6 0.0 0.= 0.0 0.9 0.1 8.9

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 0?.> =6.0 01.9 0>.? ?=.> 68.= =9.= =8.<Xbrtibjnb mqunty -8.6 .. .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. =.6 <.> <.6 ?.4 ?.<K`p`emsm yme 8.< 0.0 8.6 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea 09.= 0<.< ?.4 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs =0.1 98.4 40.0 49.8 41.< 49.4 49.9 4=.4

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) <.8 ?.9 =.? ?.6 8.8 8.4 8.4 8.8  C`turnty (ym`rs) ?=.? ?9.6 ?0.< ?0.> 8.8 <6.= <6.6 8.8  Ar`lm pmrnbf (ym`rs) 4.= 4.4 9.> 1.9 8.8 08.8 >.> 8.8Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 0.> 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 8.8 8.8 >.? 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 ?.< 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 090.6 ?08.1 ?<0.4 ?18.< <88.1 <?6.4 <=<.1 <=>.4Mxpbrts bi abbfs, smrvnlms & nelbcm ><.= 008.1 06>.? 0<=.< 0=8.9 0=9.6 098.= 064.<Qbrgmr rmcnt. & lbcp. bi mcpjbymms 0<.> 0<.6 09.< ?=.8 ?=.6 ?=.> ?9.0 ?<.0Ncpbrts bi abbfs, smrvnlms & nelbcm 06?.> 0=4.> ??1.0 ?<0.8 ??8.8 ?96.= <0=.1 ?4>.<Xrbint rmcntt`elms be IFN =.6 0?.? <<.8 ??.1 1.6 0<.8 0?.= 08.?Lurrmet llbuet o`j`elm -6<.= -68.? -=>.4 -19.0 -6>.> -49.> -0<9.0 -0?<.?Netmre`tnbe`j rmsmrvms 06.= ??.0 ?>.6 6>.? 9<.8 98.= ==.? 1=.=

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) >6.0 ><.< 008.= ?8?.< 094.< 04=.? 04=.0 09>.9Mxtmre`j fmot stblgs tb AEN (%) =6.= 6>.8 10.0 080.< 46.< 4>.? 46.8 9>.>Fmot smrvnlm tb mxpbrts (%) 9.? 9.0 1.? 0?.8 00.4 0?.6 08.4 0?.8\dbrt-tmrc tb mxtmre`j fmot stblgs (%) ?.< 9.= 00.= 06.4 4.1 ?0.4 ?1.> 0=.1Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 9=.1 9?.? =8.9 69.8 61.> 60.> <>.? 69.?_msmrvms tb mxtmre`j fmot stblgs (%) 09.6 ?0.6 01.4 04.8 ?6.> ?8.> 04.9 <8.8_msmrvms tb ncpbrts (cbetds) 0.? 0.1 0.9 ?.9 <.6 ?.1 ?.0 <.0

0??

Page 135: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 135/341

Page 136: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 136/341

FBCNENL@E _MX]OJNL

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 6,<1? 6,661 6,=60 1,81= 4,==9 08,066 08,0?0 00,88<  Jbea-tmrc mxtmre`j fmot <,=04 <,91? <,<00 =,116 9,9<1 1,0?8 1,9>0 4,==1  Xuojnl ef puojnljy au`r`etmmf <,60> <,9=< <,<00 =,11? 9,??< 9,?1= 9,464 1,106  Xrnv`tm ebeau`r`etmmf >> 0> 8 ? 606 46= 46< 46<  ]sm bi NCI lrmfnt 1? 098 =? 688 6=> =64 6>? 191  \dbrt-tmrc mxtmre`j fmot 14? 909 0,014 >80 0,698 ?,619 0,><4 0,91>  netmrmst `rrm`rs be jbea-tmrc =89 ?06 ?4 ?8 > > < 8

 Cmcbr`efuc ntmcs  906 <?8 =9 06= << 06 09 0    <,<>0 <,9?9 <,?>> =,19= 9,?01 9,?18 9,46< 1,108    0?1 69 0< > 6?8 4=0 464 461  ?86 091 69> 400 0,<<9 <6< >=1 ?,><6

Mxtmre`j fmot ijbwsFnsoursmcmets 0<4 0>= <8< 4>6 0,180 0,6?1 0,6?8 0,9=9  Jbea-tmrc mxtmre`j fmot 0<4 0>= <8< 916 0,=98 0,?=8 0,?>4 0,<64  NCI purld`sms 8 8 8 ??8 06? 011 0?? <84

Xrnelnp`j rmp`ycmets 069 ?<6 ?=1 19? 0,8?< >?4 496 404  Jbea-tmrc mxtmre`j fmot 44 ?88 ?=1 19? >04 406 9>> 118  NCI rmpurld`sms =4 <6 8 8 08= 006 096 61

 Emt ijbws 0= 08= <00 >1 0,?64 0,=09 ?6 =4?  Jbea-tmrc mxtmre`j fmot =8 -= 69 -41 960 6<1 =>> =11

  \dbrt-tmrc mxtmre`j fmot ?< 06< ?9= -<9 =18 0,809 -=<? -?=9Netmrmst p`ycmets 49 01= ?9< ?64 <?8 6=6 =64 =8>  Jbea-tmrc mxtmre`j fmot => 06= ?00 ?00 ?== <?4 669 6?>  NCI ld`rams > 08 < > ?? ?9 ?6 1  \dbrt-tmrc mxtmre`j fmot 0> ?8 =8 ?1 6? 088 14 1?

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 0<< 606 >=< 0,0?< 0,84= 0,991 ?,418 ?,891Xbrtibjnb mqunty 8 .. .. 8 8 8 8 8

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. ?.4 <.6 9.? 1.1 4.1K`p`emsm yme 9.6 1.1 =.8 ?.4 ?.0 0.4 ?.8 0.>Xbuef stmrjnea 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs 94.6 9<.1 1<.4 49.> 44.8 49.8 4=.6 4=.6

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) =.4 9.9 9.= 0.1 6.? <.1 ?.6 ?.=  C`turnty (ym`rs) ?6.> ?8.? 0<.9 ?0.= ?0.? ?0.? ?<.? 01.0  Ar`lm pmrnbf (ym`rs) 9.6 =.? 0.4 6.0 6.9 6.0 <.< 6.>Xrnv`tm lrmfntbrs

  Netmrmst (%) >.4 4.6 9.= <.? 9.6 9.= 9.8 6.4  C`turnty (ym`rs) >.0 >.= 08.< 6.8 0<.4 >.? 1.0 08.1  Ar`lm pmrnbf (ym`rs) 6.9 ?.8 ?.1 0.? 4.= ?.? ?.9 <.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 9,1=> 0=,=4> ??,>== <?,08? <6,088 <>,?<9 6<,1?9 66,10=Mxpbrts bi abbfs, smrvnlms & nelbcm 0,>04 =,4=> >,?96 08,6>4 00,411 0?,199 0?,=9> 08,>04Qbrgmr rmcnt. & lbcp. bi mcpjbymms <0= 4<> 0,4<> ?,10> <,846 <,6?1 <,==9 <,611Ncpbrts bi abbfs, smrvnlms & nelbcm ?,=94 1,8<6 0?,0>< 0<,994 09,<8> 04,?9< ?8,6<4 09,<4?Xrbint rmcntt`elms be IFN >8 9?6 0,894 0,19= 0,><? ?,0>6 0,99> 0,=11Lurrmet `llbuet o`j`elm -?48 -04< -0,8?1 -61< -0,?44 -?,8>9 -6,6<1 ..Netmre`tnbe`j rmsmrvms 9> <1< 9<? 0,4=< ?,0?1 ?,=9? ?,?44 ?,>8=

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) ??4.8 1=.> 6>.8 91.6 1?.8 1>.= 48.= 088.4Mxtmre`j fmot stblgs tb AEN (%) 96.1 ?4.= 0>.4 ??.8 ?=.0 ?=.> ?<.0 ?6.9Fmot smrvnlm tb mxpbrts (%) 0?.0 1.8 =.9 >.9 00.< 08.4 00.? 0?.0\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 01.> 0<.4 ?=.> 0?.1 01.0 ?6.6 0>.0 0=.<Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 0>.9 ?<.? ?6.> ?=.= ??.? 04.9 04.9 ?<.1_msmrvms tb mxtmre`j fmot stblgs (%) 0.9 4.6 0<.> ?9.? ?6.> ?=.< ??.9 ?9.6_msmrvms tb ncpbrts (cbetds) 8.< 8.9 8.9 0.9 0.9 0.1 0.< ?.0

0?6

Page 137: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 137/341

FBCNENL@E _MX]OJNL

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf <,=04 <,91? <,<00 =,116 9,9<1 1,0?8 1,9>0 4,==1Xuojnl ef puojnljy au`r`etmmf <,60> <,9=< <,<00 =,11? 9,??< 9,?1= 9,464 1,106  Biinln`j lrmfntbrs ?,<4< ?,>>9 ?,=9= <,069 <,6>1 <,9?9 6,<60 =,?9=  Cujtnj`tmr`j 4=4 0,8<< 0,0<? 0,481 0,>80 0,449 0,44< ?,984  b w l ; NO_F ?<4 ?4? ?>? 68= 6<4 61? 66> 164  NF@ ?8 01 06 00 08 > > 4

  Onj`tmr`j 0,=?= 0,>9? 0,6<< 0,<<> 0,=>9 0,160 ?,6=4 ?,9=1  Xrnv`tm lrmfntbrs 0,8<9 9=1 169 ?,9?1 ?,1?1 ?,96> ?,=89 ?,66>  bi wdnld; Obefs 8 =?8 =89 0,061 0,6=? 0,<?9 0,?80 0,819  Lbccmrln`j o`egs 11= << 0?0 >4< 0,08> 0,0>9 0,?0< 0,?>=Xrnv`tm ebeau`r`etmmf >> 0> 8 ? 606 46= 46< 46<  bi wdnld; Obefs 8 8 8 8 60? 466 46< 46<

Fnsoursmcmets 0<4 0>= <8< 916 0,=98 0,?=8 0,?>4 0,<64Xuojnl `ef puojnljy au`r`etmmf 0<4 0>= <8< 91< 0,064 4?8 0,?>4 0,<64  Biinln`j lrmfntbrs 0<9 041 061 68? 90< 6=6 0,808 0,?=6  Cujtnj`tmr`j 46 0=1 088 0>> 041 046 ?0< >86  bi wdnld; NO_F <> <9 <> 96 91 1< ?8 <=?  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j =< <8 69 ?86 6?9 ?18 1>1 <=8  Xrnv`tm lrmfntbrs ? 4 0=9 ?10 =<6 <99 ?44 >6  bi wdnld; Obefs 8 8 8 8 <?6 8 8 8  Lbccmrln`j o`egs 8 4 >8 ??1 0>< <=1 ?4= >8Xrnv`tm ebeau`r`etmmf 8 8 8 ? 60? 6<0 8 8

  bi wdnld; Obefs 8 8 8 8 60? 6<0 8 8

Xrnelnp`j rmp`ycmets 44 ?88 ?=1 19? >04 406 9>> 118Xuojnl `ef puojnljy au`r`etmmf 4< 046 ?=1 19? >04 40< 9>> 118  Biinln`j lrmfntbrs 4< 090 ?01 010 <1< <=< ?>6 <<4  Cujtnj`tmr`j <4 1> 9< 008 00< ?0= ?0= 0>0  bi wdnld; NO_F 0> 68 ?0 <4 <6 <> 6< =6  NF@ 8 0 0 0 0 0 0 0  Onj`tmr`j 66 4? 0=6 90 ?90 0<1 48 061  Xrnv`tm lrmfntbrs 8 ?< 68 =>0 =6= 698 686 6<?  bi wdnld; Obefs 8 8 6 <<9 ?8 0?= 0?= 0?=  Lbccmrln`j o`egs 8 < 04 09? 016 ?>0 ?6< ?4>Xrnv`tm ebeau`r`etmmf = 09 8 8 8 8 0 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets => 06= ?00 ?00 ?== <?4 669 6?>Xuojnl `ef puojnljy au`r`etmmf =9 06< ?00 ?00 ?=< ?10 <<4 <?0  Biinln`j lrmfntbrs == 0?8 0=4 084 06? 061 0<9 064

  Cujtnj`tmr`j <? =0 =4 4? >8 >4 41 4<  bi wdnld; NO_F 06 ?8 ?? ?0 ?< ?= ?6 ??  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j ?< 9> 088 ?9 =? =8 64 9=  Xrnv`tm lrmfntbrs 0 ?< =< 08< 00? 0?< ?8? 01<  bi wdnld; Obefs 8 0< <4 09 6= =9 0?= 00<  Lbccmrln`j o`egs 8 < 1 <4 =9 90 18 =9Xrnv`tm ebeau`r`etmmf < ? 8 8 ? =1 084 084  bi wdnld; Obefs 8 8 8 8 ? =1 084 084

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s <<6 01< -06= -=? 0,640 0,=44 -?< 44?  Emt bws be mxtmre` m t 0= 08= <00 >1 0,?64 0,=09 ?6 =4?

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 1 ? 8 0,?8> ?8< 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 <09 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 9?? 69? 64= 96< 408 6=0 6?= <18Netmrmst 0?? 0?4 0?0 00< >? 10 9? =6Xrnv`tm lrmfntbrs

Xrnelnp`j 9=4 6=1 1>8 906 ?1> ?86 010 008Netmrmst ?61 ?68 ?88 061 0?9 00> 000 084

 Ebtms;

F`t` neljufm tdm miimlts bi X`rns Ljuo fmot rmstrulturnea `armmcmet snaemf ne ?88=. Jbea-tmrc prnv`tm ebeau`r`etmmf fmot f`t` bejy lbvmr Netmr-@cmrnl`e

Fmvmjbpcmet O`eg ef Obefs.

0?=

Page 138: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 138/341

Page 139: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 139/341

ML]@FB_ 

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 08,8?> 0?,<>0 0?,<08 0=,=0> 0=,?46 0=,4>< 0=,94= 00,=00Xuojnl ef puojnljy au`r`etmmf >,49= 00,>=0 08,41= 08,4=8 08,<86 08,108 08,86< 9,>08  Biinln`j lrmfntbrs 6,89= =,?08 =,440 =,>64 9,0<9 9,=4? =,>== =,46=  Cujtnj`tmr`j ?,0?1 <,866 <,918 <,98> <,>44 6,96> 6,?4< 6,<<9  b w l ; NO_F 409 0,84? 468 1>> 169 946 90? =<?  NF@ <? ?9 ?0 0= 06 0< 0? 00

  Onj`tmr`j 0,><4 ?,09= ?,?0? ?,<<> ?,061 0,><6 0,91? 0,=8>  Xrnv`tm lrmfntbrs =,488 9,16? 6,>>< 6,>8? 6,094 6,0?4 6,844 0,89=  bi wdnld; Obefs 8 =,>>> <,>=8 6,988 <,498 <,498 <,498 41<  Lbccmrln`j o`egs 6,4>> <4= >08 ?60 ?0? 0>6 09< 0<6Xrnv`tm ebeau`r`etmmf 096 668 0,6<= 6,994 6,>48 =,04< =,96? 6,988  bi wdnld; Obefs 8 08 8 8 8 8 8 8

Fnsoursmcmets 989 0,8?4 >19 <,0=6 ?,9<4 <,8<> 0,119 0,<9<Xuojnl `ef puojnljy au`r`etmmf =1= 404 =>= >>0 >?4 0,<61 <=< <46  Biinln`j lrmfntbrs <?> 1<< =?6 <04 466 0,<?< <6< <4?  Cujtnj`tmr`j ??1 =>< 669 <09 468 0,<06 <<> <11  bi wdnld; NO_F 61 <0> 9> <> ?0 4 = 8  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 080 060 14 ? 6 > = =  Xrnv`tm lrmfntbrs ?69 4= 10 916 4< ?6 08 ?  bi wdnld; Obefs 8 8 8 9=8 8 8 8 8  Lbccmrln`j o`egs <> =1 10 ?6 ?? ?6 08 ?Xrnv`tm ebeau`r`etmmf <8 ?08 <40 ?,09? 0,108 0,9>0 0,6?< >1>

  bi wdnld; Obefs 8 08 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 6>= 1?0 0,89= <,861 ?,411 ?,<<> 0,186 =,69=Xuojnl `ef puojnljy au`r`etmmf 618 100 =64 >?? 0,=4= 0,8?4 >9? <,=?9  Biinln`j lrmfntbrs ?19 649 <>1 48? 11? >9< >06 =80  Cujtnj`tmr`j 096 ?<= <?6 68> 640 94= 1<< <?0  bi wdnld; NO_F 60 >4 4> 16 16 18 11 40  NF@ 0 0 0 0 0 0 0 0  Onj`tmr`j 00? ?=? 1< <>< ?>0 ?11 048 048  Xrnv`tm lrmfntbrs 0>6 ??= 0=0 0?8 40< 9= 6> <,8?=  bi wdnld; Obefs 8 08 8 8 168 8 8 ?,>41  Lbccmrln`j o`egs ?1 => 00> 080 =0 6? 60 <0Xrnv`tm ebeau`r`etmmf ?= 08 =01 ?,0?= 0,?>? 0,<00 160 0,><>  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 609 =9= 184 46? 0,01= 0,??1 >?9 464Xuojnl `ef puojnljy au`r`etmmf 686 =9< =<= 9=1 16> 1<9 9== <?>  Biinln`j lrmfntbrs ?0? <?0 ?>= ?1= <01 <?1 <08 ??9

  Cujtnj`tmr`j 068 01< ?96 010 ??8 ?<4 ?69 011  bi wdnld; NO_F 9? 9> 16 <? 68 6? << ?<  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 1? 064 <0 086 >1 4> 96 6>  Xrnv`tm lrmfntbrs 0>0 ?6? ?68 <4< 6<? 68> <6= 08<  bi wdnld; Obefs 8 061 068 <91 608 <>? <<0 >0  Lbccmrln`j o`egs 0<6 =8 4> 0? 09 08 > 1Xrnv`tm ebeau`r`etmmf 0? 0 01? 04= 6?9 6>? ?18 =0>  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 1>0 -0,846 -?,168 -0<< -0> 6>0 -6<4 -6,60>  Emt bws be mxtmre` m t 8 -01< -0>6 -?<6 -?1 =40 -04> -6,<=<

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf ?6> =,404 6,916 8 8 8 8 8

bt` `cbuet bra vme , ,

Fmot ouyo`lg 8 8 8 8 8 8 8 ?,>41

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j =96 =<0 =6? =?8 =00 6=1 6<8 686Netmrmst 048 098 060 0?< 089 >0 11 9<Xrnv`tm lrmfntbrs

Xrnelnp`j 0,8<1 4=> 96> <86 ?91 >?9 ??1 ??=Netmrmst <60 ?>0 ?>1 ?0= 041 091 46 46

 Ebtms;

\dbrt-tmrc fmot ns o`smf be rmpbrts prbvnfmf oy Lmetr`j O`eg.

0?1

Page 140: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 140/341

MA^XV, @_@O _MX]OJNL BI

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs <?,>>? <<,61= ?>,809 <8,?99 <8,9=1 <6,0?8 <<,601 <<,?=1  Jbea-tmrc mxtmre`j fmot ?4,606 <0,888 ?6,>0? ?4,908 ?4,><1 <0,446 <8,=16 <8,9>9  Xuojnl ef puojnljy au`r`etmmf ?1,606 <8,941 ?6,<<> ?4,=01 ?4,4=9 <0,496 <8,6>6 <8,9??  Xrnv`tm ebeau`r`etmmf 0,888 <0< =1< >< 40 ?0 48 16  ]sm bi NCI lrmfnt 0?= 08< 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 6,6=< ?,<1? 6,086 0,9=9 0,1?8 ?,?<9 ?,46? ?,=90  netmrmst `rrm`rs be jbea-tmrc 0,660 6 8 ? 0 0 8 8

 Cmcbr`efuc ntmcs  <,=6? 064 06 4 ? ? ? ?    ?1,<>< <8,946 ?6,<<1 ?4,?<0 ?4,601 <0,?=4 ?>,>98 <8,04?    0,8?0 <09 =16 <1> =?8 9?9 906 =06  0,??< ?81 0,8<6 <,8=< ?,61? 0,6<1 ?,04< 0,4<?

Mxtmre`j fmot ijbwsFnsoursmcmets 0,>=0 96? =1= ?,>>4 19< <,0<> 0,0?? 0,>11  Jbea-tmrc mxtmre`j fmot 0,>=0 96? =1= ?,>>4 19< <,0<> 0,0?? 0,>11  NCI purld`sms 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 0,1=8 >44 0,088 0,=10 0,9?4 ?,8<0 ?,<08 ?,810  Jbea-tmrc mxtmre`j fmot 0,186 4>6 0,088 0,=10 0,9?4 ?,8<0 ?,<08 ?,810  NCI rmpurld`sms 61 >6 8 8 8 8 8 8

 Emt ijbws -0,<80 >? -106 0,<96 -480 0,9?< -=4? -<19  Jbea-tmrc mxtmre`j fmot ?64 -?=0 -=?= 0,6?4 -499 0,081 -0,04> ->=

  \dbrt-tmrc mxtmre`j fmot -0,=8? 6<4 -04> -96 9= =09 981 -?40Netmrmst p`ycmets 0,<?? 0,<>< 1<< 9>> 468 >81 ><= 418  Jbea-tmrc mxtmre`j fmot 0,881 0,?=? 90> 901 166 1>= 4?? 194  NCI ld`rams 06 > 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot <80 0<? 00< 4< >9 00? 00< 08?

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 1<6 =>4 0,?<= =,<19 08,86< 00,=14 >,6>= 9,10?Xbrtibjnb mqunty 8 8 ?9> 1?> =8? -<,0>> -916 <><

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. <?.= <=.8 <=.6 <6.< <=.<K`p`emsm yme 4.? 0<.0 0<.4 0?.9 0?.? 08.1 0<.< 0?.1Xbuef stmrjnea ?.= 0.6 0.? 0.> ?.8 0.4 0.< 0.<\wnss ir`el <.8 ?.1 ?.0 0.4 0.> 0.1 0.4 0.1].\.fbjj`rs 60.> <6.= <>.4 <4.8 <=.4 <9.8 <=.0 <6.0

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 6.1 <.0 6.9 =.? 6.6 ?.? <.0 0.9  C`turnty (ym`rs) ?4.9 ??.8 ?0.9 04.4 ?0.6 09.= ?8.> ?<.?  Ar`lm pmrnbf (ym`rs) 1.= 9.9 =.9 1.9 1.6 9.= =.9 9.1Xrnv`tm lrmfntbrs

  Netmrmst (%) 4.6 9.= =.4 6.6 ?.? 9.6 0.8 8.8  C`turnty (ym`rs) 00.= 6.< 6.< 1.9 =.< 9.9 <.< 8.8  Ar`lm pmrnbf (ym`rs) <.6 ?.6 <.0 1.0 <.0 6.4 ?.= 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 6?,8?= 98,8<4 088,4<4 4>,616 084,80= 0<0,9=8 096,014 044,6>9Mxpbrts bi abbfs, smrvnlms & nelbcm 08,1=? 06,4<4 04,1<= <?,060 <>,?60 61,181 =1,4?9 6=,980Qbrgmr rmcnt. & lbcp. bi mcpjbymms 6,?46 <,??9 ?,4=? =,801 =,<<8 1,9=9 4,9>6 1,0=8Ncpbrts bi abbfs, smrvnlms & nelbcm 0=,>9> 0>,0?< ?<,414 <=,141 6?,<1= ==,904 94,>>> =9,>08Xrbint rmcntt`elms be IFN 06 ??4 >? 961 >0= 0,80= 948 ?,080Lurrmet llbuet o`j`elm ?,<?1 -?=6 ->10 ?,08< ?,9<= 60? -0,60= -<,<6>Netmre`tnbe`j rmsmrvms <,9?8 01,0?? 0<,14= ?0,4=1 ?9,881 <?,?06 <6,<<0 <6,4>1

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) <89.> ??=.9 0=6.> >6.? 14.0 10.= =1.4 1?.>Mxtmre`j fmot stblgs tb AEN (%) 14.= ==.4 ?4.4 <<.4 ?4.6 ?=.> ?8.6 01.9Fmot smrvnlm tb mxpbrts (%) ?4.9 09.8 >.4 1.0 9.< 9.? =.9 9.=\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 0<.= 1.0 06.0 =.= =.9 9.9 4.= 1.1Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 08.< 0?.8 0<.= 01.8 04.< ??.0 ??.6 ?=.<_msmrvms tb mxtmre`j fmot stblgs (%) 00.8 =0.0 61.= 1?.? 46.4 >6.6 08?.1 086.>_msmrvms tb ncpbrts (cbetds) ?.1 08.1 9.> 1.< 1.6 1.8 9.8 1.6

0?4

Page 141: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 141/341

MA^XV, @_@O _MX]OJNL BI

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf ?4,606 <0,888 ?6,>0? ?4,908 ?4,><1 <0,446 <8,=16 <8,9>9Xuojnl ef puojnljy au`r`etmmf ?1,606 <8,941 ?6,<<> ?4,=01 ?4,4=9 <0,496 <8,6>6 <8,9??  Biinln`j lrmfntbrs ?0,09= ?4,><6 ?<,1>> ?=,16< ?9,=?= ?4,4>6 ?1,>89 ?4,<?4  Cujtnj`tmr`j <,68< 6,8?? <,>?0 =,06< =,=>> 1,=60 1,6>4 4,60<  b w l ; NO_F 0,648 0,<?8 9<> 6>? =66 0,040 0,?== 0,4=8  NF@ >?0 0,8<= 0,?99 0,6?8 0,640 0,6>8 0,666 0,688

  Onj`tmr`j 01,19< ?6,>0? 0>,41> ?8,988 ?8,>?9 ?0,<=< ?8,684 0>,>0=  Xrnv`tm lrmfntbrs 9,?6> 0,1=< =68 ?,116 ?,<<0 ?,>18 ?,=44 ?,?><  bi wdnld; Obefs 8 8 8 0,4?> 0,=19 ?,0>> ?,046 0,44<  Lbccmrln`j o`egs 1<0 =98 <01 1>4 9?0 99= <06 <?=Xrnv`tm ebeau`r`etmmf 0,888 <0< =1< >< 40 ?0 48 16  bi wdnld; Obefs 8 8 088 8 8 8 8 8

Fnsoursmcmets 0,>=0 96? =1= ?,>>4 19< <,0<> 0,0?? 0,>11Xuojnl ef puojnljy au`r`etmmf 0,>88 96? <94 ?,>>4 19< <,0<4 0,8=? 0,>94  Biinln`j lrmfntbrs 0,0>4 98? ??< 0,868 180 ?,680 >=6 0,41>  Cujtnj`tmr`j ?9> <>? 016 416 =19 ?,?9= 100 0,69=  bi wdnld; NO_F >? 6? 9 >1 084 1?< 06< 946  NF@ 4 4< 6> 9> =1 0< 00 ?  Onj`tmr`j >?> ?8> =8 099 0?= 0<9 ?66 606  Xrnv`tm lrmfntbrs 18< 68 066 0,>=4 9? 1<1 >1 4>  bi wdnld; Obefs 8 8 8 0,?=8 8 96< 8 8  Lbccmrln`j o`egs 01= <0 0<? 181 98 4? >< 4>Xrnv`tm ebeau`r`etmmf =0 8 ?81 8 8 8 18 >

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 0,186 4>6 0,088 0,=10 0,9?4 ?,8<0 ?,<08 ?,810Xuojnl ef puojnljy au`r`etmmf 0,=1? 4<? >46 0,=10 0,9?4 0,>18 ?,<88 ?,8=?  Biinln`j lrmfntbrs 446 =6? 49< 0,<66 0,<=1 0,416 0,4<0 0,>60  Cujtnj`tmr`j ?4? <08 ?>4 6?= <10 916 =1? 90>  bi wdnld; NO_F 019 0>4 41 11 99 >1 11 4>  NF@ 1 06 ?< 60 6? 61 =8 =?  Onj`tmr`j 98< ?<? =96 >0> >4= 0,?88 0,?=> 0,<??  Xrnv`tm lrmfntbrs 941 ?>8 0?0 ??1 ?10 >9 69> 000  bi wdnld; Obefs 0 8 8 8 8 8 8 8  Lbccmrln`j o`egs <6 >0 =1 ?80 ?=6 6> 6<1 4=Xrnv`tm ebeau`r`etmmf 0<? 9? 009 8 0 90 00 ?8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 0,881 0,?=? 90> 901 166 1>= 4?? 194Xuojnl `ef puojnljy au`r`etmmf >04 0,??4 98< 90? 1?= 1>< 40> 199  Biinln`j lrmfntbrs 10> 0,0?0 =1< =6= =40 91< 189 96=

  Cujtnj`tmr`j 046 ?<? 061 0<9 016 ??> ?98 ?<?  bi wdnld; NO_F 0<4 006 60 ?0 ?1 61 =4 ==  NF@ 1 1 > 00 00 00 00 08  Onj`tmr`j =<= 44> 6?= 68> 689 666 669 60<  Xrnv`tm lrmfntbrs 0>> 089 <0 94 06= 0?8 00? 0?8  bi wdnld; Obefs 8 8 8 =0 089 46 4= 00?  Lbccmrln`j o`egs 64 66 09 0? <= <6 ?6 1Xrnv`tm ebeau`r`etmmf 4> ?6 09 6 0> ? < ?  bi wdnld; Obefs 8 8 0? 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s -0?,991 >19 -0,49> -4=4 <>0 <,69< -186 -0=>  Emt bws be mxtmre` m t -0,<80 >? -106 0,<96 -480 0,9?< -=4? -<19

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 <8> ?? 0 0 0 8 8

bt` cbuet bra vme ,

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j ?,4=8 ?,>98 <,9?> <,?1> ?,>=6 ?,11? ?,964 0,66=Netmrmst 960 =46 =?> 699 680 <68 ?4> ?61Xrnv`tm lrmfntbrs

Xrnelnp`j 08? 08< 190 =4 == 0,<8< =8 <>Netmrmst 0?0 0?0 0?8 9< 9? 90 < ?

 Ebtms;

\dbrt-tmrc fmot ns o`smf be tdm Lmetr`j O`eg f`t` irbc ?880. F`t` be jbea-tmrc prnv`tm ebeau`r`etmmf fmot rm rmvnsmf o`smf be rmpbrts prbvnfmf oy tdm

lbuetry.

0?>

Page 142: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 142/341

Page 143: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 143/341

MJ \@JY@FB_ 

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 0,><= 0,>46 ?,4?? 1,68> 4,414 4,=0= >,8=> >,?18Xuojnl ef puojnljy au`r`etmmf 0,>8> 0,>1> ?,108 6,149 =,=4> =,6<= =,16< 9,0<0  Biinln`j lrmfntbrs 0,1?= 0,418 ?,=8= <,891 <,060 <,098 <,61= <,491  Cujtnj`tmr`j 146 0,<16 0,>88 ?,6<0 ?,=81 ?,=81 ?,118 <,?88  b w l ; NO_F 068 <81 <8> 6<9 601 680 688 =9>  NF@ ?< ?8 09 0? 00 08 > >

  Onj`tmr`j >60 6>9 98= 9<9 9<< 9=< 18= 991  Xrnv`tm lrmfntbrs 046 08> ?8= 0,10> ?,664 ?,?1= ?,?91 ?,?96  bi wdnld; Obefs 8 8 4? 0,9<9 ?,<66 ?,?6? ?,016 ?,016  Lbccmrln`j o`egs 0?1 16 08? =4 14 = 94 99Xrnv`tm ebeau`r`etmmf ?9 = 000 ?,9?? <,?4> <,81> <,<09 <,0<>  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 084 ?89 <10 0,??? 0,96< ?=0 0,86? 0,?01Xuojnl `ef puojnljy au`r`etmmf 084 ?89 <?0 94? >>4 ?=0 999 >00  Biinln`j lrmfntbrs 11 ?80 ?88 <<1 <1< ?=8 980 >00  Cujtnj`tmr`j 66 09= 0=> <84 <61 ??9 =9< >8=  bi wdnld; NO_F ? ?9 <6 0?> ?= <= =? ??4  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j << <= 60 ?4 ?= ?6 <4 1  Xrnv`tm lrmfntbrs <8 = 0?8 <6= 9?= 8 9= 8  bi wdnld; Obefs 8 8 <? <6< 9?= 8 8 8  Lbccmrln`j o`egs ?= = 41 8 8 8 9= 8Xrnv`tm ebeau`r`etmmf 8 8 =0 =68 96= 8 <19 <89

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 004 098 0=1 68= 910 ==8 644 94=Xuojnl `ef puojnljy au`r`etmmf 08= 0=1 0?6 ?66 6=1 <68 <6> ==1  Biinln`j lrmfntbrs >6 0?< 0?8 ??4 <<8 ?48 <69 ==6  Cujtnj`tmr`j =1 14 41 046 ?41 ?60 <8= =84  bi wdnld; NO_F 0= ?0 01 68 66 =0 =< =>  NF@ 0 0 0 0 0 0 0 0  Onj`tmr`j <1 6= << 66 6< <> 60 6=  Xrnv`tm lrmfntbrs 00 << 6 09 0?1 98 6 6  bi wdnld; Obefs 8 8 8 8 0?0 <8 8 8  Lbccmrln`j o`egs > ?= 6 06 = ?4 ? ?Xrnv`tm ebeau`r`etmmf 06 < << 098 ?06 ?08 0<> 0?1  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 1= >4 0<> <66 696 699 646 611Xuojnl `ef puojnljy au`r`etmmf 1? >4 0<? ?=1 <<6 <64 <94 <1=  Biinln`j lrmfntbrs 9? 4> 0?< 004 0?9 0<1 0<9 060

  Cujtnj`tmr`j =8 9? 08< 080 000 0?< 0?0 0?=  bi wdnld; NO_F 06 ?? ?6 06 ?? ?6 0> 09  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 0< ?1 0> 01 09 06 0= 0=  Xrnv`tm lrmfntbrs > > > 0<> ?81 ?00 ?<? ?<=  bi wdnld; Obefs 8 8 4 0<< ?89 ?8> ?<? ?<?  Lbccmrln`j o`egs 4 1 0 9 0 ? 8 <Xrnv`tm ebeau`r`etmmf < 8 1 41 0<0 001 009 08?  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 9= 60? 114 691 4=> -<?1 =>= 0,?1<  Emt bws be mxtmre` m t ? <4< 481 90< <90 -?9? 98= 0,=>6

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 46 8 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j <44 <0> ?>> ?9? ?91 ?99 ?=< ?6=Netmrmst 06< 0<8 004 089 >= 4= 1= 9=Xrnv`tm lrmfntbrs

Xrnelnp`j 41? ><9 6<0 <61 ?9? ??8 014 014Netmrmst ?4? ?61 ?8> 0>< 040 010 09< 09?

 Ebtms;

F`t` be jbea-tmrc prnv`tm ebeau`r`etmmf fmot `rm Qbrjf O`eg st`ii mstnc`tms o`smf be O`j`elm bi X`ycmets rmpbrtmf oy tdm lbuetry irbc ?88=.

0<0

Page 144: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 144/341

Page 145: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 145/341

M_NV_M@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf .. <1 ?>4 1?< 140 4=9 >=1 0,80<Xuojnl `ef puojnljy au`r`etmmf .. <1 ?>4 1?< 140 4=9 >=1 0,80<  Biinln`j lrmfntbrs .. <1 ?>4 9>8 16= 40= >01 >1?  Cujtnj`tmr`j .. ?6 0=? =08 =9? 90< 966 9=4  b w l ; NO_F .. 8 8 8 8 8 8 8  NF@ .. ?6 46 <40 60> 6=1 61< 611

  Onj`tmr`j .. 0? 069 048 04< ?80 ?16 <0=  Xrnv`tm lrmfntbrs .. 8 8 << <1 60 68 60  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 8 8 8 8 8 8  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Fnsoursmcmets .. 1 =0 10 <4 6? 08= =4Xuojnl `ef puojnljy au`r`etmmf .. 1 =0 10 <4 6? 08= =4  Biinln`j lrmfntbrs .. 1 =0 10 <1 6? 086 =4  Cujtnj`tmr`j .. = <> 18 << ?4 <? 0?  bi wdnld; NO_F .. 8 8 8 8 8 8 8  NF@ .. = <? =1 ?8 ?0 ?< 6  Onj`tmr`j .. ? 0? 0 6 06 1? 69  Xrnv`tm lrmfntbrs .. 8 8 8 8 8 0 8  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 8 8 8 8 8 8

  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets .. 8 8 0? 9 ? 1 00Xuojnl `ef puojnljy au`r`etmmf .. 8 8 0? 9 ? 1 00  Biinln`j lrmfntbrs .. 8 8 0? 9 ? 1 00  Cujtnj`tmr`j .. 8 8 1 6 0 = 1  bi wdnld; NO_F .. 8 8 8 8 8 8 8  NF@ .. 8 8 0 0 0 < <  Onj`tmr`j .. 8 8 = ? 8 0 6  Xrnv`tm lrmfntbrs .. 8 8 8 8 8 8 8  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 8 8 8 8 8 8  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Netmrmst p`ycmets .. 8 ? 4 9 6 > 08Xuojnl `ef puojnljy au`r`etmmf .. 8 ? 4 9 6 > 08  Biinln`j lrmfntbrs .. 8 ? 4 9 6 > 08

  Cujtnj`tmr`j .. 8 0 9 = 6 = =  bi wdnld; NO_F .. 8 8 8 8 8 8 8  NF@ .. 8 8 < 6 < < <  Onj`tmr`j .. 8 0 < 0 8 6 =  Xrnv`tm lrmfntbrs .. 8 8 8 8 8 8 8  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 8 8 8 8 8 8  bi wdnld; Obefs .. 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s .. 4 61 0> 98 1= 08? =1  Emt bws be mxtmre` m t .. 1 =8 => <? 68 >4 69

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf .. 8 8 8 8 01 ?0 =

bt` cbuet bra vme ..

Fmot ouyo`lg .. 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 68 91 94 91 6< <1 <6 <=Netmrmst 0? 0? 00 > 4 1 1 1Xrnv`tm lrmfntbrs

Xrnelnp`j 8 8 8 8 8 8 8 8Netmrmst 8 8 8 8 8 8 8 8

0<<

Page 146: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 146/341

Page 147: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 147/341

MVDNBXN@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 4,6>< >,144 =,<<> =,>?4 ?,?80 ?,=10 ?,4?> 6,40?Xuojnl ef puojnljy au`r`etmmf 4,6>< >,144 =,<<> =,>?4 ?,?80 ?,=10 ?,4?> 6,40?  Biinln`j lrmfntbrs 1,>?8 >,0>4 =,??9 =,=96 0,44= ?,?>> ?,=>8 <,==<  Cujtnj`tmr`j 0,?4< ?,<=6 ?,1=? 6,18< 0,84? 0,<19 0,98< ?,<08  b w l ; NO_F ?1 8 8 8 8 8 8 8  NF@ 4?6 0,618 0,11> <,<=> ==< 100 4=> 0,6??

  Onj`tmr`j 9,9<1 9,466 ?,61< 490 48< >?< >41 0,?6<  Xrnv`tm lrmfntbrs =1< =>8 00< <96 <09 ?1? ?<> 0,?=>  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 009 ?=< 0? 0 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets <16 ?<? 04= =?1 <18 <48 <1> ?,06<Xuojnl `ef puojnljy au`r`etmmf <16 ?<? 04= =?1 <18 <48 <1> ?,06<  Biinln`j lrmfntbrs <?6 ?<? 046 688 <18 <48 <1> 0,8>9  Cujtnj`tmr`j 0<> ?8> 040 <?< ?>8 ?1? ?4= 1==  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 16 46 0<1 09? 01> 0<? 098 ==<  Onj`tmr`j 04= ?< < 19 48 084 >= <60  Xrnv`tm lrmfntbrs =0 8 ? 0?1 8 8 8 0,869  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 0=? >? 1? <9 4> 44 1? 9?Xuojnl `ef puojnljy au`r`etmmf 0=? >? 1? <9 4> 44 1? 9?  Biinln`j lrmfntbrs 6= 66 9? ?= 66 66 <> <6  Cujtnj`tmr`j 09 68 =9 0= <6 <6 <8 ?4  bi wdnld; NO_F 1 6 8 8 8 8 8 8  NF@ 6 0? ?0 8 8 8 < 6  Onj`tmr`j ?> < 9 08 08 > 4 9  Xrnv`tm lrmfntbrs 081 64 08 00 6= 66 << ?1  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 6= <> 6 8 0 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 6> 90 =? 6> 61 66 <> 68Xuojnl `ef puojnljy au`r`etmmf 6> 90 =? 6> 61 66 <> 68  Biinln`j lrmfntbrs ?6 <? 64 68 <8 ?> ?1 <?

  Cujtnj`tmr`j 0< ?6 <6 ?> ?= 01 0> 0>  bi wdnld; NO_F ? 8 8 8 8 8 8 8  NF@ 9 00 0< 0= > 9 1 4  Onj`tmr`j 00 > 06 00 = 0? 4 06  Xrnv`tm lrmfntbrs ?6 ?> 6 08 01 0= 00 4  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 00 ?1 0 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 1>8 ?66 -9? -6== -<,><0 <6< ?=> ?,069  Emt bws be mxtmre` m t ?8< 0<< >8 614 ?<1 ?9> <8> ?,?6?

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 <8 8 094 8 8 8 8

bt` `cbuet bra vme ,

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 46 089 00= 0<1 094 011 046 ??<Netmrmst =0 =9 => 90 90 98 =4 ==Xrnv`tm lrmfntbrs

Xrnelnp`j <6= 09> 09? 0=4 0=? 06= 0?1 0?6Netmrmst ?= ?4 ?1 ?< ?? 0> 09 06

 Ebtms;

Mtdnbpn` w`s ar`etmf fmot rmjnmi miimltnvm ne ?889 uefmr CF_N.

0<=

Page 148: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 148/341

INKN

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs <84.6 014.? 01?.9 04=.1 <=6.? <61.< <1>.> 6<0.1  Jbea-tmrc mxtmre`j fmot ?>9.6 09<.? 01?.6 04=.6 <6?.? <61.8 <98.= <90.9  Xuojnl ef puojnljy au`r`etmmf ?>9.6 09<.? 01?.6 04=.6 <6?.? <61.8 <98.0 <90.8  Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.6 8.=  ]sm bi NCI lrmfnt 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  \dbrt-tmrc mxtmre`j fmot 0?.8 0=.8 8.? 8.6 0?.8 8.< 0>.6 18.0  netmrmst `rrm`rs be jbea-tmrc 8.8 8.0 8.? 8.6 0.8 8.< 8.6 8.0

 Cmcbr`efuc ntmcs  8.8 8.8 8.8 8.8 ?.8 0.= ?.? 8.8    ?>9.6 09<.? >>.= 00?.= ?9>.< ?16.0 ?41.? ?44.0    8.8 8.8 1?.> 1?.> 1?.> 1?.> 1<.< 1<.6  <8.8 08.= 8.8 ?=.8 018.1 8.8 8.8 01.9

Mxtmre`j fmot ijbwsFnsoursmcmets 0=.0 0=.? 1.0 06.0 09?.4 0?.9 0<.6 0=.?  Jbea-tmrc mxtmre`j fmot 0=.0 0=.? 1.0 06.0 09?.4 0?.9 0<.6 0=.?  NCI purld`sms 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets ==.= <0.? 09.> 4.= 1.9 08.6 1.4 >.4  Jbea-tmrc mxtmre`j fmot =6.9 <0.? 09.> 4.= 1.9 08.6 1.4 >.4  NCI rmpurld`sms 8.4 8.8 8.8 8.8 8.8 8.8 8.8 8.8

 Emt ijbws -6?.< -01.0 ->.4 -61.= 099.? -4.4 ?6.9 =9.=  Jbea-tmrc mxtmre`j fmot -<>.= -09.8 ->.4 =.= 0==.? ?.? =.9 =.=

  \dbrt-tmrc mxtmre`j fmot -?.8 -0.0 8.8 -=<.8 00.8 -00.8 0>.8 =0.8Netmrmst p`ycmets ?=.? 00.? 1.1 =.= 9.? 09.0 09.8 0=.4  Jbea-tmrc mxtmre`j fmot ?<.1 08.< 1.1 =.= =.1 09.0 0=.4 06.6  NCI ld`rams 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  \dbrt-tmrc mxtmre`j fmot 0.= 8.> 8.8 8.8 8.9 8.8 8.< 0.6

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet >0.> 9>.= 8.9 0==.1 60?.6 <<1.4 <8>.< ?<1.4Xbrtibjnb mqunty 8.8 8.8 8.8 0.1 -<.8 6.? 0.6 ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. ?.< 0.< 0.< 0.0 8.9K`p`emsm yme 8.8 8.8 8.4 >.1 6.> 6.4 =.6 6.>Xbuef stmrjnea 0<.1 <.< 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs =.6 8.4 6>.8 96.? 40.? 4<.6 4?.1 4<.<

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 9.9 6.= 8.8 6.< ?.8 8.8 8.8 8.4  C`turnty (ym`rs) ?6.4 0?.8 8.8 ?6.1 ?8.6 8.8 8.8 <0.9  Ar`lm pmrnbf (ym`rs) =.0 6.= 8.8 =.? 8.6 8.8 8.8 4.0Xrnv`tm lrmfntbrs

  Netmrmst (%) 4.4 8.8 8.8 8.8 9.> 8.8 8.8 8.8  C`turnty (ym`rs) 08.6 8.8 8.8 8.8 =.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 9.< 8.8 8.8 8.8 =.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 0?4>.9 0><0.0 0101.6 <86>.> ?>4?.= <<86.4 <=66.8 <8<4.6Mxpbrts bi abbfs, smrvnlms & nelbcm 440.9 00<>.0 08?<.? 09?8.1 0==<.? 09=1.4 0><=.8 ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms ?0.> <?.> 66.8 04=.0 046.1 098.= 0?<.6 00>.<Ncpbrts bi abbfs, smrvnlms & nelbcm >16.< 0?=6.1 00<9.6 ?844.? ?<6<.8 ?<09.< ?16>.0 ..Xrbint rmcntt`elms be IFN 6>.6 4<.1 1.= 006.1 09?.6 009.> =9.> ..Lurrmet llbuet o`j`elm ->6.8 -00?.1 -?=.= -?>?.1 -=>8.1 -61=.6 -9<8.8 ..Netmre`tnbe`j rmsmrvms ?90.0 <6>.< 60?.8 <04.4 .. .. .. ..

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) <=.8 0=.9 09.> 00.= ??.4 ?8.> 0>.9 ..Mxtmre`j fmot stblgs tb AEN (%) ?<.> >.? 08.0 9.0 00.> 08.= 08.1 06.?Fmot smrvnlm tb mxpbrts (%) >.0 <.1 ?.6 8.> 8.> 0.9 0.? ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) <.> 4.6 8.0 8.? <.6 8.0 =.0 09.?Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 9=.= 46.8 =0.6 6>.= ?1.< ?>.< ?4.9 ?6.8_msmrvms tb mxtmre`j fmot stblgs (%) 46.1 0>9.8 ?<4.1 010.1 .. .. .. .._msmrvms tb ncpbrts (cbetds) <.? <.< 6.6 0.4 .. .. .. ..

0<9

Page 149: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 149/341

Page 150: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 150/341

A@OBE

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs <,>4< 6,<90 <,>8? <,411 6,041 ?,46= ?,01< ?,0<8  Jbea-tmrc mxtmre`j fmot <,0=8 <,>11 <,6=1 <,=9? <,9>1 ?,=>> ?,8== ?,8??  Xuojnl ef puojnljy au`r`etmmf <,0=8 <,>11 <,6=1 <,=9? <,9>1 ?,=>> ?,8== ?,8??  Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  ]sm bi NCI lrmfnt 068 >1 4> 94 =1 ?= 8 8  \dbrt-tmrc mxtmre`j fmot 9>< ?41 <== ?61 6<6 ??0 004 084  netmrmst `rrm`rs be jbea-tmrc 0<8 8 9< 041 <66 9 08 =

 Cmcbr`efuc ntmcs  4? ?9 004 <60 11< <4 ?4 >    <,064 <,>11 <,6=1 <,=9? <,9>1 ?,=>> ?,8== ?,8??    ? 8 8 8 8 8 8 8  9= 4> ?8 06? 68 0,>69 960 6?8

Mxtmre`j fmot ijbwsFnsoursmcmets ?86 ?1> =0 04 41 0,84> 084 ?9=  Jbea-tmrc mxtmre`j fmot 0>= ??? <6 04 41 0,84> 084 ?9=  NCI purld`sms > =1 01 8 8 8 8 8

Xrnelnp`j rmp`ycmets 68 ?09 0>4 0<9 0?4 ?,?48 96? <?8  Jbea-tmrc mxtmre`j fmot ?9 09= 044 000 006 ?,?69 901 <?8  NCI rmpurld`sms 0= =? 08 ?= 06 <6 ?= 8

 Emt ijbws 096 06 -<9< -=4 -00 -0,899 -960 -98  Jbea-tmrc mxtmre`j fmot 018 =1 -0=6 ->< -?1 -0,0=1 -=8> -==

  \dbrt-tmrc mxtmre`j fmot 8 -6> -?09 98 <8 0?= -081 -=Netmrmst p`ycmets 0<9 ?68 0=6 =1 6? <49 ??4 064  Jbea-tmrc mxtmre`j fmot 14 ?01 0?6 =? <9 <11 ??6 066  NCI ld`rams 0< = 6 < < < 0 8  \dbrt-tmrc mxtmre`j fmot 6= 01 ?9 ? < 9 6 6

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 1< -<0= -6< ?6? ?94 ?9> ?8> <<Xbrtibjnb mqunty 8 .. .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 61.= 64.> <=.0 ?9.6 ?6.=K`p`emsm yme 8.1 8.> 8.4 8.= 8.= 8.6 8.= 8.?Xbuef stmrjnea =.< =.8 6.9 6.6 6.> 6.9 8.> 8.1\wnss ir`el 8.< 8.4 8.= 8.? 8.? 8.? 8.8 8.8].\.fbjj`rs 08.< 00.= ?>.0 <9.? <6.9 66.1 =6.6 ==.0

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 1.1 6.1 8.8 0.6 6.? 6.> ?.= 8.8  C`turnty (ym`rs) 0>.8 0<.8 >.1 09.? 06.6 0>.6 04.0 0>.>  Ar`lm pmrnbf (ym`rs) =.6 =.> 8.1 6.< ?.> =.< 9.0 08.8Xrnv`tm lrmfntbrs

  Netmrmst (%) >.8 8.8 8.8 ?.9 8.8 1.< 6.> <.0  C`turnty (ym`rs) 00.4 8.8 8.8 =.4 8.8 4.0 1.4 9.?  Ar`lm pmrnbf (ym`rs) 0.< 8.8 8.8 ?.1 8.8 1.0 ?.< 0.9

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) =,<<9 6,?>< 6,?4> 1,184 1,>8? 08,866 0?,<96 >,=6>Mxpbrts bi abbfs, smrvnlms & nelbcm ?,1=8 ?,>48 <,=61 =,961 9,?=? 1,?69 >,1?< =,1=?Qbrgmr rmcnt. & lbcp. bi mcpjbymms 0 6 9 00 00 00 00 00Ncpbrts bi abbfs, smrvnlms & nelbcm ?,664 ?,6?< ?,64< <,<>= 6,??< =,<1= 9,410 =,04<Xrbint rmcntt`elms be IFN 009 ?<9 61< 19= .. .. .. ..Lurrmet `llbuet o`j`elm 094 =0= 0,880 0,>4< .. .. .. ..Netmre`tnbe`j rmsmrvms ?1> 0=< 0>6 91= 0,0?? 0,?<4 0,><= ?,881

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 066.4 069.< 008.8 94.1 91.8 <>.< ??.6 <1.8Mxtmre`j fmot stblgs tb AEN (%) 16.9 080.9 >0.8 =8.< =<.8 ?4.< 01.9 ??.<Fmot smrvnlm tb mxpbrts (%) 9.6 0=.< >.> <.6 ?.1 <9.4 4.> 4.0\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 01.6 9.9 >.0 9.6 08.6 1.4 =.6 =.0Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 4.8 0<.= 0?.8 08.0 >.1 06.< 01.= 04.4_msmrvms tb mxtmre`j fmot stblgs (%) 1.8 <.= =.8 01.6 ?9.4 6<.= 4>.8 >6.?_msmrvms tb ncpbrts (cbetds) 0.6 8.4 8.> ?.6 <.? ?.4 <.6 6.9

0<4

Page 151: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 151/341

A@OBE

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf <,0=8 <,>11 <,6=1 <,=9? <,9>1 ?,=>> ?,8== ?,8??Xuojnl ef puojnljy au`r`etmmf <,0=8 <,>11 <,6=1 <,=9? <,9>1 ?,=>> ?,8== ?,8??  Biinln`j lrmfntbrs ?,6<= <,114 <,<<4 <,66< <,=19 0,696 >>6 >?9  Cujtnj`tmr`j <01 =44 694 <>< 684 689 <40 680  b w l ; NO_F 9> 008 96 <8 0> 0? ?8 04  NF@ 8 8 8 8 8 8 8 8

  Onj`tmr`j ?,004 <,0>8 ?,410 <,8=8 <,094 0,8=4 90< =?=  Xrnv`tm lrmfntbrs 10= 0>> 00> 00> 0?0 0,0<= 0,89? 0,8>9  bi wdnld; Obefs 8 8 8 8 8 0,888 >69 >80  Lbccmrln`j o`egs 040 064 08< <> ?> 98 1> 094Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 0>= ??? <6 04 41 0,84> 084 ?9=Xuojnl `ef puojnljy au`r`etmmf 0>= ??? <6 04 41 0,84> 084 ?9=  Biinln`j lrmfntbrs 0=4 ??? 0< 04 90 60 9? 061  Cujtnj`tmr`j 46 0=8 00 0= =1 <1 01 16  bi wdnld; NO_F 08 6 > 8 8 8 0? 6  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 16 1? ? < 6 6 6= 1<  Xrnv`tm lrmfntbrs <1 8 ?0 8 ?9 0,864 6= 004  bi wdnld; Obefs 8 8 8 8 8 0,888 8 8  Lbccmrln`j o`egs 8 8 ?0 8 8 <1 6= 00<Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets ?9 09= 044 000 006 ?,?69 901 <?8Xuojnl `ef puojnljy au`r`etmmf ?9 09= 044 000 006 ?,?69 901 <?8  Biinln`j lrmfntbrs 04 >8 098 9< 46 ?,?81 =89 ?<0  Cujtnj`tmr`j 0< 6< 66 =6 =9 =0 =< =>  bi wdnld; NO_F 0 0? 0< 1 0? 4 < 9  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j = 64 009 > ?4 ?,0=9 6=< 01<  Xrnv`tm lrmfntbrs 4 1= ?1 64 <8 <> 000 4>  bi wdnld; Obefs 8 8 8 8 8 8 =8 66  Lbccmrln`j o`egs < ?9 ?1 ?4 08 9 ?? ?>Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 14 ?01 0?6 =? <9 <11 ??6 066Xuojnl `ef puojnljy au`r`etmmf 14 ?01 0?6 =? <9 <11 ??6 066  Biinln`j lrmfntbrs 94 016 004 69 <? <1? 0<> =<

  Cujtnj`tmr`j ?0 ?9 6? ?0 ?0 ?0 0> ?8  bi wdnld; NO_F = 4 = 0 ? 0 0 0  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 61 064 1= ?6 00 <=8 0?8 <<  Xrnv`tm lrmfntbrs 00 66 1 1 6 = 4= >0  bi wdnld; Obefs 8 8 8 8 8 8 48 1=  Lbccmrln`j o`egs = ?9 1 = < ? 6 06Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 9<? 04> -4< -04< <08 -0,<6? -91? -6<  Emt bws be mxtmre` m t 096 06 -<9< -=4 -00 -0,899 -960 -98

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf ?10 61? 9<1 681 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 ?,088 6?4 66

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j ?<? 04< 0?1 >4 >9 008 081 081Netmrmst << ?> ?< ?0 0> 04 09 0=Xrnv`tm lrmfntbrs

Xrnelnp`j 6>4 99 >1 4? 96 96 =? ><?Netmrmst >0 >8 4> 41 46 48 14 1=

 Ebtms;

F`t` be jbea-tmrc puojnl ef puojnljy au`r`etmmf fmot ibr ?88> rm Qbrjf O`eg st`ii mstnc`tms o`smf be rmpbrts prbvnfmf oy tdm lbuetry ef neljufm tdm miimlts

bi X`rns Ljuo fmot ouyo`lg armmcmet snaemf ne ?881.

0<>

Page 152: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 152/341

A@CON@, VDM

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs <9>.0 6?9.0 64<.< 99>.= 1?4.0 1?9.9 664.9 =?8.0  Jbea-tmrc mxtmre`j fmot <84.6 <4=.= 6<1.> 9?9.? 9>?.6 9>4.9 6?0.8 66>.?  Xuojnl ef puojnljy au`r`etmmf <84.6 <4=.= 6<1.> 9?9.? 9>?.6 9>4.9 6?0.8 66>.?  Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  ]sm bi NCI lrmfnt 66.> ?=.4 04.0 ?8.4 01.4 9.< 0?.< ?4.9  \dbrt-tmrc mxtmre`j fmot 0=.1 06.4 ?1.< ??.6 01.> ?0.9 0=.< 6?.<  netmrmst `rrm`rs be jbea-tmrc 8.9 8.1 8.8 0.6 8.> 8.9 0.< 0.<

 Cmcbr`efuc ntmcs  8.> ?.? ?.8 ?8.> ?<.9 ?0.8 09.9 0>.0    <89.9 <4=.< 6<1.> 9?9.? 9>?.6 9>4.9 6?0.8 66>.?    0.4 8.? 8.8 8.8 8.8 8.8 8.8 8.8  <1.> 68.< ?6.= =0.8 ?=.< ?<.8 ?=.0 1.1

Mxtmre`j fmot ijbwsFnsoursmcmets <?.4 ?<.8 ?>.1 9?.9 =>.> =4.9 =>.4 =4.4  Jbea-tmrc mxtmre`j fmot ?<.= ?<.8 ?8.1 9?.9 =>.> =?.= =<.= 6<.0  NCI purld`sms >.< 8.8 >.0 8.8 8.8 9.0 9.< 0=.4

Xrnelnp`j rmp`ycmets ?=.= ?0.1 06.< 01.> ?0.9 ?6.6 0?.9 01.4  Jbea-tmrc mxtmre`j fmot ?8.? 0=.= 0?.1 0=.4 01.= ?8.4 0?.9 01.4  NCI rmpurld`sms =.< 9.? 0.9 ?.8 6.8 <.1 8.8 8.8

 Emt ijbws 0=.= -1.9 ?8.9 60.1 <6.< <4.? 68.< 94.8  Jbea-tmrc mxtmre`j fmot <.6 1.= 4.8 69.1 6?.6 <0.1 68.> ?=.<

  \dbrt-tmrc mxtmre`j fmot 4.0 -4.4 =.? -<.8 -6.8 6.8 -1.8 ?1.8Netmrmst p`ycmets 0?.< 9.< 1.< 08.= >.> 00.4 >.8 1.4  Jbea-tmrc mxtmre`j fmot 08.? =.? 9.8 >.= >.8 08.9 4.8 1.6  NCI ld`rams 0.< 8.? 8.0 8.0 8.0 8.0 8.0 8.0  \dbrt-tmrc mxtmre`j fmot 8.4 8.> 0.? 8.> 8.> 0.8 8.> 8.6

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 06.0 1.4 .. =0.> 4?.0 1?.9 1?.0 61.8Xbrtibjnb mqunty 8.8 .. .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. <.1 <.= 6.8 9.= 1.<K`p`emsm yme 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea 4.= 9.< 6.4 ?.1 ?.< ?.? 8.8 8.8\wnss ir`el 0.< 8.? 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs <>.0 6<.= =0.< ==.8 =<.9 61.? 64.9 6=.>

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 8.4 <.= 0.1 6.0 8.? 8.8 ?.8 8.4  C`turnty (ym`rs) 6?.8 ?0.< ?1.6 ?>.> ?>.= ?4.> ??.4 ?9.4  Ar`lm pmrnbf (ym`rs) 08.8 9.? 9.4 1.< 4.1 >.> 6.= 1.<Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 8.8 8.8 8.8 6.1 8.8 8.8  C`turnty (ym`rs) 8.8 8.8 8.8 8.8 8.8 0?.6 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 8.8 8.8 8.8 ?.6 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) ?>0.6 <11.0 688.6 601.4 6=>.1 =>9.1 119.8 9>8.<Mxpbrts bi abbfs, smrvnlms & nelbcm 09>.1 040.8 .. 04<.1 ?8=.0 ?=9.4 ?4<.1 ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms 08.8 0>.8 06.8 =1.6 9<.1 9?.= 99.4 96.4Ncpbrts bi abbfs, smrvnlms & nelbcm ?8=.6 ?60.6 .. ?>=.< <=4.0 <>9.1 600.8 ..Xrbint rmcntt`elms be IFN 8.8 8.8 .. ?9.8 <?.4 <<.> <=.1 ..Lurrmet `llbuet o`j`elm ?<.6 -4.? .. -6?.8 -9=.= -?>.? -6<.6 ..Netmre`tnbe`j rmsmrvms ==.6 089.0 08>.6 >4.< 0?8.9 06?.4 009.= ..

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) ?01.= ?<=.6 .. <96.= <=6.> ?4?.> 0=4.0 ..Mxtmre`j fmot stblgs tb AEN (%) 0?9.1 00<.8 0?8.1 098.? 0=4.6 0?0.4 =1.4 1=.<Fmot smrvnlm tb mxpbrts (%) ??.? 0=.= .. 0=.= 0=.6 06.0 1.9 ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 6.< <.= =.1 <.6 ?.= <.8 <.6 4.0Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) ==.8 19.9 10.0 19.0 14.< 14.4 96.0 98.<_msmrvms tb mxtmre`j fmot stblgs (%) 0=.8 ?6.> ??.9 06.1 09.9 0>.1 ?9.8 .._msmrvms tb ncpbrts (cbetds) <.? =.< .. 6.8 6.8 6.< <.6 ..

068

Page 153: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 153/341

A@CON@, VDM

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf <84.6 <4=.= 6<1.> 9?9.? 9>?.6 9>4.9 6?0.8 66>.?Xuojnl ef puojnljy au`r`etmmf <84.6 <4=.= 6<1.> 9?9.? 9>?.6 9>4.9 6?0.8 66>.?  Biinln`j lrmfntbrs ?>8.0 <4=.? 6<9.> 9?=.= 9>0.= 9>1.9 6?8.0 664.<  Cujtnj`tmr`j ?8<.0 <?9.? <6<.1 =8>.= =18.0 =1?.? ?41.= <0<.1  b w l ; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 080.9 090.9 018.1 ?66.> ?9<.= ?04.> 90.> 96.<

  Onj`tmr`j 41.8 =>.8 ><.? 009.8 0?0.= 0?=.6 0<?.9 0<6.9  Xrnv`tm lrmfntbrs 04.< 8.? 0.8 8.4 8.> 0.8 8.> 0.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 09.8 8.8 8.> 8.4 8.> 0.8 8.> 0.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Fnsoursmcmets ?<.= ?<.8 ?8.1 9?.9 =>.> =?.= =<.= 6<.0Xuojnl `ef puojnljy au`r`etmmf ?<.= ?<.8 ?8.1 9?.9 =>.> =?.= =<.= 6<.0  Biinln`j lrmfntbrs ?<.= ?<.8 ?8.1 9?.9 =>.> =?.= =<.= 6<.0  Cujtnj`tmr`j 01.1 0>.8 01.0 =<.1 =8.8 68.> 69.= <0.<  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ >.4 00.9 1.1 04.> 00.1 0.0 ?.6 ?.6  Onj`tmr`j =.4 6.8 <.9 4.> >.> 00.9 1.8 00.4  Xrnv`tm lrmfntbrs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets ?8.? 0=.= 0?.1 0=.4 01.= ?8.4 0?.9 01.4Xuojnl `ef puojnljy au`r`etmmf ?8.? 0=.= 0?.1 0=.4 01.= ?8.4 0?.9 01.4  Biinln`j lrmfntbrs 0?.1 0=.0 0?.< 0=.4 01.= ?8.4 0?.9 01.4  Cujtnj`tmr`j 6.1 9.1 1.> 08.0 00.8 06.1 4.< >.8  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 8.< 8.4 ?.< <.< 6.< =.8 8.0 8.<  Onj`tmr`j 1.> 4.= 6.6 =.1 9.9 9.8 6.< 4.4  Xrnv`tm lrmfntbrs 1.= 8.6 8.6 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs <.8 8.8 8.< 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Netmrmst p`ycmets 08.? =.? 9.8 >.= >.8 08.9 4.8 1.6Xuojnl `ef puojnljy au`r`etmmf 08.? =.? 9.8 >.= >.8 08.9 4.8 1.6  Biinln`j lrmfntbrs =.= =.? =.> >.= >.8 08.9 4.8 1.6

  Cujtnj`tmr`j ?.> <.= <.9 =.< =.1 9.4 =.0 6.8  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 8.1 0.? 0.? 0.> ?.8 ?.8 8.= 8.=  Onj`tmr`j ?.9 0.1 ?.< 6.? <.< <.4 <.8 <.6  Xrnv`tm lrmfntbrs 6.1 8.8 8.0 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs <.4 8.8 8.0 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s <0.6 <.0 04.1 -<.> =4.9 -0.= -?11.> 10.=  Emt bws be mxtmre` m t 0=.= -1.9 ?8.9 60.1 <6.< <4.? 68.< 94.8

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8.8 8.8 8.8 8.8 8.8 8.8 <.6 8.8

bt` `cbuet bra vme . . . . . . . .

Fmot ouyo`lg 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j ?6.0 ?9.1 ?=.9 ?=.? ?9.? ?9.8 ?<.4 ?<.4Netmrmst 1.? 1.8 9.1 9.6 =.> =.6 =.8 6.9Xrnv`tm lrmfntbrs

Xrnelnp`j ?.= ?.= ?.= ?.= ?.= ?.= ?.= ?.=Netmrmst 8.? 8.< 8.< 8.< 8.? 8.? 8.0 8.0

 Ebtms;

F`t` be jbea-tmrc puojnl `ef puojnljy au`r`etmmf fmot ibr ?88> `rm Qbrjf O`eg st`ii mstnc`tms. F`t` ibr ?884 neljufm tdm miimlts bi CF_N `ef DNXL fmot rmjnmi,

ne tdm `cbuet bi $?06,<9? ne tdbus`efs.

060

Page 154: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 154/341

AMB_AN@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs .. 0,?68 0,9<4 0,>8> 0,>18 ?,?10 <,<48 6,?<0  Jbea-tmrc mxtmre`j fmot .. 0,8<> 0,<09 0,9?9 0,9?= 0,146 ?,=9? <,006  Xuojnl ef puojnljy au`r`etmmf .. 0,8<> 0,?16 0,6>6 0,699 0,=66 ?,??? ?,=>9  Xrnv`tm ebeau`r`etmmf .. 8 6? 0<? 0=> ?60 <60 =04  ]sm bi NCI lrmfnt .. 009 ?14 ?<? ?<9 ?=? 698 149  \dbrt-tmrc mxtmre`j fmot .. 4= 66 =8 084 ?<= <=1 <<8  netmrmst `rrm`rs be jbea-tmrc .. 90 0 00 1 1 1 1

 Cmcbr`efuc ntmcs  .. ?00 01> 0=0 9> <? ?4 ?4    .. 0,8<> 0,?96 0,6>< 0,699 0,=66 ?,??? ?,=>9    .. 8 =? 0<< 0=> ?60 <60 =04  .. >0 1? 46 086 == 40? 140

Mxtmre`j fmot ijbwsFnsoursmcmets .. 016 9= 041 ?09 ?<= 0,06> >94  Jbea-tmrc mxtmre`j fmot .. >4 9= 069 01= 0>< 4>< 9?4  NCI purld`sms .. 19 8 60 60 6< ?=9 <60

Xrnelnp`j rmp`ycmets .. 8 94 0=1 ?<6 06< 0?8 09<  Jbea-tmrc mxtmre`j fmot .. 8 6? 08< 04= 08< 4= 0<9  NCI rmpurld`sms .. 8 ?9 =6 6> 68 <= ?4

 Emt ijbws .. -?1? << -<8 66 ??8 0,0=0 114  Jbea-tmrc mxtmre`j fmot .. >4 ?< 6< -08 4> 484 6>?

  \dbrt-tmrc mxtmre`j fmot .. -669 <9 -98 9? 0?1 0?? -?1Netmrmst p`ycmets .. ?8 6> <8 <6 <4 18 088  Jbea-tmrc mxtmre`j fmot .. 01 6< ?1 <0 <0 =4 4<  NCI ld`rams .. < = 0 0 0 ? 1  \dbrt-tmrc mxtmre`j fmot .. 8 0 ? ? 9 00 08

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet .. .. 0<0 6=< 0,018 0,1=8 0,=96 196Xbrtibjnb mqunty .. .. 8 < 06< <6 004 4

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. ?8.? 0=.= 01.6 0?.8 08.1K`p`emsm yme .. 8.8 8.? ?.1 <.8 <.0 ?.9 ?.0Xbuef stmrjnea .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el .. 8.6 8.? 8.? 8.8 8.8 8.8 8.8].\.fbjj`rs .. 1=.< 4?.< 1?.1 19.? 1?.0 1=.= 1<.?

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) .. 0.= 0.0 8.4 0.6 8.4 0.< 0.0  C`turnty (ym`rs) .. <?.< <?.8 68.< <6.4 ?9.> ?=.6 <8.>  Ar`lm pmrnbf (ym`rs) .. >.9 4.> 08.1 4.4 08.? 4.1 1.4Xrnv`tm lrmfntbrs

  Netmrmst (%) .. 8.8 8.8 8.8 8.8 8.8 1.= 8.8  C`turnty (ym`rs) .. 8.8 8.8 8.8 8.8 8.8 =.8 8.8  Ar`lm pmrnbf (ym`rs) .. 8.8 8.8 8.8 8.8 8.8 =.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) .. ?,=16 <,01= 9,616 1,>08 08,?08 0?,9<0 08,=10Mxpbrts bi abbfs, smrvnlms & nelbcm .. .. 466 ?,6=0 ?,4>< <,996 6,011 <,9??Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. .. ?16 <69 64= 9>= 1<? 106Ncpbrts bi abbfs, smrvnlms & nelbcm .. .. 0,?64 <,=0> 6,=>? 9,<9? 4,0=6 =,4<1Xrbint rmcntt`elms be IFN .. .. 8 009 >6 ?>4 <90 ?>=Lurrmet `llbuet o`j`elm .. .. -?9> -18> -0,01= -?,808 -?,>01 -0,?=1Netmre`tnbe`j rmsmrvms .. 0>> 009 61> ><0 0,<90 0,648 ?,008

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. .. 0>6.0 11.> 94.0 9?.8 48.> 009.4Mxtmre`j fmot stblgs tb AEN (%) .. 64.? =0.9 ?>.= ?6.> ??.? ?9.4 68.8Fmot smrvnlm tb mxpbrts (%) .. .. 0<.> 1.9 >.< 6.> 6.9 1.<\dbrt-tmrc tb mxtmre`j fmot stblgs (%) .. 9.> ?.1 ?.9 =.= 08.6 08.9 1.4Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) .. 0>.1 ?>.? 6?.> 6=.> 66.1 <=.? <9.<_msmrvms tb mxtmre`j fmot stblgs (%) .. 09.8 1.0 ?=.0 61.< =>.> 6<.4 6>.>_msmrvms tb ncpbrts (cbetds) .. .. 0.0 0.9 ?.6 ?.9 ?.? 6.<

06?

Page 155: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 155/341

AMB_AN@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf .. 0,8<> 0,<09 0,9?9 0,9?= 0,146 ?,=9? <,006Xuojnl ef puojnljy au`r`etmmf .. 0,8<> 0,?16 0,6>6 0,699 0,=66 ?,??? ?,=>9  Biinln`j lrmfntbrs .. ><> 0,?1? 0,6>? 0,696 0,=6? 0,1?8 ?,8>=  Cujtnj`tmr`j .. ?6= 614 40> >86 0,80= 0,0>8 0,=<=  b w l ; NO_F .. 8 8 8 8 8 8 088  NF@ .. 46 <61 91> 14= 44= >4> 0,0=<

  Onj`tmr`j .. 9>6 1>6 91< =98 =?1 =<8 =98  Xrnv`tm lrmfntbrs .. 088 ? ? ? ? =80 =80  bi wdnld; Obefs .. 8 8 8 8 8 =88 =88  Lbccmrln`j o`egs .. 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 6? 0<? 0=> ?60 <60 =04  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Fnsoursmcmets .. >4 9= 069 01= 0>< 4>< 9?4Xuojnl `ef puojnljy au`r`etmmf .. >4 <1 19 00> 088 1?= 6?1  Biinln`j lrmfntbrs .. >4 <1 19 00> 088 ??= 6?1  Cujtnj`tmr`j .. >9 ?= 98 44 4? ?8? <4=  bi wdnld; NO_F .. 8 8 8 8 8 8 088  NF@ .. 4= 04 =6 19 1? 0?0 094  Onj`tmr`j .. ? 0< 09 <0 04 ?< 6?  Xrnv`tm lrmfntbrs .. 8 8 8 8 8 =88 8  bi wdnld; Obefs .. 8 8 8 8 8 =88 8  Lbccmrln`j o`egs .. 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 ?4 9> =9 >< 094 ?80

  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets .. 8 6? 08< 04= 08< 4= 0<9Xuojnl `ef puojnljy au`r`etmmf .. 8 60 48 099 49 68 10  Biinln`j lrmfntbrs .. 8 60 48 09= 4= 68 18  Cujtnj`tmr`j .. 8 = 08 61 0= 0> =?  bi wdnld; NO_F .. 8 8 8 8 8 8 8  NF@ .. 8 8 ? 6 1 08 0?  Onj`tmr`j .. 8 <= 18 00> 10 ?0 04  Xrnv`tm lrmfntbrs .. 8 8 8 8 8 8 8  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 ? ?< 0> 01 6= 9=  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Netmrmst p`ycmets .. 01 6< ?1 <0 <0 =4 4<Xuojnl `ef puojnljy au`r`etmmf .. 01 6? ?< ?6 ?< 66 99  Biinln`j lrmfntbrs .. 01 6? ?< ?6 ?< ?= ?>

  Cujtnj`tmr`j .. 8 4 00 00 08 0< 0<  bi wdnld; NO_F .. 8 8 8 8 8 8 0  NF@ .. 8 < 9 9 9 1 1  Onj`tmr`j .. 01 <6 0? 0< 0< 0? 09  Xrnv`tm lrmfntbrs .. 8 8 8 8 8 0> <4  bi wdnld; Obefs .. 8 8 8 8 8 0> <4  Lbccmrln`j o`egs .. 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 0 6 9 4 06 01  bi wdnld; Obefs .. 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s .. -?08 -09 -0=9 90 <8? 0,084 4=0  Emt bws be mxtmre` m t .. -?1? << -<8 66 ??8 0,0=0 114

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf .. 8 8 =1 66 8 8 8

bt` cbuet bra vme ..

Fmot ouyo`lg .. 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j =< =4 =4 18 =8 96 94 40Netmrmst ?6 ?= ?9 ?9 ?= ?= ?6 ?6Xrnv`tm lrmfntbrs

Xrnelnp`j 6? 0<> 08? =19 94 =0 <0 >Netmrmst =1 =6 6> ?1 9 < ? 8

 Ebtms;

Jbea-tmrc prnv`tm ebeau`r`etmmf fmot f`t` bejy lbvmr Murbpm`e O`eg ibr _mlbestrultnbe `ef Fmvmjbpcmet.

06<

Page 156: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 156/341

AD@E@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs <,1<6 =,6>= 9,009 9,1<? <,046 6,69< 6,>?1 =,1?8  Jbea-tmrc mxtmre`j fmot ?,918 6,??1 =,?=0 =,1?4 0,44? <,8<? <,604 6,0?9  Xuojnl ef puojnljy au`r`etmmf ?,9<1 6,?88 6,>>6 =,1?4 0,44? <,8<? <,604 6,0?9  Xrnv`tm ebeau`r`etmmf << ?1 ?=1 8 8 8 8 8  ]sm bi NCI lrmfnt 16= 964 ?>< 601 0=> 091 09? ?10  \dbrt-tmrc mxtmre`j fmot <?8 9?8 =1? =41 0,06< 0,?96 0,<61 0,<?<  netmrmst `rrm`rs be jbea-tmrc =9 ?9 08 > 0> > > 60

 Cmcbr`efuc ntmcs  11 49 ?= 0> 6? ?4 ?9 ?>    ?,9<1 6,?88 6,>>6 =,1?4 0,44? <,8<? <,604 6,0?9    << ?1 ?=1 8 8 8 8 8  9<? 9?8 6=< <=? 611 0,0?1 ?,==> 0,898

Mxtmre`j fmot ijbwsFnsoursmcmets 61< =18 <>1 =0> =8= 0,0== =?= 410  Jbea-tmrc mxtmre`j fmot 684 =?4 <9? 648 <4> 0,0== =?= 191  NCI purld`sms 9= 6? <= <> 009 8 8 086

Xrnelnp`j rmp`ycmets ?98 ?>? ?=6 049 0=8 >9 41 086  Jbea-tmrc mxtmre`j fmot 06< 046 ?01 0== 0=8 >9 41 086  NCI rmpurld`sms 009 084 <1 <? 8 8 8 8

 Emt ijbws <0? <6> 1 ??6 >80 0,04> =?? 100  Jbea-tmrc mxtmre`j fmot ?9= <66 066 <?9 ?<4 0,8=4 6<> 99<

  \dbrt-tmrc mxtmre`j fmot >4 10 -0<9 -08> =69 0<0 4< -=9Netmrmst p`ycmets 086 >= 0<6 >= 4< 1> 06< 0?>  Jbea-tmrc mxtmre`j fmot == =1 >= 1? =6 69 008 >1  NCI ld`rams <1 08 0 ? 8 0 0 0  \dbrt-tmrc mxtmre`j fmot 0? ?4 <4 ?0 ?> <? <? <0

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 0= 081 099 06= 9<9 >18 ?,00? 0,94=Xbrtibjnb mqunty 8 8 8 8 8 8 8 8

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. <.? 00.= 00.? 0?.? 06.4K`p`emsm yme =.6 06.8 09.? 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea <.8 =.? ?.0 8.8 8.0 8.8 8.8 8.8\wnss ir`el 8.1 8.< 8.0 8.8 8.0 8.0 8.0 8.0].\.fbjj`rs 98.= =>.> 91.9 1>.6 =<.4 98.6 =4.8 =6.9

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) ?.0 0.= 0.6 8.4 8.1 8.4 ?.0 0.8  C`turnty (ym`rs) <=.6 <6.4 <6.1 6<.8 60.4 <4.9 ?1.0 <?.<  Ar`lm pmrnbf (ym`rs) >.6 >.6 4.> 08.< 08.< 08.8 1.? 4.4Xrnv`tm lrmfntbrs

  Netmrmst (%) 4.0 9.6 9.? 8.4 ?.4 4.= ?.1 ?.1  C`turnty (ym`rs) 4.? 9.9 08.? 68.? 00.4 08.0 0<.9 06.8  Ar`lm pmrnbf (ym`rs) ?.0 0.< ?.1 08.1 ?.? 08.8 ?.> ?.6

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) =,116 9,<?6 6,4<0 08,=>8 0?,=>= 06,486 09,<>= 0=,<?8Mxpbrts bi abbfs, smrvnlms & nelbcm >6> 0,=>9 ?,6=9 <,>=? =,04< 9,844 1,0=9 1,>00Qbrgmr rmcnt. & lbcp. bi mcpjbymms 9 01 <? >> 08= 001 0?9 006Ncpbrts bi abbfs, smrvnlms & nelbcm 0,=4< ?,?9? <,616 9,4=0 4,616 08,?4< 0?,>00 00,041Xrbint rmcntt`elms be IFN 1 01 01 >6 >? 0<= 01? ?60Lurrmet llbuet o`j`elm -??< -066 -<41 -0,08= -0,86< -?,0=0 -<,=6< -0,0>4Netmre`tnbe`j rmsmrvms <8> 486 <8> 0,4>1 ?,?9> .. .. ..

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) <><.9 <66.6 ?6>.8 018.< 90.6 1<.< 94.> 1?.<Mxtmre`j fmot stblgs tb AEN (%) 96.1 49.> 0?9.9 9<.9 ?=.< <8.? <8.0 <1.<Fmot smrvnlm tb mxpbrts (%) <4.6 ?6.? 0=.4 1.0 6.= ?.> <.? ?.>\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 4.9 00.< >.6 4.1 <=.> ?4.< ?1.< ?<.0Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 6>.6 =6.< =>.> 16.> <4.> <6.4 <1.> <>.8_msmrvms tb mxtmre`j fmot stblgs (%) 4.< 06.9 =.0 ?4.? 10.< .. .. .._msmrvms tb ncpbrts (cbetds) ?.< 6.< 0.0 <.< <.? .. .. ..

066

Page 157: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 157/341

AD@E@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf ?,918 6,??1 =,?=0 =,1?4 0,44? <,8<? <,604 6,0?9Xuojnl ef puojnljy au`r`etmmf ?,9<1 6,?88 6,>>6 =,1?4 0,44? <,8<? <,604 6,0?9  Biinln`j lrmfntbrs ?,6?6 <,461 6,18< =,<0< 0,66= 0,191 ?,08< ?,=18  Cujtnj`tmr`j 0,469 ?,>4? <,99< =,86? 0,?<> 0,==? 0,499 ?,?<8  b w l ; NO_F 00< => > 8 8 8 8 8  NF@ 0,<08 ?,<1= <,0<8 6,?<6 40= 0,841 0,<<8 0,=40

  Onj`tmr`j =14 49= 0,8<> ?10 ?89 ?0= ?<4 <<>  Xrnv`tm lrmfntbrs ?0< <=? ?>? 60= 6<4 0,?9= 0,<0= 0,==9  bi wdnld; Obefs 8 8 8 8 8 1=8 1=8 1=8  Lbccmrln`j o`egs 08 >1 =1 ?96 ?41 <?< <<6 =4>Xrnv`tm ebeau`r`etmmf << ?1 ?=1 8 8 8 8 8  bi wdnld; Obefs 8 8 ?=8 8 8 8 8 8

Fnsoursmcmets 684 =?4 <9? 648 <4> 0,0== =?= 191Xuojnl `ef puojnljy au`r`etmmf 688 =?4 <9? 648 <4> 0,0== =?= 191  Biinln`j lrmfntbrs <=0 606 <68 6?> <6> <81 606 646  Cujtnj`tmr`j ?16 ?46 ??< 600 <6< ?4? <96 <=4  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ ?80 ?6? ?86 <8= ?99 ?<0 ?=1 ?60  Onj`tmr`j 11 0<8 001 01 9 ?= =0 0?9  Xrnv`tm lrmfntbrs 64 00= ?? =0 68 461 000 ?4?  bi wdnld; Obefs 8 8 8 8 8 1=8 8 8  Lbccmrln`j o`egs > 96 06 61 ?> 69 =9 ?11Xrnv`tm ebeau`r`etmmf 4 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 06< 046 ?01 0== 0=8 >9 41 086Xuojnl `ef puojnljy au`r`etmmf 0<= 01> ?06 0== 0=8 >9 41 086  Biinln`j lrmfntbrs 96 084 060 001 00= =8 69 69  Cujtnj`tmr`j ?> 1< 94 6? 6< ?> ?? 0>  bi wdnld; NO_F 08 0= 4 ? 8 8 8 8  NF@ ? 4 ?= 0= 4 0 0 ?  Onj`tmr`j <= <6 16 1= 1< ?0 ?= ?1  Xrnv`tm lrmfntbrs 10 1? 1< <4 <= 69 68 =4  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 01 ? ?1 04 ?0 ?> << <=Xrnv`tm ebeau`r`etmmf 4 = < 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets == =1 >= 1? =6 69 008 >1Xuojnl `ef puojnljy au`r`etmmf =< == 48 1? =6 69 008 >1  Biinln`j lrmfntbrs 6? =8 96 =6 <> ?= ?9 <4

  Cujtnj`tmr`j <8 68 <> 6? ?> 01 04 0>  bi wdnld; NO_F > 9 0 8 8 8 8 8  NF@ 4 01 ?? <0 04 4 > 08  Onj`tmr`j 0? 08 ?9 0< > 4 4 ?8  Xrnv`tm lrmfntbrs 00 = 09 01 09 ?0 46 =>  bi wdnld; Obefs 8 8 8 8 8 8 96 <?  Lbccmrln`j o`egs ? 8 6 00 00 0= 06 0>Xrnv`tm ebeau`r`etmmf ? ? 06 8 8 8 8 8  bi wdnld; Obefs 8 8 06 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 668 <>6 -<86 -<?0 -<,=64 0,?1> 696 1>?  Emt bws be mxtmre` m t <0? <6> 1 ??6 >80 0,04> =?? 100

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 8 8 1 8 8 8

bt` `cbuet bra vme ,

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 49 006 004 008 08= 004 0<= 066Netmrmst <4 6= 64 64 61 69 6< 60Xrnv`tm lrmfntbrs

Xrnelnp`j >1 0?9 044 09> 0=> 06= 060 44=Netmrmst >= >> >4 >= >0 44 4= 4?

 Ebtms;

Jbea-tmrc prnv`tm ebeau`r`etmmf fmot f`t` bejy lbvmr Obefs. Ad`e` w`s ar`etmf fmot rmjnmi miimltnvm ne ?889 uefmr CF_N.

06=

Page 158: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 158/341

A_ME@F@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 008.4 0?1.8 ?80.6 689.? 6>?.0 =?6.4 =?<.= =<0.=  Jbea-tmrc mxtmre`j fmot >1.> 00?.6 01>.4 <>0.6 661.9 694.8 6=8.9 69?.<  Xuojnl ef puojnljy au`r`etmmf >1.> 00?.6 01>.4 <>0.6 661.9 694.8 6=8.9 69?.<  Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  ]sm bi NCI lrmfnt 8.8 8.8 8.8 4.6 >.= 1.1 0<.8 ?<.8  \dbrt-tmrc mxtmre`j fmot 0?.> 06.9 ?0.9 9.= <=.8 6>.0 =>.> 69.0  netmrmst `rrm`rs be jbea-tmrc 9.> 9.9 6.= 6.= 9.8 0?.0 08.> ?0.0

 Cmcbr`efuc ntmcs  01.8 ?8.4 08.9 >.= 08.= 0<.6 01.1 ??.0    >1.> 00?.6 01>.4 <>0.6 661.9 694.8 6=8.9 69?.<    8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  0=.> 01.8 >1.6 01.= ?4.0 ?=.< 6.< ?6.8

Mxtmre`j fmot ijbwsFnsoursmcmets 06.4 6.> 11.9 <4.= ?1.4 ?<.9 ?6.0 <0.?  Jbea-tmrc mxtmre`j fmot 06.4 6.> 11.9 <4.= ?=.= ?<.9 0=.= 0>.<  NCI purld`sms 8.8 8.8 8.8 8.8 ?.< 8.8 4.= 0?.8

Xrnelnp`j rmp`ycmets 0.1 =.9 08.0 =.= 1.6 4.6 0<.< >.>  Jbea-tmrc mxtmre`j fmot 0.< =.9 08.0 =.= =.4 9.? 08.6 1.1  NCI rmpurld`sms 8.= 8.8 8.8 8.8 0.9 ?.? ?.> ?.<

 Emt ijbws 0<.0 -0.1 9<.6 -?4.8 61.< ?<.? ??.4 -?.1  Jbea-tmrc mxtmre`j fmot 0<.= -8.4 91.= <<.8 0>.1 01.= =.? 00.9

  \dbrt-tmrc mxtmre`j fmot 8.8 -0.8 -6.0 -90.8 ?1.8 4.8 0?.8 -?6.8Netmrmst p`ycmets 0.9 ?.< 6.6 6.> 4.8 >.= >.8 08.=  Jbea-tmrc mxtmre`j fmot 0.? 0.1 <.6 <.< 9.4 1.> 1.9 >.>  NCI ld`rams 8.8 8.8 8.8 8.< 8.6 8.6 8.? 8.0  \dbrt-tmrc mxtmre`j fmot 8.6 8.= 0.8 0.< 8.4 0.< 0.< 8.=

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 0?.> ?8.8 <1.6 18.? 4>.4 0=0.9 06?.? >8.>Xbrtibjnb mqunty 8.8 .. .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 8.6 8.< 8.< 8.6 8.<K`p`emsm yme 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea <6.= <<.1 9.< 8.? 8.8 8.8 8.1 8.1\wnss ir`el 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs =1.< =>.1 14.1 >0.< >?.? >?.? >8.1 4>.>

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 6.9 ?.9 <.4 ?.8 0.4 ?.= 8.4 ?.9  C`turnty (ym`rs) 0>.0 ?4.? ?6.6 ?6.< <8.1 ?=.< <6.0 ?=.1  Ar`lm pmrnbf (ym`rs) ?.6 =.9 1.? =.0 >.1 1.? >.9 9.4Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 =.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 8.8 8.8 0<.= 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 1.? 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) ?84.> ?9?.> <>=.4 =?=.9 =<=.9 =91.< 9<?.9 =14.8Mxpbrts bi abbfs, smrvnlms & nelbcm >=.9 0?4.1 ?68.4 098.< 01=.9 ?8=.< ?80.< 049.>Qbrgmr rmcnt. & lbcp. bi mcpjbymms 04.8 <1.4 69.6 =0.9 =<.> =6.4 ==.6 =<.1Ncpbrts bi abbfs, smrvnlms & nelbcm 0=<.? 041.9 <6>.8 6<=.> 666.= 6><.0 =81.? <>4.6Xrbint rmcntt`elms be IFN 4.6 0?.9 ?1.4 ??.1 ??.8 <=.1 <<.? ?>.>Lurrmet llbuet o`j`elm -69.? -60.4 -44.0 -0><.< -?<?.> -?90.9 -?94.1 -016.4Netmre`tnbe`j rmsmrvms 01.9 <9.1 =1.1 >6.< 088.8 008.9 08=.< 0?>.0

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 00=.4 >4.1 4<.9 ?=<.6 ?48.< ?==.9 ?98.0 ?46.<Mxtmre`j fmot stblgs tb AEN (%) =<.8 64.< =8.> 11.< >0.> >?.= 4?.4 >?.8Fmot smrvnlm tb mxpbrts (%) <.6 9.0 9.8 9.= 4.4 4.1 00.0 08.>\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 00.9 00.= 08.1 0.9 1.0 >.6 00.6 4.1Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) <=.1 <>.9 <0.6 ?1.< ?9.0 ?4.= ?>.< <8.6_msmrvms tb mxtmre`j fmot stblgs (%) 0=.> ?4.> ?4.9 ?<.? ?8.< ?0.0 ?8.0 ?6.<_msmrvms tb ncpbrts (cbetds) 0.6 ?.6 ?.8 ?.9 ?.1 ?.1 ?.= <.>

069

Page 159: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 159/341

Page 160: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 160/341

A]@VMC@J@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs ?,46= <,?4? <,4=< 08,>40 0?,<84 06,=18 06,110 0<,480  Jbea-tmrc mxtmre`j fmot ?,<9= ?,618 ?,940 >,=?4 08,4<6 0?,=99 0?,9?8 0?,=1=  Xuojnl ef puojnljy au`r`etmmf ?,?<4 ?,<?4 ?,=68 <,941 <,>?0 6,04> 6,<=? 6,><0  Xrnv`tm ebeau`r`etmmf 0?1 06? 06? =,460 9,>0< 4,<11 4,?94 1,966  ]sm bi NCI lrmfnt 91 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 606 400 0,01? 0,6=< 0,616 ?,886 ?,0=0 0,??9  netmrmst `rrm`rs be jbea-tmrc ?81 ?0> <01 606 8 8 8 8

 Cmcbr`efuc ntmcs  ?96 ?=1 ??6 0<0 8 8 8 8    ?,?<= ?,<?4 ?,=68 <,941 <,>?0 6,04> 6,<=? 6,><0    0<8 06? 06? =,460 9,>0< 4,<11 4,?94 1,966  0<> >> 41 4? 1== <>4 =84 0,=<?

Mxtmre`j fmot ijbwsFnsoursmcmets 099 ?88 ?08 ?,046 ?,?68 ?,1<4 0,8<1 ><6  Jbea-tmrc mxtmre`j fmot 099 ?88 ?08 ?,046 ?,?68 ?,1<4 0,8<1 ><6  NCI purld`sms 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 0?< ?0< 044 18= 4<0 0,8<6 0,88> 0,80>  Jbea-tmrc mxtmre`j fmot 000 ?0< 044 18= 4<0 0,8<6 0,88> 0,80>  NCI rmpurld`sms 0? 8 8 8 8 8 8 8

 Emt ijbws 64 068 =9 0,<09 0,466 ?,?<6 01= -0,808  Jbea-tmrc mxtmre`j fmot =9 -0< ?? 0,61> 0,68> 0,186 ?4 -4=

  \dbrt-tmrc mxtmre`j fmot 6 0=< <6 -09< 6<= =<8 061 ->?=Netmrmst p`ycmets 006 06= ?8? ==8 9<6 1<> 161 994  Jbea-tmrc mxtmre`j fmot >0 00< 0=? 6>1 =1= 994 91? 9?=  NCI ld`rams 1 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 09 <? =8 =< => 18 1= 6<

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 64 1= ?<8 =8> =>? 16= 1=6 =99Xbrtibjnb mqunty 8 .. .. 8 8 8 8 8

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. ?.= ?.< ?.0 0.> 0.1K`p`emsm yme 8.8 ?.= ?.> <.= <.< <.0 <.1 <.=Xbuef stmrjnea 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.8 8.= 8.? 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs =0.9 =6.4 1=.8 4=.1 49.> 44.8 44.9 >8.0

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 6.> 6.? 1.? =.6 =.9 =.> 6.6 0.=  C`turnty (ym`rs) ?<.0 <8.> 0>.? ?=.4 ?<.8 04.= ?8.0 ?<.?  Ar`lm pmrnbf (ym`rs) 9.? 1.> 6.1 =.0 6.0 <.> 6.8 9.<Xrnv`tm lrmfntbrs

  Netmrmst (%) 4.6 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 6.< 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.9 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 1,6>6 06,6>4 0>,89= ?9,41= ?>,>06 <<,104 <4,6<? <=,=41Mxpbrts bi abbfs, smrvnlms & nelbcm 0,=44 ?,418 6,811 1,89> 4,8<9 >,?18 08,?96 >,040Qbrgmr rmcnt. & lbcp. bi mcpjbymms 00> <=4 =>9 <,891 <,188 6,?<9 6,698 6,8?9Ncpbrts bi abbfs, smrvnlms & nelbcm ?,8?4 <,><< =,>>0 00,449 0<,4?4 0=,>08 01,860 0<,488Xrbint rmcntt`elms be IFN <1 >= ?64 <18 984 40> 449 14=Lurrmet llbuet o`j`elm -?0< -=1? -0,8=8 -0,?60 -0,=?6 -0,149 -0,11< -?01Netmre`tnbe`j rmsmrvms <9? 14< 0,489 <,111 6,8== 6,<0= 6,9=6 =,?8=

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 01>.0 006.< >6.= 0==.< 0=<.? 0=1.? 06<.> 0=8.<Mxtmre`j fmot stblgs tb AEN (%) <4.8 ??.9 ?8.? 68.> 60.0 6<.? <4.6 <4.4Fmot smrvnlm tb mxpbrts (%) 06.> 0?.= >.9 01.4 04.? 0>.0 01.0 04.6\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 06.= ?6.1 <8.6 0<.? 0?.8 0<.4 06.9 4.>Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) <9.6 <8.6 <4.8 04.< 0>.1 0>.1 ?8.= ?9.?_msmrvms tb mxtmre`j fmot stblgs (%) 0?.1 ?<.> 69.> <6.6 <?.> ?>.9 <0.= <1.1_msmrvms tb ncpbrts (cbetds) ?.0 ?.6 <.9 <.4 <.= <.< <.< 6.=

064

Page 161: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 161/341

A]@VMC@J@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf ?,<9= ?,618 ?,940 >,=?4 08,4<6 0?,=99 0?,9?8 0?,=1=Xuojnl ef puojnljy au`r`etmmf ?,?<4 ?,<?4 ?,=68 <,941 <,>?0 6,04> 6,<=? 6,><0  Biinln`j lrmfntbrs 0,946 0,141 ?,8>4 ?,6=0 ?,40= <,?<< <,<>1 <,>19  Cujtnj`tmr`j 0,8<9 >>4 0,69? ?,800 ?,6?> ?,41? <,8<? <,9?8  b w l ; NO_F ?>< 0=4 ?>9 61> 96? 168 489 0,00?  NF@ 8 8 8 8 8 8 8 8

  Onj`tmr`j 964 14> 9<= 668 <49 <9? <99 <=9  Xrnv`tm lrmfntbrs ==< =60 66? 0,?<1 0,08= >== >== >==  bi wdnld; Obefs 0>8 ?96 ?6= 0,08= 0,08= >== >== >==  Lbccmrln`j o`egs 004 90 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 0?1 06? 06? =,460 9,>0< 4,<11 4,?94 1,966  bi wdnld; Obefs 8 8 8 =8 =8 =8 == =

Fnsoursmcmets 099 ?88 ?08 ?,046 ?,?68 ?,1<4 0,8<1 ><6Xuojnl `ef puojnljy au`r`etmmf 0=> ?88 ?08 066 =40 =>> <>9 481  Biinln`j lrmfntbrs 0?9 0?4 ?08 066 =40 =>> <>9 481  Cujtnj`tmr`j 94 41 0=1 0<0 =1? =>6 <49 14<  bi wdnld; NO_F 09 0< =0 <6 0>> 0<9 0<< <1>  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j =4 60 =< 0< > 9 08 ?6  Xrnv`tm lrmfntbrs << 1< 8 8 8 8 8 8  bi wdnld; Obefs 8 => 8 8 8 8 8 8  Lbccmrln`j o`egs 06 ? 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 1 8 8 ?,860 0,9=> ?,0<> 960 0?1

  bi wdnld; Obefs 8 8 8 8 8 8 = 8

Xrnelnp`j rmp`ycmets 000 ?0< 044 18= 4<0 0,8<6 0,88> 0,80>Xuojnl `ef puojnljy au`r`etmmf 084 0>6 094 0>> ?66 <=> ?=> ?94  Biinln`j lrmfntbrs => 0=0 0<9 0>> ?<6 ?8> ?=> ?94  Cujtnj`tmr`j ?4 >? 14 06= 09< 09< ??6 ?<<  bi wdnld; NO_F = 68 0< << <9 <4 91 1?  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j <0 => =4 =6 10 69 <= <=  Xrnv`tm lrmfntbrs 6> 6< <? 0 00 0=8 8 8  bi wdnld; Obefs 00 0= <0 8 8 0=8 8 8  Lbccmrln`j o`egs ?> 01 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf < 0> ?8 =89 =41 91= 1=8 1=0  bi wdnld; Obefs 8 8 8 8 8 8 8 =8

Netmrmst p`ycmets >0 00< 0=? 6>1 =1= 994 91? 9?=Xuojnl `ef puojnljy au`r`etmmf 40 084 0<< ?8< ??1 ?6> ?=9 ?98  Biinln`j lrmfntbrs =? 48 008 08? 0?1 064 094 01?

  Cujtnj`tmr`j << =? 46 41 006 0<1 0=4 09?  bi wdnld; NO_F < 06 ?0 0> ?4 <1 68 60  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 0> ?> ?9 0= 0< 00 08 >  Xrnv`tm lrmfntbrs ?> ?4 ?< 080 080 080 44 44  bi wdnld; Obefs 04 ?< ?? 080 080 080 44 44  Lbccmrln`j o`egs 1 < 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 08 = 0> ?>6 <64 6?8 609 <9=  bi wdnld; Obefs 8 8 8 = = = = 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s ?6< 01= 1? 0,?9= 0,<?9 ?,?9? ?8? ->18  Emt bws be mxtmre` m t 64 068 =9 0,<09 0,466 ?,?<6 01= -0,808

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf <8 8 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j <0< ?4< ?10 ?14 <8> <00 <08 <0=Netmrmst 0?? 009 08> 08? >= 41 1> 10Xrnv`tm lrmfntbrs

Xrnelnp`j ?,86= 0,196 0,?41 0,8>? 968 6=6 <14 <8<Netmrmst 6?< <<9 0>4 0=? 00= 49 96 6=

 Ebtms;

F`t` be jbea-tmrc prnv`tm ebeau`r`etmmf fmot f`t` `rm Qbrjf O`eg st`ii mstnc`tms.

06>

Page 162: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 162/341

A]NEM@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs ?,614 <,?64 <,899 ?,4>4 <,869 <,06< <,8>6 ?,>?9  Jbea-tmrc mxtmre`j fmot ?,?=< ?,>>0 ?,9== ?,1?1 ?,4?? ?,><> ?,4<0 ?,4?1  Xuojnl ef puojnljy au`r`etmmf ?,?=< ?,>>0 ?,9== ?,1?1 ?,4?? ?,><> ?,4<0 ?,4?1  Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  ]sm bi NCI lrmfnt =0 >6 00< 41 1? 9= 10 =>  \dbrt-tmrc mxtmre`j fmot 01< 096 ?>> 46 0=? 0<> 0>? 68  netmrmst `rrm`rs be jbea-tmrc =9 4= 4? 46 >8 >= <9 <9

 Cmcbr`efuc ntmcs  0>8 <1? <?? <89 <00 ?10 0?9 0?1    ?,?=< ?,>>0 ?,9== ?,1?1 ?,4?? ?,><> ?,4<0 ?,4?1    8 8 8 8 8 8 8 8  641 ?0= 19 <> > 0 8 8

Mxtmre`j fmot ijbwsFnsoursmcmets 0>9 ?88 1= >0 1< 4> >6 6>  Jbea-tmrc mxtmre`j fmot 0>9 09> 1= >0 1< 14 91 6>  NCI purld`sms 8 <0 8 8 8 00 ?4 8

Xrnelnp`j rmp`ycmets 008 0?4 088 009 089 089 08< >9  Jbea-tmrc mxtmre`j fmot >= 0?8 >? >0 49 4= 46 4<  NCI rmpurld`sms 06 > 4 ?9 0> ?0 ?8 0<

 Emt ijbws 49 >> -<1 -?= ?> -<9 08< -0>>  Jbea-tmrc mxtmre`j fmot 088 =8 -01 0 -06 -1 -01 -<=

  \dbrt-tmrc mxtmre`j fmot 8 ?1 -0? 8 9? -04 00? -0=?Netmrmst p`ycmets => 6> =1 61 =8 =8 <1 <<  Jbea-tmrc mxtmre`j fmot =< 66 60 69 69 6> <6 <<  NCI ld`rams ? 8 0 0 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 6 = 0= 8 6 0 < 8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 04 0 08 08= 0?= <49 <4? 060Xbrtibjnb mqunty .. .. 8 .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. >.4 00.8 0?.0 00.1 0?.=K`p`emsm yme ?.? <.= <.0 ?.8 0.1 0.9 0.> 0.1Xbuef stmrjnea 0.4 8.4 8.6 8.? 8.? 8.0 8.8 8.8\wnss ir`el 8.9 8.< 8.? 8.? 8.? 8.? 8.< 8.<].\.fbjj`rs <<.0 64.6 98.= 9<.4 9<.0 9<.< 99.8 9=.6

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) ?.9 ?.8 0.< 8.= 8.4 8.4 8.8 8.8  C`turnty (ym`rs) <8.= ?=.> <4.0 <6.6 ?<.6 6>.> 8.8 8.8  Ar`lm pmrnbf (ym`rs) 4.? 4.= >.0 4.6 >.? 08.6 8.8 8.8Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 ?.1 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 8.8 <.= 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.0 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) ?,=04 <,98> <,8<= ?,990 ?,=96 <,44= <,6>? 9,8=4Mxpbrts bi abbfs, smrvnlms & nelbcm 460 10< 1=4 .. .. 0,<0< 0,6=> ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms 04 0 0 14 006 0=0 1? 10Ncpbrts bi abbfs, smrvnlms & nelbcm 0,00= 0,08> >1< .. .. 0,908 0,>00 ..Xrbint rmcntt`elms be IFN 90 ?< 4 .. .. =6 06 ..Lurrmet `llbuet o`j`elm -?8< -?09 -068 .. .. -<4? -6<6 ..Netmre`tnbe`j rmsmrvms .. 41 094 >1 .. .. .. ..

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) ?>6.9 6==.= 686.1 .. .. ?<>.6 ?0?.8 ..Mxtmre`j fmot stblgs tb AEN (%) >4.6 >8.8 080.8 084.> 004.4 48.> 44.9 64.<Fmot smrvnlm tb mxpbrts (%) ?8.8 ?6.> ?8.1 .. .. 00.> >.9 ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 1.8 =.8 >.1 ?.> =.8 6.6 9.? 0.6Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) ?1.6 6=.8 =?.1 98.< =>.0 =>.6 =>.1 9?.6_msmrvms tb mxtmre`j fmot stblgs (%) .. ?.1 =.= <.6 .. .. .. .._msmrvms tb ncpbrts (cbetds) .. 8.> ?.0 .. .. .. .. ..

0=8

Page 163: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 163/341

A]NEM@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf ?,?=< ?,>>0 ?,9== ?,1?1 ?,4?? ?,><> ?,4<0 ?,4?1Xuojnl ef puojnljy au`r`etmmf ?,?=< ?,>>0 ?,9== ?,1?1 ?,4?? ?,><> ?,4<0 ?,4?1  Biinln`j lrmfntbrs ?,06= ?,>84 ?,9?9 ?,9>< ?,14= ?,4>= ?,480 ?,1>?  Cujtnj`tmr`j 914 0,698 0,90= 0,161 0,488 0,499 0,464 0,4?1  b w l ; NO_F ?4 8 8 8 8 8 8 8  NF@ <>? 461 >4? 0,?8= 0,?=> 0,<8= 0,?44 0,?9>

  Onj`tmr`j 0,691 0,664 0,800 >61 >4= 0,8?> >=< >99  Xrnv`tm lrmfntbrs 084 4? ?> << <1 66 <8 <=  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs ?6 ?= 8 = 4 0= 04 ?<Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 0>9 09> 1= >0 1< 14 91 6>Xuojnl `ef puojnljy au`r`etmmf 0>9 09> 1= >0 1< 14 91 6>  Biinln`j lrmfntbrs 0>9 09> 1= 4> 18 1? 9< 6=  Cujtnj`tmr`j >8 090 18 60 << 60 6= 09  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ =? => ?> <? ?? ?0 ?? 8  Onj`tmr`j 089 4 = 64 <1 <? 04 ?>  Xrnv`tm lrmfntbrs 8 8 8 ? < 9 6 6  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 ? < 9 6 6Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets >= 0?8 >? >0 49 4= 46 4<Xuojnl `ef puojnljy au`r`etmmf >= 0?8 >? >0 49 4= 46 4<  Biinln`j lrmfntbrs 11 08= >? >0 49 4= 46 4<  Cujtnj`tmr`j ?0 <= =0 6> 69 69 =4 =4  bi wdnld; NO_F 0? 8 8 8 8 8 8 8  NF@ 0 ? 00 > 08 0? ?= ?1  Onj`tmr`j == 18 68 6? 68 <> ?= ?=  Xrnv`tm lrmfntbrs 0> 0= 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 1 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets =< 66 60 69 69 6> <6 <<Xuojnl `ef puojnljy au`r`etmmf =< 66 60 69 69 6> <6 <<  Biinln`j lrmfntbrs 61 6< 60 66 6< 66 ?4 ?=

  Cujtnj`tmr`j 0? 0= ?6 ?8 04 04 04 06  bi wdnld; NO_F ? 8 8 8 8 8 8 8  NF@ ? 9 1 > 4 > 08 1  Onj`tmr`j <= ?4 01 ?6 ?= ?9 08 00  Xrnv`tm lrmfntbrs 9 0 8 ? < = 9 4  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs = 8 8 ? < = 9 4Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s <80 0<9 -0?? -?<4 064 >1 -6> -091  Emt bws be mxtmre` m t 49 >> -<1 -?= ?> -<9 08< -0>>

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 008 0<8 8 8 8 60 49 01

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 009 004 004 004 0?? 0<6 0?= 001Netmrmst 68 6? <> <1 <= <? ?> ?1Xrnv`tm lrmfntbrs

Xrnelnp`j 8 8 8 8 8 8 8 8Netmrmst ? ? ? ? ? ? ? ?

 Ebtms;

F`t` be jbea-tmrc puojnl ef puojnljy au`r`etmmf fmot ibr ?88> rm Qbrjf O`eg st`ii mstnc`tms. F`t` neljufm tdm miimlts bi X`rns Ljuo fmot rmstrulturnea

`armmcmet snaemf ne ?884. F`t` ibr ?881 `ef ?884 neljufm tdm miimlts bi Med`elmf DNXL Nentn tnvm, ne tdm `cbuet bi $06,1=1 ne tdbus`efs `ef $=,1<4 ne

tdbus`efs rmspmltnvmjy.

0=0

Page 164: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 164/341

A]NEM@-ON\\@]

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 9>= 4>= >61 0,80< 0,8<9 0,81< 0,846 0,000  Jbea-tmrc mxtmre`j fmot 9<< 1>6 4?? 440 >8? >?= ><0 >=8  Xuojnl `ef puojnljy au`r`etmmf 9<< 1>6 4?? 440 >8? >?= ><0 >=8  Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  ]sm bi NCI lrmfnt = 9 ?= 0? 4 = > 08  \dbrt-tmrc mxtmre`j fmot =9 >= 088 0?0 0?9 06? 066 0=0  netmrmst `rrm`rs be jbea-tmrc <8 4> 41 00> 0?9 06? 066 0=0

 Cmcbr`efuc ntmcs  00< ?=0 ?0> ?=9 ?=? ?6= ?18 <04    9<< 1>6 4?? 440 >8? >?= ><0 >=8    8 8 8 8 8 8 8 8  >4 ?? ?1 > 8 8 8 8

Mxtmre`j fmot ijbwsFnsoursmcmets <9 ?< ?? 06 > 0= 0? 9  Jbea-tmrc mxtmre`j fmot <9 ?0 06 06 > 0= 9 6  NCI purld`sms 8 ? > 8 8 8 9 <

Xrnelnp`j rmp`ycmets ? > < 6 1 1 9 9  Jbea-tmrc mxtmre`j fmot ? 4 < 0 < 6 6 =  NCI rmpurld`sms 8 0 8 < 6 < ? ?

 Emt ijbws 69 0< ?> > 8 > = 8  Jbea-tmrc mxtmre`j fmot <6 0< 00 0< 9 0? ? -0

  \dbrt-tmrc mxtmre`j fmot 0? -0 08 -0 -? 8 8 8Netmrmst p`ycmets 9 9 ? ? < < < 6  Jbea-tmrc mxtmre`j fmot < 9 ? ? < < < 6  NCI ld`rams 8 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot < 8 8 8 8 8 8 8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet ? 8 0 > 04 0> = 06Xbrtibjnb mqunty 8 .. .. 8 8 8 8 ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 08.6 00.0 0?.0 00.6 00.9K`p`emsm yme 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el 4.= 9.9 00.8 0?.9 =.0 =.6 =.9 =.1].\.fbjj`rs ?1.9 <4.< <6.8 69.1 =?.< =8.8 =8.9 =8.>

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) ?.? 8.4 8.> 8.4 8.8 8.8 8.8 8.8  C`turnty (ym`rs) ?4.0 <>.4 <1.> 6=.= 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 08.6 08.< 08.0 08.< 8.8 8.8 8.8 8.8Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) ?<< ?<9 ?8< ?>8 <84 <10 669 6<>Mxpbrts bi abbfs, smrvnlms & nelbcm ?9 <8 .. .. .. 060 01? ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms 0 ? 4 ?4 ?4 ?> <8 <8Ncpbrts bi abbfs, smrvnlms & nelbcm 008 008 .. .. .. ?69 ?>> ..Xrbint rmcntt`elms be IFN 8 .. .. 8 8 8 8 ..Lurrmet `llbuet o`j`elm -6= -<= .. .. .. .. .. ..Netmre`tnbe`j rmsmrvms 04 ?8 91 48 4? 00< 0?= 09>

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) ?,990.8 <,8?6.> .. .. .. 190.9 9?>.1 ..Mxtmre`j fmot stblgs tb AEN (%) ?>1.1 <1>.6 699.= <6>.= <<9.1 ?4>.6 ?6<.0 ?=<.?Fmot smrvnlm tb mxpbrts (%) <?.< =?.6 .. .. .. 1.< =.= ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 4.0 08.9 08.9 00.> 0?.? 0<.< 0<.< 0<.9Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) <>.6 60.< 60.> 6=.0 69.6 61.9 69.> 6=.9_msmrvms tb mxtmre`j fmot stblgs (%) ?.9 ?.< 1.8 1.> 1.> 08.= 00.= 0=.?_msmrvms tb ncpbrts (cbetds) ?.8 ?.? .. .. .. =.= =.8 ..

0=?

Page 165: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 165/341

A]NEM@-ON\\@]

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 9<< 1>6 4?? 440 >8? >?= ><0 >=8Xuojnl `ef puojnljy au`r`etmmf 9<< 1>6 4?? 440 >8? >?= ><0 >=8  Biinln`j lrmfntbrs 988 19< 4?? 440 >8? >?= ><0 >=8  Cujtnj`tmr`j ?1< <18 <>1 6=1 640 =00 =84 =81  b w l ; NO_F 8 8 8 8 8 8 8 8  NF@ 06= ?08 ??4 ?46 ?>1 <0= <8> <86

  Onj`tmr`j <?9 <>< 6?= 6?6 6?0 606 6?< 66<  Xrnv`tm lrmfntbrs << <0 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets <9 ?0 06 06 > 0= 9 6Xuojnl `ef puojnljy au`r`etmmf <9 ?0 06 06 > 0= 9 6  Biinln`j lrmfntbrs <9 ?0 06 06 > 0= 9 6  Cujtnj`tmr`j <8 0> 06 06 > 0= 9 6  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 0= > 06 00 = 00 6 0  Onj`tmr`j 9 ? 8 8 8 8 8 8  Xrnv`tm lrmfntbrs 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets ? 4 < 0 < 6 6 =Xuojnl `ef puojnljy au`r`etmmf ? 4 < 0 < 6 6 =  Biinln`j lrmfntbrs ? 4 ? 0 < 6 6 =  Cujtnj`tmr`j 0 4 ? 0 < 6 6 =  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 8 0 ? 8 8 8 0 0  Onj`tmr`j 0 8 8 8 8 8 8 8  Xrnv`tm lrmfntbrs 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets < 9 ? ? < < < 6Xuojnl `ef puojnljy au`r`etmmf < 9 ? ? < < < 6  Biinln`j lrmfntbrs < 9 ? ? < < < 6

  Cujtnj`tmr`j < 6 ? ? < < < 6  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 0 ? ? 0 ? ? ? ?  Onj`tmr`j 0 0 8 8 8 8 8 8  Xrnv`tm lrmfntbrs 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s >> 6= > ->? ?< <1 00 ?1  Emt bws be mxtmre` m t 69 0< ?> > 8 > = 8

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 09 06 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j <0 ?> ?4 ?0 ?0 ?? ?< ?<Netmrmst 4 1 1 9 9 9 9 9Xrnv`tm lrmfntbrs

Xrnelnp`j 8 8 8 8 8 8 8 8Netmrmst 8 8 8 8 8 8 8 8

 Ebtms;

F`t` be jbea-tmrc puojnl ef puojnljy au`r`etmmf fmot ibr ?88> rm Qbrjf O`eg st`ii mstnc`tms. F`t` ibr ?881, ?884, `ef ?88> neljufm tdm miimlts bi Med`elmf

DNXL Nentn`tnvm, ne tdm `cbuet bi $=,141 ne tdbus`efs, $1,<00 ne tdbus`efs, `ef $1,<4< ne tdbus`efs rmspmltnvmjy.

0=<

Page 166: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 166/341

A]^@E@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 0,>98 ?,009 0,<96 0,?09 0,060 1<9 4?> 0,8<9  Jbea-tmrc mxtmre`j fmot 0,11< 0,1>6 0,0?4 0,86< >?< =46 919 140  Xuojnl ef puojnljy au`r`etmmf 0,11< 0,1>6 0,0?6 0,860 >?< =46 919 140  Xrnv`tm ebeau`r`etmmf 8 8 6 ? 8 8 8 8  ]sm bi NCI lrmfnt 00< 01? 001 >0 =9 => =1 =4  \dbrt-tmrc mxtmre`j fmot 1= 0=8 00> 4? 09? >< >9 0>1  netmrmst `rrm`rs be jbea-tmrc 9< 0<< 91 4? 49 >< >9 >4

 Cmcbr`efuc ntmcs  046 006 9= 99 19 1= 1= 14    0,11< 0,1>6 0,0?6 0,860 >?< =46 919 140    8 8 6 ? 8 8 8 8  ?4? 6= 4= 099 6 066 0?< 16

Mxtmre`j fmot ijbwsFnsoursmcmets ?96 => 1< 0<0 0<9 080 0<> 08=  Jbea-tmrc mxtmre`j fmot 0=> 6= 96 086 08> 080 0<> 08=  NCI purld`sms 086 06 > ?1 ?1 8 8 8

Xrnelnp`j rmp`ycmets 01= 16 <> ?6 0= 09 09 4  Jbea-tmrc mxtmre`j fmot 9> =8 ?< 09 0= 09 09 4  NCI rmpurld`sms 081 ?6 01 4 8 8 8 8

 Emt ijbws ?=9 -4 ?0 19 0>1 > 0?< 0>9  Jbea-tmrc mxtmre`j fmot >0 -= 60 44 >6 4= 0?< >1

  \dbrt-tmrc mxtmre`j fmot 091 1 -0< -<0 19 -19 8 >>Netmrmst p`ycmets 0?8 <= <8 00 09 0? 00 00  Jbea-tmrc mxtmre`j fmot 1< <0 ?9 08 06 > 08 08  NCI ld`rams 68 < 0 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 1 0 < 0 ? ? 8 0

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 4 16 91 11 08? 0=? 094 066Xbrtibjnb mqunty .. .. .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. ?.0 ?.1 6.9 <.= ?.>K`p`emsm yme 8.< 8.? 8.8 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea 08.6 >.0 =.9 8.? 8.? 8.0 8.0 8.0\wnss ir`el 8.0 8.0 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs 94.8 96.> 9>.< 16.< 18.1 49.= 44.> >8.?

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 0.< 0.= ?.8 0.< 0.> 0.8 0.9 0.9  C`turnty (ym`rs) <>.1 <4.1 68.8 <8.= ?>.4 <9.9 ?4.6 ?>.0  Ar`lm pmrnbf (ym`rs) >.> 08.6 08.= >.? 1.9 >.8 6.0 6.1Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 4.4 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 8.8 <0.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 4.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) ?1= =91 990 486 404 0,8<> 0,06= ..Mxpbrts bi abbfs, smrvnlms & nelbcm .. 960 946 9>1 1<8 44> 0,8<= ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. ? ?1 ?80 ?04 ?4< ?14 ?99Ncpbrts bi abbfs, smrvnlms & nelbcm .. 4<4 40< >98 0,0?1 0,?44 0,==9 ..Xrbint rmcntt`elms be IFN .. .. 9 1 > 1 8 ..Lurrmet `llbuet o`j`elm .. -0<= -4? ->9 -040 -00? -0>? ..Netmre`tnbe`j rmsmrvms ?> ?9> <8= ?=? ?48 <0< <=9 9<0

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. <?>.> 0>>.= 016.= 0=9.< 4?.1 48.0 ..Mxtmre`j fmot stblgs tb AEN (%) 10?.= <1<.0 ?89.9 0=0.? 0<>.= 18.4 1?.6 ..Fmot smrvnlm tb mxpbrts (%) .. 01.8 08.0 6.> 6.< <.0 ?.9 ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) <.4 1.0 4.1 9.1 06.? 0?.1 00.9 0>.8Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) ?<.> <8.? 6<.> 18.8 9<.0 6>.> 69.8 6<.?_msmrvms tb mxtmre`j fmot stblgs (%) 0.= 0?.1 ??.< ?8.1 ?6.= 6?.9 6?.> 98.>_msmrvms tb ncpbrts (cbetds) .. <.> 6.= <.0 <.8 ?.> ?.1 ..

0=6

Page 167: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 167/341

A]^@E@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 0,11< 0,1>6 0,0?4 0,86< >?< =46 919 140Xuojnl ef puojnljy au`r`etmmf 0,11< 0,1>6 0,0?6 0,860 >?< =46 919 140  Biinln`j lrmfntbrs 0,980 0,18> 0,81> 0,8<< >0= =1= 9== 198  Cujtnj`tmr`j 694 9<> =>> 4=0 1?8 <91 <40 664  b w l ; NO_F => <= 4 8 8 8 8 8  NF@ >< ?8< 048 ??9 > 08 08 08

  Onj`tmr`j 0,0<6 0,818 648 04? 0>6 ?8> ?16 <0?  Xrnv`tm lrmfntbrs 01? 49 6= > 4 4 ?0 ?0  bi wdnld; Obefs 8 ?> ?1 8 8 8 8 8  Lbccmrln`j o`egs 086 <1 9 6 6 6 < 6Xrnv`tm ebeau`r`etmmf 8 8 6 ? 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 0=> 6= 96 086 08> 080 0<> 08=Xuojnl `ef puojnljy au`r`etmmf 0=> 6= 96 086 08> 080 0<> 08=  Biinln`j lrmfntbrs 0=< 6= 96 086 08> 080 0<> 08=  Cujtnj`tmr`j 0?? 60 96 10 11 91 =9 9>  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ =6 04 9 ? 8 0 8 8  Onj`tmr`j <0 6 8 << <? << 4< <9  Xrnv`tm lrmfntbrs 9 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 9> =8 ?< 09 0= 09 09 4Xuojnl `ef puojnljy au`r`etmmf 9> =8 ?? 0= 0= 09 09 4  Biinln`j lrmfntbrs 69 68 ?? 0= 0= 09 09 4  Cujtnj`tmr`j 6? ?6 04 00 0< > > 9  bi wdnld; NO_F <0 9 < 8 8 8 8 8  NF@ 8 0 0 0 0 8 8 8  Onj`tmr`j 6 09 6 6 ? 1 1 ?  Xrnv`tm lrmfntbrs ?? 08 8 8 8 8 8 8  bi wdnld; Obefs 0 8 8 8 8 8 8 8  Lbccmrln`j o`egs 4 ? 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 1< <0 ?9 08 06 > 08 08Xuojnl `ef puojnljy au`r`etmmf 1< <0 ?9 08 06 > 08 08  Biinln`j lrmfntbrs 96 <8 ?9 08 06 > 08 08

  Cujtnj`tmr`j =4 04 08 08 0? 9 4 4  bi wdnld; NO_F <0 < 0 8 8 8 8 8  NF@ 8 0 0 ? 0 8 8 8  Onj`tmr`j 9 0? 09 8 < < < <  Xrnv`tm lrmfntbrs > 0 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs = 0 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s <8< 91 -64 -061 -1= -689 >< ?81  Emt bws be mxtmre` m t ?=9 -4 ?0 19 0>1 > 0?< 0>9

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 616 0 8 1> 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j ?6 ?6 ?9 ?> <? <9 <9 <4Netmrmst 0? 0< 0< 0< 0? 0? 00 08Xrnv`tm lrmfntbrs

Xrnelnp`j 8 8 8 8 8 8 8 8Netmrmst 8 8 8 8 8 8 8 8

 Ebtms;

Auy`e` w`s ar`etmf fmot rmjnmi miimltnvm ne ?889 uefmr CF_N.

0==

Page 168: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 168/341

D@NVN

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs >01 4?0 0,01< 0,<?1 0,=8= 0,=48 0,>69 0,?66  Jbea-tmrc mxtmre`j fmot 114 199 0,86< 0,?14 0,<69 0,=?= 0,46? 0,814  Xuojnl ef puojnljy au`r`etmmf 114 199 0,86< 0,?14 0,<69 0,=?= 0,46? 0,814  Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  ]sm bi NCI lrmfnt <4 ?> <> ?0 <? =9 08= 099  \dbrt-tmrc mxtmre`j fmot 080 ?1 >8 ?4 0?9 8 8 8  netmrmst `rrm`rs be jbea-tmrc ?6 0 0 0= 04 8 8 8

 Cmcbr`efuc ntmcs  6< ? ? ?? ?1 8 8 8    114 199 0,86< 0,?14 0,<69 0,=?= 0,46? 0,814    8 8 8 8 8 8 8 8  08? ?=6 8 ?68 8 009 04= 006

Mxtmre`j fmot ijbwsFnsoursmcmets 66 0?4 =0 >< >4 0=0 689 ?1?  Jbea-tmrc mxtmre`j fmot <4 08< =0 11 4< >1 <=9 ?0?  NCI purld`sms = ?= 8 0= 0= =6 =8 90

Xrnelnp`j rmp`ycmets ?0 99 ?6 <4 <4 =9 <6 <8  Jbea-tmrc mxtmre`j fmot 4 <6 04 <6 <6 ?< <6 ?9  NCI rmpurld`sms 0? <? 9 = 6 << 8 <

 Emt ijbws <> 1= ?0 ?0 0== -06 <1? ?6<  Jbea-tmrc mxtmre`j fmot <8 18 << 66 =8 16 <?? 04=

  \dbrt-tmrc mxtmre`j fmot 09 0< -9 -<6 >= -084 8 8Netmrmst p`ycmets 0= <? ?8 0> ?0 ?9 ?6 0=  Jbea-tmrc mxtmre`j fmot 9 ?= 0= 01 01 ?? ?< 0=  NCI ld`rams < = 0 8 0 0 8 0  \dbrt-tmrc mxtmre`j fmot 1 ? = 0 < < 8 8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 4 1 0< ?9 090 1= <8 <4Xbrtibjnb mqunty 8 .. 8 8 8 8 8 8

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. <.6 <.9 =.1 =.8 6.<K`p`emsm yme 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs 10.8 11.= 4?.0 48.6 40.< 48.> 46.8 49.6

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 0.6 0.? 8.8 0.8 8.8 0.4 0.8 0.8  C`turnty (ym`rs) <4.> <>.> 8.8 <>.6 8.8 <6.8 ?=.8 ?6.>  Ar`lm pmrnbf (ym`rs) 08.6 08.6 8.8 08.< 8.8 4.? <.8 <.8Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) .. .. .. .. .. .. .. ..Mxpbrts bi abbfs, smrvnlms & nelbcm <?= 0>? =86 98= 184 480 490 >96Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. .. =14 >49 0,89< 0,??? 0,<18 0,<19Ncpbrts bi abbfs, smrvnlms & nelbcm =68 4<? 0,<14 0,444 ?,0=6 ?,686 ?,419 ?,4<0Xrbint rmcntt`elms be IFN 8 6 8 8 8 8 8 8Lurrmet `llbuet o`j`elm -?? -41 -006 1 -4= -49 -?4> -?<?Netmre`tnbe`j rmsmrvms 08 0>> 04< 0<6 ?=6 6=< =6< 1>8

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) ?4?.? 6?9.4 ?<?.4 ?0>.< ?0?.9 0>1.< ??9.0 0?>.8Mxtmre`j fmot stblgs tb AEN (%) .. .. .. .. .. .. .. ..Fmot smrvnlm tb mxpbrts (%) 00.0 =0.8 4.4 >.6 4.6 08.< 9.1 6.9\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 00.8 <.? 1.1 ?.0 4.6 .. .. ..Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) =6.8 16.> 11.< 40.0 19.8 1>.8 94.< 60.4_msmrvms tb mxtmre`j fmot stblgs (%) 0.0 ?6.? 0=.9 08.0 09.> ?4.1 ?1.> 9<.=_msmrvms tb ncpbrts (cbetds) 8.? ?.> 0.9 8.> 0.6 ?.< ?.< <.<

0=9

Page 169: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 169/341

D@NVN

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 114 199 0,86< 0,?14 0,<69 0,=?= 0,46? 0,814Xuojnl ef puojnljy au`r`etmmf 114 199 0,86< 0,?14 0,<69 0,=?= 0,46? 0,814  Biinln`j lrmfntbrs 1<? 199 0,86< 0,?14 0,<69 0,=?= 0,46? 0,814  Cujtnj`tmr`j 6>= 90= >81 0,819 0,066 0,?64 0,<?> =?8  b w l ; NO_F 8 8 8 8 8 8 8 8  NF@ <?6 <4> 648 =8= =00 =04 =81 <>

  Onj`tmr`j ?<9 0=8 0<9 ?8? ?8? ?19 =0< ==4  Xrnv`tm lrmfntbrs 61 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 61 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets <4 08< =0 11 4< >1 <=9 ?0?Xuojnl `ef puojnljy au`r`etmmf <4 08< =0 11 4< >1 <=9 ?0?  Biinln`j lrmfntbrs <4 08< =0 11 4< >1 <=9 ?0?  Cujtnj`tmr`j ?1 08< =0 11 4< >1 0?0 >4  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 06 6> 4 > > 8 8 8  Onj`tmr`j 00 0 8 8 8 8 ?<= 006  Xrnv`tm lrmfntbrs 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 4 <6 04 <6 <6 ?< <6 ?9Xuojnl `ef puojnljy au`r`etmmf 4 <6 04 <6 <6 ?< <6 ?9  Biinln`j lrmfntbrs 4 <6 04 <6 <6 ?< <6 ?9  Cujtnj`tmr`j = <8 06 ?> <0 04 ?> ??  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 0 08 1 06 0< 1 09 00  Onj`tmr`j < < 6 = < = = =  Xrnv`tm lrmfntbrs 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 9 ?= 0= 01 01 ?? ?< 0=Xuojnl `ef puojnljy au`r`etmmf 9 ?= 0= 01 01 ?? ?< 0=  Biinln`j lrmfntbrs 9 ?= 0= 01 01 ?? ?< 0=

  Cujtnj`tmr`j = ?6 > 0= 09 01 0> 0?  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ ? 08 6 = 6 6 6 ?  Onj`tmr`j 0 0 = ? ? = 6 <  Xrnv`tm lrmfntbrs 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 40 49 -09 09 014 1= <99 -18<  Emt bws be mxtmre` m t <> 1= ?0 ?0 0== -06 <1? ?6<

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 084 8 8 8 >< 0? >>

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 0= ?< ?> <? <= <4 69 61Netmrmst 0< 0> 0> 04 04 04 01 09Xrnv`tm lrmfntbrs

Xrnelnp`j 8 8 8 8 8 8 8 8Netmrmst 8 8 8 8 8 8 8 8

 Ebtms;

F`t` neljufm tdm miimlts bi X`rns Ljuo fmot rmstrulturnea `armmcmet snaemf ne ?889 `ef ne ?88>. F`t` ibr ?881, ?884, `ef ?88> neljufm tdm miimlts bi CF_N `ef

DNXL fmot rmjnmi, ne tdm `cbuet bi $4,064 ne tdbus`efs, $406 ne tdbus`efs, `ef $6=0,166 ne tdbus`efs rmspmltnvmjy.

0=1

Page 170: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 170/341

Page 171: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 171/341

DBEF]_@\

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf <,641 6,<18 6,40< 6,96= <,999 ?,901 ?,>98 <,<?9Xuojnl ef puojnljy au`r`etmmf <,6?8 6,?61 6,?=< 6,0<1 <,8<0 0,>>6 ?,<8< ?,669  Biinln`j lrmfntbrs ?,>14 <,44? 6,0=8 6,84? ?,>1> 0,>== ?,?99 ?,<=>  Cujtnj`tmr`j 0,=40 ?,0=< ?,1?4 <,04< ?,?4? 0,?1< 0,6<0 0,=01  b w l ; NO_F ==4 66< 0=0 8 8 8 8 8  NF@ 11 <49 4<4 0,<=< <6> 680 66> =8?

  Onj`tmr`j 0,<>9 0,1?> 0,6?< 4>> 9>9 94? 4<= 46<  Xrnv`tm lrmfntbrs 66? <96 08? == =< <> <1 41  bi wdnld; Obefs 8 0<> 8 8 8 8 8 =8  Lbccmrln`j o`egs ?86 4? 69 66 6< ?4 ?9 ?9Xrnv`tm ebeau`r`etmmf 99 0?< =98 =8> 9<= 9?6 9=1 448  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 6?> <6> <61 640 <6? <4= 96> 186Xuojnl `ef puojnljy au`r`etmmf 6?0 ?41 09< <8? ?08 ?<8 6<0 ?61  Biinln`j lrmfntbrs <96 ?=4 0=> ?>1 ?08 ??> 6<8 0>1  Cujtnj`tmr`j 0>8 ?8> 0?8 ?=< 049 0=? 0>9 00<  bi wdnld; NO_F 4? 1 8 8 8 8 8 8  NF@ 8 11 <4 0=0 =4 69 =0 6>  Onj`tmr`j 016 6> <4 66 ?6 11 ?<6 46  Xrnv`tm lrmfntbrs =1 ?> 6 6 8 0 0 =8  bi wdnld; Obefs 8 8 8 8 8 8 8 =8  Lbccmrln`j o`egs ?? < 0 6 8 8 8 8Xrnv`tm ebeau`r`etmmf 4 9? 046 01> 0<< 0== ?04 6=1

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 019 <84 ?=9 ?96 ?8< ?<6 ?11 <60Xuojnl `ef puojnljy au`r`etmmf 0=0 ?18 >8 0<4 >8 086 =6 081  Biinln`j lrmfntbrs 06< ?6< 4> 0<4 41 08? =< 089  Cujtnj`tmr`j 0<1 0=4 49 0?? 6> <4 << <6  bi wdnld; NO_F >6 =4 ?1 18 8 8 8 8  NF@ ? ? ? 4 < 8 8 8  Onj`tmr`j 9 46 < 0= <4 9= 0> 1?  Xrnv`tm lrmfntbrs 4 ?1 0 0 < ? 0 0  bi wdnld; Obefs 8 0< 8 8 8 8 8 8  Lbccmrln`j o`egs 6 9 0 0 0 0 0 0Xrnv`tm ebeau`r`etmmf ?= <> 099 0?9 00? 0<8 ??< ?<6  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 0=1 ?8< 081 4< 08? 40 19 94Xuojnl `ef puojnljy au`r`etmmf 0== 0>> 1= 9< 9= =< 6> 60  Biinln`j lrmfntbrs 0=8 01> 1= 9< 96 =? 6> 60

  Cujtnj`tmr`j 060 08< 99 =8 69 <= <= <0  bi wdnld; NO_F >9 <4 0= < 8 8 8 8  NF@ 0 < 9 08 9 < < <  Onj`tmr`j 4 1= > 0< 0> 04 06 08  Xrnv`tm lrmfntbrs 9 ?8 8 8 8 8 8 8  bi wdnld; Obefs 8 1 8 8 8 8 8 8  Lbccmrln`j o`egs = = 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 0 = <0 ?8 <1 ?4 ?1 ?1  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s <<? 0?= <> -4<> -0,80> -4>9 0>1 091  Emt bws be mxtmre` m t 0?> >8 66 ?69 ?== <86 ?<< 0=9

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf <84 ?= 60< =4 08 <0 8 8

bt` `cbuet bra vme , ,

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j >= 4= 4> 08= 080 08> 081 00>Netmrmst 9< 9= 99 9= 9= 96 9? =>Xrnv`tm lrmfntbrs

Xrnelnp`j ?<4 094 0=0 >8 10 =< 66 <=Netmrmst 68 ?> ?8 0= 00 1 = <

 Ebtms;

F`t` ibr ?881 neljufm tdm miimlts bi CF_N, ne tdm `cbuet bi $4,9>1 ne tdbus`efs.

0=>

Page 172: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 172/341

Page 173: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 173/341

NEFN@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 16,<69 41,18> >9,140 000,684 0<<,<>9 099,188 048,4>0 0>6,160Xuojnl ef puojnljy au`r`etmmf 1?,4=4 40,8>0 40,0>= =6,1?> 98,8<= 9>,10> 16,>91 19,=<0  Biinln`j lrmfntbrs 6>,488 =1,=>= =0,9<< 6>,>>6 =?,4=> =1,06? 9?,?84 96,?99  Cujtnj`tmr`j ??,8>9 <8,8=? <8,616 <0,6=0 <6,600 <1,?88 <>,<?1 60,649  b w l ; NO_F 1,94= >,46> 1,814 =,?19 9,881 9,948 1,6?> 4,864  NF@ 0<,9?? 01,6>> 04,444 ??,1?4 ?6,6<< ?=,<0> ?=,<9= ?=,>48

  Onj`tmr`j ?1,186 ?1,=6< ?0,0=> 04,=6< 04,664 0>,>6? ??,440 ??,148  Xrnv`tm lrmfntbrs ?<,8=4 ?<,6>9 ?>,=9? 6,1<6 1,019 0?,=11 0?,1=> 0?,?9=  bi wdnld; Obefs ?,14= <,<?6 08,?68 0,<98 ?,?0< 6,996 6,=?8 =,=6?  Lbccmrln`j o`egs 09,?69 0<,69= 04,099 <,?06 6,4?= 1,1>8 4,00= 9,9?=Xrnv`tm ebeau`r`etmmf 0,644 9,904 0=,=49 =9,948 1<,<90 >9,>48 08=,>?= 004,?00  bi wdnld; Obefs 8 0,8?8 0,=0= =,190 08,?=6 0=,<?1 06,1<? 0=,<<0

Fnsoursmcmets 9,=<< 1,061 08,==9 0>,<48 <?,6?9 96,6== <1,=99 ??,114Xuojnl ef puojnljy au`r`etmmf 9,<0> =,>94 08,?=9 9,9<8 4,<98 0=,>18 01,914 9,=?4  Biinln`j lrmfntbrs <,=<? ?,46? <,?98 <,4?6 <,189 6,9<0 =,990 6,14>  Cujtnj`tmr`j ?,0>1 0,>6? ?,<10 ?,400 ?,1?= <,096 <,9?8 <,=0?  bi wdnld; NO_F 0,?0> =4> 189 49< >1> 0,88< 0,0?? 0,0?9  NF@ 16> 1?> 0,8=6 0,?>8 0,88= 48? >90 0,?=?  Onj`tmr`j 0,<<= >88 444 0,80< >40 0,691 ?,860 0,?11  Xrnv`tm lrmfntbrs ?,149 <,0?= 9,>>9 ?,48= 6,9== 00,<<4 0?,801 0,1<>  bi wdnld; Obefs 609 4= =,=?8 0,106 ?,6=? 1,<4> 00,=81 0,90=  Lbccmrln`j o`egs 0,>4? 0,10> 414 0,8>0 ?,?8< <,>6> =08 0?6Xrnv`tm ebeau`r`etmmf ?06 0,01> <88 0?,1=0 ?6,899 64,649 0>,444 09,?=8

  bi wdnld; Obefs 8 =?8 8 ?,>?8 6,=6> 1,1>< =>6 ?,61<

Xrnelnp`j rmp`ycmets ?,9<< 9,>6> 9,18? 0>,<46 0?,60? <?,8>1 ?<,991 08,1?4Xuojnl ef puojnljy au`r`etmmf ?,<06 9,1>< 9,6=6 0?,69> 6,1>9 4,46? 0<,6?> =,816  Biinln`j lrmfntbrs 0,??1 <,44= <,6>< ?,94> ?,=44 ?,<48 ?,>1> ?,>8<  Cujtnj`tmr`j 98> 0,=0< 0,168 >=0 0,0== 0,?88 0,<61 0,616  bi wdnld; NO_F 61? >6< >>6 ?08 ?=> <69 <>8 6==  NF@ 006 ??9 <91 981 9=< 188 196 1>1  Onj`tmr`j 904 ?,<1? 0,1=6 0,1<4 0,6<< 0,048 0,9<? 0,6?>  Xrnv`tm lrmfntbrs 0,844 ?,>84 ?,>98 >,140 ?,?84 9,69? 08,6=8 ?,018  bi wdnld; Obefs ?1> <?8 8 4,6=1 0,=>1 =,<0< >,694 =44  Lbccmrln`j o`egs ?64 0,481 ?,1<1 0,?80 =4> 0,0<8 >9< 0,==>Xrnv`tm ebeau`r`etmmf <04 0=9 ?6> 9,>06 1,901 ?<,?== 08,?<4 =,9=6  bi wdnld; Obefs 8 8 <= 001 =1 68> 448 0,91>

Netmrmst p`ycmets <,199 6,<9< 6,881 6,0>9 6,=?< =,649 =,189 6,491Xuojnl ef puojnljy au`r`etmmf <,9<0 <,4<? <,<14 <,8?? 0,?>8 0,661 0,=0? 0,?61  Biinln`j lrmfntbrs 0,64> 0,41? 0,6<8 0,8=> 0,81< 0,094 0,0=9 >41

  Cujtnj`tmr`j 1<1 0,890 4<= 6=4 961 148 16< =68  bi wdnld; NO_F 90= 118 6?4 0=> ?48 <=9 <0< ?80  NF@ >9 0<0 0<> 041 04= 04> ?80 04=  Onj`tmr`j 1=? 400 =>9 980 6?9 <44 60< 661  Xrnv`tm lrmfntbrs ?,06? 0,>98 0,>61 0,>9< ?01 ?1> <=9 ?=>  bi wdnld; Obefs 048 041 06< 0,1>> 68 60 90 98  Lbccmrln`j o`egs 0,164 0,?9= 0,16? 0== 01? ?<6 ?>0 0>9Xrnv`tm ebeau`r`etmmf 0<= =<0 9<8 0,016 <,?<< 6,8<4 6,0>6 <,9?8  bi wdnld; Obefs 8 =9 ??6 060 ?01 <<8 ?14 ?>8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s >,1?8 -6,6<= 0,00= -?,<9? <4,?94 66,<88 ?0,>?8 0?,>1>  Emt bws be mxtmre` m t =,>=< -16= <,<=4 0,>6> <9,?>= 6<,<== ?0,9?4 00,01>

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 6,914 6,1<8 6,4>4 =,0=< =,?96 =,09< =,88< 6,>0>Netmrmst 0,8<? 0,80? >=> 449 489 1?< 96= =9>Xrnv`tm lrmfntbrs

Xrnelnp`j <=,149 ??,490 ?6,19> 00,16? >,6?0 1,891 9,?16 6,>??Netmrmst =,68? 6,891 <,8?> ?,8>6 0,908 0,0>9 41> 989

 Ebtms;

Mxtmre`j fmot f`t` prnbr tb ?88< `rm cmld`enl`jjy `fkustmf irbc insl`j ym`r tb l`jmef`r ym`r. Xuojnl `ef puojnljy au`r`etmmf obefs neljufm Ibrmnae Nestntutnbe`j

Nevmstbr fmot (INN) `s rmpbrtmf oy tdm _msmrvm O`eg bi Nefn`. \dbrt-tmrc fmot ns o`smf be rmpbrts prbvnfmf oy tdm lbuetry `ef f`t` ibr ?889 `rm rmvnsmf.

090

Page 174: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 174/341

NEFBEM\N@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 9>,41? 0?6,60< 06<,<=4 0<6,<=< 0?=,<64 0<<,>01 069,?61 0=1,=01  Jbea-tmrc mxtmre`j fmot =4,?6? >4,669 008,4<? 001,=0? 00=,<9< 004,69> 0?1,0>6 0<4,4=6  Xuojnl ef puojnljy au`r`etmmf 61,>4? 9=,<?< 9>,99< 16,?64 18,=60 1?,84= 1>,40? 49,8?8  Xrnv`tm ebeau`r`etmmf 08,?90 <<,0?< 60,09> 6<,?96 66,4?? 69,<46 61,<4< =?,4<6  ]sm bi NCI lrmfnt 6>6 8 08,4<4 1,481 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 00,0<= ?=,>99 ?0,944 >,8<6 >,>46 0=,664 0>,8=? 04,99?  netmrmst `rrm`rs be jbea-tmrc 8 8 6,9<? 8 8 8 8 8

 Cmcbr`efuc ntmcs  0 8 <,888 064 8 8 8 8    61,>4? 9=,<?< 9>,99< 16,?64 18,=60 1?,84= 1>,40? 49,8?8    08,?90 <<,0?< 60,09> 6<,?96 66,4?? 69,<46 61,<4< =?,4<6  9,4=6 00,88< ?,??0 6,=60 6,1?1 =,>64 >,1?< 06,1>0

Mxtmre`j fmot ijbwsFnsoursmcmets 08,8?6 0<,9<< 9,11< 0<,41> 04,61? 04,<<> ??,>?4 <0,6?6  Jbea-tmrc mxtmre`j fmot 08,8?6 0<,9<< =,9=0 0<,41> 04,61? 04,<<> ??,>?4 <0,6?6  NCI purld`sms 8 8 0,0?< 8 8 8 8 8

Xrnelnp`j rmp`ycmets =,>9> 08,?88 >,?9> 09,4>0 ?6,696 04,40> 09,10? ?8,6?4  Jbea-tmrc mxtmre`j fmot =,40? 08,?88 >,?9> 0=,169 09,6?1 04,40> 09,10? ?8,6?4  NCI rmpurld`sms 0=1 8 8 0,06= 4,8<1 8 8 8

 Emt ijbws 1,?09 >,>6< -0,>9> -4,98? -=,86? 6,>46 >,4?0 08,989  Jbea-tmrc mxtmre`j fmot 6,?0< <,6<6 -<,904 -0,494 ?,86= -648 9,?01 08,>>9

  \dbrt-tmrc mxtmre`j fmot <,098 9,=8> =?1 -=,=>8 >=8 =,696 <,986 -<>8Netmrmst p`ycmets <,>14 9,??0 1,<=9 <,<<1 <,401 =,00< 6,9=9 6,6?6  Jbea-tmrc mxtmre`j fmot <,60< 6,><1 =,916 ?,><< <,609 6,>>9 6,690 6,<80  NCI ld`rams => 8 =?9 <0< ?>? 8 8 8  \dbrt-tmrc mxtmre`j fmot =89 0,?46 0,0=1 >0 08> 001 0>= 0?<

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 0,8>< 6,<69 -6,==8 4,<<9 6,>06 9,>?4 >,<04 6,411Xbrtibjnb mqunty 8 0,6>< -0,8?0 -09= 0,4>4 <,==> <?? 141

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 0<.< 06.6 06.1 00.1 08.0K`p`emsm yme <6.9 <=.< <<.0 <<.4 <6.8 <<.= <9.9 <?.6Xbuef stmrjnea 0.6 8.4 0.? ?.? ?.8 0.4 0.0 0.8\wnss ir`el 8.6 8.1 8.9 8.9 8.9 8.= 8.6 8.6].\.fbjj`rs ?8.> ?0.= =8.< 6=.6 66.< 66.9 6=.9 =0.1

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) =.= =.0 ?.> <.> <.> ?.4 ?.0 0.9  C`turnty (ym`rs) ?<.= ?0.6 ?6.= ?<.= ?=.1 ?6.1 ?8.6 ??.?  Ar`lm pmrnbf (ym`rs) 9.= =.4 9.4 9.0 9.1 1.6 9.> =.=Xrnv`tm lrmfntbrs

  Netmrmst (%) 1.< 9.4 9.9 9.> 1.? 9.6 9.> >.9  C`turnty (ym`rs) 01.0 0?.6 1.1 06.1 ?8.> ?1.6 04.8 4.8  Ar`lm pmrnbf (ym`rs) <.> <.4 6.6 0?.> 04.< ?9.9 01.6 1.1

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 08>,?8> 0>9,044 0=8,<01 ?10,>=4 <6>,8<4 606,660 6>?,<1? =?0,<>0Mxpbrts bi abbfs, smrvnlms & nelbcm ?>,186 =6,??> 1<,81> 08?,?98 001,9<= 0<<,>10 0=4,666 0<=,048Qbrgmr rmcnt. & lbcp. bi mcpjbymms 099 9=0 0,0>8 =,6?8 =,1?? 9,016 9,1>6 9,1><Ncpbrts bi abbfs, smrvnlms & nelbcm <<,008 90,960 99,>8< 089,11= 000,9<> 0?4,=4? 09<,94? 0?>,?>=Xrbint rmcntt`elms be IFN ?,0>? 104 <,=16 >,=?= >,9<1 08,40< 08,91= 4,464Lurrmet llbuet o`j`elm -?,>44 -9,6<0 1,>>? ?14 08,4=> 08,6>< 0?9 08,169Netmre`tnbe`j rmsmrvms 4,9=1 06,>84 ?>,<=< <6,1<0 6?,=>1 =9,><9 =0,960 99,00>

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) ?<=.? ??>.6 0>9.? 0<0.6 089.9 088.8 >?.< 009.=Mxtmre`j fmot stblgs tb AEN (%) 96.8 9<.6 >=.6 6>.6 <=.> <?.< ?>.1 <8.?Fmot smrvnlm tb mxpbrts (%) <<.= <8.< ??.1 0>.4 ?6.8 01.> 0<.= 04.6\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 0=.> ?8.> 0=.0 9.1 4.8 00.= 0<.8 00.4Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) ?8.6 09.0 0<.> 0<.4 06.9 0<.> 0<.9 0<.6_msmrvms tb mxtmre`j fmot stblgs (%) 0?.6 0?.8 ?8.= ?=.> <6.8 6?.= <=.< 6?.8_msmrvms tb ncpbrts (cbetds) <.0 ?.> =.< <.> 6.9 =.< <.4 9.0

09?

Page 175: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 175/341

NEFBEM\N@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf =4,?6? >4,669 008,4<? 001,=0? 00=,<9< 004,69> 0?1,0>6 0<4,4=6Xuojnl ef puojnljy au`r`etmmf 61,>4? 9=,<?< 9>,99< 16,?64 18,=60 1?,84= 1>,40? 49,8?8  Biinln`j lrmfntbrs <<,860 =0,?>9 =6,4>1 =>,>=0 =4,6?1 =4,1>8 9<,?6= 9<,<?6  Cujtnj`tmr`j 06,?4= ?8,80< 0>,>86 04,=06 04,?69 04,900 0>,>9? ?0,8=?  b w l ; NO_F >,=6? 0?,=8< 00,10= 4,0<? 1,6?< 9,4?0 9,>94 1,419  NF@ 46? 1=9 106 0,880 0,<04 0,==8 ?,889 ?,?<6

  Onj`tmr`j 04,1=9 <0,?46 <6,>>? 60,6<1 68,040 68,01> 6<,?4< 6?,?1?  Xrnv`tm lrmfntbrs 06,>60 06,8?1 06,199 06,?>1 0?,006 0<,?>9 09,=91 ??,9>9  bi wdnld; Obefs 9>9 186 >10 6,8?> =,0=1 9,<18 08,6=8 06,<66  Lbccmrln`j o`egs 4,906 1,014 08,64> 4,89? =,8>8 =,094 6,968 =,408Xrnv`tm ebeau`r`etmmf 08,?90 <<,0?< 60,09> 6<,?96 66,4?? 69,<46 61,<4< =?,4<6  bi wdnld; Obefs 0?8 <,6?8 9,<<1 =,414 9,??? 6,994 6,914 =,4>1

Fnsoursmcmets 08,8?6 0<,9<< =,9=0 0<,41> 04,61? 04,<<> ??,>?4 <0,6?6Xuojnl ef puojnljy au`r`etmmf =,88> 9,918 <,<80 =,80? 1,0?0 9,8>4 >,89? 0?,1?>  Biinln`j lrmfntbrs 6,888 6,?=6 <,8<4 ?,=14 <,1>4 <,4?= 6,=>> 9,06?  Cujtnj`tmr`j 0,1>6 0,111 0,1=8 0,991 0,419 ?,0<6 ?,46? <,8?8  bi wdnld; NO_F >41 0,86= 0,8=0 =4= 9>9 191 0,<>4 ?,866  NF@ 8 8 => 91 <0= ?0> 6>6 ?66  Onj`tmr`j ?,?89 ?,611 0,?41 >00 0,>?? 0,9>0 0,1=4 <,0??  Xrnv`tm lrmfntbrs 0,88> ?,609 ?9< ?,6<6 <,<?< ?,?1< 6,69? 9,=41  bi wdnld; Obefs 8 98= 8 ?,8>= 0,><8 0,6?= 6,848 <,4><  Lbccmrln`j o`egs 6>6 0,808 ?=4 ?96 >61 ==? <14 0,9=9Xrnv`tm ebeau`r`etmmf =,80= 9,>9< ?,<=8 4,499 00,<=0 0?,?68 0<,491 04,9>=

  bi wdnld; Obefs 0?8 0,19< <=8 0>6 066 649 <94 0,484

Xrnelnp`j rmp`ycmets =,40? 08,?88 >,?9> 0=,169 09,6?1 04,40> 09,10? ?8,6?4Xuojnl ef puojnljy au`r`etmmf 6,=44 =,101 <,49> 9,?<0 9,>?9 4,818 9,6>0 1,898  Biinln`j lrmfntbrs 0,=49 <,0?4 0,=41 <,=<> =,<99 9,14> =,1<4 9,0<0  Cujtnj`tmr`j 911 0,?4> 0,009 0,>=1 0,>19 0,>10 0,>?8 0,>08  bi wdnld; NO_F ==0 >== 190 0,<>8 0,68< 0,<9> 0,?=? 0,0<=  NF@ 00 ?8 ?9 ?1 ?1 ?1 ?1 <0  Onj`tmr`j >8> 0,468 610 0,=4< <,<>8 6,404 <,401 6,??0  Xrnv`tm lrmfntbrs <,880 ?,=4> ?,?4? ?,9>? 0,=98 0,?40 1=< >?>  bi wdnld; Obefs >6 8 8 <08 ?=? ?0? 8 8  Lbccmrln`j o`egs 0,104 0,940 ?,081 0,91> >4? 91> =>6 191Xrnv`tm ebeau`r`etmmf 0,??6 6,64< =,688 >,=0= >,=80 08,16> 08,??0 0<,<94  bi wdnld; Obefs 8 0?8 ?,688 ?91 ?=1 6<? ?90 =44

Netmrmst p`ycmets <,60< 6,><1 =,916 ?,><< <,609 6,>>9 6,690 6,<80Xuojnl ef puojnljy au`r`etmmf ?,484 <,11= <,1<4 0,>?0 ?,004 ?,1<8 ?,104 ?,48?  Biinln`j lrmfntbrs 0,=4= ?,994 ?,=19 0,04> 0,10? ?,86? 0,>94 0,9><

  Cujtnj`tmr`j >>8 0,68< 0,<4< 49= 4<? 490 14> =46  bi wdnld; NO_F 1<0 >?0 >=8 640 6?= 6<= <18 ?6>  NF@ 9 9 = > 08 00 0< 0=  Onj`tmr`j =>9 0,?9= 0,0>< <?6 448 0,040 0,01> 0,08>  Xrnv`tm lrmfntbrs 0,??? 0,081 0,09< 1<? 689 94> 1=0 0,08>  bi wdnld; Obefs 9? 9 1? 0<9 >1 <<0 6<> 4<1  Lbccmrln`j o`egs 9>> 919 410 =08 0>= ?=0 ??8 041Xrnv`tm ebeau`r`etmmf 98= 0,090 0,><= 0,80? 0,?>4 ?,?99 0,16< 0,6>>  bi wdnld; Obefs 8 0<> 1<= 00< 046 ?8? 4> <0

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 08,618 09,=11 -4,0?0 -?,11? ->,88= 4,=18 0?,<?> 00,?18  Emt bws be mxtmre` m t 1,?09 >,>6< -0,>9> -4,98? -=,86? 6,>46 >,4?0 08,989

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 ?,690 ?,984 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 9,699 =,4?6 =,1=9 9,89< =,18< =,?>8 6,1=< 6,?88Netmrmst 0,640 0,<9< 0,?<< 0,080 >98 4?9 18? =>4Xrnv`tm lrmfntbrs

Xrnelnp`j >,?06 00,6?8 1,>>0 =,489 >,89< <,8?8 <,=94 ?,=<4Netmrmst <,9<< <,?96 ?,4<? ?,46= ?,=0< 0,41< 0,9?= 0,<>4

 Ebtms;

Fmot f`t` rm snaeninl`etjy rmvnsmf s prmvnbus puojnl`tnbes neljufmf jbl`j lurrmely mxtmre`j fmot. F`t` be jbea-tmrc prnv`tm ebeau`r`etmmf fmot f`t` cnadt

neljufm sdbrt-tmrc fmot f`t` uetnj ?88= ef `rm rmvnsmf o`smf be rmpbrts prbvnfmf oy tdm lbuetry irbc ?889.

09<

Page 176: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 176/341

N_@E, N\J@CNL _MX]OJNL BI

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs >,8?8 ?0,=9= 1,101 ?0,41> 0>,<49 ?0,81? 0<,>91 0<,6<=  Jbea-tmrc mxtmre`j fmot 0,1>1 0=,009 6,18> 08,=?0 00,0?1 00,01? 4,><? 1,=?6  Xuojnl ef puojnljy au`r`etmmf 0,1>1 0=,009 6,18> 08,=?0 00,0?1 00,01? 4,><? 1,=?6  Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  ]sm bi NCI lrmfnt 8 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 1,??6 9,66> <,884 00,<=4 4,?=> >,>88 =,8<= =,>00  netmrmst `rrm`rs be jbea-tmrc 6=9 9 8 8 8 8 8 8

 Cmcbr`efuc ntmcs  0,=01 64 8 8 8 8 8 8    0,1>1 0=,8<0 6,94> 08,=00 00,0?8 00,099 4,>?> 1,=?6    8 46 ?8 08 1 9 < 8  0,?60 0,>14 ?,40< 0,>>? 1>1 8 <= 08

Mxtmre`j fmot ijbwsFnsoursmcmets 0<> >1> 0,69> ?,1=8 0,1?6 0,089 >14 =86  Jbea-tmrc mxtmre`j fmot 0<> >1> 0,69> ?,1=8 0,1?6 0,089 >14 =86  NCI purld`sms 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets ??= 6,0?8 ?,<6= 0,1<< 0,104 ?,889 ?,09? ?,8><  Jbea-tmrc mxtmre`j fmot ??= 6,0?8 ?,<6= 0,1<< 0,104 ?,889 ?,09? ?,8><  NCI rmpurld`sms 8 8 8 8 8 8 8 8

 Emt ijbws ?,648 -??1 -0,64= 0,6<> -<,8>< 168 -9,86> -10<  Jbea-tmrc mxtmre`j fmot -49 -<,060 -419 0,801 9 ->80 -0,046 -0,=4>

  \dbrt-tmrc mxtmre`j fmot ?,=99 ?,>06 -98> 6?? -<,8>> 0,960 -6,49= 419Netmrmst p`ycmets 6<8 0,98? =1? 0,8>> 0,8<< >69 909 64=  Jbea-tmrc mxtmre`j fmot ?4 0,081 <>0 60> =8> =1? =8? ?14  NCI ld`rams 8 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 68? 6>6 048 948 =?6 <16 006 ?81

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet -<9? 01 <> <,0<9 0,961 0,918 0,90= <,809Xbrtibjnb mqunty 8 8 8 .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. =?.< ==.> =4.= =1.0 =1.8K`p`emsm yme 6.? 6.> >.6 4.0 9.4 9.> 1.< 1.=Xbuef stmrjnea 8.8 8.8 8.9 8.0 8.0 8.8 8.8 8.8\wnss ir`el 8.8 8.9 <.> 6.6 <.9 <.6 ?.1 ?.6].\.fbjj`rs 44.9 10.= 94.< <6.> <<.6 <0.8 <?.4 <?.>

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 1.< 1.= 6.> 6.6 =.> 8.8 8.8 1.4  C`turnty (ym`rs) 0<.= 4.? 0<.= 0=.8 00.4 8.8 8.8 >.>  Ar`lm pmrnbf (ym`rs) =.8 ?.< 6.6 6.6 <.4 8.8 8.8 =.6Xrnv`tm lrmfntbrs

  Netmrmst (%) 4.9 9.< 9.9 6.> 9.8 8.8 =.9 8.8  C`turnty (ym`rs) 4.< 00.< 08.< 08.0 08.8 8.8 9.1 8.8  Ar`lm pmrnbf (ym`rs) <.1 <.6 ?.> ?.9 ?.= 8.8 ?.? 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 00=,>?? >8,01? 080,<<= 044,=8< ?0>,?>9 ?4<,888 <<=,9=6 <?4,=><Mxpbrts bi abbfs, smrvnlms & nelbcm ?8,0>1 0>,?9> <8,0<0 .. .. .. .. ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. 0,988 =<9 0,8<? 0,8<? 0,00= 0,00= 0,81?Ncpbrts bi abbfs, smrvnlms & nelbcm ??,<18 0=,>81 04,081 .. .. .. .. ..Xrbint rmcntt`elms be IFN 8 8 8 .. .. .. .. ..Lurrmet `llbuet o`j`elm <?1 <,<=4 0?,640 .. .. .. .. ..Netmre`tnbe`j rmsmrvms .. .. .. .. .. .. .. ..

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 66.1 000.> ?=.9 .. .. .. .. ..Mxtmre`j fmot stblgs tb AEN (%) 1.4 ?<.> 1.9 00.9 4.4 1.6 6.? 6.0Fmot smrvnlm tb mxpbrts (%) <.? ?>.1 >.1 .. .. .. .. ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 48.0 ?>.> <>.8 =0.> 6?.9 61.8 <9.0 66.8Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 0.< 0.4 9.9 0.1 ?.> <.< =.6 9.?_msmrvms tb mxtmre`j fmot stblgs (%) .. .. .. .. .. .. .. .._msmrvms tb ncpbrts (cbetds) .. .. .. .. .. .. .. ..

096

Page 177: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 177/341

N_@E, N\J@CNL _MX]OJNL BI

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 0,1>1 0=,009 6,18> 08,=?0 00,0?1 00,01? 4,><? 1,=?6Xuojnl ef puojnljy au`r`etmmf 0,1>1 0=,009 6,18> 08,=?0 00,0?1 00,01? 4,><? 1,=?6  Biinln`j lrmfntbrs ??= 00,<=6 0,996 ?,86= ?,?46 ?,6<9 ?,<4> ?,?=6  Cujtnj`tmr`j 009 <40 =81 <40 ==> 9>> 190 4<9  b w l ; NO_F 49 <09 640 <14 ==> 9>> 190 4<9  NF@ 8 8 8 8 8 8 8 8

  Onj`tmr`j 008 08,>16 0,0=1 0,99< 0,1?= 0,1<1 0,9?4 0,604  Xrnv`tm lrmfntbrs 0,=10 <,190 <,86= 4,619 4,46< 4,1<9 9,=6? =,?9>  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 0,8== = 0,86< 6,860 6,=<= 6,1>4 <,404 <,0=1Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 0<> >1> 0,69> ?,1=8 0,1?6 0,089 >14 =86Xuojnl ef puojnljy au`r`etmmf 0<> >1> 0,69> ?,1=8 0,1?6 0,089 >14 =86  Biinln`j lrmfntbrs <8 <>< 611 91? =84 <8< ?>= ?8>  Cujtnj`tmr`j <8 0?< 0?8 ?=4 ?64 ?0? 066 0=>  bi wdnld; NO_F 8 4= 006 ?61 ?64 ?0? 066 0=>  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 8 ?18 <=1 606 ?90 >0 0=? =8  Xrnv`tm lrmfntbrs 08> =49 >>< ?,814 0,?09 48< 94? ?>=  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 0 ?94 0,<>> >60 9=0 98= ?18Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets ??= 6,0?8 ?,<6= 0,1<< 0,104 ?,889 ?,09? ?,8><Xuojnl ef puojnljy au`r`etmmf ??= 6,0?8 ?,<6= 0,1<< 0,104 ?,889 ?,09? ?,8><  Biinln`j lrmfntbrs 49 <,6>1 0,14= <?4 ?1= <80 <<0 <40  Cujtnj`tmr`j 91 60 084 0== 1= 1< 99 46  bi wdnld; NO_F 91 9 18 06= 99 1< 99 46  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 04 <,6=9 0,911 01< 0>> ??4 ?96 ?>1  Xrnv`tm lrmfntbrs 0<> 9?? =90 0,68= 0,66< 0,18= 0,4<0 0,10?  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 0 91 10< 9>8 ><8 0,8=0 0,889Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets ?4 0,081 <>0 60> =8> =1? =8? ?14Xuojnl `ef puojnljy au`r`etmmf ?4 0,081 <>0 60> =8> =1? =8? ?14  Biinln`j lrmfntbrs 06 141 0>8 08< >4 006 4> 1<

  Cujtnj`tmr`j 08 ?1 66 <> ?= <9 ?= 0=  bi wdnld; NO_F 08 0> 68 <> ?= <9 ?= 0=  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 6 1=> 069 9< 1< 14 96 =4  Xrnv`tm lrmfntbrs 06 <?0 ?8? <09 608 6=4 60< ?8=  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 4? 0== ??8 ?96 ?<1 0??Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s ?,=8? -911 -0,9?> >68 -?,6>< 0,949 -1,08= -=<?  Emt bws be mxtmre` m t ?,648 -??1 -0,64= 0,6<> -<,8>< 168 -9,86> -10<

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 <,014 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j =06 660 6?> ?4? ?69 04? 09= 0??Netmrmst =? 60 <8 ?? 01 0? 4 9Xrnv`tm lrmfntbrs

Xrnelnp`j 0,19= 0,?46 0,8=6 168 =8? <0= 01> 16Netmrmst 4? => <> ?6 0< 9 ? 0

 Ebtms;

Insl`j ym`r-mef ibr mxtmre`j fmot f`t` ns C`rld.

09=

Page 178: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 178/341

Page 179: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 179/341

K@C@NL@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 6,8=4 <,46> <,410 =,>06 9,>=9 4,44< >,894 >,>8=Xuojnl ef puojnljy au`r`etmmf 6,8?6 <,1?0 <,194 =,=?6 9,066 9,108 9,>86 9,996  Biinln`j lrmfntbrs <,69< <,<9< ?,66> ?,0?6 ?,0=1 ?,?=4 ?,?10 ?,681  Cujtnj`tmr`j 0,016 0,?<6 0,?04 0,<<< 0,?>4 0,?98 0,<<9 0,=?8  b w l ; NO_F 91? =>= 60= 608 <41 <98 <?1 <>4  NF@ 8 8 8 8 8 8 8 8

  Onj`tmr`j ?,?4> ?,0?> 0,?<0 1>0 4=> >>4 ><= 441  Xrnv`tm lrmfntbrs =90 <=4 0,<?8 <,688 <,>44 6,6=? 6,9<< 6,?=1  bi wdnld; Obefs 8 ?= 0,886 <,86< <,=94 6,8=8 6,?04 <,4>8  Lbccmrln`j o`egs <<0 ?9> ?9= <01 <4= <=1 <48 <?9Xrnv`tm ebeau`r`etmmf <6 0?4 08< <>8 400 ?,01< ?,096 <,?60  bi wdnld; Obefs 8 == 8 <88 1<8 ?,0<8 ?,0<8 <,?0=

Fnsoursmcmets ?>? <8= >86 0,<69 0,?09 ?,<>9 9>? 0,=8?Xuojnl `ef puojnljy au`r`etmmf ?>? ?=8 >86 0,8<> 149 >>9 9>? 601  Biinln`j lrmfntbrs ?=< 0>< <00 41 ?<6 ?16 ?99 <=8  Cujtnj`tmr`j 008 0?= ?== 91 4? >< ?0> <<9  bi wdnld; NO_F <= 90 >4 01 04 0> 0< 0?8  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 066 94 =1 ?8 0=< 04? 61 06  Xrnv`tm lrmfntbrs <> =1 =>< >=? ==? 1?? 6?9 91  bi wdnld; Obefs 8 0< ==< 41= 6=8 9?= <=8 8  Lbccmrln`j o`egs 8 6? ?6 1= >1 48 19 =1Xrnv`tm ebeau`r`etmmf 8 == 8 <81 6<8 0,688 8 0,84=

  bi wdnld; Obefs 8 8 8 <88 6<8 0,688 8 0,84=

Xrnelnp`j rmp`ycmets ?>8 <68 6?6 ==8 <0? =>8 6=> 18?Xuojnl `ef puojnljy au`r`etmmf ?40 <<= <98 =60 <8< =91 6=8 9>6  Biinln`j lrmfntbrs ?8= ?== ?1< ?<0 ?69 ?66 ?98 ??>  Cujtnj`tmr`j 088 0?1 0?? 00> 0<1 0=6 064 0=<  bi wdnld; NO_F 9? 4= 98 <> 6< 64 61 6>  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 08= 0?> 0=0 00< 08> 4> 00< 1=  Xrnv`tm lrmfntbrs 19 48 41 <08 =4 <?6 0>8 69=  bi wdnld; Obefs 8 8 0< ?=9 8 ??> 0<4 <6=  Lbccmrln`j o`egs 0 1< 61 66 66 4= 66 00=Xrnv`tm ebeau`r`etmmf 4 = 96 > > ?? > >  bi wdnld; Obefs 8 8 == 8 8 8 8 8

Netmrmst p`ycmets ?8? 0>0 ?84 <41 61< 9=1 91= 1<9Xuojnl `ef puojnljy au`r`etmmf ?88 040 0>= <90 6?? 61? 648 =08  Biinln`j lrmfntbrs 09= 0=4 0?8 46 >0 >8 48 >=

  Cujtnj`tmr`j 4= 4< 9= 9< 91 9> 9? =>  bi wdnld; NO_F =4 61 ?? 0> ?? ?? 0> 0=  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 1> 1= == ?0 ?6 ?0 04 <9  Xrnv`tm lrmfntbrs <= ?< 1= ?11 <<? <4? 688 60=  bi wdnld; Obefs 8 ? =8 ?9= <?= <1< <>? 686  Lbccmrln`j o`egs ?8 0> 04 00 9 4 1 08Xrnv`tm ebeau`r`etmmf < 00 0< ?9 =0 04= 0>6 ??9  bi wdnld; Obefs 8 = ? ?0 6= 040 0>0 ??6

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 0?8 -?> 1>4 48 0,=?4 ?,<9< ->0 9?4  Emt bws be mxtmre` m t ->> -089 668 <01 0,<=6 ?,?0> -?9 90>

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 69> 08= 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j ?68 04> <?1 <?0 01> 01> 091 0==Netmrmst 16 18 99 =9 61 6? <1 <?Xrnv`tm lrmfntbrs

Xrnelnp`j 001 =00 >=1 ??> <?? ?,?<0 ?4? 0,?09Netmrmst 911 96> 90? =<9 61> <=6 ?90 ?88

 Ebtms;

F`t` be jbea-tmrc prnv`tm ebeau`r`etmmf fmot `rm Qbrjf O`eg st`ii mstnc`tms o`smf be neibrc`tnbe irbc c`rgmt sburlms.

091

Page 180: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 180/341

KB_F@E

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 4,<<< 1,990 1,<== 1,9>9 4,8== 4,<10 9,=48 9,90=  Jbea-tmrc mxtmre`j fmot 1,?8? 9,9?6 9,04< 9,414 1,06< 1,<?0 =,0?9 =,66=  Xuojnl ef puojnljy au`r`etmmf 1,?8? 9,9?6 9,04< 9,414 1,06< 1,<?0 =,0?9 =,66=  Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  ]sm bi NCI lrmfnt >6 ?=0 69? ?<9 0=4 44 ?4 0?  \dbrt-tmrc mxtmre`j fmot 0,8<1 14= 108 =4? 1=6 >9? 0,6?9 0,0=4  netmrmst `rrm`rs be jbea-tmrc 081 91 08? 8 0 8 8 8

 Cmcbr`efuc ntmcs  =?> 011 ?40 01 <9 <6 <6 01    1,?8? 9,9?6 9,064 9,1>8 1,888 1,01? 6,>14 =,<89    8 8 <= 44 06? 0=8 064 0<>  16> 0,?=> <46 <<1 0=> ??8 6?1 400

Mxtmre`j fmot ijbwsFnsoursmcmets 9>0 1?6 0>9 6<6 ?11 0>8 ?<8 19?  Jbea-tmrc mxtmre`j fmot 9>0 98> 019 6<6 ?11 0>8 ?<8 19?  NCI purld`sms 8 00= ?8 8 8 8 8 8

Xrnelnp`j rmp`ycmets ?=? <<1 6?6 604 660 649 ?,610 6?0  Jbea-tmrc mxtmre`j fmot ?6? <?> <>< <60 <=< 68> ?,60? 68=  NCI rmpurld`sms 08 4 <0 11 44 19 => 09

 Emt ijbws 986 646 -<>> >1 1 -41 -0,111 1<  Jbea-tmrc mxtmre`j fmot 66> ?48 -?01 >< -19 -??8 -?,04? <=1

  \dbrt-tmrc mxtmre`j fmot 09= >1 -010 40 010 ?8> 696 -?94Netmrmst p`ycmets <11 ?9< <0= 0>4 ?6> ?46 ?<? 096  Jbea-tmrc mxtmre`j fmot <08 ?8> ?<> 098 0>9 ??1 ?88 061  NCI ld`rams > 08 ?6 08 08 1 < 8  \dbrt-tmrc mxtmre`j fmot =4 6< =? ?1 6? 6> ?> 01

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet <4 0< >0< 0,>46 <,=66 ?,9?? ?,4?1 ?,<4?Xbrtibjnb mqunty 8 8 -01 09> 066 <69 =?0 -<8

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. ?0.0 ?<.< ?6.0 0?.9 0?.8K`p`emsm yme =.4 ?=.9 ?1.= ?8.0 04.< 01.4 ?>.> ?=.>Xbuef stmrjnea 1.> =.= <.6 4.> >.< >.< 8.8 8.8\wnss ir`el 8.4 8.= 8.6 0.0 8.1 8.1 8.< 8.<].\.fbjj`rs 6=.1 ?4.> ?>.< ?9.6 ?=.> ?=.< ?6.4 <0.0

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) <.> 6.1 6.4 ?.> <.6 6.9 <.= ?.0  C`turnty (ym`rs) ??.8 ?0.4 0>.= ?<.9 ?0.0 ?8.= ?8.4 01.9  Ar`lm pmrnbf (ym`rs) 1.6 4.6 9.6 9.8 =.4 9.8 =.1 6.1Xrnv`tm lrmfntbrs

  Netmrmst (%) 4.> 8.8 8.8 8.8 8.? 8.8 8.8 8.8  C`turnty (ym`rs) 1.8 8.8 8.8 8.8 <6.< 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 0.8 8.8 8.8 8.8 00.< 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) <,48= 9,66> 4,=>9 0<,8<1 0=,6?8 01,40< ??,094 ?<,<>>Mxpbrts bi abbfs, smrvnlms & nelbcm ?,=14 <,=>6 6,?81 1,6?9 >,066 08,946 0<,1=0 0?,84=Qbrgmr rmcnt. & lbcp. bi mcpjbymms 6>> 0,660 0,46= ?,=88 ?,44< <,6<6 <,1>6 <,=>1Ncpbrts bi abbfs, smrvnlms & nelbcm <,4=8 =,?>1 9,<9< 0?,<06 0<,408 09,6?0 0>,491 09,4=4Xrbint rmcntt`elms be IFN 8 8 << 16 0<8 09< ?=1 ?>=Lurrmet llbuet o`j`elm -??1 -?=> ?1 -?,?1? -0,1?9 -?,41= -?,011 -0,?9=Netmre`tnbe`j rmsmrvms 0,0<> ?,?1> <,660 =,690 9,>4? 1,>?= 4,>04 0?,0<=

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) <?<.? ?0<.0 016.4 08<.9 44.0 14.6 61.> =6.1Mxtmre`j fmot stblgs tb AEN (%) ?0>.8 004.4 4=.9 =>.8 =?.? 61.8 ?>.1 ?4.<Fmot smrvnlm tb mxpbrts (%) ?6.6 09.1 01.9 4.< 1.= 1.? 0>.1 6.4\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 0?.6 08.? >.1 1.9 >.6 00.= ?0.1 01.=Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 08.9 0=.= ?<.? ?6.4 ?6.< ?<.1 ?>.1 <=.1_msmrvms tb mxtmre`j fmot stblgs (%) 0<.1 ?>.4 69.4 10.8 49.1 >6.1 0<=.= 04<.6_msmrvms tb ncpbrts (cbetds) <.= =.? 9.= =.< 9.0 =.4 =.6 4.9

094

Page 181: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 181/341

KB_F@E

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 1,?8? 9,9?6 9,04< 9,414 1,06< 1,<?0 =,0?9 =,66=Xuojnl ef puojnljy au`r`etmmf 1,?8? 9,9?6 9,04< 9,414 1,06< 1,<?0 =,0?9 =,66=  Biinln`j lrmfntbrs <,==0 6,=4< =,0>8 9,6<4 9,106 9,>08 6,111 =,080  Cujtnj`tmr`j 441 0,04= 0,189 0,>8= 0,>90 0,>49 0,>=9 ?,<90  b w l ; NO_F =09 1<9 1>4 >?= 4>1 494 4<= 0,816  NF@ 11 9> =1 6= 6? <> <1 <6

  Onj`tmr`j ?,996 <,<>1 <,646 6,=<< 6,1=6 6,>?6 ?,4?0 ?,168  Xrnv`tm lrmfntbrs <,9=0 ?,860 >>< 668 6?> 600 <=8 <66  bi wdnld; Obefs ?9< 480 9<9 0>8 044 049 046 040  Lbccmrln`j o`egs 0,986 <<1 0 8 8 8 9 0?Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 9>0 98> 019 6<6 ?11 0>8 ?<8 19?Xuojnl `ef puojnljy au`r`etmmf 9>0 98> 019 6<6 ?11 0>8 ?<8 19?  Biinln`j lrmfntbrs <19 98> 019 ?9> ?11 0>8 ??6 1=9  Cujtnj`tmr`j 06? ?=> 48 090 0>6 0<< 0=4 9<8  bi wdnld; NO_F 0?< 0=4 <4 64 6< <> 60 <<=  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j ?<6 <=0 >9 084 4< =1 91 0?9  Xrnv`tm lrmfntbrs <0= 8 8 09= 8 8 9 9  bi wdnld; Obefs 8 8 8 06= 8 8 8 8  Lbccmrln`j o`egs 1< 8 8 8 8 8 9 9Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets ?6? <?> <>< <60 <=< 68> ?,60? 68=Xuojnl `ef puojnljy au`r`etmmf ?6? <?> <>< <60 <=< 68> ?,60? 68=  Biinln`j lrmfntbrs 06? 0?4 ?<4 <?? <68 <>? ?,<<4 <>6  Cujtnj`tmr`j >6 001 0?6 018 094 016 04= ?8?  bi wdnld; NO_F =? 11 =< 1< 14 14 49 >=  NF@ 0 ? < < < < < <  Onj`tmr`j 64 00 006 0=? 01? ?04 ?,0=6 0>0  Xrnv`tm lrmfntbrs 088 ?80 0== ?8 0? 01 1< 00  bi wdnld; Obefs 8 8 >= 00 0 ? ? ?  Lbccmrln`j o`egs 9> 0<= 0> 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets <08 ?8> ?<> 098 0>9 ??1 ?88 061Xuojnl `ef puojnljy au`r`etmmf <08 ?8> ?<> 098 0>9 ??1 ?88 061  Biinln`j lrmfntbrs 0?< 009 0=4 0=< 01> ?8> 04? 0<0

  Cujtnj`tmr`j =6 9< >0 19 >8 >1 44 11  bi wdnld; NO_F <1 64 =< << 6= =8 <4 ?4  NF@ 0 0 8 8 8 8 8 8  Onj`tmr`j 9> =< 91 11 4> 00? >6 =6  Xrnv`tm lrmfntbrs 041 >6 48 1 04 04 0> 09  bi wdnld; Obefs 06 60 69 6 0? 0? 0? 0?  Lbccmrln`j o`egs 91 <? 0 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 0,801 081 -1?4 -<18 <=> <09 -0,1>0 <=  Emt bws be mxtmre` m t 986 646 -<>> >1 1 -41 -0,111 1<

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf <=8 <9= 0>6 ??8 ?84 0>9 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 4= 8 8 8 ?,8<4 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 64= 6>> 614 6=? 668 6<4 <>8 <9=Netmrmst 0<8 0?6 009 08= >6 4< 1< 96Xrnv`tm lrmfntbrs

Xrnelnp`j 09 01 01 09 08 00 0? 0<Netmrmst 0= 06 06 0< 0? 0? 00 00

09>

Page 182: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 182/341

G@[@GD\V@E

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs .. <,1=8 0?,6<< 6<,614 1?,66< >=,=6? 081,?14 08>,41<  Jbea-tmrc mxtmre`j fmot .. ?,><1 00,61? <=,<?1 90,=9> 46,<44 >9,>=4 080,0>1  Xuojnl ef puojnljy au`r`etmmf .. ?,4<6 <,9?< ?,011 ?,0<9 0,9>4 0,>0= ?,641  Xrnv`tm ebeau`r`etmmf .. 08< 1,46> <<,0=8 =>,6<< 4?,9>8 >=,86< >4,108  ]sm bi NCI lrmfnt .. 6<? 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot .. <40 >90 4,0=0 08,41< 00,0=6 08,<?0 4,919  netmrmst `rrm`rs be jbea-tmrc .. 09? 8 8 8 8 8 8

 Cmcbr`efuc ntmcs  .. 8 8 8 8 8 8 8    .. ?,4<6 <,90> ?,0=1 ?,0<8 0,9>4 0,>0= ?,641    .. 08< 1,4=? <<,018 =>,6<> 4?,9>8 >=,86< >4,108  .. >4? 944 0=> <8 8 016 <,==8

Mxtmre`j fmot ijbwsFnsoursmcmets .. 440 <,8=1 01,?<4 <1,>09 66,1=8 68,>?= 60,919  Jbea-tmrc mxtmre`j fmot .. 168 <,8=1 01,?<4 <1,>09 66,1=8 68,>?= 60,919  NCI purld`sms .. 060 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets .. 08= ?,=>= 00,6=8 0?,01? ?<,=>9 ?>,8<= <9,96<  Jbea-tmrc mxtmre`j fmot .. 08= ?,0=< 00,6=8 0?,01? ?<,=>9 ?>,8<= <9,96<  NCI rmpurld`sms .. 8 66? 8 8 8 8 8

 Emt ijbws .. 494 0,8=1 >,>>9 ?4,699 ?0,6<6 00,8=1 <,<4>  Jbea-tmrc mxtmre`j fmot .. 9<= >86 =,141 ?=,166 ?0,0=6 00,4>8 =,8<<

  \dbrt-tmrc mxtmre`j fmot .. >< =>= 6,?8> ?,1?? ?40 -4<< -0,96=Netmrmst p`ycmets .. 0<8 11= 0,1<8 ?,<8< <,=1= 6,<>0 6,866  Jbea-tmrc mxtmre`j fmot .. 08? 10< 0,=?9 0,>=< <,=<1 6,001 <,168  NCI ld`rams .. 01 00 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot .. 08 =0 ?86 <=8 <4 ?16 <86

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet .. >96 0,?4< 0,>10 9,?14 00,00> 0=,148 0?,980Xbrtibjnb mqunty .. .. 0> 0=8 ?,14> 4?4 -0,?48 0<0

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 0.> ?.0 ?.9 0.> 0.6K`p`emsm yme .. 4.> 0<.4 <?.9 <6.> 69.1 =?.= 68.0Xbuef stmrjnea .. 8.8 8.9 8.8 8.8 8.8 8.8 8.8\wnss ir`el .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs .. 9.> 90.? =<.> =<.= 69.4 6?.0 ==.>

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) .. =.= <.8 =.8 9.? 8.8 <.6 0.6  C`turnty (ym`rs) .. 06.< ?1.9 09.4 09.< 8.8 0=.0 ?0.?  Ar`lm pmrnbf (ym`rs) .. 6.= 4.6 =.< 6.4 8.8 =.< 6.1Xrnv`tm lrmfntbrs

  Netmrmst (%) .. 9.6 00.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) .. =.> 9.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) .. ?.< =.9 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) .. ?8,??> 01,8<4 =0,6?1 10,==0 >0,191 00<,414 >1,?9<Mxpbrts bi abbfs, smrvnlms & nelbcm .. 9,8?8 08,648 <0,?8> 6<,800 ==,<1> 1>,960 =8,1?6Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. 009 0?? 014 049 ??< 0>? 0?6Ncpbrts bi abbfs, smrvnlms & nelbcm .. 9,?>? 08,<9? <0,4=? 6<,48< 90,=60 1?,<11 =<,??>Xrbint rmcntt`elms be IFN .. 16 0,869 6,9<< 1,9>6 00,<8= 01,886 >,1=6Lurrmet `llbuet o`j`elm .. -?0< <99 -0,8=9 -0,>>> -4,<?? 9,?1> -<,68=Netmre`tnbe`j rmsmrvms .. 0,998 ?,8>> 1,818 0>,0?1 01,960 0>,44< ?<,04<

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. 9?.< 004.9 0<>.< 094.6 01?.= 0<6.1 ?09.9Mxtmre`j fmot stblgs tb AEN (%) .. 04.= 1<.8 46.= 080.? 086.0 >6.? 00<.8Fmot smrvnlm tb mxpbrts (%) .. <.> <?.? 6?.? <<.1 6>.0 6?.8 48.?\dbrt-tmrc tb mxtmre`j fmot stblgs (%) .. 08.? 1.1 04.1 0=.8 00.1 >.9 1.>Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) .. 08.6 00.> ?.8 0.0 8.1 8.1 0.?_msmrvms tb mxtmre`j fmot stblgs (%) .. 66.< 09.> 09.< ?9.6 04.= 04.= ?0.0_msmrvms tb ncpbrts (cbetds) .. <.? ?.6 ?.1 =.? <.6 <.< =.?

018

Page 183: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 183/341

G@[@GD\V@E

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf .. ?,><1 00,61? <=,<?1 90,=9> 46,<44 >9,>=4 080,0>1Xuojnl ef puojnljy au`r`etmmf .. ?,4<6 <,9?< ?,011 ?,0<9 0,9>4 0,>0= ?,641  Biinln`j lrmfntbrs .. ?,?>< ?,?<> 0,148 0,19? 0,946 0,>0? ?,649  Cujtnj`tmr`j .. <>? 0,64? 49> 4?< 100 164 0,<6>  b w l ; NO_F .. ?>= 0,8=1 =>> =8? 6?1 69< =61  NF@ .. 8 8 8 8 8 8 8

  Onj`tmr`j .. 0,>80 1=1 >00 ><> >1< 0,096 0,0<1  Xrnv`tm lrmfntbrs .. =60 0,<46 <>9 <16 0< < 0  bi wdnld; Obefs .. 8 0,888 <=8 <=8 8 8 8  Lbccmrln`j o`egs .. 01 ?9< 69 ?6 0< < 0Xrnv`tm ebeau`r`etmmf .. 08< 1,46> <<,0=8 =>,6<< 4?,9>8 >=,86< >4,108  bi wdnld; Obefs .. 8 088 1,==8 0<,406 ?6,9?< ?6,0?= ??,8>1

Fnsoursmcmets .. 168 <,8=1 01,?<4 <1,>09 66,1=8 68,>?= 60,919Xuojnl `ef puojnljy au`r`etmmf .. 910 9?< 0>4 011 098 06= 101  Biinln`j lrmfntbrs .. 6?0 094 0>4 011 098 06= 101  Cujtnj`tmr`j .. 010 >= 40 089 00? >= 9=>  bi wdnld; NO_F .. 081 =8 <1 ?> 91 9= 00=  NF@ .. 8 8 8 8 8 8 8  Onj`tmr`j .. ?=8 1< 001 10 64 =0 =4  Xrnv`tm lrmfntbrs .. ?6> 6== 8 8 8 8 8  bi wdnld; Obefs .. 8 <=8 8 8 8 8 8  Lbccmrln`j o`egs .. 01 08= 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 9> ?,6<6 01,868 <1,1<> 66,=>8 68,148 68,>=>

  bi wdnld; Obefs .. 8 8 <,8=8 9,?0> 08,>>< =68 8

Xrnelnp`j rmp`ycmets .. 08= ?,0=< 00,6=8 0?,01? ?<,=>9 ?>,8<= <9,96<Xuojnl `ef puojnljy au`r`etmmf .. >= ?09 0,8>8 ??? 968 0<0 0<0  Biinln`j lrmfntbrs .. ?1 0<< 0,804 ?88 ?1> 0?8 0<8  Cujtnj`tmr`j .. 8 <0 >?0 098 ??9 =4 =>  bi wdnld; NO_F .. 8 ?8 9=4 0<8 06< ?4 <?  NF@ .. 8 8 8 8 8 8 8  Onj`tmr`j .. ?1 08? >1 68 =< 9? 10  Xrnv`tm lrmfntbrs .. 94 4< 1? ?? <90 00 ?  bi wdnld; Obefs .. 8 8 8 8 <=8 8 8  Lbccmrln`j o`egs .. 8 <8 1? ?? 00 00 ?Xrnv`tm ebeau`r`etmmf .. 00 0,><1 08,<98 00,>6> ??,>=1 ?4,>8= <9,=00  bi wdnld; Obefs .. 8 8 8 8 688 4=8 ?,084

Netmrmst p`ycmets .. 08? 10< 0,=?9 0,>=< <,=<1 6,001 <,168Xuojnl `ef puojnljy au`r`etmmf .. 088 ?<= 069 00< >9 91 =4  Biinln`j lrmfntbrs .. => 0?6 08? 10 16 99 =4

  Cujtnj`tmr`j .. 0= 4? 1< 66 69 <= ?4  bi wdnld; NO_F .. 06 9? =6 <0 ?> 0> 01  NF@ .. 8 8 8 8 8 8 8  Onj`tmr`j .. 66 6? ?4 ?1 ?> <0 <8  Xrnv`tm lrmfntbrs .. 60 00? 66 6? ?? 0 8  bi wdnld; Obefs .. 8 >8 <> <> 0> 8 8  Lbccmrln`j o`egs .. 8 06 = < ? 0 8Xrnv`tm ebeau`r`etmmf .. 0 611 0,<48 0,4<> <,660 6,8=0 <,94?  bi wdnld; Obefs .. 8 00 =6< 4<6 0,=08 0,48? 0,189

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s .. >90 9,<86 08,996 ?4,>96 ?<,8>> 00,1<9 ?,=>=  Emt bws be mxtmre` m t .. 494 0,8=1 >,>>9 ?4,699 ?0,6<6 00,8=1 <,<4>

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf .. 8 8 8 8 8 8 8

bt` cbuet bra vme ..

Fmot ouyo`lg .. 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 06< 0=4 <80 6?9 660 <<? <8? <88Netmrmst 6> 6> 6> 64 =8 =0 64 6=Xrnv`tm lrmfntbrs

Xrnelnp`j ?9,010 04,?6= 0<,019 1,<81 08,6=6 9,>0< =,41> 4,4<>Netmrmst <,?6> ?,=88 0,41= 0,6<? 0,8<? 1<< 64> ?=9

 Ebtms;

Jbea-tmrc prnv`tm ebeau`r`etmmf fmot neljufms bejy rmanstmrmf prnv`tm fmot bi tdm E`tnbe`j O`eg bi G`z`gdst`e. \dbrt-tmrc fmot ns o`smf be tdm E`tnbe`j O`eg

f`t` irbc ?888.

010

Page 184: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 184/341

GME^@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 1,8== 1,<8> 9,060 9,6?0 9,==? 1,<19 1,6?1 4,88=  Jbea-tmrc mxtmre`j fmot =,9<> 9,<8? =,?09 =,19< =,1>1 9,06< 9,?99 9,=6<  Xuojnl ef puojnljy au`r`etmmf 6,1=> =,4=1 =,860 =,19< =,1>1 9,06< 9,?99 9,=6<  Xrnv`tm ebeau`r`etmmf 448 66= 01= 8 8 8 8 8  ]sm bi NCI lrmfnt 64? <16 0?1 0=> 0=< ?9> ?=? 6=0  \dbrt-tmrc mxtmre`j fmot ><6 9<6 1>4 6>> 98? >96 >08 0,800  netmrmst `rrm`rs be jbea-tmrc >= <0 61 ?0 <6 =1 99 1?

 Cmcbr`efuc ntmcs  1? 9 06? 060 <<6 <84 ?10 ?1=    6,1=> =,4=1 =,860 =,19< =,1>1 9,06< 9,?99 9,=6<    448 66= 01= 8 8 8 8 8  48< <?9 <== ?<> =<= 44? <>= >4>

Mxtmre`j fmot ijbwsFnsoursmcmets 111 911 <11 ?68 0?< 666 <?= 9>?  Jbea-tmrc mxtmre`j fmot 968 911 <<< 099 0?< <?> <?= 64?  NCI purld`sms 0<9 8 66 16 8 00= 8 ?8>

Xrnelnp`j rmp`ycmets 6=1 98= 66> 661 <<< <66 ?>9 ?1<  Jbea-tmrc mxtmre`j fmot <=? =99 681 6<> <0> <<6 ?4= ?==  NCI rmpurld`sms 08= <> 6? 1 06 08 00 04

 Emt ijbws 90< 14 -<0 -698 -0?8 6<> -<6 =0<  Jbea-tmrc mxtmre`j fmot ?44 000 -16 -?1< -0>9 -= 68 ??1

  \dbrt-tmrc mxtmre`j fmot ?>6 9 60 -?=6 >8 <<> -9< >=Netmrmst p`ycmets <<< ?>> 06? >0 >6 084 00? 08>  Jbea-tmrc mxtmre`j fmot ?<8 ?90 088 1? 18 11 >8 4<  NCI ld`rams ?9 ? 0 0 0 0 0 ?  \dbrt-tmrc mxtmre`j fmot 14 <9 60 04 ?< ?> ?0 ?<

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet =1 6? 000 ?0 =0 1?> >9 060Xbrtibjnb mqunty 8 = -9 < ? 8 = <

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 0>.0 0>.8 0>.1 09.4 01.6K`p`emsm yme 4.6 04.9 ?8.0 04.9 01.> 09.1 0>.< 01.?Xbuef stmrjnea 4.1 <.4 ?.= 8.9 8.1 8.9 8.6 8.6\wnss ir`el <.6 6.? 0.6 8.0 8.0 8.0 8.0 8.0].\.fbjj`rs <8.> <=.4 6>.4 6>.< 6>.< 64.4 61.= 69.<

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) <.0 ?.0 0.0 0.< 0.4 0.6 0.< 0.?  C`turnty (ym`rs) ?>.9 <=.1 <>.8 <=.= <<.< <>.0 <8.9 <9.1  Ar`lm pmrnbf (ym`rs) 4.6 >.4 08.8 4.6 4.> >.1 4.< >.6Xrnv`tm lrmfntbrs

  Netmrmst (%) 1.6 6.4 1.= 8.8 8.8 8.8 0.8 <.>  C`turnty (ym`rs) 0?.4 =.? =.> 8.8 8.8 01.< 0<.8 1.4  Ar`lm pmrnbf (ym`rs) 6.> 8.9 0.6 8.8 8.8 ?.= 0.= <.<

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 4,??6 4,1?9 0?,=9? 04,1<? ??,=68 ?1,??> <8,6=1 <8,?<=Mxpbrts bi abbfs, smrvnlms & nelbcm ?,?<< <,=48 ?,4?0 =,609 9,86= 1,??< 4,691 1,=44Qbrgmr rmcnt. & lbcp. bi mcpjbymms 0<> ?>4 =<4 48= 0,0?4 0,=44 0,9>? 0,949Ncpbrts bi abbfs, smrvnlms & nelbcm <,0?4 9,0>= <,>60 9,>?0 4,<60 08,<96 0?,140 00,6><Xrbint rmcntt`elms be IFN 0<? 009 ?> <= <> 0?6 =? 99Lurrmet `llbuet o`j`elm -=?1 -0,=14 -0>> -?=? -=08 -0,8<6 -0,>14 ..Netmre`tnbe`j rmsmrvms ?<9 <46 4>4 0,1>> ?,609 <,<== ?,41> <,4=8

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) <0=.> ?86.? ?01.1 004.9 084.6 08?.0 41.1 08=.=Mxtmre`j fmot stblgs tb AEN (%) 4=.4 4<.4 64.> <6.< ?>.0 ?1.0 ?6.6 ?9.=Fmot smrvnlm tb mxpbrts (%) <=.6 ?=.< ?8.> >.> 1.0 9.< 6.4 =.8\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 0<.? 4.1 0<.8 1.4 >.? 0<.0 0?.? 0?.9Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) <=.< <>.1 69.? =<.6 =?.= 64.9 6>.9 64.?_msmrvms tb mxtmre`j fmot stblgs (%) <.< =.< 06.9 ?4.8 <9.> 6=.= <4.4 64.0_msmrvms tb ncpbrts (cbetds) 8.> 8.1 ?.1 <.0 <.= <.> ?.1 6.8

01?

Page 185: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 185/341

GME^@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf =,9<> 9,<8? =,?09 =,19< =,1>1 9,06< 9,?99 9,=6<Xuojnl ef puojnljy au`r`etmmf 6,1=> =,4=1 =,860 =,19< =,1>1 9,06< 9,?99 9,=6<  Biinln`j lrmfntbrs <,10? =,?0? 6,==> =,688 =,618 =,486 =,>61 9,0>?  Cujtnj`tmr`j ?,6>? ?,>8< ?,4<9 <,6?9 <,6<9 <,=40 <,946 <,49?  b w l ; NO_F 410 6<= 61 8 8 8 8 8  NF@ 0,04= 0,>11 ?,?9? ?,99< ?,196 ?,>94 <,8=8 <,0=9

  Onj`tmr`j 0,??8 ?,<8> 0,1?6 0,>16 ?,8<< ?,??< ?,?9? ?,<<8  Xrnv`tm lrmfntbrs 0,861 96= 64? <9< <?1 <<> <0> <=?  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 448 =08 6<9 ?>? ?=? ?98 ?<4 ?6<Xrnv`tm ebeau`r`etmmf 448 66= 01= 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 968 911 <<< 099 0?< <?> <?= 64?Xuojnl `ef puojnljy au`r`etmmf =4= 911 <<< 099 0?< <?> <?= 64?  Biinln`j lrmfntbrs 686 =6= ?64 0<4 0?? <?> <04 6==  Cujtnj`tmr`j ?>1 ?0> 0>9 96 16 ?06 ?<0 ?6>  bi wdnld; NO_F < 8 8 8 8 8 8 8  NF@ ?<6 0=> 018 <6 60 0=> 014 096  Onj`tmr`j 089 <?9 =? 16 64 00= 41 ?81  Xrnv`tm lrmfntbrs 04? 0<? 4= ?4 0 8 1 ?1  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 00> 1? 11 ?4 0 8 8 8Xrnv`tm ebeau`r`etmmf == 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets <=? =99 681 6<> <0> <<6 ?4= ?==Xuojnl `ef puojnljy au`r`etmmf <0= 640 <9? 6?> <0> <<6 ?4= ?==  Biinln`j lrmfntbrs 048 ?10 ?60 <=9 ?=1 <?< ?18 ?=?  Cujtnj`tmr`j 0?1 0=8 00? <?1 ??8 ??< 08= 089  bi wdnld; NO_F >= 088 68 0 8 8 8 8  NF@ 6 > ?> =6 98 99 1= 40  Onj`tmr`j =< 0?8 0?> ?4 <4 088 099 061  Xrnv`tm lrmfntbrs 0<= ?08 0?0 16 9? 00 0= <  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 006 096 084 1? 90 > 0< 8Xrnv`tm ebeau`r`etmmf <1 4= 6= 08 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets ?<8 ?90 088 1? 18 11 >8 4<Xuojnl `ef puojnljy au`r`etmmf 0>< ??8 40 1? 18 11 >8 4<  Biinln`j lrmfntbrs 0<6 091 == 99 9= 1= 44 4?

  Cujtnj`tmr`j 088 11 <4 64 <9 <? <6 <?  bi wdnld; NO_F 14 6< 1 8 8 8 8 8  NF@ 1 06 09 ?< ?? ?? ?6 ??  Onj`tmr`j <6 4> 01 01 ?> 66 =6 =8  Xrnv`tm lrmfntbrs => =< ?1 9 = ? 0 0  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs =? 6= ?< 9 6 0 0 8Xrnv`tm ebeau`r`etmmf <4 60 0> 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 0,099 04= -<<6 -6>8 0<0 4?6 =0 =14  Emt bws be mxtmre` m t 90< 14 -<0 -698 -0?8 6<> -<6 =0<

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 0?? 0?1 0<1 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j ?>= <?< <<4 <66 <<? <61 <98 <48Netmrmst >0 >? >8 49 40 11 10 9=Xrnv`tm lrmfntbrs

Xrnelnp`j 0> 08 08 0? 0? 4 1 1Netmrmst 0 0 0 0 0 0 8 8

01<

Page 186: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 186/341

GB\BYB

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs .. .. .. .. .. .. .. <=4.=  Jbea-tmrc mxtmre`j fmot .. .. .. .. .. .. .. <=4.=  Xuojnl `ef puojnljy au`r`etmmf .. .. .. .. .. .. .. <=4.=  Xrnv`tm ebeau`r`etmmf .. .. .. .. .. .. .. 8.8  ]sm bi NCI lrmfnt .. .. .. .. .. .. .. 8.8  \dbrt-tmrc mxtmre`j fmot .. .. .. .. .. .. .. 8.8  netmrmst `rrm`rs be jbea-tmrc .. .. .. .. .. .. .. 8.8

 Cmcbr`efuc ntmcs  .. .. .. .. .. .. .. 8.8    .. .. .. .. .. .. .. <=4.=    .. .. .. .. .. .. .. 8.8  .. .. .. .. .. .. .. 8.8

Mxtmre`j fmot ijbwsFnsoursmcmets .. .. .. .. .. .. .. 8.8  Jbea-tmrc mxtmre`j fmot .. .. .. .. .. .. .. 8.8  NCI purld`sms .. .. .. .. .. .. .. 8.8

Xrnelnp`j rmp`ycmets .. .. .. .. .. .. .. ?81.1  Jbea-tmrc mxtmre`j fmot .. .. .. .. .. .. .. ?81.1  NCI rmpurld`sms .. .. .. .. .. .. .. 8.8

 Emt ijbws .. .. .. .. .. .. .. -?81.1  Jbea-tmrc mxtmre`j fmot .. .. .. .. .. .. .. -?81.1

  \dbrt-tmrc mxtmre`j fmot .. .. .. .. .. .. .. 8.8Netmrmst p`ycmets .. .. .. .. .. .. .. ??.=  Jbea-tmrc mxtmre`j fmot .. .. .. .. .. .. .. ??.=  NCI ld`rams .. .. .. .. .. .. .. 8.8  \dbrt-tmrc mxtmre`j fmot .. .. .. .. .. .. .. 8.8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet .. .. .. .. .. .. =?=.8 6?=.1Xbrtibjnb mqunty .. .. .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. .. .. .. .. 8.8K`p`emsm yme .. .. .. .. .. .. .. 8.8Xbuef stmrjnea .. .. .. .. .. .. .. 8.8\wnss ir`el .. .. .. .. .. .. .. 8.8].\.fbjj`rs .. .. .. .. .. .. .. 088.8

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) .. .. .. .. .. .. .. 8.8  C`turnty (ym`rs) .. .. .. .. .. .. .. 8.8  Ar`lm pmrnbf (ym`rs) .. .. .. .. .. .. .. 8.8Xrnv`tm lrmfntbrs

  Netmrmst (%) .. .. .. .. .. .. .. 8.8  C`turnty (ym`rs) .. .. .. .. .. .. .. 8.8  Ar`lm pmrnbf (ym`rs) .. .. .. .. .. .. .. 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) .. .. .. .. .. 6>?9.1 =44<.9 ==4<.<Mxpbrts bi abbfs, smrvnlms & nelbcm .. .. .. .. .. .. .. 008=.0Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. .. .. .. .. .. .. ..Ncpbrts bi abbfs, smrvnlms & nelbcm .. .. .. .. .. ?660.? <8>4.9 ?<<=.<Xrbint rmcntt`elms be IFN .. .. .. .. .. .. .. ..Lurrmet `llbuet o`j`elm .. .. .. .. .. .. .. ..Netmre`tnbe`j rmsmrvms .. .. .. .. .. >=0.1 4>?.0 4<8.?

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. .. .. .. .. .. .. <?.6Mxtmre`j fmot stblgs tb AEN (%) .. .. .. .. .. .. .. 9.6Fmot smrvnlm tb mxpbrts (%) .. .. .. .. .. .. .. ?8.4\dbrt-tmrc tb mxtmre`j fmot stblgs (%) .. .. .. .. .. .. .. ..Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) .. .. .. .. .. .. .. 088.8_msmrvms tb mxtmre`j fmot stblgs (%) .. .. .. .. .. .. .. ?<0.9_msmrvms tb ncpbrts (cbetds) .. .. .. .. .. 6.1 <.= 6.<

016

Page 187: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 187/341

GB\BYB

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf .. .. .. .. .. .. .. <=4.=Xuojnl `ef puojnljy au`r`etmmf .. .. .. .. .. .. .. <=4.=  Biinln`j lrmfntbrs .. .. .. .. .. .. .. <=4.=  Cujtnj`tmr`j .. .. .. .. .. .. .. <=4.=  b w l ; NO_F .. .. .. .. .. .. .. <=4.=  NF@ .. .. .. .. .. .. .. 8.8

  Onj`tmr`j .. .. .. .. .. .. .. 8.8  Xrnv`tm lrmfntbrs .. .. .. .. .. .. .. 8.8  bi wdnld; Obefs .. .. .. .. .. .. .. 8.8  Lbccmrln`j o`egs .. .. .. .. .. .. .. 8.8Xrnv`tm ebeau`r`etmmf .. .. .. .. .. .. .. 8.8  bi wdnld; Obefs .. .. .. .. .. .. .. 8.8

Fnsoursmcmets .. .. .. .. .. .. .. 8.8Xuojnl `ef puojnljy au`r`etmmf .. .. .. .. .. .. .. 8.8  Biinln`j lrmfntbrs .. .. .. .. .. .. .. 8.8  Cujtnj`tmr`j .. .. .. .. .. .. .. 8.8  bi wdnld; NO_F .. .. .. .. .. .. .. 8.8  NF@ .. .. .. .. .. .. .. 8.8  Onj`tmr`j .. .. .. .. .. .. .. 8.8  Xrnv`tm lrmfntbrs .. .. .. .. .. .. .. 8.8  bi wdnld; Obefs .. .. .. .. .. .. .. 8.8  Lbccmrln`j o`egs .. .. .. .. .. .. .. 8.8Xrnv`tm ebeau`r`etmmf .. .. .. .. .. .. .. 8.8

  bi wdnld; Obefs .. .. .. .. .. .. .. 8.8

Xrnelnp`j rmp`ycmets .. .. .. .. .. .. .. ?81.1Xuojnl `ef puojnljy au`r`etmmf .. .. .. .. .. .. .. ?81.1  Biinln`j lrmfntbrs .. .. .. .. .. .. .. ?81.1  Cujtnj`tmr`j .. .. .. .. .. .. .. ?81.1  bi wdnld; NO_F .. .. .. .. .. .. .. ?81.1  NF@ .. .. .. .. .. .. .. 8.8  Onj`tmr`j .. .. .. .. .. .. .. 8.8  Xrnv`tm lrmfntbrs .. .. .. .. .. .. .. 8.8  bi wdnld; Obefs .. .. .. .. .. .. .. 8.8  Lbccmrln`j o`egs .. .. .. .. .. .. .. 8.8Xrnv`tm ebeau`r`etmmf .. .. .. .. .. .. .. 8.8  bi wdnld; Obefs .. .. .. .. .. .. .. 8.8

Netmrmst p`ycmets .. .. .. .. .. .. .. ??.=Xuojnl `ef puojnljy au`r`etmmf .. .. .. .. .. .. .. ??.=  Biinln`j lrmfntbrs .. .. .. .. .. .. .. ??.=

  Cujtnj`tmr`j .. .. .. .. .. .. .. ??.=  bi wdnld; NO_F .. .. .. .. .. .. .. ??.=  NF@ .. .. .. .. .. .. .. 8.8  Onj`tmr`j .. .. .. .. .. .. .. 8.8  Xrnv`tm lrmfntbrs .. .. .. .. .. .. .. 8.8  bi wdnld; Obefs .. .. .. .. .. .. .. 8.8  Lbccmrln`j o`egs .. .. .. .. .. .. .. 8.8Xrnv`tm ebeau`r`etmmf .. .. .. .. .. .. .. 8.8  bi wdnld; Obefs .. .. .. .. .. .. .. 8.8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s .. .. .. .. .. .. .. 8.8  Emt bws be mxtmre` m t .. .. .. .. .. .. .. -?81.1

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf .. .. .. .. .. .. .. 8.8

bt` `cbuet bra vme .. .. .. .. .. .. .. .

Fmot ouyo`lg .. .. .. .. .. .. .. 8.8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 09.< 09.< 09.< 09.< 09.< 09.< 09.< 09.<Netmrmst 6.4 6.9 6.< 6.0 <.> <.1 <.= <.?Xrnv`tm lrmfntbrs

Xrnelnp`j 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Netmrmst 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

 Ebtms;

Gbsbvb oml`cm Qbrjf O`eg cmcomr be Kuem ?>, ?88>. \nelm 0>>>, Gbsbvb d`s omme tmrrntbry uefmr netmre tnbe`j fcnenstr`tnbe pursu`et tb ]E \mlurnty

Lbuelnj _msbjutnbe 0?66 (0>>>).

01=

Page 188: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 188/341

G^_A^[ _MX]OJNL

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs .. 98> 0,4?1 ?,8?1 ?,<1< ?,=86 ?,699 ?,>88  Jbea-tmrc mxtmre`j fmot .. 61? 0,=08 0,4?= ?,080 ?,?14 ?,?9> ?,9=?  Xuojnl ef puojnljy au`r`etmmf .. 61? 0,??8 0,99= 0,4<0 0,4>4 0,>9< ?,<?8  Xrnv`tm ebeau`r`etmmf .. 8 ?>8 090 ?18 <48 <81 <<?  ]sm bi NCI lrmfnt .. 0?6 044 014 09< 0=8 09= 091  \dbrt-tmrc mxtmre`j fmot .. 0< 0?> ?6 08> 19 <? 40  netmrmst `rrm`rs be jbea-tmrc .. 00 08 < = 1 9 ?

 Cmcbr`efuc ntmcs  .. 00 ?4 9 9 > 00 ?    .. 61? 0,??8 0,99= 0,4<0 0,4>4 0,>9< ?,<?8    .. 8 ?>8 090 ?18 <48 <81 <<?  .. 096 ?80 49 09 69 >9 98>

Mxtmre`j fmot ijbwsFnsoursmcmets .. ?80 048 0=0 ?6< ?40 ?6= 9>0  Jbea-tmrc mxtmre`j fmot .. 0== 090 0<< ?<> ?11 ?8< 99=  NCI purld`sms .. 69 0> 04 6 6 6? ?9

Xrnelnp`j rmp`ycmets .. <9 >1 086 9= 0=0 ?4= <??  Jbea-tmrc mxtmre`j fmot .. <9 49 16 <4 0?9 ?90 ?>9  NCI rmpurld`sms .. 8 00 <0 ?1 ?= ?< ?9

 Emt ijbws .. 09= 0=? 9< ?90 >= -4? 6??  Jbea-tmrc mxtmre`j fmot .. 00> 1= => ?8? 0=0 -=4 <9>

  \dbrt-tmrc mxtmre`j fmot .. 8 9> 01 4< -<= -6< =<Netmrmst p`ycmets .. ?6 19 ?< ?? ?1 66 <>  Jbea-tmrc mxtmre`j fmot .. ?8 9> ?0 0> ?< 6? <=  NCI ld`rams .. 6 ? 0 0 0 0 0  \dbrt-tmrc mxtmre`j fmot .. 8 = 8 ? < 0 <

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet .. >9 -? 6< 04? ?84 <11 04>Xbrtibjnb mqunty .. .. 8 8 8 0 9 0

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. ?.4 <.= 6.< 6.8 <.=K`p`emsm yme .. 06.< 0=.8 0<.= 0?.= 0?.1 0=.= 0<.8Xbuef stmrjnea .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el .. 0.< 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs .. =0.6 91.> 9>.= 91.8 94.8 9=.< 9>.?

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) .. <.1 0.8 0.8 0.6 8.= 0.9 0.<  C`turnty (ym`rs) .. ?4.6 <=.4 <9.? <0.9 ?9.1 ?0.1 <0.=  Ar`lm pmrnbf (ym`rs) .. 4.0 >.= >.< 4.0 1.< =.> 9.=Xrnv`tm lrmfntbrs

  Netmrmst (%) .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) .. 0,9?9 0,?44 ?,<1? ?,149 <,1=8 =,8<1 6,608Mxpbrts bi abbfs, smrvnlms & nelbcm .. 6=? =>8 >9< 0,<?9 ?,896 ?,14= ?,=4?Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. 0 > <?? 640 10= 0,?<? 44?Ncpbrts bi abbfs, smrvnlms & nelbcm .. 19= 1=< 0,6>> ?,<<4 <,<0< 6,4>? <,4>?Xrbint rmcntt`elms be IFN .. .. <1 <9 68 68 01< 0?9Lurrmet `llbuet o`j`elm .. -?<= -19 -<= -?4? -??4 -9<0 ..Netmre`tnbe`j rmsmrvms .. 0<6 ?9? 90? 401 0,011 0,??= 0,=46

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. 0<6.> <8>.4 ?08.9 014.> 0?0.< 44.= 00?.<Mxtmre`j fmot stblgs tb AEN (%) .. <1.= 060.> 4=.= 4=.? 99.4 6>.8 9=.4Fmot smrvnlm tb mxpbrts (%) .. 0<.< ?>.6 0<.? 9.9 4.9 00.4 06.8\dbrt-tmrc tb mxtmre`j fmot stblgs (%) .. ?.0 1.0 0.? 6.9 <.8 0.< ?.4Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) .. <8.< <>.= =6.? =8.0 =0.0 =?.< 6=.?_msmrvms tb mxtmre`j fmot stblgs (%) .. ?0.> 06.< <8.? <6.6 61.8 6>.1 =6.9_msmrvms tb ncpbrts (cbetds) .. ?.0 6.? 6.> 6.? 6.< <.8 6.>

019

Page 189: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 189/341

G^_A^[ _MX]OJNL

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf .. 61? 0,=08 0,4?= ?,080 ?,?14 ?,?9> ?,9=?Xuojnl ef puojnljy au`r`etmmf .. 61? 0,??8 0,99= 0,4<0 0,4>4 0,>9< ?,<?8  Biinln`j lrmfntbrs .. 61? 0,046 0,99= 0,4<0 0,4>4 0,>9< ?,<?8  Cujtnj`tmr`j .. 046 1?? 0,8>> 0,0>8 0,?48 0,?>8 0,<08  b w l ; NO_F .. 8 8 8 8 8 8 8  NF@ .. 060 <11 =9= 90? 9=0 9== 9=9

  Onj`tmr`j .. ?44 690 =99 960 904 91? 0,808  Xrnv`tm lrmfntbrs .. 8 <1 8 8 8 8 8  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 ?4 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 ?>8 090 ?18 <48 <81 <<?  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Fnsoursmcmets .. 0== 090 0<< ?<> ?11 ?8< 99=Xuojnl `ef puojnljy au`r`etmmf .. 0== 0=< 19 41 99 =0 <1>  Biinln`j lrmfntbrs .. 0== 06> 19 41 99 =0 <1>  Cujtnj`tmr`j .. 0?6 081 18 1< =4 =8 60  bi wdnld; NO_F .. 8 8 8 8 8 8 8  NF@ .. 40 =? <6 ?9 ?? ?8 4  Onj`tmr`j .. <0 6? 9 0= 4 0 <<4  Xrnv`tm lrmfntbrs .. 8 6 8 8 8 8 8  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 4 =1 0=? ?00 0=? ?41

  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets .. <9 49 16 <4 0?9 ?90 ?>9Xuojnl `ef puojnljy au`r`etmmf .. <9 01 09 ?8 ?= <= <4  Biinln`j lrmfntbrs .. <9 0< 09 ?8 ?= <= <4  Cujtnj`tmr`j .. <8 4 09 ?8 ?? ?> <<  bi wdnld; NO_F .. 8 8 8 8 8 8 8  NF@ .. 8 8 6 9 > 00 0?  Onj`tmr`j .. 9 = 8 8 < 9 9  Xrnv`tm lrmfntbrs .. 8 6 8 8 8 8 8  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 ? 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 9> =1 04 08? ??9 ?=4  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Netmrmst p`ycmets .. ?8 9> ?0 0> ?< 6? <=Xuojnl `ef puojnljy au`r`etmmf .. ?8 ?< 0? 0= 09 01 0>  Biinln`j lrmfntbrs .. ?8 ?8 0? 0= 09 01 0>

  Cujtnj`tmr`j .. < 00 0? 0? 0? 0< 0?  bi wdnld; NO_F .. 8 8 8 8 8 8 8  NF@ .. 0 < = = = = =  Onj`tmr`j .. 01 08 8 ? 6 6 1  Xrnv`tm lrmfntbrs .. 8 ? 8 8 8 8 8  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 ? 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 61 > = 9 ?6 09  bi wdnld; Obefs .. 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s .. 09< >? -46 <69 0<8 -<4 6<6  Emt bws be mxtmre` m t .. 09= 0=? 9< ?90 >= -4? 6??

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf .. 8 <? =?8 1 1 0= 09

bt` cbuet bra vme ..

Fmot ouyo`lg .. 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j =1 =4 => 96 1< >8 080 08=Netmrmst <6 <= <= <= <6 <6 <? <?Xrnv`tm lrmfntbrs

Xrnelnp`j >< <6 6? <6 << << <? <8Netmrmst = = = 6 6 6 6 6

 Ebtms;

Jbea-tmrc prnv`tm ebeau`r`etmmf fmot f`t` ibr ?88> `rm Qbrjf O`eg st`ii mstnc`tms.

011

Page 190: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 190/341

J@B XMBXJM'\ FMCBL_@VNL _MX]OJNL

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 0,199 ?,0== ?,=80 ?,466 <,<11 6,<44 6,>== =,=<>  Jbea-tmrc mxtmre`j fmot 0,1=1 ?,8>0 ?,6=> ?,40= <,<=8 6,<9? 6,><6 =,=?<  Xuojnl ef puojnljy au`r`etmmf 0,1=1 ?,8>0 ?,6=> 0,>4> ?,?=> ?,=0= ?,1?8 ?,>?<  Xrnv`tm ebeau`r`etmmf 8 8 8 4?= 0,8>8 0,461 ?,?0< ?,980  ]sm bi NCI lrmfnt 4 96 6? ?> ?1 ?9 ?0 09  \dbrt-tmrc mxtmre`j fmot 8 8 8 8 8 8 8 8  netmrmst `rrm`rs be jbea-tmrc 8 8 8 8 8 8 8 8

 Cmcbr`efuc ntmcs  0 8 0 8 8 8 8 8    0,1=1 ?,8>0 ?,6=> 0,>4> ?,?=> ?,=0= ?,1?8 ?,>?<    8 8 8 4?= 0,8>8 0,461 ?,?0< ?,980  0?= 008 94 19 09 ?08 0< 0?<

Mxtmre`j fmot ijbwsFnsoursmcmets 0=? 008 11 61? 6>0 0,8=4 9?> 9>=  Jbea-tmrc mxtmre`j fmot 0=? >? 11 61? 6>0 0,8=4 9?> 9>=  NCI purld`sms 8 04 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 9 0> <0 4= 0<6 0<= 0<1 09=  Jbea-tmrc mxtmre`j fmot = 01 ?< 1> 0<8 0<? 0<? 0=>  NCI rmpurld`sms 0 ? 4 9 < < 6 9

 Emt ijbws 069 >0 61 <49 <=1 >?< 6>? =?>  Jbea-tmrc mxtmre`j fmot 069 1= == <>? <90 >?9 6>1 =<=

  \dbrt-tmrc mxtmre`j fmot 8 8 8 8 8 8 8 8Netmrmst p`ycmets < 9 > 61 64 == 91 11  Jbea-tmrc mxtmre`j fmot < 9 > 61 64 =6 91 11  NCI ld`rams 8 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 8 8 8 8 8 8 8 8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 9 >= <6 ?4 041 <?6 ??4 0>8Xbrtibjnb mqunty 8 8 .. 8 8 8 .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 8.8 8.8 8.8 8.8 8.8K`p`emsm yme 0.= 0.0 8.6 8.0 8.8 8.8 8.8 8.8Xbuef stmrjnea 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs 1.0 0<.0 04.6 69.1 =?.6 =6.1 =9.6 =>.6

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 8.> ?.= 0.6 <.9 0.6 0.< 0.0 0.=  C`turnty (ym`rs) <>.> <1.0 <0.9 ?1.> ?6.> ?9.0 ?>.0 ?8.?  Ar`lm pmrnbf (ym`rs) 08.8 >.1 4.0 1.> 4.1 >.9 4.8 =.<Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 499 0,1=4 0,996 ?,=46 <,<0= 6,069 =,?4< =,1>>Mxpbrts bi abbfs, smrvnlms & nelbcm 08= 60= =0< 19< 0,0?? 0,?6= .. ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms 00 ?? 0 0 0 0 0 0Ncpbrts bi abbfs, smrvnlms & nelbcm ?0= 190 9<4 0,8?? 0,0>> 0,?<= .. ..Xrbint rmcntt`elms be IFN 8 9 .. .. .. .. .. ..Lurrmet `llbuet o`j`elm -== -?<1 -4 -0>< =8 081 .. ..Netmre`tnbe`j rmsmrvms 4 >> 066 <8> 69? 184 41= 0,808

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 0,944.6 =0>.0 641.< <1<.8 <80.0 <=?.9 .. ..Mxtmre`j fmot stblgs tb AEN (%) ?86.8 0??.9 0=8.< 008.0 080.> 08=.4 ><.4 >=.=Fmot smrvnlm tb mxpbrts (%) 4.= 9.0 1.4 01.< 09.? 0=.? .. ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 8.8 .. 8.8 .. .. .. .. ..Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 0=.0 ?4.4 60.9 =<.9 6>.9 6?.0 <>.1 <9.?_msmrvms tb mxtmre`j fmot stblgs (%) 8.= 6.9 =.1 08.> 0<.1 09.0 01.1 04.?_msmrvms tb ncpbrts (cbetds) 8.= 0.9 ?.1 <.9 6.9 9.> .. ..

014

Page 191: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 191/341

Page 192: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 192/341

JMO@EBE

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 0,141 ?,>16 08,?66 ?<,<?9 ?=,081 ?=,9?= ?6,?>? ?6,496  Jbea-tmrc mxtmre`j fmot <99 0,98> 1,186 0>,419 ?8,>81 ?0,6?9 ?0,8<1 ?0,96>  Xuojnl ef puojnljy au`r`etmmf <99 0,==> 9,>94 04,49= ?8,08? ?8,4>9 ?8,=91 ?8,>1>  Xrnv`tm ebeau`r`etmmf 8 =8 1<9 0,800 48= =<8 618 918  ]sm bi NCI lrmfnt 8 8 8 8 8 48 001 00>  \dbrt-tmrc mxtmre`j fmot 0,6?0 0,<9= ?,=60 <,6=8 6,?88 6,004 <,0<4 <,8>9  netmrmst `rrm`rs be jbea-tmrc <> 08 8 8 8 8 8 8

 Cmcbr`efuc ntmcs  0<? 6< 8 8 8 8 8 8    <99 0,==> 9,>6? 04,49= ?8,08? ?8,4>9 ?8,=91 ?8,>1>    8 =8 19? 0,800 48= =<8 618 918  8 0,==< ?,044 ?,>>0 <,186 <,<0> ?,=0> ?,>96

Mxtmre`j fmot ijbwsFnsoursmcmets 0? >81 ?,66= <,014 <,406 <,66> ?,1<0 <,<?9  Jbea-tmrc mxtmre`j fmot 0? >81 ?,66= <,014 <,406 <,<1? ?,9>8 <,<?9  NCI purld`sms 8 8 8 8 8 14 68 8

Xrnelnp`j rmp`ycmets ?1 086 446 ?,01? <,886 <,814 ?,>8= ?,9>6  Jbea-tmrc mxtmre`j fmot ?1 086 446 ?,01? <,886 <,814 ?,>8= ?,9>6  NCI rmpurld`sms 8 8 8 8 8 8 8 8

 Emt ijbws 1?9 4?> 0,>88 64= 0,=98 ?4> -0,0=6 =4>  Jbea-tmrc mxtmre`j fmot -09 48< 0,=90 0,889 408 ?>< -?06 9<0

  \dbrt-tmrc mxtmre`j fmot 16? ?9 <<> -=?0 1=8 -4? ->48 -6?Netmrmst p`ycmets 1? 0?0 981 0,69? 0,=09 0,969 0,98? 0,=64  Jbea-tmrc mxtmre`j fmot 00 == 61= 0,?41 0,<09 0,6<8 0,66? 0,681  NCI ld`rams 8 8 8 8 8 ? < ?  \dbrt-tmrc mxtmre`j fmot 90 91 0<? 01= ?88 ?0< 0=1 0<>

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet .. .. .. ?,9?6 ?,91= <,<19 6,<<< 6,486Xbrtibjnb mqunty .. .. .. 0,6<9 ==0 1>0 699 >?>

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 4.> >.> >.9 >.= 4.>K`p`emsm yme 8.= 8.8 8.0 8.0 8.0 8.? 8.< 8.<Xbuef stmrjnea 8.1 8.0 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.= 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs 68.8 94.4 91.> 4=.1 4=.6 4=.> 49.= 41.?

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 8.8 =.6 1.= 6.1 6.6 6.= 6.6 ?.8  C`turnty (ym`rs) 8.8 04.1 06.1 0>.8 ?0.1 04.9 0<.9 ?>.8  Ar`lm pmrnbf (ym`rs) 8.8 6.6 =.? 6.0 9.< 1.0 <.9 1.8Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 4.4 >.0 1.6 1.9 9.0 4.> 1.>  C`turnty (ym`rs) 8.8 1.> 6.> =.1 08.< 1.= =.4 9.4  Ar`lm pmrnbf (ym`rs) 8.8 6.9 6.1 =.6 08.? 6.> =.4 9.4

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) <,690 0?,?00 01,=40 ?0,916 ??,9?? ?=,14> ?>,1>0 <=,01?Mxpbrts bi abbfs, smrvnlms & nelbcm .. .. .. 0=,?6? 01,?=8 0>,>06 ?=,=64 ?<,90<Qbrgmr rmcnt. & lbcp. bi mcpjbymms 0,404 0,??= 0,=4? 6,>?6 =,?8? =,19> 1,040 1,==4Ncpbrts bi abbfs, smrvnlms & nelbcm .. .. .. 0>,8=< ?8,<<= ?6,?41 <?,800 <?,>>=Xrbint rmcntt`elms be IFN .. .. .. >= >9 96 0?0 >=Lurrmet `llbuet o`j`elm .. .. .. -?,164 -0,009 -0,98= -6,08< -1,===Netmre`tnbe`j rmsmrvms 6,?08 4,088 4,61= 09,904 0>,?<> ?8,=>> ?4,?9= <>,0<?

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. .. .. 0=<.8 06=.= 0?4.1 >=.0 08=.<Mxtmre`j fmot stblgs tb AEN (%) =0.9 ?6.6 =4.< 081.9 000.8 >>.6 40.= 18.1Fmot smrvnlm tb mxpbrts (%) .. .. .. ?<.4 ?9.? ?<.1 01.9 04.8\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 1>.= 6=.> ?6.4 06.4 09.1 09.0 0?.> 0?.=Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) =.? 9.> 4.1 =.0 =.? =.9 =.6 =.?_msmrvms tb mxtmre`j fmot stblgs (%) ?<=.9 ?1?.< 4?.1 10.? 19.9 48.6 009.6 0=1.6_msmrvms tb ncpbrts (cbetds) .. .. .. 08.= 00.6 08.? 08.9 06.?

048

Page 193: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 193/341

JMO@EBE

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf <99 0,98> 1,186 0>,419 ?8,>81 ?0,6?9 ?0,8<1 ?0,96>Xuojnl ef puojnljy au`r`etmmf <99 0,==> 9,>94 04,49= ?8,08? ?8,4>9 ?8,=91 ?8,>1>  Biinln`j lrmfntbrs 0>1 6<9 0,?>8 ?,09> ?,<80 ?,604 ?,<>? ?,<84  Cujtnj`tmr`j >< ?89 4>8 0,0>0 0,?>> 0,6?1 0,<?8 0,<80  b w l ; NO_F <6 00< ?64 <98 <06 6<1 <94 <04  NF@ 8 8 8 8 8 8 8 8

  Onj`tmr`j 086 ?<8 688 >14 0,88< >>0 0,81? 0,884  Xrnv`tm lrmfntbrs 09> 0,0?< =,911 09,9>9 01,488 04,614 04,016 04,918  bi wdnld; Obefs 8 188 =,?98 09,06? 01,?=< 01,181 01,6>8 04,08=  Lbccmrln`j o`egs 8 <=> 68< =69 =<4 19< 911 ==4Xrnv`tm ebeau`r`etmmf 8 =8 1<9 0,800 48= =<8 618 918  bi wdnld; Obefs 8 =8 1<9 0,800 48= =<8 618 918

Fnsoursmcmets 0? >81 ?,66= <,014 <,406 <,<1? ?,9>8 <,<?9Xuojnl ef puojnljy au`r`etmmf 0? 4=1 ?,<<8 ?,964 <,406 <,<1? ?,9>8 <,0?9  Biinln`j lrmfntbrs = ?0< ?<4 08< ?<? ?4? 680 ?01  Cujtnj`tmr`j 8 48 ?88 19 ?08 ?68 06? 099  bi wdnld; NO_F 8 =0 6? <? <1 09? 68 ?<  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j = 0<< <4 ?1 ?? 6? ?=> =0  Xrnv`tm lrmfntbrs 9 966 ?,8>? ?,=6= <,=4? <,8>8 ?,?>8 ?,>8>  bi wdnld; Obefs 8 <88 ?,8<0 ?,=88 <,=61 ?,1<4 ?,?=1 ?,4>6  Lbccmrln`j o`egs 8 <68 90 6= <? <=? <? 0=Xrnv`tm ebeau`r`etmmf 8 =8 00= =<8 8 8 8 ?88

  bi wdnld; Obefs 8 =8 00= =<8 8 8 8 ?88

Xrnelnp`j rmp`ycmets ?1 086 446 ?,01? <,886 <,814 ?,>8= ?,9>6Xuojnl ef puojnljy au`r`etmmf ?1 086 4<6 0,>81 ?,1>4 ?,48< ?,46= ?,9>6  Biinln`j lrmfntbrs ?1 >< 16 06< ?<? <9? <1= <<<  Cujtnj`tmr`j 9 08 66 088 0=4 ?04 ?<? 041  bi wdnld; NO_F 9 6 01 <4 >8 64 009 1<  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j ?0 4< <8 6< 16 066 06< 061  Xrnv`tm lrmfntbrs 8 00 198 0,196 ?,=99 ?,660 ?,618 ?,<90  bi wdnld; Obefs 8 8 688 0,9>= ?,=81 ?,<9> ?,6<8 ?,<8=  Lbccmrln`j o`egs 8 > <=4 94 =4 10 <> ==Xrnv`tm ebeau`r`etmmf 8 8 =8 ?9= ?89 ?1= 98 8  bi wdnld; Obefs 8 8 =8 ?9= ?89 ?1= 98 8

Netmrmst p`ycmets 00 == 61= 0,?41 0,<09 0,6<8 0,66? 0,681Xuojnl ef puojnljy au`r`etmmf 00 == 604 0,0>1 0,?6? 0,<1< 0,68? 0,<96  Biinln`j lrmfntbrs > 0> =1 >? 41 080 08= 49

  Cujtnj`tmr`j = 00 66 6> 6> 98 =1 6<  bi wdnld; NO_F 6 1 06 0= 04 0> ?8 00  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j = 4 06 6? <4 6? 64 6<  Xrnv`tm lrmfntbrs ? <= <90 0,089 0,0== 0,?10 0,?>1 0,?14  bi wdnld; Obefs 8 ?8 <88 0,841 0,066 0,?=? 0,?1> 0,?9?  Lbccmrln`j o`egs 8 0? => 04 08 0> 04 0=Xrnv`tm ebeau`r`etmmf 8 8 =1 >8 16 =1 68 6<  bi wdnld; Obefs 8 8 =1 >8 16 =1 68 6<

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 1=9 4<> 0,198 ?88 0,140 =04 -0,<<< =1?  Emt bws be mxtmre` m t 1?9 4?> 0,>88 64= 0,=98 ?4> -0,0=6 =4>

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 6<1 6=> 6<8 <06 <06 ?=< ?<6 ??<Netmrmst 088 >1 4> 48 18 90 =0 6?Xrnv`tm lrmfntbrs

Xrnelnp`j ?,446 ?,9?6 <,=?< 0,>== 0,>44 0,01> 0,=1> 0,>?>Netmrmst 0,<68 0,041 0,8<0 14< 9<? =6? 60> ?14

 Ebtms;

Jbea-tmrc prnv`tm ebeau`r`etmmf fmot f`t` bejy lbvmr Obefs.

040

Page 194: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 194/341

JM\BVDB

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs <>=.9 946.6 910.4 99?.8 96>.> 911.9 944.4 18=.<  Jbea-tmrc mxtmre`j fmot <11.1 96?.8 9=9.1 904.> 90<.= 96?.? 9=>.? 940.0  Xuojnl ef puojnljy au`r`etmmf <11.1 96?.8 9=9.1 904.> 90<.= 96?.? 9=>.? 940.0  Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  ]sm bi NCI lrmfnt 0=.0 <4.6 00.0 <=.8 <9.< <=.6 ?>.1 ?6.0  \dbrt-tmrc mxtmre`j fmot ?.4 6.8 6.8 4.8 8.0 8.8 8.8 8.8  netmrmst `rrm`rs be jbea-tmrc 8.4 8.8 8.8 8.8 8.0 8.8 8.8 8.8

 Cmcbr`efuc ntmcs  <.9 8.8 8.8 8.8 8.8 8.8 8.8 8.8    <19.= 960.< 9=9.6 904.> 90<.= 96?.? 9=>.? 940.0    0.? 8.1 8.< 8.8 8.8 8.8 8.8 8.8  69.6 91.6 <<.> 0=.8 ?0.= 90.? 60.= <9.?

Mxtmre`j fmot ijbwsFnsoursmcmets 9?.8 18.6 9>.6 ?0.0 ?4.9 <4.< 6=.4 <1.6  Jbea-tmrc mxtmre`j fmot =1.> 18.6 9>.6 ?0.0 ?4.9 <4.< 6=.4 <1.6  NCI purld`sms 6.0 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets 0=.8 ?6.1 <4.< 9=.< <9.0 <<.4 ?>.= <8.0  Jbea-tmrc mxtmre`j fmot 06.4 ??.8 <<.? 9=.< <=.9 <0.0 ?6.= ?6.?  NCI rmpurld`sms 8.? ?.1 =.? 8.8 8.= ?.1 =.8 =.>

 Emt ijbws 61.8 6=.1 <0.8 -6<.? -0=.= 6.= 09.< 1.<  Jbea-tmrc mxtmre`j fmot 6<.0 64.6 <9.? -66.? -1.8 1.? ?0.< 0<.?

  \dbrt-tmrc mxtmre`j fmot 8.8 8.8 8.8 0.8 -4.8 8.8 8.8 8.8Netmrmst p`ycmets 4.< 09.0 ?<.? 06.? >.9 96.= 4.8 1.9  Jbea-tmrc mxtmre`j fmot 4.8 0=.1 ??.> 0<.1 >.? 96.< 1.4 1.6  NCI ld`rams 8.0 8.? 8.8 8.? 8.? 8.? 8.? 8.0  \dbrt-tmrc mxtmre`j fmot 8.? 8.? 8.? 8.< 8.? 8.8 8.8 8.8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 01.0 ?1=.< 001.4 >?.9 00<.8 0<8.< ?04.8 ..Xbrtibjnb mqunty 8.8 .. .. 8.8 8.8 .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. >.4 >.4 >.? 1.= 9.4K`p`emsm yme 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea 0.1 8.4 0.4 8.> 8.1 8.= 8.6 8.6\wnss ir`el 8.8 8.8 0.> 8.? 8.8 8.8 8.8 8.8].\.fbjj`rs ?6.4 ??.0 ?9.> <>.< 60.4 6<.? 6<.4 6<.9

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 0.8 =.> 8.< 0.1 8.4 <.? 0.1 0.8  C`turnty (ym`rs) ?=.0 ?1.= 0>.< <0.8 <4.0 <0.8 ?<.> 68.>  Ar`lm pmrnbf (ym`rs) 9.? =.1 =.6 4.= 08.< 1.4 9.< >.<Xrnv`tm lrmfntbrs

  Netmrmst (%) 4.6 9.= 6.9 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) =.> 01.> ?.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 0.4 6.0 8.= 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) ><1.6 0??1.= 0808.4 0948.8 04>1.1 ?841.= ?86=.= ?0?<.>Mxpbrts bi abbfs, smrvnlms & nelbcm ===.8 918.9 =6?.= 081?.? 009=.= 0689.6 0649.6 0?1<.4Qbrgmr rmcnt. & lbcp. bi mcpjbymms 6?1.> 608.= ?=?.? <?9.9 <90.= 6=0.? 6<4.9 6>0.8Ncpbrts bi abbfs, smrvnlms & nelbcm 11=.> 0?8<.4 4<?.4 0616.4 0644.9 0400.1 01=1.4 01>>.=Xrbint rmcntt`elms be IFN 0?.1 10.6 0=.8 08.1 00.9 0?.> 4.= ..Lurrmet `llbuet o`j`elm 9=.8 -<?<.8 -0=0.6 -08?.8 99.< ?0>.4 ?66.? ..Netmre`tnbe`j rmsmrvms 1?.6 6=9.1 601.> =0>.0 9=4.6 .. .. ..

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 10.< 08?.0 0?<.4 90.1 ==.4 64.? 69.< ==.6Mxtmre`j fmot stblgs tb AEN (%) 6?.? ==.4 99.= <>.6 <6.? <?.= <<.1 <<.?Fmot smrvnlm tb mxpbrts (%) 6.? 9.0 00.< 1.6 <.> 1.8 ?.= <.8\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 8.1 8.9 8.9 0.? 8.8 .. .. 8.8Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 1<.9 94.? 18.4 14.< 46.6 49.4 41.0 49.0_msmrvms tb mxtmre`j fmot stblgs (%) 04.< 99.1 9?.? 14.6 080.< .. .. .._msmrvms tb ncpbrts (cbetds) 0.0 6.9 9.8 6.? =.< .. .. ..

04?

Page 195: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 195/341

Page 196: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 196/341

JNOM_N@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs ?,8=9 ?,699 ?,48> <,>?0 6,098 <,16= <,0?4 0,998  Jbea-tmrc mxtmre`j fmot 0,00> 0,0=< 0,086 0,01> 0,?86 0,8<6 49= 911  Xuojnl ef puojnljy au`r`etmmf 0,00> 0,0=< 0,086 0,01> 0,?86 0,8<6 49= 911  Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  ]sm bi NCI lrmfnt <?? <<9 ?>? <?8 <<9 <=? 4=4 4>0  \dbrt-tmrc mxtmre`j fmot 90= >14 0,60< ?,6?? ?,9?0 ?,<=> 0,68= >?  netmrmst rrm`rs be jbea-tmrc ==> ><6 0,60< ?,6?? ?,9?0 ?,<=> 0,68= >?

 Cmcbr`efuc ntmcs  1?? >90 0,0?1 0,<81 0,<4= 0,?4> 6?= ?=?    0,00> 0,0=< 0,086 0,01> 0,?86 0,8<6 49= 911    8 8 8 8 8 8 8 8  <8 8 8 8 8 8 8 8

Mxtmre`j fmot ijbwsFnsoursmcmets 8 8 8 8 8 8 440 04  Jbea-tmrc mxtmre`j fmot 8 8 8 8 8 8 8 8  NCI purld`sms 8 8 8 8 8 8 440 04

Xrnelnp`j rmp`ycmets ? 8 0 8 0 ?90 <4> <9  Jbea-tmrc mxtmre`j fmot 0 8 8 8 8 ?90 <1 <9  NCI rmpurld`sms 0 8 0 8 0 0 <=? 8

 Emt ijbws -0 8 -0 8 -0 -?90 6>0 -0>  Jbea-tmrc mxtmre`j fmot -0 8 8 8 8 -?90 -<1 -<9

  \dbrt-tmrc mxtmre`j fmot 0 8 8 8 8 8 8 8Netmrmst p`ycmets 0 ? 8 0 8 <40 =6= ?4  Jbea-tmrc mxtmre`j fmot 0 8 8 8 8 <40 9> 01  NCI ld`rams 8 ? 8 0 8 8 619 00  \dbrt-tmrc mxtmre`j fmot 8 8 8 8 8 8 8 8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet ??= = ?0 4< 084 0<? 066 <14Xbrtibjnb mqunty .. .. .. 8 8 8 8 ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 00.9 0?.1 09.= ?.6 ?.9K`p`emsm yme 9.0 1.1 1.? 9.9 9.6 1.4 4.? 8.8Xbuef stmrjnea 0.? 0.? 0.? 0.? 0.? 8.> 8.4 8.>\wnss ir`el 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs =0.8 64.4 =9.4 =<.1 =?.4 96.4 4?.1 4>.8

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 6.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) ?6.4 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) =.< 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) .. .. <4> 601 666 =98 91< 96=Mxpbrts bi abbfs, smrvnlms & nelbcm .. .. .. <== =8> =9? 9=1 ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. .. .. <? 1> 9? =4 ==Ncpbrts bi abbfs, smrvnlms & nelbcm .. .. .. 0,<04 0,44? 0,>01 <,8?8 ..Xrbint rmcntt`elms be IFN .. .. .. 1 06 0= ?< ..Lurrmet `llbuet o`j`elm .. .. .. -046 -01< -?09 -0,041 ..Netmre`tnbe`j rmsmrvms .. ?4 8 ?= 1? 00> 090 ..

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. .. .. 0,08=.< 409.9 999.0 619.0 ..Mxtmre`j fmot stblgs tb AEN (%) .. .. 1?<.8 ><>.1 ><1.? 994.> 69=.8 ?=1.=Fmot smrvnlm tb mxpbrts (%) .. .. .. 8.< 8.? 006.? 06?.? ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) ?>.> <>.9 =8.< 90.4 9<.8 9<.8 66.> =.=Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) ?0.0 04.6 06.0 00.? 08.4 =.0 =.8 >.<_msmrvms tb mxtmre`j fmot stblgs (%) .. 0.0 8.8 8.9 0.1 <.? =.0 .._msmrvms tb ncpbrts (cbetds) .. .. .. 8.? 8.= 8.1 8.9 ..

046

Page 197: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 197/341

JNOM_N@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 0,00> 0,0=< 0,086 0,01> 0,?86 0,8<6 49= 911Xuojnl ef puojnljy au`r`etmmf 0,00> 0,0=< 0,086 0,01> 0,?86 0,8<6 49= 911  Biinln`j lrmfntbrs >?9 >6= >81 >40 0,88= 4<0 918 9=9  Cujtnj`tmr`j 6<< 6=< <>= 668 664 0>? 0=4 0==  b w l ; NO_F 06< 090 0<8 069 061 8 8 8  NF@ 08= 084 088 089 08> 11 1? 9>

  Onj`tmr`j 6>< 6>? =0? =60 ==1 9<> =0? =8?  Xrnv`tm lrmfntbrs 0>? ?84 0>1 0>4 0>> ?8< 0>= ?0  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 01? 041 048 01> 014 040 0>= ?0Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 8 8 8 8 8 8 8 8Xuojnl `ef puojnljy au`r`etmmf 8 8 8 8 8 8 8 8  Biinln`j lrmfntbrs 8 8 8 8 8 8 8 8  Cujtnj`tmr`j 8 8 8 8 8 8 8 8  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 8 8 8 8 8 8 8 8  Xrnv`tm lrmfntbrs 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 0 8 8 8 8 ?90 <1 <9Xuojnl `ef puojnljy au`r`etmmf 0 8 8 8 8 ?90 <1 <9  Biinln`j lrmfntbrs 0 8 8 8 8 ?90 <1 6  Cujtnj`tmr`j 0 8 8 8 8 ?90 <1 6  bi wdnld; NO_F 8 8 8 8 8 09< 8 8  NF@ 8 8 8 8 8 <= 6 <  Onj`tmr`j 8 8 8 8 8 8 8 8  Xrnv`tm lrmfntbrs 8 8 8 8 8 8 8 <?  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 <?Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 0 8 8 8 8 <40 9> 01Xuojnl `ef puojnljy au`r`etmmf 0 8 8 8 8 <40 9> 01  Biinln`j lrmfntbrs 0 8 8 8 8 <40 9> 0?

  Cujtnj`tmr`j 0 8 8 8 8 <40 9> 0?  bi wdnld; NO_F 8 8 8 8 8 ?>? 8 8  NF@ 8 8 8 8 8 04 0 0  Onj`tmr`j 8 8 8 8 8 8 8 8  Xrnv`tm lrmfntbrs 8 8 8 8 8 8 8 =  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 =Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 04? 004 ?6> >0 ?68 -60= -909 -0,69>  Emt bws be mxtmre` m t -0 8 -0 8 -0 -?90 6>0 -0>

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 8 8 8 8 ?>= <

bt` `cbuet bra vme ,

Fmot ouyo`lg 8 8 8 8 8 8 8 <?

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 08 08 08 4 09 06 0< 0<Netmrmst ? 1 1 1 1 9 9 9Xrnv`tm lrmfntbrs

Xrnelnp`j 8 8 8 8 8 8 8 8Netmrmst 8 8 8 8 8 8 8 8

 Ebtms;

F`t` be jbea-tmrc puojnl ef puojnljy au`r`etmmf fmot rm rmvnsmf o`smf be tdm brnane`j tmrcs bi tdm jb`es ef rmpbrts prbvnfmf oy X`rns Ljuo. F`t` neljufm tdm

miimlts bi X`rns Ljuo rmsldmfujnea armmcmet snaemf ne ?884.

04=

Page 198: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 198/341

JNVD]@EN@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs .. 19> 6,1?< 00,6?? 04,==> ?>,6<8 <0,119 <0,101  Jbea-tmrc mxtmre`j fmot .. 6=> <,601 9,8>1 0?,4=< ?0,991 ?<,98? ?=,191  Xuojnl ef puojnljy au`r`etmmf .. 6<8 ?,?89 0,>>0 6,=11 =,499 =,<<= >,8=>  Xrnv`tm ebeau`r`etmmf .. ?> 0,?00 6,081 4,?11 0=,488 04,?91 09,184  ]sm bi NCI lrmfnt .. ?9? 0>? 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot .. 6> 0,006 =,<?= =,189 1,19< 4,016 =,>6>  netmrmst `rrm`rs be jbea-tmrc .. 8 8 8 8 8 8 8

 Cmcbr`efuc ntmcs  .. 8 8 8 8 8 8 8    .. 6?6 ?,0?4 0,>94 6,=9< =,4=4 =,<<0 >,8=>    .. <6 0,?>8 6,0<8 4,?>8 0=,48> 04,?10 09,184  .. 6?? 4?4 8 ?,=0< 4?? 008 6,6=4

Mxtmre`j fmot ijbwsFnsoursmcmets .. ?0> 0,09= ?,49< >,688 06,69? 00,816 1,?48  Jbea-tmrc mxtmre`j fmot .. 0=1 0,09= ?,49< >,688 06,69? 00,816 1,?48  NCI purld`sms .. 9< 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets .. 0? 4?9 ?,?11 <,1<1 1,10= 4,<6? =,19=  Jbea-tmrc mxtmre`j fmot .. 0? 1>> ?,?=? <,1<1 1,10= 4,<6? =,19=  NCI rmpurld`sms .. 8 ?1 ?= 8 8 8 8

 Emt ijbws .. ??4 <4< ?,06= 9,866 4,48= <,06< -108  Jbea-tmrc mxtmre`j fmot .. 066 <99 900 =,99< 9,161 ?,1<? 0,=0=

  \dbrt-tmrc mxtmre`j fmot .. ?8 66 0,==> <40 ?,8=1 600 -?,??=Netmrmst p`ycmets .. <0 ?40 <?< 6<9 164 0,86? 19<  Jbea-tmrc mxtmre`j fmot .. 01 ?0= 01< ?1= =?> 1>1 =4=  NCI ld`rams .. 0? 00 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot .. ? == 0=8 090 ?0> ?6= 014

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet .. 1< <1> 0,8<? 0,468 ?,801 0,118 <81Xbrtibjnb mqunty .. 9 0?? 0<8 1? -099 00< -089

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 48.> >9.6 >4.< >4.6 4?.1K`p`emsm yme .. >.4 ?.> 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea .. 8.8 8.0 8.8 8.8 8.8 8.8 8.8\wnss ir`el .. <.? 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs .. <6.6 <?.> 01.> <.? 0.= 0.6 01.<

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) .. 9.< 1.0 8.8 0.9 8.8 8.8 6.0  C`turnty (ym`rs) .. 06.9 0<.< 8.8 6.8 8.8 8.8 ?<.1  Ar`lm pmrnbf (ym`rs) .. 6.6 1.4 8.8 0.8 8.8 8.8 9.>Xrnv`tm lrmfntbrs

  Netmrmst (%) .. 4.0 1.4 8.8 6.4 6.> =.= 1.1  C`turnty (ym`rs) .. =.6 =.8 8.8 4.0 08.< 0<.8 =.1  Ar`lm pmrnbf (ym`rs) .. 0.? 6.4 8.8 4.0 08.< 0.8 6.1

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) .. 1,4>? 00,?68 ?=,<<> ?>,?18 <1,6>0 6=,=11 <1,?8<Mxpbrts bi abbfs, smrvnlms & nelbcm .. <,?6? =,?>= 0=,<?1 04,<96 ?0,>48 ?>,9?= ?0,8?9Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. 0 =8 =<6 >>6 0,6<< 0,698 0,094Ncpbrts bi abbfs, smrvnlms & nelbcm .. <,>99 9,?0? 01,4?8 ??,<81 ?4,4<9 <9,<?> ?0,8=1Xrbint rmcntt`elms be IFN .. 4 0?< 100 414 0,6?< 0,809 1?=Lurrmet llbuet o`j`elm .. -906 -91= -0,4<0 -<,?04 -=,9>? -=,9?1 0,6>?Netmre`tnbe`j rmsmrvms .. 4?> 0,<9< <,409 =,11< 1,1?0 9,66? 9,9=1

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. ?<.1 4>.? 16.= 080.0 0<<.> 081.< 0=8.4Mxtmre`j fmot stblgs tb AEN (%) .. >.4 6?.8 6=.0 9<.6 14.= 9>.1 4=.<Fmot smrvnlm tb mxpbrts (%) .. 0.< ?8.> 01.8 ??.1 <4.= <0.1 <0.8\dbrt-tmrc tb mxtmre`j fmot stblgs (%) .. 9.6 ?<.9 69.9 <8.1 ?9.6 ?=.1 04.4Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) .. ?0.0 >.= ?.9 0.9 8.4 8.9 <.>_msmrvms tb mxtmre`j fmot stblgs (%) .. 081.1 ?4.> <<.6 <0.0 ?9.? ?8.< ?0.8_msmrvms tb ncpbrts (cbetds) .. ?.= ?.9 ?.9 <.0 <.? ?.0 <.4

049

Page 199: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 199/341

JNVD]@EN@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf .. 6=> <,601 9,8>1 0?,4=< ?0,991 ?<,98? ?=,191Xuojnl ef puojnljy au`r`etmmf .. 6<8 ?,?89 0,>>0 6,=11 =,499 =,<<= >,8=>  Biinln`j lrmfntbrs .. <01 918 69? <84 ?<0 ?88 0,?<>  Cujtnj`tmr`j .. 09< 661 ?>4 <80 ??9 0>4 0,?<>  b w l ; NO_F .. 9? ?=< 49 40 ?6 ?1 ?<  NF@ .. 8 8 8 8 8 8 8

  Onj`tmr`j .. 0=6 ??< 096 1 = ? 8  Xrnv`tm lrmfntbrs .. 00< 0,=<1 0,=?> 6,?9> =,9<= =,0<= 1,4?8  bi wdnld; Obefs .. 8 0,0<8 0,609 6,?06 =,=>6 =,006 1,409  Lbccmrln`j o`egs .. 0 044 9< =0 68 ?8 6Xrnv`tm ebeau`r`etmmf .. ?> 0,?00 6,081 4,?11 0=,488 04,?91 09,184  bi wdnld; Obefs .. 8 <1 8 8 0,8<8 0,8<8 0,8<8

Fnsoursmcmets .. 0=1 0,09= ?,49< >,688 06,69? 00,816 1,?48Xuojnl `ef puojnljy au`r`etmmf .. 0=1 61> 6= ?,=68 46< 009 <,=4>  Biinln`j lrmfntbrs .. >? 069 6= ?4 ?8 9 0,8?4  Cujtnj`tmr`j .. <4 0<> 6? ?4 ?8 9 0,8?4  bi wdnld; NO_F .. 0? 99 06 08 8 9 8  NF@ .. 8 8 8 8 8 8 8  Onj`tmr`j .. =6 1 < 8 8 8 8  Xrnv`tm lrmfntbrs .. 96 <<< 8 ?,=00 4?? 008 ?,=90  bi wdnld; Obefs .. 8 <88 8 ?,=00 4?? 008 ?,=90  Lbccmrln`j o`egs .. 0 <0 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 949 ?,404 9,498 0<,9?8 08,>=4 <,9>0

  bi wdnld; Obefs .. 8 <1 8 8 0,8<8 8 8

Xrnelnp`j rmp`ycmets .. 0? 1>> ?,?=? <,1<1 1,10= 4,<6? =,19=Xuojnl `ef puojnljy au`r`etmmf .. 0? <08 48? ?1< 06= <66 00>  Biinln`j lrmfntbrs .. < 4? ?<= ?8> 0?4 ?4 <8  Cujtnj`tmr`j .. 8 9? 066 =? 0?= ?= ?1  bi wdnld; NO_F .. 8 > 000 0> =4 < <  NF@ .. 8 8 8 8 8 8 8  Onj`tmr`j .. < 0> >0 0=1 < ? ?  Xrnv`tm lrmfntbrs .. > ??> =91 96 01 <09 4>  bi wdnld; Obefs .. 8 ?= 68= 8 8 ?>6 1<  Lbccmrln`j o`egs .. 8 069 00? 09 0= ?0 09Xrnv`tm ebeau`r`etmmf .. 8 64> 0,6=0 <,696 1,=18 1,>>> =,969  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Netmrmst p`ycmets .. 01 ?0= 01< ?1= =?> 1>1 =4=Xuojnl `ef puojnljy au`r`etmmf .. 01 0<9 089 090 0=9 ?=0 ?1<  Biinln`j lrmfntbrs .. 0< <= <9 ?6 06 00 4

  Cujtnj`tmr`j .. > ?9 ?9 06 06 08 4  bi wdnld; NO_F .. 6 0= 0= 6 < 0 0  NF@ .. 8 8 8 8 8 8 8  Onj`tmr`j .. 6 > 08 08 8 8 8  Xrnv`tm lrmfntbrs .. 6 088 18 0<1 06? ?60 ?9=  bi wdnld; Obefs .. 8 9< == 0<0 0<> ?<> ?96  Lbccmrln`j o`egs .. 8 ?8 9 < ? ? 8Xrnv`tm ebeau`r`etmmf .. 8 48 91 006 <1< =6= <0?  bi wdnld; Obefs .. 8 8 8 8 60 =4 6=

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s .. ?91 <84 >6? 1,0<1 08,410 ?,<69 -=>  Emt bws be mxtmre` m t .. ??4 <4< ?,06= 9,866 4,48= <,06< -108

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf .. 8 8 8 8 8 8 8

bt` cbuet bra vme ..

Fmot ouyo`lg .. 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j ?1 ?0 ?8 ?8 ?8 <4 0<0 0?>Netmrmst <0 <= <9 <1 <1 <1 <9 <6Xrnv`tm lrmfntbrs

Xrnelnp`j 6,=<1 <,?88 6,<<< <,09< ?,0?= ?,==6 ?,?19 994Netmrmst 0,8<< 4>< 161 =16 6<1 ?9< 091 48

 Ebtms;

\dbrt-tmrc fmot f`t` rm o`smf be abvmrecmet st`tnstnls.

041

Page 200: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 200/341

C@LMFBEN@, IB_CM_ ]AB\J@Y _MX]OJNL BI

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs .. 0,?11 0,69> ?,>10 <,?46 6,090 6,9>8 =,=4>  Jbea-tmrc mxtmre`j fmot .. 0,814 0,<<< ?,08> ?,<9? ?,=96 <,804 <,94>  Xuojnl ef puojnljy au`r`etmmf .. 144 0,?89 0,9<4 0,==9 0,=?8 0,=16 0,416  Xrnv`tm ebeau`r`etmmf .. ?4> 0?1 610 48= 0,866 0,66< 0,409  ]sm bi NCI lrmfnt .. =1 40 9? =9 8 8 8  \dbrt-tmrc mxtmre`j fmot .. 06< == 488 491 0,=>1 0,91? 0,>88  netmrmst `rrm`rs be jbea-tmrc .. 06< 6 > 0= ?4 << <0

 Cmcbr`efuc ntmcs  .. ?09 0> <9 6> 084 0?1 009    .. 14= 0,?80 0,9<9 0,=== 0,=0> 0,=16 0,41<    .. ?>< 0<? 61< 481 0,866 0,666 0,409  .. ?89 0?< ?16 0<1 08< 0== 608

Mxtmre`j fmot ijbwsFnsoursmcmets .. 00? 0== <<6 <>> =<4 1>9 446  Jbea-tmrc mxtmre`j fmot .. 1= 0=0 <04 <>> =<4 1>9 446  NCI purld`sms .. <4 6 09 8 8 8 8

Xrnelnp`j rmp`ycmets .. ?8 >< 04? 6<> =6? ?>= <16  Jbea-tmrc mxtmre`j fmot .. 0> 16 010 6<8 64= ?>= <16  NCI rmpurld`sms .. 0 0> 00 08 =1 8 8

 Emt ijbws .. 16 => 004 ?? 10< =10 1<>  Jbea-tmrc mxtmre`j fmot .. =9 14 061 -<8 =? =80 =08

  \dbrt-tmrc mxtmre`j fmot .. -04 -< -<6 90 101 9> ?<8Netmrmst p`ycmets .. 00 6= >? 0?6 09< 04? 011  Jbea-tmrc mxtmre`j fmot .. > <1 =6 4? 44 08= ><  NCI ld`rams .. ? < 0 ? 0 8 8  \dbrt-tmrc mxtmre`j fmot .. 0 = <1 68 16 11 46

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet .. > ?0= >1 6?6 9>> =41 ?64Xbrtibjnb mqunty .. .. 8 =6 49 018 -6> -06

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 68.> =?.< 9<.8 96.8 9>.9K`p`emsm yme .. 9.= 8.6 8.? 8.= 0.6 <.8 <.9Xbuef stmrjnea .. 0.0 8.? 8.0 8.0 8.8 8.8 8.8\wnss ir`el .. 8.> ?.6 8.9 8.= 8.0 8.8 8.8].\.fbjj`rs .. 6>.1 10.4 =9.9 66.4 <6.< <0.4 ?=.4

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) .. <.4 =.= <.0 <.1 =.8 =.? ?.8  C`turnty (ym`rs) .. ?<.8 0>.= 09.1 09.4 01.8 01.6 0=.<  Ar`lm pmrnbf (ym`rs) .. 9.1 9.6 =.0 =.6 =.8 6.9 6.1Xrnv`tm lrmfntbrs

  Netmrmst (%) .. ?.< >.? 6.9 =.4 8.8 0.4 >.>  C`turnty (ym`rs) .. ?>.1 <.6 08.8 09.< 8.8 6.< <.=  Ar`lm pmrnbf (ym`rs) .. 08.> 8.= >.> <.> 8.8 8.0 <.=

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) .. 6,608 <,=60 =,1=9 9,<=> 1,141 >,6?1 4,>>8Mxpbrts bi abbfs, smrvnlms & nelbcm .. .. 0,91> ?,9=< <,0<? 6,<40 =,?== <,1?9Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. .. 40 ??1 ?91 <6= 681 680Ncpbrts bi abbfs, smrvnlms & nelbcm .. .. ?,<49 <,496 6,6?9 9,881 1,>0< =,>10Xrbint rmcntt`elms be IFN .. .. <0 06? => 618 ?=< 046Lurrmet `llbuet o`j`elm .. .. ->4 -0=4 -=9 -?61 -0,?08 ..Netmre`tnbe`j rmsmrvms .. ?1= 698 0,<68 0,44> ?,?96 ?,008 ?,?44

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. .. 41.= 00?.8 086.> >=.8 4>.? 0=8.8Mxtmre`j fmot stblgs tb AEN (%) .. ?>.8 60.= =0.9 =0.1 =<.6 6>.1 9?.?Fmot smrvnlm tb mxpbrts (%) .. .. 4.? 08.< 04.8 09.0 >.0 06.4\dbrt-tmrc tb mxtmre`j fmot stblgs (%) .. 00.? <.1 ?9.> ?9.6 <4.6 <=.9 <6.8Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) .. ??.9 <4.4 <8.4 <0.< ?=.8 ??.< 0>.<_msmrvms tb mxtmre`j fmot stblgs (%) .. ?0.= <0.< 6=.0 =1.= =6.6 6=.8 68.>_msmrvms tb ncpbrts (cbetds) .. .. ?.< 6.? =.0 6.= <.? 6.9

044

Page 201: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 201/341

C@LMFBEN@, I^_ 

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf .. 0,814 0,<<< ?,08> ?,<9? ?,=96 <,804 <,94>Xuojnl ef puojnljy au`r`etmmf .. 144 0,?89 0,9<4 0,==9 0,=?8 0,=16 0,416  Biinln`j lrmfntbrs .. 98= >?0 0,?8< 0,?>4 0,?<> 0,?11 0,<?0  Cujtnj`tmr`j .. ?44 =18 >06 0,8?4 0,868 0,861 0,840  b w l ; NO_F .. >1 009 ?66 ?=> 0>< ?<1 ?10  NF@ .. 46 ?6> <96 <4< <>6 <49 <4?

  Onj`tmr`j .. <01 <=? ?4> ?18 0>> ?<8 ?68  Xrnv`tm lrmfntbrs .. 046 ?46 6<= ?=4 ?40 ?>1 ==?  bi wdnld; Obefs .. 8 8 011 0>4 ??0 ?8> 694  Lbccmrln`j o`egs .. 08< ?16 ?=? =9 =1 1> 11Xrnv`tm ebeau`r`etmmf .. ?4> 0?1 610 48= 0,866 0,66< 0,409  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Fnsoursmcmets .. 1= 0=0 <04 <>> =<4 1>9 446Xuojnl `ef puojnljy au`r`etmmf .. 1= >4 ?>6 000 06? 016 <61  Biinln`j lrmfntbrs .. 16 >9 08= 4? 0<4 0<1 08<  Cujtnj`tmr`j .. 16 1> >6 10 084 49 19  bi wdnld; NO_F .. ?8 0< =6 00 =6 =? 6<  NF@ .. 6? <4 4 = 8 8 8  Onj`tmr`j .. 8 01 00 00 <0 =? ?1  Xrnv`tm lrmfntbrs .. 8 0 04> ?> < <1 ?66  bi wdnld; Obefs .. 8 8 041 8 8 8 ?66  Lbccmrln`j o`egs .. 8 8 ? ?4 < <8 8Xrnv`tm ebeau`r`etmmf .. 8 =6 ?= ?4> <>9 9?? =<1

  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets .. 0> 16 010 6<8 64= ?>= <16Xuojnl `ef puojnljy au`r`etmmf .. 0> ?= 40 <81 ?>6 14 44  Biinln`j lrmfntbrs .. 0> ?< 91 1> ?49 16 40  Cujtnj`tmr`j .. 0> ?8 <0 <9 010 =? 98  bi wdnld; NO_F .. 0> < 00 0? 0<6 4 >  NF@ .. 8 8 ? 6 = 9 1  Onj`tmr`j .. 8 < <9 6< 00= ?0 ?0  Xrnv`tm lrmfntbrs .. 8 ? 06 ??4 4 = 1  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 ? 06 ??1 9 6 =Xrnv`tm ebeau`r`etmmf .. 8 6> >8 0?< 0>0 ?01 ?41  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Netmrmst p`ycmets .. > <1 =6 4? 44 08= ><Xuojnl `ef puojnljy au`r`etmmf .. > <8 60 =? =0 =6 61  Biinln`j lrmfntbrs .. > ?8 <? <1 <4 60 <<

  Cujtnj`tmr`j .. > 0> ?8 ?< ?> << ?9  bi wdnld; NO_F .. 4 1 1 08 00 08 4  NF@ .. 8 ? < < < < <  Onj`tmr`j .. 8 0 0? 0< > 4 9  Xrnv`tm lrmfntbrs .. 8 08 > 0= 0? 06 0=  bi wdnld; Obefs .. 8 8 8 > 08 08 08  Lbccmrln`j o`egs .. 8 08 4 9 ? < =Xrnv`tm ebeau`r`etmmf .. 8 1 0< <8 <4 =8 69  bi wdnld; Obefs .. 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s .. 016 66 0=6 <06 419 =?> >88  Emt bws be mxtmre` m t .. 16 => 004 ?? 10< =10 1<>

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf .. ?=9 66 8 8 8 8 8

bt` cbuet bra vme ..

Fmot ouyo`lg .. 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 0<9 00? 08> 00< 00> 009 00< 089Netmrmst ?6 ?? ?8 0> 01 0= 0< 00Xrnv`tm lrmfntbrs

Xrnelnp`j 688 <00 ?44 68? 086 ?11 08> ><Netmrmst 060 0?? 009 =< 66 60 <0 ??

 Ebtms;

\dbrt-tmrc fmot ns o`smf be Lmetr`j O`eg f`t` irbc ?886.

04>

Page 202: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 202/341

C@F@A@\L@_ 

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs <,94> 6,<8? 6,9>0 <,6>6 0,6>? 0,181 ?,849 ?,?0<  Jbea-tmrc mxtmre`j fmot <,<?8 <,941 6,?49 <,04? 0,?6? 0,600 0,1<? 0,4=0  Xuojnl ef puojnljy au`r`etmmf <,<?8 <,941 6,?49 <,04? 0,?6? 0,600 0,1?1 0,469  Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 6 6  ]sm bi NCI lrmfnt 066 1< 086 ?0? ?> 6< >> 080  \dbrt-tmrc mxtmre`j fmot ??= =6? <80 >> ??0 ?=6 ?== ?9?  netmrmst `rrm`rs be jbea-tmrc 0?9 649 ?8< 1? 049 04> 044 04>

 Cmcbr`efuc ntmcs  ?99 0,0>6 99= ?04 ??< 0>9 0>1 0>9    <,?66 <,=== 6,096 <,0<9 0,?<4 0,681 0,1?= 0,46=    19 0<< 0?? 69 6 < 1 9  ?00 48 041 ?>= ?46 0>? =89 4<

Mxtmre`j fmot ijbwsFnsoursmcmets ?<0 >8 ?88 ?9= ?>0 ?1< <>6 0?8  Jbea-tmrc mxtmre`j fmot ?0< >8 0=8 ?6> ?48 ?90 <<= 0?8  NCI purld`sms 01 8 =8 01 0? 0? => 8

Xrnelnp`j rmp`ycmets 0?0 <4 1> 64 <9 > 06 ?>  Jbea-tmrc mxtmre`j fmot 9> ?6 16 <4 <9 > 06 ?>  NCI rmpurld`sms =0 0= = 08 8 8 8 8

 Emt ijbws 0>6 => 6= ?66 ?9< ?>6 <4? >4  Jbea-tmrc mxtmre`j fmot 066 99 19 ?00 ?6< ?=? <?0 >?

  \dbrt-tmrc mxtmre`j fmot 4< 1 -19 ?1 4 <8 ? 9Netmrmst p`ycmets 08? ?8 <4 <8 ?< 0< 0? 01  Jbea-tmrc mxtmre`j fmot 4= 09 ?4 ?4 ?0 08 00 0=  NCI ld`rams 08 8 8 0 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 1 < > 0 ? < 0 0

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet ?? 08 4< 4= ?>6 111 0,00? 0,<46Xbrtibjnb mqunty 8 .. .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. ?.< =.4 <.8 ?.> <.8K`p`emsm yme 9.> 1.1 1.6 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea 8.0 8.0 8.0 8.8 8.8 8.8 8.8 8.8\wnss ir`el 0.6 0.< 8.> 8.0 8.6 8.6 8.< 8.<].\.fbjj`rs 6?.= 6=.8 =9.4 10.> ==.1 =1.? =<.= =?.?

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 0.0 0.0 8.4 8.4 8.4 0.0 0.< 0.8  C`turnty (ym`rs) <9.6 <9.4 68.0 <1.4 6<.= <<.= <0.< <9.0  Ar`lm pmrnbf (ym`rs) >.1 >.9 08.? >.4 08.0 >.8 9.> 9.1Xrnv`tm lrmfntbrs

  Netmrmst (%) =.8 8.8 8.8 0.8 8.8 8.8 6.< 8.8  C`turnty (ym`rs) =.0 8.8 8.8 <8.4 8.8 8.8 <.> 8.8  Ar`lm pmrnbf (ym`rs) 0.0 8.8 8.8 00.< 8.8 8.8 8.< 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) ?,>=4 <,88? <,481 6,>98 =,6<= 1,?46 >,60? ..Mxpbrts bi abbfs, smrvnlms & nelbcm 64= 1=9 0,?08 0,<=9 0,9>4 .. .. 0,>>4Qbrgmr rmcnt. & lbcp. bi mcpjbymms 4 06 00 00 00 00 00 00Ncpbrts bi abbfs, smrvnlms & nelbcm >4= 0,090 0,=46 ?,069 ?,<9> <,6<4 6,>?6 <,494Xrbint rmcntt`elms be IFN 0 < 6 <4 .. .. .. ..Lurrmet `llbuet o`j`elm -?9= -?19 -?98 -==6 .. .. .. ..Netmre`tnbe`j rmsmrvms >? 08> ?4= 640 =4< 461 >4? 0,0<=

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 1=>.> =94.> <41.9 ?=1.1 41.4 .. .. 008.4Mxtmre`j fmot stblgs tb AEN (%) 0?6.1 06<.< 0?<.? 18.6 ?1.6 ?<.6 ??.? ..Fmot smrvnlm tb mxpbrts (%) 6=.> 1.1 >.9 =.4 <.= .. .. ?.<\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 9.0 0?.9 9.6 ?.4 06.4 06.> 0?.? 00.4Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) <<.6 <>.< <>.8 40.< =>.9 96.8 99.0 9=.6_msmrvms tb mxtmre`j fmot stblgs (%) ?.= ?.= 9.0 0<.4 <>.0 6>.9 61.0 =0.<_msmrvms tb ncpbrts (cbetds) 0.0 0.0 ?.? ?.1 <.8 <.8 ?.6 <.=

0>8

Page 203: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 203/341

Page 204: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 204/341

C@J@QN

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 0,==1 ?,?<4 ?,18= <,04< 41? 4<9 >=> 0,8><  Jbea-tmrc mxtmre`j fmot 0,<4< ?,814 ?,=66 <,89? 14> 48= 4<= 4>>  Xuojnl ef puojnljy au`r`etmmf 0,<40 ?,814 ?,=66 <,89? 14> 48= 4<= 4>>  Xrnv`tm ebeau`r`etmmf ? 8 8 8 8 8 8 8  ]sm bi NCI lrmfnt 00= 009 4< 1= 0> <0 0?= 0?1  \dbrt-tmrc mxtmre`j fmot =4 66 14 69 96 8 8 91  netmrmst `rrm`rs be jbea-tmrc 9 0 <1 <6 8 8 8 8

 Cmcbr`efuc ntmcs  0> 1 1? 0< 8 8 8 8    0,<10 ?,81= ?,=60 <,89? 14> 48= 4<= 4>>    0< < < 8 8 8 8 8  ?=> 08? => ?= ?8 >6 018 041

Mxtmre`j fmot ijbwsFnsoursmcmets 090 ??1 0?1 >1 084 1> 09< 40  Jbea-tmrc mxtmre`j fmot 0<9 ?0= 00> 4> >6 9> 99 40  NCI purld`sms ?= 0? 4 4 06 08 >1 8

Xrnelnp`j rmp`ycmets 49 1= 6? =? 6> ?8 01 ?8  Jbea-tmrc mxtmre`j fmot 91 9= << <4 <? ?8 01 ?8  NCI rmpurld`sms 0> 08 > 0= 01 8 8 8

 Emt ijbws 44 04< 4< 6= 00? -6 069 0?4  Jbea-tmrc mxtmre`j fmot 9> 0=8 49 =0 9? 6> 6> 90

  \dbrt-tmrc mxtmre`j fmot 0< <? -? 0 =? -96 8 91Netmrmst p`ycmets 61 6< ?0 ?< ?0 0< 0= 09  Jbea-tmrc mxtmre`j fmot <9 <> 04 ?? 04 0? 0= 0=  NCI ld`rams 9 0 8 0 0 8 8 0  \dbrt-tmrc mxtmre`j fmot 6 < < 8 ? ? 8 8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet ?< 9 ?9 =? 1? >? 018 98Xbrtibjnb mqunty 0 .. .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. <.< 4.1 =.? <.1 <.6K`p`emsm yme >.< 0?.< 4.6 9.? 8.8 8.8 8.8 8.8Xbuef stmrjnea 09.4 >.8 9.? 6.4 8.8 8.8 8.8 8.8\wnss ir`el 8.0 8.0 8.0 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs 69.> =<.9 9=.> 9=.4 =1.8 =>.8 =1.6 =4.<

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 0.0 0.8 8.4 0.6 8.4 0.1 0.? 0.6  C`turnty (ym`rs) <>.= <4.9 66.1 60.6 <6.9 <1.0 <=.< <8.1  Ar`lm pmrnbf (ym`rs) >.6 >.9 08.0 4.> 08.1 >.1 0?.> 1.<Xrnv`tm lrmfntbrs

  Netmrmst (%) 4.9 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 00.4 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) <.= 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 0,4<1 0,<=8 0,181 ?,40< <,0?= <,=9< 6,8?= 6,604Mxpbrts bi abbfs, smrvnlms & nelbcm 6=? 61< 610 .. .. .. .. ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. 0 0 0 0 0 0 0Ncpbrts bi abbfs, smrvnlms & nelbcm 9<4 184 948 .. .. 4>= 0,8>8 ..Xrbint rmcntt`elms be IFN = > 0= .. .. .. .. ..Lurrmet `llbuet o`j`elm -49 -14 -1< .. .. .. .. ..Netmre`tnbe`j rmsmrvms 06? 00= ?61 09= 06? ??1 ?=6 0=8

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) <66.0 61?.4 =16.1 .. .. .. .. ..Mxtmre`j fmot stblgs tb AEN (%) 46.1 09=.4 0=4.6 00<.0 ?1.> ?<.= ?<.4 ?6.1Fmot smrvnlm tb mxpbrts (%) ?>.< ?6.> 0<.6 .. .. .. .. ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) <.1 0.> ?.> 0.= 1.< .. .. 9.0Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 9>.> 19.< 1=.9 48.= 6>.6 =?.< =8.1 6>.6_msmrvms tb mxtmre`j fmot stblgs (%) >.0 =.0 >.0 =.? 09.< ?1.? ?9.= 0<.1_msmrvms tb ncpbrts (cbetds) ?.1 0.> 6.6 .. .. <.8 ?.4 ..

0>?

Page 205: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 205/341

C@J@QN

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 0,<4< ?,814 ?,=66 <,89? 14> 48= 4<= 4>>Xuojnl ef puojnljy au`r`etmmf 0,<40 ?,814 ?,=66 <,89? 14> 48= 4<= 4>>  Biinln`j lrmfntbrs 0,<8< ?,8=8 ?,=?9 <,86< 114 1>< 4?= 44>  Cujtnj`tmr`j 0,844 0,184 ?,866 ?,=90 6<0 6<1 649 =68  b w l ; NO_F >0 == > 8 8 8 8 8  NF@ 196 0,?=0 0,=>? 0,>68 0=1 014 044 ?0<

  Onj`tmr`j ?09 <6? 64? 64? <61 <=9 <<> <6>  Xrnv`tm lrmfntbrs 14 ?4 04 04 00 0? 08 08  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs <= 8 8 01 08 08 08 08Xrnv`tm ebeau`r`etmmf ? 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 0<9 ?0= 00> 4> >6 9> 99 40Xuojnl `ef puojnljy au`r`etmmf 0<9 ?0= 00> 4> >6 9> 99 40  Biinln`j lrmfntbrs 0?4 ?0= 00> 4> >6 9> 99 40  Cujtnj`tmr`j 004 >1 00> 44 4? =0 9? =9  bi wdnld; NO_F ? 8 8 8 8 8 8 8  NF@ >> 1< >1 6= 69 06 0? ?6  Onj`tmr`j 08 004 8 0 0? 01 6 ?=  Xrnv`tm lrmfntbrs 1 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 91 9= << <4 <? ?8 01 ?8Xuojnl `ef puojnljy au`r`etmmf 9= 9= << <4 <? ?8 01 ?8  Biinln`j lrmfntbrs 90 6< << <= <8 0> 01 ?8  Cujtnj`tmr`j ?8 ?4 <8 <8 ?= 4 1 4  bi wdnld; NO_F 4 0? 4 8 8 8 8 8  NF@ < 1 09 0? 08 8 8 8  Onj`tmr`j 60 06 < 9 = 00 08 0<  Xrnv`tm lrmfntbrs 6 ?< 8 < ? 0 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 08 8 ? 0 0 8 8Xrnv`tm ebeau`r`etmmf 0 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets <9 <> 04 ?? 04 0? 0= 0=Xuojnl `ef puojnljy au`r`etmmf <9 <> 04 ?? 04 0? 0= 0=  Biinln`j lrmfntbrs <8 <= 04 ?? 04 00 0= 06

  Cujtnj`tmr`j 0> ?= 01 ?8 01 6 6 6  bi wdnld; NO_F 4 1 0 8 8 8 8 8  NF@ = > 0? 06 08 0 0 0  Onj`tmr`j 0? 08 0 0 0 1 00 08  Xrnv`tm lrmfntbrs 9 6 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs < 0 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 064 ?04 -<9 -?66 -?,<00 -<9 0?6 0<6  Emt bws be mxtmre` m t 44 04< 4< 6= 00? -6 069 0?4

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 8 0 048 ?6 8 00

bt` `cbuet bra vme ,

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j ?4 ?4 ?4 <0 <6 <1 <1 <9Netmrmst 09 01 04 04 01 01 09 09Xrnv`tm lrmfntbrs

Xrnelnp`j 8 8 8 8 8 8 8 8Netmrmst 8 8 8 8 8 8 8 8

 Ebtms;

C`j`wn w`s ar`etmf fmot rmjnmi miimltnvm ne ?889 uefmr CF_N. F`t` neljufm tdm miimlts bi X`rns Ljuo rmstrulturnea armmcmet snaemf ne ?889. F`t` ibr ?881,

?884, `ef ?88> neljufm tdm miimlts bi Med`elmf DNXL Nentn`tnvm, ne tdm `cbuet bi $949 ne tdbus`efs, $4<= ne tdbus`efs, `ef $0,818 ne tdbus`efs rmspmltnvmjy.

0><

Page 206: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 206/341

C@J@^\N@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 0=,<?4 <6,<6< 60,416 =0,>40 ==,8?9 90,=99 99,040 99,<>8  Jbea-tmrc mxtmre`j fmot 0<,6?? ?1,89> <1,<88 <4,48= 6<,??< <4,699 6<,<40 6?,9>9  Xuojnl ef puojnljy au`r`etmmf 00,=>? 09,8?< 0>,?<6 ??,66> ??,=>> 04,668 ?0,69< ?0,<96  Xrnv`tm ebeau`r`etmmf 0,4<8 00,869 04,891 09,<=9 ?8,9?6 ?8,8?9 ?0,>04 ?0,<<?  ]sm bi NCI lrmfnt 8 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 0,>89 1,?16 6,=1< 0<,019 00,48< ?<,088 ??,488 ?<,9>=  netmrmst `rrm`rs be jbea-tmrc 8 8 8 8 8 8 8 8

 Cmcbr`efuc ntmcs  8 8 8 8 8 8 8 8    00,=>? 09,8?< 0>,0<= ??,6<0 ??,=44 04,6<9 ?0,69< 09,496    0,4<8 00,869 04,099 09,<16 ?8,9<= ?8,8<8 ?0,>04 ?=,4<?  180 <,11? =,696 0,?0? 0,>>8 ?8? ?,=<< 6,=88

Mxtmre`j fmot ijbwsFnsoursmcmets 0,94< 4,=8< =,>?0 9,8=8 1,8<4 =,8<1 =,048 9,<<>  Jbea-tmrc mxtmre`j fmot 0,94< 4,=8< =,>?0 9,8=8 1,8<4 =,8<1 =,048 9,<<>  NCI purld`sms 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets <,091 6,6=8 6,069 1,0>? =,?9> 1,40> 9,?=4 4,1><  Jbea-tmrc mxtmre`j fmot <,091 6,6=8 6,069 1,0>? =,?9> 1,40> 9,?=4 4,1><  NCI rmpurld`sms 8 8 8 8 8 8 8 8

 Emt ijbws -0,4=0 =,0<4 <<1 980 <>9 4,=09 -0,<14 -0,=98  Jbea-tmrc mxtmre`j fmot -0,646 6,8=< 0,11= -0,06? 0,19> -?,140 -0,814 -?,6==

  \dbrt-tmrc mxtmre`j fmot -<91 0,84= -0,6<> 0,166 -0,<1< 00,?>1 -<88 4>=Netmrmst p`ycmets 0,099 0,=>0 ?,?>> ?,0>1 ?,<9? ?,904 ?,=0= ?,?19  Jbea-tmrc mxtmre`j fmot >>1 0,0=8 ?,8<< 0,41? 0,44? ?,8?6 ?,8<4 0,9>=  NCI ld`rams 8 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 09> 660 ?99 <?= 648 =>6 619 =40

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet ?,<<? 6,014 <,144 <,>99 9,819 4,6=6 1,<19 0,98>Xbrtibjnb mqunty 8 8 .. -0,?88 ?,<== -99> -08,109 ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 6.0 6.= 9.? =.8 8.0K`p`emsm yme <9.= <6.9 ?1.9 ??.< 0>.9 ?8.4 ?8.1 0=.4Xbuef stmrjnea 0.9 0.8 8.1 8.9 8.9 8.4 8.= 8.9\wnss ir`el <.9 <.0 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs <0.4 64.= 9?.4 18.4 1<.= 18.9 1?.1 4?.>

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 6.8 <.6 <.0 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) ??.> ?6.6 ?6.0 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 9.1 9.< <.= 8.8 8.8 8.8 8.8 8.8Xrnv`tm lrmfntbrs

  Netmrmst (%) 4.> 9.< 1.8 =.? =.1 =.1 6.1 =.<  C`turnty (ym`rs) 00.6 09.> 1.9 >.9 >.? 4.4 1.8 4.6  Ar`lm pmrnbf (ym`rs) ?.9 06.8 6.8 >.= =.9 8.4 8.4 4.6

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 6?,0=? 46,94> 49,04? 0<0,=<0 0=0,400 040,>6? ?06,89< 04=,69>Mxpbrts bi abbfs, smrvnlms & nelbcm <6,=06 4=,>>? 006,<=9 099,1=1 0>0,8>0 ?01,?0> ?6?,0<= ?00,>4=Qbrgmr rmcnt. & lbcp. bi mcpjbymms 04= 009 <6? 0,001 0,<9= 0,=18 0,<?> 0,<0=Ncpbrts bi abbfs, smrvnlms & nelbcm <=,649 ><,904 08<,>66 06?,?>> 098,<<0 04<,<>6 0>1,>=> 0==,<48Xrbint rmcntt`elms be IFN 0,>?9 6,066 1,01< 4,<<8 4,4=4 >,4<> 0<,4<4 ..Lurrmet llbuet o`j`elm -418 -4,966 4,644 0>,>48 ?9,?88 ?>,?6< <4,>06 ..Netmre`tnbe`j rmsmrvms 08,9=> ?6,9>> ?4,9=0 18,6=4 4?,419 080,>>= >?,099 >9,186

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 66.6 <>.> <9.9 <0.? ?4.4 ?4.< ?1.< <0.<Mxtmre`j fmot stblgs tb AEN (%) <9.6 68.9 64.9 <>.= <9.? <<.4 <8.> <=.4Fmot smrvnlm tb mxpbrts (%) 0?.9 1.8 =.9 =.9 6.8 6.4 <.9 =.?\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 0?.6 ?0.? 08.> ?=.< ?0.6 <1.= <6.= <=.1Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 00.4 6.4 <.0 0.4 0.= 8.4 8.9 8.=_msmrvms tb mxtmre`j fmot stblgs (%) 9>.= 10.> 94.6 0<=.= 0=8.9 09=.1 0<>.< 06=.1_msmrvms tb ncpbrts (cbetds) <.9 <.? <.< =.> 9.? 9.1 =.9 1.=

0>6

Page 207: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 207/341

C@J@^\N@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 0<,6?? ?1,89> <1,<88 <4,48= 6<,??< <4,699 6<,<40 6?,9>9Xuojnl ef puojnljy au`r`etmmf 00,=>? 09,8?< 0>,?<6 ??,66> ??,=>> 04,668 ?0,69< ?0,<96  Biinln`j lrmfntbrs 6,0>0 =,64> 6,>=8 9,=6? 9,98= 6,<16 =,096 6,8>?  Cujtnj`tmr`j 0,40? 0,966 0,<06 ><9 1>4 610 <>> <8<  b w l ; NO_F 0,08? 0,8=> 40? =<< 6<1 0<= 4= <>  NF@ 8 8 8 8 8 8 8 8

  Onj`tmr`j ?,<14 <,46= <,9<1 =,989 =,481 <,>8< 6,19= <,14>  Xrnv`tm lrmfntbrs 1,680 08,=<< 06,?46 0=,>81 0=,>>6 06,899 09,?>> 01,?1?  bi wdnld; Obefs 6,8>8 9,89? >,>6= 0?,961 0?,46= 00,489 00,191 0<,<09  Lbccmrln`j o`egs ?,?4= 6,010 ?,?>? 0,491 0,>41 0,<81 <,1?> <,<48Xrnv`tm ebeau`r`etmmf 0,4<8 00,869 04,891 09,<=9 ?8,9?6 ?8,8?9 ?0,>04 ?0,<<?  bi wdnld; Obefs 8 0,19= <,68? 1,9?< 1,>98 1,88> 9,=94 =,>?1

Fnsoursmcmets 0,94< 4,=8< =,>?0 9,8=8 1,8<4 =,8<1 =,048 9,<<>Xuojnl ef puojnljy au`r`etmmf 1>4 6,0=8 <,698 ?,04? 0,480 ==4 0,>6? =,<0>  Biinln`j lrmfntbrs 1<1 4<1 0,669 >40 <>9 ?89 >4 61  Cujtnj`tmr`j ?1< 0<= 90 <9 <8 ?0 0< 4  bi wdnld; NO_F ?8= 44 0= 8 8 8 8 8  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 696 18? 0,<4= >66 <99 04= 4= <>  Xrnv`tm lrmfntbrs 90 <,<0< ?,80= 0,?80 0,68= <=? 0,466 =,?10  bi wdnld; Obefs 8 ?,088 0,890 0,0=8 0,888 8 8 6,=88  Lbccmrln`j o`egs =1 0,?8= 91? =0 68= <=? 0,466 110Xrnv`tm ebeau`r`etmmf 44= 6,<=< ?,690 <,494 =,?<1 6,61> <,?<4 0,8?8

  bi wdnld; Obefs 8 648 <90 0,90= 9?8 8 8 8

Xrnelnp`j rmp`ycmets <,091 6,6=8 6,069 1,0>? =,?9> 1,40> 9,?=4 4,1><Xuojnl ef puojnljy au`r`etmmf ?,9>1 0,180 ?,801 6,1=? ?,661 <,969 0,=8< =,<=0  Biinln`j lrmfntbrs <9= 6== 468 0,?04 400 0,9>0 4?8 0,8=<  Cujtnj`tmr`j ?09 ?90 0<> 0== 091 <=6 088 08?  bi wdnld; NO_F 096 0>6 088 >? >9 <8? =8 61  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 06> 0>= 180 0,896 966 0,<<1 1?8 >=0  Xrnv`tm lrmfntbrs ?,<<? 0,?6= 0,019 <,=<6 0,9<= 0,>=9 94< 6,?>4  bi wdnld; Obefs 0,?<> 068 ?88 ?,8<9 >?8 0,018 8 ?,>=>  Lbccmrln`j o`egs 996 6?8 496 0,?=9 646 ==9 6<9 0,00>Xrnv`tm ebeau`r`etmmf 618 ?,16> ?,0?> ?,668 ?,4?? 6,01? 6,1== <,66?  bi wdnld; Obefs 8 8 16= ?<1 <<1 0,888 ?=8 0,<>4

Netmrmst p`ycmets >>1 0,0=8 ?,8<< 0,41? 0,44? ?,8?6 ?,8<4 0,9>=Xuojnl ef puojnljy au`r`etmmf >=9 48= 0,010 0,??? 0,0>0 0,040 >4= 4?=  Biinln`j lrmfntbrs ?<? ?46 ?=> <06 ??4 ?8? 0?> 0?6

  Cujtnj`tmr`j 06= 0?4 >4 61 68 <? ?8 0=  bi wdnld; NO_F 49 4< 99 << ?1 0> 4 6  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 41 0== 098 ?91 044 018 08> 08>  Xrnv`tm lrmfntbrs 1?6 =?? >0? >84 >9< >1> 4=9 180  bi wdnld; Obefs 606 ?=0 900 198 1>9 400 1=8 980  Lbccmrln`j o`egs 0>> 0>8 04> >0 08> 00> 9> 4<Xrnv`tm ebeau`r`etmmf 60 <6= 49? 9=8 9>8 46< 0,8=< 418  bi wdnld; Obefs 8 ?4 0=> <9< 6<1 6<6 <1< <<>

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s ->6> 6,881 -<8 -01= <,86= 9,=68 6,90= ?08  Emt bws be mxtmre` m t -0,4=0 =,0<4 <<1 980 <>9 4,=09 -0,<14 -0,=98

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 96> =99 =69 <?? ?>= ?<9 ?06 041Netmrmst >? 14 9= =< 66 <9 <8 ?<Xrnv`tm lrmfntbrs

Xrnelnp`j 9,8<< 9,81? <,989 ?,>?8 =,998 =,?>> 0,466 0,<?0Netmrmst 0,66= 0,?98 0,840 >4= 4>< 9=< 691 686

 Ebtms;

Jbea-tmrc puojnl `ef puojnljy au`r`etmmf, jbea-tmrc prnv`tm ebeau`r`etmmf fmot `ef sdbrt-tmrc fmot ibr ?88> `rm Qbrjf O`eg st`ii mstnc`tms o`smf be

abvmrecmet st`tnstnls.

0>=

Page 208: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 208/341

C@JFNYM\

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 14.8 0=6.> ?89.8 <>0.> 644.8 9?>.4 10=.> 148.?  Jbea-tmrc mxtmre`j fmot 96.8 0=0.> 046.1 <?>.1 <4<.9 666.6 6>1.< =9>.6  Xuojnl ef puojnljy au`r`etmmf 96.8 0=0.> 046.1 <?>.1 <4<.9 666.6 6>1.< =9>.6  Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  ]sm bi NCI lrmfnt 8.8 8.8 8.8 =.> 9.? 9.= <.> 4.4  \dbrt-tmrc mxtmre`j fmot 06.8 <.8 ?0.6 =9.< >4.? 01>.8 ?06.9 ?8?.8  netmrmst `rrm`rs be jbea-tmrc 8.8 8.8 8.8 8.< 8.? 8.8 0.9 0.8

 Cmcbr`efuc ntmcs  8.8 8.8 8.8 8.8 8.8 8.8 4.9 4.1    96.8 0=0.> 04<.6 <88.6 <==.> 604.4 616.1 ==8.0    8.8 8.8 0.? ?>.< ?1.4 ?=.= ??.9 0>.<  0=.= ?>.? <4.0 1<.1 066.6 18.4 0><.1 006.<

Mxtmre`j fmot ijbwsFnsoursmcmets 0<.8 <6.1 0<.9 =1.> 91.0 1<.4 08?.? 0?0.=  Jbea-tmrc mxtmre`j fmot 0<.8 <6.1 0<.9 =0.4 91.0 1<.4 08?.? 00<.9  NCI purld`sms 8.8 8.8 8.8 9.0 8.8 8.8 8.8 1.>

Xrnelnp`j rmp`ycmets 9.8 1.0 0<.> ?6.6 ?=.= <?.9 6?.> =8.8  Jbea-tmrc mxtmre`j fmot 9.8 1.0 0<.> ?6.6 ?=.= <?.9 68.6 69.4  NCI rmpurld`sms 8.8 8.8 8.8 8.8 8.8 8.8 ?.6 <.?

 Emt ijbws 4.9 ?>.9 -<.4 =1.= 4<.9 0??.? ><.< =>.=  Jbea-tmrc mxtmre`j fmot 1.8 ?1.9 -8.6 ?1.= 60.9 60.? 90.4 99.1

  \dbrt-tmrc mxtmre`j fmot 0.9 ?.8 -<.= ?6.8 6?.8 40.8 <6.8 -0?.8Netmrmst p`ycmets ?.4 <.1 =.> 00.? 0=.4 ??.4 ??.1 0>.?  Jbea-tmrc mxtmre`j fmot 0.< <.9 6.1 >.0 08.= 0?.4 06.8 0<.0  NCI ld`rams 8.8 8.8 8.8 8.0 8.< 8.< 8.< 8.0  \dbrt-tmrc mxtmre`j fmot 0.= 8.? 0.? ?.8 =.8 >.1 4.= 9.8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet =.9 1.? 0<.8 >.= 0<.> 0=.8 0=.6 >.9Xbrtibjnb mqunty 8.8 8.8 8.8 8.8 8.8 8.8 8.8 ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 4.9 06.1 ?8.= ??.< 04.1K`p`emsm yme 8.8 8.8 8.8 8.8 8.8 8.8 8.< 0.?Xbuef stmrjnea 8.6 8.8 8.? 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs ?=.6 =0.< =<.< ==.1 =?.8 64.= 61.9 =6.8

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 8.4 ?.= ?.= 0.0 <.9 6.0 8.> ?.=  C`turnty (ym`rs) <1.< <6.4 <6.1 <8.= 0>.= ?8.0 0?.> ?<.9  Ar`lm pmrnbf (ym`rs) >.? 08.0 >.< 1.6 6.= =.? 6.8 =.4Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 1.> 9.9 9.9 4.6 9.> 8.8 ?.0  C`turnty (ym`rs) 8.8 9.8 4.6 1.4 08.< 4.< 8.8 00.?  Ar`lm pmrnbf (ym`rs) 8.8 0.1 0.0 0.9 0.= 0.4 8.8 0.1

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 0><.> <1>.8 =>6.< 1?=.> 411.4 0808.> 0?84.= 0<88.4Mxpbrts bi abbfs, smrvnlms & nelbcm 04<.4 <??.6 691.= 6>=.6 1>?.1 4>4.4 08=?.0 4<<.4Qbrgmr rmcnt. & lbcp. bi mcpjbymms 0.1 ?.6 ?.? ?.< ?.4 <.8 <.0 <.0Ncpbrts bi abbfs, smrvnlms & nelbcm 011.1 <<1.8 6>?.8 >08.6 008?.4 0<??.> 09=0.? 004=.?Xrbint rmcntt`elms be IFN 0<.> 0>.> <6.6 <0.8 60.8 66.> 6?.? ?9.6Lurrmet llbuet o`j`elm >.> -04.? -=0.= -?1<.8 -<8?.8 -6<1.4 -9=0.< ..Netmre`tnbe`j rmsmrvms ?6.6 64.8 0??.4 049.< ?<0.6 <84.< ?68.9 ?90.8

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 6?.6 64.8 66.0 1>.0 90.9 18.0 94.8 ><.9Mxtmre`j fmot stblgs tb AEN (%) 68.? 68.> <6.1 =6.8 ==.9 9?.< =>.? 98.8Fmot smrvnlm tb mxpbrts (%) 6.4 <.6 6.? 1.? =.? 9.? 9.? 4.<\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 04.8 0.> 08.6 06.6 ?8.0 ?4.6 <8.8 ?=.>Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 60.1 =1.8 =1.9 66.9 66.1 60.1 <>.8 <1.8_msmrvms tb mxtmre`j fmot stblgs (%) <0.< <0.8 =>.9 61.= 61.6 6>.8 <<.9 <<.6_msmrvms tb ncpbrts (cbetds) 0.9 0.1 <.8 ?.= ?.= ?.4 0.1 ?.9

0>9

Page 209: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 209/341

C@JFNYM\

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 96.8 0=0.> 046.1 <?>.1 <4<.9 666.6 6>1.< =9>.6Xuojnl ef puojnljy au`r`etmmf 96.8 0=0.> 046.1 <?>.1 <4<.9 666.6 6>1.< =9>.6  Biinln`j lrmfntbrs 98.? 06?.9 0=6.4 ?48.0 <?0.8 <98.8 <4<.0 610.>  Cujtnj`tmr`j <?.= 44.< 004.4 016.4 ?04.8 ?9?.6 ?1>.6 ?44.6  b w l ; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 08.8 <9.0 69.6 96.6 9>.4 19.1 1>.0 46.?

  Onj`tmr`j ?1.9 =6.< <9.8 08=.6 08<.8 >1.9 08<.1 04<.=  Xrnv`tm lrmfntbrs <.4 >.6 ?>.> 6>.9 9?.9 46.6 006.? >1.=  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 <.6 ?<.1 6>.9 9?.9 46.6 006.? >1.=Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Fnsoursmcmets 0<.8 <6.1 0<.9 =0.4 91.0 1<.4 08?.? 00<.9Xuojnl ef puojnljy au`r`etmmf 0<.8 <6.1 0<.9 =0.4 91.0 1<.4 08?.? 00<.9  Biinln`j lrmfntbrs >.9 <8.> 9.< <=.= 6>.9 6=.? =6.4 084.>  Cujtnj`tmr`j <.9 09.? 9.0 09.0 <4.> <>.8 <9.8 09.8  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 0.? <.> <.< 6.9 <.6 =.? 6.? =.4  Onj`tmr`j =.> 06.1 8.? 0>.6 08.1 9.0 04.4 >?.>  Xrnv`tm lrmfntbrs <.= <.4 1.< 09.< 01.= ?4.9 61.6 6.9  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 ?.6 9.0 09.< 01.= ?4.9 61.6 6.9Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets 9.8 1.0 0<.> ?6.6 ?=.= <?.9 68.6 69.4Xuojnl `ef puojnljy au`r`etmmf 9.8 1.0 0<.> ?6.6 ?=.= <?.9 68.6 69.4  Biinln`j lrmfntbrs <.1 6.4 9.1 0=.< 04.8 ?0.> ?=.0 ?<.>  Cujtnj`tmr`j 0.= 0.< ?.6 <.4 6.0 4.? 0?.1 00.=  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 8.8 8.0 8.6 0.8 0.0 0.0 0.? 0.<  Onj`tmr`j ?.? <.= 6.< 00.= 0<.> 0<.1 0?.6 0?.6  Xrnv`tm lrmfntbrs ?.< ?.< 1.< >.8 1.= 08.1 0=.6 ??.>  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 0.= 8.9 9.0 4.8 1.= 08.1 0=.6 ??.>Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Netmrmst p`ycmets 0.< <.9 6.1 >.0 08.= 0?.4 06.8 0<.0Xuojnl `ef puojnljy au`r`etmmf 0.< <.9 6.1 >.0 08.= 0?.4 06.8 0<.0  Biinln`j lrmfntbrs 8.4 ?.1 ?.9 9.4 1.4 >.8 4.> 1.4

  Cujtnj`tmr`j 8.< 0.8 0.= ?.0 ?.? <.1 6.4 6.<  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 8.0 8.< 8.< 8.= 8.= 8.= 8.9 8.9  Onj`tmr`j 8.= 0.1 0.0 6.4 =.9 =.< 6.0 <.=  Xrnv`tm lrmfntbrs 8.= 8.4 ?.? ?.? ?.4 <.4 =.8 =.<  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.0 8.? 0.4 ?.? ?.4 <.4 =.8 =.<Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 00.? <0.< -0?.> ?9.0 >9.0 060.4 49.0 96.<  Emt bws be mxtmre` m t 4.9 ?>.9 -<.4 =1.= 4<.9 0??.? ><.< =>.=

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

bt` `cbuet bra vme . . . . . . . .

Fmot ouyo`lg 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 11.1 1>.6 69.9 <6.6 <<.? ?1.> <8.4 ?=.>Netmrmst 9.8 9.< 9.< 9.8 =.9 =.? 6.4 6.9Xrnv`tm lrmfntbrs

Xrnelnp`j ?6.4 <8.> ?9.9 04.> 01.< 06.4 0?.< >.6Netmrmst <.1 <.< ?.1 ?.0 0.9 0.? 8.> 8.9

0>1

Page 210: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 210/341

Page 211: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 211/341

C@JN

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf ?,<<1 ?,1<> ?,910 <,8>= 0,904 0,>1< ?,814 ?,=>?Xuojnl ef puojnljy au`r`etmmf ?,<<1 ?,1<> ?,910 <,8>= 0,904 0,>1< ?,814 ?,=>?  Biinln`j lrmfntbrs ?,<?0 ?,1<1 ?,910 <,8>0 0,900 0,>91 ?,81< ?,=4=  Cujtnj`tmr`j 4>1 0,<>1 0,=0< ?,?68 180 >9> 0,84> 0,=86  b w l ; NO_F 8 8 8 8 8 8 8 8  NF@ 6>4 49< >=1 0,6?6 ?>1 6=? =<6 9>4

  Onj`tmr`j 0,6?6 0,<68 0,0=4 4=0 >08 >>4 >4< 0,840  Xrnv`tm lrmfntbrs 09 ? 8 = 1 1 = 1  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 ? 8 = 1 1 = 1Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 091 0>< 088 ?48 066 ?=1 018 6>0Xuojnl `ef puojnljy au`r`etmmf 091 0>< 088 ?48 066 ?=1 018 6>0  Biinln`j lrmfntbrs 091 0>< 088 ?11 06< ?=1 018 644  Cujtnj`tmr`j 00= 069 4= ?08 084 0>8 0=1 <40  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 6< 4= 6> 000 6> 0<> 44 098  Onj`tmr`j =? 61 06 99 <= 91 0< 081  Xrnv`tm lrmfntbrs 8 8 8 < 0 8 8 <  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 < 0 8 8 <Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets ?= == =8 =? =4 61 6= ==Xuojnl `ef puojnljy au`r`etmmf ?= == =8 =? =4 61 6= ==  Biinln`j lrmfntbrs ?6 == =8 =? =4 69 66 =6  Cujtnj`tmr`j 06 ?< ?9 <6 <> ?0 ?= <0  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ ? 9 1 > = 8 8 0  Onj`tmr`j 00 <? ?6 0> ?8 ?= 04 ?<  Xrnv`tm lrmfntbrs 0 8 8 8 8 0 0 0  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 0 0 0Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 01 ?? 04 ?1 ?6 0> ?= ?=Xuojnl `ef puojnljy au`r`etmmf 01 ?? 04 ?1 ?6 0> ?= ?=  Biinln`j lrmfntbrs 01 ?? 04 ?1 ?< 0> ?6 ?=

  Cujtnj`tmr`j 08 0? 0? ?0 09 00 0< 0=  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ < 9 1 00 1 < 6 6  Onj`tmr`j 1 08 = 9 1 4 00 08  Xrnv`tm lrmfntbrs 0 8 8 8 0 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 0 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s <68 ?96 -?<9 -10 -0,986 <<9 0<? =6<  Emt bws be mxtmre` m t 0=> ?88 -<0 ?04 91 0>8 0=6 69<

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 00 8 8 8 8 8 8 8

bt` `cbuet bra vme ,

Fmot ouyo`lg 8 8 6= 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 00< 00< 006 00< 0?6 06? 06= 0=6Netmrmst ?4 <8 <0 <0 <0 <8 ?> ?1Xrnv`tm lrmfntbrs

Xrnelnp`j < < < 0 0 0 8 8Netmrmst 8 8 8 8 8 8 8 8

 Ebtms;

F`t` be jbea-tmrc puojnl `ef puojnljy au`r`etmmf fmot ibr ?88> `rm Qbrjf O`eg st`ii mstnc`tms. C`jn w`s ar`etmf fmot rmjnmi miimltnvm ne ?889 uefmr CF_N.

0>>

Page 212: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 212/341

C@]_NV@EN@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs ?,00< ?,<>9 ?,<14 ?,<84 0,904 0,18= 0,>41 ?,8?>  Jbea-tmrc mxtmre`j fmot 0,489 ?,0?1 ?,8?> ?,81? 0,<4> 0,6<4 0,918 0,4=0  Xuojnl ef puojnljy au`r`etmmf 0,489 ?,0?1 ?,8?> ?,81? 0,<4> 0,6<4 0,918 0,4=0  Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  ]sm bi NCI lrmfnt 18 088 >4 9> 8 0< 09 09  \dbrt-tmrc mxtmre`j fmot ?<4 09> ?=0 091 ??> ?=6 <80 09<  netmrmst `rrm`rs be jbea-tmrc 9< 1> 00? 08> 0<8 0?4 0<= 0<6

 Cmcbr`efuc ntmcs  06? 016 <<1 ?0< ??< ?04 ?=? ?0?    0,489 ?,0?1 ?,8?> ?,81? 0,<4> 0,6<4 0,918 0,4=0    8 8 8 8 8 8 8 8  ?09 006 089 <>= 0=4 <81 <?9 0=8

Mxtmre`j fmot ijbwsFnsoursmcmets 064 0<< 0?< 06< 01= 0>1 ?>1 ?1<  Jbea-tmrc mxtmre`j fmot 0<9 000 00= 06< 01= 04= ?>6 ?1<  NCI purld`sms 0? ?? 4 8 8 0< < 8

Xrnelnp`j rmp`ycmets >4 1> =? 6? 99 >< <4 =<  Jbea-tmrc mxtmre`j fmot 4< 18 69 << 66 >< <4 =<  NCI rmpurld`sms 09 > 9 08 ?< 8 8 8

 Emt ijbws 08? 94 9? >? 06> 0<0 <88 4<  Jbea-tmrc mxtmre`j fmot =6 6? 9> 000 0<0 >? ?=9 ??8

  \dbrt-tmrc mxtmre`j fmot =< 06 -> -> 60 ?1 68 -0<1Netmrmst p`ycmets 61 <4 <0 ?< ?= ?4 ?9 ?6  Jbea-tmrc mxtmre`j fmot <= <? ?8 ?8 ?8 ?< ?0 ?<  NCI ld`rams < 8 0 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot > = 00 < = = 6 0

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 1 1 68 406 089 0<4 <<4 -<4Xbrtibjnb mqunty 8 8 .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. ?.? =.< 4.< >.6 4.0K`p`emsm yme 0.< <.0 <.9 8.0 8.0 8.0 8.0 8.8Xbuef stmrjnea 8.9 8.= 8.6 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.8 8.8 8.8 8.0 8.0 8.0 8.0 8.8].\.fbjj`rs <6.< <6.8 68.> 6>.< <?.0 <9.8 <1.4 <>.<

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) <.0 0.0 0.> <.< 0.= ?.9 ?.4 0.>  C`turnty (ym`rs) <0.? <6.1 ?4.= ?0.4 <8.= ?1.< ?=.9 ?0.0  Ar`lm pmrnbf (ym`rs) 4.= >.1 1.= =.6 4.6 =.9 9.? 1.<Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 8.8 =.4 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 8.8 8.8 8.8 >.4 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 8.8 0.4 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 0,819 0,<99 0,8>? 0,>80 ?,19> ?,1=8 <,=10 <,861Mxpbrts bi abbfs, smrvnlms & nelbcm 616 =89 .. .. .. .. .. ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms 06 = ? ? ? ? ? ?Ncpbrts bi abbfs, smrvnlms & nelbcm =18 ==> .. .. .. 0,10= .. ?,869Xrbint rmcntt`elms be IFN 0 6 .. .. .. .. .. ..Lurrmet `llbuet o`j`elm -08 ?? .. .. .. .. .. ..Netmre`tnbe`j rmsmrvms => >8 6> 18 0>6 ?81 0>> ?<4

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 66=.6 61<.> .. .. .. .. .. ..Mxtmre`j fmot stblgs tb AEN (%) 0>9.6 01=.< ?01.4 0?0.6 =4.6 9?.8 ==.9 99.9Fmot smrvnlm tb mxpbrts (%) <8.1 ?<.0 .. .. .. .. .. ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 00.? 1.0 08.9 1.? 06.0 06.> 0=.0 4.8Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) <0.8 <4.9 60.4 90.? 6=.0 61.8 69.6 =6.>_msmrvms tb mxtmre`j fmot stblgs (%) ?.4 <.4 ?.0 <.8 0?.8 0?.? 08.8 00.1_msmrvms tb ncpbrts (cbetds) 0.? 0.> .. .. .. 0.= .. 0.6

?88

Page 213: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 213/341

Page 214: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 214/341

C@]_NVN]\

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs ><6.8 0609.8 >69.< 11=.4 9?0.> 998.0 9?=.1 160.=  Jbea-tmrc mxtmre`j fmot >8>.1 0606.> >69.< 11=.4 9?0.> 998.0 9?=.1 160.=  Xuojnl ef puojnljy au`r`etmmf 19?.? 0061.> 4?1.4 18>.6 =1<.? =>1.4 =19.1 998.4  Xrnv`tm ebeau`r`etmmf 061.= ?91.8 004.6 99.6 64.9 9?.? 6>.8 48.1  ]sm bi NCI lrmfnt ??.0 8.8 8.8 8.8 8.8 8.8 8.8 8.8  \dbrt-tmrc mxtmre`j fmot ?.< 0.? 8.8 8.8 8.8 8.8 8.8 8.8  netmrmst `rrm`rs be jbea-tmrc ?.< 0.? 8.8 8.8 8.8 8.8 8.8 8.8

 Cmcbr`efuc ntmcs  =.< 8.8 8.8 8.8 8.8 8.8 8.8 8.8    19?.? 0061.> 4?1.4 18>.6 =1<.? =>1.4 =19.1 998.4    061.= ?91.8 004.6 99.6 64.9 9?.? 6>.8 48.1  0<9.1 =9=.4 080.? 90.1 ==.4 0=8.? 00<.1 0?8<.>

Mxtmre`j fmot ijbwsFnsoursmcmets 090.0 684.9 0?4.0 0<1.> <>.< 004.8 006.8 ?0=.9  Jbea-tmrc mxtmre`j fmot 090.0 684.9 0?4.0 0<1.> <>.< 004.8 006.8 ?0=.9  NCI purld`sms 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets 08<.= 0=<.> 680.8 0>9.4 ??=.> 0?=.9 0<1.6 081.<  Jbea-tmrc mxtmre`j fmot 98.8 0=<.> 680.8 0>9.4 ??=.> 0?=.9 0<1.6 081.<  NCI rmpurld`sms 6<.= 8.8 8.8 8.8 8.8 8.8 8.8 8.8

 Emt ijbws =1.1 ?=6.1 -?1?.> -=4.> -049.9 -1.9 -?<.6 084.<  Jbea-tmrc mxtmre`j fmot 080.? ?=6.1 -?1?.> -=4.> -049.9 -1.9 -?<.6 084.<

  \dbrt-tmrc mxtmre`j fmot 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Netmrmst p`ycmets 61.4 ==.> =0.4 ?>.9 ?>.8 ?9.< ?<.< 01.>  Jbea-tmrc mxtmre`j fmot 6?.4 ==.> =0.4 ?>.9 ?>.8 ?9.< ?<.< 01.>  NCI ld`rams =.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  \dbrt-tmrc mxtmre`j fmot 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 60.8 04.1 ?9=.9 60.4 089.4 <68.4 <11.1 ?=9.1Xbrtibjnb mqunty 8.8 ??.8 -<.= <=.9 <=.0 6>.4 <<.> -<?.=

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 64.9 =?.1 =0.? 6=.4 <>.?K`p`emsm yme 0.8 0.? ?.9 =.9 9.? 9.= 4.6 9.1Xbuef stmrjnea 4.1 0.4 0.9 0.= 0.1 0.= 0.= 0.?\wnss ir`el 8.= 8.? 8.< 8.? 8.? 8.? 8.0 8.8].\.fbjj`rs 06.6 6?.< 6=.> ?6.> ?8.= ?0.1 ?6.> <=.4

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 9.8 =.0 <.> ?.9 =.8 6.0 6.? 0.0  C`turnty (ym`rs) 01.> 01.= 0=.1 06.? 01.? 04.1 0=.9 04.6  Ar`lm pmrnbf (ym`rs) 9.< =.= 6.1 6.4 =.4 =.< =.= =.8Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 9.< 1.= ?.= 8.8 8.8 8.8 ?.4  C`turnty (ym`rs) 8.8 9.0 0.> 0.8 8.8 8.8 8.8 00.<  Ar`lm pmrnbf (ym`rs) 8.8 6.< 0.> 8.8 8.8 8.8 8.8 0.4

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) ?9<8.1 68?0.? 6==?.1 9?1=.1 9==4.9 116=.= >640.> 4416.?Mxpbrts bi abbfs, smrvnlms & nelbcm 0111.4 ?680.9 ?910.8 <4>>.< 6<16.8 =?=>.6 =161.1 6984.>Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. 0<?.8 011.8 ?0=.8 ?0=.8 ?0=.8 ?0=.8 ?00.?Ncpbrts bi abbfs, smrvnlms & nelbcm 0>>6.= ?=?6.> ?110.4 6?46.< =86>.= =404.< 9>61.9 ==81.?Xrbint rmcntt`elms be IFN ??.= 0=.= 4.0 <<.9 44.0 >8.0 09<.? 0>6.1Lurrmet llbuet o`j`elm -00>.< -?0.> -<9.> -<?6.8 -986.6 -6<<.> ->1=.4 -916.=Netmre`tnbe`j rmsmrvms 190.? 441.? >06.6 0<10.9 0<84.> 04<0.1 01>9.0 ?<0=.9

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) =?.= =>.8 <=.6 0>.> 06.? 0?.9 08.> 09.0Mxtmre`j fmot stblgs tb AEN (%) <=.= <=.? ?8.4 0?.6 >.= 4.= 9.9 4.6Fmot smrvnlm tb mxpbrts (%) 4.= 4.1 09.> =.4 =.4 ?.> ?.4 ?.1\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 8.? 8.0 .. .. .. .. .. ..Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) <<.< 0>.0 ??.4 <0.6 <6.6 <1.< 6?.0 6>.>_msmrvms tb mxtmre`j fmot stblgs (%) 40.= 9?.1 >9.9 019.4 ?08.= ?11.= ?41.8 <0?.<_msmrvms tb ncpbrts (cbetds) 6.9 6.? 6.8 <.4 <.0 <.4 <.0 =.8

?8?

Page 215: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 215/341

C@]_NVN]\

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf >8>.1 0606.> >69.< 11=.4 9?0.> 998.0 9?=.1 160.=Xuojnl ef puojnljy au`r`etmmf 19?.? 0061.> 4?1.4 18>.6 =1<.? =>1.4 =19.1 998.4  Biinln`j lrmfntbrs 961.< 99<.9 6><.4 64=.4 6?<.1 640.0 641.8 =18.1  Cujtnj`tmr`j <08.4 ?9>.4 ?0=.1 ?6<.1 ?06.? ?6=.> ?9<.= <9>.4  b w l ; NO_F 019.? 068.< 4=.4 94.< 90.0 40.0 08?.1 ?8<.1  NF@ 04.4 09.= 0<.= 08.6 >.4 >.? 4.9 1.>

  Onj`tmr`j <<9.= <><.> ?14.0 ?6?.0 ?8>.= ?<=.? ??<.6 ?88.>  Xrnv`tm lrmfntbrs 006.> 646.? <<6.0 ??<.9 06>.9 009.1 4>.1 >8.?  bi wdnld; Obefs 8.8 0=8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 08?.? <06.4 <?6.8 01?.4 001.6 49.> 9=.9 9>.4Xrnv`tm ebeau`r`etmmf 061.= ?91.8 004.6 99.6 64.9 9?.? 6>.8 48.1  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Fnsoursmcmets 090.0 684.9 0?4.0 0<1.> <>.< 004.8 006.8 ?0=.9Xuojnl ef puojnljy au`r`etmmf 08<.1 <=?.9 004.> 0?9.= ?1.4 44.9 49.6 069.4  Biinln`j lrmfntbrs >9.0 <>.6 6?.> 9?.= ?1.4 44.9 49.6 0?1.9  Cujtnj`tmr`j ??.9 04.8 01.? <0.6 0<.> 61.? 61.> 0?1.9  bi wdnld; NO_F =.9 08.= <.9 ?.6 0.8 <8.9 <8.8 084.>  NF@ 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Onj`tmr`j 1<.= ?0.< ?=.9 <0.0 0<.> 60.6 <4.= 8.8  Xrnv`tm lrmfntbrs 1.9 <0<.? 19.8 96.8 8.8 8.8 8.8 0>.?  bi wdnld; Obefs 8.8 0=8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.? 0=4.1 19.8 98.> 8.8 8.8 8.8 0>.?Xrnv`tm ebeau`r`etmmf =1.6 =9.8 >.? 00.6 00.= ?>.6 ?1.9 94.4

  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets 98.8 0=<.> 680.8 0>9.4 ??=.> 0?=.9 0<1.6 081.<Xuojnl ef puojnljy au`r`etmmf 6<.1 ><.> <4=.= 01=.6 ?8<.? 086.9 08?.4 18.0  Biinln`j lrmfntbrs <>.6 98.9 ==.8 4=.8 00?.4 =>.0 48.= 64.9  Cujtnj`tmr`j ??.< <<.6 <<.4 <8.9 =?.8 ?=.< ?=.9 ?<.4  bi wdnld; NO_F 09.8 ?<.< 04.0 4.1 4.? 08.4 >.= 1.>  NF@ 8.? 8.9 8.9 8.9 8.9 8.9 8.9 8.9  Onj`tmr`j 01.0 ?1.? ?0.? =6.6 98.> <<.4 =6.> ?6.4  Xrnv`tm lrmfntbrs 6.< <<.< <<8.6 >8.6 >8.< 6=.6 ??.< ?0.=  bi wdnld; Obefs 8.8 8.8 0=8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 6.0 ?0.9 069.< 4?.> 94.? 68.8 01.> 01.0Xrnv`tm ebeau`r`etmmf 09.< 98.8 0=.= ?0.6 ??.1 ?0.8 <6.9 <1.0  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Netmrmst p`ycmets 6?.4 ==.> =0.4 ?>.9 ?>.8 ?9.< ?<.< 01.>Xuojnl `ef puojnljy au`r`etmmf <9.> 6>.> =0.? ?>.= ?4.4 ?=.9 ?<.8 01.0  Biinln`j lrmfntbrs <<.0 <=.= ??.= 0>.8 04.< 01.6 01.6 0<.1

  Cujtnj`tmr`j 0>.< 09.0 4.4 9.9 4.6 4.9 >.0 1.?  bi wdnld; NO_F 06.8 08.4 6.9 0.4 ?.1 6.0 <.1 <.8  NF@ 8.? 8.0 8.0 8.0 8.0 8.0 8.0 8.0  Onj`tmr`j 0<.4 0>.< 0<.1 0?.6 >.> 4.4 4.< 9.=  Xrnv`tm lrmfntbrs <.4 06.= ?4.1 08.= 08.= 4.? =.9 <.6  bi wdnld; Obefs 8.8 8.8 =.< 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs <.< 0?.6 ?0.1 4.4 4.1 9.1 6.0 ?.=Xrnv`tm ebeau`r`etmmf =.> 9.8 8.9 8.0 8.? 8.1 8.< 8.4  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 00>.9 <09.1 -<?=.0 -068.< -0=<.> <4.? -<6.< 00=.4  Emt bws be mxtmre` m t =1.1 ?=6.1 -?1?.> -=4.> -049.9 -1.9 -?<.6 084.<

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

bt` `cbuet bra vme . . . . . . . .

Fmot ouyo`lg 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 44.9 40.0 >8.0 90.< >6.6 06?.= 06?.? 0<4.?Netmrmst 0=.1 01.9 04.> 04.> 0>.0 04.= 01.0 0=.6Xrnv`tm lrmfntbrs

Xrnelnp`j 61.8 <>.? ?4.4 ?<.0 0=.1 0?.0 >.0 4.<Netmrmst 9.0 6.9 <.6 ?.= 0.> 0.6 0.8 8.1

 Ebtms;

Jbea-tmrc abvmrecmet fmot `ef prnv`tm ebeau`r`etmmf fmot f`t` ibr ?88> `rm Qbrjf O`eg st`ii mstnc`tms. \dbrt-tmrc fmot f`t` `rm mxljufmf snelm ON\ f`t`

neljufm fmot jn`onjntnms bi biisdbrm lmetmrs jbl`tmf ne tdm lbuetry. ON\ sdbrt-tmrc fmot f`t` ibr ?881, ?884, `ef ?88> rm $4,?== cnjjnbes, $=,84? cnjjnbes, ef

$<,4?< cnjjnbes rmspmltnvmjy.

?8<

Page 216: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 216/341

CMTNLB

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 086,66? 09=,<1> 0=8,>80 091,>6? 09?,6>1 0>?,94> ?8<,=1> 0>?,884  Jbea-tmrc mxtmre`j fmot 40,48> 00?,?=8 0<0,>9> 090,<9< 0=?,?98 094,468 01>,==? 094,91?  Xuojnl ef puojnljy au`r`etmmf 1=,>16 ><,>8? 40,644 084,64? >9,8?> 08=,<19 00<,>=8 >>,<16  Xrnv`tm ebeau`r`etmmf =,4<= 04,<64 =8,640 =?,440 =9,?<0 9<,696 9=,98? 9>,?>>  ]sm bi NCI lrmfnt 9,==0 0=,4?4 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 09,84? <1,<88 04,><? 9,=14 08,?<1 ?<,464 ?6,8?1 ?<,<<=  netmrmst `rrm`rs be jbea-tmrc 8 8 8 8 8 8 8 8

 Cmcbr`efuc ntmcs  8 8 8 8 8 8 8 8    1=,=>= ><,610 40,?08 084,664 >9,8?? 08=,<16 00<,>=8 >>,<16    9,?06 04,11> =8,1=4 =?,>09 =9,?<4 9<,691 9=,98? 9>,?>>  0?,646 ?6,908 08,4?4 06,><< 06,>16 09,99< ?6,<46 ??,1>=

Mxtmre`j fmot ijbwsFnsoursmcmets 06,??> 6?,>99 <6,8?6 <<,4>= <?,884 <1,<0? 66,00= <6,180  Jbea-tmrc mxtmre`j fmot 0?,86= ?>,914 <?,4<8 <<,4>= <?,884 <1,<0? 66,00= <6,180  NCI purld`sms ?,046 0<,?44 0,0>6 8 8 8 8 8

Xrnelnp`j rmp`ycmets 6,80? 0=,<8> 66,6=0 <6,1>6 66,=19 ?1,>98 <8,1=? ?>,=44  Jbea-tmrc mxtmre`j fmot ?,4?0 06,09= <4,>=4 <6,1>6 66,=19 ?1,>98 <8,1=? ?>,=44  NCI rmpurld`sms 0,0>0 0,066 =,6>< 8 8 8 8 8

 Emt ijbws 01,9<1 ?=,9<= -0=,==1 -<,608 -4,>08 ??,>9< 0<,=6? 6,6?0  Jbea-tmrc mxtmre`j fmot >,??6 0=,=0< -9,0?4 -4>> -0?,=94 >,<=0 0<,<96 =,00<

  \dbrt-tmrc mxtmre`j fmot 1,6?8 -?,8?? -=,0<8 -?,=00 <,9=4 0<,90? 014 -9>0Netmrmst p`ycmets 1,<80 08,480 06,8=> 08,<<4 00,=0> 0?,88> 08,=48 08,<9=  Jbea-tmrc mxtmre`j fmot =,1>1 1,96= 0?,806 >,9>6 08,>4= 00,?84 >,1>> >,194  NCI ld`rams =?? =6= 0=< 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot >4? ?,900 0,4>? 966 =<= 480 140 =>1

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet ?,=6> >,=?9 04,8>4 ??,<6= 0>,11> ?1,<00 ?<,018 00,604Xbrtibjnb mqunty 0,>>= =0> 661 <,<=< ?,48= -64? -<,=8< 6,09>

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 0.0 0.< 0.0 0.8 1.6K`p`emsm yme 9.< 4.< 1.9 0.4 0.8 8.4 8.> 6.9Xbuef stmrjnea 0.6 8.1 8.? 8.0 8.0 8.0 8.8 0.?\wnss ir`el 8.9 8.6 8.8 8.? 8.? 8.? 8.0 8.=].\.fbjj`rs 96.< 9=.? 4=.8 >=.1 >9.> >1.6 >1.4 49.?

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 1.4 >.0 =.6 6.8 =.> 1.6 <.< 0.6  C`turnty (ym`rs) 0=.9 >.< 06.4 ?8.6 0<.1 0<.8 0>.= 01.4  Ar`lm pmrnbf (ym`rs) 6.= ?.> 6.4 6.1 6.6 6.< 1.> 08.8Xrnv`tm lrmfntbrs

  Netmrmst (%) >.6 9.? 4.6 9.= =.= 9.9 9.9 =.9  C`turnty (ym`rs) 00.= <.9 >.< 06.= 00.0 09.9 01.6 >.6  Ar`lm pmrnbf (ym`rs) 9.0 ?.= >.0 1.> 1.9 00.= >.1 4.1

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) ?=6,846 ?1<,68> =99,68> 4<6,=98 ><6,809 0,881,064 0,81?,>68 498,46>Mxpbrts bi abbfs, smrvnlms & nelbcm =?,814 ><,8<6 04=,4=< ?<=,1?> ?1?,1?6 ?>1,<98 <01,?0> ?=8,8=?Qbrgmr rmcnt. & lbcp. bi mcpjbymms <,8>4 6,<94 1,=?= ?<,89? ?9,411 ?1,0<9 ?9,<86 ??,0=<Ncpbrts bi abbfs, smrvnlms & nelbcm 9<,=86 >4,=10 ?00,=4> ?9?,609 <8<,0?8 <<?,016 <=4,=9> ?19,484Xrbint rmcntt`elms be IFN ?,<86 6,?=> 9,819 9,>88 08,01? 00,<09 08,?=8 1,18>Lurrmet llbuet o`j`elm -1,6=0 -0,=19 -04,16< -6,=6> -6,661 -4,<>> -0=,44> -=,?<4Netmre`tnbe`j rmsmrvms 08,?01 01,869 <=,=11 16,008 19,<?> 41,?84 >=,<88 >>,44>

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) ?88.= 011.4 40.? 10.? =>.9 96.4 96.? 19.4Mxtmre`j fmot stblgs tb AEN (%) 60.0 98.= ?9.9 ?8.0 01.6 0>.0 0>.8 ??.<Fmot smrvnlm tb mxpbrts (%) ?0.1 ?4.0 <0.= 0>.0 ?8.9 0<.6 0<.8 09.8\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 0=.6 ??.9 0?.= <.> 9.< 0?.6 00.4 0?.?Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 0<.1 00.< 00.6 >.4 =.0 6.1 =.? >.8_msmrvms tb mxtmre`j fmot stblgs (%) >.4 08.< ?<.9 66.0 61.8 6=.< 69.4 =?.8_msmrvms tb ncpbrts (cbetds) 0.> ?.0 ?.8 <.6 <.8 <.? <.? 6.<

?86

Page 217: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 217/341

CMTNLB

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 40,48> 00?,?=8 0<0,>9> 090,<9< 0=?,?98 094,468 01>,==? 094,91?Xuojnl ef puojnljy au`r`etmmf 1=,>16 ><,>8? 40,644 084,64? >9,8?> 08=,<19 00<,>=8 >>,<16  Biinln`j lrmfntbrs ??,9?0 <4,>>1 ?8,4=8 04,118 08,?9< 00,88> 0?,601 ?0,?0?  Cujtnj`tmr`j 06,<8? 04,9<9 01,?<4 09,614 4,?08 >,006 08,964 01,?<?  b w l ; NO_F 00,8<8 0<,4?< 00,666 4,440 6,?00 6,=68 =,491 08,06<  NF@ 8 8 8 8 8 8 8 8

  Onj`tmr`j 4,<04 ?8,<90 <,90? ?,?>? ?,8=< 0,4>6 0,19> <,>48  Xrnv`tm lrmfntbrs =<,<=< =6,>86 98,9<> 4>,10? 4=,199 >6,<94 080,=<6 14,090  bi wdnld; Obefs 68,088 6=,?41 =?,1=6 94,=64 96,8?= 9>,?01 14,?68 =4,4>8  Lbccmrln`j o`egs 9,9<8 =,<8? =,?40 ?8,?1? ?8,>68 ?6,606 ??,=>8 01,==?Xrnv`tm ebeau`r`etmmf =,4<= 04,<64 =8,640 =?,440 =9,?<0 9<,696 9=,98? 9>,?>>  bi wdnld; Obefs 0=8 0<,8?9 ?8,966 0>,66? 0>,<4> ??,948 0>,>=4 ?0,=?=

Fnsoursmcmets 0?,86= ?>,914 <?,4<8 <<,4>= <?,884 <1,<0? 66,00= <6,180Xuojnl ef puojnljy au`r`etmmf >,>4= ?<,<>> 00,64< 0=,06< 06,>11 0=,9?= ?6,169 ?0,>?9  Biinln`j lrmfntbrs =,6=6 0<,6?9 ?,4== ?,<8> ?,<9= ?,09= ?,190 4,10>  Cujtnj`tmr`j <,961 ?,99< ?,=<6 0,>69 ?,084 0,1<> ?,90< 1,=10  bi wdnld; NO_F <,<?9 0,1<? 0,164 >>1 0,6?> 910 0,>68 6,44?  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 0,481 08,19< <?? <9< ?=1 6?9 061 0,064  Xrnv`tm lrmfntbrs 6,=<? >,>1< 4,9?4 0?,4<< 0?,90? 0<,6=> ?0,>4= 0<,?89  bi wdnld; Obefs >1= 1,8=> 1,<94 08,8>9 4,89> 00,169 04,??6 08,4>1  Lbccmrln`j o`egs ?,==? 0,9>> 0,8>9 ?,99= 6,6<> 0,=>0 <,99= 0,1?4Xrnv`tm ebeau`r`etmmf ?,898 9,?1> ?0,<69 04,1=< 01,8<0 ?0,941 0>,<18 0?,11=

  bi wdnld; Obefs 0=8 46< <,<69 9,99> 6,=89 =,4?9 ><0 =,891

Xrnelnp`j rmp`ycmets ?,4?0 06,09= <4,>=4 <6,1>6 66,=19 ?1,>98 <8,1=? ?>,=44Xuojnl ef puojnljy au`r`etmmf ?,9?= >,0<9 09,<?4 0=,94? <0,=18 0<,=60 0<,4<6 00,49>  Biinln`j lrmfntbrs 0,?49 <,81? <,<11 ?,=?1 08,>64 0,=<> 0,6=> 0,1>?  Cujtnj`tmr`j 0,8<1 0,106 0,409 0,>4? 08,6?8 >80 0,0?8 0,008  bi wdnld; NO_F 480 0,600 0,<<8 0,<1> 9,088 <6? =>9 99>  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j ?6> 0,<=4 0,=90 =6= =?1 9<4 <<> 94?  Xrnv`tm lrmfntbrs 0,<<> 9,896 0?,>=8 0<,0== ?8,9?< 0?,880 0?,<16 08,811  bi wdnld; Obefs 696 <,=<6 >,?=9 >,>4> 0=,88< 08,<81 >,96> 6,>9=  Lbccmrln`j o`egs 04= 0,9?< ?,418 ?,>4< =,606 0,64? ?,=6? 6,?>9Xrnv`tm ebeau`r`etmmf 0>9 =,8?> ??,9<8 0>,00? 0<,88= 06,6?8 09,>04 01,10>  bi wdnld; Obefs 8 908 <,==? ?,96= 6,18< ?,=<9 <,?61 <,=88

Netmrmst p`ycmets =,1>1 1,96= 0?,806 >,9>6 08,>4= 00,?84 >,1>> >,194Xuojnl ef puojnljy au`r`etmmf =,?0= 9,?<> 1,19< 9,1=4 9,60? 9,6<= =,1=? 6,><1  Biinln`j lrmfntbrs 0,<14 ?,9=> 0,==< 461 >0? =0< 6=4 ==0

  Cujtnj`tmr`j 0,88= 0,?>0 0,?1= 19> 4<? 6<< <>6 6=>  bi wdnld; NO_F 1=0 >90 4>8 6<1 690 ?<? ?88 ?61  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j <1< 0,<94 ?14 14 48 48 96 >?  Xrnv`tm lrmfntbrs <,4<4 <,=1> 9,?08 =,>0? =,=88 =,>?? =,?>6 6,<49  bi wdnld; Obefs 0,00? ?,>89 6,1<> =,616 =,861 =,=<? 6,>=1 <,116  Lbccmrln`j o`egs ?,0>= <69 411 686 606 <== <8> =9?Xrnv`tm ebeau`r`etmmf =4? 0,681 6,?=0 ?,><9 6,=1< 6,11< 6,861 6,4<0  bi wdnld; Obefs 8 0,8=6 0,9?8 >=1 0,9?0 0,9>6 0,<08 0,=4<

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 08,980 ?9,4<< -0=,4<1 -<,??8 -=,66= <8,0>? 08,4>8 -00,=10  Emt bws be mxtmre` m t 01,9<1 ?=,9<= -0=,==1 -<,608 -4,>08 ??,>9< 0<,=6? 6,6?0

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf <9,>=8 8 8 8 8 8 8 8

bt` cbuet bra vme ,

Fmot ouyo`lg 8 0< 9,966 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 0,106 0,>0? 0,68> 0,<=1 0,?>? 0,?0? 0,818 >99Netmrmst <>1 <6< <80 ?99 ?<? ?80 011 0=4Xrnv`tm lrmfntbrs

Xrnelnp`j ?=,494 0=,=41 06,8<0 01,6=8 09,>9? 4,>8? 9,0=8 >,8?6Netmrmst 4,6>> 1,<94 9,=98 =,401 6,>0> <,1>0 <,<0> ?,160

 Ebtms;

\dbrt-tmrc fmot ibr ?88> ns o`smf be rmpbrts prbvnfmf oy tdm lbuetry. @fkustcmets ne tdm stblg bi fmot ne ?88> rm c`nejy fum tb rmpurld`smf bi $?< onjjnbe

XNFN_MA@\ obefs ne ?881 `ef ?884 wdnld wmrm ebt llbuetmf oy tdm Abvmrecmet uetnj ?88>.

?8=

Page 218: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 218/341

CBJFBY@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs .. 9>= 0,9>8 ?,8=0 ?,6<1 <,01< <,690 <,6=1  Jbea-tmrc mxtmre`j fmot .. 6=> 0,861 0,?<4 0,6=6 0,><= ?,889 0,>4=  Xuojnl `ef puojnljy au`r`etmmf .. 6=8 4=8 9>4 1<9 111 1>0 14<  Xrnv`tm ebeau`r`etmmf .. > 0>1 =68 104 0,0=4 0,?06 0,?8<  ]sm bi NCI lrmfnt .. ?<8 0=6 >= 060 098 099 0=6  \dbrt-tmrc mxtmre`j fmot .. 9 64> 104 46? 0,81> 0,?4> 0,<04  netmrmst `rrm`rs be jbea-tmrc .. = ?? =9 0= ?0 ?? <4

 Cmcbr`efuc ntmcs  .. 6? << 14 1? >? >1 01<    .. 6=8 4<> 9>4 1<9 111 1>0 14<    .. > ?84 =68 104 0,0=4 0,?06 0,?8<  .. 09> ?8 ?6 68 >9 <8 18

Mxtmre`j fmot ijbwsFnsoursmcmets .. ?<8 019 ?<1 60= 9?0 =00 ?10  Jbea-tmrc mxtmre`j fmot .. 099 096 ?<1 <=0 =44 61= ?10  NCI purld`sms .. 96 0? 8 96 << <9 8

Xrnelnp`j rmp`ycmets .. 60 4? 046 ?=4 ?<> 606 <01  Jbea-tmrc mxtmre`j fmot .. 60 =1 09< ?<6 ?01 <4> <8?  NCI rmpurld`sms .. 8 ?= ?? ?6 ?? ?= 0=

 Emt ijbws .. 04> =98 0=1 <?? 90< <8= -<<  Jbea-tmrc mxtmre`j fmot .. 0?6 081 1= 001 <10 49 -<0

  \dbrt-tmrc mxtmre`j fmot .. 8 69= 086 09= ?<0 ?84 0<Netmrmst p`ycmets .. ?> 94 99 19 >> 41 18  Jbea-tmrc mxtmre`j fmot .. 0> 69 6? <4 =8 =9 =?  NCI ld`rams .. 08 4 < < ? 0 0  \dbrt-tmrc mxtmre`j fmot .. 8 06 ?0 <= 61 ?> 09

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet .. ?9 0?4 0>0 ?<< =<> 184 49Xbrtibjnb mqunty .. -0 < 0 ? ? 00 ?

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 1.9 4.0 4.4 4.> 08.=K`p`emsm yme .. 4.6 <.6 <.< <.8 ?.> <.6 ?.>Xbuef stmrjnea .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs .. ??.4 91.0 94.> 9>.? 9>.8 91.4 99.1

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) .. 9.4 8.6 0.= 8.4 <.8 8.4 0.?  C`turnty (ym`rs) .. 08.6 <>.1 ?4.> <>.6 ?<.4 <>.9 ?9.9  Ar`lm pmrnbf (ym`rs) .. <.< 08.? 1.6 08.0 9.0 08.0 4.6Xrnv`tm lrmfntbrs

  Netmrmst (%) .. 1.8 =.> 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) .. 9.8 <.? 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) .. 0.= <.? 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) .. 0,1?6 0,<08 <,<61 <,48> 6,40> 9,9=< =,1><Mxpbrts bi abbfs, smrvnlms & nelbcm .. 4>4 148 ?,86< ?,0<? ?,184 <,<44 ?,=>6Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. 0 01> >?8 0,04? 0,6>4 0,4>1 0,?00Ncpbrts bi abbfs, smrvnlms & nelbcm .. 0,8<4 0,84> ?,466 <,<<= 6,98? =,>>4 6,?=<Xrbint rmcntt`elms be IFN .. 8 < 6= 084 04? 0=< 06=Lurrmet `llbuet o`j`elm .. -4= ->4 -??9 -<4> -916 ->41 -6<>Netmre`tnbe`j rmsmrvms .. ?=1 ??? =>1 11= 0,<<6 0,91? 0,648

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. 11.6 ?09.= 088.6 006.< 001.? 08?.0 0<<.?Mxtmre`j fmot stblgs tb AEN (%) .. 68.< 0?>.8 90.< 96.8 9=.> =?.8 =>.1Fmot smrvnlm tb mxpbrts (%) .. 1.> 0>.? 0?.? 0=.1 0?.= 06.4 06.>\dbrt-tmrc tb mxtmre`j fmot stblgs (%) .. 8.> ?4.> <=.8 <6.9 <6.8 <1.? <4.0Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) .. <0.0 ?<.> 0>.> 01.1 06.> 06.< 06.>_msmrvms tb mxtmre`j fmot stblgs (%) .. <1.8 0<.? ?>.0 <0.4 6?.8 64.< 6?.4_msmrvms tb ncpbrts (cbetds) .. <.8 ?.= ?.= ?.4 <.= <.< 6.?

?89

Page 219: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 219/341

CBJFBY@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf .. 6=> 0,861 0,?<4 0,6=6 0,><= ?,889 0,>4=Xuojnl `ef puojnljy au`r`etmmf .. 6=8 4=8 9>4 1<9 111 1>0 14<  Biinln`j lrmfntbrs .. 6<8 16< 996 100 1=> 140 11>  Cujtnj`tmr`j .. ?09 68< 68> 6<8 61< 6>= =06  b w l ; NO_F .. 0=? 0>0 090 0=0 060 0?> 008  NF@ .. 8 08< ?8> ?6? ?>? <00 <<?

  Onj`tmr`j .. ?06 <68 ?== ?48 ?49 ?49 ?9=  Xrnv`tm lrmfntbrs .. 0> 081 <6 ?= 04 00 6  bi wdnld; Obefs .. 8 1= ?= 0> 0< 9 8  Lbccmrln`j o`egs .. 6 0? 1 9 = 6 6Xrnv`tm ebeau`r`etmmf .. > 0>1 =68 104 0,0=4 0,?06 0,?8<  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Fnsoursmcmets .. 099 096 ?<1 <=0 =44 61= ?10Xuojnl `ef puojnljy au`r`etmmf .. 0=> =6 ?9 <0 61 6< 60  Biinln`j lrmfntbrs .. 0<> =? ?9 <0 61 6< 60  Cujtnj`tmr`j .. 40 =8 ?= ?> 61 6< 60  bi wdnld; NO_F .. =8 9 8 8 8 8 8  NF@ .. 8 <8 ?6 ?< <> ?6 ?0  Onj`tmr`j .. =4 0 0 < 0 8 8  Xrnv`tm lrmfntbrs .. 0> ? 8 8 8 8 8  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 6 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 1 008 ?00 <?8 =60 6<? ?<8

  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets .. 60 =1 09< ?<6 ?01 <4> <8?Xuojnl `ef puojnljy au`r`etmmf .. <> <8 6? =< 60 6? =6  Biinln`j lrmfntbrs .. <> ?1 <= 6= <6 <= 61  Cujtnj`tmr`j .. <= ?0 <= ?< ?0 ?? ?=  bi wdnld; NO_F .. 8 = 0< 06 0= 01 04  NF@ .. 8 8 8 8 0 ? <  Onj`tmr`j .. 6 = 8 ?? 0< 0< ?<  Xrnv`tm lrmfntbrs .. 8 < 1 4 1 9 1  bi wdnld; Obefs .. 8 8 9 9 9 9 9  Lbccmrln`j o`egs .. 8 8 0 0 0 8 0Xrnv`tm ebeau`r`etmmf .. ? ?4 0?8 040 019 <61 ?64  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Netmrmst p`ycmets .. 0> 69 6? <4 =8 =9 =?Xuojnl `ef puojnljy au`r`etmmf .. 0> <> ?? 01 04 09 ?8  Biinln`j lrmfntbrs .. 0> ?4 ?8 0= 09 0= 0>

  Cujtnj`tmr`j .. 00 04 08 00 0? 00 4  bi wdnld; NO_F .. 4 00 9 1 4 1 6  NF@ .. 8 0 ? ? ? ? ?  Onj`tmr`j .. 4 08 08 < 6 = 0?  Xrnv`tm lrmfntbrs .. 8 00 ? < ? 0 0  bi wdnld; Obefs .. 8 1 ? ? ? 0 8  Lbccmrln`j o`egs .. 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 1 ?8 ?0 << <> <?  bi wdnld; Obefs .. 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s .. 0>< 91? 084 <49 1<9 ?41 -6  Emt bws be mxtmre` m t .. 04> =98 0=1 <?? 90< <8= -<<

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf .. 8 ?69 8 44 <? <0 8

bt` cbuet bra vme ..

Fmot ouyo`lg .. 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 96 =1 =1 90 =< 69 << <6Netmrmst 01 0= 0< 0= 0< 00 08 >Xrnv`tm lrmfntbrs

Xrnelnp`j ??9 011 0?4 001 >8 9= >0 9?Netmrmst =? =< <= <1 ?9 ?1 ?> 0=

 Ebtms;

\dbrt-tmrc fmot f`t` rm Qbrjf O`eg st`ii mstnc`tms o`smf be abvmrecmet st`tnstnls.

?81

Page 220: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 220/341

Page 221: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 221/341

Page 222: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 222/341

CBEVMEMA_B

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs .. .. .. .. 460 0,?9< 0,699 ?,<84  Jbea-tmrc mxtmre`j fmot .. .. .. .. 460 4=4 496 0,080  Xuojnl `ef puojnljy au`r`etmmf .. .. .. .. 4?> 464 4== 0,8><  Xrnv`tm ebeau`r`etmmf .. .. .. .. 0? 08 > 4  ]sm bi NCI lrmfnt .. .. .. .. 8 8 8 8  \dbrt-tmrc mxtmre`j fmot .. .. .. .. 8 68= 98? 0,?81  netmrmst `rrm`rs be jbea-tmrc .. .. .. .. 8 8 8 8

 Cmcbr`efuc ntmcs  .. .. .. .. 8 8 8 8    .. .. .. .. 4?> 464 4== 0,8><    .. .. .. .. 0? 08 > 4  .. .. .. .. 96 0>< 6< <8=

Mxtmre`j fmot ijbwsFnsoursmcmets .. .. .. .. 44 14 96 ?9>  Jbea-tmrc mxtmre`j fmot .. .. .. .. 44 14 96 ?9>  NCI purld`sms .. .. .. .. 8 8 8 8

Xrnelnp`j rmp`ycmets .. .. .. .. 0< 08> ?4 <8  Jbea-tmrc mxtmre`j fmot .. .. .. .. 0< 08> ?4 <8  NCI rmpurld`sms .. .. .. .. 8 8 8 8

 Emt ijbws .. .. .. .. 1= -<? ?<< 466  Jbea-tmrc mxtmre`j fmot .. .. .. .. 1= -<? <9 ?<>

  \dbrt-tmrc mxtmre`j fmot .. .. .. .. 8 8 0>1 98=Netmrmst p`ycmets .. .. .. .. ?4 =8 68 68  Jbea-tmrc mxtmre`j fmot .. .. .. .. ?4 <= ?4 ?4  NCI ld`rams .. .. .. .. 8 8 8 8  \dbrt-tmrc mxtmre`j fmot .. .. .. .. 8 0= 0? 0?

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet .. .. .. .. .. >?1 441 0,<<>Xbrtibjnb mqunty .. .. .. .. .. = -= -=

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. .. 66.6 =0.8 =0.< =>.4K`p`emsm yme .. .. .. .. 8.8 8.8 8.8 8.8Xbuef stmrjnea .. .. .. .. 8.0 8.0 8.8 8.8\wnss ir`el .. .. .. .. 0.4 <.> 6.8 <.<].\.fbjj`rs .. .. .. .. =8.9 60.6 <>.< <?.6

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) .. .. .. .. 0.? ?.6 6.0 0.1  C`turnty (ym`rs) .. .. .. .. 06.1 0=.1 >.? 06.6  Ar`lm pmrnbf (ym`rs) .. .. .. .. <.4 =.< <.? ?.0Xrnv`tm lrmfntbrs

  Netmrmst (%) .. .. .. .. 6.8 ?.8 8.8 4.=  C`turnty (ym`rs) .. .. .. .. =.9 0<.0 8.8 6.9  Ar`lm pmrnbf (ym`rs) .. .. .. .. 0.0 <.9 8.8 8.=

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) .. .. .. .. ?,1<= <,9>? 6,=<0 6,8>8Mxpbrts bi abbfs, smrvnlms & nelbcm .. .. .. .. .. 0,190 0,>>4 0,909Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. .. .. .. .. .. .. ..Ncpbrts bi abbfs, smrvnlms & nelbcm .. .. .. .. .. <,?8? 6,01> ?,14=Xrbint rmcntt`elms be IFN .. .. .. .. .. .. .. ..Lurrmet `llbuet o`j`elm .. .. .. .. .. .. .. ..Netmre`tnbe`j rmsmrvms .. .. .. .. 6=1 94> 6<9 =1<

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. .. .. .. .. 10.1 1<.6 06?.4Mxtmre`j fmot stblgs tb AEN (%) .. .. .. .. <8.4 <6.? <?.6 =9.6Fmot smrvnlm tb mxpbrts (%) .. .. .. .. .. >.0 <.6 6.6\dbrt-tmrc tb mxtmre`j fmot stblgs (%) .. .. .. .. .. <?.0 60.0 =?.<Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) .. .. .. .. 96.9 6<.9 <4.? ?=.9_msmrvms tb mxtmre`j fmot stblgs (%) .. .. .. .. =6.6 =6.= ?>.1 ?6.4_msmrvms tb ncpbrts (cbetds) .. .. .. .. .. ?.9 0.< ?.=

?08

Page 223: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 223/341

Page 224: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 224/341

CB_BLLB

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs ?=,886 ?<,110 ?8,916 09,016 01,40= ?8,=6< ?8,4?= ?<,1=?  Jbea-tmrc mxtmre`j fmot ?<,461 ?<,=?0 0>,080 0=,6>? 09,84< 04,9?6 0>,0>6 ?0,=1<  Xuojnl ef puojnljy au`r`etmmf ?<,961 ?<,0>8 01,?<> 0?,660 0<,6>9 0=,9=8 09,=<4 0>,?0>  Xrnv`tm ebeau`r`etmmf ?88 <<0 0,49? <,8=0 ?,=44 ?,>1= ?,9=9 ?,<=6  ]sm bi NCI lrmfnt 1=8 =? 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 681 0>4 0,=1< 94? 0,1<? 0,>0> 0,9<0 ?,01>  netmrmst `rrm`rs be jbea-tmrc 04? >? 0?? 8 8 8 8 8

 Cmcbr`efuc ntmcs  1<4 0<4 =<= < 6 ? 0 8    ?<,=4< ??,>66 01,811 0?,<40 0<,6?= 0=,=9= 09,669 0>,0<6    ?96 =11 ?,8?< <,000 ?,9=> <,8=> ?,164 ?,6<4  ?,689 ?,=4< =<= ?,?11 ?,46? <,444 0,680 <,?44

Mxtmre`j fmot ijbwsFnsoursmcmets 0,4=< ?,<8> 0,9<4 ?,6=9 ?,6?9 <,>19 6,==6 6,==?  Jbea-tmrc mxtmre`j fmot 0,144 ?,<8> 0,9<4 ?,6=9 ?,6?9 <,>19 6,==6 6,==?  NCI purld`sms 9= 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets >84 ?,<94 0,9<0 ?,0<4 ?,146 <,<?= <,6=0 ?,18>  Jbea-tmrc mxtmre`j fmot 948 ?,?94 0,9<0 ?,0<4 ?,146 <,<?= <,6=0 ?,18>  NCI rmpurld`sms ??4 088 8 8 8 8 8 8

 Emt ijbws 0,8<? -40 -664 4<? 9>? 4<4 406 ?,<>0  Jbea-tmrc mxtmre`j fmot 0,084 60 1 <04 -<=4 9=0 0,08? 0,46<

  \dbrt-tmrc mxtmre`j fmot 49 -?? -6== =06 0,8=8 041 -?44 =64Netmrmst p`ycmets 441 0,<>0 0,81= =>8 909 9>6 1=? 18?  Jbea-tmrc mxtmre`j fmot 1>= 0,<98 >64 =9> =68 =>8 18> 914  NCI ld`rams 1? 1 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot ?8 ?6 0?1 ?? 19 086 6< ?6

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 09= >? ??0 0,9?8 ?,<99 ?,481 ?,699 0,<<<Xbrtibjnb mqunty 8 ?8 04 96 -?>4 -96 064 ?6

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 6<.6 61.? =6.9 =<.8 =6.6K`p`emsm yme ?.? <.4 <.< =.0 =.8 6.1 9.0 =.>Xbuef stmrjnea 8.0 8.? 8.0 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.? 8.0 8.0 8.0 8.0 8.8 8.8 8.8].\.fbjj`rs 68.0 ?1.? <1.9 ?<.4 0>.9 0?.9 00.> 08.6

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) =.6 6.6 <.6 <.0 <.1 <.> 6.1 ?.1  C`turnty (ym`rs) ?6.0 0>.4 ?=.0 0>.= ?<.8 0>.9 0>.4 ?8.?  Ar`lm pmrnbf (ym`rs) 4.< =.6 9.6 =.= 9.= =.1 =.8 =.8Xrnv`tm lrmfntbrs

  Netmrmst (%) >.1 1.0 =.9 <.9 6.8 =.? =.< 6.0  C`turnty (ym`rs) 00.9 >.1 1.1 00.1 06.1 08.< 08.< 0?.?  Ar`lm pmrnbf (ym`rs) ?.0 0.= 0.8 0.? <.8 4.6 8.4 8.6

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) ?6,4<= <0,994 <9,8=< =4,198 96,18< 16,?69 41,<09 4>,494Mxpbrts bi abbfs, smrvnlms & nelbcm 9,<?0 >,?>9 08,1?> 0>,611 ??,69= ?4,?1? <6,489 ?1,<<6Qbrgmr rmcnt. & lbcp. bi mcpjbymms ?,889 0,>18 ?,090 6,=>8 =,6=0 9,1<8 9,4>= 9,?10Ncpbrts bi abbfs, smrvnlms & nelbcm 4,4=< 0?,40? 0<,949 ?<,400 ?1,<4< <9,8>4 64,08? <>,?84Xrbint rmcntt`elms be IFN 9> 088 ?94 =>6 916 1<8 4<= 0,04?Lurrmet llbuet o`j`elm -0>9 -0,049 -61= 0,860 0,600 -0?? -6,=?4 -6,=18Netmre`tnbe`j rmsmrvms ?,<<4 <,416 =,801 09,==0 ?8,1>0 ?6,106 ??,1?8 ?<,=94

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) <>=.= ?==.1 0>?.1 4<.8 1>.< 1?.1 =>.4 49.>Mxtmre`j fmot stblgs tb AEN (%) 088.1 1=.0 =1.< ?1.= ?1.= ?1.1 ?<.4 ?9.6Fmot smrvnlm tb mxpbrts (%) ?4.6 68.6 ?=.? 06.8 0=.0 06.? 0?.0 0?.=\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 0.9 8.4 1.9 6.? >.1 >.< 1.4 >.?Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 04.1 ?>.0 ?>.= <9.< <1.? <4.6 60.? 6?.?_msmrvms tb mxtmre`j fmot stblgs (%) >.< 09.< ?6.< 08?.< 009.1 0?8.< 08>.0 >>.?_msmrvms tb ncpbrts (cbetds) <.? <.9 6.6 4.< >.0 4.? =.1 1.?

?0?

Page 225: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 225/341

CB_BLLB

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf ?<,461 ?<,=?0 0>,080 0=,6>? 09,84< 04,9?6 0>,0>6 ?0,=1<Xuojnl ef puojnljy au`r`etmmf ?<,961 ?<,0>8 01,?<> 0?,660 0<,6>9 0=,9=8 09,=<4 0>,?0>  Biinln`j lrmfntbrs 09,>94 09,41= 0?,1=6 08,004 00,0>9 0<,846 06,=6< 09,106  Cujtnj`tmr`j 6,941 9,>0< 9,8>0 =,416 9,9<= 1,4>6 4,=19 08,8?0  b w l ; NO_F <,8>> <,>99 ?,4<1 ?,?=4 ?,?91 ?,=14 ?,=68 ?,=6<  NF@ <> << ?1 ?8 04 01 09 06

  Onj`tmr`j 0?,?48 >,>9? 9,99< 6,?66 6,=9? =,0>8 =,>91 9,9>6  Xrnv`tm lrmfntbrs 9,91> 9,<0= 6,64= ?,<?< ?,<88 ?,=99 0,>>6 ?,=86  bi wdnld; Obefs 8 8 0=? 61? =?1 =4> 8 8  Lbccmrln`j o`egs <,>9< 6,?<6 <,<88 0,699 0,618 0,16= 0,16> ?,?=>Xrnv`tm ebeau`r`etmmf ?88 <<0 0,49? <,8=0 ?,=44 ?,>1= ?,9=9 ?,<=6  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 0,144 ?,<8> 0,9<4 ?,6=9 ?,6?9 <,>19 6,==6 6,==?Xuojnl ef puojnljy au`r`etmmf 0,148 ?,?89 >48 0,9=4 0,4=8 ?,106 <,8>< <,69>  Biinln`j lrmfntbrs 0,??8 0,=?0 9<0 0,=9? 0,=<0 0,408 ?,488 ?,49>  Cujtnj`tmr`j 140 0,884 699 0,0<6 0,8<8 0,0?= 0,=<< 0,4?4  bi wdnld; NO_F 6?9 6?9 0<4 ?9? 019 604 ?6? ?60  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 6<> =0< 099 6?1 =80 94= 0,?91 0,868  Xrnv`tm lrmfntbrs =98 949 <6> >1 <?8 >86 ?>? 988  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 0>8 ??6 06< 16 <0< >8< ??? =91Xrnv`tm ebeau`r`etmmf 4 08< 9=4 1>4 =1= 0,?9? 0,690 0,84<

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 948 ?,?94 0,9<0 ?,0<4 ?,146 <,<?= <,6=0 ?,18>Xuojnl ef puojnljy au`r`etmmf 91? ?,?<4 0,=>? 0,440 0,==4 0,490 0,1>= 0,0<4  Biinln`j lrmfntbrs 6<8 0,9<4 >?9 0,<8< 0,89< >>8 0,86< >9=  Cujtnj`tmr`j ?19 9?= ==8 94> =>0 =?= =>? =<?  bi wdnld; NO_F ?8? <64 <81 <8> <<8 ?>6 ?9? ?<4  NF@ 0 0 0 0 0 0 0 0  Onj`tmr`j 0=6 0,80? <19 90< 61? 696 6=8 6<6  Xrnv`tm lrmfntbrs ?6? 988 999 =14 6>= 41? 1=< 01?  bi wdnld; Obefs 8 8 <8 60 8 8 =4> 8  Lbccmrln`j o`egs 68 00? <=8 <1? <1? 111 00> 0<0Xrnv`tm ebeau`r`etmmf 4 <8 <> ?=4 0,??9 0,696 0,9=9 0,=1?  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 1>= 0,<98 >64 =9> =68 =>8 18> 914Xuojnl `ef puojnljy au`r`etmmf 1>8 0,<=4 411 =80 61? === 9== 90?  Biinln`j lrmfntbrs =48 >?< =64 <44 <98 66< =<= =?<

  Cujtnj`tmr`j <89 699 <9< ?<8 ?<= <88 <96 <68  bi wdnld; NO_F ??9 ?4? 0>8 41 44 086 0?= ><  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j ?16 6=1 04= 0=1 0?9 06< 010 04<  Xrnv`tm lrmfntbrs ?08 6<9 <?> 00< 00? 00? 0?8 4>  bi wdnld; Obefs 8 8 06 ?= ?= ?1 ?> 8  Lbccmrln`j o`egs 6= ?=> ??4 9= 18 1? 48 48Xrnv`tm ebeau`r`etmmf = ? 10 94 91 <6 =6 99  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s ?,11< 1>4 -?,?9? -18> 0,960 ?,1?4 ?40 ?,>?1  Emt bws be mxtmre` m t 0,8<? -40 -664 4<? 9>? 4<4 406 ?,<>0

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 6,004 8 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 0,<18 0,==0 0,919 0,==< 0,==9 0,=64 0,=?0 0,=80Netmrmst =8? =06 =88 616 666 608 <1< <<=Xrnv`tm lrmfntbrs

Xrnelnp`j 99< =1? =19 9?9 98> =>? 0>8 >8?Netmrmst 090 0== 06? 0?4 00? >1 4? ==

?0<

Page 226: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 226/341

CB[@CONP]M

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 6,9=8 1,6=4 1,?== 6,?00 ?,181 ?,>99 <,6=8 6,094  Jbea-tmrc mxtmre`j fmot 6,?<0 9,>14 9,6=1 <,6<0 ?,08> ?,6?6 ?,46= <,<=6  Xuojnl ef puojnljy au`r`etmmf 6,?00 =,?8> 6,168 <,6<0 ?,08> ?,6?6 ?,46= <,<=6  Xrnv`tm ebeau`r`etmmf 0> 0,19> 0,101 8 8 8 8 8  ]sm bi NCI lrmfnt 16 ?8? ?0> 0=1 08 0= 0= 010  \dbrt-tmrc mxtmre`j fmot <6= ?1> =14 9?< =44 =?9 =>0 96<  netmrmst `rrm`rs be jbea-tmrc ?81 ?=8 60< =<= =89 <>1 698 611

 Cmcbr`efuc ntmcs  1?= 0,849 19? =0? =0> 699 614 64>    6,?00 =,?8> 6,168 <,6<0 ?,08> ?,6?6 ?,46= <,<=6    0> 0,19> 0,101 8 8 8 8 8  011 0=8 ?<4 018 <<0 608 96> 616

Mxtmre`j fmot ijbwsFnsoursmcmets ?6? ?91 0>8 <<6 <=0 <6< 606 994  Jbea-tmrc mxtmre`j fmot ?<8 ?91 0<0 <?> <69 <<4 606 =0=  NCI purld`sms 0? 8 98 = = = 8 0=<

Xrnelnp`j rmp`ycmets 60 4= 96 == 09 08 06 0=  Jbea-tmrc mxtmre`j fmot 60 10 96 <> 09 08 06 0=  NCI rmpurld`sms 8 06 8 0= 8 8 8 8

 Emt ijbws 01< 0>< 9? <0= <?> <48 68? 94>  Jbea-tmrc mxtmre`j fmot 04> 0>9 91 ?>8 <<8 <?4 688 =80

  \dbrt-tmrc mxtmre`j fmot -?4 00 -96 <9 -9 61 ? <=Netmrmst p`ycmets <4 11 <? ?6 ?? 0> ?< ?>  Jbea-tmrc mxtmre`j fmot ?< 1= ?8 ?? 0> 06 0> ?<  NCI ld`rams 8 0 0 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 0= 0 00 ? ? 6 6 =

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet > 6= 0<> 084 0=6 6?1 =>? 440Xbrtibjnb mqunty 8 8 8 8 8 8 8 8

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. <.6 =.> 9.6 9.9 9.9K`p`emsm yme 0.4 0.4 0.4 0.? ?.8 ?.8 ?.0 0.8Xbuef stmrjnea ?.6 ?.0 ?.0 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs =?.4 98.6 9>.8 9>.? 9<.= =>.0 =4.0 =9.<

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 0.< 8.> 8.4 8.1 8.1 8.4 0.0 0.<  C`turnty (ym`rs) <6.4 <9.4 69.1 <4.0 6?.? <1.= <9.6 <<.=  Ar`lm pmrnbf (ym`rs) >.? >.< 0?.> 08.0 >.9 >.1 0<.0 4.?Xrnv`tm lrmfntbrs

  Netmrmst (%) >.8 8.8 8.8 8.8 6.> =.1 8.8 8.8  C`turnty (ym`rs) 6.> 8.8 8.8 8.8 00.? 00.= 8.8 0?.4  Ar`lm pmrnbf (ym`rs) ?.> 8.8 8.8 8.8 0.1 ?.8 8.8 ?.4

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) ?,<?8 ?,89> 6,801 9,0>? 9,69? 1,648 >,??? >,9>9Mxpbrts bi abbfs, smrvnlms & nelbcm <88 618 19> ?,049 ?,>?1 <,896 <,<1= ?,9?>Qbrgmr rmcnt. & lbcp. bi mcpjbymms 18 => <1 =1 48 >> 009 000Ncpbrts bi abbfs, smrvnlms & nelbcm 0,096 0,?=6 0,19< <,<=8 6,?80 6,6=? =,681 6,=96Xrbint rmcntt`elms be IFN 8 8 8 ?46 610 ==6 =66 46Lurrmet `llbuet o`j`elm -60= -66= -196 -190 -11< -14= -0,01> -0,010Netmre`tnbe`j rmsmrvms ?<? 0>= 16? 0,08< 0,?09 0,=?6 0,990 ..

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 0,==8.> 0,=4=.9 >6<.1 0>?.9 >?.= >9.4 08?.? 0=4.9Mxtmre`j fmot stblgs tb AEN (%) ?88.6 <98.9 048.9 94.8 60.> <>.9 <1.6 6<.8Fmot smrvnlm tb mxpbrts (%) ?9.? <6.= 0?.= <.9 0.< 8.> 0.0 0.9\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 1.6 <.1 4.8 06.4 ?0.1 01.1 01.0 0=.6Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 08.8 01.0 0=.? ==.9 <1.= 6=.= 6>.0 61.>_msmrvms tb mxtmre`j fmot stblgs (%) =.8 ?.9 08.? ?9.? 66.> =0.6 64.0 .._msmrvms tb ncpbrts (cbetds) ?.6 0.> =.0 6.8 <.= 6.0 <.1 ..

?06

Page 227: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 227/341

CB[@CONP]M

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 6,?<0 9,>14 9,6=1 <,6<0 ?,08> ?,6?6 ?,46= <,<=6Xuojnl ef puojnljy au`r`etmmf 6,?00 =,?8> 6,168 <,6<0 ?,08> ?,6?6 ?,46= <,<=6  Biinln`j lrmfntbrs <,=98 =,09< 6,1<8 <,6?> ?,084 ?,60= ?,4<4 <,<?9  Cujtnj`tmr`j 696 0,?11 0,089 ?,<60 0,806 0,<6> 0,9>< 0,>>9  b w l ; NO_F 8 8 8 8 8 8 8 8  NF@ ?94 4>8 198 0,=1= 9== >8? 0,06> 0,<=9

  Onj`tmr`j <,8>1 <,449 <,9?6 0,844 0,8>< 0,899 0,06= 0,<<8  Xrnv`tm lrmfntbrs 9=0 69 00 ? ? > 1 ?4  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 061 1 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 0> 0,19> 0,101 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets ?<8 ?91 0<0 <?> <69 <<4 606 =0=Xuojnl `ef puojnljy au`r`etmmf ?08 ?<0 0<0 <?> <69 <<4 606 =0=  Biinln`j lrmfntbrs 049 ?<0 0<0 <?> <69 <<? 60< 6>?  Cujtnj`tmr`j >= ?0> 0?4 <?1 <60 <0> <=4 ?>=  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 16 098 >1 ??1 ??< ?0? ?== 0>>  Onj`tmr`j >0 00 < < = 0< == 0>1  Xrnv`tm lrmfntbrs ?6 8 8 8 8 9 ? ?<  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf ?8 <9 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 60 10 96 <> 09 08 06 0=Xuojnl `ef puojnljy au`r`etmmf ?> 91 <6 04 09 08 06 0=  Biinln`j lrmfntbrs ?< =4 << 04 09 08 00 0?  Cujtnj`tmr`j > 0< 04 0? 00 = 1 4  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 8 8 ? = < 8 8 ?  Onj`tmr`j 0< 6= 0= 1 = 6 6 6  Xrnv`tm lrmfntbrs 1 > 0 8 8 8 < <  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs < 8 0 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 0? < <8 ?0 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets ?< 1= ?8 ?? 0> 06 0> ?<Xuojnl `ef puojnljy au`r`etmmf ?? 16 ?8 ?? 0> 06 0> ?<  Biinln`j lrmfntbrs 01 10 ?8 ?? 0> 06 0> ?<

  Cujtnj`tmr`j 1 0? > 04 0= 08 0= 0>  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 0 9 6 0? > 9 4 >  Onj`tmr`j 08 => 00 6 6 6 6 6  Xrnv`tm lrmfntbrs 9 < 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 0 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 0 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s ?41 041 <6 -<04 -0,=86 ?=> 64= 104  Emt bws be mxtmre` m t 01< 0>< 9? <0= <?> <48 68? 94>

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf <49 99 8 8 8 06 8 8

bt` `cbuet bra vme , ,

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 0=4 0=1 09> =0 1< 10 11 >0Netmrmst <> <1 <6 <? <0 <0 <8 ?>Xrnv`tm lrmfntbrs

Xrnelnp`j 9 1 4 4 4 4 4 9Netmrmst ? ? ? ? 0 0 0 8

 Ebtms;

Cbz`conqum w`s ar`etmf fmot rmjnmi miimltnvm ne ?889 uefmr CF_N.

?0=

Page 228: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 228/341

C^@EC@_ 

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 6,9>= =,110 =,>1= 1,80? 1,?9? 4,?<1 4,88? 4,049  Jbea-tmrc mxtmre`j fmot 6,699 =,<14 =,?41 =,=0= =,98> 9,??0 9,0?0 9,<?8  Xuojnl ef puojnljy au`r`etmmf 6,699 =,<14 =,?41 =,=0= =,98> 9,??0 9,0?0 9,<?8  Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  ]sm bi NCI lrmfnt 8 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot ??> <>< 944 0,6>9 0,9=< ?,809 0,440 0,499  netmrmst `rrm`rs be jbea-tmrc ?88 <=? 6>8 1=1 48< >=< >=8 0,88>

 Cmcbr`efuc ntmcs  <19 0,<=> 0,146 ?,>8= <,004 <,16< <,468 6,061    6,<>8 =,?10 =,0>< =,606 =,=84 9,08? 9,888 9,0><    19 081 >6 080 080 004 0?0 0?1  6? 004 8 8 8 8 8 8

Mxtmre`j fmot ijbwsFnsoursmcmets 0?? 49 06 0 8 0 0 8  Jbea-tmrc mxtmre`j fmot 0?? 49 06 0 8 0 0 8  NCI purld`sms 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 69 048 ?? ?= > 00 08 >  Jbea-tmrc mxtmre`j fmot 66 048 ?? ?= > 00 08 >  NCI rmpurld`sms ? 8 8 8 8 8 8 8

 Emt ijbws >0 -16 << -<9 08? ?8< -06? -4<  Jbea-tmrc mxtmre`j fmot 14 ->= -1 -?6 -> -08 -08 ->

  \dbrt-tmrc mxtmre`j fmot 06 ?8 60 -0? 000 ?0< -0<? -16Netmrmst p`ycmets 0= 18 06 69 == 6? ?< ?8  Jbea-tmrc mxtmre`j fmot 0< 94 ? 0 0 ? ? ?  NCI ld`rams 8 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot ? ? 0? 66 =6 68 ?0 04

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 09< ?48 ?=4 ?<1 ?1> ?=4 ?4< <?<Xbrtibjnb mqunty 8 .. .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 00.8 00.> 0?.9 08.9 08.<K`p`emsm yme 69.4 =?.< 66.> 6=.6 66.= 61.? 64.> 6>.4Xbuef stmrjnea 0.1 0.< 0.? 0.6 0.= 0.6 0.8 0.0\wnss ir`el 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs ?6.< ??.9 <=.6 <<.= <<.< <8.< <8.9 ?>.>

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 0.= ?.4 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 09.1 <<.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) =.? ?6.6 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm lrmfntbrs

  Netmrmst (%) <.= 8.4 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 00.9 9.6 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) ?.0 0.4 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) .. .. .. .. .. .. .. ..Mxpbrts bi abbfs, smrvnlms & nelbcm <?? 0,<?< ?,01= 6,08? 6,><? .. .. ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms 9 40 086 0<0 009 0?= 0=8 064Ncpbrts bi abbfs, smrvnlms & nelbcm 1>1 ?,069 ?,99? <,94> 6,?=? .. .. ..Xrbint rmcntt`elms be IFN 061 8 0<1 0,68? 0,<01 .. .. ..Lurrmet `llbuet o`j`elm -6<9 -?90 -?0? =44 48? .. .. ..Netmre`tnbe`j rmsmrvms 608 9=0 ?49 44> 0,<4< .. .. ..

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 0,6=>.> 6<9.< ?16.1 018.> 061.? .. .. ..Mxtmre`j fmot stblgs tb AEN (%) .. .. .. .. .. .. .. ..Fmot smrvnlm tb mxpbrts (%) 04.4 04.> 0.1 0.1 0.< .. .. ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 6.> 9.4 00.= ?0.< ??.4 ?6.= ?<.= ??.4Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) ?9.< ?<.0 0>.? 01.= 01.< 0=.1 09.6 09.6_msmrvms tb mxtmre`j fmot stblgs (%) 4.1 00.< 6.4 0?.1 0>.8 .. .. .._msmrvms tb ncpbrts (cbetds) 9.? <.9 0.< ?.> <.> .. .. ..

?09

Page 229: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 229/341

C^@EC@_ 

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 6,699 =,<14 =,?41 =,=0= =,98> 9,??0 9,0?0 9,<?8Xuojnl ef puojnljy au`r`etmmf 6,699 =,<14 =,?41 =,=0= =,98> 9,??0 9,0?0 9,<?8  Biinln`j lrmfntbrs 6,?09 =,800 6,?9? 6,=94 6,969 =,?04 =,0== =,<6=  Cujtnj`tmr`j 0,?<6 0,<<0 0,064 0,??4 0,?=< 0,?>8 0,<00 0,<60  b w l ; NO_F 8 8 8 8 8 8 8 8  NF@ 109 111 946 1=? 119 1>< 118 111

  Onj`tmr`j ?,>4? <,948 <,006 <,<68 <,<>< <,>?4 <,46= 6,886  Xrnv`tm lrmfntbrs ?=8 <91 0,8?9 >61 >9< 0,88? >99 >19  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 =69 =69 =69 =69 =69 =69Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 0?? 49 06 0 8 0 0 8Xuojnl `ef puojnljy au`r`etmmf 0?? 49 06 0 8 0 0 8  Biinln`j lrmfntbrs 00> 01 0? 0 8 0 0 8  Cujtnj`tmr`j 94 8 0 8 8 8 8 8  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ =1 8 8 8 8 8 8 8  Onj`tmr`j =0 09 00 0 8 0 8 8  Xrnv`tm lrmfntbrs < 9> < 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 66 048 ?? ?= > 00 08 >Xuojnl `ef puojnljy au`r`etmmf 66 048 ?? ?= > 00 08 >  Biinln`j lrmfntbrs << 061 ? 4 4 00 08 >  Cujtnj`tmr`j 0= ?= ? ? ? ? 0 0  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ < > 8 8 8 8 8 8  Onj`tmr`j 04 0?? 8 9 9 > > 4  Xrnv`tm lrmfntbrs 00 <6 ?8 01 0 0 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 0< 94 ? 0 0 ? ? ?Xuojnl `ef puojnljy au`r`etmmf 0< 94 ? 0 0 ? ? ?  Biinln`j lrmfntbrs 08 99 8 0 0 ? ? ?

  Cujtnj`tmr`j 08 0< 8 8 8 8 8 8  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ = 9 8 8 8 8 8 8  Onj`tmr`j 8 =< 8 0 0 ? ? ?  Xrnv`tm lrmfntbrs ? ? ? 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s =86 -14= -?> -610 ?=8 >1= -?<9 046  Emt bws be mxtmre` m t >0 -16 << -<9 08? ?8< -06? -4<

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 04= 09? 0=? 0<1 0?8 084 16 >4Netmrmst ?0 04 0= 0< 00 08 > 4Xrnv`tm lrmfntbrs

Xrnelnp`j =69 8 8 8 8 8 8 8Netmrmst 08 8 8 8 8 8 8 8

 Ebtms;

Insl`j ym`r-mef ibr mxtmre`j fmot f`t` ns C`rld. F`t` be jbea-tmrc puojnl `ef puojnljy au`r`etmmf fmot `rm Qbrjf O`eg st`ii mstnc`tms o`smf be tdm brnane`j

tmrcs bi tdm jb`es.

?01

Page 230: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 230/341

EMX@J

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 0,9?1 ?,608 ?,491 <,048 <,<>? <,98? <,94= <,94<  Jbea-tmrc mxtmre`j fmot 0,==> ?,<<> ?,4?9 <,00? <,?94 <,694 <,==0 <,=9<  Xuojnl ef puojnljy au`r`etmmf 0,==> ?,<<> ?,4?9 <,00? <,?94 <,694 <,==0 <,=9<  Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  ]sm bi NCI lrmfnt 66 64 0? ?8 6< 1> 11 19  \dbrt-tmrc mxtmre`j fmot ?6 ?< ?> 61 40 == =1 66  netmrmst `rrm`rs be jbea-tmrc 6 ? 8 8 8 8 8 8

 Cmcbr`efuc ntmcs  9 4 8 8 8 8 8 8    0,==< ?,<<4 ?,4?9 <,00? <,?94 <,694 <,==0 <,=9<    = 8 8 8 8 8 8 8  ?<4 4> 49 0>= 099 0<0 46 04<

Mxtmre`j fmot ijbwsFnsoursmcmets 094 096 0=6 0>? 046 01= 08< 0?1  Jbea-tmrc mxtmre`j fmot 094 096 0=6 0>? 09< 060 08< 0?1  NCI purld`sms 8 8 8 8 ?0 << 8 8

Xrnelnp`j rmp`ycmets 68 =< 10 4= 08= 00< 0?1 06<  Jbea-tmrc mxtmre`j fmot ?4 6= 91 4= 08= 00< 0?1 068  NCI rmpurld`sms 0? 4 6 8 8 8 8 ?

 Emt ijbws 0<8 10 9> 004 00< <9 -?0 -?>  Jbea-tmrc mxtmre`j fmot 068 00> 41 081 =4 ?> -?< -06

  \dbrt-tmrc mxtmre`j fmot ? -68 -06 00 <6 -?9 ? -0<Netmrmst p`ycmets ?4 <? <0 <? <6 <= <= <6  Jbea-tmrc mxtmre`j fmot ?6 ?> ?4 <8 <8 <8 <6 <?  NCI ld`rams ? 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot ? ? < ? 6 6 0 0

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 9 .. 8 ? -1 9 0 <4Xbrtibjnb mqunty 8 8 8 .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. ?.0 ?.0 ?.0 0.1 0.9K`p`emsm yme 4.= 00.< >.? 4.> 1.1 1.0 4.8 1.0Xbuef stmrjnea 8.? 8.0 8.0 8.0 8.0 8.0 8.8 8.8\wnss ir`el 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs =8.8 66.8 <4.9 6<.9 66.? 6<.= 6?.= 6?.<

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 8.> <.= 0.6 0.0 0.< 0.> 8.9 8.4  C`turnty (ym`rs) <4.= ?>.4 <0.6 <6.9 ?6.9 ?=.? <8.1 <1.0  Ar`lm pmrnbf (ym`rs) 08.< 1.> 4.0 4.1 4.0 9.< >.4 >.4Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 8.8 8.8 8.8 <.8 8.8 8.8  C`turnty (ym`rs) 8.8 8.8 8.8 8.8 8.8 ?1.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 8.8 8.8 8.8 4.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) <,968 6,681 =,=06 4,0=< >,066 08,<44 0?,1<1 0?,4?>Mxpbrts bi abbfs, smrvnlms & nelbcm 661 0,81? 0,<=6 0,6?< 0,<>< 0,990 0,>69 0,18<Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. =1 000 0,?0? 0,6=< 0,1<6 ?,1?1 ?,>49Ncpbrts bi abbfs, smrvnlms & nelbcm 46= 0,9=> 0,4?= ?,48< <,8<8 <,16< 6,6=9 =,0<>Xrbint rmcntt`elms be IFN 8 8 8 =1 =9 =6 66 >Lurrmet `llbuet o`j`elm -?4> -<=9 -0<0 0=< 0=8 9 1<< -08Netmre`tnbe`j rmsmrvms <=6 969 >41 0,=9= .. .. .. ..

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) <9<.1 ??6.1 ?00.1 ??<.6 ?6<.9 ?09.> 04>.6 ?09.<Mxtmre`j fmot stblgs tb AEN (%) 66.1 =6.1 =?.8 <>.8 <1.0 <6.1 ?4.> ?4.1Fmot smrvnlm tb mxpbrts (%) 0=.? 1.> 1.= 4.? >.> 4.> 4.< 08.6\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 0.= 8.> 0.8 0.= ?.6 0.= 0.= 0.?Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 14.8 40.8 4=.1 49.0 49.8 49.4 49.= 41.?_msmrvms tb mxtmre`j fmot stblgs (%) ?0.4 ?9.4 <6.6 6>.? .. .. .. .._msmrvms tb ncpbrts (cbetds) =.8 6.1 9.= 9.1 .. .. .. ..

?04

Page 231: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 231/341

Page 232: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 232/341

ENL@_@A]@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 08,1=0 08,<>9 9,16? 6,><0 6,08> <,9>9 6,??4 6,6?8  Jbea-tmrc mxtmre`j fmot 4,<0> 4,=1? =,990 6,0>8 <,6?4 ?,48> <,<>4 <,==6  Xuojnl ef puojnljy au`r`etmmf 4,<0> 4,=1? =,<48 <,4>> <,0>9 ?,061 ?,?<8 ?,690  Xrnv`tm ebeau`r`etmmf 8 8 ?40 ?>? ?<? 99? 0,094 0,8><  ]sm bi NCI lrmfnt 8 <> 09> ?80 9< 4= 000 0=8  \dbrt-tmrc mxtmre`j fmot ?,6<? 0,14= >0? =68 901 48< 10> 109  netmrmst `rrm`rs be jbea-tmrc 0,9>< 0,61= 1>0 <96 6<4 691 61? 646

 Cmcbr`efuc ntmcs  ?,696 <,?<8 >88 ==8 ==4 64? 69= 6=4    4,<0> 4,=1? =,6<= <,4>> <,0>9 ?,06= ?,?<8 ?,690    8 8 ??9 ?>? ?<? 996 0,094 0,8><  661 <90 04= 066 =99 96 ?60 ?=?

Mxtmre`j fmot ijbwsFnsoursmcmets =11 ?11 =<1 ?41 <89 ><? >10 =64  Jbea-tmrc mxtmre`j fmot =11 ?11 =00 ?41 ?6= >06 >6? =00  NCI purld`sms 8 8 ?1 8 90 04 ?> <1

Xrnelnp`j rmp`ycmets 6 ?8< 04> 004 081 <?> <84 <19  Jbea-tmrc mxtmre`j fmot 6 0>8 04< 008 081 <?> <84 <19  NCI rmpurld`sms 8 0< = > 8 8 8 8

 Emt ijbws =>< 44 <=0 ?00 ?8? 198 =16 0=9  Jbea-tmrc mxtmre`j fmot =1? 41 <?1 011 0<4 =4= 9<6 0<=

  \dbrt-tmrc mxtmre`j fmot ?0 0< < 6< < 0=1 -4> -0=Netmrmst p`ycmets 00 4= >4 =< =4 11 081 009  Jbea-tmrc mxtmre`j fmot = 19 >0 6= =8 96 >1 081  NCI ld`rams 8 0 0 8 8 8 8 0  \dbrt-tmrc mxtmre`j fmot 9 4 1 4 4 0< > 4

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 0 4> ?91 ?60 ?41 <4? 9?9 6<6Xbrtibjnb mqunty 8 8 8 8 8 8 8 8

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 8.= 0.< <.4 6.0 6.1K`p`emsm yme 8.8 0.< ?.< 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.8 8.8 8.8 8.0 8.0 8.8 8.8 8.8].\.fbjj`rs 1>.> 1?.4 10.8 48.> 19.< 46.> 46.1 4=.?

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 6.6 ?.< 0.9 0.? <.8 0.> ?.1 6.0  C`turnty (ym`rs) 0?.6 <?.? <9.> <<.= ?1.6 ?=.8 <?.? <<.9  Ar`lm pmrnbf (ym`rs) 0.4 4.6 >.9 4.> 1.4 =.> 08.< 9.6Xrnv`tm lrmfntbrs

  Netmrmst (%) >.6 1.6 8.1 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 6.> >.8 <>.> 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.6 0.8 08.= 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) >44 ?,4?0 <,1<= 6,1?< =,0<> =,646 9,?8= =,488Mxpbrts bi abbfs, smrvnlms & nelbcm 686 99> 0,0<< 0,>4= ?,60> ?,1=1 ?,>98 ?,49<Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. 1= <?8 909 9>4 168 404 194Ncpbrts bi abbfs, smrvnlms & nelbcm >00 0,=?> ?,<4= <,=11 6,0<< 6,4<? =,=60 6,1??Xrbint rmcntt`elms be IFN 8 ?> 9> 4? 4= >< 00< 0?0Lurrmet `llbuet o`j`elm -<8= -1?? -46? -1<6 -108 -0,880 -0,=0< ..Netmre`tnbe`j rmsmrvms 099 06? 6>? 1?4 >?? 0,08< 0,060 0,=1<

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) ?,990.0 0,==6.9 =>=.< ?64.6 09>.4 0<6.0 06?.> 0=6.6Mxtmre`j fmot stblgs tb AEN (%) 0,844.6 <94.9 048.= 086.6 1>.> 91.6 94.0 19.?Fmot smrvnlm tb mxpbrts (%) <.> 6<.0 ?=.< 4.9 9.4 06.1 06.8 01.?\dbrt-tmrc tb mxtmre`j fmot stblgs (%) ??.9 01.? 0<.= 00.8 0=.8 ?0.1 01.8 09.?Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 4.1 06.0 <0.9 =9.1 =8.= <8.< ?4.4 <?.1_msmrvms tb mxtmre`j fmot stblgs (%) 0.= 0.6 1.< 06.4 ??.6 ?>.4 ?1.8 <=.9_msmrvms tb ncpbrts (cbetds) ?.? 0.0 ?.= ?.6 ?.1 ?.1 ?.= 6.8

??8

Page 233: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 233/341

ENL@_@A]@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 4,<0> 4,=1? =,990 6,0>8 <,6?4 ?,48> <,<>4 <,==6Xuojnl ef puojnljy au`r`etmmf 4,<0> 4,=1? =,<48 <,4>> <,0>9 ?,061 ?,?<8 ?,690  Biinln`j lrmfntbrs 9,116 1,=9? =,096 <,4?9 <,0?< ?,060 ?,??1 ?,6=1  Cujtnj`tmr`j >68 0,696 ?,0?1 ?,1>1 ?,816 0,0?0 0,?04 0,664  b w l ; NO_F ?<> 9= = 8 8 8 8 8  NF@ 98 ?19 9=6 0,0<9 ?=9 <?0 <61 604

  Onj`tmr`j =,4<< 9,8>4 <,8<1 0,8?> 0,86> 0,8?8 0,88> 0,808  Xrnv`tm lrmfntbrs 0,=6= 0,808 ?09 1? 1< = 6 6  bi wdnld; Obefs 8 =?6 8 8 8 8 8 8  Lbccmrln`j o`egs 0,<8= <4< 044 == == 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 ?40 ?>? ?<? 99? 0,094 0,8><  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets =11 ?11 =00 ?41 ?6= >06 >6? =00Xuojnl `ef puojnljy au`r`etmmf =11 ?11 ??9 ??9 ?6= <98 048 ?18  Biinln`j lrmfntbrs ==6 ?=4 ??8 ??9 ?6= <98 048 ?18  Cujtnj`tmr`j 1 011 01? ?0= ??8 <<8 0?4 ?6=  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 8 04 41 9< 90 =< ?4 91  Onj`tmr`j =69 48 64 00 ?= <8 =? ?=  Xrnv`tm lrmfntbrs ?< ?8 9 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 ?8 = 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 ?4= 90 8 ==6 19< ?60

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 6 0>8 04< 008 081 <?> <84 <19Xuojnl `ef puojnljy au`r`etmmf 6 0>8 18 9< 64 ?06 =0 90  Biinln`j lrmfntbrs 0 4> 90 9< 64 0>1 =0 90  Cujtnj`tmr`j 0 61 <9 ?0 ?1 09> ?0 ?=  bi wdnld; NO_F 0 0= = 8 8 8 8 8  NF@ 8 0 ? 8 8 8 8 8  Onj`tmr`j 0 6? ?9 60 ?0 ?4 <8 <9  Xrnv`tm lrmfntbrs < 080 4 8 8 01 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 >9 = 8 8 01 8 8Xrnv`tm ebeau`r`etmmf 8 8 006 61 => 00= ?=1 <0=  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets = 19 >0 6= =8 96 >1 081Xuojnl `ef puojnljy au`r`etmmf = 19 14 66 64 6= <4 <1  Biinln`j lrmfntbrs 6 1? 19 66 64 6= <4 <1

  Cujtnj`tmr`j 0 << 96 ?1 <? ?4 ?< ?6  bi wdnld; NO_F 0 9 0 8 8 8 8 8  NF@ 8 ? = 1 6 ? < <  Onj`tmr`j < <> 0? 01 09 04 0= 0<  Xrnv`tm lrmfntbrs 0 < < 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 < ? 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 0? ? ? 0> => 18  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 0,898 -0,989 -6= -4= -4?< -60? =<? 0>?  Emt bws be mxtmre` m t =>< 44 <=0 ?00 ?8? 198 =16 0=9

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf <8 ?9< 06> 0 ? 8 8 ??

bt` `cbuet bra vme , , ,

Fmot ouyo`lg 8 4> 8 8 8 01 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 41 4< 41 4> 41 >6 088 089Netmrmst <> 68 60 60 68 <> <1 <=Xrnv`tm lrmfntbrs

Xrnelnp`j ?>= ?84 049 008 44 99 == 66Netmrmst 64 <9 ?6 04 0< > = <

 Ebtms;

 Enl`r`au` w s ar`etmf fmot rmjnmi miimltnvm ne ?889 uefmr CF_N.

??0

Page 234: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 234/341

ENAM_ 

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 01=1.9 0986.8 0184.6 ?801.6 4?>.8 >?=.< >?4.< >>0.8  Jbea-tmrc mxtmre`j fmot 0=0>.0 0648.< 0=9?.9 046>.< 1==.? 469.> 4=4.1 >0=.>  Xuojnl ef puojnljy au`r`etmmf 0?=4.0 0<69.> 06>6.9 0409.1 1?>.? 4?1.< 46=.9 >8>.<  Xrnv`tm ebeau`r`etmmf ?90.8 0<<.6 94.8 <?.9 ?9.0 0>.= 0<.8 9.=  ]sm bi NCI lrmfnt 46.> =?.0 16.8 0?1.9 ?9.= 68.0 =8.1 =9.1  \dbrt-tmrc mxtmre`j fmot 0=<.9 10.9 10.> 68.= 61.< <4.< 0>.8 04.6  netmrmst rrm`rs be jbea-tmrc <0.< =?.> =>.9 <1.= <4.< <4.< 0>.8 04.6

 Cmcbr`efuc ntmcs  1>.1 16.< >9.1 =0.> 6=.= 6>.? 99.< =1.1    0?==.6 0<69.> 06>6.9 0409.1 1?>.? 4?1.< 46=.9 >8>.<    ?9<.4 0<<.6 94.8 <?.9 ?9.0 0>.= 0<.8 9.=  =9.< 4.< 96.< 0<0.= 044.? =0.> 080.< 94.9

Mxtmre`j fmot ijbwsFnsoursmcmets 061.4 ?4.< 41.< 0=?.< 0?=.> >0.4 08>.= 000.?  Jbea-tmrc mxtmre`j fmot 0<4.1 ?4.< 19.0 0<6.> 001.< 1>.> >1.9 089.?  NCI purld`sms >.? 8.8 00.? 01.6 4.9 00.> 00.> =.0

Xrnelnp`j rmp`ycmets 9?.4 60.0 0=.4 ?9.4 0=>.4 09.4 04.6 <=.4  Jbea-tmrc mxtmre`j fmot 61.? <8.> 06.8 ?0.= 6=.1 09.4 04.6 <=.4  NCI rmpurld`sms 0=.= 08.? 0.4 =.< 006.0 8.8 8.8 8.8

 Emt ijbws 0?<.< ->.8 =0.= 0??.6 -?1.> 99.8 >0.0 1=.6  Jbea-tmrc mxtmre`j fmot >0.= -?.9 9?.0 00<.6 10.9 9<.0 1>.? 18.<

  \dbrt-tmrc mxtmre`j fmot <4.< <.4 -?8.8 -<.8 9.8 ->.8 8.8 8.8Netmrmst p`ycmets <9.8 06.1 08.? 0<.= 08.9 >.9 1.0 4.4  Jbea-tmrc mxtmre`j fmot ?<.< 0?.= 4.? 0?.4 08.0 >.? 9.> 4.=  NCI ld`rams <.= 0.0 8.< 8.6 8.0 8.? 8.? 8.<  \dbrt-tmrc mxtmre`j fmot >.0 0.8 0.1 8.? 8.6 8.< 8.8 8.8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 68.4 1.? 4.6 66.8 =8.= 0?>.8 =9=.> 1<4.>Xbrtibjnb mqunty .. .. 8.= 8.9 8.8 -8.= 0.= ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 00.0 0.? 8.= 8.= 8.4K`p`emsm yme 0.< 6.6 0.1 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea 8.1 0.8 0.? 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.8 8.< 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs ?1.8 <9.4 69.1 =1.9 61.6 61.? 61.8 6=.9

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 0.> 8.9 8.1 8.> 8.4 0.9 0.< 8.4  C`turnty (ym`rs) <0.> <<.= <9.= <6.> <9.1 ?4.< <9.> <6.4  Ar`lm pmrnbf (ym`rs) >.? 4.6 >.6 4.4 >.= 1.1 >.? 4.4Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) ?6?<.6 04<8.0 0140.> <<>9.9 <961.8 6?6=.? =<<1.= =?40.8Mxpbrts bi abbfs, smrvnlms & nelbcm ==<.? <?1.0 <<<.1 98?.? 968.= 481.0 0886.4 0888.6Qbrgmr rmcnt. & lbcp. bi mcpjbymms 0<.> 1.1 06.6 99.6 14.0 1>.6 1>.< 1>.?Ncpbrts bi abbfs, smrvnlms & nelbcm 48?.> =08.< 64=.0 08>=.6 0001.9 0<6<.9 0><9.6 ?<98.0Xrbint rmcntt`elms be IFN ??.9 <.4 0.> ?8.> 0?.= ?4.? ?<.? ..Lurrmet llbuet o`j`elm -?<=.> -0=0.1 -086.0 -<00.= -<0<.1 -<=0.< .. ..Netmre`tnbe`j rmsmrvms ??9.= >6.1 48.6 ?6>.= <18.> =><.8 18=.? 9==.=

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) <01.1 6>8.< =0?.8 <<=.8 0?>.6 006.9 >?.6 >>.0Mxtmre`j fmot stblgs tb AEN (%) 1?.= 41.9 >=.> =>.6 ??.1 ?0.4 01.6 04.4Fmot smrvnlm tb mxpbrts (%) 01.4 01.0 1.4 9.1 ?9.9 <.< ?.= 6.=\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 4.1 6.= 6.? ?.8 =.1 6.0 ?.8 0.>Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 68.< ==.8 98.< 14.> 9?.= 99.< 91.6 9>.0_msmrvms tb mxtmre`j fmot stblgs (%) 0?.> =.> 6.1 0?.6 66.1 96.0 19.8 99.0_msmrvms tb ncpbrts (cbetds) <.6 ?.? ?.8 ?.1 6.8 =.< 6.6 <.<

???

Page 235: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 235/341

ENAM_ 

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 0=0>.0 0648.< 0=9?.9 046>.< 1==.? 469.> 4=4.1 >0=.>Xuojnl ef puojnljy au`r`etmmf 0?=4.0 0<69.> 06>6.9 0409.1 1?>.? 4?1.< 46=.9 >8>.<  Biinln`j lrmfntbrs 0069.4 0<69.> 06>6.9 0409.1 1?>.? 4?1.< 46=.9 >8>.<  Cujtnj`tmr`j 184.4 440.4 08?>.4 0=>0.1 =04.0 90<.6 9?=.6 946.6  b w l ; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 698.9 =>1.> 1?<.? 0848.0 044.> ?<6.> ?64.0 ?9=.1

  Onj`tmr`j 6<4.8 69=.? 696.4 ??6.> ?00.8 ?0<.> ??8.? ??6.>  Xrnv`tm lrmfntbrs 000.< 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 08>.0 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf ?90.8 0<<.6 94.8 <?.9 ?9.0 0>.= 0<.8 9.=  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Fnsoursmcmets 0<4.1 ?4.< 19.0 0<6.> 001.< 1>.> >1.9 089.?Xuojnl ef puojnljy au`r`etmmf >=.1 ?4.< 19.0 0<6.> 001.< 1>.> >1.9 089.?  Biinln`j lrmfntbrs >8.< ?4.< 19.0 0<6.> 001.< 1>.> >1.9 089.?  Cujtnj`tmr`j 9>.= ?1.> 19.0 0<<.8 000.1 1>.> 1>.6 >1.>  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ =6.4 ?<.4 94.8 9=.= =6.> <9.1 0=.0 0=.>  Onj`tmr`j ?8.> 8.6 8.8 0.> =.= 8.8 04.? 4.<  Xrnv`tm lrmfntbrs =.< 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs =.< 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 6<.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets 61.? <8.> 06.8 ?0.= 6=.1 09.4 04.6 <=.4Xuojnl `ef puojnljy au`r`etmmf 08.? 1.0 0?.8 0=.8 <>.? 08.< 00.> ?>.<  Biinln`j lrmfntbrs 4.9 1.0 0?.8 0=.8 <>.? 08.< 00.> ?>.<  Cujtnj`tmr`j 9.1 9.> 08.6 0<.6 ?=.1 >.4 08.> ?1.6  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 0.< ?.> 4.? 8.> 8.1 8.8 8.0 8.0  Onj`tmr`j 0.> 8.? 0.9 0.9 0<.= 8.= 0.8 ?.8  Xrnv`tm lrmfntbrs 0.9 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf <1.8 ?<.4 ?.8 9.= 9.= 9.= 9.= 9.=  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Netmrmst p`ycmets ?<.< 0?.= 4.? 0?.4 08.0 >.? 9.> 4.=Xuojnl `ef puojnljy au`r`etmmf 1.? 1.8 4.0 00.? 4.? 1.= 9.0 4.?  Biinln`j lrmfntbrs 1.0 1.8 4.0 00.? 4.? 1.= 9.0 4.?

  Cujtnj`tmr`j =.1 9.9 9.9 00.8 1.1 9.= 6.> 1.?  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ ?.1 6.> =.9 9.8 <.4 0.4 0.< 0.>  Onj`tmr`j 0.6 8.6 0.6 8.< 8.= 0.8 0.? 0.8  Xrnv`tm lrmfntbrs 8.0 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 09.0 =.= 8.? 0.= 0.> 0.1 8.4 8.<  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s ??>.1 90.4 6.> 0.9 -0044.6 >9.< <.0 9?.1  Emt bws be mxtmre` m t 0?<.< ->.8 =0.= 0??.6 -?1.> 99.8 >0.0 1=.6

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf ?4.1 6.> ?4.8 8.8 8.< 8.8 8.8 8.8

bt` `cbuet bra vme . . . . . . . .

Fmot ouyo`lg 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j =8.8 6=.0 =0.4 <0.1 <0.4 <9.6 68.9 6<.?Netmrmst >.4 08.8 08.? 08.? 08.8 >.4 >.6 4.>Xrnv`tm lrmfntbrs

Xrnelnp`j 9.= 8.8 8.8 8.8 8.8 8.8 8.8 8.8Netmrmst 8.0 8.8 8.8 8.8 8.8 8.8 8.8 8.8

 Ebtms;

F`t` be jbea-tmrc prnv`tm ebeau`r`etmmf fmot `rm Qbrjf O`eg st`ii mstnc`tms. Enamr w`s ar`etmf fmot rmjnmi miimltnvm ne ?889 uefmr CF_N.

??<

Page 236: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 236/341

ENAM_N@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs <<,6<> <6,8>? <0,<== ??,8<6 1,9<6 4,9?4 00,=8> 1,469  Jbea-tmrc mxtmre`j fmot <0,><= ?4,660 <8,?<= ?8,0>4 <,166 <,946 6,8=< 6,<<?  Xuojnl ef puojnljy au`r`etmmf <0,=6= ?4,068 <8,8?8 ?8,0>4 <,166 <,=8> <,414 6,0=1  Xrnv`tm ebeau`r`etmmf <>0 <80 ?0= 8 8 01= 01= 01=  ]sm bi NCI lrmfnt 8 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 0,=86 =,9=0 0,0?8 0,4<9 <,4>8 6,>66 1,6=9 <,=06  netmrmst `rrm`rs be jbea-tmrc 0,868 6,101 66 < 8 8 8 8

 Cmcbr`efuc ntmcs  0,8>0 4,08? 001 < 8 8 8 8    <0,=6= ?4,811 ?>,>96 ?8,09> <,1?8 <,6>0 <,496 6,0=8    <>0 <9= ?10 ?> ?6 0>6 04> 04?  ?,0>? 8 49 189 =81 111 >94 >4=

Mxtmre`j fmot ijbwsFnsoursmcmets >?1 6<< 0=< <=< 16< 94> <4= =0>  Jbea-tmrc mxtmre`j fmot >?1 6<< 0=< <=< 16< 94> <4= =0>  NCI purld`sms 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 0,048 >04 0,8>0 <,49? 9,660 >06 <<4 <<>  Jbea-tmrc mxtmre`j fmot 0,048 >04 0,8>0 <,49? 9,660 >06 <<4 <<>  NCI rmpurld`sms 8 8 8 8 8 8 8 8

 Emt ijbws -<6 -==> -9>9 -<,8?1 -<,968 4?4 ?,==> -<,19?  Jbea-tmrc mxtmre`j fmot -?=< -649 -><1 -<,=08 -=,9>1 -??9 61 048

  \dbrt-tmrc mxtmre`j fmot ?0> -1< ?60 64? ?,8=1 0,8=6 ?,=0? -<,>6?Netmrmst p`ycmets ?,0== >0= 1=6 =,888 <1< <<9 ?=< 010  Jbea-tmrc mxtmre`j fmot ?,0?< 4=> 9>8 6,><1 ?=> >< 086 08?  NCI ld`rams 8 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot <? =9 96 96 006 ?6< 06> 9>

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet =44 0,81> 0,068 6,>4< 4,4?= 9,8<< 6,419 =,141Xbrtibjnb mqunty 8 8 8 1=0 0,19> 0,661 ->=6 =??

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. <9.? 6.0 <.? ?.> ?.?K`p`emsm yme 4.? 0?.9 ?.< >.> 8.8 8.8 8.8 8.8Xbuef stmrjnea 00.4 >.> 0.= 01.? 8.< 8.? 8.? 8.0\wnss ir`el 8.1 8.9 8.8 0.> 8.8 8.8 8.8 8.8].\.fbjj`rs <4.4 ?>.9 4=.0 ?1.? =>.? =4.0 90.> 90.<

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) =.4 8.8 0.8 8.1 0.9 8.4 8.4 8.4  C`turnty (ym`rs) ??.6 8.8 <?.> <1.9 ?4.? 68.1 68.? <>.=  Ar`lm pmrnbf (ym`rs) 9.0 8.8 >.1 08.< 1.0 08.0 >.> 08.8Xrnv`tm lrmfntbrs

  Netmrmst (%) 1.> 8.8 8.8 8.8 8.8 9.8 8.8 8.8  C`turnty (ym`rs) 0<.0 8.8 8.8 8.8 8.8 08.6 8.8 8.8  Ar`lm pmrnbf (ym`rs) <.1 8.8 8.8 8.8 8.8 <.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) ?=,=4= ?=,444 68,?=9 >4,440 060,?1= 0=6,894 0>=,00< 0==,<8<Mxpbrts bi abbfs, smrvnlms & nelbcm 06,190 0?,66< ?0,04< =1,44= 98,>4= 18,860 44,?8< 9?,=40Qbrgmr rmcnt. & lbcp. bi mcpjbymms 08 486 0,<>? <,<?> =,6<= >,??0 >,>48 >,=4=Ncpbrts bi abbfs, smrvnlms & nelbcm >,4=4 0=,4?8 0=,<4< <=,11< 66,8=1 =1,81= 1=,<?< =1,99>Xrbint rmcntt`elms be IFN 0<= 0,<<8 ?,?1> ?,98< >,1<> 0<,8=6 06,?>0 08,1=8Lurrmet llbuet o`j`elm 6,>44 -?,=14 1,6?1 <1,?96 <<,41? <8,4?> <0,9?6 ??,44>Netmre`tnbe`j rmsmrvms 6,0?> 0,18> 08,8>> ?4,9<? 6?,1<= =0,>81 =<,=>> 6=,=08

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) ??9.= ?16.8 064.8 <4.0 0?.= 0?.< 0<.8 0?.=Mxtmre`j fmot stblgs tb AEN (%) 0<8.1 0<0.1 11.> ??.< =.6 =.9 =.> =.0Fmot smrvnlm tb mxpbrts (%) ??.9 06.1 4.1 0=.< 00.? 0.4 8.1 8.4\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 6.= 09.9 <.9 4.< =0.8 =1.< 96.4 66.4Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 00.? 06.= 08.= 00.= <=.? <<.1 ?9.0 6<.?_msmrvms tb mxtmre`j fmot stblgs (%) 0?.< =.8 <?.? 0?>.> ==>.4 980.9 69=.1 =48.0_msmrvms tb ncpbrts (cbetds) =.8 0.< 1.> >.9 00.9 08.> 4.= >.=

??6

Page 237: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 237/341

ENAM_N@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf <0,><= ?4,660 <8,?<= ?8,0>4 <,166 <,946 6,8=< 6,<<?Xuojnl ef puojnljy au`r`etmmf <0,=6= ?4,068 <8,8?8 ?8,0>4 <,166 <,=8> <,414 6,0=1  Biinln`j lrmfntbrs 01,881 ?8,6>? ?9,=16 04,80= ?,>9? <,?98 <,=6> <,44<  Cujtnj`tmr`j <,1<? 6,>66 <,<8? ?,=<9 ?,941 ?,>86 <,888 <,<>0  b w l ; NO_F <,?46 <,??0 0,9?= 1?? =<6 <40 ?00 00<  NF@ <9 ?94 966 0,0<9 0,=60 0,>?> ?,?6< ?,1<>

  Onj`tmr`j 0<,?1= 0=,=64 ?<,?1? 0=,61> ?1= <=9 =6> 6>?  Xrnv`tm lrmfntbrs 06,=<1 1,964 <,669 ?,04< 14? ?6> <?4 ?1<  bi wdnld; Obefs 8 ?,8=0 ?,8=0 0,66? 8 8 8 8  Lbccmrln`j o`egs =,106 8 8 00 8 8 080 4<Xrnv`tm ebeau`r`etmmf <>0 <80 ?0= 8 8 01= 01= 01=  bi wdnld; Obefs 8 8 8 8 8 01= 01= 01=

Fnsoursmcmets >?1 6<< 0=< <=< 16< 94> <4= =0>Xuojnl `ef puojnljy au`r`etmmf >?1 6<< 0=< <=< 16< =06 <4= =0>  Biinln`j lrmfntbrs 96? 6<< 0=< <6= =8? 694 <4= =0>  Cujtnj`tmr`j =6? 6<< 0=< ?49 <11 <49 <4< =0>  bi wdnld; NO_F <46 04> <0 8 8 8 8 8  NF@ 1 49 == ?9= <9? <<= <=< 6>1  Onj`tmr`j 088 8 8 => 0?= 4? ? 8  Xrnv`tm lrmfntbrs ?4= 8 8 4 ?60 6= 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 01= 8 8

  bi wdnld; Obefs 8 8 8 8 8 01= 8 8

Xrnelnp`j rmp`ycmets 0,048 >04 0,8>0 <,49? 9,660 >06 <<4 <<>Xuojnl ef puojnljy au`r`etmmf 0,09= >84 0,8=9 <,49? 9,660 >06 <<4 <<>  Biinln`j lrmfntbrs 116 618 >06 <,946 6,480 <0> <01 ?46  Cujtnj`tmr`j ?69 618 686 <91 <<> <89 ?>< ?00  bi wdnld; NO_F ?60 <>? ?1< ??6 ?00 019 04> >9  NF@ 0 0 6 0> 0> ?8 ?8 ?0  Onj`tmr`j =?4 8 =08 <,<01 6,690 0? ?6 1?  Xrnv`tm lrmfntbrs <>0 6<4 06? 01> 0,968 =>9 ?0 ==  bi wdnld; Obefs 8 8 8 8 0,66? 8 8 8  Lbccmrln`j o`egs <44 8 8 < 0 8 8 04Xrnv`tm ebeau`r`etmmf 0= 08 <= 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets ?,0?< 4=> 9>8 6,><1 ?=> >< 086 08?Xuojnl `ef puojnljy au`r`etmmf ?,0?8 468 91< 6,><1 ?=> 49 41 46  Biinln`j lrmfntbrs 0,<88 <?< =09 6,101 >0 48 4< 10

  Cujtnj`tmr`j ?9? <?< 0>8 >1 49 16 9? 61  bi wdnld; NO_F ?6< ?99 08< <> << ?= 01 4  NF@ 8 ? = 0? 06 0= 01 01  Onj`tmr`j 0,8<4 8 <?9 6,9?8 = 1 ?0 ?6  Xrnv`tm lrmfntbrs 4?8 =09 0=1 ??8 094 9 6 06  bi wdnld; Obefs 8 0?4 0?4 018 06< 8 8 8  Lbccmrln`j o`egs <14 8 8 < 8 8 8 9Xrnv`tm ebeau`r`etmmf < 0> 04 8 8 1 01 01  bi wdnld; Obefs 8 8 8 8 8 1 01 01

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s <,<01 0,888 ?,??1 -0=,1<< -06,688 >>6 ?,440 -<,99<  Emt bws be mxtmre` m t -<6 -==> -9>9 -<,8?1 -<,968 4?4 ?,==> -<,19?

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 0,648 8 ?8,>?8 8 0 8 8 8

bt` `cbuet bra vme , ,

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j ?1> ?<4 0>= 0>6 091 >? 08= 0?=Netmrmst 94 =4 =< 6> 6= 6< 6< 6?Xrnv`tm lrmfntbrs

Xrnelnp`j >8 49 49 0? 8 8 8 01=Netmrmst <8 ?= ?8 01 01 01 01 8

 Ebtms;

Jbea-tmrc prnv`tm ebeau`r`etmmf fmot f`t` bejy lbvmr Obefs.

??=

Page 238: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 238/341

Page 239: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 239/341

X@GN\V@E

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 09,=9> ?=,<?0 ?>,946 <8,=61 <<,<?1 <1,?4? 6?,1=8 66,16>Xuojnl ef puojnljy au`r`etmmf 09,6<? ?<,1?1 ?1,0?6 ?>,=46 <?,6?8 <9,84> <>,=99 60,646  Biinln`j lrmfntbrs 0=,101 ??,9<0 ?=,816 ?4,<?< <8,<90 <<,?11 <9,9<8 <>,8>1  Cujtnj`tmr`j 9,4>6 0?,01> 0<,6>0 0=,4>< 01,906 0>,>?6 ??,8=1 ?<,=89  b w l ; NO_F 0,409 <,84? <,8>< ?,?<4 ?,06< ?,849 0,>69 0,19>  NF@ ?,089 <,<?0 <,4?4 9,49= 1,410 >,81= >,8=< 08,81=

  Onj`tmr`j 4,4?< 08,6=? 00,=4< 0?,6<8 0?,161 0<,<=< 06,=1< 0=,=>0  Xrnv`tm lrmfntbrs 106 0,8>1 ?,8=0 0,?90 ?,8=> ?,40? ?,><9 ?,<41  bi wdnld; Obefs 8 0=8 9?< 0,088 0,>88 ?,9=8 ?,9=8 ?,0=8  Lbccmrln`j o`egs 680 <10 0,8>> <8 1 6 0?= 1=Xrnv`tm ebeau`r`etmmf 0<4 0,=>< ?,=98 >96 >81 0,0>< <,046 <,?9=  bi wdnld; Obefs 8 6= 6= 988 4=8 4=8 4=8 4=8

Fnsoursmcmets 0,169 <,849 0,966 ?,48? <,<4= <,18< <,=>0 6,8>>Xuojnl ef puojnljy au`r`etmmf 0,184 ?,<<0 0,=?1 ?,?8? <,0<= <,01< ?,91> <,604  Biinln`j lrmfntbrs 0,9?> ?,0>> 0,=?? 0,=14 ?,<06 ?,606 ?,==? <,601  Cujtnj`tmr`j >14 0,091 0,86< 0,=?< ?,0?? ?,0>? ?,0=> ?,684  bi wdnld; NO_F <=9 ?10 0=> ?01 0== 01= =6 4>  NF@ 0<= ?== 060 9?4 4=6 0,880 041 0,011  Onj`tmr`j 9=0 0,8<? 61> =6 0>? ??0 <>< 0,88>  Xrnv`tm lrmfntbrs 14 0<? 6 9?= 4?0 198 0?1 0  bi wdnld; Obefs 8 8 8 988 488 1=8 8 8  Lbccmrln`j o`egs 4 41 8 8 8 8 0?= 8Xrnv`tm ebeau`r`etmmf <4 1== 001 988 ?=8 =<8 >0? 940

  bi wdnld; Obefs 8 8 8 988 ?=8 8 8 8

Xrnelnp`j rmp`ycmets >8= 0,4<1 0,=41 0,690 0,<<? 0,<1< 0,10> ?,0>>Xuojnl ef puojnljy au`r`etmmf 499 0,6>1 0,06< 0,0<6 0,84> 0,080 0,?9< 0,=><  Biinln`j lrmfntbrs 1?= 0,?91 0,08= >>0 0,89= 0,8>= 0,?98 0,86<  Cujtnj`tmr`j <81 ==> 4?> 110 4?6 1?9 0,868 >?0  bi wdnld; NO_F 1< ?0> ??1 <0? ?46 ?46 ?>1 ?=<  NF@ 0> <= 96 00= 09= 0<6 06> 044  Onj`tmr`j 604 184 ?19 ??8 ?60 <94 ?0> 0??  Xrnv`tm lrmfntbrs 060 ?<8 <1 06< ?< 1 < ==8  bi wdnld; Obefs 8 8 8 084 8 8 8 =88  Lbccmrln`j o`egs 44 0<4 <8 0= ?< < < =8Xrnv`tm ebeau`r`etmmf <> <68 66= <?1 ?6< ?1? 6=9 989  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets =0= >== 4=1 9=4 14> >1< 0,880 446Xuojnl `ef puojnljy au`r`etmmf =8= 4?= 960 =4? 108 46? 4=6 11>  Biinln`j lrmfntbrs 6=8 1=> =?1 =<0 =>4 994 99= 904

  Cujtnj`tmr`j ?61 66= <4< ??> ?=9 <81 <09 ?11  bi wdnld; NO_F 0?9 ?01 04? >? 081 006 44 =<  NF@ 0= ?6 ?> =? =9 96 11 1=  Onj`tmr`j ?86 <0< 066 <8< <6? <90 <6> <60  Xrnv`tm lrmfntbrs =6 99 006 =8 00? 016 04> 090  bi wdnld; Obefs 8 > 90 61 008 010 046 0=9  Lbccmrln`j o`egs <4 <? <4 ? < 8 = =Xrnv`tm ebeau`r`etmmf 00 0<8 ?01 19 1> 0<? 061 08=  bi wdnld; Obefs 8 ? ? < =? 91 98 =8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s ?,<?< ?,46= -0,08> -?,<0? ?,46? 6,148 1,=48 =,?<4  Emt bws be mxtmre` m t 0,84> ?,=1? -<6< 0,8>8 ?,8<> <,846 6,8<6 =,848

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 >04 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 0,=66 0,=66 ?,000 0,94? 0,1=6 0,4?8 0,4<9 ?,0=>Netmrmst 91= 999 964 9?0 =>9 =94 =69 =06Xrnv`tm lrmfntbrs

Xrnelnp`j 0,>=? 646 6<9 =01 ?04 018 9<< 461Netmrmst ?=9 ?09 0>0 096 068 0<0 086 ==

??1

Page 240: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 240/341

X@E@C@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 9,6>? 9,8>4 9,=91 >,?=< 08,<>? 08,?60 08,1?0 0?,604  Jbea-tmrc mxtmre`j fmot <,460 <,140 9,619 >,??> 08,<11 08,?<9 08,1?0 0?,604  Xuojnl ef puojnljy au`r`etmmf <,460 <,140 =,9>9 1,641 4,94< >,01= >,908 00,?4?  Xrnv`tm ebeau`r`etmmf 8 8 148 0,16? 0,9>6 0,890 0,000 0,0<9  ]sm bi NCI lrmfnt ?1? 000 >8 ?6 0= = 8 8  \dbrt-tmrc mxtmre`j fmot ?,<14 ?,?81 0 8 8 8 8 8  netmrmst `rrm`rs be jbea-tmrc >14 0,984 0 8 8 8 8 8

 Cmcbr`efuc ntmcs  0,>40 0,>>9 0 8 8 8 8 8    <,460 <,140 =,9>9 1,641 4,94< >,01= >,908 00,?4?    8 8 148 0,16? 0,9>6 0,890 0,000 0,0<9  6 009 614 0,?9= ?,9>> <=8 4?1 0,1<?

Mxtmre`j fmot ijbwsFnsoursmcmets 9 00? 1?6 0,=>= <,8?> 91> 186 0,4>8  Jbea-tmrc mxtmre`j fmot 9 >> 1?6 0,=>= <,8?> 91> 186 0,4>8  NCI purld`sms 8 0< 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 0?0 01? 69? 0,60? ?,??9 040 >09 0>8  Jbea-tmrc mxtmre`j fmot =0 0<< 608 0,68< ?,?09 010 >08 0>8  NCI rmpurld`sms 18 <> =? 08 08 08 = 8

 Emt ijbws -00= ->?= ?9? 04? 486 6>4 -?00 0,188  Jbea-tmrc mxtmre`j fmot -66 -<6 <06 0>? 406 =8> -?89 0,188

  \dbrt-tmrc mxtmre`j fmot 8 -499 8 8 8 8 8 8Netmrmst p`ycmets ??< 066 6?6 9== 4<= 1<8 19= 1>0  Jbea-tmrc mxtmre`j fmot >8 080 604 9=< 4<6 1<8 19= 1>0  NCI ld`rams 09 1 1 0 0 0 8 8  \dbrt-tmrc mxtmre`j fmot 001 <9 8 8 8 8 8 8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 0<9 ??< 9?6 >04 ?,==1 0,111 ?,68? 0,11<Xbrtibjnb mqunty -0 8 8 8 8 8 8 8

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 8.8 8.8 8.8 8.8 8.8K`p`emsm yme >.4 08.6 0.4 8.> 8.1 8.9 8.1 8.4Xbuef stmrjnea 8.1 8.6 8.0 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.0 8.0 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs 9?.? 18.4 >0.> >9.= >1.6 >1.> >4.0 >4.6

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) =.8 9.> =.4 6.1 =.1 <.< 6.< 0.9  C`turnty (ym`rs) 4.< ?0.? ??.4 0>.> 01.> ?0.9 ?8.< ?0.6  Ar`lm pmrnbf (ym`rs) 6.4 6.9 6.9 =.0 6.8 =.4 6.1 <.=Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 <.< 08.6 1.< 6.8 8.8 0.? =.=  C`turnty (ym`rs) 8.8 06.1 0>.8 ??.? ?0.6 8.8 00.0 08.6  Ar`lm pmrnbf (ym`rs) 8.8 <.0 0>.8 ??.? ?0.6 8.8 1.4 >.>

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) =,8=0 1,=6? 00,881 06,<68 0=,4=> 04,64< ?0,98= ?<,990Mxpbrts bi abbfs, smrvnlms & nelbcm =,=11 >,?=6 >,684 00,990 0<,41> 09,0=9 04,860 01,461Qbrgmr rmcnt. & lbcp. bi mcpjbymms 008 00? 09 0<8 0=1 048 0>9 01=Ncpbrts bi abbfs, smrvnlms & nelbcm =,=44 >,414 08,?=4 0?,>?= 06,=1> 01,409 ?8,>=9 04,890Xrbint rmcntt`elms be IFN 0>9 <>9 =9? 0,864 0,0>1 0,=?0 0,161 0,<>1Lurrmet `llbuet o`j`elm ?8> -610 -91< -0,8?? -664 -0,681 -?,911 -6Netmre`tnbe`j rmsmrvms <66 140 1?< 0,?00 0,<<= 0,><= ?,6?6 <,8?4

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 009.6 9=.> 9>.4 1>.< 16.> 9<.6 =>.6 9>.9Mxtmre`j fmot stblgs tb AEN (%) 0?4.= 48.> =>.1 96.= 9=.= ==.6 6>.9 =?.=Fmot smrvnlm tb mxpbrts (%) 9.? <.6 >.6 01.1 ??.0 =.9 >.< =.=\dbrt-tmrc tb mxtmre`j fmot stblgs (%) <9.9 <9.? 8.8 .. .. .. .. ..Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 0=.= 08.8 0=.= 0?.8 00.? 0?.8 0?.= 0<.0_msmrvms tb mxtmre`j fmot stblgs (%) =.< 0?.4 00.8 0<.0 0?.4 04.> ??.9 ?6.6_msmrvms tb ncpbrts (cbetds) 8.1 8.> 8.4 0.0 0.0 0.< 0.6 ?.8

??4

Page 241: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 241/341

X@E@C@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf <,460 <,140 9,619 >,??> 08,<11 08,?<9 08,1?0 0?,604Xuojnl ef puojnljy au`r`etmmf <,460 <,140 =,9>9 1,641 4,94< >,01= >,908 00,?4?  Biinln`j lrmfntbrs 0,64> 0,?9? 0,?4= 0,<86 0,<64 0,681 0,=?> 0,4<<  Cujtnj`tmr`j 0,889 90? 0,8?8 0,008 0,099 0,??= 0,<<1 0,9?9  b w l ; NO_F 69? 01= ?4< ?0? 04= ?09 ?10 6<=  NF@ 8 8 8 8 8 8 8 8

  Onj`tmr`j 64< 9=8 ?9= 0>6 04? 04? 0>? ?81  Xrnv`tm lrmfntbrs ?,<=? ?,=0> 6,600 9,04< 1,<<= 1,194 4,840 >,66>  bi wdnld; Obefs ?98 < 6,060 9,08= 1,?1< 1,1?< 1,4>9 >,?0>  Lbccmrln`j o`egs 0,>4< ?,61= ?91 14 9? 6= 049 ?<8Xrnv`tm ebeau`r`etmmf 8 8 148 0,16? 0,9>6 0,890 0,000 0,0<9  bi wdnld; Obefs 8 8 ?99 9<= =40 0,890 0,890 0,890

Fnsoursmcmets 9 >> 1?6 0,=>= <,8?> 91> 186 0,4>8Xuojnl `ef puojnljy au`r`etmmf 9 >> 649 0,<?= ?,690 0>> 9=6 0,49=  Biinln`j lrmfntbrs 9 >= >1 >6 04< 0>> ?=6 690  Cujtnj`tmr`j 8 >< 44 >0 04? 044 ?60 6?9  bi wdnld; NO_F 8 < ?? > 0= 16 >> ?8<  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 9 ? 08 < 0 00 0< <=  Xrnv`tm lrmfntbrs 8 = <44 0,?<0 ?,?14 8 688 0,686  bi wdnld; Obefs 8 8 <18 0,?<8 ?,?19 8 ?<= 0,<?<  Lbccmrln`j o`egs 8 = 01 0 0 8 09= 40Xrnv`tm ebeau`r`etmmf 8 8 ?<4 ?18 =9> 648 =8 ?=

  bi wdnld; Obefs 8 8 8 0=8 <88 648 8 8

Xrnelnp`j rmp`ycmets =0 0<< 608 0,68< ?,?09 010 >08 0>8Xuojnl `ef puojnljy au`r`etmmf =0 0<< <4= 0,0=0 0,=46 010 >08 0>8  Biinln`j lrmfntbrs 6= 009 084 0<> 06= 0=6 098 0=6  Cujtnj`tmr`j 6< 46 =1 0?9 0<< 0<> 06< 0<6  bi wdnld; NO_F 60 6< ?6 <> 60 6< 6= <>  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j ? <? =? 0? 0? 06 01 ?8  Xrnv`tm lrmfntbrs 9 01 ?11 0,80< 0,6<> 01 1=8 <9  bi wdnld; Obefs ? 8 0?8 >>= 0,6?? 8 16? 8  Lbccmrln`j o`egs 0 6 0=9 01 04 01 > <9Xrnv`tm ebeau`r`etmmf 8 8 ?= ?=0 9<? 8 8 8  bi wdnld; Obefs 8 8 8 8 <9> 8 8 8

Netmrmst p`ycmets >8 080 604 9=< 4<6 1<8 19= 1>0Xuojnl `ef puojnljy au`r`etmmf >8 080 <9= =99 169 991 18? 18<  Biinln`j lrmfntbrs 41 => 1> => 9? 18 10 1?

  Cujtnj`tmr`j 4= <> 94 =6 =4 99 99 91  bi wdnld; NO_F ?1 0= ?0 0? 00 0< 0< 09  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j ? ?8 08 = = = = =  Xrnv`tm lrmfntbrs < 6? ?49 =81 946 =>9 9<8 9<?  bi wdnld; Obefs 8 8 ?96 =8< 948 =>< 9?= 9?0  Lbccmrln`j o`egs 8 <1 ?? 6 6 < = 00Xrnv`tm ebeau`r`etmmf 8 8 =< 41 44 9< 96 44  bi wdnld; Obefs 8 8 ?6 66 69 9< 9< 4<

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s ?16 -488 -?9? ?99 0,0<> -0=0 648 0,9>1  Emt bws be mxtmre` m t -00= ->?= ?9? 04? 486 6>4 -?00 0,188

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 = 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 0?8 8 ?8< 8 ?0 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 011 01> 046 0>0 ?8? 0>0 048 094Netmrmst 9< => == =8 6= 68 <= <8Xrnv`tm lrmfntbrs

Xrnelnp`j <?6 <6< 0,?9< <6 644 ?,9== <9 <9Netmrmst 910 918 98> ==8 ==8 =09 680 688

 Ebtms;

Jbea-tmrc prnv`tm ebeau`r`etmmf fmot f`t` bejy lbvmr Obefs. \dbrt-tmrc fmot f`t` `rm mxljufmf snelm ON\ f`t` neljufm fmot jn`onjntnms bi biisdbrm lmetmrs

jbl`tmf ne tdm lbuetry. ON\ sdbrt-tmrc fmot f`t` ibr ?881, ?884, ef ?88> `rm $0>,8=? cnjjnbes, ef $09,10< cnjjnbes, ef $09,<89 cnjjnbes rmspmltnvmjy.

??>

Page 242: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 242/341

X@X]@ EMQ A]NEM@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs ?,=>6 ?,=89 ?,?>? 0,448 0,4?9 0,6<8 0,604 0,===  Jbea-tmrc mxtmre`j fmot ?,690 ?,<14 ?,?86 0,964 0,9=> 0,<<> 0,68> 0,6<6  Xuojnl ef puojnljy au`r`etmmf 0,=?< 0,994 0,6=6 0,?9? 0,?84 0,0?9 0,896 0,8<1  Xrnv`tm ebeau`r`etmmf ><4 100 1=8 <41 6=0 ?0< <6= <>1  ]sm bi NCI lrmfnt 90 =8 <> 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 1? 14 6> ?<? 091 >0 > 0?0  netmrmst `rrm`rs be jbea-tmrc 8 8 8 8 8 8 8 8

 Cmcbr`efuc ntmcs  8 8 8 8 8 8 8 8    0,=80 0,991 0,668 0,?9? 0,?84 0,0?9 0,896 0,8<1    >98 100 196 <41 6=0 ?0< <6= <>1  ?61 01= <0> 8 =< <1 0<< 0??

Mxtmre`j fmot ijbwsFnsoursmcmets 940 ?68 ?>< <<= ?91 90= >=0 =09  Jbea-tmrc mxtmre`j fmot 9?< 04> ?=6 <<= ?91 90= >=0 =09  NCI purld`sms =4 =0 <4 8 8 8 8 8

Xrnelnp`j rmp`ycmets <>0 =8> ?0= ?66 ?18 >61 ><< =06  Jbea-tmrc mxtmre`j fmot <44 6>< 0>9 04< ?18 >61 ><< =06  NCI rmpurld`sms < 09 0> 90 8 8 8 8

 Emt ijbws 0>1 -?>0 <8 ?06 -94 -684 -96 00=  Jbea-tmrc mxtmre`j fmot ?<= -<86 => 0=? -< -<<? 04 <

  \dbrt-tmrc mxtmre`j fmot ->< -?0 -64 0?< -9= -19 -4? 00?Netmrmst p`ycmets 09? 001 >8 9< =9 98 6? ?>  Jbea-tmrc mxtmre`j fmot 0=9 000 4= =6 69 == 68 ?4  NCI ld`rams 8 0 0 0 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 9 = 6 > 08 = ? 0

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 0== 6== >9 <6 -1 >9 -<8 6?6Xbrtibjnb mqunty 8 .. .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. <.4 6.? 6.9 6.< 6.6K`p`emsm yme ?8.6 ?0.< <8.0 ?>.4 ?>.8 <8.8 ?>.6 ?1.6Xbuef stmrjnea ?.0 8.9 8.4 8.8 8.8 8.8 8.8 8.8\wnss ir`el 0.= 8.8 8.8 8.0 8.0 8.0 8.0 8.8].\.fbjj`rs ?1.< 0>.6 ?0.< <<.4 <9.> <9.< <4.9 <>.6

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) =.1 =.? 9.= 8.8 6.6 8.4 ?.0 0.1  C`turnty (ym`rs) 01.< 08.9 01.< 8.8 ?9.0 <6.1 ?4.? <?.0  Ar`lm pmrnbf (ym`rs) 6.> 6.6 =.0 8.8 =.? 08.? 9.1 4.=Xrnv`tm lrmfntbrs

  Netmrmst (%) 1.? 8.8 9.? 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) >.= 8.8 =.< 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) <.? 8.8 ?.= 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) <,8>9 6,<18 <,<8< 6,=<0 6,><0 9,?90 1,><0 1,4<<Mxpbrts bi abbfs, smrvnlms & nelbcm 0,641 <,806 ?,<9> <,989 6,=>6 =,?<0 9,?<1 6,9<<Qbrgmr rmcnt. & lbcp. bi mcpjbymms = 09 1 0< 0< 0< 0< 0<Ncpbrts bi abbfs, smrvnlms & nelbcm 0,10> ?,60= ?,80< <,?=1 <,61? 6,<10 6,>=< 6,1?8Xrbint rmcntt`elms be IFN 0=4 68> 0>4 61= .. .. .. ..Lurrmet `llbuet o`j`elm -19 916 <=0 968 .. .. .. ..Netmre`tnbe`j rmsmrvms 6?1 ?91 <86 1=8 0,660 ?,089 ?,884 ?,9?>

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 016.6 4<.0 >9.4 =?.0 <>.1 ?1.< ??.1 <<.9Mxtmre`j fmot stblgs tb AEN (%) 4<.4 =1.< 9>.6 60.= <1.8 ??.4 01.> 0>.>Fmot smrvnlm tb mxpbrts (%) <1.? ?8.4 0?.> 4.= 1.0 0>.< 0=.9 00.1\dbrt-tmrc tb mxtmre`j fmot stblgs (%) ?.4 <.0 ?.? 0?.< >.0 9.6 8.9 1.4Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) ?>.= <1.6 <9.0 66.6 66.9 =?.6 =8.4 69.9_msmrvms tb mxtmre`j fmot stblgs (%) 09.= 08.9 0<.< <>.> 14.> 061.? 060.1 09>.0_msmrvms tb ncpbrts (cbetds) <.8 0.< 0.4 ?.4 =.8 =.4 6.> 9.1

?<8

Page 243: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 243/341

X@X]@ EMQ A]NEM@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf ?,690 ?,<14 ?,?86 0,964 0,9=> 0,<<> 0,68> 0,6<6Xuojnl ef puojnljy au`r`etmmf 0,=?< 0,994 0,6=6 0,?9? 0,?84 0,0?9 0,896 0,8<1  Biinln`j lrmfntbrs 0,816 0,660 0,<>6 0,?08 0,09< 0,84= 0,8?8 0,888  Cujtnj`tmr`j 196 ><4 4?9 4<= 40= 1=8 1?0 1?6  b w l ; NO_F ?<= ?>> ?66 ?6> ?69 04< 0=4 06>  NF@ 00= 084 >? 14 19 1< 10 4?

  Onj`tmr`j <08 =8< =91 <1= <64 <<= ?>> ?19  Xrnv`tm lrmfntbrs 66> ??1 98 =0 6= 6? 66 <9  bi wdnld; Obefs <1 8 8 8 8 8 8 8  Lbccmrln`j o`egs <81 0=1 =6 4 6 6 6 <Xrnv`tm ebeau`r`etmmf ><4 100 1=8 <41 6=0 ?0< <6= <>1  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 9?< 04> ?=6 <<= ?91 90= >=0 =09Xuojnl `ef puojnljy au`r`etmmf ?48 0<= ?0> 6= =0 68 ?9 <<  Biinln`j lrmfntbrs ?<6 0?? ?89 66 64 <> ?9 <<  Cujtnj`tmr`j 048 == 91 60 64 <> ?9 <<  bi wdnld; NO_F 96 <6 6< ?8 0> 0? 6 ?  NF@ 8 8 8 8 8 8 ? 06  Onj`tmr`j =6 91 0<> < 8 8 8 8  Xrnv`tm lrmfntbrs 6= 0< 0< 0 6 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs ?8 0< 0< 8 8 8 8 8Xrnv`tm ebeau`r`etmmf <6< =6 <= ?>8 ?09 =1= >?= 64<

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets <44 6>< 0>9 04< ?18 >61 ><< =06Xuojnl `ef puojnljy au`r`etmmf 046 ?86 00= 006 0?8 01? 096 9?  Biinln`j lrmfntbrs 64 4? >9 >< 000 099 0=1 ==  Cujtnj`tmr`j <= 61 =< 64 4< 0<1 98 <=  bi wdnld; NO_F 06 ?1 ?> ?< ?6 14 <8 00  NF@ 0 ? < 6 6 6 6 6  Onj`tmr`j 0< <= 66 6= ?4 <8 >1 ?8  Xrnv`tm lrmfntbrs 0<9 0?? 0> ?0 > 9 9 1  bi wdnld; Obefs 8 <? 8 8 8 8 8 8  Lbccmrln`j o`egs 0?> 9< 08 0= 6 8 8 8Xrnv`tm ebeau`r`etmmf ?86 ?4> 48 9> 0=8 11= 19> 6=0  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 0=9 000 4= =6 69 == 68 ?4Xuojnl `ef puojnljy au`r`etmmf 49 4? =6 <4 <4 <> <? ?0  Biinln`j lrmfntbrs 68 9< =8 <9 <1 <4 <0 ?8

  Cujtnj`tmr`j ?1 66 <0 ?? ?9 ?4 ?8 0<  bi wdnld; NO_F 06 ?? 0= 08 0< 0= > 6  NF@ 0 0 0 0 0 0 0 0  Onj`tmr`j 0< 0> 04 06 00 08 00 1  Xrnv`tm lrmfntbrs 69 0> = ? 0 0 0 0  bi wdnld; Obefs < ? 8 8 8 8 8 8  Lbccmrln`j o`egs <9 > < 0 8 8 8 8Xrnv`tm ebeau`r`etmmf 18 ?> <0 09 4 09 4 1  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s ?14 -?41 -<=? >9 -=6 -<>9 -0< 0<4  Emt bws be mxtmre` m t 0>1 -?>0 <8 ?06 -94 -684 -96 00=

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 4= >8 94 10 10 1? 16 1=Netmrmst ?8 0> 04 01 09 0= 06 0<Xrnv`tm lrmfntbrs

Xrnelnp`j 006 4< 1= 61 <> ?6 ?8 09Netmrmst ?< 01 0? > 9 6 < ?

 Ebtms;

Jbea-tmrc prnv`tm ebeau`r`etmmf fmot f`t` irbc ?88< tb ?884 d`s omme rmvnsmf o`smf be rmpbrts prbvnfmf oy tdm lbuetry.

?<0

Page 244: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 244/341

X@_@A]@^

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs ?,08= ?,=16 <,84> <,??> <,6?? <,=18 6,090 6,<?<  Jbea-tmrc mxtmre`j fmot 0,1<? 0,1>0 ?,=08 ?,109 ?,100 ?,191 <,80= <,=10  Xuojnl ef puojnljy au`r`etmmf 0,10< 0,6=< ?,898 ?,?9= ?,?<= ?,0>= ?,?9< ?,<84  Xrnv`tm ebeau`r`etmmf 0> <<4 6=8 6=8 611 =1? 1=0 0,?9<  ]sm bi NCI lrmfnt 8 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot <1< 146 =48 =0< 100 48< 0,069 1=?  netmrmst `rrm`rs be jbea-tmrc 00= 1 00 8 8 8 8 8

 Cmcbr`efuc ntmcs  <?0 98 == 4 4 4 1 1    0,10< 0,6=< ?,898 ?,?9= ?,?<= ?,0>= ?,?9< ?,<84    0> <<4 6=8 6=8 611 =1? 1=0 0,?9<  001 <9< 0?= >> 984 6< 010 600

Mxtmre`j fmot ijbwsFnsoursmcmets 11 ??6 0>? ?08 ?66 ?89 <11 114  Jbea-tmrc mxtmre`j fmot 11 ??6 0>? ?08 ?66 ?89 <11 114  NCI purld`sms 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets ?<= 0=> ?8= <<? ?9> ?=4 ?>9 <8>  Jbea-tmrc mxtmre`j fmot ?<= 0=> ?8= <<? ?9> ?=4 ?>9 <8>  NCI rmpurld`sms 8 8 8 8 8 8 8 8

 Emt ijbws -4< ?90 -04= -?1= 01< <> 6?< 1=  Jbea-tmrc mxtmre`j fmot -0=4 9= -0< -0?? -?= -=< 48 69>

  \dbrt-tmrc mxtmre`j fmot 1= 0>9 -01< -0=< 0>4 >? <6< -<>6Netmrmst p`ycmets >8 0<= 064 066 0=? 099 09= 0<=  Jbea-tmrc mxtmre`j fmot 11 >< 00= 00= 0?0 0<= 0<9 0?<  NCI ld`rams 8 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 0< 6? << ?> <0 <8 ?> 0?

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 11 08< 086 =6 01< ?89 ??4 ?16Xbrtibjnb mqunty 8 8 8 8 8 8 8 8

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. ?.9 ?.9 ?.4 ?.4 ?.=K`p`emsm yme 0=.9 ??.1 0=.8 0<.6 0<.1 06.8 04.9 0>.1Xbuef stmrjnea ?.8 8.< 8.0 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.< 8.0 8.0 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs 01.? ?4.4 98.0 94.6 94.4 94.> 99.8 91.<

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) <.= =.= 9.6 6.= 6.< =.< <.1 ?.<  C`turnty (ym`rs) <6.6 0>.< ?0.4 09.6 ?1.< ?<.8 ?1.6 ?=.1  Ar`lm pmrnbf (ym`rs) 08.0 =.9 <.8 6.1 1.9 >.> 9.0 9.=Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 4.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 8.8 >.4 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 ?.< 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) =,<40 4,019 1,8>6 1,649 >,1>8 0?,6=9 09,100 06,918Mxpbrts bi abbfs, smrvnlms & nelbcm ?,9<0 =,81= <,04= 6,?0< =,6>1 9,>=0 >,<86 1,<01Qbrgmr rmcnt. & lbcp. bi mcpjbymms <6 ?41 ?14 ?9> 69< 646 =1> ===Ncpbrts bi abbfs, smrvnlms & nelbcm ?,?46 =,<9< <,=?6 6,6?0 =,1>= 1,068 08,8>6 4,80<Xrbint rmcntt`elms be IFN 01 9? 46 0=4 ?10 <9= 6>8 =8>Lurrmet `llbuet o`j`elm <>8 ->? -09< 09 0?4 046 -<4= -0>9Netmre`tnbe`j rmsmrvms 91= 0,089 11? 0,?>1 0,18? ?,690 ?,49< <,49?

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 48.8 =8.1 >1.8 19.9 9?.< =0.6 66.1 =>.0Mxtmre`j fmot stblgs tb AEN (%) <>.0 <0.= 6<.9 6<.0 <=.8 ?4.1 ?6.> ?>.=Fmot smrvnlm tb mxpbrts (%) 0?.6 =.4 00.0 00.< 1.1 9.0 =.8 9.0\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 01.1 <8.6 04.4 0=.> ?8.4 ??.= ?1.= 01.6Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) <6.4 <8.? <9.> <>.8 <1.9 <9.< <0.0 <?.<_msmrvms tb mxtmre`j fmot stblgs (%) <?.0 6<.8 ?=.8 68.? 6>.1 9>.8 94.4 4>.<_msmrvms tb ncpbrts (cbetds) <.= ?.= ?.9 <.= <.= 6.0 <.6 =.4

?<?

Page 245: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 245/341

X@_@A]@^

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 0,1<? 0,1>0 ?,=08 ?,109 ?,100 ?,191 <,80= <,=10Xuojnl ef puojnljy au`r`etmmf 0,10< 0,6=< ?,898 ?,?9= ?,?<= ?,0>= ?,?9< ?,<84  Biinln`j lrmfntbrs 0,04? 0,<?8 0,900 0,46= 0,4=< 0,46< 0,>68 ?,8?9  Cujtnj`tmr`j 1<? 114 0,060 0,?98 0,?49 0,?>1 0,?>= 0,<>4  b w l ; NO_F ?1> 0=6 ?80 ??< ?<6 ??1 ?06 ?40  NF@ 60 <9 ?4 ?0 0> 04 09 0=

  Onj`tmr`j 6=8 =6< 610 =46 =91 =69 96= 9?4  Xrnv`tm lrmfntbrs =<0 0<< 66> 6?0 <40 <=? <?< ?4?  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs ?=4 =9 6?6 68< <16 <6= <09 ?1=Xrnv`tm ebeau`r`etmmf 0> <<4 6=8 6=8 611 =1? 1=0 0,?9<  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 11 ??6 0>? ?08 ?66 ?89 <11 114Xuojnl `ef puojnljy au`r`etmmf 11 ?09 0>? 066 0=6 000 0>1 ?99  Biinln`j lrmfntbrs =8 ?86 0>? 060 0=6 000 0>1 ?99  Cujtnj`tmr`j <0 0?> 099 1= 000 080 084 0>4  bi wdnld; NO_F 09 ?9 61 01 <? 0< > 080  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 0> 1= ?9 99 66 08 4> 91  Xrnv`tm lrmfntbrs ?1 00 8 < 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs ? 00 8 < 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 4 8 99 >8 >= 048 =0?

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets ?<= 0=> ?8= <<? ?9> ?=4 ?>9 <8>Xuojnl `ef puojnljy au`r`etmmf ??9 0=1 00? ?89 ?8> ?89 ?<1 ?9<  Biinln`j lrmfntbrs 0>4 0?< 08= 019 09> 011 ?84 ??0  Cujtnj`tmr`j 9? 19 90 084 08= 0?1 068 060  bi wdnld; NO_F 68 60 0> ?= ?9 ?1 <8 <<  NF@ 0 0 0 0 0 0 0 0  Onj`tmr`j 0<1 61 6< 94 9= =8 94 48  Xrnv`tm lrmfntbrs ?1 <6 1 ?> 68 ?> ?> 60  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 08 08 6 04 <8 ?> ?> 60Xrnv`tm ebeau`r`etmmf > ? >< 0?9 98 =? => 69  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 11 >< 00= 00= 0?0 0<= 0<9 0?<Xuojnl `ef puojnljy au`r`etmmf 11 41 >> >6 >1 086 >9 >4  Biinln`j lrmfntbrs =1 10 9> 11 1= 48 14 46

  Cujtnj`tmr`j 61 60 =0 =< =< =1 =9 6>  bi wdnld; NO_F ?= 0= 00 08 0? 0< 0< 1  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 08 <8 04 ?6 ?? ?< ?0 <=  Xrnv`tm lrmfntbrs ?8 09 <8 01 ?? ?6 04 06  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs ? ? ?> 09 ?0 ?6 04 06Xrnv`tm ebeau`r`etmmf 8 9 09 ?0 ?6 <0 68 ?=  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s -?11 69> -?>6 -<1> 0>6 061 =>0 09<  Emt bws be mxtmre` m t -4< ?90 -04= -?1= 01< <> 6?< 1=

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 000 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j ?64 ??? ?81 014 09< 048 040 016Netmrmst 9= =4 =? 69 6? <> <= <8Xrnv`tm lrmfntbrs

Xrnelnp`j <10 ?94 ?6? 0=< 0?4 08< >8 14Netmrmst 18 =? <4 ?1 ?8 06 08 9

?<<

Page 246: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 246/341

XM_]

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs ?8,866 <8,4<< ?4,9?< ?4,><4 ?4,6>> ?4,6?? ?1,440 ?>,=><  Jbea-tmrc mxtmre`j fmot 0<,>=> ?8,?0> ?6,0<1 ?=,918 ?=,694 ?<,84> ??,690 ?6,49<  Xuojnl ef puojnljy au`r`etmmf 0<,9?> 04,><0 0>,0>> ??,=88 ??,0=8 0>,4?8 0>,<46 ?8,1>0  Xrnv`tm ebeau`r`etmmf <<8 0,?44 6,><4 <,018 <,<04 <,?9> <,814 6,81<  ]sm bi NCI lrmfnt 1== >== ==4 =1 ?8 8 8 8  \dbrt-tmrc mxtmre`j fmot =,<<8 >,9=> <,>?4 <,?08 <,800 =,<<< =,60> 6,1<8  netmrmst `rrm`rs be jbea-tmrc <,10< 6,=46 06 ? 09 09 ?0 8

 Cmcbr`efuc ntmcs  4,<6= 6,0=8 ?> 0 << 1 > 8    0<,=46 04,>?= 01,>?4 ?0,98? ?0,<?> 0>,88> 04,91> ?8,?88    <19 0,?>6 9,?8> 6,891 6,0<4 6,848 <,14< 6,99<  01> ><8 0,?9< ?,0>0 186 <,804 0,<6< =,?04

Mxtmre`j fmot ijbwsFnsoursmcmets ?4> 448 ?,896 ?,19> 0,9>8 9,016 0,=6> =,1?<  Jbea-tmrc mxtmre`j fmot ?4> 448 ?,896 ?,19> 0,9>8 9,016 0,=6> =,1?<  NCI purld`sms 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets ??> =?0 0,0<4 6,8<? ?,898 9,=8? <,?8> ?,6<0  Jbea-tmrc mxtmre`j fmot 099 =?0 >>1 <,>>< ?,8?0 9,640 <,?8> ?,6<0  NCI rmpurld`sms 9< 8 060 68 <> ?8 8 8

 Emt ijbws 0?9 <,064 ?44 -48? -=4< 0,>>6 -0,=1> ?,9?6  Jbea-tmrc mxtmre`j fmot 0?< <=> 0,891 -0,??6 -<<8 -<81 -0,998 <,?>?

  \dbrt-tmrc mxtmre`j fmot 99 ?,14> -9<4 690 -?0< ?,<?? 40 -994Netmrmst p`ycmets ?61 1?0 0,6<? 0,1?? 0,18< ?,0=0 0,1?1 0,<=?  Jbea-tmrc mxtmre`j fmot >0 64= 0,01? 0,980 0,=== 0,>1= 0,=<4 0,049  NCI ld`rams 16 =? << < ? 8 8 8  \dbrt-tmrc mxtmre`j fmot 4? 046 ??1 004 069 019 04> 099

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 60 ?,==1 408 ?,=1> <,691 =,6>0 9,>?6 6,198Xbrtibjnb mqunty 8 010 0?< 19> -6= 18 4= 61

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 1.8 1.1 4.? 00.0 1.0K`p`emsm yme 9.< 06.9 0<.4 >.0 4.> 08.? 0<.9 0?.0Xbuef stmrjnea 8.> 0.? 8.6 8.0 8.0 8.8 8.8 8.8\wnss ir`el 0.= 0.? 8.= 8.0 8.8 8.8 8.8 8.8].\.fbjj`rs 64.8 60.> 1<.4 48.= 48.< 14.4 1?.1 11.>

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 1.0 9.? =.4 =.8 =.? =.= <.6 0.6  C`turnty (ym`rs) >.? 01.6 ??.8 09.6 01.? 09.9 04.1 0>.6  Ar`lm pmrnbf (ym`rs) ?.6 6.9 =.8 1.8 9.= =.9 1.0 =.4Xrnv`tm lrmfntbrs

  Netmrmst (%) =.= 8.8 >.8 1.1 8.8 1.= 8.8 1.?  C`turnty (ym`rs) 9.1 8.8 =.8 ??.8 8.8 ?0.4 8.8 0<.8  Ar`lm pmrnbf (ym`rs) 0.< 8.8 8.0 ??.8 8.8 ?8.9 8.8 0<.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) ?=,=8> =0,068 =0,414 16,060 46,=0> >4,496 0?8,968 00>,<9<Mxpbrts bi abbfs, smrvnlms & nelbcm 6,<0= 1,0>1 >,?61 ?8,?4? ?1,=68 <?,9?8 <1,809 <0,>18Qbrgmr rmcnt. & lbcp. bi mcpjbymms 41 =>> 104 0,668 0,4<1 ?,0<0 ?,666 ?,<14Ncpbrts bi abbfs, smrvnlms & nelbcm 9,80= 0?,9=< 00,1>6 ?8,>89 ?9,4=< <<,446 66,990 <6,=48Xrbint rmcntt`elms be IFN 0= 4<6 <66 6,8<8 9,160 1,144 4,<69 1,896Lurrmet llbuet o`j`elm -0,60> -6,9?= -0,=69 0,064 ?,41? 0,<9< -6,1?< ?61Netmre`tnbe`j rmsmrvms 0,4>0 4,9=< 4,919 06,010 01,66? ?1,149 <0,?60 <<,??=

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 696.= 6?4.6 <8>.= 06?.1 08<.= 41.0 1=.< >?.9Mxtmre`j fmot stblgs tb AEN (%) 14.9 98.< ==.? <>.8 <<.1 ?4.1 ?<.0 ?6.4Fmot smrvnlm tb mxpbrts (%) 00.8 01.< ?1.4 ?4.6 0<.1 ?9.= 0<.< 00.4\dbrt-tmrc tb mxtmre`j fmot stblgs (%) ?9.9 <0.< 0<.1 00.0 08.9 04.4 0>.6 09.8Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 00.8 0?.0 0>.< ?1.? ?1.6 ?1.> ?4.1 ?4.<_msmrvms tb mxtmre`j fmot stblgs (%) >.6 ?4.0 <8.< 6>.8 90.? >1.4 00?.0 00?.<_msmrvms tb ncpbrts (cbetds) <.4 4.? 4.4 4.0 1.4 >.4 4.6 00.=

?<6

Page 247: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 247/341

XM_]

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 0<,>=> ?8,?0> ?6,0<1 ?=,918 ?=,694 ?<,84> ??,690 ?6,49<Xuojnl ef puojnljy au`r`etmmf 0<,9?> 04,><0 0>,0>> ??,=88 ??,0=8 0>,4?8 0>,<46 ?8,1>0  Biinln`j lrmfntbrs 9,=>6 0=,??> 06,<94 0<,1>6 0<,69> 00,?4? 0?,<?4 00,1<8  Cujtnj`tmr`j ?,0>> <,109 =,=00 1,44= 1,408 1,>?? 1,>4> 4,<14  b w l ; NO_F 0,044 0,1?> ?,=>8 ?,409 ?,9<< ?,96> ?,10? ?,469  NF@ 8 8 8 8 8 8 8 8

  Onj`tmr`j 6,<>= 00,=0< 4,4=1 =,>08 =,9=4 <,<98 6,<68 <,<=?  Xrnv`tm lrmfntbrs 1,8<= <,18? 6,4<8 4,189 4,94? 4,=<4 1,8=9 >,898  bi wdnld; Obefs 0 8 <,1?1 4,<>8 4,<>8 4,?18 9,41> 4,>00  Lbccmrln`j o`egs <,0=> <,868 008 49 11 94 018 06=Xrnv`tm ebeau`r`etmmf <<8 0,?44 6,><4 <,018 <,<04 <,?9> <,814 6,81<  bi wdnld; Obefs 8 98 0=8 ?04 0>? 0,60> 0,?9> ?,8>1

Fnsoursmcmets ?4> 448 ?,896 ?,19> 0,9>8 9,016 0,=6> =,1?<Xuojnl ef puojnljy au`r`etmmf ?4> 1?= 0,641 ?,9<= 9<4 <,?>> 0,09= 6,=?1  Biinln`j lrmfntbrs 041 1?8 0,6=? >4= 9<4 0,048 0,09= ?,=?1  Cujtnj`tmr`j <4 9<0 400 1>> =8> 0,8<4 >>0 ?,<<9  bi wdnld; NO_F 8 ?8? ?99 0>? <9 ?=9 ?>6 <1>  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 06> 4> 960 041 0?> 06? 016 0>0  Xrnv`tm lrmfntbrs 08< = <= 0,9=8 8 ?,00> 8 ?,888  bi wdnld; Obefs 8 8 8 0,9=8 8 ?,00> 8 ?,888  Lbccmrln`j o`egs 9> 8 <6 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 0== =11 0<< 0,8=? ?,41= <46 0,0>9

  bi wdnld; Obefs 8 8 8 0?1 8 0,??1 8 414

Xrnelnp`j rmp`ycmets 099 =?0 >>1 <,>>< ?,8?0 9,640 <,?8> ?,6<0Xuojnl ef puojnljy au`r`etmmf 00? 640 >1> <,8<0 0,06< =,49? ?,909 0,4<0  Biinln`j lrmfntbrs 40 686 4<6 ?,>09 0,8<8 <,6>9 0,?=< 0,489  Cujtnj`tmr`j ?6 ?80 6>1 ==9 98< >=8 >=4 9=<  bi wdnld; NO_F 8 49 >< ?08 ?0> ?60 ?<8 ?6=  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j =1 ?8< <<1 ?,<98 6?9 ?,=69 ?>9 0,0=<  Xrnv`tm lrmfntbrs <0 11 069 006 00< ?,<99 0,<9< ?=  bi wdnld; Obefs 8 8 8 >8 >8 ?,<6< 0,<<4 8  Lbccmrln`j o`egs > ?4 0<8 00 > > ?< ?<Xrnv`tm ebeau`r`etmmf =6 68 01 >9? 414 90> =>< 988  bi wdnld; Obefs 8 8 8 8 8 8 0=8 =8

Netmrmst p`ycmets >0 64= 0,01? 0,980 0,=== 0,>1= 0,=<4 0,049Xuojnl ef puojnljy au`r`etmmf 99 60< 0,08< 0,68< 0,<4> 0,=0? 0,046 0,846  Biinln`j lrmfntbrs =0 <>= >0= 489 1?6 404 =10 6=0

  Cujtnj`tmr`j ?1 ?6= <4? <=6 6<6 64< 68> <06  bi wdnld; NO_F 8 004 04> 08= 0<1 0=8 0<9 081  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j ?6 0=8 =<< 6=< ?>8 <<6 09< 0<1  Xrnv`tm lrmfntbrs 0= 0> 044 =>9 99= 9>6 90< 9<?  bi wdnld; Obefs 8 8 01> =94 9<1 99> 98< 9?<  Lbccmrln`j o`egs 4 08 = 1 4 1 08 >Xrnv`tm ebeau`r`etmmf ?= 10 9> 0>4 099 696 <=6 08<  bi wdnld; Obefs 8 9 00 08 08 6? ?<8 6>

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 0,61> 6,<?< -=01 -?,90? -6<> -11 -=60 0,10<  Emt bws be mxtmre` m t 0?9 <,064 ?44 -48? -=4< 0,>>6 -0,=1> ?,9?6

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 >0> 0 ?0 8 8 8 <8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 ?,<6< 4<4 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 0,886 >>0 0,?8< 0,0<0 0,804 >9? >1> 448Netmrmst <84 ?14 ?6> ?09 046 0=4 0<6 00?Xrnv`tm lrmfntbrs

Xrnelnp`j <0< <<6 969 0>= 0,?=9 >?= 0,1>= 114Netmrmst 461 4<? 48= 11> 11? 9=6 =<8 610

 Ebtms;

F`t` be jbea-tmrc prnv`tm ebeau`r`etmmf fmot ibr ?88> `rm Qbrjf O`eg st`ii mstnc`tms. F`t` ibr ?881 neljufm Obef prmp`ycmet ef prmp`ycmet tb X`rns Ljuo

lrmfntbrs. \dbrt-tmrc fmot ns o`smf be rmpbrts prbvnfmf oy tdm lbuetry.

?<=

Page 248: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 248/341

Page 249: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 249/341

XDNJNXXNEM\

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf ?=,?60 <<,<1? =8,111 =6,416 ==,?1< =4,4?9 =1,416 =4,>8>Xuojnl ef puojnljy au`r`etmmf ?6,868 ?4,=?= <<,166 <=,<96 <9,1=0 <1,>=> <>,811 60,1<4  Biinln`j lrmfntbrs 0=,<80 ??,9?9 0>,4>8 04,=48 04,9?< 0>,=49 ?0,900 ??,8=>  Cujtnj`tmr`j 9,?1< 4,6>8 1,?81 9,9?8 9,416 1,?0> 1,606 4,664  b w l ; NO_F <,>6< =,88? <,9?1 ?,44= ?,9>8 ?,1?9 ?,=<< ?,644  NF@ 080 04< ?81 0>1 0>9 0>= 041 040

  Onj`tmr`j >,8?> 06,0<1 0?,94< 00,>98 00,16> 0?,<91 06,0>9 0<,900  Xrnv`tm lrmfntbrs 4,1<> =,4>> 0<,4== 09,146 04,0?4 04,<1< 01,691 0>,91>  bi wdnld; Obefs 4?= 6,999 08,699 06,?>8 09,?=9 09,116 09,806 04,=??  Lbccmrln`j o`egs 9,998 609 ?,64? 0,60< 40< 9<9 99? 488Xrnv`tm ebeau`r`etmmf 0,?80 6,461 01,8<< 0>,=08 04,=?? ?8,491 04,1>1 01,010  bi wdnld; Obefs 8 0,>?= ?,4=9 ?,>1= ?,619 0,>>< 0,<06 >=9

Fnsoursmcmets ?,=09 ?,468 =,161 9,=?= 4,11? 4,419 =,016 >,16>Xuojnl ef puojnljy au`r`etmmf ?,??6 0,409 =,??4 <,416 1,164 ?,191 ?,0<8 4,8<>  Biinln`j lrmfntbrs 0,<1< 0,60< 0,=?4 0,066 0,>8= 0,9== 0,6=6 ?,<64  Cujtnj`tmr`j 4=6 9?0 <49 <40 >16 484 498 0,18?  bi wdnld; NO_F =89 <>< 0=? 0?> 0<? <1? 0>? <90  NF@ 8 08 08 8 8 8 8 8  Onj`tmr`j =0> 1>? 0,06? 19< ><0 461 =>6 969  Xrnv`tm lrmfntbrs 4=? 68< <,180 ?,1<8 =,46< 0,00? 911 =,9>0  bi wdnld; Obefs =1= ?14 ?,9<8 ?,<46 =,9?9 0,864 =19 =,=08  Lbccmrln`j o`egs 091 08? >>1 ??0 09= <9 088 048Xrnv`tm ebeau`r`etmmf ?>0 0,8?6 =0> ?,9=0 0,8?6 9,08> <,866 0,108

  bi wdnld; Obefs 8 496 = ?=8 8 8 8 8

Xrnelnp`j rmp`ycmets 0,61< ?,1<1 6,861 9,84= >,<>> 9,<68 4,?0> 9,<48Xuojnl ef puojnljy au`r`etmmf 0,600 ?,=41 ?,=0= <,<=< =,16? ?,=61 <,=>? <,46<  Biinln`j lrmfntbrs 6<> ?,?86 0,=1? 0,144 0,>?0 0,991 ?,<?? 0,1?<  Cujtnj`tmr`j <44 9=0 =9? 966 1>8 9?= >1? 9=0  bi wdnld; NO_F <80 60< <6> <19 <4< 68< 610 <>6  NF@ 0 ? < 1 1 1 1 1  Onj`tmr`j =0 0,==< 0,88> 0,06< 0,0<0 0,860 0,<6> 0,81?  Xrnv`tm lrmfntbrs >1? <4< >6< 0,=99 <,4?8 440 0,?18 ?,0?8  bi wdnld; Obefs 048 <? <>= 0,?8> ?,>00 69? 466 0,966  Lbccmrln`j o`egs 16< 19 616 ?9= 4<0 ?=? >6 =<Xrnv`tm ebeau`r`etmmf 9? 0=8 0,=<< ?,1<? <,9=4 <,1>? 6,9?1 ?,=<1  bi wdnld; Obefs 8 8 66= <<< 986 ==4 =1? <<>

Netmrmst p`ycmets 0,=1< 0,4=> ?,69> <,?=6 <,=?0 <,6=8 <,9>1 <,6<8Xuojnl ef puojnljy au`r`etmmf 0,649 0,181 0,44? ?,68> ?,1<9 ?,=?1 ?,49= ?,468  Biinln`j lrmfntbrs 16> 0,<?8 460 =46 =4< 906 90? =60

  Cujtnj`tmr`j 666 986 606 ?=4 ?48 <<< <08 ?64  bi wdnld; NO_F ?>9 <19 ??< 0?6 060 098 06< 00?  NF@ 0 0 ? ? 0 0 0 0  Onj`tmr`j <8= 109 6?1 <?9 <8< ?48 <80 ?><  Xrnv`tm lrmfntbrs 1<1 <41 0,860 0,4?= ?,0=< 0,>0< ?,?=< ?,?>4  bi wdnld; Obefs <0 ?41 448 0,1?= ?,8<< 0,460 ?,0>4 ?,?=1  Lbccmrln`j o`egs 910 <6 0<8 18 >? <6 ?1 ?9Xrnv`tm ebeau`r`etmmf 41 0=? =49 46= 14= >?< 4<? =>8  bi wdnld; Obefs 8 4? 61> ?4< ?== 068 08< 44

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l eam e mxtmre` m t stbl s 0,>?1 -414 -01 9>8 -0,<19 =,9?4 -0,8<= -0,>96  Emt bws be mxtmre` m t 0,0?< -9>9 ?,==0 0,61? -?,606 6,900 -<,0?4 <18

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 0,894 8 8 8 8 8 8 8

bt` cbuet bra vme ,

Fmot ouyo`lg 1?0 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 0,>60 0,>?0 0,49= ?,8<? 0,4?? 0,=89 0,661 0,<>>Netmrmst 640 6<9 <>< <=< <06 ?4< ?=6 ??1Xrnv`tm lrmfntbrs

Xrnelnp`j <,9?= <,?>6 0,49? ?,<09 ?,944 ?,<80 <,>40 ?,604Netmrmst 0,1=? 0,908 0,6>= 0,668 0,<4> 0,?61 0,068 >69

 Ebtms;

Jbea-tmrc prnv`tm ebeau`r`etmmf fmot neljufms tdm ibjjbwnea cbentbrmf `aarma`tm prnv`tm-smltbr fmot; uermanstmrmf fmot, netmrlbcp`ey fmot `ef l`pnt`j jm`sms.

\dbrt-tmrc fmot ns o`smf be rmpbrts prbvnfmf oy tdm lbuetry.

?<1

Page 250: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 250/341

_BC@EN@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 0,068 9,4<? 00,098 <4,490 =<,><> 46,099 08?,6>0 001,=00  Jbea-tmrc mxtmre`j fmot ?<8 6,6>0 >,>6= <0,041 <1,?9= =6,4<1 1<,4?1 49,><=  Xuojnl ef puojnljy au`r`etmmf ??< <,>=1 9,=4< 0<,<<8 06,04= 0=,?88 06,>44 01,>86  Xrnv`tm ebeau`r`etmmf 1 =<6 <,<9? 01,4=4 ?<,840 <>,9<9 =4,4<> 9>,8<0  ]sm bi NCI lrmfnt 8 0,8<4 6=< ?90 086 8 8 >,=66  \dbrt-tmrc mxtmre`j fmot >08 0,<8< 19< 1,60< 09,=18 ?>,<<8 ?4,996 ?0,8<?  netmrmst `rrm`rs be jbea-tmrc 8 8 0? 0< 08 08 9 =

 Cmcbr`efuc ntmcs  8 8 09 <1 ?98 ?=9 ?<4 1    ??< <,4>> 9,668 0?,>9? 0<,4?8 06,4<6 06,16< 01,998    1 =>? <,=8= 04,??= ?<,66= 68,88< =>,846 9>,?16  0<? 0,960 ?,496 ?,4>1 ?,=0= >4= <,<<= 1,660

Mxtmre`j fmot ijbwsFnsoursmcmets ?9 0,=0< <,?=4 0?,>04 00,??9 ?8,446 <?,=0< <?,=>9  Jbea-tmrc mxtmre`j fmot ?9 0,6== <,066 0?,>04 00,??9 ?8,446 <?,=0< ?<,?89  NCI purld`sms 8 =1 006 8 8 8 8 >,<>0

Xrnelnp`j rmp`ycmets 6 91= 0,480 =,<<0 9,61? 4,<?= 06,6?1 0<,09<  Jbea-tmrc mxtmre`j fmot 6 <8? 0,18= =,01> 9,<86 4,?0> 06,6?1 0<,09<  NCI rmpurld`sms 8 <1< >9 0=? 091 08= 8 8

 Emt ijbws 66 0,016 0,46< 08,90> 0<,>09 ?=,<0> 01,6?6 00,48<  Jbea-tmrc mxtmre`j fmot ?? 0,0=< 0,6<> 1,1<> 6,>?? 0?,99= 04,849 08,86<

  \dbrt-tmrc mxtmre`j fmot ?? <<1 <49 <,8<? >,090 0?,198 -99? -1,9<0Netmrmst p`ycmets 06 <?0 9>4 0,=41 ?,019 <,?6< <,981 <,010  Jbea-tmrc mxtmre`j fmot 8 ?89 9<? 0,?64 0,686 0,>=9 ?,>86 ?,111  NCI ld`rams 8 9> ?6 0< 08 < 8 11  \dbrt-tmrc mxtmre`j fmot 06 61 6? <?9 19? 0,?46 18< <04

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 8 60> 0,8<1 9,64? 00,<>< >,>?= 0<,44< 9,<08Xbrtibjnb mqunty 8 8 =4 ??> <80 169 ?< 1

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. =4.> 96.8 9>.< 10.> 14.4K`p`emsm yme 8.8 ?.1 =.< <.? <.= <.6 6.= <.9Xbuef stmrjnea 8.8 8.8 8.8 0.< 0.0 8.1 8.< 8.0\wnss ir`el 4>.= 0.4 8.> 8.1 8.9 8.= 8.6 8.?].\.fbjj`rs >.4 <6.6 6?.= ?9.> ??.4 04.> 01.< 0<.6

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) ?.1 9.8 =.> ?.0 <.9 6.9 6.8 <.8  C`turnty (ym`rs) ?=.= 0<.< 01.0 ?<.8 0>.8 ?8.8 06.6 00.=  Ar`lm pmrnbf (ym`rs) 08.8 6.< 6.? 9.6 =.< =.> 0?.1 =.=Xrnv`tm lrmfntbrs

  Netmrmst (%) 4.6 9.> >.0 <.4 6.0 =.? 9.= 9.<  C`turnty (ym`rs) 4.? 1.? =.4 08.8 00.> 00.8 08.4 08.0  Ar`lm pmrnbf (ym`rs) <.9 ?.1 ?.= 1.4 <.4 <.? >.< 0.6

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) <4,0=> <=,?<9 <9,194 >4,884 00>,4?= 09>,844 0>>,?90 096,81<Mxpbrts bi abbfs, smrvnlms & nelbcm 9,=== >,64= 0?,6<4 <6,<69 60,=6= =<,<0= 9=,>69 =0,>9<Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. > >9 6,1<< 9,104 4,=6? >,<40 6,>?4Ncpbrts bi abbfs, smrvnlms & nelbcm >,>0= 00,9?4 06,9=< 61,?>4 98,6=6 4<,80< >4,=6> 96,1<>Xrbint rmcntt`elms be IFN 8 ?4 1? ?,>?9 6,096 =,>44 6,<9? 0,=<9Lurrmet llbuet o`j`elm -<,?=6 -0,116 -0,<== -4,=86 -0?,14= -?<,848 -?<,10> -1,0<>Netmre`tnbe`j rmsmrvms 0,<16 ?,9?6 <,<>9 ?0,980 <8,?89 <>,>16 <>,194 6=,1>9

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 01.6 1?.8 4>.1 00<.0 0?>.4 0=1.> 0==.6 ??9.0Mxtmre`j fmot stblgs tb AEN (%) <.8 0>.6 <8.6 <>.1 6=.8 6>.4 =0.6 10.9Fmot smrvnlm tb mxpbrts (%) 8.< 08.= ?8.0 ?8.0 ?8.4 ?0.1 ?1.< <0.6\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 1>.4 0>.0 9.4 0>.0 <8.1 <6.4 ?4.8 01.>Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) .. ?6.1 <8.0 06.6 00.< 4.8 1.0 >.8_msmrvms tb mxtmre`j fmot stblgs (%) 0?8.= <4.6 <8.6 ==.9 =9.8 61.= <4.4 <>.8_msmrvms tb ncpbrts (cbetds) 0.1 ?.1 ?.4 =.= 9.8 =.4 6.4 4.=

?<4

Page 251: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 251/341

_BC@EN@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf ?<8 6,6>0 >,>6= <0,041 <1,?9= =6,4<1 1<,4?1 49,><=Xuojnl ef puojnljy au`r`etmmf ??< <,>=1 9,=4< 0<,<<8 06,04= 0=,?88 06,>44 01,>86  Biinln`j lrmfntbrs ?04 ?,>>4 6,06> 9,0=? 9,916 1,<80 4,889 00,?8>  Cujtnj`tmr`j 8 0,94= <,<96 =,98? 9,8>? 9,18> 1,?>= 08,=04  b w l ; NO_F 8 466 0,4>4 ?,664 ?,640 ?,986 ?,=1? ?,>>=  NF@ 8 8 8 8 8 8 8 8

  Onj`tmr`j ?04 0,<0? 14= ==8 =4< =>? 108 9>?  Xrnv`tm lrmfntbrs = >=> ?,6<6 1,011 1,=08 1,4>> 9,>4? 9,9>=  bi wdnld; Obefs 8 8 1<9 ?,0?< ?,<10 ?,9=8 ?,106 ?,48>  Lbccmrln`j o`egs 8 ?=8 0,0=1 6,416 =,888 =,00< 6,014 <,404Xrnv`tm ebeau`r`etmmf 1 =<6 <,<9? 01,4=4 ?<,840 <>,9<9 =4,4<> 9>,8<0  bi wdnld; Obefs 8 8 8 8 8 8 8 <=

Fnsoursmcmets ?9 0,6== <,066 0?,>04 00,??9 ?8,446 <?,=0< ?<,?89Xuojnl ef puojnljy au`r`etmmf ?< 0,04= 0,><1 ?,9<1 0,<0= 0,?10 ?,1>> <,480  Biinln`j lrmfntbrs 0> 41< 0,84< 0,809 914 104 0,=0= <,998  Cujtnj`tmr`j 8 <90 ><? 4>0 ==6 9=4 0,6<1 <,90?  bi wdnld; NO_F 8 0?4 <46 ?4? 068 ?<? ?<> 18<  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 0> =00 0=0 0?= 0?6 98 11 64  Xrnv`tm lrmfntbrs = <0? 4=6 0,9?0 9<1 ==6 0,?46 068  bi wdnld; Obefs 8 8 0<> 9?< 8 8 0,086 8  Lbccmrln`j o`egs 8 09= 916 >=4 9?8 =?1 01= 068Xrnv`tm ebeau`r`etmmf < ?10 0,?81 08,?40 >,>00 0>,90< ?>,10= 0>,68=

  bi wdnld; Obefs 8 8 8 8 8 8 8 <?

Xrnelnp`j rmp`ycmets 6 <8? 0,18= =,01> 9,<86 4,?0> 06,6?1 0<,09<Xuojnl ef puojnljy au`r`etmmf 8 ?01 >46 0,9>1 0,6<9 0,69> ?,6>8 0,<91  Biinln`j lrmfntbrs 8 0<? 6>< =>8 ==9 =4= 94= 910  Cujtnj`tmr`j 8 06 <?9 <19 6=8 =84 9?9 98>  bi wdnld; NO_F 8 8 >0 ?8= 0>= ?00 ?44 ?90  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 8 004 094 ?0< 089 11 98 9<  Xrnv`tm lrmfntbrs 8 4= 6>0 0,081 448 446 0,48= 9>9  bi wdnld; Obefs 8 8 8 <16 8 8 44< 8  Lbccmrln`j o`egs 8 0< <?4 969 40< 466 41= 9<<Xrnv`tm ebeau`r`etmmf 6 49 1?0 <,64? 6,494 9,1=8 00,><1 00,1>=  bi wdnld; Obefs 8 8 1= 8 8 8 8 8

Netmrmst p`ycmets 8 ?89 9<? 0,?64 0,686 0,>=9 ?,>86 ?,111Xuojnl `ef puojnljy au`r`etmmf 8 01> 6<> 91? 181 48< 419 18=  Biinln`j lrmfntbrs 8 0?6 ?9> ??> ?1? <09 <6= <??

  Cujtnj`tmr`j 8 18 ?81 ?89 ?=? ?>> <?4 <8=  bi wdnld; NO_F 8 =< 086 44 000 0<? 0<8 >=  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 8 =6 9? ?< ?8 01 01 01  Xrnv`tm lrmfntbrs 8 =9 010 66< 6<= 641 =<0 <4<  bi wdnld; Obefs 8 8 6= 046 0<0 010 0>> 0=9  Lbccmrln`j o`egs 8 4 19 ?64 ?>= <0? <?1 ?0>Xrnv`tm ebeau`r`etmmf 8 ?1 0>< =19 9>1 0,0=< ?,8?4 ?,810  bi wdnld; Obefs 8 8 1 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s =< 0,?<8 ?,0=6 >,?41 0=,81> <8,??1 04,<?= 0=,8?8  Emt bws be mxtmre` m t 66 0,016 0,46< 08,90> 0<,>09 ?=,<0> 01,6?6 00,48<

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j >1= 486 >?9 0,808 0,994 ?,?86 ?,0?> ?,89<Netmrmst <<4 <>6 6?4 660 6<> <>9 <60 ?4=Xrnv`tm lrmfntbrs

Xrnelnp`j 4,?80 1,064 4,844 9,44> 9,>0= 1,044 9,<>6 9,?>1Netmrmst 0,6=4 0,?14 0,081 >68 404 18? =94 699

 Ebtms;

\dbrt-tmrc fmot ns o`smf be rmpbrts prbvnfmf oy tdm lbuetry.

?<>

Page 252: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 252/341

Page 253: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 253/341

Page 254: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 254/341

Page 255: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 255/341

Page 256: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 256/341

\@CB@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs >0.4 098.8 0<1.1 091.= 09<.1 04=.> ?8=.9 ?<=.=  Jbea-tmrc mxtmre`j fmot >0.8 098.8 0<1.1 091.= 09<.1 04=.> ?8=.9 ??9.6  Xuojnl ef puojnljy au`r`etmmf >0.8 098.8 0<1.1 091.= 09<.1 04=.> ?8=.9 ??9.6  Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  ]sm bi NCI lrmfnt 8.4 8.8 8.8 8.8 8.8 8.8 8.8 >.0  \dbrt-tmrc mxtmre`j fmot 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  netmrmst `rrm`rs be jbea-tmrc 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

 Cmcbr`efuc ntmcs  8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8    >0.8 098.8 0<1.1 091.= 09<.1 04=.> ?8=.9 ??9.6    8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  0=.< 8.0 00.4 6.4 4.= >0.< 64.4 8.8

Mxtmre`j fmot ijbwsFnsoursmcmets 0=.6 9.4 9.1 08.6 1.< 01.4 ?=.= <6.0  Jbea-tmrc mxtmre`j fmot 0=.6 9.4 9.1 08.6 1.< 01.4 ?=.= ?=.?  NCI purld`sms 8.8 8.8 8.8 8.8 8.8 8.8 8.8 4.>

Xrnelnp`j rmp`ycmets 6.0 <.8 6.? 6.< 6.> =.< 9.8 9.8  Jbea-tmrc mxtmre`j fmot <.< <.8 6.? 6.< 6.> =.< 9.8 9.8  NCI rmpurld`sms 8.> 8.8 8.8 8.8 8.8 8.8 8.8 8.8

 Emt ijbws 00.? <.4 ?.= 9.0 ?.6 0?.9 0>.9 ?4.?  Jbea-tmrc mxtmre`j fmot 0?.0 <.4 ?.= 9.0 ?.6 0?.9 0>.9 0>.?

  \dbrt-tmrc mxtmre`j fmot 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Netmrmst p`ycmets 0.< 0.9 0.< 0.= ?.0 0.9 ?.0 ?.=  Jbea-tmrc mxtmre`j fmot 0.? 0.9 0.< 0.= ?.0 0.9 ?.0 ?.=  NCI ld`rams 8.0 8.8 8.8 8.8 8.8 8.8 8.8 8.8  \dbrt-tmrc mxtmre`j fmot 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 9.9 <.6 -0.= -<.8 ?8.1 ?.= 0<.8 0.6Xbrtibjnb mqunty 8.8 .. .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 0.4 0.1 0.6 8.> 8.4K`p`emsm yme 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.1Xbuef stmrjnea 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs <4.9 <9.9 60.8 6<.9 64.= 6=.1 60.0 <9.4

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 8.4 8.8 0.0 <.4 0.6 0.0 8.4 8.8  C`turnty (ym`rs) <>.4 ?8.= <=.0 0>.9 <0.6 ?4.4 ??.> 8.8  Ar`lm pmrnbf (ym`rs) 08.< 4.= >.8 =.0 1.> 4.= =.> 8.8Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 096.< 0><.1 ?<0.1 <44.? 6<?.4 61>.> =90.= 648.4Mxpbrts bi abbfs, smrvnlms & nelbcm =0.? 9>.0 .. 0<0.< 06>.1 0=>.9 .. ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms 6<.8 60.8 6=.8 08>.> 084.8 00>.4 0<=.8 0<0.6Ncpbrts bi abbfs, smrvnlms & nelbcm >9.= 00>.> .. ?9<.< ?><.? <89.< ?4>.4 ..Xrbint rmcntt`elms be IFN 8.8 8.8 .. 1.1 0<.4 4.4 .. ..Lurrmet `llbuet o`j`elm 4.9 >.< .. -?=.? -61.4 -<=.4 .. ..Netmre`tnbe`j rmsmrvms 9>.8 ==.< 9<.1 40.4 48.1 >=.6 41.0 09=.4

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 01>.? ?<0.9 .. 0?1.9 08>.6 009.= .. ..Mxtmre`j fmot stblgs tb AEN (%) ==.> 4?.9 =>.6 6<.0 <1.4 <4.1 <9.9 6>.8Fmot smrvnlm tb mxpbrts (%) 08.9 9.9 .. 6.6 6.9 6.< .. ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) .. .. .. .. .. .. .. 8.8Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 44.< ><.0 ><.> >?.= >>.4 >=.0 4=.9 19.=_msmrvms tb mxtmre`j fmot stblgs (%) 1=.? <6.9 69.? 64.4 6>.< =0.< 6?.6 18.6_msmrvms tb ncpbrts (cbetds) 4.9 =.= .. <.1 <.< <.1 <.9 ..

?66

Page 257: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 257/341

\@CB@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf >0.8 098.8 0<1.1 091.= 09<.1 04=.> ?8=.9 ??9.6Xuojnl ef puojnljy au`r`etmmf >0.8 098.8 0<1.1 091.= 09<.1 04=.> ?8=.9 ??9.6  Biinln`j lrmfntbrs 4>.9 098.8 0<1.1 091.= 09<.1 04=.> ?8=.9 ??9.6  Cujtnj`tmr`j 40.0 06>.0 0?>.< 0==.8 09<.6 019.4 019.8 048.0  b w l ; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 04.< 66.1 61.< 96.? 9>.< 11.1 1>.8 1>.>

  Onj`tmr`j 4.= 00.8 4.6 0?.= 8.< >.0 ?>.= 69.<  Xrnv`tm lrmfntbrs 0.6 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 0.6 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Fnsoursmcmets 0=.6 9.4 9.1 08.6 1.< 01.4 ?=.= ?=.?Xuojnl `ef puojnljy au`r`etmmf 0=.6 9.4 9.1 08.6 1.< 01.4 ?=.= ?=.?  Biinln`j lrmfntbrs 0=.6 9.4 9.1 08.6 1.< 01.4 ?=.= ?=.?  Cujtnj`tmr`j 0=.8 9.9 9.1 08.6 1.< >.< =.> 4.=  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ <.= 8.1 =.1 1.1 <.= 9.> <.0 0.4  Onj`tmr`j 8.6 8.? 8.8 8.8 8.8 4.9 0>.9 09.1  Xrnv`tm lrmfntbrs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets <.< <.8 6.? 6.< 6.> =.< 9.8 9.8Xuojnl `ef puojnljy au`r`etmmf <.< <.8 6.? 6.< 6.> =.< 9.8 9.8  Biinln`j lrmfntbrs <.< <.8 6.? 6.< 6.> =.< 9.8 9.8  Cujtnj`tmr`j ?.? ?.9 <.< <.> 6.1 =.? =.> 9.8  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 8.0 8.? 8.1 0.8 0.0 0.? 0.< 0.=  Onj`tmr`j 0.8 8.< 8.> 8.< 8.? 8.8 8.0 8.8  Xrnv`tm lrmfntbrs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Netmrmst p`ycmets 0.? 0.9 0.< 0.= ?.0 0.9 ?.0 ?.=Xuojnl `ef puojnljy au`r`etmmf 0.? 0.9 0.< 0.= ?.0 0.9 ?.0 ?.=  Biinln`j lrmfntbrs 0.0 0.9 0.< 0.= ?.0 0.9 ?.0 ?.=

  Cujtnj`tmr`j 8.1 0.= 0.? 0.= ?.0 0.9 0.4 0.1  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 8.0 8.< 8.< 8.9 8.= 8.9 8.9 8.9  Onj`tmr`j 8.6 8.0 8.8 8.8 8.8 8.8 8.< 8.4  Xrnv`tm lrmfntbrs 8.0 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.0 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 04.< =.= -4.4 -1.? -<.4 ??.? 0>.1 ?>.>  Emt bws be mxtmre` m t 00.? <.4 ?.= 9.0 ?.6 0?.9 0>.9 ?4.?

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

bt` `cbuet bra vme . . . . . . . .

Fmot ouyo`lg 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 9.1 1.6 4.= >.6 0?.> 0<.< 0<.> 0=.0Netmrmst ?.> ?.4 ?.> ?.> ?.4 ?.4 ?.4 ?.9Xrnv`tm lrmfntbrs

Xrnelnp`j 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Netmrmst 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

 Ebtms;

\dbrt-tmrc fmot f`t` rm mxljufmf snelm ON\ f`t` neljufm fmot jn`onjntnms bi biisdbrm lmetmrs jbl`tmf ne tdm lbuetry. ON\ sdbrt-tmrc fmot f`t` ibr ?881, ?884, ef

?88> `rm $>88cnjjnbes, $0,009 cnjjnbes, `ef $0,04> cnjjnbes rmspmltnvmjy.

?6=

Page 258: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 258/341

\@B VBCM @EF X_NELNXM

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 0=8.8 ?6=.1 <08.0 <66.4 <=>.9 01<.8 011.= 04=.4  Jbea-tmrc mxtmre`j fmot 0<?.> ?<0.4 ?46.6 <?1.? <68.6 0=0.< 0=6.9 010.9  Xuojnl ef puojnljy au`r`etmmf 0<?.> ?<0.4 ?46.6 <?1.? <68.6 0=0.< 0=6.9 010.9  Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  ]sm bi NCI lrmfnt 0.0 8.4 ?.= <.? 6.0 ?.9 <.4 6.=  \dbrt-tmrc mxtmre`j fmot 09.8 0<.8 ?<.< 06.6 0=.0 0>.? 0>.0 >.4  netmrmst `rrm`rs be jbea-tmrc 1.9 9.8 00.< 06.6 06.0 4.? >.0 >.4

 Cmcbr`efuc ntmcs  ?0.6 ?1.? 61.1 ==.4 9>.9 10.9 11.8 11.<    0<?.> ?<0.4 ?46.6 <?1.? <68.6 0=0.< 0=6.9 099.9    8.8 8.8 8.8 8.8 8.8 8.8 8.8 =.8  <9.< 8.8 04.? 8.8 8.8 =.8 0.6 08.8

Mxtmre`j fmot ijbwsFnsoursmcmets 0=.9 0<.8 0<.> 9.0 <.> =.= 9.9 0>.6  Jbea-tmrc mxtmre`j fmot 0=.9 0<.8 00.6 =.6 ?.1 6.? =.? 04.4  NCI purld`sms 8.8 8.8 ?.= 8.9 0.? 0.< 0.< 8.9

Xrnelnp`j rmp`ycmets 0.0 0.0 ?.? =.1 9.? 9.0 <.8 <.0  Jbea-tmrc mxtmre`j fmot 0.0 8.4 ?.? =.= =.1 =.6 <.8 <.0  NCI rmpurld`sms 8.8 8.? 8.8 8.0 8.9 8.4 8.8 8.8

 Emt ijbws >.? 0?.> 00.1 8.6 -0.< >.6 ?.9 9.<  Jbea-tmrc mxtmre`j fmot 06.6 0?.? >.? -8.0 -<.8 -0.? ?.< 0=.4

  \dbrt-tmrc mxtmre`j fmot -=.< 0.8 8.8 8.8 0.8 08.8 -0.8 -08.8Netmrmst p`ycmets 0.1 0.? ?.0 ?.0 0.> 0.6 8.1 8.6  Jbea-tmrc mxtmre`j fmot 0.? 8.> 0.? ?.0 0.4 0.? 8.6 8.6  NCI ld`rams 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  \dbrt-tmrc mxtmre`j fmot 8.= 8.< 8.> 8.8 8.8 8.< 8.< 8.8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet .. 8.8 <.4 0=.1 <4.8 <9.8 10.1 ?0.0Xbrtibjnb mqunty 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 9.8 9.6 <.9 <.? ?.4K`p`emsm yme 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.8 8.8 6.9 =.8 =.? 0?.1 0<.0 0?.?].\.fbjj`rs <>.< 68.8 66.> 69.1 69.? 99.9 96.6 99.?

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 8.4 8.8 8.> 8.8 8.8 6.9 8.8 8.8  C`turnty (ym`rs) <=.1 8.8 <4.1 8.8 8.8 ?8.8 <8.< ?>.4  Ar`lm pmrnbf (ym`rs) 08.0 8.8 >.< 8.8 8.8 4.8 08.< =.4Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) .. .. .. 008.1 0?9.> 0=0.0 011.= 0>9.0Mxpbrts bi abbfs, smrvnlms & nelbcm 4.0 .. 09.4 01.> ??.< ?8.< 0>.6 ??.?Qbrgmr rmcnt. & lbcp. bi mcpjbymms 8.< .. 8.= 0.= 0.9 ?.8 <.8 ?.8Ncpbrts bi abbfs, smrvnlms & nelbcm ??.6 .. 60.? =1.9 48.0 4=.4 00=.9 089.=Xrbint rmcntt`elms be IFN 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Lurrmet `llbuet o`j`elm -0?.8 .. -?8.0 -<9.? -=1.1 -96.< -><.= -11.=Netmre`tnbe`j rmsmrvms .. =.0 00.9 ?9.1 <6.? <>.< .. ..

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 046<.< .. 046?.4 0>?6.9 0906.1 4=<.6 >0?.9 4<9.=Mxtmre`j fmot stblgs tb AEN (%) .. .. .. <00.= ?4<.6 006.= 088.8 >6.4Fmot smrvnlm tb mxpbrts (%) <6.4 .. ?=.9 6<.? <9.= <1.< 04.4 0=.1\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 08.1 =.< 1.= 6.? 6.? 00.0 08.1 =.<Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 64.6 90.> =6.9 =1.< =9.= ?0.4 ??.> ?<.<_msmrvms tb mxtmre`j fmot stblgs (%) .. ?.0 <.4 1.1 >.= ??.1 .. .._msmrvms tb ncpbrts (cbetds) .. .. <.6 =.9 =.0 =.= .. ..

?69

Page 259: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 259/341

\@B VBCM @EF X_NELNXM

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 0<?.> ?<0.4 ?46.6 <?1.? <68.6 0=0.< 0=6.9 010.9Xuojnl ef puojnljy au`r`etmmf 0<?.> ?<0.4 ?46.6 <?1.? <68.6 0=0.< 0=6.9 010.9  Biinln`j lrmfntbrs 0<0.1 ?<0.4 ?46.6 <?1.? <68.6 0=0.< 0=6.9 010.9  Cujtnj`tmr`j 1?.9 0=?.8 09>.< 0>1.6 ?8<.? <1.1 68.9 6<.<  b w l ; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ ?<.> =<.9 =4.> 1?.6 19.6 08.1 0<.< 06.6

  Onj`tmr`j =>.? 1>.> 00=.0 0?>.4 0<1.? 00<.9 006.8 0?4.<  Xrnv`tm lrmfntbrs 0.0 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Fnsoursmcmets 0=.9 0<.8 00.6 =.6 ?.1 6.? =.? 04.4Xuojnl `ef puojnljy au`r`etmmf 0=.9 0<.8 00.6 =.6 ?.1 6.? =.? 04.4  Biinln`j lrmfntbrs 0=.9 0<.8 00.6 =.6 ?.1 6.? =.? 04.4  Cujtnj`tmr`j 0?.4 0<.8 4.6 =.6 ?.1 6.? =.? <.4  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ =.6 =.9 0.1 ?.= 0.> ?.9 ?.1 0.8  Onj`tmr`j ?.1 8.8 ?.> 8.8 8.8 8.8 8.8 0=.8  Xrnv`tm lrmfntbrs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets 0.0 8.4 ?.? =.= =.1 =.6 <.8 <.0Xuojnl `ef puojnljy au`r`etmmf 0.0 8.4 ?.? =.= =.1 =.6 <.8 <.0  Biinln`j lrmfntbrs 0.8 8.4 ?.? =.= =.1 =.6 <.8 <.0  Cujtnj`tmr`j 8.6 8.4 0.> ?.0 <.4 6.? 0.> 0.1  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 8.8 8.0 8.= 8.0 8.0 8.8 8.8 8.8  Onj`tmr`j 8.9 8.8 8.< <.= 0.> 0.0 0.0 0.6  Xrnv`tm lrmfntbrs 8.0 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Netmrmst p`ycmets 0.? 8.> 0.? ?.0 0.4 0.? 8.6 8.6Xuojnl `ef puojnljy au`r`etmmf 0.? 8.> 0.? ?.0 0.4 0.? 8.6 8.6  Biinln`j lrmfntbrs 0.0 8.> 0.? ?.0 0.4 0.? 8.6 8.6

  Cujtnj`tmr`j 8.< 8.4 0.? 0.6 0.= 0.? 8.6 8.6  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 8.0 8.< 8.= 8.= 8.6 8.0 8.0 8.0  Onj`tmr`j 8.> 8.0 8.8 8.1 8.< 8.8 8.8 8.8  Xrnv`tm lrmfntbrs 8.0 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 0=.9 ??.> -0=.8 -?9.= 06.4 -049.= 6.= 4.<  Emt bws be mxtmre` m t >.? 0?.> 00.1 8.6 -0.< >.6 ?.9 9.<

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8.8 <8.< 1.? 8.8 8.8 8.8 8.8 8.8

bt` `cbuet bra vme . . . . . . . .

Fmot ouyo`lg 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j >.< 4.? 4.0 1.= 1.6 9.> =.0 ?.>Netmrmst 0.8 8.> 8.> 8.4 8.1 8.9 8.= 8.6Xrnv`tm lrmfntbrs

Xrnelnp`j 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Netmrmst 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

 Ebtms;

F`t` ibr ?881, ?884, `ef ?88> neljufm tdm miimlts bi CF_N `ef DNXL fmot rmjnmi, ne tdm `cbuet bi $9>,068 ne tdbus`efs, $<9 ne tdbus`efs, `ef $68 ne

tdbus`efs rmspmltnvmjy.

?61

Page 260: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 260/341

\MEMA@J

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs <,1=6 <,>09 <,9?? <,469 0,>8= ?,==< ?,4?9 <,=8<  Jbea-tmrc mxtmre`j fmot <,804 <,<8> <,??0 <,99? 0,1>6 ?,0>< ?,=9= <,<04  Xuojnl ef puojnljy au`r`etmmf ?,>=4 <,?99 <,?84 <,=?0 0,966 0,>>< ?,<4= ?,>90  Xrnv`tm ebeau`r`etmmf 98 66 0< 060 0=0 ?88 048 <=1  ]sm bi NCI lrmfnt <06 <61 ?== 064 ?9 ?1 96 091  \dbrt-tmrc mxtmre`j fmot 6?0 ?98 069 <9 46 <<? 0>1 04  netmrmst `rrm`rs be jbea-tmrc 6 > 0 8 8 8 8 8

 Cmcbr`efuc ntmcs  8 =0 01 08 04 0= = =    ?,>?0 <,?<6 <,?84 <,=?0 0,966 0,>>< ?,<4= ?,>90    >1 19 0< 060 0=0 ?88 048 <=1  <1= <<< ?60 <?1 =<6 ?>6 =91 19<

Mxtmre`j fmot ijbwsFnsoursmcmets ?90 ?=9 0=9 <41 ?48 6>1 =98 ><=  Jbea-tmrc mxtmre`j fmot ?<? 01< 0<1 <4? ?=> 6>1 =?? 4<=  NCI purld`sms ?> 4< 0> = ?8 8 <4 088

Xrnelnp`j rmp`ycmets 0>9 0>9 064 06= 000 0?9 0?9 064  Jbea-tmrc mxtmre`j fmot 060 0=9 0?1 00? 000 0?9 0?9 064  NCI rmpurld`sms == 60 ?0 <6 8 8 8 8

 Emt ijbws ?<? 41 -0=< ?6? ?01 90> ?>> 984  Jbea-tmrc mxtmre`j fmot >0 01 08 ?18 06> <10 <>9 941

  \dbrt-tmrc mxtmre`j fmot 091 ?4 -090 8 64 ?64 -0<= -01>Netmrmst p`ycmets 0?4 41 19 =1 16 9< == =?  Jbea-tmrc mxtmre`j fmot 46 18 =4 == 18 =8 6> =0  NCI ld`rams 0= < 0 0 8 8 8 8  \dbrt-tmrc mxtmre`j fmot ?> 06 01 ? 6 0? 9 0

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet =1 <? 9< 6= ??8 ?>1 ?1? ?84Xbrtibjnb mqunty 0 6 -? -9 8 4 .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 08.4 4.4 >.> 0=.> 01.1K`p`emsm yme 0.= <.9 <.= ?.1 =.? 8.8 8.? 8.?Xbuef stmrjnea 8.? 8.0 8.0 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.> 8.= 8.? 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs <?.4 <=.4 6=.8 =>.? 68.? 68.> <1.8 <>.9

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) ?.8 0.? 8.4 0.? 8.> 0.> ?.1 0.?  C`turnty (ym`rs) <<.6 <1.9 68.0 <6.8 <<.> ?<.= ?<.6 <6.4  Ar`lm pmrnbf (ym`rs) 4.4 >.0 >.> 1.9 4.= =.4 9.1 4.6Xrnv`tm lrmfntbrs

  Netmrmst (%) 4.< 8.8 <.8 8.8 9.< 8.8 8.8 4.4  C`turnty (ym`rs) 08.0 8.8 >.< 8.8 >.8 8.8 8.8 =.8  Ar`lm pmrnbf (ym`rs) ?.9 8.8 ?.4 8.8 8.6 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) =,=?8 6,1?6 6,980 4,=<? >,?40 00,??6 0<,094 0?,>0=Mxpbrts bi abbfs, smrvnlms & nelbcm 0,=<1 0,=>< 0,<4< ?,6=0 ?,=?? <,806 .. ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms 06? 069 ?<< 14> >?= 0,0>? 0,?44 0,?19Ncpbrts bi abbfs, smrvnlms & nelbcm ?,8=< ?,8<< 0,>?> <,448 6,??8 =,906 9,?>> ..Xrbint rmcntt`elms be IFN 98 9? 1= 9? 18 14 .. ..Lurrmet `llbuet o`j`elm -<9< -?66 -<<? -919 -490 -0,<00 .. ..Netmre`tnbe`j rmsmrvms ?? ?1? <46 0,0>0 0,<<6 0,998 0,98? ?,0?<

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) ?66.? ?6=.4 ?90.> 0=1.8 1=.= 46.1 .. ..Mxtmre`j fmot stblgs tb AEN (%) 94.8 4?.> 14.1 6=.0 ?8.= ??.1 ?0.= ?1.0Fmot smrvnlm tb mxpbrts (%) ?0.0 01.4 09.? 4.< 1.< 9.? .. ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 00.? 9.9 6.8 8.> 6.6 0<.8 1.8 8.=Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) <9.9 64.? =?.4 1<.9 =0.1 =6.0 ==.? =0.1_msmrvms tb mxtmre`j fmot stblgs (%) 8.9 9.> 08.9 <0.8 18.0 9=.8 =9.1 98.9_msmrvms tb ncpbrts (cbetds) 8.0 0.9 ?.6 <.1 <.4 <.= <.0 ..

?64

Page 261: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 261/341

\MEMA@J

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf <,804 <,<8> <,??0 <,99? 0,1>6 ?,0>< ?,=9= <,<04Xuojnl ef puojnljy au`r`etmmf ?,>=4 <,?99 <,?84 <,=?0 0,966 0,>>< ?,<4= ?,>90  Biinln`j lrmfntbrs ?,1>< <,0>6 <,?8< <,=00 0,9<? 0,>49 ?,<48 ?,1=>  Cujtnj`tmr`j 0,<19 0,44> 0,>0< ?,4<? >4= 0,<4? 0,==> 0,408  b w l ; NO_F 44 <= 0 8 8 8 8 8  NF@ 161 0,0?9 0,<<8 ?,86= 6>= 9=? 148 >?0

  Onj`tmr`j 0,601 0,<8= 0,?>0 948 964 986 4?0 >6>  Xrnv`tm lrmfntbrs 099 1? = > 00 1 6 ?8?  bi wdnld; Obefs 8 8 8 8 8 8 8 ?88  Lbccmrln`j o`egs 00< 99 = > 00 1 6 ?Xrnv`tm ebeau`r`etmmf 98 66 0< 060 0=0 ?88 048 <=1  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets ?<? 01< 0<1 <4? ?=> 6>1 =?? 4<=Xuojnl `ef puojnljy au`r`etmmf ?01 01? 0<9 <<< ??= 61? =04 9?1  Biinln`j lrmfntbrs ?01 01? 0<0 <<< ??8 61? =04 6?1  Cujtnj`tmr`j 06= 066 00> ?9? 0>< <>= ?6< ?96  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 001 081 >? 04? 0<0 0<< 0<= 0<1  Onj`tmr`j 1? ?4 0? 10 ?4 14 ?1= 09?  Xrnv`tm lrmfntbrs 8 8 = 8 6 8 8 ?88  bi wdnld; Obefs 8 8 8 8 8 8 8 ?88  Lbccmrln`j o`egs 8 8 = 8 6 8 8 8Xrnv`tm ebeau`r`etmmf 0= 0 0 6> <= ?6 6 ?84

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 060 0=9 0?1 00? 000 0?9 0?9 064Xuojnl `ef puojnljy au`r`etmmf 0?> 0=8 0?= 4< >9 1? 41 >>  Biinln`j lrmfntbrs 000 0?> 0?6 40 >6 91 4= >9  Cujtnj`tmr`j =4 >4 94 68 6> <4 6= 90  bi wdnld; NO_F 0< 0? < 8 8 8 8 8  NF@ < 9 00 0? 1 8 0 ?  Onj`tmr`j =? <0 =1 60 6= <8 68 <=  Xrnv`tm lrmfntbrs 0> ?0 8 ? < 6 < <  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 4 0? 8 ? < 6 < <Xrnv`tm ebeau`r`etmmf 0? = < ?> 06 =6 <> 6>  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 46 18 =4 == 18 =8 6> =0Xuojnl `ef puojnljy au`r`etmmf 40 9> =4 6= 90 <6 <9 60  Biinln`j lrmfntbrs 10 9= =4 66 98 << <9 60

  Cujtnj`tmr`j ?9 <4 ?9 <0 6> ?= ?< ??  bi wdnld; NO_F 9 < 8 8 8 8 8 8  NF@ 6 4 4 09 08 = = 9  Onj`tmr`j 6= ?1 <? 0< 00 > 0? 0>  Xrnv`tm lrmfntbrs 08 < 8 0 0 0 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 1 ? 8 0 0 0 8 8Xrnv`tm ebeau`r`etmmf < 0 8 08 > 09 0< >  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 61= ?04 -<69 -11 -0,>6? 964 ?1< 911  Emt bws be mxtmre` m t ?<? 41 -0=< ?6? ?01 90> ?>> 984

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 000 ?=4 8 <0 ?9? 6 ? 8

bt` `cbuet bra vme ,

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 0<8 019 014 04? 0<= 061 0=< 0=1Netmrmst 61 64 6= 60 <1 <9 <6 <?Xrnv`tm lrmfntbrs

Xrnelnp`j 080 088 088 088 088 98 8 8Netmrmst ?? 04 0< > 6 0 8 8

 Ebtms;

\mema`j w`s ar`etmf fmot rmjnmi miimltnvm ne ?889 uefmr CF_N. F`t` ibr ?881 neljufm tdm miimlts bi CF_N, ne tdm cbuet bi $?= ne tdbus`efs.

?6>

Page 262: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 262/341

\M_ON@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs .. 08,14= 00,6>> 0=,>6= 0>,948 ?9,<9> <8,100 <<,68?  Jbea-tmrc mxtmre`j fmot .. 4,=9? 9,14> 0?,4<1 01,6<> ?<,104 ?9,9<? ?1,480  Xuojnl ef puojnljy au`r`etmmf .. 9,144 9,014 1,9?< 1,9<0 4,<06 4,<0? 4,1?=  Xrnv`tm ebeau`r`etmmf .. 0,11< 900 =,?06 >,484 0=,686 04,<?8 0>,819  ]sm bi NCI lrmfnt .. 46 0=? 499 8 8 8 0,980  \dbrt-tmrc mxtmre`j fmot .. ?,0<> 6,==4 ?,?6? ?,?60 ?,9=0 6,81> 6,888  netmrmst `rrm`rs be jbea-tmrc .. 0,<>9 <,994 1?4 =46 18< 186 10?

 Cmcbr`efuc ntmcs  .. 6,04? =,?1= 48= 1<? 0,?=8 0,9?= 0,4<?    .. 9,9>< 9,8>= 1,9?< 1,9<0 4,<81 4,?4> 4,910    .. 0,49> 9>6 =,?06 >,484 0=,608 04,<6< 0>,0<8  .. 8 10 ??< 994 =00 6<< ?,<8?

Mxtmre`j fmot ijbwsFnsoursmcmets .. 8 <19 <,844 =,?11 9,9<1 1,818 9,848  Jbea-tmrc mxtmre`j fmot .. 8 ??? ?,>86 =,?11 9,9<1 1,818 6,=8=  NCI purld`sms .. 8 0=6 04= 8 8 8 0,=1=

Xrnelnp`j rmp`ycmets .. 8 1< 119 0,==4 ?,<<6 <,64= <,98>  Jbea-tmrc mxtmre`j fmot .. 8 8 =18 0,<0> ?,<<6 <,64= <,98>  NCI rmpurld`sms .. 8 1< ?89 ?<> 8 8 8

 Emt ijbws .. 0?8 =0 ?,4?1 <,490 6,=>6 =,80? ?,<4<  Jbea-tmrc mxtmre`j fmot .. 8 ??? ?,<<6 <,>=1 6,<8< <,=4= 4>=

  \dbrt-tmrc mxtmre`j fmot .. 0?8 -?=? =0= 06< ?>0 0,6?1 -41Netmrmst p`ycmets .. 61 61 6=9 =4> >0? 0,?=1 0,860  Jbea-tmrc mxtmre`j fmot .. 8 8 <91 =86 4?? 0,0?> >08  NCI ld`rams .. 8 ?> <? 9 8 8 1  \dbrt-tmrc mxtmre`j fmot .. 61 04 =1 1> >8 0?4 0?=

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet .. 6= =? ?,8=0 6,>94 <,664 ?,>>< 0,>?0Xbrtibjnb mqunty .. .. .. .. .. 196 -=9 ?<

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. <?.8 <=.? <1.< <1.1 6?.<K`p`emsm yme .. ?.? ?.8 8.> 8.> 8.4 8.> 8.4Xbuef stmrjnea .. 8.1 8.= 8.? 8.? 8.0 8.0 8.0\wnss ir`el .. <.9 ?.4 0.> <.6 <.? <.0 ?.4].\.fbjj`rs .. 0>.4 ?6.9 9<.0 =4.< =9.8 ==.< =0.8

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) .. 8.8 8.6 0.1 6.0 =.8 <.> 0.?  C`turnty (ym`rs) .. 8.8 ?<.? 0>.0 09.9 04.9 ??.8 ?0.0  Ar`lm pmrnbf (ym`rs) .. 8.8 1.4 1.> <.4 9.< 9.9 =.>Xrnv`tm lrmfntbrs

  Netmrmst (%) .. 8.8 1.4 8.8 6.0 8.8 =.8 8.8  C`turnty (ym`rs) .. 8.8 9.6 8.8 1.0 8.8 ?.8 8.8  Ar`lm pmrnbf (ym`rs) .. 8.8 0.> 8.8 1.0 8.8 ?.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) .. .. 9,84? ?6,>08 ?4,484 <4,986 61,=88 60,4>1Mxpbrts bi abbfs, smrvnlms & nelbcm .. .. .. .. .. 0?,9== 0=,408 0?,==8Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. .. 0,0<? 6,9=8 6,18< =,<11 =,=<4 =,689Ncpbrts bi abbfs, smrvnlms & nelbcm .. .. .. .. .. ??,>10 ?4,==> 0>,444Xrbint rmcntt`elms be IFN .. .. .. .. .. 986 4>1 6=?Lurrmet `llbuet o`j`elm .. .. .. .. .. -9,<69 ->,889 -?,60<Netmre`tnbe`j rmsmrvms .. .. =01 =,46? 00,44> 06,?06 00,614 0=,??4

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. .. .. .. .. ?84.6 0>6.< ?99.0Mxtmre`j fmot stblgs tb AEN (%) .. .. 04>.0 96.8 94.< 94.< 96.1 1>.1Fmot smrvnlm tb mxpbrts (%) .. .. .. .. .. ?=.9 <8.8 <1.0\dbrt-tmrc tb mxtmre`j fmot stblgs (%) .. 0>.4 <>.9 06.0 00.6 08.0 0<.< 0?.8Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) .. 0?.? 0?.= ??.< ?8.0 01.8 0=.8 0<.<_msmrvms tb mxtmre`j fmot stblgs (%) .. .. 6.= <9.9 98.6 =<.> <1.6 6=.9_msmrvms tb ncpbrts (cbetds) .. .. .. .. .. 1.6 6.4 >.?

?=8

Page 263: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 263/341

\M_ON@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf .. 4,=9? 9,14> 0?,4<1 01,6<> ?<,104 ?9,9<? ?1,480Xuojnl ef puojnljy au`r`etmmf .. 9,144 9,014 1,9?< 1,9<0 4,<06 4,<0? 4,1?=  Biinln`j lrmfntbrs .. 6,=44 6,?6< 9,=69 9,=8? 1,0<6 1,0<9 1,==0  Cujtnj`tmr`j .. 0,<00 0,668 <,==> <,>=0 6,646 6,98= 6,66?  b w l ; NO_F .. 0,?=? 0,8>1 ?,061 ?,0?1 ?,<?9 ?,?19 0,14<  NF@ .. 8 8 649 ==< 9?= 9== 919

  Onj`tmr`j .. <,?11 ?,48< ?,>49 ?,==0 ?,96> ?,=<0 <,08>  Xrnv`tm lrmfntbrs .. ?,?88 0,><= 0,811 0,0?> 0,048 0,01= 0,01=  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. ?,0>< 0,>?4 0,819 0,0?4 0,01> 0,016 0,016Xrnv`tm ebeau`r`etmmf .. 0,11< 900 =,?06 >,484 0=,686 04,<?8 0>,819  bi wdnld; Obefs .. 8 8 8 8 09= 09= 09=

Fnsoursmcmets .. 8 ??? ?,>86 =,?11 9,9<1 1,818 6,=8=Xuojnl `ef puojnljy au`r`etmmf .. 8 ??? <00 66> ?>? <91 >6?  Biinln`j lrmfntbrs .. 8 041 <00 <>> ?=8 <96 >6?  Cujtnj`tmr`j .. 8 8 ?49 <4= ?<8 <=? <>>  bi wdnld; NO_F .. 8 8 8 8 8 8 =9  NF@ .. 8 8 4= 6< 61 <6 01  Onj`tmr`j .. 8 041 ?= 06 ?0 0< =6<  Xrnv`tm lrmfntbrs .. 8 <= 8 =8 60 < 8  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 8 8 =8 60 < 8Xrnv`tm ebeau`r`etmmf .. 8 8 ?,=>< 6,4?4 9,<6= 9,18< <,=9?

  bi wdnld; Obefs .. 8 8 8 8 09= 8 8

Xrnelnp`j rmp`ycmets .. 8 8 =18 0,<0> ?,<<6 <,64= <,98>Xuojnl `ef puojnljy au`r`etmmf .. 8 8 64 ?14 046 040 0==  Biinln`j lrmfntbrs .. 8 8 64 ?14 046 01> 0=0  Cujtnj`tmr`j .. 8 8 <0 ?96 >0 004 4=  bi wdnld; NO_F .. 8 8 01 ?6? 01 ?? 8  NF@ .. 8 8 8 8 8 8 8  Onj`tmr`j .. 8 8 09 0< >< 90 99  Xrnv`tm lrmfntbrs .. 8 8 8 8 8 0 6  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 8 8 8 8 0 6Xrnv`tm ebeau`r`etmmf .. 8 8 =?? 0,860 ?,06> <,<8= <,6=6  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Netmrmst p`ycmets .. 8 8 <91 =86 4?? 0,0?> >08Xuojnl `ef puojnljy au`r`etmmf .. 8 8 ?<1 ?96 <>1 <61 <6?  Biinln`j lrmfntbrs .. 8 8 0>6 ?0> <=0 <?0 ?>1

  Cujtnj`tmr`j .. 8 8 0<6 06< 01< 046 01<  bi wdnld; NO_F .. 8 8 >> 089 00? >9 >4  NF@ .. 8 8 6 6 = = =  Onj`tmr`j .. 8 8 98 19 014 0<1 0?6  Xrnv`tm lrmfntbrs .. 8 8 66 6= 69 ?9 6=  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 8 66 6= 69 ?9 6=Xrnv`tm ebeau`r`etmmf .. 8 8 0?> ?68 6?= 14? =94  bi wdnld; Obefs .. 8 8 8 8 1 08 08

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s .. -<0= =>> 0,9?< <,1<= 9,94> 6,<6? ?,9>0  Emt bws be mxtmre` m t .. 0?8 =0 ?,4?1 <,490 6,=>6 =,80? ?,<4<

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf .. 8 8 4 8 8 8 ?8=

bt` cbuet bra vme ..

Fmot ouyo`lg .. 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j <6= <1= 6?> =86 ==4 =>9 9?6 ==1Netmrmst 018 01= 01= 01? 099 0=4 06> 0<>Xrnv`tm lrmfntbrs

Xrnelnp`j 6,049 <,<<1 ?,90< 0,416 0,1?6 0,?9= 0,049 =6?Netmrmst >=> 1=1 =46 6<> <<> ?6> ?=8 0<0

 Ebtms;

Omaneenea ?889, tdm F_\ f`t` ibr \mron` mxljufm Cbetmemarb. \dbrt-tmrc fmot ns o`smf be Lmetr`j O`eg f`t`.

?=0

Page 264: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 264/341

\M^LDMJJM\

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 04= 0>4 <86 994 0,8>6 0,681 0,6>4 0,9?6  Jbea-tmrc mxtmre`j fmot 0<> 04= ??8 <>= =80 9?< 961 96<  Xuojnl `ef puojnljy au`r`etmmf 0<> 04= ??8 <>= =80 9?< 961 96<  Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  ]sm bi NCI lrmfnt 8 8 8 8 8 8 > 0>  \dbrt-tmrc mxtmre`j fmot 69 0< 46 ?1< =>< 146 46? >9?  netmrmst `rrm`rs be jbea-tmrc 0 ? = =1 64 98 14 086

 Cmcbr`efuc ntmcs  > ?8 ?0 009 080 000 00? ?01    0<> 04= ??8 <>= =80 9?< 961 96<    8 8 8 8 8 8 8 8  ?? > <? =9 ?64 0<9 086 6?

Mxtmre`j fmot ijbwsFnsoursmcmets 0< 01 <4 =9 ?00 0=0 >6 6>  Jbea-tmrc mxtmre`j fmot 0< 01 <4 =9 ?00 0=0 46 68  NCI purld`sms 8 8 8 8 8 8 08 >

Xrnelnp`j rmp`ycmets 0? 09 08 60 0?6 69 =< 66  Jbea-tmrc mxtmre`j fmot 0? 09 08 60 0?6 69 =< 66  NCI rmpurld`sms 8 8 8 8 8 8 8 8

 Emt ijbws 00 -> 10 011 609 ?46 40 >>  Jbea-tmrc mxtmre`j fmot 0 0 ?> 0= 41 08= <0 -6

  \dbrt-tmrc mxtmre`j fmot 08 -08 6? 09? <?> 01> 68 >6Netmrmst p`ycmets > 4 00 04 =< 96 <> 0>  Jbea-tmrc mxtmre`j fmot = 1 1 00 ?> ?4 ?0 4  NCI ld`rams 8 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 6 0 6 1 ?6 <9 04 08

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet ?8 69 ?6 49 069 ?6> ?60 ?6>Xbrtibjnb mqunty 8 8 .. .. .. .. 8 8

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 0<.4 0<.8 ?<.? ?8.0 ?8.4K`p`emsm yme 8.8 8.8 ?.0 0.4 0.? 0.8 0.? 0.?Xbuef stmrjnea 09.9 1.4 9.= 6.? <.4 ?.4 ?.8 ?.?\wnss ir`el 1.0 9.8 6.= ?.> ?.= ?.8 ?.0 ?.0].\.fbjj`rs 4.6 06.0 <=.9 ==.8 91.= 90.< 9=.9 9<.4

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 6.> 6.< <.< ?.8 6.> 6.? ?.8 0.6  C`turnty (ym`rs) ?8.< 04.? 0?.< 06.6 06.8 00.? 0<.4 ?0.8  Ar`lm pmrnbf (ym`rs) >.8 6.1 ?.6 6.4 <.4 =.8 <.8 9.9Xrnv`tm lrmfntbrs

  Netmrmst (%) 00.= 8.8 6.6 9.0 >.0 ?.> =.0 1.0  C`turnty (ym`rs) 6.4 8.8 >.? 9.8 =.0 6.8 ?.4 =.0  Ar`lm pmrnbf (ym`rs) 8.> 8.8 ?.= 8.> 6.9 0.> 8.6 8.?

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) <== 64> =4< 466 >?6 >=6 4?< 9==Mxpbrts bi abbfs, smrvnlms & nelbcm ?<< <6= 6>? 1?> 490 416 >1> 46=Qbrgmr rmcnt. & lbcp. bi mcpjbymms 4 0 < 0? 0< 00 4 0?Ncpbrts bi abbfs, smrvnlms & nelbcm ?9= <=8 =6= ><= 0,8<4 0,041 0,66> 0,041Xrbint rmcntt`elms be IFN 4 06 4 ?8 ?= ?> 69 64Lurrmet `llbuet o`j`elm -0< 0 -6< -016 -0<6 -?96 -681 -?46Netmre`tnbe`j rmsmrvms 01 ?1 66 =9 00< 60 96 0>0

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 1>.0 =1.6 90.1 >0.9 0?1.0 090.8 0=<.8 0>?.0Mxtmre`j fmot stblgs tb AEN (%) =?.8 68.= =?.0 1>.? 004.6 061.6 04?.0 ?61.4Fmot smrvnlm tb mxpbrts (%) >.0 9.> 6.? 4.8 ?8.9 0?.9 >.6 1.6\dbrt-tmrc tb mxtmre`j fmot stblgs (%) ?6.> 9.9 ?1.1 68.4 =6.? ==.1 =9.? =>.<Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) ?<.9 <0.> 0>.8 08.1 <.> <.9 <.8 <.0_msmrvms tb mxtmre`j fmot stblgs (%) >.8 0<.1 06.6 4.6 08.< ?.> 6.< 00.1_msmrvms tb ncpbrts (cbetds) 8.4 8.> 0.8 8.1 0.< 8.6 8.= 0.>

?=?

Page 265: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 265/341

\M^LDMJJM\

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 0<> 04= ??8 <>= =80 9?< 961 96<Xuojnl `ef puojnljy au`r`etmmf 0<> 04= ??8 <>= =80 9?< 961 96<  Biinln`j lrmfntbrs 00> 06> 0=> ??6 ?81 ?08 0>9 ?8>  Cujtnj`tmr`j 66 9< =4 1? 6? =0 66 =8  b w l ; NO_F 9 = < ? 8 8 8 8  NF@ 8 8 8 8 8 8 8 8

  Onj`tmr`j 19 4= 080 0=? 09= 0=> 0=? 0=>  Xrnv`tm lrmfntbrs 0> <9 90 01? ?>6 60< 6=8 6<6  bi wdnld; Obefs 8 8 8 8 ?88 <00 <8= <81  Lbccmrln`j o`egs 09 ?? =8 4< 18 4? 0<? 00<Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 0< 01 <4 =9 ?00 0=0 46 68Xuojnl `ef puojnljy au`r`etmmf 0< 01 <4 =9 ?00 0=0 46 68  Biinln`j lrmfntbrs 0? 01 0> 4 9 00 6 <0  Cujtnj`tmr`j < > 1 = < 00 8 ?<  bi wdnld; NO_F 0 0 8 8 8 8 8 8  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 4 1 0? < < 8 6 >  Xrnv`tm lrmfntbrs ? 8 0> 64 ?86 068 48 >  bi wdnld; Obefs 8 8 8 8 ?88 08= 8 8  Lbccmrln`j o`egs 0 8 0> 6= 6 <= 48 >Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 0? 09 08 60 0?6 69 =< 66Xuojnl `ef puojnljy au`r`etmmf 0? 09 08 60 0?6 69 =< 66  Biinln`j lrmfntbrs = 1 = 00 6? ?8 0= ?8  Cujtnj`tmr`j < 6 ? ? <9 6 9 04  bi wdnld; NO_F 0 0 0 0 ? 8 8 8  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j ? < < > 9 09 4 ?  Xrnv`tm lrmfntbrs 4 > = <8 4? ?9 <4 ?6  bi wdnld; Obefs 8 8 8 8 8 8 ? 8  Lbccmrln`j o`egs 1 = ? 06 01 ?< <0 ?6Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets = 1 1 00 ?> ?4 ?0 4Xuojnl `ef puojnljy au`r`etmmf = 1 1 00 ?> ?4 ?0 4  Biinln`j lrmfntbrs < = ? < ?? < 6 6

  Cujtnj`tmr`j ? 6 0 0 ?8 ? ? <  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 0 0 0 ? ? 0 0 ?  Xrnv`tm lrmfntbrs ? ? = 4 1 ?= 04 6  bi wdnld; Obefs 8 8 8 8 8 0> 08 8  Lbccmrln`j o`egs ? 0 6 6 ? = 1 6Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s ?6 -? =? ??6 6?9 <0? >? 0?=  Emt bws be mxtmre` m t 00 -> 10 011 609 ?46 40 >>

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 8 ?9 1 8 6 08

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j <8 0= 0= 0= 06 00 00 08Netmrmst < < < < ? ? ? ?Xrnv`tm lrmfntbrs

Xrnelnp`j 64 ?6< < 8 8 8 8 8Netmrmst ?? ?0 8 8 8 8 8 8

 Ebtms;

F`t` neljufm tdm miimlts bi X`rns Ljuo fmot rmstrulturnea armmcmet snaemf ne ?88>.

?=<

Page 266: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 266/341

\NM__@ JMBEM

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 0019.6 0?0>.9 004>.4 0=<>.1 0?9=.= <0?.8 <>4.9 666.0  Jbea-tmrc mxtmre`j fmot >0>.> 08?1.1 >1?.4 0<?1.0 0?0>.> ?18.6 <<9.6 <18.>  Xuojnl ef puojnljy au`r`etmmf >0>.> 08?1.1 >1?.4 0<?1.0 0?0>.> ?18.6 <<9.6 <18.>  Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  ]sm bi NCI lrmfnt 084.6 096.> 01<.9 0>?.0 <6.4 <9.= =<.? 1<.?  \dbrt-tmrc mxtmre`j fmot 064.0 ?9.> 6<.= ?8.9 08.4 =.0 >.8 8.8  netmrmst `rrm`rs be jbea-tmrc 064.0 9.> <9.< 08.9 08.4 8.0 8.8 8.8

 Cmcbr`efuc ntmcs  =69.> 081.9 99.8 <=.< <4.= >.8 4.9 4.6    =41.> >6<.9 >1?.4 0<?1.0 0?0>.> ?18.6 <<9.6 <18.>    <<?.8 46.0 8.8 8.8 8.8 8.8 8.8 8.8  04.? 61.1 9=.8 0>.8 08.< =>.= <?.? 4?.0

Mxtmre`j fmot ijbwsFnsoursmcmets 0=.8 006.4 >8.< 10.6 68.? ?4.? 48.6 ==.9  Jbea-tmrc mxtmre`j fmot 0=.8 >=.8 19.9 =8.1 ?9.4 ?4.? 9?.6 <9.4  NCI purld`sms 8.8 0>.4 0<.1 ?8.1 0<.6 8.8 04.8 04.4

Xrnelnp`j rmp`ycmets 0?.8 98.0 <6.> 1.< 0?.< =.? ?.9 <.=  Jbea-tmrc mxtmre`j fmot 1.6 =9.9 >.9 6.4 1.4 =.? ?.9 <.=  NCI rmpurld`sms 6.9 <.= ?=.? ?.6 6.= 8.8 8.8 8.8

 Emt ijbws <.8 =6.1 =9.4 =6.? 04.8 ?4.8 40.4 6<.0  Jbea-tmrc mxtmre`j fmot 1.9 <4.6 99.> 6=.> 0>.0 ?<.8 =>.4 <<.<

  \dbrt-tmrc mxtmre`j fmot 8.8 8.8 0.6 -08.8 -08.8 =.8 6.8 ->.8Netmrmst p`ycmets >.? ??.8 00.4 08.< 00.< 6.1 <.? <.4  Jbea-tmrc mxtmre`j fmot 4.> 0>.4 4.> >.0 08.6 6.= ?.> <.=  NCI ld`rams 8.< 8.4 ?.= 8.> 0.8 8.? 8.? 8.<  \dbrt-tmrc mxtmre`j fmot 8.8 0.6 8.6 8.6 8.8 8.0 8.? 8.8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet <?.6 1.< <>.8 4<.? =4.4 >9.9 =1.9 16.<Xbrtibjnb mqunty 8.8 8.8 .. 8.8 8.8 8.8 8.8 =.9

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 0?.0 08.= >.4 9.4 =.1K`p`emsm yme 6.> 1.9 1.0 4.9 >.< 8.8 8.8 8.8Xbuef stmrjnea 0.6 8.= 8.9 8.< 8.6 8.8 8.8 8.8\wnss ir`el =.6 ?.> ?.? 0.4 ?.0 8.0 8.0 8.8].\.fbjj`rs =6.8 60.8 66.> 61.4 66.4 6?.> 6?.8 68.4

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 8.0 8.9 8.4 8.0 8.8 0.? 8.4 0.=  C`turnty (ym`rs) ?6.6 <?.9 <>.4 61.? ?=.< ??.8 66.> <?.8  Ar`lm pmrnbf (ym`rs) 08.8 1.4 08.< >.> 1.4 =.= 08.< 4.1Xrnv`tm lrmfntbrs

  Netmrmst (%) >.0 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) <.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 0.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) =1>.4 404.= 909.0 0019.8 0<96.? 09?>.0 0>0=.1 0>80.0Mxpbrts bi abbfs, smrvnlms & nelbcm ?08.< 0?>.8 9?.= ?91.? <09.1 <11.= <=?.9 <<6.?Qbrgmr rmcnt. & lbcp. bi mcpjbymms 8.8 ?<.1 1.0 ?.6 0=.9 6?.8 ?1.= 69.1Ncpbrts bi abbfs, smrvnlms & nelbcm ?49.9 ?>8.< ?9?.6 =8>.< 64>.8 960.8 94>.0 916.4Xrbint rmcntt`elms be IFN =8.1 00.< 0.4 60.? ?1.< 0?0.4 19.8 <>.8Lurrmet llbuet o`j`elm -9>.6 -004.0 -00?.< -086.> ->=.8 -098.0 -??=.6 -0>?.4Netmre`tnbe`j rmsmrvms =.6 <6.9 6>.? 018.= 04<.> ?09.9 ??8.? 68=.8

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) ==>.< >6=.? 0>86.9 =19.< <>>.9 4?.1 00<.0 0<?.>Mxtmre`j fmot stblgs tb AEN (%) ?8?.> 06>.8 0><.0 0<8.> >?.4 0>.? ?8.4 ?<.6Fmot smrvnlm tb mxpbrts (%) 08.8 9<.9 16.4 9.9 1.= ?.9 0.9 ?.?\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 0?.9 ?.? <.1 0.< 8.> 0.9 ?.< 8.8Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 0=.6 <=.9 64.6 =9.0 91.< 18.< 94.= 9>.6_msmrvms tb mxtmre`j fmot stblgs (%) 8.= ?.4 6.0 00.0 06.= 9>.6 ==.? >0.?_msmrvms tb ncpbrts (cbetds) 8.? 0.6 ?.< 6.8 6.= 6.0 <.4 1.?

?=6

Page 267: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 267/341

\NM__@ JMBEM

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf >0>.> 08?1.1 >1?.4 0<?1.0 0?0>.> ?18.6 <<9.6 <18.>Xuojnl ef puojnljy au`r`etmmf >0>.> 08?1.1 >1?.4 0<?1.0 0?0>.> ?18.6 <<9.6 <18.>  Biinln`j lrmfntbrs 644.= ><=.= >91.= 0<?=.= 0?0>.> ?18.6 <<9.6 <18.>  Cujtnj`tmr`j 040.1 6<<.9 =19.8 49<.9 4=?.0 ?0>.6 ?1<.0 <84.?  b w l ; NO_F 08.9 ?.> 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 40.< ?<0.< <=<.1 ==4.9 =<<.= 4<.9 084.6 0?6.<

  Onj`tmr`j <89.> =80.> <>0.= 690.> <91.4 =0.8 9<.< 9?.1  Xrnv`tm lrmfntbrs 6<0.6 >?.? =.< 0.9 8.0 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 09.> 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Fnsoursmcmets 0=.8 >=.8 19.9 =8.1 ?9.4 ?4.? 9?.6 <9.4Xuojnl `ef puojnljy au`r`etmmf 0=.8 >=.8 19.9 =8.1 ?9.4 ?4.? 9?.6 <9.4  Biinln`j lrmfntbrs 00.8 >=.8 19.9 =8.1 ?9.4 ?4.? 9?.6 <9.4  Cujtnj`tmr`j 0.< 41.< 16.6 6>.= ?=.= ?6.< 6>.8 <9.4  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 8.8 66.8 18.0 04.1 09.< 06.? ?=.1 0=.0  Onj`tmr`j >.9 1.1 ?.? 0.< 0.6 <.> 0<.6 8.8  Xrnv`tm lrmfntbrs 6.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets 1.6 =9.9 >.9 6.4 1.4 =.? ?.9 <.=Xuojnl `ef puojnljy au`r`etmmf 1.6 =9.9 >.9 6.4 1.4 =.? ?.9 <.=  Biinln`j lrmfntbrs 1.6 ?4.? >.9 6.4 1.4 =.? ?.9 <.=  Cujtnj`tmr`j ?.0 <.= 1.= 0.4 =.8 ?.= 0.< ?.8  bi wdnld; NO_F 8.8 8.= 8.< 8.8 8.8 8.8 8.8 8.8  NF@ 8.8 0.9 0.4 8.? 8.6 8.8 8.8 8.8  Onj`tmr`j =.? ?6.1 ?.? <.0 ?.4 ?.9 0.< 0.=  Xrnv`tm lrmfntbrs 8.8 ?4.6 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 ?4.6 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Netmrmst p`ycmets 4.> 0>.4 4.> >.0 08.6 6.= ?.> <.=Xuojnl `ef puojnljy au`r`etmmf 4.> 0>.4 4.> >.0 08.6 6.= ?.> <.=  Biinln`j lrmfntbrs <.1 0>.4 4.> >.0 08.6 6.= ?.> <.=

  Cujtnj`tmr`j ?.0 ?.> <.= =.> 9.= ?.4 ?.0 ?.6  bi wdnld; NO_F 8.8 8.< 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 8.8 0.9 ?.< <.= <.= 8.9 8.1 8.4  Onj`tmr`j 0.= 09.> =.6 <.0 <.> 0.1 8.4 0.0  Xrnv`tm lrmfntbrs =.? 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s >4.9 -<8>.9 -18.4 -41.> -?16.? ->=<.= 49.9 6=.=  Emt bws be mxtmre` m t <.8 =6.1 =9.4 =6.? 04.8 ?4.8 40.4 6<.0

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8.8 ?>.< 8.6 6.1 6.9 4.4 04.0 00.9

bt` `cbuet bra vme . . . . . . . .

Fmot ouyo`lg 8.8 ?>.6 8.8 8.8 8.8 8.8 8.8 8.8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 00.? 0?.? 0<.? 0?.> 0=.8 01.= 01.4 <0.8Netmrmst <.9 6.< 6.1 6.1 6.1 6.9 6.6 6.8Xrnv`tm lrmfntbrs

Xrnelnp`j 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Netmrmst 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

 Ebtms;

F`t` be jbea-tmrc puojnl ef puojnljy au`r`etmmf fmot ne ?88> `rm Qbrjf O`eg st`ii mstnc`tms o`smf be rmpbrts prbvnfmf oy tdm lbuetry. F`t` neljufm tdm miimlts

bi X`rns Ljuo fmot rmstrulturnea armmcmet snaemf ne ?881. F`t` ibr ?881 neljufm tdm miimlts bi CF_N ef DNXL fmot rmjnmi, ne tdm `cbuet bi $=?=,96> ne

tdbus`efs.

?==

Page 268: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 268/341

Page 269: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 269/341

\BJBCBE N\J@EF\

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 08<.? 06>.0 0=?.0 0=0.? 0=1.> 01<.> 09?.4 0=6.6Xuojnl ef puojnljy au`r`etmmf 08<.? 088.< 0?8.1 066.? 0=8.> 064.0 0<1.0 0<?.>  Biinln`j lrmfntbrs 4>.0 >=.0 001.< 06<.4 06>.> 061.= 0<9.9 0<?.1  Cujtnj`tmr`j 90.= 1>.= 088.6 081.8 00<.1 0?0.1 00<.1 000.=  b w l ; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 09.9 ?=.> <4.6 6<.6 66.> 6=.4 66.= 6<.1

  Onj`tmr`j ?1.1 0=.9 09.> <9.4 <9.? ?=.4 ?<.8 ?0.?  Xrnv`tm lrmfntbrs 06.0 =.? <.6 8.6 0.8 8.9 8.6 8.?  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 08.> 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 64.4 <0.= 1.8 1.8 ?=.> ?=.4 ?0.=  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Fnsoursmcmets =.? 00.4 <.6 =.1 =.0 ?6.= 0.0 0<.1Xuojnl `ef puojnljy au`r`etmmf =.? >.0 <.6 =.1 =.0 6.= 8.0 8.8  Biinln`j lrmfntbrs =.? 6.4 <.6 =.< 6.6 6.= 8.0 8.8  Cujtnj`tmr`j =.? 6.4 0.6 =.< 6.6 6.= 8.0 8.8  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ ?.= <.? 8.9 8.> 8.< 8.8 8.8 8.8  Onj`tmr`j 8.8 8.8 ?.8 8.8 8.8 8.8 8.8 8.8  Xrnv`tm lrmfntbrs 8.8 6.? 8.8 8.6 8.9 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 ?.4 8.8 8.8 8.8 ?8.8 0.8 0<.1

  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets 1.8 9.= 9.? 08.8 ?.4 08.1 08.4 1.9Xuojnl `ef puojnljy au`r`etmmf 1.8 0.4 ?.1 =.4 ?.4 4.< 08.4 9.=  Biinln`j lrmfntbrs <.> 0.< ?.1 <.? ?.4 1.> 08.1 9.<  Cujtnj`tmr`j 8.= 8.9 0.0 ?.8 ?.0 ?.9 1.4 6.9  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 8.8 8.0 8.? 8.4 8.> 0.8 0.8 0.0  Onj`tmr`j <.6 8.1 0.9 0.? 8.9 =.< ?.4 0.1  Xrnv`tm lrmfntbrs <.0 8.= 8.8 ?.9 8.0 8.6 8.0 8.?  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs ?.1 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 6.1 <.= 6.? 8.8 ?.6 8.8 0.0  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Netmrmst p`ycmets <.0 0.= ?.1 <.> 0.< <.? 6.< ?.6Xuojnl `ef puojnljy au`r`etmmf <.0 8.> 8.4 0.1 0.< <.? 6.< 0.4  Biinln`j lrmfntbrs 0.9 8.4 8.4 0.1 0.< <.? 6.< 0.4

  Cujtnj`tmr`j 8.9 8.= 8.1 8.4 8.4 8.> ?.4 0.8  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 8.0 8.? 8.< 8.< 8.< 8.< 8.6 8.<  Onj`tmr`j 0.8 8.< 8.0 8.> 8.6 ?.< 0.= 8.4  Xrnv`tm lrmfntbrs 0.= 8.0 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 0.? 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.9 0.> ?.< 8.8 8.8 8.8 8.=  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s ?8.= <.4 ->.9 -08.9 1.0 <.4 -00.6 -08.8  Emt bws be mxtmre` m t 0<.4 6.= -6.6 -?.< 0.? 00.4 ->.1 9.0

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8.8 8.8 1.4 8.8 8.8 8.8 8.8 8.8

bt` `cbuet bra vme . . . . . . . .

Fmot ouyo`lg 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 1.? 1.< 1.0 9.4 9.4 9.6 9.6 9.?Netmrmst 0.> 0.4 0.1 0.9 0.= 0.6 0.< 0.?Xrnv`tm lrmfntbrs

Xrnelnp`j 6.0 ?.< ?.0 0.1 ?.0 0.0 8.> 0.<Netmrmst 0.0 0.8 0.= 8.> 8.1 8.9 8.= 8.6

?=1

Page 270: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 270/341

Page 271: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 271/341

\BC@JN@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 0,>?9 0,>90 0,4?= 0,44? 0,>?< 0,>1> 0,>4< 0,>41Xuojnl ef puojnljy au`r`etmmf 0,>?9 0,>90 0,4?= 0,44? 0,>?< 0,>1> 0,>4< 0,>41  Biinln`j lrmfntbrs 0,44> 0,>?6 0,1>? 0,469 0,449 0,>68 0,>69 0,>=8  Cujtnj`tmr`j 1=6 149 18> 1== 11> 484 48< 48=  b w l ; NO_F 8 8 8 8 8 8 8 8  NF@ 60> 6<? <>9 6?? 6<= 664 669 664

  Onj`tmr`j 0,0<9 0,0<4 0,84< 0,8>0 0,081 0,0<? 0,06< 0,06=  Xrnv`tm lrmfntbrs <1 <1 << <= <1 <4 <1 <4  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 69 8 8 8 8 8 8 8Xuojnl `ef puojnljy au`r`etmmf 69 8 8 8 8 8 8 8  Biinln`j lrmfntbrs 69 8 8 8 8 8 8 8  Cujtnj`tmr`j 69 8 8 8 8 8 8 8  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ <= 8 8 8 8 8 8 8  Onj`tmr`j 8 8 8 8 8 8 8 8  Xrnv`tm lrmfntbrs 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets < 8 8 8 8 8 8 8Xuojnl `ef puojnljy au`r`etmmf < 8 8 8 8 8 8 8  Biinln`j lrmfntbrs < 8 8 8 8 8 8 8  Cujtnj`tmr`j < 8 8 8 8 8 8 8  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ ? 8 8 8 8 8 8 8  Onj`tmr`j 8 8 8 8 8 8 8 8  Xrnv`tm lrmfntbrs 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 6 8 8 8 8 8 8 8Xuojnl `ef puojnljy au`r`etmmf 6 8 8 8 8 8 8 8  Biinln`j lrmfntbrs 6 8 8 8 8 8 8 8

  Cujtnj`tmr`j 6 8 8 8 8 8 8 8  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ < 8 8 8 8 8 8 8  Onj`tmr`j 8 8 8 8 8 8 8 8  Xrnv`tm lrmfntbrs 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s ?00 9? -66 ->4 41 089 = ?6  Emt bws be mxtmre` m t =4 8 -1 8 8 8 8 8

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j <= <= <? <? << ?4 ?4 ?4Netmrmst 1 9 9 = = 6 6 6Xrnv`tm lrmfntbrs

Xrnelnp`j 8 8 8 8 8 8 8 8Netmrmst 8 8 8 8 8 8 8 8

 Ebtms;

F`t` be jbea-tmrc puojnl ef puojnljy au`r`etmmf fmot ibr ?88> rm Qbrjf O`eg st`ii mstnc`tms o`smf be tdm brnane`j tmrcs bi tdm jb`es.

?=>

Page 272: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 272/341

Page 273: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 273/341

\B]VD @I_NL@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf .. 06,11? 0=,<84 ?0,<98 ?8,?9< ?1,8=? ?6,889 ?4,4?1Xuojnl ef puojnljy au`r`etmmf .. >,4<1 >,844 0=,9<< 0<,>06 06,080 0<,01< 0=,89<  Biinln`j lrmfntbrs .. 8 06= ?49 <09 ?>0 ?=> ??1  Cujtnj`tmr`j .. 8 06= ?49 <09 ?>0 ?=> ??1  b w l ; NO_F 8 8 < <0 ?> ?1 ?9 ?0  NF@ 8 8 8 8 8 8 8 8

  Onj`tmr`j .. 8 8 8 8 8 8 8  Xrnv`tm lrmfntbrs .. >,4<1 4,>6< 0=,<61 0<,=>4 0<,408 0?,>06 06,4<9  bi wdnld; Obefs .. ?,6=6 6,16> 1,0<? 9,1>0 1,=>< 1,6?> >,?1>  Lbccmrln`j o`egs .. <,>14 0,>1< 1,?10 9,88> =,=9< 6,>11 =,0>=Xrnv`tm ebeau`r`etmmf .. 6,><= 9,??8 =,1?1 9,<6> 0?,>=0 08,4<< 0<,196  bi wdnld; Obefs .. <=8 0,008 0,<81 0,646 9,10= 9,801 9,86>

Fnsoursmcmets .. <,=6> <,900 =,960 6,411 4,1?1 0,?9< =,>41Xuojnl ef puojnljy au`r`etmmf .. <,0>> 0,=>1 ?,914 ?,81= 0,418 900 ?,>48  Biinln`j lrmfntbrs .. 8 >0 =4 6> 8 < 8  Cujtnj`tmr`j .. 8 >0 =4 6> 8 < 8  bi wdnld; NO_F 8 8 < > 8 8 < 8  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j .. 8 8 8 8 8 8 8  Xrnv`tm lrmfntbrs .. <,0>> 0,=89 ?,9?8 ?,8?9 0,418 984 ?,>48  bi wdnld; Obefs .. <>0 19= 8 0,419 0,918 8 ?,888  Lbccmrln`j o`egs .. 4<8 6?8 ?,9?8 0=8 ?88 984 >48Xrnv`tm ebeau`r`etmmf .. <=8 ?,806 ?,>9< ?,48? 9,4=1 9=? <,881

  bi wdnld; Obefs .. <=8 10? 0,<81 8 =,=41 8 8

Xrnelnp`j rmp`ycmets .. ?,818 ?,98> ?,8<6 <,4<0 <,<=< ?,14> 0,>46Xuojnl ef puojnljy au`r`etmmf .. 0,094 0,9?1 0,148 0,1?> 0,4== 0,69= 0,?19  Biinln`j lrmfntbrs .. 8 8 ?1 ?9 ?9 ?9 <4  Cujtnj`tmr`j .. 8 8 ?1 ?9 ?9 ?9 <4  bi wdnld; NO_F 8 8 8 0 ? < < =  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j .. 8 8 8 8 8 8 8  Xrnv`tm lrmfntbrs .. 0,094 0,9?1 0,1=< 0,18< 0,4?> 0,6<> 0,?<4  bi wdnld; Obefs .. 08 ?46 8 <88 0,??? 8 ?=8  Lbccmrln`j o`egs .. 10> >6> 0,984 0,?=1 69? 0,?>6 46<Xrnv`tm ebeau`r`etmmf .. >8? >4? ?=6 ?,08? 0,6>4 0,<?6 184  bi wdnld; Obefs .. 8 8 8 8 0,<>8 9>4 8

Netmrmst p`ycmets .. 4== 16< 469 0,04< 0,<<8 0,?64 0,0<9Xuojnl `ef puojnljy au`r`etmmf .. =>1 =69 9<= 449 >01 401 919  Biinln`j lrmfntbrs .. 8 0 0? 0= 04 09 08

  Cujtnj`tmr`j .. 8 0 0? 0= 04 09 08  bi wdnld; NO_F 8 8 8 0 0 0 0 0  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j .. 8 8 8 8 8 8 8  Xrnv`tm lrmfntbrs .. =>1 =6= 9?< 410 4>> 480 999  bi wdnld; Obefs .. 044 ?1= <61 68> =?8 =?< =6?  Lbccmrln`j o`egs .. ?6= 0<8 ?0? 684 <<< ?60 >=Xrnv`tm ebeau`r`etmmf .. ?=4 0>9 ?0? ?>1 60< 6<0 698  bi wdnld; Obefs .. 8 ?1 90 4> 0<? ?60 ?60

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s .. <,941 >=6 <,>=4 6,6=< 4,841 -0,991 0=4  Emt bws be mxtmre` m t .. <,60? -?98 =,684 9,=>1 9,91? -061 -998

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf .. 8 8 8 8 8 8 8

bt` cbuet bra vme ..

Fmot ouyo`lg .. 8 8 8 8 0,??? 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 6< 68 <9 ?9 ?< ?8= ?8= 0>=Netmrmst ? > 0> ?> <4 6= 61 66Xrnv`tm lrmfntbrs

Xrnelnp`j 6,?0= ?,144 =,009 6,4?6 <,9>4 0,=40 0,>04 >1?Netmrmst ?,8?= 0,490 0,94? 0,?19 4=> 98= 6?9 ?40

 Ebtms;

F`t` be jbea-tmrc puojnl ef puojnljy au`r`etmmf, jbea-tmrc prnv`tm ebeau`r`etmmf, ef sdbrt-tmrc fmot ibr ?88> rm Qbrjf O`eg st`ii mstnc`tms o`smf be

`aarma`tm neibrc`tnbe prbvnfmf oy tdm `utdbrnty.

?90

Page 274: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 274/341

Page 275: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 275/341

\_N J@EG@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf =,86> 1,?96 4,?66 08,888 08,144 0?,616 0<,<6< 06,906Xuojnl ef puojnljy au`r`etmmf 6,>61 1,01= 1,419 >,90? 08,?>= 00,4<9 0?,98> 0<,961  Biinln`j lrmfntbrs 6,<6> 9,6>< 9,><6 4,>4< >,=4< 08,<1< 00,?4? 00,>?>  Cujtnj`tmr`j 0,9?< ?,4=4 <,60? 6,==6 6,>6= =,<9? =,==> =,41=  b w l ; NO_F 4? 6> 0< 8 8 8 8 8  NF@ 496 0,69< 0,908 ?,8>= ?,?6= ?,<=1 ?,<40 ?,641

  Onj`tmr`j ?,1?9 <,9<= <,=?? 6,6?> 6,9<4 =,800 =,1?? 9,8=6  Xrnv`tm lrmfntbrs =>4 940 >6? 9?> 10< 0,69< 0,<?1 0,104  bi wdnld; Obefs 8 8 9= 9= 9= =9= =88 0,888  Lbccmrln`j o`egs ?=> <?6 <=> 66< ==> 488 1<0 964Xrnv`tm ebeau`r`etmmf 08? >8 <94 <44 6>< 9<> 1<6 >91  bi wdnld; Obefs 8 8 8 088 088 088 088 8

Fnsoursmcmets 64= 910 1<= >?> 0,86> 0,9>4 0,?<= ?,?8>Xuojnl `ef puojnljy au`r`etmmf 64= 910 =9= 404 >04 0,=?6 0,81> 0,4??  Biinln`j lrmfntbrs <>9 69> <64 918 191 1=6 149 0,098  Cujtnj`tmr`j ?<6 0>1 0?< <61 <?4 ?99 <16 6?6  bi wdnld; NO_F 0 8 8 8 8 8 8 8  NF@ 0?1 089 61 00< 088 16 >= 061  Onj`tmr`j 09? ?1? ??= <?? 6<> 644 60? 1<9  Xrnv`tm lrmfntbrs 4> ?80 ?04 06> 0=0 19> ?>< 990  bi wdnld; Obefs 8 8 8 8 8 =88 8 =88  Lbccmrln`j o`egs => >? 66 0<4 064 ?94 ?>8 0==Xrnv`tm ebeau`r`etmmf 8 8 09> 000 0<0 016 0=9 <41

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 091 ?69 6=< ??4 =84 =<= 486 >94Xuojnl `ef puojnljy au`r`etmmf 09= ?66 6<> ?8> 64? =81 16< 406  Biinln`j lrmfntbrs 44 064 ?09 0?< 688 6=8 =04 ==1  Cujtnj`tmr`j ?0 ?9 =8 46 088 006 069 09<  bi wdnld; NO_F 1 1 = 0 8 8 8 8  NF@ < 4 04 68 6< 6> == =9  Onj`tmr`j 94 0?? 091 68 <88 <<9 <1? <>6  Xrnv`tm lrmfntbrs 19 >9 ??< 49 4? =1 ??= ?=1  bi wdnld; Obefs 8 8 =8 8 8 8 9= 8  Lbccmrln`j o`egs ?> =6 >6 =< 6= =8 0=? ?6>Xrnv`tm ebeau`r`etmmf ? ? 06 0> ?9 ?4 90 0=6  bi wdnld; Obefs 8 8 8 8 8 8 8 088

Netmrmst p`ycmets 0?? 06= ?0< 089 ?84 ?04 ?49 <?=Xuojnl `ef puojnljy au`r`etmmf 0?8 066 014 46 046 0>0 ?=0 ?4=  Biinln`j lrmfntbrs 11 00? 0?= 9= 0=9 096 014 ??1

  Cujtnj`tmr`j 0> ?> <? 69 =4 =1 9= =4  bi wdnld; NO_F 4 = 0 8 8 8 8 8  NF@ = 00 0? 01 01 01 0> 01  Onj`tmr`j =4 46 >< 0> >> 084 00< 018  Xrnv`tm lrmfntbrs 6< <? =6 0> ?4 ?1 1< =4  bi wdnld; Obefs 8 8 9 6 = 8 69 6<  Lbccmrln`j o`egs 09 0> ?4 0? 0> ?9 ?= 06Xrnv`tm ebeau`r`etmmf ? 0 <= ?? ?6 ?9 <= 68  bi wdnld; Obefs 8 8 8 1 1 1 1 1

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 94? 6<= -108 <<8 =0= ?,64? 0,?6? 0,=>1  Emt bws be mxtmre` m t <<0 <4= -?? 0,098 ?=0 0,><6 484 0,=66

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 8 ?9= 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j =4= 9?8 94= 166 149 494 4>6 4>6Netmrmst ?89 ?04 ??< ??? ?0< ?8? 0>8 014Xrnv`tm lrmfntbrs

Xrnelnp`j <8< ?1< 1=9 0>4 0=1 960 0?= 08>Netmrmst 009 0<6 0?? 18 9< <4 0= 08

?9<

Page 276: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 276/341

\V. GNVV\ @EF EMYN\

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 66.? ==.6 0=9.0 ?>?.? ?>8.0 ?10.0 ?61.8 ??9.9  Jbea-tmrc mxtmre`j fmot 66.? =6.? 0=<.0 ?>0.> ?4>.? ?18.> ?69.9 ???.<  Xuojnl ef puojnljy au`r`etmmf 66.? =6.? 0=<.0 ?>0.> ?4>.? ?18.> ?69.9 ???.<  Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  ]sm bi NCI lrmfnt 8.8 8.8 ?.0 8.8 8.8 8.8 8.8 <.=  \dbrt-tmrc mxtmre`j fmot 8.8 0.? 8.4 8.? 8.> 8.? 8.= 8.4  netmrmst `rrm`rs be jbea-tmrc 8.8 0.? 8.4 8.? 8.> 8.? 8.= 8.4

 Cmcbr`efuc ntmcs  8.8 8.1 8.6 8.9 8.9 8.0 08.8 00.9    68.1 =?.> 0=<.0 ?>0.> ?4>.? ?18.> ?69.9 ???.<    <.6 0.< 8.8 8.8 8.8 8.8 8.8 8.8  =.= 00.6 <?.6 0=.< 09.9 4.6 8.8 8.8

Mxtmre`j fmot ijbwsFnsoursmcmets 1.< =.9 <?.0 1.8 ?<.? 4.> 6.6 9.=  Jbea-tmrc mxtmre`j fmot 1.< =.9 <?.0 1.8 ?<.? 4.> 6.6 <.0  NCI purld`sms 8.8 8.8 8.8 8.8 8.8 8.8 8.8 <.6

Xrnelnp`j rmp`ycmets 0.= 6.4 0?.6 ?9.= ?1.8 ?4.9 ?4.? ?1.6  Jbea-tmrc mxtmre`j fmot 0.= 6.4 0?.6 ?9.= ?1.8 ?4.9 ?4.? ?1.6  NCI rmpurld`sms 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

 Emt ijbws =.4 8.> 0>.1 -0>.= -<.1 -0>.4 -?<.4 -?8.4  Jbea-tmrc mxtmre`j fmot =.4 8.> 0>.1 -0>.= -<.1 -0>.4 -?<.4 -?6.<

  \dbrt-tmrc mxtmre`j fmot 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Netmrmst p`ycmets 0.6 0.> 1.? ?8.= 0>.< 0>.< 09.9 0<.>  Jbea-tmrc mxtmre`j fmot 0.6 0.> 1.0 ?8.= 0>.< 0>.< 09.9 0<.4  NCI ld`rams 8.8 8.8 8.0 8.8 8.8 8.8 8.8 8.8  \dbrt-tmrc mxtmre`j fmot 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 64.4 ?8.= >9.? ><.8 008.6 0<6.= 011.> 0<<.9Xbrtibjnb mqunty 8.8 .. .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 0.= ?.< ?.= ?.? ?.6K`p`emsm yme 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea 09.< 1.6 0.= 8.0 8.0 8.0 8.0 8.0\wnss ir`el 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs <1.4 =0.6 1>.9 46.1 46.1 46.= 4=.8 46.1

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 6.= <.1 6.4 ?.8 =.0 9.6 8.8 8.8  C`turnty (ym`rs) <4.8 0>.0 09.= ?8.6 ?8.? 0>.= 8.8 8.8  Ar`lm pmrnbf (ym`rs) >.8 =.? 6.= <.1 <.9 6.4 8.8 8.8Xrnv`tm lrmfntbrs

  Netmrmst (%) ?.8 8.8 1.8 8.8 ?.= 8.8 8.8 8.8  C`turnty (ym`rs) =.4 8.8 >.1 8.8 4.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 0.< 8.8 0.0 8.8 ?.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 0=6.= ?0>.4 ?>9.0 68<.9 6=6.4 640.6 ==>.9 =00.1Mxpbrts bi abbfs, smrvnlms & nelbcm 4=.1 0?=.< 0==.= ?<1.< ?6>.8 ?6=.6 ?<>.< 0>4.0Qbrgmr rmcnt. & lbcp. bi mcpjbymms 0>.< ?8.? ?1.0 <<.= <9.6 68.< 66.0 68.=Ncpbrts bi abbfs, smrvnlms & nelbcm 068.0 04>.> ?46.6 <?=.> <99.< <4=.> 6=<.? 6?<.8Xrbint rmcntt`elms be IFN =.8 06.6 ?0.? ?8.< ?8.? ?6.8 ?<.6 ?0.>Lurrmet llbuet o`j`elm -61.8 -6=.= -99.? -96.1 -4=.0 -000.< -048.4 -046.4Netmre`tnbe`j rmsmrvms 09.< <<.= 6=.? 10.9 44.1 >=.4 008.6 0<9.6

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) =0.9 66.? 088.6 0?<.0 009.= 008.= 08<.? 006.6Mxtmre`j fmot stblgs tb AEN (%) ?4.9 ?=.? =?.1 1?.6 9<.4 =9.< 66.0 66.<Fmot smrvnlm tb mxpbrts (%) <.6 =.< 0?.9 0>.4 04.9 0>.= 04.1 ?8.4\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 8.0 ?.? 8.= 8.0 8.< 8.0 8.? 8.6Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 6=.? =<.6 <6.= <6.8 <9.1 <>.? 60.= 6<.?_msmrvms tb mxtmre`j fmot stblgs (%) <9.4 98.6 ?>.8 ?6.= <8.9 <=.< 66.1 98.?_msmrvms tb ncpbrts (cbetds) 0.6 ?.0 0.> ?.9 ?.> <.8 ?.> <.>

?96

Page 277: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 277/341

\V. GNVV\ @EF EMYN\

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 66.? =6.? 0=<.0 ?>0.> ?4>.? ?18.> ?69.9 ???.<Xuojnl ef puojnljy au`r`etmmf 66.? =6.? 0=<.0 ?>0.> ?4>.? ?18.> ?69.9 ???.<  Biinln`j lrmfntbrs 60.6 64.9 08?.1 0=9.0 099.8 098.> 0=8.8 0<4.0  Cujtnj`tmr`j ?8.8 ?>.9 =<.4 >>.? 089.6 089.? 08?.9 >4.8  b w l ; NO_F 8.8 0.0 6.= 0<.8 0<.? 0<.< 0<.? 0?.6  NF@ 8.8 0.9 0.6 0.6 0.6 0.6 0.6 0.6

  Onj`tmr`j ?0.= 0>.8 64.> =9.4 =>.9 =6.1 61.= 68.0  Xrnv`tm lrmfntbrs ?.1 =.9 =8.6 0<=.> 0?<.? 008.8 >9.= 46.?  bi wdnld; Obefs 8.8 8.8 8.8 ?>.0 ?>.0 ?>.0 ?>.0 ?>.0  Lbccmrln`j o`egs 8.8 8.8 6<.? 089.? >6.0 48.> 91.= ==.0Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Fnsoursmcmets 1.< =.9 <?.0 1.8 ?<.? 4.> 6.6 <.0Xuojnl `ef puojnljy au`r`etmmf 1.< =.9 <?.0 1.8 ?<.? 4.> 6.6 <.0  Biinln`j lrmfntbrs 1.< =.8 1.> 1.8 ??.9 4.> 6.6 <.0  Cujtnj`tmr`j ?.6 <.4 1.? 1.8 00.= =.1 6.6 <.0  bi wdnld; NO_F 8.8 8.< 0.0 8.4 0.6 ?.6 ?.9 0.1  NF@ 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Onj`tmr`j 6.> 0.< 8.1 8.8 00.? <.? 8.8 8.8  Xrnv`tm lrmfntbrs 8.8 8.9 ?6.? 8.8 8.9 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 ?6.? 8.8 8.9 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets 0.= 6.4 0?.6 ?9.= ?1.8 ?4.9 ?4.? ?1.6Xuojnl `ef puojnljy au`r`etmmf 0.= 6.4 0?.6 ?9.= ?1.8 ?4.9 ?4.? ?1.6  Biinln`j lrmfntbrs 0.0 <.< 6.4 0?.> 0<.9 0=.6 06.1 0=.8  Cujtnj`tmr`j 8.1 0.= ?.0 6.6 =.? 9.> 1.= 1.>  bi wdnld; NO_F 8.8 8.8 8.0 0.8 0.< ?.? ?.1 ?.=  NF@ 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Onj`tmr`j 8.< 0.4 ?.1 4.= 4.= 4.9 1.? 1.0  Xrnv`tm lrmfntbrs 8.6 0.= 1.9 0<.9 0<.< 0<.? 0<.= 0?.<  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 6.? 0?.< 0?.1 0<.? 0<.= 0?.<Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Netmrmst p`ycmets 0.6 0.> 1.0 ?8.= 0>.< 0>.< 09.9 0<.4Xuojnl `ef puojnljy au`r`etmmf 0.6 0.> 1.0 ?8.= 0>.< 0>.< 09.9 0<.4  Biinln`j lrmfntbrs 0.6 0.= 6.0 1.9 1.1 4.1 1.0 9.0

  Cujtnj`tmr`j 8.1 0.8 ?.8 <.1 6.? =.8 6.8 <.9  bi wdnld; NO_F 8.8 8.0 8.< 8.1 8.1 8.4 8.9 8.6  NF@ 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Onj`tmr`j 8.1 8.= ?.? <.> <.9 <.1 <.0 ?.=  Xrnv`tm lrmfntbrs 8.8 8.6 <.8 0?.> 00.= 08.9 >.6 1.1  bi wdnld; Obefs 8.8 8.8 8.8 ?.? ?.6 ?.6 ?.6 0.4  Lbccmrln`j o`egs 8.8 8.8 ?.< 08.= >.0 4.? 1.8 =.>Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 1.9 -8.4 ?8.8 -?0.1 -?.0 -04.> -?6.0 -?8.6  Emt bws be mxtmre` m t =.4 8.> 0>.1 -0>.= -<.1 -0>.4 -?<.4 -?8.4

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

bt` `cbuet bra vme . . . . . . . .

Fmot ouyo`lg 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 0>.< 0>.8 04.= 06.8 00.0 08.1 08.8 >.0Netmrmst 6.0 <.6 ?.4 ?.? 0.> 0.1 0.= 0.<Xrnv`tm lrmfntbrs

Xrnelnp`j 00.4 06.0 04.0 ??.? ?.4 ?.= 0.6 8.4Netmrmst =.1 =.8 <.0 ?.8 0.8 8.1 8.9 8.=

 Ebtms;

F`t` be jbea-tmrc puojnl ef puojnljy-au`r`etmmf fmot ibr ?88> rm Qbrjf O`eg st`ii mstnc`tms o`smf be rmpbrts prbvnfmf oy tdm lbuetry.

?9=

Page 278: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 278/341

\V. J]LN@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 1>.? 0?4.< ??0.< 600.8 68<.1 =8>.? 491.0 609.0  Jbea-tmrc mxtmre`j fmot 1?.0 000.< 0=<.= ?<=.8 ?49.1 <<=.4 <=?.? <6<.1  Xuojnl ef puojnljy au`r`etmmf 1?.0 000.< 0=<.= ?<=.8 ?49.1 <<=.4 <=?.? <6<.1  Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  ]sm bi NCI lrmfnt 8.8 8.8 8.8 8.8 8.8 8.8 8.8 08.4  \dbrt-tmrc mxtmre`j fmot 1.8 09.> 91.4 019.8 001.8 01<.< =06.> 90.1  netmrmst `rrm`rs be jbea-tmrc 8.4 8.8 8.8 8.8 8.8 8.< 8.> ?.1

 Cmcbr`efuc ntmcs  8.0 8.8 8.8 8.8 8.8 8.6 8.8 ?.1    1?.0 000.< 0=<.= ?<=.8 ?49.1 <<=.4 <=?.? <6<.1    8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  <6.> =8.6 9=.< 4.? 66.6 >.4 =.6 0>.4

Mxtmre`j fmot ijbwsFnsoursmcmets 4.8 00.= 64.1 00.1 9=.4 ?6.0 00.= ?4.?  Jbea-tmrc mxtmre`j fmot 4.8 00.= 64.1 00.1 9=.4 ?6.0 00.= 01.=  NCI purld`sms 8.8 8.8 8.8 8.8 8.8 8.8 8.8 08.9

Xrnelnp`j rmp`ycmets <.? 9.? ?8.> 06.? 01.4 ?9.6 <?.6 ?9.1  Jbea-tmrc mxtmre`j fmot <.? 9.? ?8.> 06.? 01.4 ?9.6 <?.6 ?9.1  NCI rmpurld`sms 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

 Emt ijbws 1.8 0?.< 68.< 96.= -00.0 =<.4 <?8.0 -6=<.=  Jbea-tmrc mxtmre`j fmot 6.4 =.6 ?1.4 -?.= 61.> -?.? -?8.> ->.0

  \dbrt-tmrc mxtmre`j fmot ?.? 9.> 0?.= 91.8 -=>.8 =9.8 <60.8 -6==.8Netmrmst p`ycmets <.0 =.1 >.? 01.= 09.< ?0.> ?1.6 01.9  Jbea-tmrc mxtmre`j fmot ?.4 6.4 9.6 0?.4 0?.9 09.6 01.0 09.0  NCI ld`rams 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  \dbrt-tmrc mxtmre`j fmot 8.< 8.> ?.4 6.4 <.1 =.= 08.< 0.=

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 66.4 <?.4 =<.1 14.? ?<<.> ?10.> 090.? 0=9.=Xbrtibjnb mqunty 8.? .. .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. <.4 ?.1 <.0 0.= 0.?K`p`emsm yme 6.8 ?.6 8.< 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea 68.< 0<.1 ?.0 8.? 8.8 8.8 8.8 8.8\wnss ir`el 0.0 8.= 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs <?.4 =<.6 ==.8 10.6 =>.< 9<.0 99.9 96.8

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 6.< 6.1 9.8 ?.= 8.8 8.4 8.4 <.6  C`turnty (ym`rs) ?6.0 ?6.4 ??.1 ?6.> 8.8 <6.9 <6.< 06.8  Ar`lm pmrnbf (ym`rs) 4.? 1.0 =.= 1.4 8.8 08.0 >.4 8.4Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 4.1 8.8 1.? 8.8 8.8 1.?  C`turnty (ym`rs) 8.8 8.8 0<.? 8.8 08.< 8.8 8.8 9.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 0<.? 8.8 08.< 8.8 8.8 9.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) <9>.? =?0.? 99?.> 14=.= 419.6 44>.> >81.8 41?.4Mxpbrts bi abbfs, smrvnlms & nelbcm ?41.= <4=.6 <48.9 =<<.8 6=0.4 69>.= =<1.= =<1.4Qbrgmr rmcnt. & lbcp. bi mcpjbymms 09.0 ?<.0 ?9.6 ?>.= <8.< <0.0 <0.= ?1.9Ncpbrts bi abbfs, smrvnlms & nelbcm <=?.0 668.9 6>6.? 91=.= 11?.4 4?1.4 >88.6 1<4.8Xrbint rmcntt`elms be IFN ?9.= <=.< <<.6 =0.0 <6.8 6=.0 =?.= =8.1Lurrmet llbuet o`j`elm -=1.8 -<9.? ->6.4 -0?>.= -<8>.8 -<66.1 -<69.9 -041.0Netmre`tnbe`j rmsmrvms 66.9 9<.0 14.4 009.6 0<6.= 0=<.1 06?.4 016.4

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) ?1.= <<.< =4.0 11.0 4>.6 084.6 090.< 11.6Mxtmre`j fmot stblgs tb AEN (%) ?0.6 ?6.9 <<.6 =?.< 69.0 =1.? >=.9 61.1Fmot smrvnlm tb mxpbrts (%) ?.? <.0 1.> 9.8 1.= 08.< 00.0 4.?\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 4.> 0<.? <8.9 6?.4 ?>.8 <6.8 =>.6 06.4Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) =<.< 90.9 6=.8 <6.? <1.= <?.= ?<.? 61.<_msmrvms tb mxtmre`j fmot stblgs (%) =9.< 6>.? <=.9 ?4.< <<.< <8.? 09.= 6?.8_msmrvms tb ncpbrts (cbetds) 0.= 0.1 0.> ?.0 ?.0 ?.? 0.> ?.4

?99

Page 279: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 279/341

\V. J]LN@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 1?.0 000.< 0=<.= ?<=.8 ?49.1 <<=.4 <=?.? <6<.1Xuojnl ef puojnljy au`r`etmmf 1?.0 000.< 0=<.= ?<=.8 ?49.1 <<=.4 <=?.? <6<.1  Biinln`j lrmfntbrs 9>.= 000.< 0?8.1 098.> 016.< 0>1.? ??4.= ??0.6  Cujtnj`tmr`j 6?.? 1>.8 >>.= 068.= 0=0.6 09=.= ?80.6 0>9.1  b w l ; NO_F 8.8 ?.0 9.8 08.< 08.8 01.4 04.? 0>.?  NF@ 8.8 1.> 00.9 ?1.? 68.1 69.? 6>.? =8.8

  Onj`tmr`j ?1.< <?.< ?0.< ?8.6 ?<.8 <0.4 ?1.0 ?6.1  Xrnv`tm lrmfntbrs ?.9 8.8 <?.4 16.8 00?.6 0<4.9 0?<.9 0??.<  bi wdnld; Obefs 8.8 8.8 8.8 8.8 66.6 66.6 66.6 ==.8  Lbccmrln`j o`egs ?.9 8.8 <?.4 16.8 94.8 >6.? 1>.? 91.<Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Fnsoursmcmets 4.8 00.= 64.1 00.1 9=.4 ?6.0 00.= 01.=Xuojnl `ef puojnljy au`r`etmmf 4.8 00.= 64.1 00.1 9=.4 ?6.0 00.= 01.=  Biinln`j lrmfntbrs 4.8 00.= 09.4 00.1 ?0.< ?6.0 00.= 1.8  Cujtnj`tmr`j 9.> 08.4 0=.1 1.6 01.? 04.? 4.> 1.8  bi wdnld; NO_F 8.8 8.1 8.> 0.0 8.1 >.9 ?.9 <.4  NF@ 8.8 ?.0 8.1 <.= 0?.? 6.0 <.> 8.>  Onj`tmr`j 0.0 8.4 0.0 6.6 6.0 =.> ?.1 8.8  Xrnv`tm lrmfntbrs 8.8 8.8 <0.> 8.8 66.6 8.8 8.8 08.=  bi wdnld; Obefs 8.8 8.8 8.8 8.8 66.6 8.8 8.8 08.=  Lbccmrln`j o`egs 8.8 8.8 <0.> 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets <.? 9.? ?8.> 06.? 01.4 ?9.6 <?.6 ?9.1Xuojnl `ef puojnljy au`r`etmmf <.? 9.? ?8.> 06.? 01.4 ?9.6 <?.6 ?9.1  Biinln`j lrmfntbrs ?.6 9.? 00.1 >.= 00.4 06.= 01.= 06.4  Cujtnj`tmr`j ?.6 6.? 9.9 1.8 4.6 >.< 00.6 0?.8  bi wdnld; NO_F 8.8 8.0 8.= 0.8 0.0 0.4 ?.< ?.1  NF@ 8.8 8.8 8.0 8.< 8.6 8.6 8.6 8.=  Onj`tmr`j 8.8 ?.8 =.0 ?.= <.6 =.? 9.0 ?.4  Xrnv`tm lrmfntbrs 8.4 8.8 >.? 6.1 9.8 00.> 0=.8 00.>  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.4 8.8 >.? 6.1 9.8 00.> 0=.8 00.>Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Netmrmst p`ycmets ?.4 6.4 9.6 0?.4 0?.9 09.6 01.0 09.0Xuojnl `ef puojnljy au`r`etmmf ?.4 6.4 9.6 0?.4 0?.9 09.6 01.0 09.0  Biinln`j lrmfntbrs ?.9 6.4 =.? 9.< 9.8 9.0 4.0 1.0

  Cujtnj`tmr`j 0.4 <.8 6.8 =.6 =.0 6.4 1.8 9.?  bi wdnld; NO_F 8.8 8.0 8.< 8.= 8.= 8.1 8.> 8.>  NF@ 8.8 8.8 8.0 8.? 8.< 8.< 8.6 8.6  Onj`tmr`j 8.4 0.4 0.? 8.> 8.> 0.< 0.0 8.>  Xrnv`tm lrmfntbrs 8.? 8.8 0.? 9.= 9.= 08.< >.8 4.>  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.= ?.8 ?.6 <.?  Lbccmrln`j o`egs 8.? 8.8 0.? 9.= 9.8 4.6 9.9 =.4Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 0<.= 06.1 <1.8 =>.< -1.? 08=.6 <=1.> -6=8.>  Emt bws be mxtmre` m t 1.8 0?.< 68.< 96.= -00.0 =<.4 <?8.0 -6=<.=

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8.8 8.8 8.8 8.8 8.8 8.8 91.= 8.8

bt` `cbuet bra vme . . . . . . . .

Fmot ouyo`lg 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j ?0.> ?8.6 01.1 0=.1 0=.8 06.0 06.0 0<.4Netmrmst <.1 <.6 <.0 ?.4 ?.= ?.? ?.8 0.1Xrnv`tm lrmfntbrs

Xrnelnp`j 00.8 00.8 00.8 1.4 0.0 <=.0 6=.? 8.?Netmrmst >.0 4.< 1.= 9.1 9.< =.0 0.= 8.8

?91

Page 280: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 280/341

\V. YNELMEV @EF VDM A_ME@FNEM\

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 9?.6 004.< 0>6.9 ?=8.9 ?60.= 0>>.> ?8<.? ?84.4  Jbea-tmrc mxtmre`j fmot 98.< >0.< 09<.< ?69.< ?60.8 0>4.< ?8?.6 ?80.1  Xuojnl ef puojnljy au`r`etmmf 98.< >0.< 09<.< ?69.< ?60.8 0>4.< ?8?.6 ?80.1  Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  ]sm bi NCI lrmfnt 8.8 8.8 8.8 8.8 8.8 8.8 8.8 =.>  \dbrt-tmrc mxtmre`j fmot ?.0 ?1.8 <0.6 6.< 8.= 0.9 8.> 0.?  netmrmst `rrm`rs be jbea-tmrc 8.0 8.0 8.6 6.< 8.= 0.9 8.> 0.?

 Cmcbr`efuc ntmcs  8.0 8.9 8.> <.8 8.< 8.< 8.< 8.4    98.< >0.< 09<.< ?69.< ?60.8 0>4.< ?8?.6 ?80.1    8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  4.8 0?.9 0.8 99.6 8.8 8.1 09.8 <=.6

Mxtmre`j fmot ijbwsFnsoursmcmets 1.? <.< 4.= 6?.6 06.0 0=.6 ?<.6 ?9.0  Jbea-tmrc mxtmre`j fmot 1.? <.< 4.= 6?.6 06.0 0=.6 ?<.6 ?8.6  NCI purld`sms 8.8 8.8 8.8 8.8 8.8 8.8 8.8 =.4

Xrnelnp`j rmp`ycmets ?.6 6.= 9.0 0=.= ??.0 04.< 04.1 ?0.=  Jbea-tmrc mxtmre`j fmot ?.6 6.= 9.0 0=.= ??.0 04.< 04.1 ?0.=  NCI rmpurld`sms 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

 Emt ijbws =.? <.8 0.9 ?9.> -4.8 -?.> 6.1 6.9  Jbea-tmrc mxtmre`j fmot 6.4 -0.? ?.6 ?9.> -4.8 -?.> 6.1 -0.0

  \dbrt-tmrc mxtmre`j fmot 8.6 6.? -8.4 8.8 8.8 8.8 8.8 8.8Netmrmst p`ycmets 0.> 6.0 1.8 4.? 00.? >.= 08.8 >.4  Jbea-tmrc mxtmre`j fmot 0.1 ?.9 =.0 4.? 00.? >.= 08.8 >.1  NCI ld`rams 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  \dbrt-tmrc mxtmre`j fmot 8.? 0.= 0.> 8.8 8.8 8.8 8.8 8.8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 1.1 <8.9 <1.1 68.0 08>.0 0<8.= 0=>.? 008.<Xbrtibjnb mqunty 8.8 .. .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. =.6 =.> 1.9 9.< =.9K`p`emsm yme 8.? 8.0 8.8 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea 6.= =.6 ?.> 8.0 8.0 8.0 8.0 8.0\wnss ir`el 8.? 0.6 8.< 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs 9=.> 94.? 4?.? 16.< 1=.= 10.1 1=.= 14.<

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 6.8 <.= ?.= 6.1 8.8 8.4 8.8 ?.4  C`turnty (ym`rs) ?8.6 0>.> <8.0 04.6 8.8 <6.4 8.8 ?0.=  Ar`lm pmrnbf (ym`rs) 6.> 6.? 08.< 6.9 8.8 08.< 8.8 =.9Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 8.8 1.8 8.8 8.8 4.= 8.8  C`turnty (ym`rs) 8.8 8.8 8.8 08.8 8.8 8.8 08.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 8.8 8.= 8.8 8.8 8.= 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 041.< ?=6.4 <09.> 604.4 61<.1 =<<.< ==>.? =90.4Mxpbrts bi abbfs, smrvnlms & nelbcm 0<6.4 068.< 04?.9 ?84.> ??=.9 ??=.< ?0>.4 ?00.4Qbrgmr rmcnt. & lbcp. bi mcpjbymms 0=.9 01.? ??.= ?9.= ?>.1 <<.0 <0.0 ?>.>Ncpbrts bi abbfs, smrvnlms & nelbcm 091.> 0>8.8 ???.4 <?9.6 <9<.9 6<9.6 61?.8 6<<.<Xrbint rmcntt`elms be IFN 0<.< 00.0 0?.1 ??.0 ?<.8 0>.9 04.0 01.4Lurrmet llbuet o`j`elm -?<.9 -68.? -?<.> ->>.6 -001.> -0>0.8 -??1.> -0>4.0Netmre`tnbe`j rmsmrvms ?9.= ?>.4 ==.? 9>.= 14.1 41.8 4<.1 41.4

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 69.< 46.< 089.9 00>.> 081.8 44.1 >?.= >4.9Mxtmre`j fmot stblgs tb AEN (%) <<.< 69.6 90.6 =>.4 =0.8 <1.= <9.< <1.?Fmot smrvnlm tb mxpbrts (%) <.? 9.0 1.? 00.< 06.4 0?.< 0<.8 06.4\dbrt-tmrc tb mxtmre`j fmot stblgs (%) <.6 ??.4 09.0 0.1 8.? 8.4 8.6 8.9Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 1>.0 6>.< <6.8 <<.0 <4.1 =<.8 =<.8 =1.>_msmrvms tb mxtmre`j fmot stblgs (%) 6?.= ?=.? ?4.6 ?1.1 <?.9 6<.= 60.? 6?.0_msmrvms tb ncpbrts (cbetds) 0.> 0.> <.8 ?.9 ?.9 ?.6 ?.0 ?.6

?94

Page 281: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 281/341

\V. YNELMEV @EF VDM A_ME@FNEM\

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 98.< >0.< 09<.< ?69.< ?60.8 0>4.< ?8?.6 ?80.1Xuojnl ef puojnljy au`r`etmmf 98.< >0.< 09<.< ?69.< ?60.8 0>4.< ?8?.6 ?80.1  Biinln`j lrmfntbrs 98.? 49.= 086.4 00<.< 0??.9 0<<.9 0<0.4 060.4  Cujtnj`tmr`j 6>.6 =4.6 99.? 4?.> ><.6 08=.> 081.4 0?0.8  b w l ; NO_F 8.8 8.6 8.0 8.> <.6 <.? <.8 <.<  NF@ 9.? 4.0 1.8 0=.< 09.= 04.? 0>.< ?8.6

  Onj`tmr`j 08.> ?4.? <4.9 <8.6 ?>.0 ?1.1 ?6.8 ?8.>  Xrnv`tm lrmfntbrs 8.8 6.4 =4.= 0<<.8 004.6 96.1 18.9 =>.4  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 6.4 8.9 =>.> =<.= 61.? =9.0 64.?Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Fnsoursmcmets 1.? <.< 4.= 6?.6 06.0 0=.6 ?<.6 ?8.6Xuojnl `ef puojnljy au`r`etmmf 1.? <.< 4.= 6?.6 06.0 0=.6 ?<.6 ?8.6  Biinln`j lrmfntbrs 1.? <.< 4.= 0?.6 06.0 0=.6 1.6 ?8.6  Cujtnj`tmr`j 9.9 0.1 =.1 00.= 0<.1 0=.6 1.< ?8.6  bi wdnld; NO_F 8.8 8.8 8.8 8.8 ?.= 8.8 8.0 8.1  NF@ 8.> 8.8 8.8 <.< 8.4 0.< 0.9 0.<  Onj`tmr`j 8.9 0.= ?.4 8.4 8.6 8.8 8.0 8.8  Xrnv`tm lrmfntbrs 8.8 8.0 8.8 <8.8 8.8 8.8 09.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.0 8.8 <8.8 8.8 8.8 09.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets ?.6 6.= 9.0 0=.= ??.0 04.< 04.1 ?0.=Xuojnl `ef puojnljy au`r`etmmf ?.6 6.= 9.0 0=.= ??.0 04.< 04.1 ?0.=  Biinln`j lrmfntbrs ?.6 6.= =.1 1.1 1.= 1.0 4.9 08.4  Cujtnj`tmr`j ?.? <.6 <.1 6.> 6.4 6.< =.? 1.9  bi wdnld; NO_F 8.8 8.0 8.8 8.8 8.8 8.? 8.< 8.6  NF@ 8.8 8.0 8.0 8.< 8.< 8.< 8.< 8.6  Onj`tmr`j 8.? 0.0 ?.8 ?.4 ?.1 ?.1 <.6 <.?  Xrnv`tm lrmfntbrs 8.8 8.8 8.6 1.1 06.9 00.< 08.0 08.1  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.6 8.? 9.6 9.< 1.0 1.>Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Netmrmst p`ycmets 0.1 ?.9 =.0 4.? 00.? >.= 08.8 >.1Xuojnl `ef puojnljy au`r`etmmf 0.1 ?.9 =.0 4.? 00.? >.= 08.8 >.1  Biinln`j lrmfntbrs 0.1 ?.6 <.< <.= <.1 <.9 6.> 6.6

  Cujtnj`tmr`j 0.= 0.1 ?.0 ?.6 ?.4 ?.4 6.8 <.9  bi wdnld; NO_F 8.8 8.8 8.8 8.0 8.0 8.? 8.? 8.?  NF@ 8.8 8.0 8.0 8.0 8.0 8.0 8.0 8.0  Onj`tmr`j 8.< 8.1 0.? 0.8 0.8 8.4 8.> 8.1  Xrnv`tm lrmfntbrs 8.8 8.< 0.4 6.1 1.= =.> =.0 =.6  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.< 8.0 ?.0 6.0 <.1 <.4 6.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s >.9 6.0 0.< ?6.8 ->.? -60.9 <.6 =.=  Emt bws be mxtmre` m t =.? <.8 0.9 ?9.> -4.8 -?.> 6.1 6.9

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

bt` `cbuet bra vme . . . . . . . .

Fmot ouyo`lg 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 09.? 06.= 06.< 0<.> 0?.0 0?.9 0?.9 00.4Netmrmst <.1 <.= <.< <.0 ?.4 ?.9 ?.< ?.8Xrnv`tm lrmfntbrs

Xrnelnp`j 00.8 00.8 00.8 08.= 1.9 6.9 0.9 0.9Netmrmst 6.8 <.< ?.= 0.4 0.0 8.9 8.< 8.?

 Ebtms;

F`t` be jbea-tmrc puojnl ef puojnljy au`r`etmmf fmot rm Qbrjf O`eg st`ii mstnc`tms o`smf be rmpbrts prbvnfmf oy tdm lbuetry. \dbrt-tmrc fmot f`t` rm

mxljufmf snelm ON\ f`t` neljufm fmot jn`onjntnms bi biisdbrm lmetmrs jbl`tmf ne tdm lbuetry. ON\ sdbrt-tmrc fmot f`t` ibr ?881, ?884, `ef ?88> rm $=1= cnjjnbes,

$661 cnjjnbes, ef $616 cnjjnbes rmspmltnvmjy.

?9>

Page 282: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 282/341

Page 283: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 283/341

\]F@E

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf >,9=0 08,?1= 08,9<> 00,84= 00,99? 0?,<=1 0?,<49 0?,>>4Xuojnl ef puojnljy au`r`etmmf >,0== >,11> 08,06< 00,84= 00,99? 0?,<=1 0?,<49 0?,>>4  Biinln`j lrmfntbrs 1,=88 1,>?0 4,<49 4,>>1 >,69? 08,8?6 >,>>= 08,=6>  Cujtnj`tmr`j 0,1?< ?,0<< 0,>94 ?,=08 ?,109 ?,>>6 <,0?0 <,0=6  b w l ; NO_F 0> 9 0 8 8 8 8 8  NF@ 0,8?4 0,?1? 0,091 0,?<6 0,?10 0,<81 0,<88 0,<89

  Onj`tmr`j =,111 =,141 9,604 9,641 9,169 1,8<8 9,41= 1,<>=  Xrnv`tm lrmfntbrs 0,9== 0,4=> 0,1=4 ?,841 ?,?88 ?,<<< ?,<>8 ?,66>  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 0,9=0 0,4== 0,?>9 0,=46 0,9>9 0,4?> 0,441 0,>6=Xrnv`tm ebeau`r`etmmf 6>9 6>9 6>9 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 04= =0 490 <9> 69= 99? 69= >90Xuojnl `ef puojnljy au`r`etmmf 04= =0 490 <9> 69= 99? 69= >90  Biinln`j lrmfntbrs 04= =0 <04 <9> 69= 99? 69= >90  Cujtnj`tmr`j 04= =0 010 0?6 0=8 ?0? 011 009  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 0?0 8 8 8 8 8 8 8  Onj`tmr`j 8 8 069 ?6= <0= 6=8 ?44 46=  Xrnv`tm lrmfntbrs 8 8 =6< 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 41 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 0= 0= 06< ?>0 ?<4 ?09 ?04 <=6Xuojnl `ef puojnljy au`r`etmmf 0= 0= 06< ?>0 ?<4 ?09 ?04 <=6  Biinln`j lrmfntbrs 0= 0= 06< ?>0 ?<4 ?09 ?04 <=6  Cujtnj`tmr`j 0= 0= <? ?1 0= <1 ?> 90  bi wdnld; NO_F 08 8 ? 8 8 8 8 8  NF@ 6 8 ? 0 ? 8 0 8  Onj`tmr`j 8 8 000 ?96 ??< 014 04> ?>6  Xrnv`tm lrmfntbrs 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets > ? 6? 91 =6 4< 99 000Xuojnl `ef puojnljy au`r`etmmf > ? 6? 91 =6 4< 99 000  Biinln`j lrmfntbrs > ? 60 91 =6 4< 99 000

  Cujtnj`tmr`j > ? 09 ?< 0? 68 <= 6<  bi wdnld; NO_F ? 8 8 8 8 8 8 8  NF@ 9 8 ? 0 0 8 ? 8  Onj`tmr`j 8 8 ?9 6< 60 6< <0 94  Xrnv`tm lrmfntbrs 8 8 0 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 0,68< 94= -0?< -484 4<< ><1 <8? 911  Emt bws be mxtmre` m t 09> 8 9?= =4 0?6 <?6 <46 <<1

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 8 8 8 8 8 ?>

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 10? 10< 94> 64= =?? 6<6 <1= <<0Netmrmst 068 0?> 00? >> >> 4= 16 99Xrnv`tm lrmfntbrs

Xrnelnp`j 8 8 8 8 8 8 8 8Netmrmst 8 8 8 8 8 8 8 8

 Ebtms;

F`t` be jbea-tmrc puojnl `ef puojnljy au`r`etmmf fmot mxljufm pme`jty netmrmst.

?10

Page 284: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 284/341

\Q@[NJ@EF

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs ?=9.4 ?6>.= ?96.4 66?.< 60<.4 686.0 <18.8 601.4  Jbea-tmrc mxtmre`j fmot ?=?.? ?<4.< ?9?.> <9?.? <96.1 <94.9 <==.8 <>8.4  Xuojnl ef puojnljy au`r`etmmf ?=?.? ?<4.< ?9?.> <9?.? <96.1 <94.9 <==.8 <>8.4  Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  ]sm bi NCI lrmfnt 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  \dbrt-tmrc mxtmre`j fmot 6.9 00.0 0.4 48.0 6>.0 <=.= 0=.8 ?1.8  netmrmst `rrm`rs be jbea-tmrc 8.0 8.= 8.8 0=.0 04.0 =.= 0=.8 ?=.8

 Cmcbr`efuc ntmcs  8.? 6.8 8.? 1.0 08.9 9.? 00.= ??.<    ?=?.? ?<4.< ?9?.> <9?.? <96.1 <94.9 <==.8 <>8.4    8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  8.8 ?>.8 8.1 8.8 9.9 8.8 8.0 ?6.?

Mxtmre`j fmot ijbwsFnsoursmcmets 0<.9 4.0 0=.4 =0.0 ??.> 0?.6 =9.9 <<.?  Jbea-tmrc mxtmre`j fmot 0<.9 4.0 0=.4 =0.0 ??.> 0?.6 =9.9 <<.?  NCI purld`sms 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets <6.9 0<.= 0?.6 04.0 01.6 ??.6 <<.= ?4.6  Jbea-tmrc mxtmre`j fmot <6.? 0<.= 0?.6 04.0 01.6 ??.6 <<.= ?4.6  NCI rmpurld`sms 8.< 8.8 8.8 8.8 8.8 8.8 8.8 8.8

 Emt ijbws -<1.9 -0.0 -61.= =6.0 -?4.= -00.8 -9.> 9.4  Jbea-tmrc mxtmre`j fmot -?8.9 -=.6 <.6 <<.0 =.= -08.8 ?<.0 6.4

  \dbrt-tmrc mxtmre`j fmot -09.1 6.< -=8.> ?0.8 -<6.8 -0.8 -<8.8 ?.8Netmrmst p`ycmets >.1 6.9 04.? 09.6 04.0 ?6.4 0>.0 0=.4  Jbea-tmrc mxtmre`j fmot >.? 6.0 09.0 0<.9 0=.0 ?<.6 04.4 0=.4  NCI ld`rams 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  \dbrt-tmrc mxtmre`j fmot 8.6 8.6 ?.0 ?.4 <.0 0.6 8.6 8.8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet <8.0 =0.4 >8.1 -6=.> 0?0.8 <1.= 08=.4 99.8Xbrtibjnb mqunty -?.? 8.4 0.6 8.4 =.= 0.8 .. -9.9

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 00.= 00.1 0?.? 04.< 01.9K`p`emsm yme 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea 08.< 6.9 0.8 8.? 8.0 8.8 8.8 8.8\wnss ir`el 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs 00.< 4.? 08.6 09.= 0=.9 06.= 06.0 0=.9

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 8.8 1.0 <.8 8.8 ?.= 8.8 ?.4 <.8  C`turnty (ym`rs) 8.8 0>.= 68.? 8.8 ?0.4 8.8 60.6 ?1.9  Ar`lm pmrnbf (ym`rs) 8.8 =.8 ?1.? 8.8 6.< 8.8 08.4 6.4Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 0016.8 011>.= 0=?<.4 ?18?.< ?94<.1 ?>>8.> ?4?>.9 ?184.8Mxpbrts bi abbfs, smrvnlms & nelbcm 40>.9 004?.? 0<19.6 ?0>8.6 ?041.4 ?648.< .. ?89=.8Qbrgmr rmcnt. & lbcp. bi mcpjbymms 00?.4 4?.9 =9.> >=.6 >4.9 088.= 088.= 000.6Ncpbrts bi abbfs, smrvnlms & nelbcm 418.6 0<==.> 0=??.> ?<>8.= ?=0=.> ?1<>.4 ??44.> ??94.8Xrbint rmcntt`elms be IFN 4=.6 94.8 9=.> 66.8 091.8 098.8 .. ..Lurrmet `llbuet o`j`elm =8.1 -?>.1 -6=.> -08?.9 -0>9.9 -9=.= .. ..Netmre`tnbe`j rmsmrvms ?09.= ?>4.? <=0.4 ?6<.> <1?.= 116.? 1=0.> >=4.>

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) <0.< ?0.0 0>.? ?8.? 04.> 09.< .. ?8.?Mxtmre`j fmot stblgs tb AEN (%) ?0.> 06.8 01.6 09.6 0=.6 0<.= 0<.0 0=.6Fmot smrvnlm tb mxpbrts (%) =.6 0.= ?.? 0.9 0.9 0.> .. ?.0\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 0.4 6.= 8.1 04.0 00.> 4.4 6.0 9.=Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 6=.< 64.? =9.9 =6.0 =>.= 9?.< 9=.0 90.8_msmrvms tb mxtmre`j fmot stblgs (%) 46.< 00>.= 0<?.> ==.0 >8.8 0>0.9 ?8<.? ??>.=_msmrvms tb ncpbrts (cbetds) <.8 ?.9 ?.4 0.? 0.4 <.6 <.> =.0

?1?

Page 285: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 285/341

Page 286: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 286/341

\^_N@E @_@O _MX]OJNL

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 01,<=< ?0,4>1 ??,0=9 =,=<0 =,=8= =,9?= =,<04 =,?<9  Jbea-tmrc mxtmre`j fmot 0=,84= 09,>== 09,696 =,8?= 6,>09 6,>19 6,1<1 6,648  Xuojnl ef puojnljy au`r`etmmf 0=,84= 09,>== 09,696 =,8?= 6,>09 6,>19 6,1<1 6,648  Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  ]sm bi NCI lrmfnt 8 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot ?,?94 6,>6? =,9>? =89 =4> 96> =40 1=9  netmrmst `rrm`rs be jbea-tmrc =11 ?,80< ?,<1? 0>< 0>9 06? 06= ?89

 Cmcbr`efuc ntmcs  >4< =,16< 4,4?4 ?9= ?18 ?0< ??8 ??9    0=,846 09,>=6 09,696 =,8?= 6,>09 6,>19 6,1<1 6,648    8 8 8 8 8 8 8 8  <66 8 9> 619 <<8 ?18 ?1> =19

Mxtmre`j fmot ijbwsFnsoursmcmets 011 ?>1 04 04> ?08 6?= ?4? ?40  Jbea-tmrc mxtmre`j fmot 011 ?>1 04 04> ?08 6?= ?4? ?40  NCI purld`sms 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 0,8== 9> ?<> 6<> 94> =69 =98 6>>  Jbea-tmrc mxtmre`j fmot 0,8== 9> ?<> 6<> 94> =69 =98 6>>  NCI rmpurld`sms 8 8 8 8 8 8 8 8

 Emt ijbws -910 =68 -4?9 -<=1 -<>> -1 -<=8 -086  Jbea-tmrc mxtmre`j fmot -41> ??> -??0 -?=8 -61> -0?0 -?1> -?04

  \dbrt-tmrc mxtmre`j fmot ?84 <00 -98= -081 48 006 -10 006Netmrmst p`ycmets 001 ?0< ?61 0?9 0<< 0<> 069 066  Jbea-tmrc mxtmre`j fmot <= 16 0?1 008 00< 006 0?= 00>  NCI ld`rams 8 8 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 4? 0<> 0?8 09 ?8 ?= ?? ?=

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 68 088 ?18 =88 9=> 0,?6? 0,691 0,6<6Xbrtibjnb mqunty 8 8 8 8 8 8 8 ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 0?.6 06.> ?0.9 ??.6 ?9.0K`p`emsm yme 0.1 <.> 6.> >.1 06.0 0<.8 0=.= 06.=Xbuef stmrjnea 8.9 0.8 8.9 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs 49.9 40.4 46.0 6>.0 6?.< <9.9 <<.< <0.8

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) <.4 8.8 0.8 6.4 0.9 ?.8 0.4 0.>  C`turnty (ym`rs) ?<.8 8.8 ?=.< 04.9 ?8.0 0>.< 0=.< ?9.4  Ar`lm pmrnbf (ym`rs) 9.? 8.8 =.< 6.< 4.= 6.9 <.9 1.?Xrnv`tm lrmfntbrs

  Netmrmst (%) <.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 0?.4 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) <.9 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 00,>== 00,=>0 04,669 ?1,94= <?,61? <>,498 =<,<91 =8,>08Mxpbrts bi abbfs, smrvnlms & nelbcm =,698 9,?80 1,0>8 00,>81 0<,=>1 09,?0? 0>,>06 ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms <4= <<> 048 4?< 1>= 0,0=8 0,688 0,8=8Ncpbrts bi abbfs, smrvnlms & nelbcm <,149 9,=6= 9,906 0?,<=> 0<,?6? 09,=1< ?8,>>4 ..Xrbint rmcntt`elms be IFN 8 8 8 0,??8 0,09= 0,84= 0,=?1 ..Lurrmet `llbuet o`j`elm 0,19? ?9< 0,890 ?>> >?8 6=> 99 ..Netmre`tnbe`j rmsmrvms 661 664 <== 01,116 09,>>1 01,181 01,146 04,<88

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) <01.4 <=<.0 <84.0 69.6 68.= <6.1 ?9.1 ..Mxtmre`j fmot stblgs tb AEN (%) 06=.? 044.> 0?8.0 ?8.8 01.8 06.0 08.8 08.<Fmot smrvnlm tb mxpbrts (%) ?0.= 6.= 9.4 6.1 9.8 6.? <.= ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 0<.0 ??.9 ?=.1 >.0 08.1 00.= 08.> 06.6Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 6.> 6.4 ?.9 04.< ?8.1 ?9.> ?>.8 <0.9_msmrvms tb mxtmre`j fmot stblgs (%) ?.9 ?.8 0.9 <?0.6 <84.1 <06.4 <<6.6 <6>.=_msmrvms tb ncpbrts (cbetds) 0.6 8.4 8.9 01.< 0=.6 0?.4 08.? ..

?16

Page 287: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 287/341

\^_N@E @_@O _MX]OJNL

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 0=,84= 09,>== 09,696 =,8?= 6,>09 6,>19 6,1<1 6,648Xuojnl ef puojnljy au`r`etmmf 0=,84= 09,>== 09,696 =,8?= 6,>09 6,>19 6,1<1 6,648  Biinln`j lrmfntbrs 0<,408 0=,10> 0=,=8? =,8?= 6,>09 6,>19 6,1<1 6,648  Cujtnj`tmr`j 4=< 0,8=0 =19 0,806 0,068 0,=06 0,=66 0,9=1  b w l ; NO_F 61> 6?4 ?= 8 8 8 8 8  NF@ 66 66 <8 ?? ?0 0> 04 09

  Onj`tmr`j 0?,>=1 06,994 06,>?9 6,808 <,119 <,690 <,0>< ?,4?6  Xrnv`tm lrmfntbrs 0,?1= 0,?<9 >9? 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 011 ?>1 04 04> ?08 6?= ?4? ?40Xuojnl `ef puojnljy au`r`etmmf 011 ?>1 04 04> ?08 6?= ?4? ?40  Biinln`j lrmfntbrs 0=0 ?>1 04 04> ?08 6?= ?4? ?40  Cujtnj`tmr`j ?6 0?< 0? 0<8 011 <1? ?8< ?<?  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 0?1 016 9 => << =< 1> 6>  Xrnv`tm lrmfntbrs ?= 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 0,8== 9> ?<> 6<> 94> =69 =98 6>>Xuojnl `ef puojnljy au`r`etmmf 0,8== 9> ?<> 6<> 94> =69 =98 6>>  Biinln`j lrmfntbrs 0,8?0 94 ??6 6?4 94> =69 =98 6>>  Cujtnj`tmr`j 0> 6? 99 1> >? 08< 0?0 0?=  bi wdnld; NO_F 0 0< 06 8 8 8 8 8  NF@ ? 8 0 0 0 0 0 0  Onj`tmr`j 0,88? ?9 0=4 <6> =>4 66< 6<> <1<  Xrnv`tm lrmfntbrs <6 0 09 00 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets <= 16 0?1 008 00< 006 0?= 00>Xuojnl `ef puojnljy au`r`etmmf <= 16 0?1 008 00< 006 0?= 00>  Biinln`j lrmfntbrs ?4 16 0?9 008 00< 006 0?= 00>

  Cujtnj`tmr`j 0? <1 4? 6? 6= =8 9< 90  bi wdnld; NO_F 0 0? =1 8 8 8 8 8  NF@ 0 8 8 8 8 8 8 8  Onj`tmr`j 09 <1 66 94 94 9< 9? =4  Xrnv`tm lrmfntbrs 1 8 0 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s -?=9 49< -1<8 -0<,6<1 -?= 0?8 -<81 -40  Emt bws be mxtmre` m t -910 =68 -4?9 -<=1 -<>> -1 -<=8 -086

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 =99 0,9=8 8 60 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j =91 =1> =4< =46 =96 6== <=> <?0Netmrmst 00< 001 004 00< 089 >> 4> 1>Xrnv`tm lrmfntbrs

Xrnelnp`j 8 8 8 8 8 8 8 8Netmrmst 8 8 8 8 8 8 8 8

 Ebtms;

Dnstbrnl`j f`t` ibr jbea-tmrc puojnl `ef puojnljy au`r`etmmf fmot `rm rmvnsmf o`smf be rmpbrts prbvnfmf oy Lmetr`j O`eg.

?1=

Page 288: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 288/341

Page 289: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 289/341

V@KNGN\V@E

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf .. =>8 469 4=? 419 0,08< ?,?10 ?,6=4Xuojnl `ef puojnljy au`r`etmmf .. =>8 1== 4?9 468 0,89< 0,<16 0,98<  Biinln`j lrmfntbrs .. =?? 186 401 4<1 0,89< 0,<16 0,98<  Cujtnj`tmr`j .. 8 049 =0> 98? 991 1<< 4?9  b w l ; NO_F .. 8 8 8 8 8 8 8  NF@ .. 8 06< <84 <<> <98 <9= <1<

  Onj`tmr`j .. =?? =04 ?>4 ?<= <>9 960 111  Xrnv`tm lrmfntbrs .. 94 =0 4 < 8 8 8  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 94 =0 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 >0 ?9 <1 68 4>1 4==  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Fnsoursmcmets .. ?4 <1 084 06> ?99 <41 =<?Xuojnl `ef puojnljy au`r`etmmf .. ?4 <9 08= 0<< ?=8 <=9 ?84  Biinln`j lrmfntbrs .. ?4 <9 08= 0<< ?=8 <=9 ?84  Cujtnj`tmr`j .. 8 <9 1< 96 =? 9> 088  bi wdnld; NO_F .. 8 8 8 8 8 8 8  NF@ .. 8 ?< <= 09 4 08 >  Onj`tmr`j .. ?4 8 <? 9> 0>4 ?41 084  Xrnv`tm lrmfntbrs .. 8 8 8 8 8 8 8  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 0 < 09 09 <0 <?6

  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets .. 8 ?4 6? <> 60 99 60<Xuojnl `ef puojnljy au`r`etmmf .. 8 0= <1 <6 ?> =? <=  Biinln`j lrmfntbrs .. 8 0= <1 <8 ?> =? <=  Cujtnj`tmr`j .. 8 8 06 00 0? 08 06  bi wdnld; NO_F .. 8 8 8 8 8 8 8  NF@ .. 8 8 8 8 0 ? 6  Onj`tmr`j .. 8 0= ?? 0> 01 6? ?8  Xrnv`tm lrmfntbrs .. 8 8 8 < 8 8 8  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 0? = 9 0? 0= <14  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Netmrmst p`ycmets .. 8 ?0 08 ?< ?8 ?4 6<Xuojnl `ef puojnljy au`r`etmmf .. 8 1 > ?0 04 ?9 ?6  Biinln`j lrmfntbrs .. 8 6 > 0> 04 ?9 ?6

  Cujtnj`tmr`j .. 8 0 9 0< 00 0< >  bi wdnld; NO_F .. 8 8 8 8 8 8 8  NF@ .. 8 0 ? < < < <  Onj`tmr`j .. 8 < < 1 1 0? 0=  Xrnv`tm lrmfntbrs .. 8 6 8 ? 8 8 8  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 6 8 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 8 06 0 ? ? < 0>  bi wdnld; Obefs .. 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s .. =< -?60 ?6 -6> 0<9 0,096 ?80  Emt bws be mxtmre` m t .. ?4 -6 48 0<= 0<? <01 0<<

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf .. 8 8 8 8 8 8 8

bt` cbuet bra vme ..

Fmot ouyo`lg .. 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j =< 1? 4= >8 >< >0 41 44Netmrmst ?= ?= ?= ?6 ?< ?? ?0 0>Xrnv`tm lrmfntbrs

Xrnelnp`j ??= 09> 0=6 44 9> 64 68 <?Netmrmst 64 <= ?= 01 0? 4 9 <

 Ebtms;

V`kngnst`e w`s ar`etmf fmot rmjnmi miimltnvm ne ?889 uefmr CF_N.

?11

Page 290: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 290/341

V@E[@EN@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 9,669 1,<9= 1,06? 4,<== 6,86> =,884 =,>96 1,<?=  Jbea-tmrc mxtmre`j fmot =,149 9,?86 =,>9> 1,889 <,8<= <,>?= 6,988 =,9=<  Xuojnl ef puojnljy au`r`etmmf =,149 9,?86 =,>9> 9,669 ?,6=? <,040 <,100 6,9<1  Xrnv`tm ebeau`r`etmmf 8 8 8 =98 =4< 166 44> 0,809  ]sm bi NCI lrmfnt 068 0>1 <?6 <6? 0< 04 01 <?>  \dbrt-tmrc mxtmre`j fmot =?8 >96 46> 0,889 0,880 0,89= 0,<61 0,<6?  netmrmst `rrm`rs be jbea-tmrc 686 >86 961 90= =>= 9?4 196 4<1

 Cmcbr`efuc ntmcs  4?9 0,6>6 9>= 9== 68= 6<8 6>1 =?8    =,1?4 9,089 =,>01 9,669 ?,6=? <,040 <,100 6,9<1    =4 >4 =? =98 =4< 166 44> 0,809  9>1 060 <>0 901 468 4=4 4?6 4?<

Mxtmre`j fmot ijbwsFnsoursmcmets <?= ?90 ?96 616 =11 9=6 =?< 0,<1?  Jbea-tmrc mxtmre`j fmot ?>9 ?90 ?00 699 =1< 96> =?< 0,89=  NCI purld`sms ?> 8 =< 4 6 6 8 <81

Xrnelnp`j rmp`ycmets 004 060 086 11 <9 ?8 ?? 08=  Jbea-tmrc mxtmre`j fmot 4> 0?? >6 <0 <9 ?8 ?? 08=  NCI rmpurld`sms ?4 0> 08 69 8 8 8 8

 Emt ijbws ??6 >4 ?8= 6=> ==1 99= 961 0,044  Jbea-tmrc mxtmre`j fmot ?81 0<> 004 6<= =<4 9<8 =80 >98

  \dbrt-tmrc mxtmre`j fmot 09 -?? 66 9? 0= <0 069 -14Netmrmst p`ycmets 9? 4= 9< =6 =0 66 6? =>  Jbea-tmrc mxtmre`j fmot 61 48 =0 66 <> ?9 ?1 6=  NCI ld`rams 9 0 ? 0 8 8 8 0  \dbrt-tmrc mxtmre`j fmot > 6 08 > 0? 0> 0= 0<

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 8 0?8 69< 6>6 =>1 961 166 96=Xbrtibjnb mqunty 8 8 8 < < < < ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. ?.> 1.= 9.9 =.9 6.9K`p`emsm yme 4.= 08.> 1.> 1.8 6.> 6.8 6.< <.6Xbuef stmrjnea 00.1 08.? 4.> 6.4 8.1 8.0 8.0 8.0\wnss ir`el 8.9 8.0 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs <=.1 <4.4 =0.> =6.0 69.< 68.0 60.? 66.=

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 0.0 0.1 8.> 0.? 8.4 8.1 8.1 8.4  C`turnty (ym`rs) <=.6 ??.< <4.? <1.0 60.8 60.< 6?.= <1.=  Ar`lm pmrnbf (ym`rs) >.6 1.6 >.4 >.< 08.0 08.0 08.< >.>Xrnv`tm lrmfntbrs

  Netmrmst (%) ?.= 0.> 8.8 8.8 8.8 6.1 8.8 <.>  C`turnty (ym`rs) 0<.< <.1 0.8 8.8 8.8 00.0 8.8 <.8  Ar`lm pmrnbf (ym`rs) 9.4 0.9 0.8 8.8 8.8 0.9 8.8 <.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 6,81? =,0<0 4,>=> 06,88? 06,?91 09,191 ?8,966 ?0,=<=Mxpbrts bi abbfs, smrvnlms & nelbcm =66 0,?>1 0,<60 <,8?> <,=?9 6,?08 =,<?1 6,96<Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. 0 4 0> 0= 06 0> 04Ncpbrts bi abbfs, smrvnlms & nelbcm 0,99= ?,?40 ?,?<8 6,<>8 =,?=4 9,660 4,?=0 1,=?0Xrbint rmcntt`elms be IFN 8 ? 0< 99 99 94 94 ..Lurrmet `llbuet o`j`elm -==> -=>8 -6>> -496 -0,06< -0,=48 -?,<81 ..Netmre`tnbe`j rmsmrvms 0>< ?18 >16 ?,86> ?,?=> ?,449 ?,49< <,618

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 0,046.< =91.> =<?.9 ?1=.4 006.4 00>.8 00?.8 0=1.4Mxtmre`j fmot stblgs tb AEN (%) 0=4.< 06<.= 1>.1 =>.1 ?4.6 ?>.> ?4.> <6.8Fmot smrvnlm tb mxpbrts (%) <?.> 01.6 0?.6 6.6 ?.= 0.= 0.? <.=\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 4.0 0<.0 00.> 0?.8 ?6.1 ?0.< ??.9 04.<Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) <8.9 <1.> 6=.1 =4.< <9.1 6<.9 66.> 64.4_msmrvms tb mxtmre`j fmot stblgs (%) <.8 <.1 0<.9 ?6.= ==.4 =1.9 64.8 61.6_msmrvms tb ncpbrts (cbetds) 0.6 0.6 =.? =.9 =.? =.6 6.? =.=

?14

Page 291: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 291/341

V@E[@EN@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf =,149 9,?86 =,>9> 1,889 <,8<= <,>?= 6,988 =,9=<Xuojnl ef puojnljy au`r`etmmf =,149 9,?86 =,>9> 9,669 ?,6=? <,040 <,100 6,9<1  Biinln`j lrmfntbrs =,?>> =,1>4 =,119 9,<60 ?,<=4 <,81> <,90< 6,=?8  Cujtnj`tmr`j 0,>19 ?,1>0 <,?91 6,494 0,646 ?,04? ?,911 <,=1<  b w l ; NO_F ?6< 41 00 8 8 8 8 8  NF@ 0,?=8 ?,04? ?,=>< <,490 0,8=9 0,=4= 0,>10 ?,=>4

  Onj`tmr`j <,<?6 <,884 ?,=84 0,61? 41< 4>1 ><9 >61  Xrnv`tm lrmfntbrs 641 689 0>6 08= >= 08? >4 004  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 4< 1= 40 99 =6 98 =1 =>Xrnv`tm ebeau`r`etmmf 8 8 8 =98 =4< 166 44> 0,809  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets ?>9 ?90 ?00 699 =1< 96> =?< 0,89=Xuojnl `ef puojnljy au`r`etmmf ?>9 ?90 ?00 699 =1< 96> =?< >0>  Biinln`j lrmfntbrs ?48 ??8 ?89 661 =98 969 =?< 44>  Cujtnj`tmr`j ?88 041 041 666 6>6 9?1 =?< 446  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 049 098 06? ?1= 609 61= <>6 984  Onj`tmr`j 48 << 0> < 99 0> 8 =  Xrnv`tm lrmfntbrs 01 68 = 0> 0< < 8 <8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 6 = = 0> 0< < 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 069

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 4> 0?? >6 <0 <9 ?8 ?? 08=Xuojnl `ef puojnljy au`r`etmmf 4> 0?? >6 <0 <9 ?8 0< ?9  Biinln`j lrmfntbrs 11 088 11 <0 << 0> 0< 0<  Cujtnj`tmr`j 6= 14 ?> ?9 ?1 0< 0< 0<  bi wdnld; NO_F ?9 <6 6 8 8 8 8 8  NF@ 9 0? > 0= 1 0 0 0  Onj`tmr`j << ?0 61 = 1 9 8 8  Xrnv`tm lrmfntbrs 0? ?? 01 8 ? 0 8 0<  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 ? 0 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 > 1>  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 61 48 =0 66 <> ?9 ?1 6=Xuojnl `ef puojnljy au`r`etmmf 61 48 =0 6? <1 ?< ?0 ?1  Biinln`j lrmfntbrs 66 11 6> 6? <= ?? ?0 ?6

  Cujtnj`tmr`j ?1 =9 ?< <4 ?> 01 ?0 ?6  bi wdnld; NO_F 01 4 0 8 8 8 8 8  NF@ 4 09 0= <8 0> 08 0< 0=  Onj`tmr`j 01 ?8 ?9 6 1 9 8 0  Xrnv`tm lrmfntbrs < < ? 8 ? 0 8 <  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 ? 0 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 ? ? ? 9 04  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 98? 066 -101 -??< -6,<89 >=> >=9 0,<90  Emt bws be mxtmre` m t ??6 >4 ?8= 6=> ==1 99= 961 0,044

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 04< 8 <6? 8 8 8 8 8

bt` `cbuet bra vme ,

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 08= >< >1 14 4= 088 0?6 066Netmrmst 68 6? 6< 66 66 6< 6? 60Xrnv`tm lrmfntbrs

Xrnelnp`j 046 098 04= ?0> 080 11 9= 6>Netmrmst <1 <? ?4 04 0= 0? 08 >

 Ebtms;

F`t` be jbea-tmrc puojnl `ef puojnljy au`r`etmmf fmot neljufm fmot jn`onjntnms bi [`ezno`r. F`t` be jbea-tmrc prnv`tm ebeau`r`etmmf fmot `rm Qbrjf O`eg st`ii

mstnc`tms irbc ?886 tb ?881. F`t` be jbea-tmrc prnv`tm ebeau`r`etmmf fmot `rm rmpbrtmf oy Lmetr`j O`eg irbc ?884. V`ez`en` w`s ar`etmf fmot rmjnmi miimltnvm

ne ?889 uefmr CF_N.

?1>

Page 292: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 292/341

VD@NJ@EF

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs ?4,8>6 088,8<> 1>,1?8 69,<=6 6=,4>< 64,966 =6,4=4 =4,1==  Jbea-tmrc mxtmre`j fmot 0>,110 ==,>66 90,114 <8,<68 ?4,840 ?1,886 <8,966 <8,41<  Xuojnl ef puojnljy au`r`etmmf 0?,698 09,4?9 ?>,69< 06,999 0?,=6< 08,4=9 00,=4< 00,04=  Xrnv`tm ebeau`r`etmmf 1,<00 <>,001 <?,<09 0=,91= 0=,=<4 09,064 0>,890 0>,94>  ]sm bi NCI lrmfnt 0 8 <,89? 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 4,<?? 66,8>= 06,448 09,806 01,40? ?0,968 ?6,?06 ?1,440  netmrmst `rrm`rs be jbea-tmrc 8 8 8 8 8 8 6 4

 Cmcbr`efuc ntmcs  8 8 8 8 8 8 8 8    0?,698 09,4?9 ?>,69< 06,999 0?,=6< 08,4=9 00,=4< 00,04=    1,<00 <>,001 <?,<09 0=,91= 0=,=<4 09,064 0>,890 0>,94>  0,1== ?,><8 0,<<1 ?,099 =88 =00 ?,99< >?<

Mxtmre`j fmot ijbwsFnsoursmcmets 6,=9> 08,10= 6,8<0 09,0<< 0<,1?= 04,0<8 0<,86> >,86<  Jbea-tmrc mxtmre`j fmot 6,=9> 08,10= 6,8<0 09,0<< 0<,1?= 04,0<8 0<,86> >,86<  NCI purld`sms 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets <,?96 6,<>4 >,06? 09,=90 0?,4<< ?8,616 0=,??= 08,>8>  Jbea-tmrc mxtmre`j fmot ?,>4< 6,<>4 4,>6= 09,=90 0?,4<< ?8,616 0=,??= 08,>8>  NCI rmpurld`sms ?40 8 0>4 8 8 8 8 8

 Emt ijbws <,=0= ?0,?<< -0<,96> 6,8>4 ?,9>8 0,646 <>< 0,1>1  Jbea-tmrc mxtmre`j fmot 0,=49 9,<01 -6,>0< -6?4 4>? -?,<66 -?,011 -0,499

  \dbrt-tmrc mxtmre`j fmot ?,?08 06,>09 -4,=<4 6,=?9 0,1>4 <,4?4 ?,=18 <,99<Netmrmst p`ycmets ?,8?9 6,04> 6,46> 0,9?6 0,>0> 0,164 0,4=4 0,106  Jbea-tmrc mxtmre`j fmot 0,<== ?,969 <,119 0,0?0 0,0=1 >=> 0,?4= 0,??8  NCI ld`rams ?0 8 094 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 9=8 0,=6< >8= =8< 190 14> =1< 6>=

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet ?,666 ?,894 <,<99 4,8== >,6=< 00,<?6 4,=18 =,>=9Xbrtibjnb mqunty 668 ?,?=< >88 =,0?0 =,?6? 6,?94 -<,48? 0,410

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 0.> ?.0 ?.= ?.8 0.>K`p`emsm yme 6?.1 61.1 69.< =<.9 =9.0 =4.9 =9.< =>.1Xbuef stmrjnea 8.6 8.? 8.0 8.0 8.0 8.0 8.8 8.8\wnss ir`el =.1 8.> 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs 0=.4 ?1.? 69.< 6?.> 68.> <4.8 60.8 <4.0

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 6.6 6.6 0.= 0.9 8.8 ?.8 0.8 0.8  C`turnty (ym`rs) ?=.9 ?<.= <4.0 01.= 8.8 01.? ?6.1 ?6.0  Ar`lm pmrnbf (ym`rs) 1.4 9.6 4.? 9.> 8.8 =.? 9.1 9.9Xrnv`tm lrmfntbrs

  Netmrmst (%) =.4 9.9 0.= 6.< =.6 =.6 <.6 <.1  C`turnty (ym`rs) 0=.? 4.> 1.< 08.= =.> >.9 9.< >.0  Ar`lm pmrnbf (ym`rs) =.> 6.< <.= >.0 ?.< >.> <.= 0.0

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 46,?10 09=,?40 0?8,48> 091,1>> 0>4,41= ?<4,84< ?90,1<4 ?=?,80<Mxpbrts bi abbfs, smrvnlms & nelbcm <0,?4> 16,8>< 4=,>>1 0<<,010 0=1,601 044,>?> ?0=,1?9 049,849Qbrgmr rmcnt. & lbcp. bi mcpjbymms >1< 0,9>= 0,9>1 0,041 0,<<< 0,9<= 0,4>4 0,9<1Ncpbrts bi abbfs, smrvnlms & nelbcm <4,14< 44,090 11,?9> 06<,4?0 0=4,694 011,0>8 ?04,1>6 018,?>0Xrbint rmcntt`elms be IFN <0? .. .. 6,=80 6,8<0 =,1>4 6,09? 6,09?Lurrmet llbuet o`j`elm -1,?40 -0<,=4? >,<0< -1,961 ?,<09 0=,914 0,9>4 ?8,?46Netmre`tnbe`j rmsmrvms 06,?=4 <9,><> <?,99= =?,819 91,884 41,61? 000,88> 0<4,60>

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 4>.4 0<=.8 >?.1 <6.4 ?>.? ?=.1 ?=.6 <0.9Mxtmre`j fmot stblgs tb AEN (%) <<.< 98.= 99.8 ?1.9 ?<.0 ?8.6 ?0.8 ?<.<Fmot smrvnlm tb mxpbrts (%) 09.> 00.9 09.< 0<.1 >.6 00.4 1.> 9.4\dbrt-tmrc tb mxtmre`j fmot stblgs (%) ?>.9 66.0 04.1 <6.= <4.4 66.= 66.0 61.=Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 0<.? <.? 9.1 0.4 0.6 8.9 8.= 8.6_msmrvms tb mxtmre`j fmot stblgs (%) =8.4 <9.> 60.8 00?.< 069.8 01>.4 ?8?.6 ?<=.9_msmrvms tb ncpbrts (cbetds) 6.6 =.8 =.0 6.< =.0 =.> 9.0 >.4

?48

Page 293: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 293/341

VD@NJ@EF

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 0>,110 ==,>66 90,114 <8,<68 ?4,840 ?1,886 <8,966 <8,41<Xuojnl ef puojnljy au`r`etmmf 0?,698 09,4?9 ?>,69< 06,999 0?,=6< 08,4=9 00,=4< 00,04=  Biinln`j lrmfntbrs 4,?4< 00,041 ?8,4?8 1,49? 1,8?< 9,?>1 9,>61 9,69>  Cujtnj`tmr`j <,109 <,?89 =,<<8 40> 9<? ?44 ?96 ?84  b w l ; NO_F ?,6?0 0,48= ?,>68 <49 <<9 9< 9= 16  NF@ 08> 08? >8 1< 9> 99 9? =>

  Onj`tmr`j 6,=91 1,>40 0=,64> 1,86< 9,<>0 9,88> 9,94< 9,?90  Xrnv`tm lrmfntbrs 6,011 =,9<> 4,96< 9,486 =,=?0 6,=98 6,9<9 6,109  bi wdnld; Obefs 1<4 0,=16 ?,9<8 6,?<9 <,869 ?,=99 0,>=6 0,1=6  Lbccmrln`j o`egs ?,0?9 <,86= =,009 ?,811 ?,891 0,91< ?,669 ?,404Xrnv`tm ebeau`r`etmmf 1,<00 <>,001 <?,<09 0=,91= 0=,=<4 09,064 0>,890 0>,94>  bi wdnld; Obefs 68 1,<1= 4,606 6,<4= <,=<= <,?40 <,040 <,868

Fnsoursmcmets 6,=9> 08,10= 6,8<0 09,0<< 0<,1?= 04,0<8 0<,86> >,86<Xuojnl ef puojnljy au`r`etmmf 0,?11 ?,1=4 <,8<0 0,410 >?9 =96 0,=>4 499  Biinln`j lrmfntbrs 449 0,601 ?,0=9 6<6 6?9 ?16 16 19  Cujtnj`tmr`j ?9< <=4 1=0 6< <9 ? ? 0<  bi wdnld; NO_F 016 069 6=9 <8 <0 ? ? 0<  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 9?6 0,8=> 0,68= <>0 <4> ?1? 1< 9<  Xrnv`tm lrmfntbrs <>0 0,<60 419 0,6<9 =88 ?>8 0,=?6 1>8  bi wdnld; Obefs 8 ?6? 8 ><9 ?88 ?>8 =?6 8  Lbccmrln`j o`egs 008 0,844 6== <88 <88 8 0,888 1>8Xrnv`tm ebeau`r`etmmf <,?>? 1,>=9 0,888 06,?9? 0?,1>> 01,=99 00,6=0 4,011

  bi wdnld; Obefs 8 ?,848 8 0,<88 1<= 61= 8 8

Xrnelnp`j rmp`ycmets ?,>4< 6,<>4 4,>6= 09,=90 0?,4<< ?8,616 0=,??= 08,>8>Xuojnl ef puojnljy au`r`etmmf ?,<>< 0,444 <,808 ?,489 ?,1>> 0,>41 ?,=<8 0,049  Biinln`j lrmfntbrs 144 >?= 0,999 ?,<?0 0,?00 0,?1? 0,884 691  Cujtnj`tmr`j 6<4 <98 1=< =?4 ??6 <=0 <8 9>  bi wdnld; NO_F ?81 ?80 040 0?4 40 ?1= 8 6  NF@ 0 ? < < < < < <  Onj`tmr`j <6> =99 >0? 0,1>< >41 >?0 >14 <>4  Xrnv`tm lrmfntbrs 0,98= >9? 0,<66 64= 0,=44 10= 0,=?0 10>  bi wdnld; Obefs 41 0>> 016 01? 0,<84 ?0> 0,0>? ?88  Lbccmrln`j o`egs 0,<?6 6<8 0,81? ?90 01> <>1 ??1 6?4Xrnv`tm ebeau`r`etmmf =>0 ?,=08 =,><= 0<,1== 08,8<6 04,644 0?,9>9 >,1?<  bi wdnld; Obefs 8 8 0,866 >84 0,=4= 1?> 088 060

Netmrmst p`ycmets 0,<== ?,969 <,119 0,0?0 0,0=1 >=> 0,?4= 0,??8Xuojnl `ef puojnljy au`r`etmmf 416 416 0,=11 646 6>> <>1 6=8 <9=  Biinln`j lrmfntbrs 66? =?0 0,884 ?<6 044 0== 0?8 00?

  Cujtnj`tmr`j ?46 ?04 <=8 =6 <9 ?9 > 9  bi wdnld; NO_F 044 0<= 014 ?> ?0 09 < ?  NF@ 0 0 0 0 0 0 8 8  Onj`tmr`j 0=4 <8? 9=4 048 0=< 0?> 000 089  Xrnv`tm lrmfntbrs 6<? <=< =9> ?=8 <00 ?6? <<8 ?=<  bi wdnld; Obefs 69 >1 0>< 0=4 044 0?= 081 98  Lbccmrln`j o`egs ??1 0>= <=< 11 089 08< ?0? 04>Xrnv`tm ebeau`r`etmmf 640 0,11? ?,0>> 9<1 9=4 =9? 4<9 4==  bi wdnld; Obefs ? ??? 619 ?49 ?94 ?1= ?66 ?=0

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 6,989 <6,=8= -01,8=8 -<,81> -690 ?,1=0 9,?0< <,4>1  Emt bws be mxtmre` m t <,=0= ?0,?<< -0<,96> 6,8>4 ?,9>8 0,646 <>< 0,1>1

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 6<0 660 <>6 606 601 6=6 618 690Netmrmst 000 006 00? 089 080 >< 4= 11Xrnv`tm lrmfntbrs

Xrnelnp`j =,4?< <,691 <,?<> ?,449 ?,8>4 0,461 0,881 0,84=Netmrmst 11? 9?4 =69 66< <69 ?68 0>1 0<1

 Ebtms;

\dbrt-tmrc fmot f`t` ibr ?88> rm Qbrjf O`eg st`ii mstnc`tms o`smf be abvmrecmet st`tnstnls. Dnstbrnl`j f`t` be jbea-tmrc prnv`tm ebeau`r`etmmf fmot rm rmvnsmf

 o`smf be rmpbrts prbvnfmf oy tdm lbuetry.

?40

Page 294: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 294/341

VBAB

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 0,?40 0,619 0,6<8 0,914 0,141 0,>91 0,9<4 0,968  Jbea-tmrc mxtmre`j fmot 0,840 0,?49 0,??4 0,66= 0,==0 0,9=? 0,61> 0,=8?  Xuojnl ef puojnljy au`r`etmmf 0,840 0,?49 0,??4 0,66= 0,==0 0,9=? 0,61> 0,=8?  Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  ]sm bi NCI lrmfnt 41 08= 18 06 4 ? 64 >0  \dbrt-tmrc mxtmre`j fmot 00< 4= 0<? ??8 ??1 <0< 000 61  netmrmst `rrm`rs be jbea-tmrc 0 ?1 9< 094 ?84 ?<1 ?1 <8

 Cmcbr`efuc ntmcs  < 96 9? <84 <9= 6<0 61 68    0,840 0,?49 0,??4 0,66= 0,==0 0,9=? 0,61> 0,=8?    8 8 8 8 8 8 8 8  00= 9> 8 ?9 =0 ?8 8 ?0?

Mxtmre`j fmot ijbwsFnsoursmcmets 008 => ?6 0= =< < =? 19  Jbea-tmrc mxtmre`j fmot 4> ?9 ?6 0= =< < ? <=  NCI purld`sms ?0 << 8 8 8 8 6> 60

Xrnelnp`j rmp`ycmets 6< 04 0> 0> ?? 00 06? 60  Jbea-tmrc mxtmre`j fmot ?1 1 08 4 09 6 060 60  NCI rmpurld`sms 09 00 > 00 9 1 ? 8

 Emt ijbws 09 <> -66 ?? -< 6> -4< -<<  Jbea-tmrc mxtmre`j fmot 9? 0> 06 1 <1 -0 -0<4 -1

  \dbrt-tmrc mxtmre`j fmot -=0 -? -6> ?9 -<< =1 4 -91Netmrmst p`ycmets 6< 00 08 ? 6 6 =6 06  Jbea-tmrc mxtmre`j fmot << 4 = 8 ? ? =0 0<  NCI ld`rams 6 0 8 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 9 < = 0 ? ? < 8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 04 ?9 6? 11 11 6> ?6 =8Xbrtibjnb mqunty 6 8 9 09 08 9 0 ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 04.< 0>.8 0>.> 06.1 06.9K`p`emsm yme <.8 <.< 9.? 6.> 6.9 6.= 6.0 <.>Xbuef stmrjnea 0.> 0.1 0.9 0.? 0.? 0.? 8.0 8.0\wnss ir`el 08.< 08.> 1.4 >.? >.< >.6 6.6 6.?].\.fbjj`rs 66.? 61.6 =?.9 6>.9 64.0 69.1 =4.< =9.6

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 8.1 8.1 8.8 0.1 0.< 0.8 8.8 0.>  C`turnty (ym`rs) <>.= <1.9 8.8 ?=.4 ?8.> ?8.0 8.8 ?0.4  Ar`lm pmrnbf (ym`rs) 08.6 >.> 8.8 9.? =.8 8.9 8.8 4.0Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 0,=>4 0,?9= 0,<88 ?,81< ?,048 ?,614 ?,4>? ?,4=8Mxpbrts bi abbfs, smrvnlms & nelbcm 9>9 61< 6=1 4=1 41> >16 0,?01 ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms ?1 0= <6 0>< ?<? ?46 <<1 <?>Ncpbrts bi abbfs, smrvnlms & nelbcm >0? 10< 996 0,?6> 0,?>> 0,69> 0,19< ..Xrbint rmcntt`elms be IFN 0= 0 01 61 == 66 =0 ..Lurrmet `llbuet o`j`elm -46 -0?? -068 -?86 -019 -?09 -??? ..Netmre`tnbe`j rmsmrvms <=4 0<8 0=? 0>= <1= 6<4 =4? 18<

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 046.0 <00.1 <0<.0 0>=.4 ?8<.< ?80.> 0<6.9 ..Mxtmre`j fmot stblgs tb AEN (%) 48.0 009.1 008.8 40.8 4?.8 1>.6 =9.9 =1.=Fmot smrvnlm tb mxpbrts (%) 0?.< 9.? 9.= ?.6 <.8 0.9 09.0 ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 4.4 =.4 >.< 0<.0 0?.1 0=.> 9.4 ?.>Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 6<.1 64.< =<.9 =?.1 =<.< =0.0 =?.< =0.8_msmrvms tb mxtmre`j fmot stblgs (%) ?4.8 4.4 08.1 00.9 ?0.8 ??.< <=.= 6?.>_msmrvms tb ncpbrts (cbetds) 6.1 ?.? ?.4 0.> <.= <.9 6.8 ..

?4?

Page 295: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 295/341

VBAB

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 0,840 0,?49 0,??4 0,66= 0,==0 0,9=? 0,61> 0,=8?Xuojnl ef puojnljy au`r`etmmf 0,840 0,?49 0,??4 0,66= 0,==0 0,9=? 0,61> 0,=8?  Biinln`j lrmfntbrs 0,8?> 0,?<= 0,??4 0,66= 0,==0 0,9=? 0,61> 0,=8?  Cujtnj`tmr`j =98 10< 199 44= >=? 0,886 4=9 4<1  b w l ; NO_F = 8 8 8 8 8 8 8  NF@ <>< =60 986 991 9>9 1?< 986 =49

  Onj`tmr`j 69> =?? 690 =98 =>> 964 9?< 99=  Xrnv`tm lrmfntbrs =? =? 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs =0 =? 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 4> ?9 ?6 0= =< < ? <=Xuojnl `ef puojnljy au`r`etmmf 4> ?9 ?6 0= =< < ? <=  Biinln`j lrmfntbrs 4> ?9 ?6 0= =< < ? <=  Cujtnj`tmr`j 6= ?9 ?0 0= <8 < ? 0?  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ <0 ?8 0= 8 8 8 8 8  Onj`tmr`j 66 8 6 8 ?< 8 8 ?<  Xrnv`tm lrmfntbrs 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets ?1 1 08 4 09 6 060 60Xuojnl `ef puojnljy au`r`etmmf ?1 1 08 4 09 6 060 60  Biinln`j lrmfntbrs ?1 1 08 4 09 6 060 60  Cujtnj`tmr`j 01 9 > 0 ? < 068 60  bi wdnld; NO_F 4 8 8 8 8 8 8 8  NF@ 0 < = 8 8 8 001 ??  Onj`tmr`j 08 0 ? 1 06 ? 0 8  Xrnv`tm lrmfntbrs 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets << 4 = 8 ? ? =0 0<Xuojnl `ef puojnljy au`r`etmmf << 4 = 8 ? ? =0 0<  Biinln`j lrmfntbrs ?4 4 = 8 ? ? =0 0<

  Cujtnj`tmr`j 4 = = 8 8 0 =0 0<  bi wdnld; NO_F 0 8 8 8 8 8 8 8  NF@ < 6 < 8 8 8 68 =  Onj`tmr`j ?8 < 8 8 0 0 8 0  Xrnv`tm lrmfntbrs = 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs = 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 086 ?8 ->6 -069 084 048 -<?> ?  Emt bws be mxtmre` m t 09 <> -66 ?? -< 6> -4< -<<

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 1> 0<< 8 8 8 8 ?16 <=

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j =6 =9 =4 9? 18 9> 1< 1=Netmrmst ?1 ?1 ?1 ?9 ?= ?6 ?< ??Xrnv`tm lrmfntbrs

Xrnelnp`j 8 8 8 8 8 8 8 8Netmrmst 8 8 8 8 8 8 8 8

 Ebtms;

F`t` be jbea-tmrc puojnl ef puojnljy au`r`etmmf fmot neljufm tdm miimlts bi X`rns Ljuo fmot rmstrulturnea armmcmet snaemf ne ?88>.

?4<

Page 296: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 296/341

VBEA@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 66.= 9?.4 9=.? 1>.9 40.9 49.6 44.1 086.=  Jbea-tmrc mxtmre`j fmot 66.= 9?.4 9=.8 1>.= 40.= 49.6 44.1 086.=  Xuojnl ef puojnljy au`r`etmmf 66.= 9?.4 9=.8 1>.= 40.= 49.6 44.1 086.=  Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  ]sm bi NCI lrmfnt 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  \dbrt-tmrc mxtmre`j fmot 8.8 8.8 8.? 8.0 8.0 8.8 8.8 8.8  netmrmst `rrm`rs be jbea-tmrc 8.8 8.8 8.? 8.0 8.0 8.8 8.8 8.8

 Cmcbr`efuc ntmcs  8.8 8.8 8.6 8.9 0.< 0.= 8.6 8.1    66.= 9?.4 9=.8 1>.= 40.= 49.6 44.1 086.=    8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  =.1 0?.8 8.8 0.8 8.8 =1.> 8.8 8.4

Mxtmre`j fmot ijbwsFnsoursmcmets <.< 9.? =.6 6.= ?.4 6.= 4.= 01.6  Jbea-tmrc mxtmre`j fmot <.< 9.? =.6 6.= ?.4 6.= 4.= 01.6  NCI purld`sms 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets 0.8 ?.6 <.1 <.1 <.< <.9 <.1 ?.6  Jbea-tmrc mxtmre`j fmot 0.8 ?.6 <.1 <.1 <.< <.9 <.1 ?.6  NCI rmpurld`sms 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

 Emt ijbws ?.? <.4 0.4 8.> -8.= 8.> 6.4 0=.8  Jbea-tmrc mxtmre`j fmot ?.? <.4 0.4 8.> -8.= 8.> 6.4 0=.8

  \dbrt-tmrc mxtmre`j fmot 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Netmrmst p`ycmets 8.= 8.1 8.> 0.? 8.4 0.0 0.1 0.6  Jbea-tmrc mxtmre`j fmot 8.= 8.1 8.> 0.? 8.4 0.0 0.1 0.6  NCI ld`rams 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  \dbrt-tmrc mxtmre`j fmot 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 8.? 0.8 6.4 1.? 08.0 ?1.1 6.? 06.9Xbrtibjnb mqunty -8.0 .. .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 1.< =.4 <.1 8.0 8.0K`p`emsm yme 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea 9.8 0.9 8.? 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs 0.8 08.1 6.4 ?4.8 <0.? <=.0 <<.4 <8.<

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 8.> 6.= 8.8 8.4 8.8 ?.8 8.8 8.8  C`turnty (ym`rs) <>.1 <=.> 8.8 <>.> 8.8 ?8.4 8.8 8.8  Ar`lm pmrnbf (ym`rs) 08.? 4.> 8.8 08.6 8.8 =.4 8.8 8.8Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 6.8  C`turnty (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 08.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 009.= 09>.< 0==.0 ?90.9 <80.< <00.< <=<.< <04.6Mxpbrts bi abbfs, smrvnlms & nelbcm 6<.= .. .. =>.= 66.? =0.0 =>.> 6>.4Qbrgmr rmcnt. & lbcp. bi mcpjbymms ?6.8 .. .. 94.> 14.> 080.< >6.0 >8.9Ncpbrts bi abbfs, smrvnlms & nelbcm 1=.8 .. .. 0=1.< 0=4.0 040.< ?09.6 061.1Xrbint rmcntt`elms be IFN 8.< .. .. 8.8 8.8 8.8 8.8 ..Lurrmet `llbuet o`j`elm =.4 .. .. -?0.< -<0.0 -0>.6 -98.0 ..Netmre`tnbe`j rmsmrvms <0.< ?4.1 ?6.9 69.> 64.8 9=.? 9>.4 >=.1

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 08?.< .. .. 0<<.> 046.= 09>.8 064.0 ?8>.>Mxtmre`j fmot stblgs tb AEN (%) <4.? <1.0 6?.0 <8.6 ?1.0 ?1.1 ?=.0 <?.4Fmot smrvnlm tb mxpbrts (%) <.= .. .. 4.? >.? >.? >.0 1.1\dbrt-tmrc tb mxtmre`j fmot stblgs (%) .. .. 8.6 8.0 8.? .. .. ..Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) =0.0 99.6 40.> 46.6 4=.6 41.8 40.? 9>.1_msmrvms tb mxtmre`j fmot stblgs (%) 18.= 6=.1 <1.4 =4.> =4.4 1=.= 14.9 >0.9_msmrvms tb ncpbrts (cbetds) =.8 .. .. <.9 <.9 6.< <.> 1.4

?46

Page 297: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 297/341

VBEA@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 66.= 9?.4 9=.8 1>.= 40.= 49.6 44.1 086.=Xuojnl ef puojnljy au`r`etmmf 66.= 9?.4 9=.8 1>.= 40.= 49.6 44.1 086.=  Biinln`j lrmfntbrs 66.= =4.= 9=.8 1>.= 40.= 49.6 44.1 08<.9  Cujtnj`tmr`j ??.1 60.1 =<.6 91.? 9>.1 1=.? 1?.0 1?.4  b w l ; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ ?.9 6.4 6.8 0?.9 09.8 ?0.0 ?0.9 ?<.?

  Onj`tmr`j ?0.1 09.4 00.9 0?.< 00.4 00.? 09.9 <8.4  Xrnv`tm lrmfntbrs 8.8 6.< 8.8 8.8 8.8 8.8 8.8 8.>  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Fnsoursmcmets <.< 9.? =.6 6.= ?.4 6.= 4.= 01.6Xuojnl `ef puojnljy au`r`etmmf <.< 9.? =.6 6.= ?.4 6.= 4.= 01.6  Biinln`j lrmfntbrs <.< 9.? =.6 6.= ?.4 6.= 4.= 09.=  Cujtnj`tmr`j <.< 9.? <.8 6.= ?.4 6.= 8.1 0.9  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 0.8 8.? 8.8 6.= ?.4 6.= 8.1 0.9  Onj`tmr`j 8.8 8.8 ?.6 8.8 8.8 8.8 1.4 0=.8  Xrnv`tm lrmfntbrs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.4  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets 0.8 ?.6 <.1 <.1 <.< <.9 <.1 ?.6Xuojnl `ef puojnljy au`r`etmmf 0.8 ?.6 <.1 <.1 <.< <.9 <.1 ?.6  Biinln`j lrmfntbrs 0.8 ?.6 ?.6 <.1 <.< <.9 <.1 ?.6  Cujtnj`tmr`j 8.= 8.4 0.8 ?.9 ?.0 ?.0 ?.< 0.=  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 8.8 8.8 8.0 8.0 8.0 8.0 8.0 8.0  Onj`tmr`j 8.= 0.1 0.6 0.0 0.? 0.6 0.= 8.4  Xrnv`tm lrmfntbrs 8.8 8.8 0.< 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Netmrmst p`ycmets 8.= 8.1 8.> 0.? 8.4 0.0 0.1 0.6Xuojnl `ef puojnljy au`r`etmmf 8.= 8.1 8.> 0.? 8.4 0.0 0.1 0.6  Biinln`j lrmfntbrs 8.= 8.1 8.4 0.? 8.4 0.0 0.1 0.6

  Cujtnj`tmr`j 8.? 8.= 8.= 8.> 8.1 8.4 8.> 8.9  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 8.8 8.8 8.8 8.0 8.0 8.0 8.? 8.?  Onj`tmr`j 8.< 8.? 8.< 8.< 8.0 8.< 8.4 8.4  Xrnv`tm lrmfntbrs 8.8 8.8 8.0 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 9.6 =.? -<.9 -=.< ?.8 6.1 ?.6 0=.4  Emt bws be mxtmre` m t ?.? <.4 0.4 8.> -8.= 8.> 6.4 0=.8

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

bt` `cbuet bra vme . . . . . . . .

Fmot ouyo`lg 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j <.9 6.0 6.? 9.< 1.= 1.= 1.= 1.=Netmrmst 0.4 ?.8 ?.0 ?.0 ?.8 ?.8 0.> 0.4Xrnv`tm lrmfntbrs

Xrnelnp`j 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0Netmrmst 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

?4=

Page 298: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 298/341

V]EN\N@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 1,944 08,404 00,<81 01,41= 04,9<6 ?8,660 ?8,11? ?0,18>  Jbea-tmrc mxtmre`j fmot 9,414 >,?0= >,946 06,168 0=,?11 09,6=1 09,66= 09,>81  Xuojnl ef puojnljy au`r`etmmf 9,998 >,8?? 4,446 0?,>>> 0<,6<4 06,=84 06,6<4 06,4<1  Xrnv`tm ebeau`r`etmmf ?04 0>< 488 0,160 0,4<> 0,>6> ?,881 ?,818  ]sm bi NCI lrmfnt 019 ?>< <? 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 9<6 0,<08 0,=>8 <,0<= <,<=1 <,>46 6,<?1 6,480  netmrmst `rrm`rs be jbea-tmrc 8 8 8 8 8 8 8 8

 Cmcbr`efuc ntmcs  0= 0 8 8 8 8 8 8    9,998 >,809 4,446 0?,>9> 0<,684 06,604 06,<6< 06,94>    ?04 ?88 488 0,11? 0,49> ?,8<4 ?,08? ?,?04  1>> 0,>6> 0,60? 0,1<4 0,0?= >>? 0,6>1 0,?04

Mxtmre`j fmot ijbwsFnsoursmcmets 0,801 0,<4> 0,=6? 0,?=9 0,6=< 0,90= 0,81> 0,=6<  Jbea-tmrc mxtmre`j fmot 0,801 0,<4> 0,=6? 0,?=9 0,6=< 0,90= 0,81> 0,=6<  NCI purld`sms 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets >46 ><> 0,<<9 0,049 0,9=? 0,=18 0,09= 0,<69  Jbea-tmrc mxtmre`j fmot 41? >?6 0,?>= 0,049 0,9=? 0,=18 0,09= 0,<69  NCI rmpurld`sms 000 0= 68 8 8 8 8 8

 Emt ijbws ?>? 9=6 ?=> -060 ?? 91? ?=1 910  Jbea-tmrc mxtmre`j fmot 066 69= ?69 9> -?88 6= -49 0>9

  \dbrt-tmrc mxtmre`j fmot ?=> ?86 =? -?08 ??? 9?1 <6< 616Netmrmst p`ycmets 661 =60 =18 464 440 >?9 46= 1=4  Jbea-tmrc mxtmre`j fmot <>6 649 64> 949 949 16? 166 188  NCI ld`rams ?< 01 < 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot <8 <4 14 09? 0>= 046 080 =4

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 19 ?96 1=? 1?< <,?18 0,=<? ?,9<4 0,=>=Xbrtibjnb mqunty = 0? -04 0? 9= <8 -<> -4>

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 68.0 69.1 =8.? 64.= 6>.8K`p`emsm yme 4.9 0<.= ?0.9 01.6 06.6 0=.6 0>.= 04.=Xbuef stmrjnea 8.0 8.8 8.= 8.< 8.? 8.0 8.0 8.0\wnss ir`el 8.9 8.? 8.1 8.= 8.6 8.< 8.< 8.<].\.fbjj`rs ?0.4 01.= <8.8 ?8.< 01.1 06.< 0?.4 0?.=

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 9.8 9.? 6.8 <.0 <.? ?.0 <.8 0.1  C`turnty (ym`rs) 04.= ?6.0 ?8.4 0>.? ?0.= ??.< ?8.1 ??.8  Ar`lm pmrnbf (ym`rs) =.8 6.9 9.8 <.= 9.6 =.> =.? =.6Xrnv`tm lrmfntbrs

  Netmrmst (%) 4.0 9.8 <.> 6.6 6.4 <.6 6.= <.<  C`turnty (ym`rs) >.6 4.= 06.6 06.6 0<.? 0>.> 00.< 0=.4  Ar`lm pmrnbf (ym`rs) ?.0 =.0 0?.= 0?.1 0.4 04.> 0.9 6.6

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 00,44? 01,016 04,=?9 ?1,<8> ?>,==< <<,9?= <4,610 <1,<?4Mxpbrts bi abbfs, smrvnlms & nelbcm =,<88 4,8>4 4,180 06,>9> 09,<=8 ?8,9?8 ?=,10> ?8,141Qbrgmr rmcnt. & lbcp. bi mcpjbymms ==0 948 1>9 0,<>< 0,=08 0,109 0,>11 0,>99Ncpbrts bi abbfs, smrvnlms & nelbcm 9,=>0 >,969 08,<61 09,=48 04,60? ?<,0== ?>,<=? ??,=09Xrbint rmcntt`elms be IFN >1 016 694 >9? >44 0,=?< 0,>=4 0,=44Lurrmet `llbuet o`j`elm -69< -116 -4?0 -?>> -90> ->01 -0,100 ..Netmre`tnbe`j rmsmrvms 491 0,94> 0,410 6,=64 9,>0? 4,8<? >,8<> 00,?>6

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 06=.0 0<<.9 0?>.> 00>.6 006.8 >>.0 48.4 086.6Mxtmre`j fmot stblgs tb AEN (%) 96.1 9<.8 90.8 9=.= 9<.0 98.4 =6.8 =4.?Fmot smrvnlm tb mxpbrts (%) ?1.8 04.< ?0.> 0<.9 0=.= 0?.0 1.4 08.0\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 4.? 0?.0 06.0 01.= 04.8 0>.= ?8.4 ??.0Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) ?>.8 <=.8 <8.1 <8.9 <8.6 <8.= ?4.= <8.8_msmrvms tb mxtmre`j fmot stblgs (%) 00.< 0=.9 09.9 ?=.6 <1.0 <>.< 6<.= =?.8_msmrvms tb ncpbrts (cbetds) 0.9 ?.0 ?.? <.< 6.= 6.? <.1 9.8

?49

Page 299: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 299/341

Page 300: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 300/341

V]_GM^

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 6>,6?6 1<,140 009,969 096,4=1 0>=,=<1 ?<=,>46 ?9<,=<? ?=0,<1?  Jbea-tmrc mxtmre`j fmot <>,>?6 =1,<>9 4<,==4 006,4<0 0=8,66? 0>0,>?? ?00,=00 ?8<,94>  Xuojnl ef puojnljy au`r`etmmf <4,418 =8,<01 ==,1<8 96,618 9>,4?1 48,?8= 40,=>= 46,41=  Xrnv`tm ebeau`r`etmmf 0,8=6 1,81> ?1,4?4 =8,<98 48,90= 000,101 0?>,>09 004,406  ]sm bi NCI lrmfnt 8 94= 6,019 06,969 08,19? 1,0=4 4,=?6 1,>=4  \dbrt-tmrc mxtmre`j fmot >,=88 0=,180 ?4,>0? <=,<48 <6,<<< <9,>8< 6<,6>1 <>,1?=  netmrmst `rrm`rs be jbea-tmrc 8 8 8 8 8 8 8 8

 Cmcbr`efuc ntmcs  8 8 8 8 8 8 8 8    <4,=18 =8,0<0 ==,10< 96,?>> 9>,909 1>,1?< 48,616 4<,=16    0,<=6 1,?9= ?1,469 =8,=<? 48,4?9 00?,0>> 0<0,8<1 0?8,00=  6,9?4 6,6<= 06,618 08,696 00,?<< 0<,61? 0?,<?6 4,189

Mxtmre`j fmot ijbwsFnsoursmcmets =,?6< 9,>48 ?9,606 <>,>9= ==,8=> 91,>4> 94,90> 60,=00  Jbea-tmrc mxtmre`j fmot =,?6< 9,9<4 ??,>== <1,=8= =?,004 99,46? 9=,89= 60,=00  NCI purld`sms 8 <60 <,6=> ?,690 ?,>60 0,061 <,==6 8

Xrnelnp`j rmp`ycmets 6,808 1,8?8 0<,4<0 <?,6?> <0,88? <9,640 6?,89> =8,80=  Jbea-tmrc mxtmre`j fmot <,>90 1,8?8 0<,166 ?6,96> ?<,=08 <0,<01 68,08? 6>,<8>  NCI rmpurld`sms 6> 8 41 1,148 1,6>< =,096 0,>91 189

 Emt ijbws 6,>44 6,<=8 04,8?< 0?,8== ?<,808 <6,81> <<,06= -0?,?11  Jbea-tmrc mxtmre`j fmot 0,?4? -<4? >,?00 0?,4=9 ?4,98> <=,=?= ?6,>9< -1,1>4

  \dbrt-tmrc mxtmre`j fmot <,1== 6,<>0 =,668 6,=0> -0,861 ?,=18 9,=>6 -<,11?Netmrmst p`ycmets <,60? 6,6<0 9,4=< >,?6= 08,640 0?,=<6 0?,=?9 00,=9<  Jbea-tmrc mxtmre`j fmot ?,4>0 <,696 =,888 9,686 1,=?? >,418 08,4>> >,>40  NCI ld`rams 6 ?6 =? >=0 1>> =9< 684 0>?  \dbrt-tmrc mxtmre`j fmot =01 >6? 0,488 0,4>8 ?,098 ?,088 0,?04 0,<>8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 946 44= >4? 08,8<0 ?8,04= ??,861 04,?9> 1,>==Xbrtibjnb mqunty 4> 0>= 64> =,99> 0,><> =,0<4 109 ?,4?1

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. ?<.6 ?=.0 ?1.= ?4.0 <8.<K`p`emsm yme 0?.0 ?<.< 0?.0 <.4 <.? ?.> <.> <.4Xbuef stmrjnea 8.4 8.> 8.4 8.0 8.8 8.8 8.8 8.8\wnss ir`el =.? ?.> 8.< 8.? 8.? 8.? 8.< 8.<].\.fbjj`rs 68.8 <4.< =4.8 1?.8 18.> 94.4 91.? 9=.?

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 9.1 =.6 9.= ?.4 6.= 6.6 6.= ?.9  C`turnty (ym`rs) 01.8 01.1 06.9 ?6.9 09.? 04.? ?0.> 04.0  Ar`lm pmrnbf (ym`rs) 1.< =.1 6.4 9.1 9.? 9.> 9.4 1.0Xrnv`tm lrmfntbrs

  Netmrmst (%) >.6 9.< 4.9 9.0 9.6 9.6 9.> 9.1  C`turnty (ym`rs) 9.= 6.= 00.< 0<.0 00.= 00.? 0<.? >.8  Ar`lm pmrnbf (ym`rs) <.? ?.1 4.= 0?.0 08.8 >.0 08.> 4.9

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 064,094 099,?40 ?9?,=99 611,08= =?6,?8> 968,861 1??,014 98>,6?4Mxpbrts bi abbfs, smrvnlms & nelbcm ?0,>=> <4,818 =<,04> 084,14? 0?<,9?4 0=8,400 04?,94= 064,804Qbrgmr rmcnt. & lbcp. bi mcpjbymms <,?69 <,<?1 6,=98 441 0,069 0,?64 0,619 >18Ncpbrts bi abbfs, smrvnlms & nelbcm ?4,>6> 66,489 91,41< 0<?,6<< 0=1,1<< 0>0,<9= ??9,166 096,?14Xrbint rmcntt`elms be IFN 090 <0? ?1> 0,8=0 0,04? ?,?84 ?,><1 ?,666Lurrmet llbuet o`j`elm -?,9?= -?,<<4 ->,>?8 -??,0>1 -<?,0>1 -<4,<00 -60,>69 -0<,>90Netmre`tnbe`j rmsmrvms 1,9?9 0<,4>0 ?<,=0= =?,6>6 9<,?9= 19,6>9 1<,91= 16,><<

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) ??=.0 0><.4 ?0>.< 0=0.= 0=4.? 0=9.= 066.< 09>.4Mxtmre`j fmot stblgs tb AEN (%) <<.6 66.6 66.6 <6.9 <1.< <9.> <9.= 60.?Fmot smrvnlm tb mxpbrts (%) <<.4 <8.0 <4.> <4.< <<.9 <?.= ?>.> 60.9\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 0>.? ?0.< ?6.4 ?0.= 01.9 0=.9 09.= 0=.4Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 0>.= 0?.0 6.> 6.9 6.= =.0 =.< 9.1_msmrvms tb mxtmre`j fmot stblgs (%) 0=.6 04.4 ?8.? <0.4 <?.6 <?.6 ?4.8 ?>.4_msmrvms tb ncpbrts (cbetds) <.? <.1 6.? 6.4 6.4 6.4 <.> =.=

?44

Page 301: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 301/341

V]_GM^

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf <>,>?6 =1,<>9 4<,==4 006,4<0 0=8,66? 0>0,>?? ?00,=00 ?8<,94>Xuojnl ef puojnljy au`r`etmmf <4,418 =8,<01 ==,1<8 96,618 9>,4?1 48,?8= 40,=>= 46,41=  Biinln`j lrmfntbrs 04,0=8 01,<?6 0?,=<1 0?,6<= 0<,69> 01,84< 0>,119 ?<,0=6  Cujtnj`tmr`j >,9?1 4,>9? =,946 1,9?? 4,1=4 0?,816 0<,440 09,418  b w l ; NO_F 9,?1? 6,><> <,9<6 =,4?> 9,4=6 1,=60 4,869 >,19>  NF@ 0=1 0<8 080 10 9= => =6 64

  Onj`tmr`j 4,=?< 4,<9? 9,4=< 6,40< 6,100 =,88> =,4>6 9,?46  Xrnv`tm lrmfntbrs ?8,1?8 <?,>>< 6<,0>< =?,8<= =9,<=4 9<,0?? 90,40> 90,1?0  bi wdnld; Obefs 6,>19 0<,969 ?0,199 <8,6<6 <6,<>8 <>,9<4 <>,8>< 68,484  Lbccmrln`j o`egs 0<,68< 0=,96< 0>,<0< ?8,4<9 ?0,<49 ??,>>9 ??,?>< ?8,=8<Xrnv`tm ebeau`r`etmmf 0,8=6 1,81> ?1,4?4 =8,<98 48,90= 000,101 0?>,>09 004,406  bi wdnld; Obefs 09 06> 0,146 6,8?= =,119 9,99? 9,1=> 9,989

Fnsoursmcmets =,?6< 9,9<4 ??,>== <1,=8= =?,004 99,46? 9=,89= 60,=00Xuojnl ef puojnljy au`r`etmmf 6,188 6,49? 06,81= 1,1=9 >,=00 00,8=8 08,16= >,4?>  Biinln`j lrmfntbrs ?,0<4 484 ?,<>< 0,880 ?,<11 <,00> <,>09 6,1<=  Cujtnj`tmr`j 0,84< 699 0,6>8 4=0 ?,80< ?,1=6 ?,461 <,94<  bi wdnld; NO_F 9?1 6?? 0,?>0 690 0,1>9 0,??< 0,0>4 ?,?40  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 0,8=9 <6? >8< 0=0 <96 <99 0,89> 0,8=<  Xrnv`tm lrmfntbrs ?,=90 6,8=< 00,94? 9,1=6 1,0<6 1,><0 9,4?> =,8><  bi wdnld; Obefs 966 ?,<6< 1,004 =,?<8 =,=8> =,?0< 6,888 <,1<>  Lbccmrln`j o`egs 0,6<= 0,?=9 6,?81 0,=?8 0,9?6 ?,9>4 ?,196 0,?1=Xrnv`tm ebeau`r`etmmf =6< 0,111 4,440 ?>,16> 6?,984 ==,1>? =6,<?8 <0,94?

  bi wdnld; Obefs 8 8 6=6 <,0?= 0,1?1 >=8 0=8 0=8

Xrnelnp`j rmp`ycmets <,>90 1,8?8 0<,166 ?6,96> ?<,=08 <0,<01 68,08? 6>,<8>Xuojnl ef puojnljy au`r`etmmf <,911 =,>41 9,?94 1,>=1 9,0<< 9,6>0 1,99> 9,610  Biinln`j lrmfntbrs 0,>?8 0,>>0 0,16= 0,9=< 0,91? 0,916 0,=19 0,9=8  Cujtnj`tmr`j 4?= 0,??> 0,86< 49< 0,88< >98 ><6 0,88?  bi wdnld; NO_F 9?8 44? 649 1== 481 999 9?4 99?  NF@ 6 9 9 9 9 9 9 9  Onj`tmr`j 0,8>6 19? 18? 1>8 994 106 96? 964  Xrnv`tm lrmfntbrs 0,1=4 <,>>9 6,=?< 9,<8< 6,69? 6,409 9,8>6 6,4??  bi wdnld; Obefs 61 0,109 0,49> <,>>< ?,69< ?,1>4 <,>8? ?,<41  Lbccmrln`j o`egs 0,?86 0,=1> 0,14? ?,8?4 0,480 0,4>0 ?,8=< ?,<<<Xrnv`tm ebeau`r`etmmf ?4< 0,8<< 1,619 09,9>< 01,<19 ?6,4?9 <?,6<< 6?,4<4  bi wdnld; Obefs 8 8 8 0,0=8 8 ?88 8 <=8

Netmrmst p`ycmets ?,4>0 <,696 =,888 9,686 1,=?? >,418 08,4>> >,>40Xuojnl ef puojnljy au`r`etmmf ?,4<8 <,0?9 <,691 6,9<9 6,=>8 =,6<1 =,<?4 6,>64  Biinln`j lrmfntbrs 0,86< >11 9=> =>9 =<0 990 18< 9=<

  Cujtnj`tmr`j 944 9=9 <16 664 681 =<0 =11 =?6  bi wdnld; NO_F =00 <>9 ?<1 ?64 <?> <4> <98 <86  NF@ 0 0 0 0 0 8 8 8  Onj`tmr`j <== <?0 ?4= 064 0?= 0<8 0?9 0?>  Xrnv`tm lrmfntbrs 0,141 ?,06> ?,481 6,868 6,8=> 6,119 6,9?9 6,?>=  bi wdnld; Obefs <4< 0,816 0,=>4 ?,><4 ?,49? <,=81 <,644 <,<?6  Lbccmrln`j o`egs 0,?86 14? 0,896 0,86> 0,0== 0,?<< 0,008 >=?Xrnv`tm ebeau`r`etmmf 90 <<> 0,=<< 0,194 ?,><? 6,6<< =,=10 =,8<6  bi wdnld; Obefs 0 0< 0?9 <<4 <?4 60? <10 ?44

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 1,461 1,=<? 0=,80> =,<99 <8,948 68,669 ?1,=6> -0?,098  Emt bws be mxtmre` m t 6,>44 6,<=8 04,8?< 0?,8== ?<,808 <6,81> <<,06= -0?,?11

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j ?,08? 0,444 ?,88< ?,?00 ?,<?1 ?,?== ?,1=1 ?,>>9Netmrmst =96 =14 =44 =14 ==? =01 61? 6??Xrnv`tm lrmfntbrs

Xrnelnp`j <<,910 ?=,<<4 ?<,9?1 04,<?1 06,8<4 0?,900 08,484 >,99?Netmrmst 1,60= 1,?94 9,96< 9,080 6,4?8 6,1>4 <,9>0 <,04?

 Ebtms;

Dnstbrnl`j f`t` rm rmvnsmf s f`t` ne prmvnbus puojnl`tnbes neljufmf jbl`j lurrmely fmot f`t`. F`t` be jbea-tmrc puojnl ef puojnljy au`r`etmmf fmot neljufm

ebermsnfmet fmpbsnts c`fm uefmr tdm Frmsfemr O`eg sldmcm, cbuetnea tb $00.= onjjnbe t mef-?88>. \dbrt-tmrc fmot f`t` rm o`smf be abvmrecmet st`tnstnls.

?4>

Page 302: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 302/341

V]_GCMEN\V@E

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs .. 68?.? ?=04.< 08=4.8 449.8 16<.6 9<4.? =1=.1  Jbea-tmrc mxtmre`j fmot .. <46.> ??44.0 >00.8 1<6.< 96>.> =41.6 =80.8  Xuojnl ef puojnljy au`r`etmmf .. <46.> ??10.< 411.4 1<8.= 964.? =49.4 69<.<  Xrnv`tm ebeau`r`etmmf .. 8.8 09.1 <<.0 <.> 0.4 8.9 <1.9  ]sm bi NCI lrmfnt .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8  \dbrt-tmrc mxtmre`j fmot .. 01.6 ?<8.< 061.8 0=0.1 ><.= =8.4 16.4  netmrmst `rrm`rs be jbea-tmrc .. >.6 =.8 =.8 <.1 <.= 8.4 8.4

 Cmcbr`efuc ntmcs  .. 0<8.? 064.0 09.> 0.6 0.1 0.1 0.1    .. <46.> ??10.< 411.4 1<8.= 964.? =49.4 69<.<    .. 8.8 09.1 <<.0 <.> 0.4 8.9 <1.9  .. ?>8.= 6.1 ??.8 =8.? 9=.1 8.8 8.8

Mxtmre`j fmot ijbwsFnsoursmcmets .. 00<.8 6<8.0 4>.8 >.= <4.> ?=.> <=.6  Jbea-tmrc mxtmre`j fmot .. 00<.8 6<8.0 4>.8 >.= <4.> ?=.> <=.6  NCI purld`sms .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets .. 48.< <=<.8 ?90.6 ?09.= 099.< 068.4 06>.0  Jbea-tmrc mxtmre`j fmot .. 48.< <=<.8 ?90.6 ?09.= 099.< 068.4 06>.0  NCI rmpurld`sms .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8

 Emt ijbws .. -<>.? -0.9 -?48.6 -?88.> -04=.6 -0=6.> -4>.1  Jbea-tmrc mxtmre`j fmot .. <?.4 11.0 -01?.6 -?89.> -0?1.6 -006.> -00<.1

  \dbrt-tmrc mxtmre`j fmot .. -1?.8 -14.4 -084.8 9.8 -=4.8 -68.8 ?6.8Netmrmst p`ycmets .. ?6.0 00=.? 6=.> <4.< <<.> ?4.> 0>.?  Jbea-tmrc mxtmre`j fmot .. ??.0 080.> <>.0 <<.? ?>.4 ?9.1 04.?  NCI ld`rams .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8  \dbrt-tmrc mxtmre`j fmot .. ?.8 0<.? 9.4 =.0 6.8 ?.? 0.8

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet .. ?<<.8 0<0.8 604.? 1<8.> 486.8 4?8.8 0<==.8Xbrtibjnb mqunty .. .. .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. <0.4 <=.> <=.9 <8.> <?.=K`p`emsm yme .. 8.8 <0.9 6<.1 6<.< 68.= 60.= <<.6Xbuef stmrjnea .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs .. 1?.0 =0.= 04.? 0<.6 >.4 1.> 9.6

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) .. 6.6 6.8 0.6 <.? <.8 8.8 8.8  C`turnty (ym`rs) .. 0<.6 08.? 0<.4 ?8.0 ?8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) .. ?.4 <.1 9.8 6.9 <.= 8.8 8.8Xrnv`tm lrmfntbrs

  Netmrmst (%) .. 9.= 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) .. 1.6 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) .. 0.> 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) .. ?=88.9 ?1?1.6 1=60.6 >9=0.9 00>01.? 0=490.0 0>?<4.6Mxpbrts bi abbfs, smrvnlms & nelbcm .. .. .. .. .. .. .. ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. .. .. .. .. .. .. ..Ncpbrts bi abbfs, smrvnlms & nelbcm .. .. .. .. .. 6>80.8 1140.8 ..Xrbint rmcntt`elms be IFN .. .. .. .. .. .. .. ..Lurrmet `llbuet o`j`elm .. .. .. .. .. .. .. ..Netmre`tnbe`j rmsmrvms .. 0094.8 .. .. .. .. .. ..

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. .. .. .. .. .. .. ..Mxtmre`j fmot stblgs tb AEN (%) .. 09.0 >?.< 06.8 >.? 9.? 6.8 <.8Fmot smrvnlm tb mxpbrts (%) .. .. .. .. .. .. .. ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) .. 6.< >.0 0<.> 01.0 0?.9 4.8 0<.8Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) .. 06.= 0.> <.4 <.6 <.0 <.0 <.8_msmrvms tb mxtmre`j fmot stblgs (%) .. ?>8.6 .. .. .. .. .. .._msmrvms tb ncpbrts (cbetds) .. .. .. .. .. .. .. ..

?>8

Page 303: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 303/341

Page 304: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 304/341

Page 305: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 305/341

]A@EF@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf ?,011 <,84> <,8=0 6,?8> 0,8>> 0,=10 0,114 ?,?6=Xuojnl ef puojnljy au`r`etmmf ?,011 <,84> <,8=0 6,?8> 0,8>> 0,=10 0,114 ?,?6=  Biinln`j lrmfntbrs 0,46< <,88? <,8?1 6,04? 0,81< 0,=6= 0,1=< ?,??8  Cujtnj`tmr`j 0,?41 ?,?<? ?,9<6 <,><? 4=8 0,<<= 0,=98 ?,801  b w l ; NO_F <6 8 8 8 8 8 8 8  NF@ ><= 0,1>? ?,00= <,060 6<9 468 0,886 0,<1>

  Onj`tmr`j ==9 118 <>< ?=8 ??< ?08 0>< ?8<  Xrnv`tm lrmfntbrs <<= 41 ?6 ?1 ?9 ?9 ?= ?=  bi wdnld; Obefs 6 6 6 8 8 8 8 8  Lbccmrln`j o`egs 4> ?0 > ? ? 0 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets ?>< ?<6 ?0> ??4 ?61 61< ?1= 6><Xuojnl `ef puojnljy au`r`etmmf ?>< ?<6 ?0> ??4 ?61 61< ?1= 6><  Biinln`j lrmfntbrs ?=6 ?<6 ?0> ??6 ?61 61< ?1= 6><  Cujtnj`tmr`j ?0> ?0< ?04 ??6 ?61 66> ?9= 69<  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 0>> 0=> 0>8 0<< 0=9 <16 01? <9=  Onj`tmr`j <9 ?0 8 8 8 ?6 00 <8  Xrnv`tm lrmfntbrs <4 8 8 6 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 6 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 9= 9> ?9 >> 18 =8 =? 6>Xuojnl `ef puojnljy au`r`etmmf 9= 9> ?9 >> 18 =8 =? 6>  Biinln`j lrmfntbrs 66 98 ?= >4 9> 6> =? 6>  Cujtnj`tmr`j 0> 6> > <6 <1 ?6 ?= ?>  bi wdnld; NO_F 6 0? 8 8 8 8 8 8  NF@ ? 4 < ?0 08 8 8 0  Onj`tmr`j ?= 00 09 96 << ?6 ?1 ?8  Xrnv`tm lrmfntbrs ?? > 0 0 0 0 0 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 06 1 0 0 0 0 0 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 04 <6 ?0 << ?6 0? 0= 04Xuojnl `ef puojnljy au`r`etmmf 04 <6 ?0 << ?6 0? 0= 04  Biinln`j lrmfntbrs 01 <? ?8 <? ?6 0? 0= 04

  Cujtnj`tmr`j 0< ?? 08 <0 ?< 00 0< 09  bi wdnld; NO_F ? 0 8 8 8 8 8 8  NF@ = 0< 9 ?6 06 = 1 >  Onj`tmr`j 6 08 00 ? 0 0 ? ?  Xrnv`tm lrmfntbrs 0 ? 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 0 ? 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 608 ?00 -0 -<?= -<,09< <=8 9<> ?66  Emt bws be mxtmre` m t ?9> 04> 011 4> ?=0 <8< 9== ??0

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 09 01? <= 0=6 08 8 8 8

bt` `cbuet bra vme ,

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 64 64 =? =1 =4 =4 => 1=Netmrmst ?< ?= ?9 ?9 ?9 ?9 ?9 ?=Xrnv`tm lrmfntbrs

Xrnelnp`j 8 8 8 8 0 ? ? ?Netmrmst 8 8 8 8 8 8 8 8

 Ebtms;

]a`ef` w`s ar`etmf fmot rmjnmi miimltnvm ne ?889 uefmr CF_N.

?><

Page 306: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 306/341

Page 307: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 307/341

]G_@NEM

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf .. 9,996 >,918 0>,<<> <<,>0< =8,=<6 91,19> 9?,<89Xuojnl ef puojnljy au`r`etmmf .. 9,=40 4,06? >,1=0 >,1== 08,461 00,0?? 08,66>  Biinln`j lrmfntbrs .. 6,<69 =,88= =,0?< 6,14? 6,=6> =,88? =,146  Cujtnj`tmr`j .. 9=> ?,<11 ?,194 ?,99? ?,9<< <,<81 6,?<1  b w l ; NO_F .. 6>0 0,>>0 ?,6?> ?,<9? ?,<8> <,8?? <,?>6  NF@ .. 8 8 8 8 8 8 8

  Onj`tmr`j .. <,941 ?,9?4 ?,<== ?,00> 0,>09 0,9>6 0,=61  Xrnv`tm lrmfntbrs .. ?,?<= <,0<9 6,9?4 6,>1< 9,?>4 9,0?8 6,99=  bi wdnld; Obefs .. 0,?88 ?,<1> ?,?=8 ?,949 6,?6> 6,<0> <,0?0  Lbccmrln`j o`egs .. 0<8 0<6 0,<6> 0,?98 0,8?= 14? =?1Xrnv`tm ebeau`r`etmmf .. 46 0,=?4 >,=44 ?6,0=4 <>,941 =9,964 =0,4=1  bi wdnld; Obefs .. 8 8 ==8 0,=0< 6,04= 6,>9= =,8=>

Fnsoursmcmets .. 480 0,<41 1,>9> 09,9>8 ?9,0?1 <0,961 0=,<81Xuojnl `ef puojnljy au`r`etmmf .. 1<? 04< 0,60= 0,86= 0,>?1 >?< 0,?>6  Biinln`j lrmfntbrs .. ==8 0=0 =91 0<0 ?8? >?< 0,?>6  Cujtnj`tmr`j .. =?= 0?> =98 0<0 0>> >?? 0,?<1  bi wdnld; NO_F .. 680 00< 646 4= 00= 44> =8>  NF@ .. 8 8 8 8 8 8 8  Onj`tmr`j .. ?= ?? 1 8 < ? =1  Xrnv`tm lrmfntbrs .. 04? <? 461 >0= 0,1?= 8 8  bi wdnld; Obefs .. 8 8 161 >0= 0,1?= 8 8  Lbccmrln`j o`egs .. 8 06 088 8 8 8 8Xrnv`tm ebeau`r`etmmf .. 9> 0,?86 9,==6 0=,96= ?6,?88 <8,1?< 06,80<

  bi wdnld; Obefs .. 8 8 6=8 >9? ?,488 0,?<8 14>

Xrnelnp`j rmp`ycmets .. 9<9 ?,08< 6,000 9,1?6 4,68> 0<,>81 01,?1>Xuojnl ef puojnljy au`r`etmmf .. =>= 0,?=1 0,?09 0,?90 0,8>4 1<0 ?,80<  Biinln`j lrmfntbrs .. 09= 0,?0= =9> ==1 =?9 64= =69  Cujtnj`tmr`j .. 0?1 18 ?44 ?11 ?1= ?90 <<=  bi wdnld; NO_F .. 8 ?6 094 010 04> ?8< ?<=  NF@ .. 8 8 8 8 8 8 8  Onj`tmr`j .. <4 0,06= ?40 ?48 ?=? ??6 ?0?  Xrnv`tm lrmfntbrs .. 6<8 6? 961 186 =1? ?69 0,691  bi wdnld; Obefs .. ?88 << 9?? 98? <?4 8 0,?8>  Lbccmrln`j o`egs .. ? ? 8 >= ?60 ?6? ?==Xrnv`tm ebeau`r`etmmf .. 68 46= ?,4>= =,69< 1,<08 0<,019 0=,?99  bi wdnld; Obefs .. 8 8 8 8 0?> 6=8 9>=

Netmrmst p`ycmets .. 661 =1< >49 0,919 ?,?4= <,??1 <,=<8Xuojnl `ef puojnljy au`r`etmmf .. 668 =8? =0< =9> =1= =>1 =80  Biinln`j lrmfntbrs .. <89 06> 0<6 040 0>8 099 000

  Cujtnj`tmr`j .. 0< 060 >0 068 0=6 0<4 >0  bi wdnld; NO_F .. 4 004 19 0?0 0<6 004 14  NF@ .. 8 8 8 8 8 8 8  Onj`tmr`j .. ?>< 4 6< 60 <9 ?4 ?8  Xrnv`tm lrmfntbrs .. 0<6 <=? <1> <44 <4= 6<0 <>8  bi wdnld; Obefs .. 41 <66 01? 0=4 016 ?=< ?<4  Lbccmrln`j o`egs .. < 4 0?4 0=? 0<6 088 1=Xrnv`tm ebeau`r`etmmf .. 1 10 61< 0,081 0,108 ?,9<8 <,8?>  bi wdnld; Obefs .. 8 8 60 4> ?61 <<9 6?<

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l eam e mxtmre` m t stbl s .. ?,1>< -0,198 <,00? 01,=06 ?<,11= 0>,?<= <>  Emt bws be mxtmre` m t .. 0,<<1 -0,?41 =,?=1 0?,40< ?6,1>= 0>,1?1 <,8<0

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf .. ?,=<= ?,04= 8 8 8 8 8

bt` cbuet bra vme ..

Fmot ouyo`lg .. 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j =01 ==> ==6 =9< 6<> 69< 66> 66>Netmrmst >> 49 1? 90 =? 64 6< <>Xrnv`tm lrmfntbrs

Xrnelnp`j 06,6<0 00,1=> 4,?0= 6,>8> <,80< ?,10= 0,=1= 0,40<Netmrmst <,=>8 ?,644 0,414 0,<88 >41 198 10? 406

 Ebtms;

\dbrt-tmrc fmot ns o`smf be rmpbrts prbvnfmf oy tdm E`tnbe`j O`eg bi ]gr`nem.

?>=

Page 308: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 308/341

]_]A]@^

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 6,60= =,<04 4,684 00,8>> 08,060 00,=?< 08,>4= 0?,0=>  Jbea-tmrc mxtmre`j fmot <,006 <,>98 =,41< 4,8=> >,68? 08,90= 08,094 00,8<=  Xuojnl ef puojnljy au`r`etmmf <,86= <,4<< =,==0 1,1<6 >,84< 08,<?4 >,>48 08,>==  Xrnv`tm ebeau`r`etmmf 9> 0?1 <?? <?= <0> ?41 041 48  ]sm bi NCI lrmfnt 080 ?0 06> ?,<86 8 8 8 8  \dbrt-tmrc mxtmre`j fmot 0,?80 0,<<9 ?,<41 1<9 1<> >84 401 0,0?6  netmrmst `rrm`rs be jbea-tmrc 8 8 8 8 8 8 8 8

 Cmcbr`efuc ntmcs  8 8 8 8 8 8 8 8    <,86? <,4<0 =,==8 1,1<6 >,84< 08,<?4 >,>48 08,>==    1? 0<8 <?? <?= <0> ?41 041 48  <<> 6=? 1=> ?,4== ?,8=> 0,=?9 441 0,9?<

Mxtmre`j fmot ijbwsFnsoursmcmets <=4 990 >?4 0,9?9 ?,<<8 0,619 916 0,=96  Jbea-tmrc mxtmre`j fmot <69 990 >?4 0,<?> ?,8<< 0,619 916 0,=96  NCI purld`sms 0? 8 8 ?>1 ?>4 8 8 8

Xrnelnp`j rmp`ycmets ==> 646 999 0,<84 6,><> =68 >0< 0,<?9  Jbea-tmrc mxtmre`j fmot 6<6 616 999 4<> ?,?9> =68 >0< 0,<?9  NCI rmpurld`sms 0?6 08 8 69> ?,918 8 8 8

 Emt ijbws -0<6 ?40 <4? 010 -?,98= 0,086 -<<8 =6=  Jbea-tmrc mxtmre`j fmot -44 041 ?9? 6>8 -?<9 ><= -?<> ?<4

  \dbrt-tmrc mxtmre`j fmot 99 086 0?8 -061 < 09> ->0 <81Netmrmst p`ycmets 6?4 <1> =66 9?> 1?< 944 =1? =48  Jbea-tmrc mxtmre`j fmot <04 ?>4 60< 6<6 =48 9<4 =<= =?>  NCI ld`rams 09 ? 4 00= 089 = 8 8  \dbrt-tmrc mxtmre`j fmot >< 48 0?< 48 <1 6= <1 =0

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 6? 0=1 ?9> 461 0,6>< 0,<?0 ?,?8= 0,0<>Xbrtibjnb mqunty 8 8 = -? -?1 ? ? ?

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 4.= 9.4 9.0 6.1 6.6K`p`emsm yme =.0 9.6 <.6 ?.> ?.6 6.= =.= 6.1Xbuef stmrjnea <.9 0.> 0.8 8.0 8.8 8.8 8.8 8.8\wnss ir`el 0.= 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs 96.> =<.4 48.4 4<.> 41.< 49.1 41.? 4>.8

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 1.4 <.> 1.? 6.9 =.6 =.9 <.1 ?.<  C`turnty (ym`rs) ?8.0 06.> 06.4 01.1 ?0.? 09.< 00.1 01.8  Ar`lm pmrnbf (ym`rs) =.8 =.= =.? =.< 6.> 9.6 <.0 1.?Xrnv`tm lrmfntbrs

  Netmrmst (%) >.4 1.8 1.4 4.8 9.4 <.9 4.0 4.9  C`turnty (ym`rs) 4.1 1.? 1.1 0=.< ?6.1 ?0.= 4.9 0=.8  Ar`lm pmrnbf (ym`rs) 0.8 <.< 1.? 0=.8 ?6.1 0>.> 1.? 0<.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 4,>90 04,>>6 ??,1=1 09,49< 0>,<99 ?<,689 <8,6<9 <=,?>?Mxpbrts bi abbfs, smrvnlms & nelbcm ?,601 <,>00 6,660 =,964 9,=?> 1,4?? 08,844 >,818Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. .. .. 11 4> >9 084 080Ncpbrts bi abbfs, smrvnlms & nelbcm ?,?<> 6,?88 =,8<= =,1=8 1,861 4,010 00,69< 4,>=<Xrbint rmcntt`elms be IFN 8 =6 >> ??4 ?90 =<0 99< 689Lurrmet `llbuet o`j`elm 049 -?0< -=99 6? -<>? -?0? -0,??= ?=>Netmre`tnbe`j rmsmrvms 0,669 0,40< ?,119 <,814 <,8>0 6,0?0 9,<98 4,8<4

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 04?.1 0<9.8 04>.< 0>9.= 0==.< 061.< 084.> 0<6.8Mxtmre`j fmot stblgs tb AEN (%) 6>.< ?4.8 <9.> 9=.4 =?.6 6>.? <9.0 <6.=Fmot smrvnlm tb mxpbrts (%) 68.4 ??.0 ?1.? <6.< 49.1 0=.1 06.1 ?0.8\dbrt-tmrc tb mxtmre`j fmot stblgs (%) ?1.? ?=.0 ?4.6 9.9 1.< 1.> 1.6 >.?Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 0=.4 ?<.1 ??.> ?1.> ?=.8 ?0.> ?9.1 <8.8_msmrvms tb mxtmre`j fmot stblgs (%) <?.1 <6.0 <<.8 ?1.1 <8.= <=.4 =1.> 99.0_msmrvms tb ncpbrts (cbetds) 1.1 =.? 9.9 9.6 =.< 9.0 9.1 08.4

?>9

Page 309: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 309/341

]_]A]@^

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf <,006 <,>98 =,41< 4,8=> >,68? 08,90= 08,094 00,8<=Xuojnl ef puojnljy au`r`etmmf <,86= <,4<< =,==0 1,1<6 >,84< 08,<?4 >,>48 08,>==  Biinln`j lrmfntbrs 4>= 0,=44 ?,??4 <,?6? ?,10< ?,180 <,8>0 <,144  Cujtnj`tmr`j 9>> 0,?=> 0,>?9 <,8>1 ?,=<< ?,=?> ?,><9 <,9=<  b w l ; NO_F <=> =0< ==? 409 9=< 999 10< 0,8>>  NF@ 8 8 8 8 8 8 8 8

  Onj`tmr`j 0>9 <?> <8? 06= 048 01? 0== 0<=  Xrnv`tm lrmfntbrs ?,0=8 ?,?6= <,<?< 6,6>? 9,<18 1,9?1 9,4>8 1,099  bi wdnld; Obefs =91 0,>9< ?,116 6,?88 9,<?6 1,=>8 9,4?0 1,8>6  Lbccmrln`j o`egs 0,=19 ?=? =<8 ?1> <= ?4 9? 9>Xrnv`tm ebeau`r`etmmf 9> 0?1 <?? <?= <0> ?41 041 48  bi wdnld; Obefs 8 008 <88 <88 <88 ?41 041 48

Fnsoursmcmets <69 990 >?4 0,<?> ?,8<< 0,619 916 0,=96Xuojnl ef puojnljy au`r`etmmf <69 =>0 >?4 0,<?> ?,8<< 0,<4> 916 0,=96  Biinln`j lrmfntbrs 016 0?4 <88 <4> ?8= 0>> 9<? >99  Cujtnj`tmr`j >8 08< ?>> <46 0=> 04> 9<? >99  bi wdnld; NO_F =0 <? 0<6 0<6 6? 16 061 6=8  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 4= ?= 0 = 69 08 8 8  Xrnv`tm lrmfntbrs 010 69< 9?> >68 0,4?4 0,0>8 6? =>>  bi wdnld; Obefs 096 <64 90= >0> 0,4?4 0,04> ? =>>  Lbccmrln`j o`egs 6 000 0 ?0 8 8 68 8Xrnv`tm ebeau`r`etmmf 8 18 8 8 8 41 8 8

  bi wdnld; Obefs 8 18 8 8 8 41 8 8

Xrnelnp`j rmp`ycmets 6<6 616 999 4<> ?,?9> =68 >0< 0,<?9Xuojnl `ef puojnljy au`r`etmmf <>4 69> 989 4<0 ?,?9< 6?0 40< 0,??9  Biinln`j lrmfntbrs 10 0?6 09? <60 169 ?<8 ?=< ?44  Cujtnj`tmr`j 90 001 0?0 <?4 1<? ?84 ?<0 ?91  bi wdnld; NO_F 6< 14 =4 086 ?8= 90 4= 4=  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 08 1 6? 0< 06 ?0 ?? ?0  Xrnv`tm lrmfntbrs <?1 <6= 66< 6>8 0,=01 0>0 =98 ><4  bi wdnld; Obefs 048 ?1< ?4= ?>? 0,?18 040 ==? >04  Lbccmrln`j o`egs 06< 99 0=6 0>9 ?6= > = 01Xrnv`tm ebeau`r`etmmf <9 = 98 4 = 00> 088 088  bi wdnld; Obefs 8 8 61 8 8 088 088 088

Netmrmst p`ycmets <04 ?>4 60< 6<6 =48 9<4 =<= =?>Xuojnl `ef puojnljy au`r`etmmf <0? ?>< <40 689 ==< 90< =?? =04  Biinln`j lrmfntbrs 90 0?6 061 0=? 0=? 06= 0?> 0?9

  Cujtnj`tmr`j =6 >0 0<6 06> 06> 068 0?6 0??  bi wdnld; NO_F ?1 68 6? <6 60 <4 <0 ?4  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 1 << 0< < < = = 6  Xrnv`tm lrmfntbrs ?=? 09> ?<< ?== 680 691 <>< <>?  bi wdnld; Obefs 90 0=0 04? ?6? <>? 69= <>0 <44  Lbccmrln`j o`egs 0>8 0= =0 0? > ? 0 6Xrnv`tm ebeau`r`etmmf 9 6 << ?1 ?1 ?9 0< 00  bi wdnld; Obefs 8 < ?> ?9 ?9 ?= 0< 00

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s -<< ?6< =04 -9?> ->=4 0,<4? -=<4 0,016  Emt bws be mxtmre` m t -0<6 ?40 <4? 010 -?,98= 0,086 -<<8 =6=

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 >== 014 =6? 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j <90 <6? <<8 <<6 <6< <<9 <09 681Netmrmst 08< >= 41 11 94 => =8 60Xrnv`tm lrmfntbrs

Xrnelnp`j 0=6 <?> =9 <8 ?1 ?09 ?16 <6<Netmrmst 6>9 649 61= 61< 61? 69< 6<9 6<?

 Ebtms;

Jbea-tmrc prnv`tm ebeau`r`etmmf fmot f`t` bejy lbvmr Netmr-@cmrnl`e Fmvmjbpcmet O`eg `ef Obefs. \dbrt-tmrc fmot f`t` `rm o`smf be rmpbrts prbvnfmf oy

Lmetr`j O`eg irbc 0>>>.

?>1

Page 310: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 310/341

][OMGN\V@E

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs .. 0,1>> 6,9<< 6,?4? 6,8<0 <,>?< <,>4< 6,08>  Jbea-tmrc mxtmre`j fmot .. 0,6<8 6,??6 6,018 <,41< <,1?1 <,11? <,>9=  Xuojnl ef puojnljy au`r`etmmf .. 0,60= <,19? <,90> <,?4> <,0<< <,066 <,?<4  Xrnv`tm ebeau`r`etmmf .. 0= 69? ==0 =46 =>6 9?> 1?1  ]sm bi NCI lrmfnt .. 0=1 0?1 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot .. ?0? ?4? 00? 0=4 0>9 ?00 066  netmrmst `rrm`rs be jbea-tmrc .. 8 < 4 8 8 8 8

 Cmcbr`efuc ntmcs  .. 8 01 <= 8 8 8 8    .. 0,?44 <,98= <,=11 <,?19 <,006 <,0<4 <,?<<    .. 06? 904 =>? =>1 90? 9<= 1<?  .. >48 <08 ?0? 081 68= ?>? <19

Mxtmre`j fmot ijbwsFnsoursmcmets .. 1>0 19> 688 <89 <1< 6== 9=0  Jbea-tmrc mxtmre`j fmot .. 9<8 19> 688 <89 <1< 6== 9=0  NCI purld`sms .. 090 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets .. 06> 964 96? 911 =48 =9? =?<  Jbea-tmrc mxtmre`j fmot .. 06> =4< 9?< 911 =48 =9? =?<  NCI rmpurld`sms .. 8 9= 04 8 8 8 8

 Emt ijbws .. =9< -??< -<84 -<01 -018 ->< 90  Jbea-tmrc mxtmre`j fmot .. 640 049 -??< -<10 -?84 -084 0?4

  \dbrt-tmrc mxtmre`j fmot .. -1> -<66 -99 =6 <4 0= -91Netmrmst p`ycmets .. >= ?<1 06= 01< 01< 0<8 >=  Jbea-tmrc mxtmre`j fmot .. 48 ?89 060 018 099 0?? >?  NCI ld`rams .. < > 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot .. 0< ?< 6 < 1 4 ?

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet .. -?6 1= 0>? 016 18= 100 1=8Xbrtibjnb mqunty .. .. .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 01.> 01.4 01.= 06.= 0?.=K`p`emsm yme .. <.0 ?0.? ?0.6 ?0.< ??.9 ?9.> ?<.>Xbuef stmrjnea .. 8.8 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el .. 8.0 8.8 8.= 8.6 8.6 8.< 8.?].\.fbjj`rs .. 99.= =9.1 =?.> =0.> 6>.1 64.6 =<.?

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) .. =.? 9.8 0.> ?.> ?.> ?.6 0.<  C`turnty (ym`rs) .. 04.0 04.6 ?=.4 ??.? ?8.6 ?6.4 ?1.9  Ar`lm pmrnbf (ym`rs) .. =.0 6.6 1.< 9.1 =.4 9.8 1.?Xrnv`tm lrmfntbrs

  Netmrmst (%) .. 1.0 1.< 8.8 6.< 6.1 6.4 8.8  C`turnty (ym`rs) .. >.0 9.6 8.8 9.9 =.6 9.0 8.8  Ar`lm pmrnbf (ym`rs) .. ?.= 0.6 8.8 0.0 8.> 0.9 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) .. 0<,<?6 0<,=60 06,?4< 01,81? ??,<1< ?1,>=< <?,>8>Mxpbrts bi abbfs, smrvnlms & nelbcm .. .. .. .. .. .. .. ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. .. .. .. .. .. .. ..Ncpbrts bi abbfs, smrvnlms & nelbcm .. .. .. .. .. 9,1<9 4,40? ..Xrbint rmcntt`elms be IFN .. .. .. .. .. .. .. ..Lurrmet `llbuet o`j`elm .. .. .. .. .. .. .. ..Netmre`tnbe`j rmsmrvms .. .. .. .. .. .. .. ..

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. .. .. .. .. .. .. ..Mxtmre`j fmot stblgs tb AEN (%) .. 0<.= <6.? <8.8 ?<.9 01.= 06.? 0?.=Fmot smrvnlm tb mxpbrts (%) .. .. .. .. .. .. .. ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) .. 00.4 9.0 ?.9 <.> =.8 =.< <.=Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) .. 0<.1 >.4 04.= ?8.= ??.0 ?<.0 ?=.>_msmrvms tb mxtmre`j fmot stblgs (%) .. .. .. .. .. .. .. .._msmrvms tb ncpbrts (cbetds) .. .. .. .. .. .. .. ..

?>4

Page 311: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 311/341

][OMGN\V@E

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf .. 0,6<8 6,??6 6,018 <,41< <,1?1 <,11? <,>9=Xuojnl ef puojnljy au`r`etmmf .. 0,60= <,19? <,90> <,?4> <,0<< <,066 <,?<4  Biinln`j lrmfntbrs .. 0,8?< ?,001 ?,66= ?,<>< ?,6=4 ?,996 ?,>84  Cujtnj`tmr`j .. ?69 6=6 1>0 4?9 494 >0> 0,89=  b w l ; NO_F .. 0=1 ?01 ?>> <09 <01 <0< ?46  NF@ .. 8 8 00 ?9 6< == 4<

  Onj`tmr`j .. 111 0,99< 0,9=< 0,=91 0,=>8 0,166 0,46<  Xrnv`tm lrmfntbrs .. <>< 0,96= 0,01= 4>9 91= 648 <<8  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 <94 0>< 06> 0?= 008 1<Xrnv`tm ebeau`r`etmmf .. 0= 69? ==0 =46 =>6 9?> 1?1  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Fnsoursmcmets .. 9<8 19> 688 <89 <1< 6== 9=0Xuojnl `ef puojnljy au`r`etmmf .. 90> 10< ?== 01< ??> <06 619  Biinln`j lrmfntbrs .. <>> 68> 0>< 0=9 ?8> ?11 61<  Cujtnj`tmr`j .. ?69 0?0 0<9 008 >< 089 ?0?  bi wdnld; NO_F .. 09? <0 ?= <? 01 0= =  NF@ .. 8 8 1 0< 09 0< ?4  Onj`tmr`j .. 0=6 ?44 =1 69 009 010 ?90  Xrnv`tm lrmfntbrs .. ?0> <86 9? 01 ?8 <1 <  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 => <6 08 0> <1 0Xrnv`tm ebeau`r`etmmf .. 0? =9 06= 0<< 066 068 01=

  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets .. 06> =4< 9?< 911 =48 =9? =?<Xuojnl `ef puojnljy au`r`etmmf .. 064 66< =08 =1> 6>9 6=4 <49  Biinln`j lrmfntbrs .. 00> 064 011 ?<1 ?04 ?<> ??1  Cujtnj`tmr`j .. 8 ?> 91 4? 90 91 91  bi wdnld; NO_F .. 8 = ?8 ?0 ?= ?> <?  NF@ .. 8 8 8 8 8 8 8  Onj`tmr`j .. 00> 00> 008 0== 0=1 01? 098  Xrnv`tm lrmfntbrs .. ?> ?>= <<< <60 ?14 ?0> 0=4  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 1? 6> 9? =0 61 68Xrnv`tm ebeau`r`etmmf .. 0 068 00< >> 4= 08= 0<4  bi wdnld; Obefs .. 8 8 8 8 8 8 8

Netmrmst p`ycmets .. 48 ?89 060 018 099 0?? >?Xuojnl `ef puojnljy au`r`etmmf .. 1> 04? 001 069 060 006 4<  Biinln`j lrmfntbrs .. =? 1= 9< >< >9 46 10

  Cujtnj`tmr`j .. 6 ?9 <? 6? 61 6< <6  bi wdnld; NO_F .. ? 0? 0? 0= 04 04 0=  NF@ .. 8 8 8 8 8 8 8  Onj`tmr`j .. 61 6> <0 =0 6> 60 <1  Xrnv`tm lrmfntbrs .. ?1 084 =< =? 6= <8 0?  bi wdnld; Obefs .. 8 8 8 8 8 8 8  Lbccmrln`j o`egs .. 8 ?> 08 > > 1 <Xrnv`tm ebeau`r`etmmf .. 0 ?6 ?6 ?6 ?= 4 08  bi wdnld; Obefs .. 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s .. ==? -<81 -=60 -?=0 -084 98 0?9  Emt bws be mxtmre` m t .. =9< -??< -<84 -<01 -018 ->< 90

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf .. 8 8 8 8 8 8 8

bt` cbuet bra vme ..

Fmot ouyo`lg .. 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j <8= ?=8 ?64 ?6? ?=1 ?<0 04> 01=Netmrmst 9> 9= 90 =9 =0 6= 60 <4Xrnv`tm lrmfntbrs

Xrnelnp`j <== ?80 091 0?= 4> 64 <= ?<Netmrmst <6 ?= 01 00 1 = < 0

 Ebtms;

F`t` be jbea-tmrc prnv`tm ebeau`r`etmmf fmot ibr ?88> `rm Qbrjf O`eg st`ii mstnc`tms.

?>>

Page 312: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 312/341

Y@E]@V]

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs <4.? 64.> 16.= 4?.0 4<.0 >4.? 0?=.4 0?>.4  Jbea-tmrc mxtmre`j fmot ?4.9 6<.> 1<.0 10.> 1?.8 14.0 4>.1 >4.4  Xuojnl ef puojnljy au`r`etmmf ?4.9 6<.> 1<.0 10.> 1?.8 14.0 4>.1 >4.4  Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  ]sm bi NCI lrmfnt 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  \dbrt-tmrc mxtmre`j fmot >.9 =.8 0.6 08.? 00.0 ?8.0 <9.0 <0.8  netmrmst `rrm`rs be jbea-tmrc 8.8 8.8 8.8 8.? 8.0 8.0 8.0 8.8

 Cmcbr`efuc ntmcs  8.8 8.8 8.8 8.4 8.= 8.9 8.9 8.8    ?4.9 6<.> 1<.0 10.> 1?.8 14.0 4>.1 >4.4    8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  8.8 0.4 6.9 8.8 8.8 4.8 ?4.4 8.8

Mxtmre`j fmot ijbwsFnsoursmcmets 9.= <.? 06.? 8.8 8.8 <.> 08.0 00.1  Jbea-tmrc mxtmre`j fmot 9.= <.? 06.? 8.8 8.8 <.> 08.0 00.1  NCI purld`sms 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets 0.8 8.4 8.> 0.0 ?.? ?.0 ?.= <.=  Jbea-tmrc mxtmre`j fmot 0.8 8.4 8.> 0.0 ?.? ?.0 ?.= <.=  NCI rmpurld`sms 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

 Emt ijbws =.1 ?.6 0<.9 -?4.0 -0.? 08.4 ?<.9 <.0  Jbea-tmrc mxtmre`j fmot =.9 ?.6 0<.6 -0.0 -?.? 0.4 1.9 4.0

  \dbrt-tmrc mxtmre`j fmot 8.0 8.8 8.< -?1.8 0.8 >.8 09.8 -=.8Netmrmst p`ycmets 0.= 8.4 0.8 0.= 0.6 0.1 ?.8 ?.0  Jbea-tmrc mxtmre`j fmot 8.1 8.= 8.9 8.1 0.8 8.> 0.0 0.6  NCI ld`rams 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  \dbrt-tmrc mxtmre`j fmot 8.1 8.< 8.< 8.4 8.= 8.4 8.4 8.1

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 0<.0 <0.8 ?8.< 0<.< 6<.6 <6.? <0.= ?1.6Xbrtibjnb mqunty 8.8 8.8 .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 0<.9 0<.6 0?.= >.? 1.0K`p`emsm yme 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xbuef stmrjnea 8.9 8.0 8.8 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs ??.6 6<.< =9.4 =6.8 =6.0 =0.< 61.0 60.9

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 8.8 8.8 ?.8 8.8 8.8 8.8 ?.8 8.8  C`turnty (ym`rs) 8.8 ?<.8 06.= 8.8 8.8 ?8.8 ?8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 09.0 <.= 8.8 8.8 =.8 =.< 8.8Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 09?.9 ?09.4 ?91.4 <48.6 6?4.< =09.> 90<.? 9?4.?Mxpbrts bi abbfs, smrvnlms & nelbcm 08=.4 0?<.8 01=.1 ?86.9 ?0=.< ?==.1 .. ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms 4.? 0<.= <6.1 =.0 =.8 =.= 1.8 9.>Ncpbrts bi abbfs, smrvnlms & nelbcm 0<9.= 096.= 014.4 ?=4.9 ?18.1 <0<.? <6<.0 <00.6Xrbint rmcntt`elms be IFN 0=.? <=.9 ?0.> <=.< <6.? 6=.9 .. ..Lurrmet `llbuet o`j`elm -9.? -04.? =.8 -<6.8 -<8.0 -<6.6 .. ..Netmre`tnbe`j rmsmrvms <1.1 64.< <4.> 91.? 086.1 00>.9 00=.? 064.9

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) <9.0 <>.4 6?.6 68.0 <4.9 <4.6 .. ..Mxtmre`j fmot stblgs tb AEN (%) ?<.= ??.9 ?1.4 ?0.9 0>.6 0>.8 ?8.= ?8.1Fmot smrvnlm tb mxpbrts (%) ?.< 0.< 0.0 0.< 0.1 0.= .. ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) ?=.0 08.? 0.> 0?.6 0<.6 ?8.= ?4.1 ?<.>Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 60.9 9<.1 49.0 4?.0 40.0 18.= =9.6 =?.4_msmrvms tb mxtmre`j fmot stblgs (%) >4.9 >4.1 =?.< 40.> 0?=.> 0?0.4 >0.9 006.=_msmrvms tb ncpbrts (cbetds) <.< <.= ?.9 <.0 6.9 6.9 6.8 =.1

<88

Page 313: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 313/341

Y@E]@V]

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf ?4.9 6<.> 1<.0 10.> 1?.8 14.0 4>.1 >4.4Xuojnl `ef puojnljy au`r`etmmf ?4.9 6<.> 1<.0 10.> 1?.8 14.0 4>.1 >4.4  Biinln`j lrmfntbrs ?1.0 6<.= 1<.0 10.> 1?.8 14.0 4>.1 >4.4  Cujtnj`tmr`j 0=.> <0.? 96.0 91.6 91.6 9>.< 10.8 94.9  b w l ; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 6.8 0<.? 0?.> 0?.> 0<.? 0<.6 0?.> 0?.6

  Onj`tmr`j 00.< 0?.< 4.> 6.= 6.9 4.4 04.1 <8.?  Xrnv`tm lrmfntbrs 0.= 8.6 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Fnsoursmcmets 9.= <.? 06.? 8.8 8.8 <.> 08.0 00.1Xuojnl `ef puojnljy au`r`etmmf 9.= <.? 06.? 8.8 8.8 <.> 08.0 00.1  Biinln`j lrmfntbrs 9.= <.? 06.? 8.8 8.8 <.> 08.0 00.1  Cujtnj`tmr`j <.< 0.6 06.? 8.8 8.8 8.8 8.8 8.8  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 8.4 8.6 8.8 8.8 8.8 8.8 8.8 8.8  Onj`tmr`j <.? 0.4 8.8 8.8 8.8 <.> 08.0 00.1  Xrnv`tm lrmfntbrs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Xrnelnp`j rmp`ycmets 0.8 8.4 8.> 0.0 ?.? ?.0 ?.= <.=Xuojnl `ef puojnljy au`r`etmmf 0.8 8.4 8.> 0.0 ?.? ?.0 ?.= <.=  Biinln`j lrmfntbrs 8.4 8.9 8.> 0.0 ?.? ?.0 ?.= <.=  Cujtnj`tmr`j 8.= 8.6 8.= 8.1 0.4 0.1 ?.0 <.?  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 8.8 8.8 8.? 8.< 8.< 8.6 8.6 8.9  Onj`tmr`j 8.< 8.? 8.6 8.6 8.6 8.6 8.= 8.<  Xrnv`tm lrmfntbrs 8.? 8.? 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Netmrmst p`ycmets 8.1 8.= 8.9 8.1 0.8 8.> 0.0 0.6Xuojnl `ef puojnljy au`r`etmmf 8.1 8.= 8.9 8.1 0.8 8.> 0.0 0.6  Biinln`j lrmfntbrs 8.9 8.= 8.9 8.1 0.8 8.> 0.0 0.6

  Cujtnj`tmr`j 8.? 8.< 8.= 8.9 8.> 8.1 8.4 8.4  bi wdnld; NO_F 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  NF@ 8.8 8.0 8.0 8.0 8.0 8.0 8.0 8.0  Onj`tmr`j 8.6 8.? 8.0 8.0 8.0 8.? 8.6 8.9  Xrnv`tm lrmfntbrs 8.? 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Lbccmrln`j o`egs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Xrnv`tm ebeau`r`etmmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  bi wdnld; Obefs 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 1.> <.6 4.4 -<4.9 0.8 0=.0 ?1.9 6.8  Emt bws be mxtmre` m t =.1 ?.6 0<.9 -?4.0 -0.? 08.4 ?<.9 <.0

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

bt` `cbuet bra vme . . . . . . . .

Fmot ouyo`lg 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j <.9 <.9 6.< =.< 9.? =.9 =.9 =.9Netmrmst 0.4 0.4 0.1 0.1 0.9 0.= 0.6 0.<Xrnv`tm lrmfntbrs

Xrnelnp`j 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8Netmrmst 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

<80

Page 314: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 314/341

YMEM[]MJ@, _MX]OJNL@ OBJNY@_N@E@ fm

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs <<,010 <=,166 6?,<<4 66,444 6<,161 6=,4=8 =8,01> =6,=8<  Jbea-tmrc mxtmre`j fmot ?4,0=> <8,66? <<,>=8 <6,148 <0,4>> <8,6>1 <<,04= <4,6>6  Xuojnl ef puojnljy au`r`etmmf ?6,=8> ?4,6?4 ?1,401 <0,814 ?1,09= ?1,=<1 ?>,41= <=,046  Xrnv`tm ebeau`r`etmmf <,9=8 ?,80< 9,0<? <,18? 6,1<6 ?,>98 <,<08 <,<08  ]sm bi NCI lrmfnt <,80? ?,?<> ?8< 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot ?,888 <,89< 4,049 08,084 00,464 0=,<=< 09,>>6 09,88>  netmrmst `rrm`rs be jbea-tmrc 8 ?1< => = ? 8 8 >

 Cmcbr`efuc ntmcs  8 0,8?? 1> 4 8 8 8 8    ?6,=8> ?1,4=6 ?1,<94 <0,8?9 ?1,0?0 ?1,=?8 ?>,49= <=,014    <,9=8 ?,=44 9,=40 <,1=6 6,114 ?,>11 <,<?8 <,<09  <,?8> 0,8<< 0,94< 9,101 0,??8 0,4=6 6,<=6 1,9>?

Mxtmre`j fmot ijbwsFnsoursmcmets 6,89> 0,4?> ?,<6? 1,?69 0,1=0 ?,8=< =,6>8 9,894  Jbea-tmrc mxtmre`j fmot ?,??9 0,4?> ?,<6? 1,?69 0,1=0 ?,8=< =,6>8 9,894  NCI purld`sms 0,46< 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 0,16> ?,1<> <,6?4 ?,486 9,=0< ?,?4= ?,164 400  Jbea-tmrc mxtmre`j fmot 0,16> ?,?14 ?,>?0 ?,486 9,=0< ?,?4= ?,164 400  NCI rmpurld`sms 8 69? =81 8 8 8 8 8

 Emt ijbws ?,8<9 -0,==4 0,906 9,106 -<,80> <,?1= 6,<46 6,?9?  Jbea-tmrc mxtmre`j fmot 611 -664 -=1> 6,66< -6,19? -?<? ?,16< =,?=9

  \dbrt-tmrc mxtmre`j fmot -?46 -964 ?,188 ?,?10 0,16< <,=81 0,960 ->>6Netmrmst p`ycmets <,?6? ?,6<< ?,><0 ?,><0 <,<<9 <,698 <,?18 <,0=<  Jbea-tmrc mxtmre`j fmot ?,>>< ?,8>1 ?,6<= ?,9=9 ?,4=8 ?,=46 ?,4=4 ?,19=  NCI ld`rams <1 06? ?4 8 8 8 8 8  \dbrt-tmrc mxtmre`j fmot ?0? 0>< 691 ?1= 649 419 60? <44

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 6=0 >4= 6,180 ?,98? -=84 0,884 <=8 -<,08=Xbrtibjnb mqunty 8 ?18 -=16 ?4 60 99 < 0?0

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 00.= 06.0 06.4 4.? 9.1K`p`emsm yme 8.9 6.? 0.> 8.= 8.1 0.8 0.8 8.4Xbuef stmrjnea 0.= 0.? 8.4 8.8 8.8 8.8 8.8 8.8\wnss ir`el 8.> 8.1 8.6 8.8 8.0 8.0 8.0 8.8].\.fbjj`rs 14.? 94.> 4<.< 4<.9 48.4 40.= 44.1 >0.8

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 1.4 9.4 4.8 9.? =.9 =.1 <.? ?.>  C`turnty (ym`rs) 0=.9 01.? 0?.1 08.6 04.8 ?8.8 04.8 09.9  Ar`lm pmrnbf (ym`rs) 6.> =.? ?.9 ?.1 1.4 08.= =.= =.<Xrnv`tm lrmfntbrs

  Netmrmst (%) 4.= 1.1 4.? 9.9 =.1 1.8 >.? 4.0  C`turnty (ym`rs) 0<.9 <.< 9.> 0<.4 00.1 <8.? 01.= 0?.=  Ar`lm pmrnbf (ym`rs) 9.0 <.8 ?.= 0<.1 =.? <8.? 01.= 0?.=

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 69,?=6 1?,>69 00=,198 06<,61= 04?,9<4 ??>,?=4 <0?,011 <?1,??>Mxpbrts bi abbfs, smrvnlms & nelbcm ?0,696 ??,9?8 <1,198 90,0<6 1=,<64 48,>10 08=,<9< 90,>0<Qbrgmr rmcnt. & lbcp. bi mcpjbymms 0 ? 01 064 09= 0=0 0<1 0<0Ncpbrts bi abbfs, smrvnlms & nelbcm 0?,44< ?8,10= ?=,1<1 <=,>== 64,484 9?,611 91,<9< =<,8?>Xrbint rmcntt`elms be IFN ??6 6<0 0,6?6 <,>=< 9,=68 6,14= 6,0=? 0,>8<Lurrmet llbuet o`j`elm 4,?1> ?,806 00,4=< ?=,008 ?9,69? 04,89< <1,<>? 4,=90Netmre`tnbe`j rmsmrvms 0?,1<< 08,10= 0=,4>> ?>,48< <9,10= <<,1=> 6<,89= <6,<04

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 0=6.= 0=4.8 00?.0 1<.6 =4.0 =9.9 61.9 44.8Mxtmre`j fmot stblgs tb AEN (%) 10.1 6>.8 <9.9 <0.< ?6.8 ?8.8 09.0 09.1Fmot smrvnlm tb mxpbrts (%) ?<.< ??.> 09.4 >.6 0<.0 1.0 =.1 9.6\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 9.8 4.9 0>.< ??.= ?1.0 <<.= <<.> ?>.6Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 6.> >.< 1.9 9.? 9.> =.6 =.6 =.1_msmrvms tb mxtmre`j fmot stblgs (%) <4.6 <8.8 <1.9 99.6 4<.> 1<.9 4=.4 9<.8_msmrvms tb ncpbrts (cbetds) 00.> 9.? 1.6 >.> >.8 9.= 1.1 1.4

<8?

Page 315: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 315/341

YMEM[]MJ@, _MX]OJNL@ OBJNY@_N@E@ fm

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf ?4,0=> <8,66? <<,>=8 <6,148 <0,4>> <8,6>1 <<,04= <4,6>6Xuojnl ef puojnljy au`r`etmmf ?6,=8> ?4,6?4 ?1,401 <0,814 ?1,09= ?1,=<1 ?>,41= <=,046  Biinln`j lrmfntbrs 0,><< 6,4<< 9,011 <,<>= <,1>8 <,<>? <,=<6 6,0<8  Cujtnj`tmr`j 0,968 <,<?< <,?09 ?,149 <,8?9 ?,644 ?,941 <,0?8  b w l ; NO_F >16 0,9<> >1? ?88 =0 8 8 8  NF@ 8 8 8 8 8 8 8 8

  Onj`tmr`j ?>< 0,=08 ?,>90 98> 196 >86 461 0,808  Xrnv`tm lrmfntbrs ??,=11 ?<,=>= ?0,968 ?1,94< ?<,<1= ?6,06= ?9,<60 <0,8=6  bi wdnld; Obefs 0>,966 ?8,16= 09,?01 ?<,=69 0>,614 ?8,91= ?<,<=< ?4,<98  Lbccmrln`j o`egs <9< 0,?<< <,6>8 <,0>6 ?,419 ?,=41 ?,<61 ?,?89Xrnv`tm ebeau`r`etmmf <,9=8 ?,80< 9,0<? <,18? 6,1<6 ?,>98 <,<08 <,<08  bi wdnld; Obefs 8 006 <,448 <,918 6,1<6 ?,>98 <,<08 <,<08

Fnsoursmcmets ?,??9 0,4?> ?,<6? 1,?69 0,1=0 ?,8=< =,6>8 9,894Xuojnl ef puojnljy au`r`etmmf ?,??9 0,16> ?,<6? 1,?69 0,9=0 ?,8=< 6,468 9,894  Biinln`j lrmfntbrs 0,08< 908 149 <>? 0,081 =6> 966 0,8<=  Cujtnj`tmr`j 0,8<= ?46 68? 01< 4<0 <?= ==9 1<=  bi wdnld; NO_F 468 61 =8 0< > 8 8 8  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 9> <?9 <4= ?04 ?19 ??6 44 <88  Xrnv`tm lrmfntbrs 0,0?? 0,0<> 0,==9 9,4== =66 0,=86 6,0>9 =,8<<  bi wdnld; Obefs =>> <6> 69? 9,06< 8 0,?=8 6,888 6,>>?  Lbccmrln`j o`egs ?9 909 991 <91 0=6 0?0 06= <8Xrnv`tm ebeau`r`etmmf 8 48 8 8 088 8 9=8 8

  bi wdnld; Obefs 8 8 8 8 088 8 9=8 8

Xrnelnp`j rmp`ycmets 0,16> ?,?14 ?,>?0 ?,486 9,=0< ?,?4= ?,164 400Xuojnl ef puojnljy au`r`etmmf 0,=19 0,11= ?,?9= ?,001 =,><= ?,800 ?,664 400  Biinln`j lrmfntbrs =8 <1= 90< 1<= 1<< >44 =?6 664  Cujtnj`tmr`j > ?8? <=9 =<8 984 41< <19 ?>>  bi wdnld; NO_F 8 009 ?84 089 0=> =8 8 8  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 60 01< ?=1 ?8= 0?= 00= 064 06>  Xrnv`tm lrmfntbrs 0,=?9 0,688 0,9=? 0,<4? =,?8? 0,8?< 0,>?< <9<  bi wdnld; Obefs ?=6 401 0,00> 969 6,?>? ?8> 0,?>> 8  Lbccmrln`j o`egs 189 6= <1? 666 =9? 6>= <6> 0>?Xrnv`tm ebeau`r`etmmf 01< =8< 9== 941 =14 ?16 <88 8  bi wdnld; Obefs 8 8 8 8 =69 ?16 <88 8

Netmrmst p`ycmets ?,>>< ?,8>1 ?,6<= ?,9=9 ?,4=8 ?,=46 ?,4=4 ?,19=Xuojnl ef puojnljy au`r`etmmf ?,=>< 0,>49 0,491 ?,<81 ?,60? ?,<0< ?,=?6 ?,668  Biinln`j lrmfntbrs 10 ?>4 <6< ?8< ?01 ?6< ?<6 04=

  Cujtnj`tmr`j => ?<< ?=> 09? 01= 0>6 090 0<4  bi wdnld; NO_F 0> 0?8 >0 08 9 0 8 8  NF@ 8 8 8 8 8 8 8 8  Onj`tmr`j 0? 99 46 60 6? 6> 1< 64  Xrnv`tm lrmfntbrs ?,=?? 0,944 0,=?6 ?,086 ?,0>6 ?,810 ?,?>8 ?,?==  bi wdnld; Obefs 0<= 0,=<6 0,?>4 0,161 0,4<6 0,1=0 ?,889 ?,8?6  Lbccmrln`j o`egs ?,0>4 9= 019 ?>4 ?4> ?96 ?60 ?08Xrnv`tm ebeau`r`etmmf 688 000 =94 <6> 6<> ?10 <<6 <?6  bi wdnld; Obefs 8 08 <86 ?>9 <>? ?10 ?16 ?40

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 1>? -0,0>> 0,?>8 9,8>9 -0,068 ?,08< 6,<?> 6,<?6  Emt bws be mxtmre` m t ?,8<9 -0,==4 0,906 9,106 -<,80> <,?1= 6,<46 6,?9?

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 01,9=> 8 8 8 8 8 8 8

bt` cbuet bra vme ,

Fmot ouyo`lg 9<6 8 8 60> 6,?>? 01= 6 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j =8> =04 98= =>8 =80 <49 619 6?6Netmrmst 0<0 0<6 0?> 0?8 008 08? >= 46Xrnv`tm lrmfntbrs

Xrnelnp`j ?,94? 0,>0< 18< 0,99= 0,4=4 0,<>6 ?,8<= ?4Netmrmst ?,196 ?,==> ?,641 ?,6<< ?,?=> ?,8=? 0,><? 0,410

 Ebtms;

Jbea-tmrc prnv`tm ebeau`r`etmmf fmot f`t` bejy lbvmr Obefs. \dbrt-tmrc fmot ns o`smf be tdm Lmetr`j O`eg f`t` irbc 0>>> tb ?884 ef ns Qbrjf O`eg st`ii

mstnc`tms ibr ?88>.

<8<

Page 316: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 316/341

YNMVE@C

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs ?<,?18 ?=,6?4 0?,4?< 0>,8<= 04,908 ??,1<1 ?6,>96 ?4,916  Jbea-tmrc mxtmre`j fmot ?0,<14 ?0,114 00,=46 09,?=1 09,88< 01,>6< ?8,=96 ?<,68<  Xuojnl ef puojnljy au`r`etmmf ?0,<14 ?0,114 00,=46 09,?=1 09,88< 01,>6< ?8,=96 ?<,68<  Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  ]sm bi NCI lrmfnt 00? <11 <09 ?8< 040 096 0?0 46  \dbrt-tmrc mxtmre`j fmot 0,148 <,?1? >?< ?,=16 ?,6?1 6,9<8 6,?1> =,049  netmrmst `rrm`rs be jbea-tmrc 0,=<8 ?,=80 14 16 8 8 0 8

 Cmcbr`efuc ntmcs  ?,800 4,>0= 0,<14 0,<69 8 8 8 8    ?0,<14 ?0,114 00,=46 09,?=1 09,88< 01,>6< ?8,=96 ?<,68<    8 8 8 8 8 8 8 8  00 ?,699 0,0>0 ?,998 ?,?>1 ?,848 <,918 =,91=

Mxtmre`j fmot ijbwsFnsoursmcmets 0< 1<8 0,?1? ?,861 0,??4 0,>6= 0,448 <,1>0  Jbea-tmrc mxtmre`j fmot 0< 9<> 0,?1? ?,861 0,??4 0,>6= 0,448 <,1>0  NCI purld`sms 8 >? 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 086 ??= >=4 =6< =0> 969 110 186  Jbea-tmrc mxtmre`j fmot >> ??= ><1 64> 649 9?0 1<? 999  NCI rmpurld`sms = 8 ?0 =6 << ?= <> <4

 Emt ijbws ->= 4?< 61? 0,>01 9<9 <,=8? 1=1 <,>>=  Jbea-tmrc mxtmre`j fmot -49 606 <<= 0,==1 16? 0,<?6 0,064 <,0?=

  \dbrt-tmrc mxtmre`j fmot -6 <01 0=4 60< -1< ?,?8< -<=? >84Netmrmst p`ycmets 18 0<> <=? 6<6 6=? 984 =91 6<9  Jbea-tmrc mxtmre`j fmot 69 40 ?>4 <04 <?4 60< 6<? <16  NCI ld`rams 8 00 < 0 0 0 0 0  \dbrt-tmrc mxtmre`j fmot ?< 69 =0 00= 0?< 0>6 0<6 90

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet 048 0,148 0,?>4 0,>=6 ?,688 9,188 >,=1> 1,988Xbrtibjnb mqunty .. .. .. 00= 0,<0< 9,?6< -=14 0?4

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. =.1 9.1 1.8 =.> =.=K`p`emsm yme ?.8 =.9 ?<.= ?9.? ?>.0 <8.4 <1.? <=.1Xbuef stmrjnea 8.? 8.0 8.0 8.0 8.0 8.0 8.0 8.0\wnss ir`el 8.8 8.8 8.0 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs =.= 4.6 6<.< 66.> 6?.= 68.4 <1.8 <4.>

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) =.1 ?.< 0.6 0.< 0.> 8.> 0.> 0.?  C`turnty (ym`rs) >.9 <0.= <9.0 <<.9 <<.? <9.9 <?.1 ?>.1  Ar`lm pmrnbf (ym`rs) 6.? >.= >.9 >.0 4.1 08.0 >.8 4.8Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 9.1 8.8 9.> 6.? 8.8 8.8 8.<  C`turnty (ym`rs) 8.8 1.? 8.8 08.? ?0.0 8.8 8.8 06.>  Ar`lm pmrnbf (ym`rs) 8.8 ?.8 8.8 08.0 9.9 8.8 8.8 6.>

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 9,898 ?8,=08 <8,1?9 =0,4=> =>,=>4 94,44= 41,9=6 44,968Mxpbrts bi abbfs, smrvnlms & nelbcm .. .. 01,640 <9,>41 6=,=>6 ==,1=1 10,0<4 9<,906Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. .. .. 6,888 6,488 =,=88 1,?88 9,468Ncpbrts bi abbfs, smrvnlms & nelbcm .. .. 04,081 68,>?1 6>,481 9>,068 4>,0== 11,=40Xrbint rmcntt`elms be IFN .. .. .. .. .. .. .. ..Lurrmet `llbuet o`j`elm .. .. 0,089 -=98 -096 -9,>=< -08,189 ..Netmre`tnbe`j rmsmrvms .. 0,<?6 <,601 >,8=0 0<,<46 ?<,61> ?<,4>8 09,661

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) .. .. 1<.6 =0.= 68.4 68.4 <=.0 6=.0Mxtmre`j fmot stblgs tb AEN (%) <46.8 0?6.8 60.1 <9.1 <0.? <<.8 ?4.= <?.<Fmot smrvnlm tb mxpbrts (%) .. .. 1.= ?.9 ?.0 ?.? 0.> 0.4\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 1.1 0?.> 1.? 0<.= 0<.8 ?8.6 01.0 04.0Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 8.9 0.< 06.4 ?1.8 <0.= <0.< <?.8 <9.8_msmrvms tb mxtmre`j fmot stblgs (%) .. =.? ?9.9 61.= 10.> 08<.< >=.1 =1.6_msmrvms tb ncpbrts (cbetds) .. .. ?.< ?.1 <.? 6.0 <.? ?.=

<86

Page 317: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 317/341

YNMVE@C

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf ?0,<14 ?0,114 00,=46 09,?=1 09,88< 01,>6< ?8,=96 ?<,68<Xuojnl ef puojnljy au`r`etmmf ?0,<14 ?0,114 00,=46 09,?=1 09,88< 01,>6< ?8,=96 ?<,68<  Biinln`j lrmfntbrs ?8,010 ?8,6=8 4,948 06,?=4 06,8>< 09,001 04,1>? ?0,9=4  Cujtnj`tmr`j 0<8 <?= 0,4>= =,066 =,498 1,0?? 1,>>> 08,<0?  b w l ; NO_F 8 8 8 8 8 8 8 8  NF@ => ?<0 0,00< <,041 <,99< 6,=6> =,816 9,?18

  Onj`tmr`j ?8,860 ?8,0?9 9,14= >,006 4,?<< 4,>>9 08,1>< 00,<69  Xrnv`tm lrmfntbrs 0,?81 0,<?4 ?,>86 ?,888 0,>8> 0,4?9 0,11? 0,16=  bi wdnld; Obefs 8 8 =98 0,?08 0,090 0,000 0,890 0,860  Lbccmrln`j o`egs 946 0,86< 0,9=4 6=6 646 =09 =64 =4=Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 0< 9<> 0,?1? ?,861 0,??4 0,>6= 0,448 <,1>0Xuojnl ef puojnljy au`r`etmmf 0< 9<> 0,?1? ?,861 0,??4 0,>6= 0,448 <,1>0  Biinln`j lrmfntbrs 0< ?<< 0,019 0,?98 0,0=0 0,4>? 0,409 <,9><  Cujtnj`tmr`j 6 088 <>= 9<> =64 0,800 41< ?,<<6  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 8 61 016 <>0 <68 164 =>? 0,?89  Onj`tmr`j > 0<< 140 9?0 98? 440 >6< 0,<98  Xrnv`tm lrmfntbrs 8 689 >9 149 14 =< 9< >4  bi wdnld; Obefs 8 8 8 1=8 8 8 8 8  Lbccmrln`j o`egs 8 <4> > <9 14 =< 9< >4Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets >> ??= ><1 64> 649 9?0 1<? 999Xuojnl `ef puojnljy au`r`etmmf >> ??= ><1 64> 649 9?0 1<? 999  Biinln`j lrmfntbrs >> 01= 0<6 <8< <0< 6== =99 =61  Cujtnj`tmr`j < 1 9 <0 6< 90 48 08>  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 0 0 ? 06 ?< <8 <1 61  Onj`tmr`j >9 094 0?4 ?1? ?18 <>6 64= 6<4  Xrnv`tm lrmfntbrs 8 =8 48? 049 01< 099 099 00>  bi wdnld; Obefs 8 8 8 =8 =8 =8 =8 ?8  Lbccmrln`j o`egs 8 8 901 =4 == 66 =4 90Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 69 40 ?>4 <04 <?4 60< 6<? <16Xuojnl `ef puojnljy au`r`etmmf 69 40 ?>4 <04 <?4 60< 6<? <16  Biinln`j lrmfntbrs ?9 =8 11 ?=9 ?<< ?>> <0> ?49

  Cujtnj`tmr`j ? ? 06 =? == 96 16 40  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ 8 ? 1 <8 << <6 <4 68  Onj`tmr`j ?6 61 9< ?86 014 ?<= ?6= ?86  Xrnv`tm lrmfntbrs ?8 <? ??8 9? >= 006 00< 44  bi wdnld; Obefs 8 8 ?< ?? =1 1? 10 9<  Lbccmrln`j o`egs 6 ?6 0=< ?6 ?9 ?> <? ??Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s ?,=9= 9?4 -08,<49 0,86? -6?= 6,0?1 ?,??1 <,108  Emt bws be mxtmre` m t ->= 4?< 61? 0,>01 9<9 <,=8? 1=1 <,>>=

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 608 4> 8 ?80 8 8 8 8

bt` `cbuet bra vme ,

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j 40> 48= 466 0,0>0 0,?11 0,061 0,?0> 0,0><Netmrmst <14 <>4 686 688 <41 <99 <6> <<<Xrnv`tm lrmfntbrs

Xrnelnp`j 0?? 080 08> 08= >= 08? 4<= 1<Netmrmst 4< 48 11 16 10 94 68 0?

 Ebtms;

F`t` be jbea-tmrc puojnl ef puojnljy au`r`etmmf fmot ibr ?88> rm Qbrjf O`eg st`ii mstnc`tms o`smf be rmpbrts prbvnfmf oy tdm lbuetry. @s pmr lbuetry's

neibrc`tnbe, `rrm`rs d`vm omme rmcbvmf irbc ?889.

<8=

Page 318: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 318/341

^MCME, _MX]OJNL BI

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 9,<=6 9,?=0 =,0?= =,6<> =,966 9,84> 9,?=4 9,<=9  Jbea-tmrc mxtmre`j fmot =,09? =,=9? 6,08> 6,1>6 =,848 =,=81 =,91> =,490  Xuojnl ef puojnljy au`r`etmmf =,09? =,=9? 6,08> 6,1>6 =,848 =,=81 =,91> =,490  Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  ]sm bi NCI lrmfnt 8 8 <01 ?>? ?69 09> >= =<  \dbrt-tmrc mxtmre`j fmot 0,0>? 94> 9>> <=< <04 60< 64< 66?  netmrmst `rrm`rs be jbea-tmrc 0>? 61< ?1 >6 088 081 00? 001

 Cmcbr`efuc ntmcs  46= ?,684 ?>1 0>< 06< 0=0 098 09=    =,09? =,=9? 6,08> 6,1>6 =,848 =,=81 =,91> =,490    8 8 8 8 8 8 8 8  ?80 48 <8? ?81 <?4 6>4 0>9 061

Mxtmre`j fmot ijbwsFnsoursmcmets <8= 0?6 0<1 ?9= <=< <>8 ?4= <<?  Jbea-tmrc mxtmre`j fmot <8= 0?6 0<1 ?9= <=< <>8 ?4= <<?  NCI purld`sms 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 40 9= 0=< 06> 098 0>4 ?86 04?  Jbea-tmrc mxtmre`j fmot 1> 9= 40 >< 088 00? 0<< 0<>  NCI rmpurld`sms 0 8 10 =9 98 41 10 66

 Emt ijbws <49 6? ?18 014 0=? ?48 069 08<  Jbea-tmrc mxtmre`j fmot ??9 => =9 01? ?=< ?14 0=? 0><

  \dbrt-tmrc mxtmre`j fmot 090 -01 ?4= 90 -60 44 9= -69Netmrmst p`ycmets 44 <1 >0 9? 16 1? 1> 1>  Jbea-tmrc mxtmre`j fmot ?4 ?= 6= == 91 9= 18 1?  NCI ld`rams 8 8 08 < < ? 0 8  \dbrt-tmrc mxtmre`j fmot 98 00 <= 6 6 = 1 9

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet -0<0 -?04 9 -<8? 0,0?0 >01 0,=== 0?>Xbrtibjnb mqunty .. .. 8 .. 8 8 8 ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 0.1 0.4 0.> 0.4 0.>K`p`emsm yme 6.6 9.0 1.1 9.= =.> =.= 9.? =.4Xbuef stmrjnea 8.1 8.9 8.< 8.0 8.8 8.8 8.8 8.8\wnss ir`el 8.< 8.< 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs ?8.? ?0.9 94.? 91.? 9=.0 90.1 =>.6 =4.1

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 0.4 =.0 8.> ?.6 0.> ?.4 0.4 ?.?  C`turnty (ym`rs) ?4.9 0?.= <9.6 <8.8 ?4.6 ?<.1 <?.= ?9.0  Ar`lm pmrnbf (ym`rs) 1.? <.< >.9 4.< 1.4 9.? 1.4 9.<Xrnv`tm lrmfntbrs

  Netmrmst (%) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 8.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 6,1>? <,914 4,4<6 0=,0?= 01,461 ?8,<89 ?6,11> ?6,4>6Mxpbrts bi abbfs, smrvnlms & nelbcm 0,=?4 ?,0>1 6,0=4 9,>9< 4,040 4,0=4 08,=86 ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms 0,6>4 0,840 0,?44 0,?4< 0,?4< 0,<?? 0,600 0,68<Ncpbrts bi abbfs, smrvnlms & nelbcm ?,=1> <,89> 6,??0 1,16= >,<<? 00,8>? 0<,>04 00,?41Xrbint rmcntt`elms be IFN ?4< 6<< 4== 0,98< 0,68< 0,<>8 0,41= ..Lurrmet `llbuet o`j`elm 1<> 046 0,<<1 9?6 ?89 -0,=84 -0,?=0 ..Netmre`tnbe`j rmsmrvms 660 9<4 ?,>06 9,060 1,=6< 1,1=1 4,0== 9,>>8

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 60=.> ?46.= 0?<.< 14.0 9>.8 16.9 =>.9 ..Mxtmre`j fmot stblgs tb AEN (%) 0<?.9 09>.> =4.8 <9.8 <0.9 <8.8 ?=.< ?=.=Fmot smrvnlm tb mxpbrts (%) 00.0 6.9 =.> <.8 ?.> <.< ?.1 ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 04.4 00.8 0<.9 9.= =.9 9.4 1.1 1.8Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 09.0 ?8.= <?.1 68.4 66.6 61.9 64.= 6>.1_msmrvms tb mxtmre`j fmot stblgs (%) 9.> 08.? =9.> 00?.> 0<<.1 0?1.6 0<8.< 008.8_msmrvms tb ncpbrts (cbetds) ?.0 ?.= 4.< >.= >.1 4.6 1.8 1.6

<89

Page 319: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 319/341

^MCME, _MX]OJNL BI

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf =,09? =,=9? 6,08> 6,1>6 =,848 =,=81 =,91> =,490Xuojnl ef puojnljy au`r`etmmf =,09? =,=9? 6,08> 6,1>6 =,848 =,=81 =,91> =,490  Biinln`j lrmfntbrs <,=86 <,466 6,869 6,141 =,81< =,=88 =,91< =,4=9  Cujtnj`tmr`j 0,8?9 0,?14 0,919 ?,?0> ?,=81 ?,>80 <,8<9 <,0=>  b w l ; NO_F 8 8 8 8 8 8 8 8  NF@ 98? 4?1 0,?09 0,94> 0,4>6 ?,8=4 ?,00< ?,041

  Onj`tmr`j ?,614 ?,=9= ?,<18 ?,=94 ?,=9= ?,=>4 ?,9<1 ?,9>4  Xrnv`tm lrmfntbrs 0,9=4 0,104 9< 1 1 1 9 =  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 48 48 =< 1 1 1 9 =Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets <8= 0?6 0<1 ?9= <=< <>8 ?4= <<?Xuojnl `ef puojnljy au`r`etmmf <8= 0?6 0<1 ?9= <=< <>8 ?4= <<?  Biinln`j lrmfntbrs 0<> 0?6 0<1 ?9= <=< <>8 ?4= <<?  Cujtnj`tmr`j =9 08> 000 ?01 ?9? <6= ?60 ?0?  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ ?1 6? 9= 0?> 098 0?? 084 080  Onj`tmr`j 46 0= ?1 6> >0 6= 66 0?8  Xrnv`tm lrmfntbrs 099 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 1> 9= 40 >< 088 00? 0<< 0<>Xuojnl `ef puojnljy au`r`etmmf 1> 9= 40 >< 088 00? 0<< 0<>  Biinln`j lrmfntbrs 16 9< 40 >< >> 000 0<? 0<4  Cujtnj`tmr`j 60 =< 98 =4 90 99 14 46  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ ? 4 06 ?1 <0 <6 <4 6?  Onj`tmr`j <6 08 ?8 <= <4 6= =6 =6  Xrnv`tm lrmfntbrs = ? 8 8 8 0 0 0  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 0 0 0Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets ?4 ?= 6= == 91 9= 18 1?Xuojnl `ef puojnljy au`r`etmmf ?4 ?= 6= == 91 9= 18 1?  Biinln`j lrmfntbrs ?< ?= 6= == 91 9= 18 1?

  Cujtnj`tmr`j 06 04 ?0 ?1 <8 <6 <4 68  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ < 9 > 0= 0= 0= 09 0=  Onj`tmr`j > 1 ?6 ?4 <1 <0 <? <?  Xrnv`tm lrmfntbrs = 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 8 8 8 8 8 8 8Xrnv`tm ebeau`r`etmmf 8 8 8 8 8 8 8 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 1=> >1 -0,001 -000 ?86 669 09> >4  Emt bws be mxtmre` m t <49 6? ?18 014 0=? ?48 069 08<

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf >4 8 0?< 9= 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j ?01 ?<0 ?66 ?9= ?4< ?4< ?4> ?41Netmrmst 49 >8 >8 44 4= 40 19 10Xrnv`tm lrmfntbrs

Xrnelnp`j 0 0 0 0 0 8 8 8Netmrmst 8 8 8 8 8 8 8 8

<81

Page 320: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 320/341

[@CON@

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs 9,>8= 9,>=4 =,1?? =,<11 ?,?14 ?,1=4 ?,>46 <,86>  Jbea-tmrc mxtmre`j fmot 6,=6< =,<86 6,=84 6,=60 0,1>6 ?,8>1 ?,?0= ?,?<8  Xuojnl ef puojnljy au`r`etmmf 6,=60 =,?>0 6,666 <,>6= >91 0,009 0,091 0,?08  Xrnv`tm ebeau`r`etmmf ? 0< 9= =>9 4?9 >40 0,86> 0,8?8  ]sm bi NCI lrmfnt >6> 0,?<> 0,0<4 =>0 60 41 >9 <6=  \dbrt-tmrc mxtmre`j fmot 0,60< 60= 19 ?66 66< =1= 916 616  netmrmst `rrm`rs be jbea-tmrc 1<4 011 << >8 068 06> 0=? 0=6

 Cmcbr`efuc ntmcs  0,6>< 11? 0<1 <68 <0= <01 <?? <?<    6,=60 =,?=> 6,60< <,>6? >91 0,009 0,091 0,?08    ? 6= >= =>> 4?1 >40 0,86> 0,8?8  ?8? <4? <<8 =4 0<> 066 0<< 01=

Mxtmre`j fmot ijbwsFnsoursmcmets 096 ?,989 ?41 ?<9 661 <=> ?=0 <10  Jbea-tmrc mxtmre`j fmot 096 <=? ?90 ??8 6?< <09 ?68 0?1  NCI purld`sms 8 ?,?=< ?9 09 ?6 6? 00 ?66

Xrnelnp`j rmp`ycmets 0?6 ?,891 >4 ?0= 41 1= 006 0?6  Jbea-tmrc mxtmre`j fmot 088 ?6? >4 0<9 41 1= 006 0?6  NCI rmpurld`sms ?= 0,4?= 8 1> 8 8 8 8

 Emt ijbws -0?= 6<= 0=> 49 =8> 689 ?<6 6=  Jbea-tmrc mxtmre`j fmot 9= 008 09< 46 <<= ?60 0?9 6

  \dbrt-tmrc mxtmre`j fmot -09= -086 -<8 9= 06> 0?< >9 -?8?Netmrmst p`ycmets 19 =6= 44 99 =< 69 =? 64  Jbea-tmrc mxtmre`j fmot 1? 0?= 48 =4 66 <? <> <1  NCI ld`rams ? 60> 9 6 8 8 8 0  \dbrt-tmrc mxtmre`j fmot < 0 < = > 0< 0< 08

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet ?8< >1 0?? <=1 909 0,<?6 ><> 9>>Xbrtibjnb mqunty 8 .. 9 = ? 6 -9 -0<

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. 9.8 ?8.4 04.1 0=.6 06.8K`p`emsm yme 08.8 00.? 0<.> 0.? 8.8 8.8 8.8 8.8Xbuef stmrjnea 4.= 1.1 <.> =.0 8.1 8.= 8.< 8.<\wnss ir`el 8.= 8.0 8.8 8.8 8.8 8.8 8.8 8.8].\.fbjj`rs ?4.0 <>.9 90.1 1?.4 <>.? 60.8 <>.0 <1.=

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 9.= 0.= 8.4 8.4 8.4 0.< 8.4 8.9  C`turnty (ym`rs) ?8.1 <1.< <>.9 <=.4 <1.< <0.= 69.< <6.0  Ar`lm pmrnbf (ym`rs) 9.9 08.< 08.0 4.? >.> 1.1 08.< >.0Xrnv`tm lrmfntbrs

  Netmrmst (%) 00.8 08.= 8.8 8.8 ?.8 8.8 <.8 8.8  C`turnty (ym`rs) 9.> >.? 8.8 8.8 0=.? 8.8 <.> 8.8  Ar`lm pmrnbf (ym`rs) 0.6 ?.> 8.8 8.8 6.1 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) <,884 <,?<= <,84? 9,190 >,=<6 >,>>1 0<,<89 00,<46Mxpbrts bi abbfs, smrvnlms & nelbcm 0,<9? .. 4>0 ?,=<< 6,01= 6,404 =,?4< 6,=9=Qbrgmr rmcnt. & lbcp. bi mcpjbymms .. .. .. =< =4 => 94 94Ncpbrts bi abbfs, smrvnlms & nelbcm ?,<<9 .. 0,6>9 <,?<> 6,600 9,861 9,4>6 =,641Xrbint rmcntt`elms be IFN 00= .. 8 690 0,081 0,616 0,<69 0,?>6Lurrmet `llbuet o`j`elm -=>6 .. -=>0 -988 0?9 -9>4 -0,869 ..Netmre`tnbe`j rmsmrvms ?80 ??< ?6= =98 1?8 0,8>8 0,8>9 0,4>?

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) =81.8 .. 96?.8 ?0?.< =6.9 =1.? =9.= 99.4Mxtmre`j fmot stblgs tb AEN (%) ??>.= ?0=.0 04=.1 1>.= ?<.> ?1.9 ??.6 ?9.4Fmot smrvnlm tb mxpbrts (%) 06.1 .. ?8.4 00.0 <.6 ?.= <.0 <.4\dbrt-tmrc tb mxtmre`j fmot stblgs (%) ?8.= 9.8 0.< 6.= 0>.6 ?8.4 ??.9 0=.9Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) ?8.0 <8.= 6?.8 =4.? <8.8 ?1.> ?1.1 ?4.>_msmrvms tb mxtmre`j fmot stblgs (%) ?.> <.? 6.< 08.6 <0.9 <>.= <9.1 9?.0_msmrvms tb ncpbrts (cbetds) 0.8 .. ?.8 ?.0 ?.8 ?.? 0.> 6.0

<84

Page 321: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 321/341

[@CON@

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf 6,=6< =,<86 6,=84 6,=60 0,1>6 ?,8>1 ?,?0= ?,?<8Xuojnl ef puojnljy au`r`etmmf 6,=60 =,?>0 6,666 <,>6= >91 0,009 0,091 0,?08  Biinln`j lrmfntbrs 6,8>1 =,848 6,60? <,966 49? 0,881 0,8=< 0,08<  Cujtnj`tmr`j 0,<4> ?,0?8 ?,68< <,0?> 94< 19> 4?9 440  b w l ; NO_F =<> 09< ?= 8 8 8 8 8  NF@ ?16 0,?18 0,4?< ?,644 ?98 <?< <10 681

  Onj`tmr`j ?,184 ?,>98 ?,88> =0= 01> ?<> ??1 ???  Xrnv`tm lrmfntbrs 666 ?08 <0 <80 08= 084 006 081  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 18 09 8 = =1 90 9< 90Xrnv`tm ebeau`r`etmmf ? 0< 9= =>9 4?9 >40 0,86> 0,8?8  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 096 <=? ?90 ??8 6?< <09 ?68 0?1Xuojnl `ef puojnljy au`r`etmmf 09? <=0 ?=0 009 099 00> 00> ><  Biinln`j lrmfntbrs 001 <?1 ?=0 00< 00< 001 08> ><  Cujtnj`tmr`j 089 ?=0 ?6> 000 008 48 080 1?  bi wdnld; NO_F 8 8 8 8 8 8 8 8  NF@ < ?8> ?08 11 68 =0 =0 <<  Onj`tmr`j 00 19 ? ? 6 <1 4 ?0  Xrnv`tm lrmfntbrs 69 ?6 8 < =? ? 08 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 4 8 < =? ? 8 8Xrnv`tm ebeau`r`etmmf ? 0 08 08= ?=1 0>1 0?0 <=

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets 088 ?6? >4 0<9 41 1= 006 0?6Xuojnl `ef puojnljy au`r`etmmf 088 ?60 1> 10 =0 <? 90 90  Biinln`j lrmfntbrs 6< 048 1> => =8 <0 =< =6  Cujtnj`tmr`j <1 0?8 =0 ?0 ?= <8 ?> ?4  bi wdnld; NO_F = =8 4 8 8 8 8 8  NF@ 8 ? 6 0 0 8 0 0  Onj`tmr`j = 98 ?4 <4 ?= 0 ?6 ?9  Xrnv`tm lrmfntbrs =1 90 0 0? 0 ? 4 1  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 ? 8 8 0 ? ? ?Xrnv`tm ebeau`r`etmmf 8 0 04 99 <9 6< =< 9<  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 1? 0?= 48 =4 66 <? <> <1Xuojnl `ef puojnljy au`r`etmmf 1? 0?= 19 ?> ?0 > 0= 0<  Biinln`j lrmfntbrs 6< 009 19 ?> ?8 4 0< 00

  Cujtnj`tmr`j << 9= << ?= 01 4 > 4  bi wdnld; NO_F 0 0= < 8 8 8 8 8  NF@ 8 > 0< 09 4 ? < <  Onj`tmr`j 08 =0 6? 6 < 8 6 <  Xrnv`tm lrmfntbrs ?> > 8 8 8 0 ? ?  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs 8 0 8 8 8 0 ? 0Xrnv`tm ebeau`r`etmmf 8 8 6 ?4 ?< ?< ?6 ?6  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s <=0 06> -0<1 -?,81< -<,8>4 648 ??9 9=  Emt bws be mxtmre` m t -0?= 6<= 0=> 49 =8> 689 ?<6 6=

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 9>8 ?8 09> =4 > =0 8 8

bt` `cbuet bra vme , ,

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j =9 6> 6> 6< 64 =0 =0 61Netmrmst 0? 0? 00 00 08 08 08 >Xrnv`tm lrmfntbrs

Xrnelnp`j ?06 0=1 0<> 46 94 =? 6= <1Netmrmst 69 <= ?6 04 0< > 9 <

 Ebtms;

[`con` w`s ar`etmf fmot rmjnmi miimltnvm ne ?889 uefmr CF_N. F`t` be jbea-tmrc puojnl `ef puojnljy au`r`etmmf fmot irbc ?881 `rm Qbrjf O`eg st`ii mstnc`tms

 o`smf be rmpbrts prbvnfmf oy tdm lbuetry. F t` be jbea-tmrc prnv`tm ebeau`r`etmmf fmot ibr ?88> `rm Qbrjf O`eg st`ii mstnc`tms.

<8>

Page 322: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 322/341

[NCO@OQM

0. \ucc`ry mxtmre`j fmot f`t`Mxtmre`j fmot stblgs <,?1> 6,>4> <,4?1 6,?<8 6,9<9 =,<9= =,?99 =,80=  Jbea-tmrc mxtmre`j fmot ?,940 <,46< ?,>1> <,??1 <,60< <,144 <,1=8 <,4<0  Xuojnl ef puojnljy au`r`etmmf ?,6>9 <,69? ?,116 <,0>= <,<41 <,10< <,990 <,16?  Xrnv`tm ebeau`r`etmmf 04= <40 ?8= <? ?9 1= 4> 4>  ]sm bi NCI lrmfnt 1 690 ?40 000 00< 004 006 009  \dbrt-tmrc mxtmre`j fmot =>0 94= =94 4>< 0,000 0,6=> 0,68? 0,894  netmrmst `rrm`rs be jbea-tmrc 8 < == =<9 9?? 1=9 400 >?0

 Cmcbr`efuc ntmcs  8 ?0 091 0,=?< 0,1>0 ?,088 ?,?80 ?,6<>    ?,6>= <,69? ?,191 <,041 <,<41 <,10< <,990 <,16?    049 <40 ?0? <> ?9 1= 4> 4>  694 ?04 =8 00 ?80 8 8 8

Mxtmre`j fmot ijbwsFnsoursmcmets 6?6 9=6 04= ?= 6= ??1 >6 1>  Jbea-tmrc mxtmre`j fmot 6?6 =16 04= ?= 6= ??1 >6 1>  NCI purld`sms 8 48 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets ?18 <>4 ?4? ?08 <4 == =1 99  Jbea-tmrc mxtmre`j fmot ?61 <>4 ?0? 6= <= == == 99  NCI rmpurld`sms ?6 8 18 09= < 8 ? 8

 Emt ijbws <<= 66? -<<8 -??6 0<4 <49 -1= -6<0  Jbea-tmrc mxtmre`j fmot 011 019 -?1 -?8 08 01< <> 0<

  \dbrt-tmrc mxtmre`j fmot 040 041 -?<< -68 0<? ?06 -00? -666Netmrmst p`ycmets ?80 ?<4 0<4 ?1 =6 60 ?9 <=  Jbea-tmrc mxtmre`j fmot 06> 04> 40 1 6 06 08 <8  NCI ld`rams ? 0< 08 8 ?< 8 8 8  \dbrt-tmrc mxtmre`j fmot 6> <= 64 0> ?1 ?1 09 =

?. Btdmr ebe-fmot rmsburlm neijbwsIbrmnae fnrmlt nevmstcmet -0? 004 ?< 08< 68 9> =? 98Xbrtibjnb mqunty 8 .. .. .. .. .. .. ..

<. Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy au`r`etmmf fmot (%)Murb .. .. .. <?.8 <<.9 <6.? <?.1 <<.6K`p`emsm yme ?.0 <.9 =.6 =.< =.8 6.1 9.8 =.4Xbuef stmrjnea 0<.4 9.1 =.= =.> 9.< =.> 6.6 6.4\wnss ir`el 8.> 8.> 8.6 8.6 8.6 8.6 8.= 8.=].\.fbjj`rs ?>.> ?9.? ?>.> ?4.9 ?1.1 ?>.< <8.< ?>.>

6. @vmr`am tmrcs bi emw lbccntcmetsBiinln`j lrmfntbrs

  Netmrmst (%) 9.6 <.8 6.4 <.8 9.0 8.8 8.8 8.8  C`turnty (ym`rs) ?<.0 ?<.< 0?.> 0=.8 6.0 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 6.1 9.4 <.9 6.= 8.= 8.8 8.8 8.8Xrnv`tm lrmfntbrs

  Netmrmst (%) 1.? 9.0 0<.> 9.= 8.8 8.8 8.8 8.8  C`turnty (ym`rs) 08.= 4.4 >.4 =.= 8.8 8.8 8.8 8.8  Ar`lm pmrnbf (ym`rs) 0.= 0.9 6.0 8.> 8.8 8.8 8.8 8.8

=. C`kbr mlbebcnl `aarma`tmsArbss e`tnbe`j nelbcm (AEN) 4,6>6 9,14> 1,06= <,??8 .. .. .. ..Mxpbrts bi abbfs, smrvnlms & nelbcm ?,8<= .. .. .. .. .. .. ..Qbrgmr rmcnt. & lbcp. bi mcpjbymms 0 .. .. .. .. .. .. ..Ncpbrts bi abbfs, smrvnlms & nelbcm ?,?41 .. .. .. .. .. .. ..Xrbint rmcntt`elms be IFN .. .. .. .. .. .. .. ..Lurrmet `llbuet o`j`elm -068 .. .. .. .. .. .. ..Netmre`tnbe`j rmsmrvms ?>= 444 <?0 .. .. .. .. ..

9. _`tnbsMxtmre`j fmot stblgs tb mxpbrts (%) 090.0 .. .. .. .. .. .. ..Mxtmre`j fmot stblgs tb AEN (%) <4.9 1<.= =<.9 0<0.6 .. .. .. ..Fmot smrvnlm tb mxpbrts (%) ?<.0 .. .. .. .. .. .. ..\dbrt-tmrc tb mxtmre`j fmot stblgs (%) 04.8 0<.1 06.4 ?0.0 ?6.8 ?1.? ?9.9 ?0.<Cujtnj`tmr`j tb mxtmre`j fmot stblgs (%) 0>.6 ?>.> <=.< <=.0 <<.6 <8.8 <8.= <?.<_msmrvms tb mxtmre`j fmot stblgs (%) >.8 01.4 4.6 .. .. .. .. .._msmrvms tb ncpbrts (cbetds) 0.= .. .. .. .. .. .. ..

<08

Page 323: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 323/341

[NCO@OQM

1. Jbea-tmrc mxtmre`j fmot 

Fmot butst`efnea ef fnsoursmf ?,940 <,46< ?,>1> <,??1 <,60< <,144 <,1=8 <,4<0Xuojnl ef puojnljy au`r`etmmf ?,6>9 <,69? ?,116 <,0>= <,<41 <,10< <,990 <,16?  Biinln`j lrmfntbrs 0,=68 ?,1>4 ?,6<1 ?,14> ?,>69 <,?61 <,?<9 <,?>9  Cujtnj`tmr`j 9<1 0,6>0 0,<=? 0,64= 0,=61 0,900 0,98= 0,90>  b w l ; NO_F <40 =98 609 6<1 66= 6== 696 69<  NF@ 91 <<9 6<1 614 =80 =?? =0> =??

  Onj`tmr`j >8< 0,<81 0,84= 0,<86 0,<>> 0,9<9 0,9<0 0,911  Xrnv`tm lrmfntbrs >=9 996 <<1 689 660 699 6?= 669  bi wdnld; Obefs ?>< 0?8 8 8 8 8 8 8  Lbccmrln`j o`egs ?84 09? 0>4 ?96 ?41 <89 ?96 ?1>Xrnv`tm ebeau`r`etmmf 04= <40 ?8= <? ?9 1= 4> 4>  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Fnsoursmcmets 6?6 =16 04= ?= 6= ??1 >6 1>Xuojnl `ef puojnljy au`r`etmmf ?>1 <6= 0<> ?= ?4 098 ?4 0<  Biinln`j lrmfntbrs 0=4 ?<? 0?= 01 ?< 098 0< 0<  Cujtnj`tmr`j 1? 0?= 66 1 ? 8 8 8  bi wdnld; NO_F 68 <? 0> 8 8 8 8 8  NF@ 8 0= 4 8 8 8 8 8  Onj`tmr`j 49 089 40 08 ?0 098 0< 0<  Xrnv`tm lrmfntbrs 0<> 006 0= 4 = 8 06 8  bi wdnld; Obefs 8 8 8 8 8 8 8 8  Lbccmrln`j o`egs ?> 1? 00 6 8 8 8 8Xrnv`tm ebeau`r`etmmf 0?1 ??> 69 8 01 94 99 99

  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Xrnelnp`j rmp`ycmets ?61 <>4 ?0? 6= <= == == 99Xuojnl `ef puojnljy au`r`etmmf ??> <81 061 <0 0< <9 < 8  Biinln`j lrmfntbrs 14 099 006 ?0 00 <9 < 8  Cujtnj`tmr`j 69 11 11 = ? ? < 8  bi wdnld; NO_F << 61 69 ? 8 8 8 8  NF@ 8 0 8 8 8 8 8 8  Onj`tmr`j <? 4> <1 09 > << 8 8  Xrnv`tm lrmfntbrs 0=0 06? << 08 ? 8 8 8  bi wdnld; Obefs <8 <8 8 8 8 8 8 8  Lbccmrln`j o`egs 69 <? 0? 0 8 8 8 8Xrnv`tm ebeau`r`etmmf 04 >0 9= 06 ?? 0> =? 99  bi wdnld; Obefs 8 8 8 8 8 8 8 8

Netmrmst p`ycmets 06> 04> 40 1 6 06 08 <8Xuojnl `ef puojnljy au`r`etmmf 060 09< 96 < ? 0< = 06  Biinln`j lrmfntbrs 91 00= =0 ? ? 0< = 06

  Cujtnj`tmr`j 6< 40 <1 ? 8 8 0 8  bi wdnld; NO_F << 69 ?9 0 8 8 8 8  NF@ 8 ? 0 8 8 8 8 8  Onj`tmr`j ?6 <6 06 8 ? 0? 6 06  Xrnv`tm lrmfntbrs 16 64 0< 0 8 8 8 8  bi wdnld; Obefs 0< 9 8 8 8 8 8 8  Lbccmrln`j o`egs ?4 00 = 8 8 8 8 8Xrnv`tm ebeau`r`etmmf > ?9 01 6 ? 0 = 09  bi wdnld; Obefs 8 8 8 8 8 8 8 8

4. Fmot stblg-ijbw rmlbelnjn`tnbeVbt` l `eam e mxtmre` m t stbl s 6=> =8< -6>= -=<< 689 1?> ->> -?=0  Emt bws be mxtmre` m t <<= 66? -<<8 -??6 0<4 <49 -1= -6<0

>. Fmot rmstrulturneasVbt`j `cbuet rmsldmfujmf 8 8 8 8 8 8 8 8

bt` `cbuet bra vme

Fmot ouyo`lg 8 8 8 8 8 8 8 8

08. Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc mxtmre`j fmot 

 

Biinln`j lrmfntbrs

Xrnelnp`j ==0 ?=> 0<> 081 48 96 98 =>Netmrmst => <? ?8 09 0< 00 08 >Xrnv`tm lrmfntbrs

Xrnelnp`j 01 08 08 08 08 > 8 8Netmrmst < ? ? 0 0 8 8 8

<00

Page 324: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 324/341

Page 325: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 325/341

 

@obut tdm F`t`

F`t` \burlms

V

dm prnelnp`j sburlms bi neibrc`tnbe ibr tdmt`ojms ne tdns vbjucm `rm rmpbrts tb tdm Qbrjf

O`eg tdrbuad tdm Qbrjf O`eg„s Fmotbr _mpbrtnea\ystmc (F_\) irbc cmcomr lbuetrnms td`t d`vmrmlmnvmf mntdmr Netmre`tnbe`j O`eg ibr _mlbestrul-tnbe `ef Fmvmjbpcmet (NO_F) jb`es br Netmre`-tnbe`j Fmvmjbpcmet @ssbln`tnbe (NF@) lrmfnts.Vdm F_\ d`s nts brnane ne tdm Qbrjf O`eg„s emmftb cbentbr `ef `ssmss tdm ine`eln`j pbsntnbe bints obrrbwmrs. \nelm 0>=0, obrrbwmrs d`vm ommermqunrmf tb prbvnfm st`tnstnls be tdmnr puojnl mx-tmre`j fmot `ef prnv`tm smltbr fmot td`t omemintsirbc ` puojnl au`r`etmm. Ne nts fmsnae, lbesnstmely,`ef lbetneunty bi lbvmr`am, tdm F_\ ns ` uenqumrmsburlm. _mpbrtnea lbuetrnms suocnt fmt`njmf rm-pbrts be tdm `eeu`j st`tus, tr`es`ltnbes, ef tmrcsbi tdm jbea-tmrc mxtmre`j fmot bi puojnl `amelnms`ef td`t bi prnv`tm bems au`r`etmmf oy ` puojnl`amely ne tdm fmotbr lbuetry. Vdm F_\ c`net`nestdmsm rmlbrfs be ` jb`e-oy-jb`e o`sns. Ne 0>1<,lbvmr`am bi tdm F_\ w`s mxp`efmf tb neljufm prn-v`tm smltbr ebeau`r`etmmf obrrbwnea, out ibr tdnsl`tmabry bi fmot, f`t` `rm prbvnfmf oy obrrbwmrsne `aarma`tm r`tdmr td`e jb`e oy jb`e.

F`t` suocnttmf tb tdm F_\ `rm prblmssmf netdm Qbrjf O`eg Mxtmre`j Fmot (QOTF) systmc,`jbea wntd `ffntnbe`j neibrc`tnbe rmlmnvmf irbc

tdm injms bi tdm @irnl`e Fmvmjbpcmet O`eg, tdm@sn`e Fmvmjbpcmet O`eg, tdm Netmr-@cmrnl`eFmvmjbpcmet O`eg (NFO), tdm Netmre`tnbe`j Cbe-mt`ry Iuef (NCI), nestntutnbes bi tdm Qbrjf O`egArbup (NO_F `ef NF@), `ef tdm Murbpm`e O`egibr _mlbestrultnbe ef Fmvmjbpcmet (MO_F). VdmQOTF ns `e netmre`j systmc bi tdm Qbrjf O`eg.@cbea nts butputs ns tdm Ajbo`j FmvmjbpcmetIne`elm (AFI) f`t`o`sm, irbc wdnld tdm t`ojms ne

tdns puojnl`tnbe, AFI LF-_BC `ef bejnem f`t`-o`sm `rm prbfulmf.

F`t` be mxpbrts `ef ncpbrts (be ` o`j`elm

bi p`ycmets o`sns), netmre`tnbe`j rmsmrvms, lurrmet`llbuet o`j`elms, ibrmnae fnrmlt nevmstcmet (IFN),pbrtibjnb mqunty ijbws, `ef prbint rmcntt`elms biIFN `rm fr`we c`nejy irbc tdm injms bi tdm NCI,suppjmcmetmf oy ]entmf E`tnbes Lbeimrmelm beVr`fm `ef Fmvmjbpcmet (]ELV@F) rmpbrts `eflbuetry f`t`. O`j`elm bi p`ycmets f`t` `rm prm-smetmf `llbrfnea tb tdm initd mfntnbe bi tdm NCI„sO`j`elm bi X`ycmets C`eu`j (OXC=). Biinln`j`nf ijbws lbcm irbc f`t` lbjjmltmf `ef puojnsdmfoy tdm Fmvmjbpcmet @ssnst`elm Lbccnttmm (F@L)bi tdm Bra`ens`tnbe ibr Mlbebcnl Lb-bpmr`tnbe`ef Fmvmjbpcmet (BMLF). \dbrt-tmrc mxtmre`jfmot f`t` `rm `s rmpbrtmf oy fmotbr lbuetrnms br`rm mstnc`tms o`smf be tdm O`eg ibr Netmre`tnbe`j\mttjmcmets (ON\) qu`rtmrjy smrnms bi lbccmrln`jo`egs„ lj`ncs be fmvmjbpnea lbuetrnms. Ibr sbcmlbuetrnms, mstnc`tms wmrm prmp`rmf oy pbbjnealrmfntbr `ef fmotbr neibrc`tnbe. F`t` be tdmarbss e`tnbe`j nelbcm bi cbst fmvmjbpnea lbue-trnms `rm lbjjmltmf irbc e`tnbe`j st`tnstnl`j bra`-enz`tnbes br lmetr`j o`egs oy vnsntnea `ef rmsnfmetQbrjf O`eg cnssnbes.

Mvmry miibrt d`s omme c`fm tb mesurm tdm`llur`ly `ef lbcpjmtmemss bi tdm mxtmre`j fmot

st`tnstnls. Lbvmr`am d`s omme ncprbvmf tdrbuadtdm miibrts bi tdm rmpbrtnea `amelnms `ef ljbsmlbjj`obr`tnbe omtwmme tdm O`eg `ef bur p`rt-emrs Lbccbewm`jtd \mlrmt`rn`t (LBC\ML) `ef]ELV@F, wdnld prbvnfm fmot rmlbrfnea `efrmpbrtnea systmcs `lrbss tdm ajbom, `s wmjj `stdrbuad tdm wbrg bi tdm Qbrjf O`eg cnssnbes,wdnld vnsnt cmcomr lbuetrnms tb a`tdmr f`t` `eftb prbvnfm tmldenl`j `ssnst`elm be fmot nssums.

<0<

Page 326: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 326/341

A J B O @ J F M Y M J B X C M E V I N E @ E L M ? 8 0 0

<06

Emvmrtdmjmss, qu`jnty `ef lbvmr`am v`ry `cbeafmotbrs `ef c`y `jsb v`ry ibr tdm s`cm fmotbrirbc ym`r tb ym`r. F`t` be jbea-tmrc mxtmre`j

fmot rmpbrtmf oy cmcomr lbuetrnms `rm ldmlgmf`a`nest, `ef suppjmcmetmf oy, f`t` irbc smvmr`jbtdmr sburlms. @cbea tdmsm sburlms `rm tdm st`tm-cmets `ef rmpbrts bi smvmr`j rmanbe`j fmvmjbpcmeto`egs, abvmrecmet jmefnea `amelnms, `ef biinln`jabvmrecmet Qmo sntms.

Cmtdbfbjbay

 @aarma`tnbesVbt`j fmot stblg `ef btdmr `aarma`tm cm`surms `rm

fmrnvmf irbc tdm succ`tnbe bi jb`e-jmvmj f`t` bestblgs `ef ijbws `itmr lbevmrsnbe tb ` lbccbelurrmely. Btdmr t`ouj`tnbes `rm lbcpnjmf usneatmrcs `ef lbefntnbes rmpbrtmf ne tdm jb`e-jmvmjf`t`, suld `s lurrmely lbcpbsntnbe, l`elmjj`tnbes,rmsldmfujnea bi btdmr jn`onjntnms netb jbea-tmrcpuojnl `ef puojnljy au`r`etmmf mxtmre`j fmot, `effmot ouyo`lgs.

@aarma`tms ibr rmanbe`j `ef nelbcm arbups`rm o`smf be tdm Qbrjf O`eg„s bpmr`tnbe`j lj`s-sninl`tnbes, wdnld c`y fniimr irbc lbccbe amb-ar`pdnl us`am br nelbcm arbups usmf oy btdmrbra`enz`tnbes. Lbuetry lj`ssninl`tnbes bi F_\-

rmpbrtnea lbuetrnms ne ?88> `rm sdbwe ne lbuetryarbups ne tdm o`lg bi tdm puojnl`tnbe. Vdm s`cmlj`ssninl`tnbe ns usmf ibr `jj dnstbrnl`j f`t` sdbwene Ajbo`j Fmvmjbpcmet I ne`elm  `ef tdm bejnemf`t`o`sm.

Lurrmely LbevmrsnbeF`t` be mxtmre`j bojna`tnbes `rm ebrc`jjy rm-pbrtmf tb tdm Qbrjf O`eg ne tdm lurrmely bi rmp`y-cmet `ef `rm lbevmrtmf netb ` lbccbe lurrmely(].\. fbjj`rs) usnea biinln`j mxld`eam r`tms puo-jnsdmf oy tdm NCI.

Lbccntcmets, fnsoursmcmets, `ef fmot smr-vnlm p`ycmets (ijbws) rm lbevmrtmf tb ].\. fbjj`rs`t tdm `eeu`j `vmr`am mxld`eam r`tm ibr tdm ym`r.Fmot butst`efnea (fnsoursmf `ef uefnsoursmf) `ttdm mef bi ` anvme ym`r (stblg) ns lbevmrtmf `t tdmmxld`eam r`tm ne miimlt `t tdm mef bi tdm rmjmv`etym`r. Lbesmqumetjy, ym`r-tb-ym`r ld`eams ne fmotbutst`efnea `ef fnsoursmf c`y ebt om mqu`j tb emtijbws (fnsoursmcmets jmss prnelnp`j rmp`ycmets)7sncnj`rjy, ld`eams ne fmot butst`efnea (neljufnea

uefnsoursmf fmot) c`y ebt mqu`j lbccntcmetsjmss rmp`ycmets. Fnslrmp`elnms wnjj om p`rtnlu-j`rjy snaeninl`et wdme mxld`eam r`tms d`vm cbvmf

sd`rpjy furnea tdm ym`r. Xrbkmltmf fmot smrvnlm nslbevmrtmf tb ].\. fbjj`rs `t r`tms ne miimlt `t tdmmef bi Fmlmcomr ?88>.

Omaneenea wntd 0>>0, `jj ruojm fmot bwmf tbtdm ibrcmr \bvnmt ]enbe d`s omme lbevmrtmf `t `r`tm bi ]\$0 3 8.9 ruojm, mxlmpt ne l`sms wdmrm `onj`tmr`j `armmcmet spmlniynea ` fniimrmet lbevmr-snbe r`tm ns ne pj`lm. @fbptnbe bi tdns cmtdbfbjbayfbms ebt lbestntutm `e mefbrsmcmet oy tdm QbrjfO`eg st`ii bi tdm `pprbprn`tmemss br v`jnfnty bi tdmmxld`eam r`tm usmf. Vdns c`ttmr cust om rmsbjvmfonj`tmr`jjy omtwmme tdm _ussn`e Imfmr`tnbe `ef ntsfmotbr lbuetrnms.

\t`rtnea wntd tdm 0>44“4> mfntnbe bi QbrjfFmot V`ojms  (tdm prmfmlmssbr bi AFI), `jj f`t`pmrt`nenea tb NO_F jb`es irbc 0>4= bew`rf `rmrmlbrfmf `t tdmnr lurrmet c`rgmt v`jum. \t`rtneawntd tdm 0>>0“>? mfntnbe, `jj f`t` pmrt`nenea tb@sn`e Fmvmjbpcmet O`eg jb`es irbc 0>4> be-w`rf `rm rmlbrfmf `t tdmnr lurrmet c`rgmt v`jum.\t`rtnea wntd tdm 0>>4 mfntnbe, `jj f`t` pmrt`ne-nea tb @irnl`e Fmvmjbpcmet O`eg `ef @irnl`eFmvmjbpcmet Iuef jb`es irbc 0>>1 bew`rf `rmrmlbrfmf `t tdmnr lurrmet c`rgmt v`jum.

 Fmot \tblg `ef Ijbw _mlbelnjn`tnbeOml`usm bi lurrmely lbevmrsnbes `ef tdm tncnea bitr`es`ltnbes, tdmrm c`y om fniimrmelms omtwmme tdmld`eam ne `aarma`tm stblgs irbc bem pmrnbf tb tdmemxt `ef ijbws furnea tdm rmjmv`et pmrnbf7 ld`eamsne fmot butst`efnea, neljufnea uefnsoursmf`cbuets, wnjj tdmrmibrm fniimr irbc lbccntcmetsjmss rmp`ycmets.

Ld`eams ne tdm stblg bi fmot irbc bem pmrnbftb tdm emxt l`e om `ttrnoutmf tb invm i`ltbrs; tdmemt ijbw bi fmot, tdm emt ld`eam ne netmrmst `r-rm`rs, tdm l`pnt`jnz`tnbe bi netmrmst, ` rmfultnbe nefmot rmsujtnea irbc fmot ibranvmemss br btdmr fmot

rmfultnbe cmld`enscs, `ef lrbss-lurrmely v`ju`-tnbe miimlts. @ey rmsnfu`j fniimrmelm ne tdm ld`eamne stblg ebt mxpj`nemf oy bem bi tdbsm invm i`ltbrsc`y nefnl`tm nelbesnstmelnms ne tdm rmpbrtmf f`t`br spmlninl pdmebcme` prmv`njnea ne `e nefnvnfu`jlbuetry (ibr mx`cpjm, `e nelbcpjmtm dnstbrnl`jsmrnms ibr `jj l`tmabrnms bi fmot). \t`rtnea ne 0>4>,tdm AFI neljufms ` fmot stblg rmlbelnjn`tnbe, outebt `jj lbcpbemets `rm sdbwe ne tdm AFI  prnetmfntnbe.

Page 327: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 327/341

 @ O B ] V V D M F @ V @

<0=

 Mxtmre`j Fmot _mstrulturnea\t`rtnea ne 0>4=, tdm QOTF neljufms neibrc`-tnbe be rmstrulturnea bi fmot oy biinln`j lrmfntbrs

ne tdm lbetmxt bi tdm X`rns Ljuo, rmstrulturnea oylbccmrln`j lrmfntbrs, fmot sw`p bpmr`tnbes, ouy-o`lgs, `ef obef mxld`eams. Nt `ttmcpts tb l`pturm`llur`tmjy tdm miimlt bi fmot rmstrulturnea be obtdmxtmre`j fmot stblgs `ef mxtmre`j fmot ijbws, lbe-snstmet wntd tdm tmrcs be wdnld tdm rmstrulturneat`gms pj`lm. Ne tdm lbcpnj`tnbe `ef prmsmet`tnbe bimxtmre`j fmot f`t`, ` fnstneltnbe ns c`fm omtwmmel`sd ijbws `ef ncputmf ijbws. @llbrfnea tb tdnslrntmrnbe, rmstrulturmf smrvnlm p`ycmets `ef tdmsdnit ne jn`onjntnms irbc bem ine`eln`j nestrucmet tb`ebtdmr `s ` rmsujt bi fmot rmstrulturnea `rm lbe-snfmrmf tb om ncputmf ijbws. Obtd l`sd ijbws `ef

ncputmf ijbws `rm rmlbrfmf smp`r`tmjy ne QOTF.Vdm ncputmf ijbws `ef stblg ld`eams `ssbln-

`tmf wntd fmot rmstrulturnea `rm neljufmf ne tdmAFI t`ojms `ef bejnem f`t`o`sm tb lbcpjmcmettdm l`sd-o`sns tr`es`ltnbes rmlbrfmf ne tdm c`neobfy bi tdm f`t`. \uld f`t` melbcp`ss neibrc`-tnbe be tdm fmot stblg `ef fmot ijbws rmstrulturmfm`ld ym`r, tdm `cbuet bi prnelnp`j ibranvme (netmr-mst ibranvme ns sdbwe s cmcbr`efuc ntmc), eftdm `cbuet bi mxtmre`j fmot stblg rmfulmf mntdmroy ibranvmemss br oy ` fmot ouyo`lg bpmr`tnbe.Ld`eams ne lrmfntbrs `ef fmotbrs td`t rmsujt irbcfmot rmstrulturnea `rm `jsb rmijmltmf. Ibr mx`cpjm,wdme nesurmf lbccmrln`j lrmfnts `rm rmsldmfujmf,tdm lrmfntbr lj`ssninl`tnbe sdnits irbc prnv`tm tbbiinln`j (onj`tmr`j), rmijmltnea tdm `ssucptnbe bi tdm`ssmts oy tdm biinln`j lrmfnt nesur`elm `amelnms netdm lrmfntbr lbuetry. Vdm AFI f`t` wnjj sdbw `rmfultnbe ne tdm mxtmre`j fmot bwmf tb tdm brnane`jprnv`tm lrmfntbrs mqu`j br sncnj`r tb tdm `cbuetbi fmot rmstrulturmf `ef ` lbrrmspbefnea nelrm`smne tdm fmot bwmf tb tdm emw biinln`j lrmfntbr.\ncnj`rjy be tdm fmotbr snfm, wdme ` abvmrecmet`llmpts rmspbesnonjnty ibr tdm p`ycmet bi rmstrul-turmf fmot prmvnbusjy bwmf oy prnv`tm metmrprnsm,

tdm rmjmv`et ld`eam ne tdm fmotbr l`tmabry wnjjom rmijmltmf. Jngmwnsm, ni sdbrt-tmrc mxtmre`j fmotns rmstrulturmf netb ` jbea-tmrc bojna`tnbe, tdmstblg bi sdbrt-tmrc mxtmre`j fmot wnjj fmljnem `eftdm stblg bi jbea-tmrc mxtmre`j fmot wnjj rnsm oytdm `cbuet bi sdbrt-tmrc fmot rmstrulturmf. Ne tdmmvmet bi ` fmot sw`p bi jbea-tmrc mxtmre`j fmot(mxtmre`j fmot tb mqunty, mxtmre`j fmot ibr e`turm,br mxtmre`j fmot ibr fmvmjbpcmet), tdm i`lm v`jumbi tdm mxtmre`j fmot sw`ppmf wnjj om rmlbrfmf `s

` fmljnem ne jbea-tmrc mxtmre`j fmot stblg, outeb ijbw tr`es`ltnbe (prnelnp`j rmp`ycmet) wnjj omrmlbrfmf.

 Xrbkmltnbes bi Iuturm Fnsoursmcmets `ef Fmot\mrvnlm X`ycmetsVdm QOTF systmc prbkmlts iuturm fnsoursmcmets`ef iuturm fmot smrvnlm p`ycmets be tdm `ssucp-tnbe td`t mvmry mxnstnea jb`e lbccntcmet wnjj omiujjy usmf `ef rmp`nf ne iujj.

 Iuturm FnsoursmcmetsFnsoursmcmet prbkmltnbes `rm c`fm usnea bem bitdm ibjjbwnea cmtdbfs;

• \pmlni nl sldmfujms. Fmotbr lbuetrnms `rm rm-

qumstmf tb suocnt ` sldmfujm bi iuturm fnsoursm-cmets, ni `v`nj`ojm, `t tdm tncm m`ld emw jb`e nsinrst rmpbrtmf.• \t`ef`rf sldmfujms. Ne tdm `osmelm bi spmlninlsldmfujms, tdm QOTF systmc prbkmlts tdm iuturmfnsoursmcmet sldmfujm `llbrfnea tb tdm uefns-oursmf o`j`elm bi m`ld jb`e `t tdm mef bi tdm cbstrmlmet rmpbrtnea pmrnbf.

Vdmsm prbkmltmf sldmfujms `rm o`smf be prb-injms fmrnvmf irbc tdm fnsoursmcmet p`ttmre bilbcp`r`ojm jb`es td`t iujjy fnsoursmf. Vdnrty fni-imrmet prbinjms d`vm omme lbcpnjmf lbrrmspbefneatb m`ld l`tmabry bi lrmfntbr `ef, ne tdm l`sm bibiinln`j lrmfntbrs, ibr lbelmssnbe`j `ef ebelbelms-snbe`j jb`es. M`ld prbinjm ns fmrnvmf oy `ppjynearmarmssnbe `e`jysns tmldenqums tb ` obfy bi f`t`be `ltu`j fnsoursmcmets ibr m`ld iujjy fnsoursmfjb`e ne tdm QOTF f`t`o`sm. Vdm prbinjms `rm pm-rnbfnl`jjy upf`tmf tb t`gm netb `llbuet tdm mvbjv-nea p`ttmre bi fnsoursmcmets bosmrvmf ibr iujjyfnsoursmf jb`es.

Iuturm prnelnp`j p`ycmets  `rm amemr`tmf oytdm QOTF systmc `llbrfnea tb tdm rmp`ycmettmrcs bi m`ld jb`e. Xrnelnp`j rmp`ycmets (`cbr-

tnz`tnbe) `rm o`smf be tdm `cbuet bi tdm jb`elbccntcmet. Ni tdm `cbrtnz`tnbe sldmfujm ibj-jbws ` smt p`ttmre (ibr mx`cpjm, mqu`j smcn`eeu`jp`ycmets), tdm QOTF systmc l`jluj`tms rmp`y-cmets `utbc`tnl`jjy usnea tdm jb`e lbccntcmet`cbuet, tdm inrst `ef ine`j p`ycmet f`tms, `ef tdmirmqumely bi tdm p`ycmets. Ni iuturm p`ycmets `rmnrrmauj`r, tdm QOTF systmc rmqunrms ` sldmfujm.

Iuturm netmrmst p`ycmets `rm amemr`tmf oytdm QOTF systmc `llbrfnea tb tdm fnsoursmf `ef

Page 328: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 328/341

A J B O @ J F M Y M J B X C M E V I N E @ E L M ? 8 0 0

<09

butst`efnea o`j`elm bi tdm jb`e t tdm omaneenea bitdm pmrnbf. ]snea tdm netmrmst r`tm spmlninmf ne tdmjb`e lbetr`lt, tdm inrst `ef ine`j netmrmst p`ycmet

f`tms, `ef tdm irmqumely bi p`ycmets, tdm QOTFsystmc l`jluj`tms tdm strm`c bi iuturm netmrmst p`y-cmets fum. Ni netmrmst p`ycmets `rm nrrmauj`r, tdmQOTF systmc rmqunrms ` sldmfujm.

Iuturm fmot smrvnlm p`ycmets  `rm tdm sucbi iuturm prnelnp`j `ef netmrmst p`ycmets fum bemxnstnea lbccntcmets, neljufnea tdm uefnsoursmfpbrtnbe. Vdmy fb ebt neljufm fmot smrvnlm p`y-cmets td`t c`y omlbcm fum `s ` rmsujt bi emwjb`es lbetr`ltmf ne suosmqumet ym`rs, ebr fbtdmy t`gm netb `llbuet tdm miimlt bi `ey ld`eam tbiuturm fmot smrvnlm bojna`tnbes rmsujtnea irbc `l-tnbes suld `s prmp`ycmet br rmsldmfujnea br irbc

l`elmjj`tnbes td`t bllurrmf `itmr tdm cbst rmlmetym`r-mef f`t` rmpbrtmf tb tdm F_\.

Obtd prbkmltmf fnsoursmcmets `ef iuturm fmotsmrvnlm p`ycmets `rm lbevmrtmf netb ].\. fbj-j`rs usnea mef-Fmlmcomr ?88> mxld`eam r`tms.Jngmwnsm, iuturm netmrmst p`ycmets be jb`es wntd` v`rn`ojm netmrmst r`tm (ibr mx`cpjm, jb`es irbclbccmrln`j o`egs tnmf tb tdm Jbefbe Netmro`egBiimrmf _`tm WJNOB_S) `rm o`smf be tdm netmrmstr`tm prmv`njnea `t mef-Fmlmcomr ?88>.

Vrm`tcmet bi @rrm`rs

Vdm F_\ lbjjmlts neibrc`tnbe be `rrm`rs bi obtdprnelnp`j `ef netmrmst. Xrnelnp`j ne `rrm`rs ns ne-ljufmf ne tdm `cbuet bi jbea-tmrc mxtmre`j fmotbutst`efnea `ef ns sdbwe smp`r`tmjy. Netmrmst ne `r-rm`rs be jbea-tmrc mxtmre`j fmot `ef netmrmst ne `r-rm`rs be tdm usm bi NCI lrmfnt `rm neljufmf `s p`rtbi sdbrt-tmrc mxtmre`j fmot butst`efnea `ef `rmsdbwe smp`r`tmjy. Ljm`r`elm bi netmrmst ne `rrm`rsoy rmp`ycmet wnjj om rmlbrfmf `s `e netmrmst p`y-cmet ne tdm rmjmv`et lrmfntbr l`tmabry bi tdm jb`e(br jb`es) be wdnld tdm `rrm`rs wmrm nelurrmf, `s `lbrrmspbefnea rmfultnbe ne tdm jmvmj bi sdbrt-tmrcfmot butst`efnea, ef s emt rmfultnbe ne netmrmst

`rrm`rs. Ljm`r`elm bi netmrmst `rrm`rs tdrbuad fmotrmstrulturnea br ibranvmemss wnjj om rmlbrfmf `s `rmfultnbe ne tdm jmvmj bi sdbrt-tmrc fmot butst`ef-nea `ef ` emt rmfultnbe ne netmrmst `rrm`rs. Qdmenetmrmsts `rm rmsldmfujmf, tdmy wnjj om l`pnt`jnzmf;tdns ld`eam wnjj om rmlbrfmf `s `e nelrm`sm nejbea-tmrc fmot butst`efnea mqu`j tb tdm cbuet binetmrmst l`pnt`jnzmf ef tdm rmfultnbe ne sdbrt-tmrcfmot butst`efnea ebtmf prmvnbusjy.

Mxtmre`j Fmot `ef Nts Lbcpbemets

Vdns smltnbe fmslrnoms tdm lbcpnj`tnbe bi tdmc`kbr lbcpbemets bi mxtmre`j fmot neljufmf

ne tdm AFI t`ojms `ef f`t`o`sm `ef tdm rmj`tnbe-sdnp omtwmme tdmc, `s sdbwe ne inaurm 0. Neibrc`-tnbe `obut amemr`j cmtdbfs bi lbcpnjnea mxtmre`jfmot f`t` ns fnslussmf ne tdm smltnbe tntjmf ‚Cmtd-bfbjbay.– Ibr lbelnsm fminentnbes, smm tdm Ajbss`ry.

Vbt`j Mxtmre`j Fmot Vbt`j mxtmre`j fmot sdbwe ne tdm AFI ns tdm sucbi jbea-tmrc mxtmre`j fmot, sdbrt-tmrc fmot, `efNCI lrmfnt. Nt rmprmsmets tdm tbt`j fmot bwmf tbebermsnfmet lrmfntbrs `ef rmp`y`ojm ne ibrmnaelurrmelnms br ne abbfs br smrvnlms oy puojnl `efprnv`tm metntnms ne tdm lbuetry. (Fmot rmp`y`ojm ne

fbcmstnl lurrmely ns ebt neljufmf.)

\dbrt-Vmrc Fmot\dbrt-tmrc fmot ns fminemf `s mxtmre`j fmot wntd`e brnane`j c`turnty bi bem ym`r br jmss. Vdm F_\rmqunrms fmotbr lbuetrnms tb rmpbrt bejy be tdmnrjbea-tmrc mxtmre`j fmot. Dbwmvmr, tb a`ne ` lbc-prmdmesnvm pnlturm bi tbt`j mxtmre`j bojna`tnbes,tdm Qbrjf O`eg melbur`ams fmotbr lbuetrnms tbprbvnfm vbjuet`rnjy neibrc`tnbe be tdmnr sdbrt-tmrc mxtmre`j bojna`tnbes.

Oy nts e`turm, sdbrt-tmrc mxtmre`j fmot ns fni-

inlujt tb cbentbr; jb`e-oy-jb`e rmanstr`tnbe ns ebr-c`jjy ncpr`ltnl`j, `ef cbentbrnea systmcs typnl`jjyrmjy be neibrc`tnbe rmqumstmf pmrnbfnl`jjy oy tdmlmetr`j o`eg irbc tdm o`egnea smltbr. Vdm QbrjfO`eg rma`rfs tdm fmotbr lbuetry `s tdm `utdbrnt`-tnvm sburlm bi neibrc`tnbe be nts sdbrt-tmrc fmot.Qdme suld neibrc`tnbe ns ebt c`fm `v`nj`ojmirbc tdm fmotbr lbuetry, f`t` irbc lrmfntbrsburlms c`y om usmf tb amt `e nefnl`tnbe bi tdmc`aentufm bi lbuetry„s sdbrt-tmrc mxtmre`j fmot.Vdm cbst ncpbrt`et sburlm ns tdm ON\ qu`rtmrjysmrnms sdbwnea tdm c`turnty fnstrnoutnbe bi lbc-cmrln`j o`egs„ lj`ncs be fmvmjbpnea lbuetrnms.

Vdmsm f`t` `rm rmpbrtmf be tdm o`sns bi rmsnfu`jc`turnty, out `e mstnc`tm bi sdbrt-tmrc mxtmre`jjn`onjntnms oy brnane`j c`turnty l`e om fmrnvmf oyfmfultnea irbc lj`ncs fum ne bem ym`r tdbsm td`t,0? cbetds m`rjnmr, d`f ` c`turnty bi omtwmme bem`ef twb ym`rs. Dbwmvmr, ebt `jj lbccmrln`j o`egsrmpbrt tb tdm ON\ ne ` w`y td`t `jjbws tdm iujj c`-turnty fnstrnoutnbe tb om fmtmrcnemf, `ef tdm ON\f`t` neljufm jn`onjntnms bejy tb o`egs wntdne tdm ON\

Page 329: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 329/341

 @ O B ] V V D M F @ V @

<01

rmpbrtnea rm`. Lbesmqumetjy, tdm rmsujts sdbujf omnetmrprmtmf wntd l`utnbe.

Vdm ijbw bi sdbrt-tmrc fmot c`y om fmrnvmfirbc tdm ld`eam ne lj`ncs (stblg) f`t` ne tdm ON\qu`rtmrjy smrnms bvmr lbesmlutnvm pmrnbfs, out v`ju-`tnbe `fkustcmets rmsujtnea irbc mxld`eam r`tmcbvmcmets wnjj `iimlt tdm l`jluj`tnbes, `s wnjjprmp`ycmet `ef rmine`elnea bi jbea-tmrc c`turn-

tnms i`jjnea fum. Qdme sdbrt-tmrc mxtmre`j fmot d`somme rmsldmfujmf, j`as ne rmpbrtnea `ef fniimrmelmsne tdm trm`tcmet bi tdm rmsldmfujmf mxtmre`j fmotoy fmotbrs `ef lrmfntbrs c`y rmsujt ne fbuojmlbuetnea.

Vdm neibrc`tnbe be sdbrt-tmrc fmot sdbwe netdns puojnl`tnbe lbcms prnc`rnjy irbc mntdmr lrmfn-tbr br abvmrecmet sburlms. ]ejmss btdmrwnsm spmln-inmf ne tdm lbuetry t`ojms, tdm f`t` ibr sdbrt-tmrc

fmot `rm fmrnvmf irbc tdm f`t` prbvnfmf oy ON\be netmre`tnbe`j o`eg jmefnea, wdnld `rm o`smfbe tncm rmc`nenea tb brnane`j c`turnty. Netmrmstne `rrm`rs be jbea-tmrc mxtmre`j fmot `ef netmrmstne `rrm`rs be tdm usm bi NCI lrmfnt `rm `ffmf tbsdbrt-tmrc fmot ef rm smp`r`tmjy nfmetninmf.

]sm bi NCI Lrmfnt 

F`t` rmj`tmf tb tdm bpmr`tnbes bi tdm NCI `rm prb-vnfmf oy tdm NCI Vrm`surmr„s Fmp`rtcmet. Vdmy`rm lbevmrtmf irbc spmln`j fr`wnea rnadts netb fbj-j`rs usnea mef-bi-pmrnbf mxld`eam r`tms ibr stblgs`ef `vmr`am-bvmr-tdm-pmrnbf mxld`eam r`tms ibrijbws. NCI trust iuef bpmr`tnbes uefmr tdm Me-d`elmf \trultur`j @fkustcmet I`lnjnty, MxtmefmfIuef I`lnjnty, Xbvmrty _mfultnbe `ef ArbwtdI`lnjnty, `ef \trultur`j @fkustcmet I`lnjnty (Me-

Vbt`j mxtmre`j

fmot (MFV)

Jbea-tmrc

fmot (JFBF)

oy fmotbr

oy lrmfntbr

Xrnv`tm

lrmfntbr

]sm bi NCI

lrmfnts

Xuojnl `ef puojnljy

au`r`etmmf fmot

Biinln`j

lrmfntbrs

Cujtnj`tmr`j Onj`tmr`j Lbccmrln`jo`egs

Obefs Btdmr

\dbrt-tmrc

fmot

Xrnv`tm

ebeau`r`etmmf fmot

Inaurm 0. Mxtmre`j Fmot `ef Nts Lbcpbemets

Page 330: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 330/341

A J B O @ J F M Y M J B X C M E V I N E @ E L M ? 8 0 0

<04

d`elmf \trultur`j @fkustcmet I`lnjnty ne 0>>>)`rm prmsmetmf tbamtdmr wntd `jj bi tdm NCI„s spmln`ji`lnjntnms (ouiimr stblg, suppjmcmet`j rmsmrvm, lbc-

pmes`tbry `ef lbetneamely i`lnjntnms, bnj i`lnjntnms,`ef btdmr i`lnjntnms).

 Jbea-Vmrc Fmot Jbea-tmrc fmot d`s `e brnane`j c`turnty bi cbrmtd`e bem ym`r. Nt lbcprnsms tdm bojna`tnbes bi obtdpuojnl `ef prnv`tm fmotbrs. Xrnv`tm ebeau`r`etmmffmot lbcprnsms tdm mxtmre`j bojna`tnbes bi prnv`tmfmotbrs td`t `rm ebt au`r`etmmf ibr rmp`ycmet oy` puojnl metnty ne tdm fmotbr lbuetry.

Xuojnl `ef puojnljy au`r`etmmf fmot lbc-prnsms tdm mxtmre`j bojna`tnbes bi puojnl fmotbrs`ef d`s twb lbcpbemets; (`) puojnl fmot, wdnld ns

obrrbwnea oy tdm e`tnbe`j abvmrecmet br `amely,oy ` pbjntnl`j suofnvnsnbe br `amely, br oy `utbeb-cbus puojnl obfnms, `ef (o) puojnljy au`r`etmmffmot, wdnld ns obrrbwnea oy ` prnv`tm `amely td`tns au`r`etmmf ibr rmp`ycmet oy ` puojnl metnty.

 Xrnv`tm Ebeau`r`etmmf FmotVdm F_\ rmpbrtnea rmqunrmcmets wmrm mxp`efmfne 0>1< tb neljufm jbea-tmrc prnv`tm ebeau`r`e-tmmf fmot. F`t` `rm rmpbrtmf `eeu`jjy be `e `aarm-a`tm o`sns `ef neljufm, ibr tdm rmpbrtnea ym`r, tdmtbt`j `cbuet bi fnsoursmf `ef butst`efnea fmot7tdm `cbuet bi fnsoursmcmets, prnelnp`j rmp`y-cmets, ef netmrmst p`ycmets7 tdm prnelnp`j ef ne-tmrmst rmsldmfujmf7 `ef tdm prbkmltmf prnelnp`j `efnetmrmst p`ycmets ibr iuturm ym`rs. Vdm `aarma`tmf`t` `rm usu`jjy rmpbrtmf ne ].\. fbjj`rs, `ef ebneibrc`tnbe be tdm uefmrjynea lurrmely lbcpbsn-tnbe ns anvme.

F_\ rmpbrtnea lbuetrnms rmlbaenzm tdm ncpbr-t`elm bi cbentbrnea obrrbwnea oy tdmnr prnv`tmsmltbr, p`rtnluj`rjy wdme nt lbestntutms snaeninl`etpbrtnbe bi tbt`j mxtmre`j fmot, out c`ey lbuetrnms`lgebwjmfam tdm fniinlujty bi tdns prblmss. Fm-t`njmf f`t` `rm `v`nj`ojm bejy wdme lbuetrnms d`vm

rmanstr`tnbe rmqunrmcmets ibr prnv`tm ebeau`r`e-tmmf fmot ne pj`lm, cbst lbccbejy ne lbeemltnbewntd mxld`eam lbetrbjs. Qdme ibrc`j rmanstr`tnbebi prnv`tm ebeau`r`etmmf fmot ns ebt c`ef`tbry,lbcpnjmrs cust rmjy be o`j`elm bi p`ycmets f`t``ef ine`eln`j survmys.

Vdm f`t` be prnv`tm ebeau`r`etmmf fmot ne tdnspuojnl`tnbe ns `s rmpbrtmf br `s mstnc`tmf ibr lbue-trnms wdmrm tdns typm bi mxtmre`j fmot ns gebwe tbom snaeninl`et. Vdm mstnc`tnbe bi prnv`tm ebeau`r-

`etmmf fmot ns o`smf be tdm e`tnbe`j f`t` be qu`r-tmrjy mxtmre`j fmot st`tnstnls br NCI f`t`. Ijbws `rmfmrnvmf irbc tdm ld`eam ne stblg bvmr lbesmlutnvm

pmrnbfs `ef `rm `fkustmf ibr tdm miimlts bi mxld`eamr`tm cbvmcmets (`ssucnea tdm lurrmely lbcpbsn-tnbe cnrrbrs td`t bi puojnl `ef puojnljy au`r`e-tmmf fmot) `ef ibr `ey gebwe fmot rmstrulturnea.Xrnelnp`j rmp`ycmets `rm mstnc`tmf be tdm o`sns bitdm `vmr`am c`turnty bosmrvmf ibr jb`es tb prnv`tmsmltbr obrrbwmrs ne lbuetrnms rmpbrtnea tb tdm F_\`ef be tdm o`sns bi tdm stblg bi fmot butst`efnea.Netmrmst p`ycmets `rm mstnc`tmf be tdm o`sns bi tdmstblg bi fmot butst`efnea `ef netmrmst r`tms prmv`nj-nea ne netmre`tnbe`j l`pnt`j c`rgmts.

O`j`elm bi p`ycmets f`t` prbvnfm ` usmiujaunfmjnem ne tdm mstnc`tnbe prblmss; prnv`tm ebe-

au`r`etmmf mxtmre`j fmot c`y om fmrnvmf `s ` rm-snfu`j omtwmme emt jbea-tmrc mxtmre`j obrrbwnearmlbrfmf ne tdm o`j`elm bi p`ycmets `ef emt jbea-tmrc puojnl `ef puojnljy au`r`etmmf mxtmre`j fmotrmpbrtmf tb tdm F_\.

 Xuojnl `ef Xuojnljy Au`r`etmmf FmotF`t` rmj`tmf tb puojnl `ef puojnljy au`r`etmmffmot `rm rmpbrtmf tb tdm F_\ be ` jb`e-oy-jb`eo`sns. Vdm f`t` prbvnfm `eeu`j neibrc`tnbe betdm fnsoursmf `ef butst`efnea o`j`elm `ef tdmuefnsoursmf o`j`elm bi m`ld jb`e, tdm lucuj`tnvmfnsoursmcmets, tdm prnelnp`j `ef netmrmst p`nf `efprnelnp`j `ef netmrmst rmstrulturmf ne tdm rmpbrtneaym`r, `ef tdm stblg bi `ey butst`efnea p`ycmet„s`rrm`rs bi prnelnp`j ef netmrmst. Fmt`njmf neibrc`-tnbe be tdm tmrcs `ef lbefntnbes bi m`ld jb`e ns`jsb rmpbrtmf. Xuojnl fmot `ef puojnljy au`r`etmmffmot `rm sdbwe `s ` sneajm jnem ne tdns puojnl`tnbe`ef tdme iurtdmr fns`aarma`tmf oy lrmfntbr typm`ef, ne tdm l`sm bi prnv`tm lrmfntbrs, oy typm bilrmfnt nestrucmet.

Biinln`j LrmfntbrsBiinln`j lrmfntbrs neljufm cujtnj`tmr`j `ef onj`tmr`j

jmefmrs. Ne amemr`j, biinln`j lrmfntbrs prbvnfm jb`es(`ef, ne sbcm l`sms, prbvnfm ar`ets) tb puojnl obf-nms, `jtdbuad ne sbcm l`sms tdmy c`y jmef tb btdmrmetntnms wntd ` puojnl au`r`etmm.

Cujtnj`tmr`j lrmfntbrs `rm netmre`tnbe`j ine`e-ln`j nestntutnbes suld `s tdm Qbrjf O`eg, rmanbe`jfmvmjbpcmet o`egs, `ef btdmr cujtnj`tmr`j `efnetmrabvmrecmet`j `amelnms wdbsm jmefnea ns `f-cnenstmrmf be ` cujtnj`tmr`j o`sns. Iuefs `fcnens-tmrmf oy `e netmre`tnbe`j ine`eln`j bra`enz`tnbe be

Page 331: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 331/341

 @ O B ] V V D M F @ V @

<0>

omd`ji bi ` sneajm fbebr abvmrecmet lbestntutm on-j`tmr`j jb`es (br ar`ets). Ibr jmefnea oy ` eucomrbi cujtnj`tmr`j lrmfntbrs, tdm f`t` prmsmetmf ne tdns

puojnl`tnbe `rm t`gme irbc tdm lrmfntbrs„ rmlbrfs.\uld lrmfntbrs neljufm tdm @irnl`e FmvmjbpcmetO`eg, tdm @sn`e Fmvmjbpcmet O`eg, tdm NFO, tdmNO_F, `ef tdm NF@. (NO_F `ef NF@ `rm nestntu-tnbes bi tdm Qbrjf O`eg.)

Onj`tmr`j lrmfntbrs `rm abvmrecmets `ef tdmnr`amelnms, neljufnea lmetr`j o`egs, `nf `amelnms, bi-inln`j mxpbrt lrmfnt `amelnms, `ef `utbebcbus `ame-lnms suld `s tdm ].\. Fmp`rtcmet bi @arnlujturm brtdm Imfmr`j Dbcm Jb`e O`eg. Cmcomr lbuetrnms bitdm BMLF Fmvmjbpcmet @ssnst`elm Lbccnttmm `efsbcm btdmr lbuetrnms `jsb rmpbrt neibrc`tnbe bejb`es mxtmefmf onj`tmr`jjy br biinln`jjy au`r`etmmf

tb tdm Lrmfntbr _mpbrtnea \ystmc bi tdm BMLF.Xrnv`tm lrmfntbrs neljufm lbccmrln`j o`egs,

obefdbjfmrs, `ef btdmr prnv`tm lrmfntbrs. Vdns jnemneljufms bejy puojnljy au`r`etmmf lrmfntbrs. Ebe-au`r`etmmf prnv`tm lrmfntbrs rm sdbwe smp`r`tmjy.

Obefs neljufm puojnljy nssumf br prnv`tmjypj`lmf obefs.

Lbccmrln`j o`eg jb`es `rm jb`es irbc prn-v`tm o`egs `ef btdmr prnv`tm ine`eln`j nestntutnbes.

Lrmfnts bi btdmr prnv`tm lrmfntbrs neljufmlrmfnts irbc c`eui`lturmrs, mxpbrtmrs, `ef btdmrsuppjnmrs bi abbfs, pjus o`eg lrmfnts lbvmrmf oy `au`r`etmm bi `e mxpbrt lrmfnt `amely. Vdns jnem nsneljufmf ne tdm bejnem f`t`o`sm out ns ebt sdbwe netdm puojnsdmf t`ojms. Nt l`e om bot`nemf `s tdm fni-imrmelm omtwmme (`) lrmfnts bi tbt`j prnv`tm lrmfn-tbrs `ef (o) obefs `ef lbccmrln`j o`eg jb`es.

Lbuetrnms wntd Mstnc`tmf F`t`

F`t` ibr mxpbrts bi abbfs, smrvnlms, ef nelbcmibr tdm ibjjbwnea lbuetrnms `rm Qbrjf O`eg

mstnc`tms o`smf be lbuetry„s o`j`elm bi p`ycmetsrmpbrts; @iad`enst`e irbc ?889 tb ?88>, @jamrn`irbc ?886 tb ?884, Odut`e irbc ?88< tb ?88>,

Objnvn` ne ?88>, Obsen` `ef Dmrzmabvne` ne ?88>,Obtsw`e` ne ?88>, Ld`f irbc ?88< tb ?88>,Mj \`jv`fbr ne ?88>, Mtdnbpn` ne ?88>, A`obeirbc ?889 tb ?88>, Gmey` ne ?88>, Gbsbvb ne?88>, Jmsbtdb ne ?88>, C`f`a`sl`r ne ?889 `ef?88>, C`j`ysn` ne ?88>, Cbetmemarb irbc ?881tb ?88>, Enamr ne ?884 `ef ?88>, X`pu` EmwAunem` irbc ?889 tb ?88>, \uf`e ne ?88>, \w`-znj`ef ne ?88>, V`ez`en` ne ?88>, Vbea` ne ?88>,`ef Vuensn` ne ?88>.

F`t` ibr ncpbrts bi abbfs, smrvnlms, `ef ne-lbcm ibr tdm ibjjbwnea lbuetrnms `rm Qbrjf O`egmstnc`tms o`smf be lbuetry„s o`j`elm bi p`ycmets

rmpbrts; @iad`enst`e ne ?881 `ef ?884, @jamrn`irbc ?886 tb ?884, Omene ne ?884, Odut`e irbc?881 tb ?88>, Objnvn` ne ?88>, Obsen` `ef Dmr-zmabvne` ne ?88>, Obtsw`e` ne ?88>, tdm Lmetr`j@irnl`e _mpuojnl ne ?881 `ef ?884, Ld`f irbc?88< tb ?88>, tdm Lbcbrbs ne ?881 `ef ?884,tdm Fmcblr`tnl _mpuojnl bi Lbeab irbc ?881 tb?88>, Mj \`jv`fbr ne ?88>, Mrntrm` ne ?881, Mtdn-bpn` ne ?88>, A`obe irbc ?889 tb ?88>, Nefn`ne ?88>, Gmey` ne ?88>, Gbsbvb irbc ?881 tb?88>, Jmsbtdb ne ?88>, C`f`a`sl`r irbc ?889tb ?88>, C`j`wn ne ?881 `ef ?884, C`j`ysn`ne ?88>, C`urnt`en` ne ?881 `ef ?88>, Cbe-tmemarb irbc ?881 tb ?88>, Enamr ne ?884 `ef?88>, X`pu` Emw Aunem` irbc ?889 tb ?88>,\`cb` ne ?884, \mema`j ne ?884, \uf`e ne ?88>,\w`znj`ef ne ?884 `ef ?88>, V`ez`en` ne ?88>,Vbea` ne ?88>, Vuensn` ne ?88>, Vurgcmenst`e ne?881 `ef ?884, ]zomgnst`e ne ?881 `ef ?884,Y`eu`tu ne ?884 `ef ne ?88>, `ef tdm _mpuojnlbi ^mcme ne ?88>.

Page 332: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 332/341

Page 333: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 333/341

 

Lbuetry Arbups

 M`st @sn` ef X lninl \mron``,o(@)  Cnffjm M st `ef Ebrtd @irnl` Lbeab, Fmc. _mp. (M)

V kngnst`e (@) Lbeab, _mp. (X)

L`cobfn` (@) Vurgmy (@) @jamrn` (@) Lötm f„Nvbnrm (@)

Ldne` (X) Vurgcmenst`e (M) Fknobutn (@) Mrntrm` (@)

Inkn (@) ]gr`nem (@) Maypt, @r`o _mp. (@) Mtdnbpn` (@)

Nefbemsn` (@) ]zomgnst`e (@) Nr`e, Nsj`cnl _mp (@) A`obe (X)

J`b XF_ (X) Kbrf`e (@) A`con`, Vdm (M)

C`j`ysn` (M)  J`tne @cmrnl` `ef tdm L`rnoom`e Jmo`ebe (@) Ad`e` (@)Cbeabjn` (@) Cbrbllb (@) Aunem` (M)

Cy`ec`r (M) @rametne` (@) \yrn`e @r`o _mpuojnl (@) Aunem`-Onss`u (M)

X`pu` Emw Aunem` (@) Omjnzm (@) Vuensn` (@) Gmey` (@)

Xdnjnppnems (@) Objnvn` (@) mcme, _mp. (@) Jmsbtdb (@)

\`cb` (@) Or`znj (@) Jnomrn` (M)

\bjbcbe Nsj`efs (@) Ldnjm (@) \butd @sn` C`f`a`sl`r (@)

Vd`nj`ef (@) Lbjbcon` (@) C`j`wn (@)

Vbea` (@) Lbst` _nl` (@) @iad`enst`e (@) C`jn (X)

Y eu`tu (@) Fbcnenl` (@) O`eaj`fmsd (@) C`urnt`en` (@)

Ynmte`c (X) Fbcnenl`e _mpuojnl (@) Odut`e (@) C`urntnus (X)

Mlu`fbr (@) Nefn` (@) Cbz`conqum (@)

 Murbpm ef Lmetr j @sn` Mj \`jv`fbr (@) C`jfnvms (@) Enamr (@)

Arme`f` (@) Emp`j (@) Enamrn` (@)

@jo`en` (@) Au`tmc`j` (@) X`gnst`e (@) _w`ef` (M)

@rcmen` (@) Auy`e` (@) \rn J`eg` (@) \ìb Vbcî ef Xrnelnpm (X)

@zmro`nk`e (@) D`ntn (@) \mema`j (@)

Omj`rus (@) Dbefur`s (@) \uo-\`d`r`e @irnl` \myldmjjms (@)

Obsen` `ef Dmrzmabvne`` (@) K`c`nl` (@) \nmrr` Jmbem (X)

Ouja`rn` (@) Cmxnlb (@) @eabj` (@) \bc`jn` (M)

Ambran` (@) Enl`r`au` (@) Omene (@) \butd @irnl` (X)

G`z`gdst`e (@) X`e`c` (@) Obtsw`e` (@) \uf`e (@)

Gbsbvb (@) X`r`au`y (@) Ourgne` I`sb (M) \w`znj`ef (@)

Gyrayz _mpuojnl (@) Xmru (@) Ouruefn (@) V`ez`en` (@)

Jntdu`en` (@) \t. Gntts ef Emvns (X) L`cmrbbe (@) Vbab (@)

C`lmfben`, I^_ (@) \t. Juln` (@) L`pm Ymrfm (@) ]a`ef` (@)

Cbjfbv` (@) \t. Ynelmet ef tdm

Arme`fnems (@)

Lmetr`j @irnl`e

_mpuojnl (X)

[`con` (X)

Cbetmemarb (@) [nco`owm (@)

_bc`en` (@) ]ruau`y (@) Ld`f (@)

_ussn`e Imfmr`tnbe (X) Ymemzumj`, _O (@) Lbcbrbs (X)

_manbe`j Arbups

Ebtm; Jmttmrs ne p`rmetdmsms nefnl`tm F_\ rmpbrtmrs„ st`tus; (@) `s rmpbrtmf, (X) prmjncne`ry, `ef (M) mstnc`tmf. Vdm st`tus ‚`s rmpbrtmf– nefnl`tms td`t tdm lbuetry w`s iujjy lurrmet ne nts rmpbrt-

nea uefmr tdm F_\ `ef td`t Qbrjf O`eg st`ii cmcomrs `rm s`tnsinmf td`t tdm rmpbrtmf f`t` anvm `e `fmqu`tm `ef i`nr rmprmsmet`tnbe bi tdm lbuetry„s tbt`j puojnl fmot. ‚Xrmjncne`ry– f`t` `rm o`smf

be rmpbrtmf br lbjjmltmf neibrc`tnbe out, oml`usm bi nelbcpjmtmemss br btdmr rm`sbes, neljufm `e mjmcmet bi st`ii mstnc`tnbe. ‚Mstnc`tmf– f`t` nefnl`tm td`t lbuetrnms `rm ebt lurrmet ne tdmnr

rmpbrtnea `ef td`t ` snaeninl`et mjmcmet bi st`ii mstnc`tnbe w`s emlmss`ry ne prbfulnea tdm f`t` t`ojms.

`. Ibr Obsen` `ef Dmrzmabvne`, tbt`j fmot omibrm 0>>> (mxljufnea NO_F `ef NCI bojna`tnbes `ef sdbrt-tmrc fmot) ns neljufmf uefmr \mron`.

o. F`t` prnbr tb ?889 neljufm Cbetmemarb.

<?0

Page 334: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 334/341

A J B O @ J F M Y M J B X C M E V I N E @ E L M ? 8 0 0

<??

 Jbw-nelbcm lbuetrnms \bc`jn` Fbcnenl`e _mpuojnl X`pu` Emw Aunem`

V`kngnst`e Mlu`fbr X`r`au`y@iad`enst`e V`ez`en` Maypt, @r`o _mp. Xmru

O`eaj`fmsd Vbab Mj \`jv`fbr Xdnjnppnems

Omene ]a`ef` Inkn _bc`en`

Ourgne` I`sb [`con` A`obe _ussn`e Imfmr`tnbe

Ouruefn [nco`owm Ambran` \`cb`

L`cobfn` Arme`f` \ìb Vbcî ef Xrnelnpm

Lmetr`j @irnl`e _mpuojnl  Cnffjm-nelbcm lbuetrnms Au`tmc`j` \mema`j

Ld`f Auy`e` \mron`

Lbcbrbs @jo`en` Dbefur`s \myldmjjms

Lbeab, Fmc. _mp. @jamrn` Nefn` \butd @irnl`

Mrntrm` @eabj` Nefbemsn` \rn J`eg`

Mtdnbpn` @rametne` Nr`e, Nsj`cnl _mp. \yrn`e @r`o _mpuojnl

A`con`, Vdm @rcmen` K`c`nl` \t. Gntts ef EmvnsAd`e` @zmro`nk`e Kbrf`e \t. Juln`

Aunem` Omj`rus G`z`gdst`e \t. Ynelmet ef tdm Arme`fnems

Aunem`-Onss`u Omjnzm Gbsbvb \uf`e

D`ntn Odut`e Jmo`ebe \w`znj`ef

Gmey` Objnvn` Jmsbtdb Vd`nj`ef

Gyrayz _mpuojnl Obtsw`e` Jntdu`en` Vbea`

J`b XF_ Obsen` ef Dmrzmabvne` C`lmfben`, I^_ Vuensn`

Jnomrn` Or`znj C`j`ysn` Vurgmy

C`f`a`sl`r Ouja`rn` C`jfnvms Vurgcmenst`e

C`j`wn L`cmrbbe C`urntnus ]gr`nem

C`jn L`pm Ymrfm Cmxnlb ]ruau`y

C`urnt`en` Ldnjm Cbjfbv` ]zomgnst`e

Cbz`conqum Ldne` Cbeabjn` Y eu`tu

Cy`ec`r Lbjbcon` Cbetmemarb Ymemzumj`, _O

Emp`j Lbeab, _mp. Cbrbllb Ynmte`c

Enamr Lbst` _nl` Enl`r`au` mcme, _mp.

_w`ef` Lötm f„Nvbnrm Enamrn`

\nmrr` Jmbem Fknobutn X`gnst`e

\bjbcbe Nsj`efs Fbcnenl` X`e`c`

Nelbcm Arbups

Ebtm; Jbw-nelbcm lbuetrnms `rm tdbsm wntd ` AEN pmr l`pnt` bi $>>= br jmss ne ?88>. Cnffjm-nelbcm mlbebcnms `rm tdbsm wntd ` AEN pmr l`pnt` bi cbrm td`e $>>9 out jmss td`e $0?,0>=. Jbwmr-

cnffjm-nelbcm ef uppmr-cnffjm-nelbcm lbuetrnms rm smp`r`tmf t AEN pmr l`pnt` bi $<,>69.

Page 335: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 335/341

 

Ajbss`ry

@vmr`am tmrcs bi emw lbccntcmets  prbvnfmneibrc`tnbe be tdm `vmr`am tmrcs (netmrmst r`tm,c`turnty, `ef ar`lm pmrnbf) bi emw lbccntcmets

be puojnl `ef puojnljy au`r`etmmf mxtmre`j fmotlbetr`ltmf wntd puojnl `ef prnv`tm lrmfntbrs. @v-mr`ams `rm wmnadtmf oy tdm `cbuets bi tdm jb`es.

Onj`tmr`j biinln`j lrmfntbrs `rm biinln`j `amelnms td`tc`gm jb`es be omd`ji bi bem abvmrecmet tb `e-btdmr abvmrecmet br tb puojnl (`ef, ne sbcm l`sms,prnv`tm) obrrbwmrs ne `ebtdmr lbuetry.

Obefs `rm fmot nestrucmets nssumf oy puojnl `efpuojnljy au`r`etmmf br prnv`tm fmotbrs wntd fur`-tnbes bi bem ym`r br jbeamr. Obefs usu`jjy anvm tdmdbjfmr tdm uelbefntnbe`j rnadt tb inxmf cbemy ne-

lbcm br lbetr`ltu`jjy fmtmrcnemf, v`rn`ojm cbemynelbcm.

Lbccmrln`j o`egs `rm prnv`tm o`egs td`t prbvnfmjb`es `ef btdmr ine`eln`j smrvnlms.

Lbccntcmets bi puojnl `ef puojnljy au`r`etmmf

fmot lbestntutm tdm tbt`j `cbuet bi emw jbea-tmrcjb`es tb puojnl smltbr obrrbwmrs br obrrbwmrswntd ` puojnl smltbr au`r`etmm mxtmefmf oy biinln`j`ef prnv`tm jmefmrs `ef ibr wdnld lbetr`lts wmrmsnaemf ne tdm ym`r spmlninmf.

Lbetr`ltu`j bojna`tnbes be butst`efnea jbea-tmrc

mxtmre`j fmot `rm tdm `etnlnp`tmf fmot smrvnlm p`y-cmets be jbea-tmrc mxtmre`j fmot lbetr`ltmf up tbFmlmcomr ?88>.

Lurrmely lbcpbsntnbe bi puojnl `ef puojnljy

au`r`etmmf fmot prbvnfms neibrc`tnbe be tdmsd`rm bi jb`es butst`efnea `ef fnsoursmf oy lur-rmely bi rmp`ycmet. Ibr c`kbr cujtnj`tmr`j lrmfn-tbrs, tdm lurrmely lbcpbsntnbe bi tdm rmjmv`et

uent bi `llbuet ns `jsb t`gme netb `llbuet. Vdmprnelnp`j lurrmelnms ne wdnld tdm mxtmre`j fmot bijbw- `ef cnffjm-nelbcm lbuetrnms ns lbetr`ltmf

(tdm murb, K`p`emsm yme, pbuef stmrjnea, \wnssir`el, `ef ].\. fbjj`r) `rm smp`r`tmjy nfmetninmf.Omaneenea ne ?880, fmot fmebcne`tmf ne tdmlurrmelnms bi tdm cmcomrs ne tdm murb `rm` nsneljufmf uefmr tdm murb r`tdmr td`e tdm e`tnbe`jlurrmelnms td`t prmvnbusjy prmv`njmf.

Lurrmet `llbuet o`j`elm  ns  tdm suc bi emt o`j-`elms be tr`fm ne abbfs, smrvnlms, `ef nelbcm `eftdm emt lurrmet tr`esimrs.

Fmot ouyo`lg  ns tdm rmpurld`sm oy ` fmotbr bi ntsbwe fmot, mntdmr `t ` fnslbuet prnlm br `t p`r v`jum.

Ne tdm mvmet bi ` ouyo`lg bi jbea-tmrc fmot, tdmi`lm v`jum bi tdm fmot obuadt o`lg wnjj om rmlbrfmf`s ` fmljnem ne stblg butst`efnea bi jbea-tmrc fmot,`ef tdm l`sd `cbuet rmlmnvmf oy lrmfntbrs wnjj omrmlbrfmf `s ` prnelnp`j rmp`ycmet. Ibr mx`cpjm,ni ` lbuetry ouys o`lg jbea-tmrc mxtmre`j fmot bii`lm v`jum O  `t ` prnlm X, tdme jbea-tmrc mxtmre`jfmot wnjj fmljnem oy O, `ef prnelnp`j rmp`ycmet wnjjnelrm`sm oy X. Vdm fniimrmelm omtwmme tdm prnlm `twdnld tdm fmot w`s obuadt o`lg `ef tdm i`lm v`jumns rmlbrfmf `s ` fmot stblg wrntm-bii (tdm rmj`tmftr`es`ltnbes `rm ebt smp`r`tmjy nefmetninmf ne tdmAjbo`j Fmvmjbpcmet I ne`elm (AFI) puojnl`tnbe out

`rm v`nj`ojm ne tdm LF-_BC ef bejnem f`t`o`sm).

Fmot ibranvmemss ar`ets  neljufm obtd fmots l`e-lmjmf oy `armmcmet omtwmme fmotbr `ef lrmfntbr`ef rmfultnbes ne tdm emt prmsmet v`jum bi biinln`jebelbelmssnbe`j jb`es rmsujtnea irbc lbelmssnbe`jrmsldmfujnea br rmine`elnea. F`t` `rm rmlbrfmf be` fnsoursmcmet o`sns `ef neljufm fmot ibranvmemssirbc onj`tmr`j ef cujtnj`tmr`j lrmfntbrs.

<?<

Page 336: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 336/341

A J B O @ J F M Y M J B X C M E V I N E @ E L M ? 8 0 0

<?6

Fmot butst`efnea `ef fnsoursmf ns tdm v`jum `tym`r„s mef bi jbea-tmrc mxtmre`j fmot bwmf oypuojnl `ef puojnljy au`r`etmmf fmotbrs `ef prn-

v`tm ebeau`r`etmmf fmotbrs.

Fmot rmstrulturneas  `rm rmvnsnbes tb fmot smrvnlmbojna`tnbes `armmf be oy lrmfntbrs `ef fmotbrs.\uld `armmcmets ld`eam tdm `cbuet `ef tncnea biiuturm prnelnp`j `ef netmrmst p`ycmets.

Fmot smrvnlm tb mxpbrts ns tdm r`tnb bi tdm suc biprnelnp`j rmp`ycmets `ef netmrmst p`nf be tbt`jjbea-tmrc fmot (puojnl `ef puojnljy au`r`etmmffmot `ef prnv`tm ebeau`r`etmmf fmot) tb tdm v`jumbi mxpbrts bi abbfs `ef smrvnlms `ef rmlmnpts binelbcm irbc `orb`f.

Fmot stblg-ijbw rmlbelnjn`tnbe  sdbws tdm nefnl`-tbrs td`t `iimlt tdm ld`eam ne fmot stblgs irbc bempmrnbf tb tdm emxt.

Fnsoursmcmets `rm  fr`wneas furnea tdm ym`rspmlninmf be jb`e lbccntcmets lbetr`ltmf oy tdmobrrbwmr.

Mxpbrts bi abbfs, smrvnlms, `ef nelbcm lbestntutmtdm tbt`j v`jum bi mxpbrts bi abbfs `ef smrvnlms,rmlmnpts bi lbcpmes`tnbe bi ebermsnfmet wbrgmrs,`ef nevmstcmet nelbcm irbc `orb`f.

Mxtmre`j fmot ijbws `rm fmot-rmj`tmf tr`es`ltnbesfurnea tdm ym`r spmlninmf. Vdmy neljufm fnsoursm-cmets, prnelnp`j rmp`ycmets, `ef netmrmst p`y-cmets.

Mxtmre`j fmot stblgs lbcprnsm puojnl `ef puojnljyau`r`etmmf jbea-tmrc mxtmre`j fmot, prnv`tm ebe-au`r`etmmf jbea-tmrc mxtmre`j fmot, usm bi NCIlrmfnt, `ef sdbrt-tmrc mxtmre`j fmot, neljufneanetmrmst `rrm`rs be jbea-tmrc fmot. Vdm rmj`tnbeomtwmme mxtmre`j fmot stblg `ef nts lbcpbemets nsnjjustr`tmf be p`am <01.

Mxtmre`j fmot stblgs tb mxpbrts ns tdm r`tnb bibutst`efnea mxtmre`j fmot tb tdm v`jum bi mxpbrtsbi abbfs `ef smrvnlms `ef rmlmnpts bi nelbcm irbc`orb`f.

Mxtmre`j fmot stblgs tb AEN ns tdm r`tnb bi but-st`efnea mxtmre`j fmot tb arbss e`tnbe`j nelbcm.

Ibrmnae fnrmlt nevmstcmet rmimrs tb fnrmlt nevmst-cmet ijbws ne tdm rmpbrtnea mlbebcy. Nt ns tdm sucbi mqunty l`pnt`j, rmnevmstcmet m`reneas, `ef btdmr

l`pnt`j. Vdm tmrc fmslrnoms ` l`tmabry bi netmre`-tnbe`j nevmstcmet c`fm oy ` rmsnfmet metnty ne bemmlbebcy (fnrmlt nevmstbr) wntd tdm bokmltnvm bi

mst`ojnsdnea ` j`stnea netmrmst ne `e metmrprnsm rmsn-fmet ne `e mlbebcy btdmr td`e td`t bi tdm nevmstbr(fnrmlt nevmstcmet metmrprnsm). Bwemrsdnp bi 08pmrlmet br cbrm bi tdm brfne`ry sd`rms br vbtneastblg ns tdm lrntmrnbe ibr fmtmrcnenea tdm mxnstmelmbi ` fnrmlt nevmstcmet rmj`tnbesdnp.

Ar`lm pmrnbf ns tdm tncm omtwmme tdm f`tm be wdnld` jb`e ns lbccnttmf `ef tdm f`tm be wdnld tdm inrstprnelnp`j p`ycmet ns fum. Vdm neibrc`tnbe prm-smetmf ne Ajbo`j Fmvmjbpcmet I ne`elm ns tdm `vmr-`am ar`lm pmrnbf be `jj puojnl `ef puojnljy au`r`e-tmmf fmot lbccnttmf furnea tdm spmlninmf pmrnbf.

Ar`ets `rm jma`jjy onefnea lbccntcmets td`t bojn-a`tm ` spmlninl v`jum bi iuefs `v`nj`ojm ibr fnsoursm-cmet ibr wdnld tdmrm ns eb p`ycmet rmqunrmcmet.Vdmy neljufm fmot ibranvmemss ar`ets `ef ar`etsirbc onj`tmr`j `ef cujtnj`tmr`j `amelnms (suld `stdm Netmre`tnbe`j Fmvmjbpcmet @ssbln`tnbe).

Arbss e`tnbe`j nelbcm (AEN)  ns tdm suc bi v`jum`ffmf oy `jj rmsnfmet prbfulmrs, pjus `ey prbfultt`xms (jmss suosnfnms) ebt neljufmf ne tdm v`ju`tnbebi butput, pjus emt rmlmnpts bi prnc`ry nelbcm (lbc-pmes`tnbe bi mcpjbymms `ef prbpmrty nelbcm) irbc`orb`f. ^m`rjy `vmr`am mxld`eam r`tms `rm usmf tb

lbevmrt AEN irbc jbl`j lurrmely tb ].\. fbjj`rs.

Dm`vnjy Nefmotmf Xbbr Lbuetry (DNXL) Nentn`tnvm ns` prbar`c bi tdm Qbrjf O`eg `ef tdm Netmre`tnbe`jCbemt`ry Iuef tb prbvnfm fmot rmjnmi tb qu`jniynealbuetrnms wntd uesust`ne`ojm fmot ourfmes.

Ncpbrts bi abbfs, smrvnlms, `ef nelbcm lbestntutm 

tdm tbt`j v`jum bi abbfs `ef smrvnlms ncpbrtmf `efnelbcm p`y`ojm tb ebermsnfmets.

Netmrmst `rrm`rs be jbea-tmrc fmot `rm netmrmst p`y-cmets fum out ebt p`nf, sdbwe be ` lucuj`tnvmo`sns. Netmrmst `rrm`rs `rm fum `ef p`y`ojm nccm-

fn`tmjy `ef `rm tdmrmibrm rma`rfmf `s sdbrt-tmrcbojna`tnbes. Vdus, `e nelrm`sm ne netmrmst `rrm`rsbe jbea-tmrc fmot wnjj om rmlbrfmf `s `e nelrm`smne sdbrt-tmrc fmot. Netmrmst ne `rrm`rs be tdm usm biNCI lrmfnt ns `jsb lbesnfmrmf tb om p`rt bi sdbrt-tmrc mxtmre`j fmot.

Netmrmst p`ycmets `rm tdm `cbuets bi netmrmst p`nfne ibrmnae lurrmely, abbfs, br smrvnlms ne tdm ym`rspmlninmf.

Page 337: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 337/341

A J B \ \ @ _ ^

<?=

Netmrmst r`tm ns tdm netmrmst r`tm `ppjnl`ojm tb ` jb`elbccntcmet `s spmlninmf ne tdm jb`e lbetr`lt. Vdmneibrc`tnbe prmsmetmf ne Ajbo`j Fmvmjbpcmet

I ne`elm  ns tdm `vmr`am netmrmst be `jj puojnl `efpuojnljy au`r`etmmf fmot lbccnttmf furnea tdmspmlninmf pmrnbf.

Netmre`tnbe`j O`eg ibr _mlbestrultnbe `ef Fmvmj-

bpcmet (NO_F) ns ` cujtnj`tmr`j biinln`j lrmfntbr. Ntns tdm ebelbelmssnbe`j jmefnea `rc bi tdm QbrjfO`eg Arbup.

Netmre`tnbe`j Fmvmjbpcmet @ssbln`tnbe (NF@) ns `cujtnj`tmr`j biinln`j lrmfntbr. Nt ns tdm lbelmssnbe`jine`elnea `rc bi tdm Qbrjf O`eg Arbup. VdmNF@ `jsb prbvnfms ar`et ine`elnea tb qu`jninmf

obrrbwmrs.

Netmre`tnbe`j Cbemt`ry Iuef (NCI) ld`rams `rm 

tdm `cbuets bi netmrmst p`nf ne ibrmnae lurrmely netdm ym`r spmlninmf ibr tr`es`ltnbes wntd tdm NCI.

Netmre`tnbe`j Cbemt`ry Iuef (NCI) purld`sms `rmtdm tbt`j fr`wneas be tdm amemr`j rmsburlms `l-lbuet bi tdm NCI furnea tdm ym`r spmlninmf, mxljuf-nea fr`wneas ne tdm rmsmrvm tr`eldm.

Netmre`tnbe`j Cbemt`ry Iuef (NCI) rmpurld`sms

`rm tdm `cbuets bi prnelnp`j (`cbrtnz`tnbe) p`nfne ibrmnae lurrmely ne tdm ym`r spmlninmf ibr tr`es-`ltnbes wntd tdm NCI.

Netmre`tnbe`j rmsmrvms  lbestntutm tdm suc bi `lbuetry„s cbemt`ry `utdbrnty„s dbjfneas bi spmln`jfr`wnea rnadts, nts rmsmrvm pbsntnbe ne tdm NCI, ntsdbjfneas bi ibrmnae mxld`eam, `ef nts dbjfneas biabjf (v`jumf `t ym`r-mef Jbefbe prnlms).

Jbea-tmrc mxtmre`j fmot ns fmot td`t d`s `e brnan-e`j br mxtmefmf c`turnty bi cbrm td`e bem ym`r`ef td`t ns bwmf tb ebermsnfmets oy rmsnfmets bi`e mlbebcy `ef ns rmp`y`ojm ne ibrmnae lurrmely,abbfs, br smrvnlms.

Jbea-tmrc prnv`tm smltbr fmot  ns jbea-tmrc fmotbwmf oy tdm prnv`tm smltbr, wdmtdmr puojnljy au`r-`etmmf br ebt.

Jbea-tmrc puojnl smltbr fmot ns jbea-tmrc mxtmre`jfmot bwmf oy tdm puojnl smltbr.

C`turnty  ns tdm f`tm be wdnld tdm ine`j prnelnp`jrmp`ycmet be ` jb`e ns fum. Nt ns tdm suc bi tdm

ar`lm `ef rmp`ycmet pmrnbfs. Vdm neibrc`tnbeprmsmetmf ne Ajbo`j Fmvmjbpcmet I ne`elm  ns tdm`vmr`am c`turnty be `jj puojnl `ef puojnljy au`r-

`etmmf fmot lbccnttmf furnea tdm spmlninmf pmrnbf.

Cujtnj`tmr`j Fmot _mjnmi Nentn`tnvm (CF_N)  ns `prbar`c bi tdm Qbrjf O`eg, tdm NCI, tdm Netmr-@cmrnl`e Fmvmjbpcmet O`eg, `ef tdm @irnl`eFmvmjbpcmet O`eg td`t prbvnfms `ffntnbe`j fmotrmjnmi tb lbuetrnms td`t d`vm lbcpjmtmf tdm DNXLprblmss.

Cujtnj`tmr`j biinln`j lrmfntbrs `rm biinln`j `amelnmsbwemf br abvmremf oy cbrm td`e bem lbuetry td`tprbvnfm jb`e ine`elnea. Vdmy neljufm netmre`tnbe`jine`eln`j nestntutnbes suld `s tdm Qbrjf O`eg,

rmanbe`j fmvmjbpcmet o`egs, `ef btdmr netmrabv-mrecmet`j amelnms.

Cujtnj`tmr`j tb mxtmre`j fmot stblgs ns tdm r`tnb bitdm stblg bi fmot bwmf tb cujtnj`tmr`j lrmfntbrs tbtbt`j mxtmre`j fmot.

Emt ijbws be mxtmre`j fmot `rm fnsoursmcmets bejbea-tmrc mxtmre`j fmot `ef NCI purld`sms cneusprnelnp`j rmp`ycmets be jbea-tmrc mxtmre`j fmot`ef NCI rmpurld`sms. ]p tb 0>46, tdns l`jluj`-tnbe neljufmf bejy jbea-tmrc mxtmre`j fmot `efNCI ijbws. Irbc 0>4=, tdm l`jluj`tnbe neljufmstdm ld`eam ne stblg bi sdbrt-tmrc fmot (mxljufnea

netmrmst rrm`rs be jbea-tmrc mxtmre`j fmot).

Biinln`j lrmfntbrs `rm abvmrecmets br btdmr on-j`tmr`j puojnl metntnms, suld `s mxpbrt-ncpbrt`amelnms, fmvmjbpcmet `amelnms, `ef cujtnj`tmr`jine`eln`j nestntutnbes suld `s tdm Qbrjf O`eg `efrmanbe`j fmvmjbpcmet o`egs.

Xbrtibjnb mqunty ns tdm l`tmabry bi netmre`tnbe`jnevmstcmet td`t lbvmrs nevmstcmet ne mqunty smlurn-tnms. Mqunty smlurntnms neljufm sd`rms, stblgs, p`r-tnlnp`tnbe, br sncnj`r fblucmets (suld s @cmrnl`eFmpbsnt`ry _mlmnpts) td`t usu`jjy fmebtm bwemr-

sdnp bi mqunty.

Xrmsmet v`jum bi fmot butst`efnea  ns tdm ebcne`jv`jum bi `jj iuturm fmot smrvnlm bojna`tnbes be mx-nstnea fmot fnslbuetmf `t prmv`njnea c`rgmt r`tmsbi netmrmst. Vdm netmrmst r`tms usmf ne tdns l`jluj`-tnbe `rm tdm Lbccmrln`j Netmrmst _mimrmelm _`tms(LN__) ibr m`ld rmjmv`et lurrmely lbcpnjmf `efpuojnsdmf oy tdm Bra`ens`tnbe ibr Mlbebcnl Lb-bpmr`tnbe `ef Fmvmjbpcmet.

Page 338: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 338/341

A J B O @ J F M Y M J B X C M E V I N E @ E L M ? 8 0 0

<?9

Xrnelnp`j `rrm`rs be jbea-tmrc fmot  `rm prnelnp`jrmp`ycmets fum out ebt p`nf be jbea-tmrc mxtmr-e`j fmot, sdbwe be ` lucuj`tnvm o`sns.

Xrnelnp`j rmp`ycmets `rm tdm `cbuets bi prnelnp`j(`cbrtnz`tnbe) p`nf ne ibrmnae lurrmely, abbfs, brsmrvnlms ne tdm ym`r spmlninmf wntd rmspmlt tb jbea-tmrc mxtmre`j fmot.

Xrnv`tm lrmfntbrs  `rm obefdbjfmrs, lbccmrln`jo`egs, `ef btdmr tr`fm-rmj`tmf jmefmrs.

Xrnv`tm ebeau`r`etmmf  fmot  ns fmot bwmf oy prn-v`tm smltbr obrrbwmrs tb mxtmre`j lrmfntbrs bejb`es td`t fb ebt omemint irbc ` puojnl smltbrau`r`etmm oy tdm fmotbr lbuetry.

Xrbint rmcntt`elms be IFN `rm p`ycmets bi fnrmltnevmstcmet nelbcm (fmont snfm), wdnld lbesnst binelbcm be mqunty (fnvnfmefs, or`eld prbints, `efrmnevmstmf m`reneas) `ef nelbcm be tdm netmrlbc-p`ey fmot (netmrmst).

Xuojnl `ef puojnljy au`r`etmmf fmot butst`efnea

`ef fnsoursmf ns tdm v`jum bi fmot `t ym`r„s mef bipuojnl smltbr obrrbwmrs, br obrrbwmrs wntd ` puo-jnl smltbr au`r`etmm, bwmf tb biinln`j `ef prnv`tmjmefmrs.

Xuojnl `ef puojnljy au`r`etmmf mxtmre`j fmot lbc-

prnsms puojnl fmot (`e mxtmre`j bojna`tnbe bi ` puojnlfmotbr, suld `s tdm e`tnbe`j abvmrecmet br `amely,` pbjntnl`j suofnvnsnbe br `amely, br `e `utbebcbuspuojnl obfy) `ef puojnljy au`r`etmmf mxtmre`j fmot(`e mxtmre`j bojna`tnbe bi ` prnv`tm fmotbr td`t nsau`r`etmmf ibr rmp`ycmet oy ` puojnl metnty).

_msmrvms tb mxtmre`j fmot stblgs ns tdm r`tnb bi ne-tmre`tnbe`j rmsmrvms tb butst`efnea mxtmre`j fmot.

_msmrvms tb ncpbrts (cbetds) ns tdm r`tnb bi  netmr-e`tnbe`j rmsmrvms tb tdm v`jum bi ncpbrts bi abbfs,smrvnlms, `ef nelbcm ne tdm ym`r sdbwe `ef ns mx-

prmssmf ne cbetds;

_msmrvms

Ncpbrts/0?

\dbrt-tmrc mxtmre`j fmot d`s `e brnane`j c`turntybi bem ym`r br jmss. @v`nj`ojm f`t` pmrcnt eb fns-tneltnbe `cbea puojnl, puojnljy au`r`etmmf, `efprnv`tm ebeau`r`etmmf sdbrt-tmrc mxtmre`j fmot.

\dbrt-tmrc tb mxtmre`j fmot stblg r`tnb ns tdm r`tnbbi sdbrt-tmrc mxtmre`j fmot tb tbt`j butst`efneamxtmre`j fmot.

\pmln`j Fr`wnea _nadts (\F_s) rmimr tb `e netmre`-tnbe`j rmsmrvm `ssmt td`t w`s lrm`tmf oy tdm NCI ne0>9> tb suppjmcmet nts cmcomr lbuetrnms„ biinln`jrmsmrvms. Vdm v`jum bi \F_s ns o`smf be o`sgmt biibur gmy netmre`tnbe`j lurrmelnms; tdm ].\. fbjj`r,tdm pbuef stmrjnea, tdm K`p`emsm yme, `ef tdm murb.Ne `ffntnbe tb pj`ynea ` rbjm `s ` suppjmcmet`ryrmsmrvm `ssmt, \F_s smrvm `s tdm uent bi `llbuet ibrtdm NCI ef sbcm btdmr netmre`tnbe`j bra`enz`tnbes.

Vmldenl`j lbbpmr`tnbe ar`ets  neljufm (`) irmm-st`efnea tmldenl`j lbbpmr`tnbe ar`ets, wdnld `rm

netmefmf tb ine`elm tdm tr`esimr bi tmldenl`j `efc`e`amrn`j sgnjjs br bi tmldebjbay ibr tdm purpbsmbi ounjfnea up amemr`j e`tnbe`j l`p`lnty wntdbutrmimrmelm tb `ey spmlninl nevmstcmet prbkmlts,`ef (o) nevmstcmet-rmj`tmf tmldenl`j lbbpmr`tnbear`ets, wdnld `rm `ncmf `t strmeatdmenea tdm l`-p`lnty tb mxmlutm spmlninl nevmstcmet prbkmlts.

Vbt`j `cbuet ibranvme ns tdm tbt`j `cbuet bi prne-lnp`j `ef netmrmst fum, prnelnp`j `ef netmrmst ne `r-rm`rs, ef fmot stblg ibranvme ne tdm ym`r spmlninmf.

Vbt`j `cbuet rmsldmfujmf  ns  tdm tbt`j `cbuetbi mxtmre`j fmot rmsldmfujmf, neljufnea prnelnp`j`ef netmrmst fum, prnelnp`j `ef netmrmst ne `rrm`rs,ld`rams, pme`jtnms, `ef fmot stblg ne tdm ym`rspmlninmf.

Vbt`j ld`eam ne mxtmre`j fmot stblgs  ns tdm fniimr-melm ne tdm mxtmre`j fmot stblg omtwmme twb lbe-smlutnvm ym`rs.

]sm bi NCI lrmfnt fmebtms cmcomrs„ fr`wneas betdm NCI btdmr td`e `cbuets fr`we `a`nest tdmlbuetry„s rmsmrvm tr`eldm pbsntnbe. ]sm bi NCIlrmfnt neljufms purld`sms `ef fr`wneas uefmr\t`ef-Oy, Mxtmefmf, \trultur`j @fkustcmet,

Med`elmf \trultur`j @fkustcmet, `ef \ystmcnlVr`esibrc`tnbe I`lnjnty @rr`eamcmets `s wmjj `sVrust Iuef jb`es.

Qbrgmr rmcntt`elms `ef lbcpmes`tnbe bi mcpjby-

mms lbestntutm tdm suc bi wbrgmrs„ rmcntt`elms,lbcpmes`tnbe bi mcpjbymms, `ef cnar`ets„ tr`es-imrs `s fminemf ne tdm NCI„s O`j`elm bi X`ycmets

C`eu`j  (OXC=).

Page 339: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 339/341

 

]smrs„ Aunfm

Vdm amemr`j lutbii f`tm ibr `jj f`t` ne tdns puojnl`tnbe ns mef-\mptmcomr ?808. Vdm mlbebcnl `aarma`tmsprmsmetmf ne tdm t`ojms `rm prmp`rmf ibr tdm lbevmenmelm bi usmrs. @jtdbuad fmot r`tnbs l`e anvm usmiuj ne-ibrc`tnbe `obut fmvmjbpcmets ne fmot-smrvnlnea l`p`lnty, lbeljusnbes fr`we irbc tdmc wnjj ebt om v`jnfuejmss `llbcp`enmf oy l`rmiuj mlbebcnl mv`ju`tnbe.

Vdm c`lrbmlbebcnl f`t` prbvnfmf `rm lbjjmltmf irbc e`tnbe`j st`tnstnl`j bra`enz`tnbes, out ne sbcml`sms tdmy c`y om suokmlt tb lbesnfmr`ojm c`ranes bi mrrbr. Vdm usu`j l`rm cust om t`gme ne netmrprmtnea tdmr`tnbs, p`rtnluj`rjy ibr tdm cbst rmlmet ym`rs, oml`usm inaurms c`y om prmjncne`ry `ef suokmlt tb rmvnsnbe.

Lbuetry ebtms `t tdm mef bi m`ld lbuetry t`ojm succ`rnzm c`kbr mvmets td`t d`vm t`gme pj`lm netdm lbuetry ne rmlmet ym`rs, fmslrnom tdm sburlms bi neibrc`tnbe ibr sdbrt-tmrc `ef prnv`tm ebeau`r-

`etmmf mxtmre`j fmot, `ef dnadjnadt c`ne nssums ne tdm f`t` lbjjmltnbe prblmss. ]ejmss btdmrwnsm spmln-inmf ne tdm lbuetry t`ojm, f`t` be jbea-tmrc puojnl `ef puojnljy au`r`etmmf mxtmre`j fmot ibr ?88> `rmo`smf be rmpbrts prbvnfmf oy tdm lbuetry.

@oormvn`tnbesVdm ibjjbwnea `oormvn`tnbes `rm usmf ne tdm prnelnp`j r`tnbs `ef nefnl`tbr t`ojms;

ON\ O`eg ibr Netmre`tnbe`j \mttjmcmetsLN__ Lbccmrln`j Netmrmst _mimrmelm _`tmsLBC\ML Lbccbewm`jtd \mlrmt`rn`tL_\ Lrmfntbr _mpbrtnea \ystmc (bi tdm BMLF)F@L Fmvmjbpcmet @ssnst`elm Lbccnttmm (bi tdm BMLF)F_\ Fmotbr _mpbrtnea \ystmc (bi tdm Qbrjf O`eg)IFN Ibrmnae Fnrmlt NevmstcmetAEN Arbss E`tnbe`j NelbcmDNXL Dnadjy Nefmotmf Xbbr Lbuetry (Nentn`tnvm bi tdm Qbrjf O`eg `ef tdm NCI)NO_F Netmre`tnbe`j O`eg ibr _mlbestrultnbe ef Fmvmjbpcmet (bi tdm Qbrjf O`eg)NF@ Netmre`tnbe`j Fmvmjbpcmet @ssbln`tnbe (bi tdm Qbrjf O`eg)NCI Netmre`tnbe`j Cbemt`ry IuefJNOB_ Jbefbe Netmro`eg Biimrmf _`tmCF_N Cujtnj`tmr`j Fmot _mjnmi Nentn`tnvmBF@ Biinln`j Fmvmjbpcmet @ssnst`elmBMLF Bra`ens`tnbe ibr Mlbebcnl Lb-bpmr`tnbe ef Fmvmjbpcmet\F_s \pmln`j Fr`wnea _nadts (bi tdm NCI)

]ELV@F ]entmf E`tnbes Lbeimrmelm be Vr`fm `ef FmvmjbpcmetQOTF Qbrjf O`eg Mxtmre`j Fmot \ystmc

\ycobjsVdm ibjjbwnea sycobjs d`vm omme usmf tdrbuadbut;

8.8 nefnl`tms td`t ` f`tuc mxnsts out ns emajnanojm br ns ` trum zmrb.‖ nefnl`tms td`t ` f tuc ns ebt `v`nj ojm.$ nefnl`tms lurrmet ].\. fbjj`rs uejmss btdmrwnsm spmlninmf.

<?1

Page 340: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 340/341

MLB-@]FNV

 Mevnrbecmet`j Omemints \t`tmcmet 

Vdm Qbrjf O`eg ns lbccnttmf tb prmsmrvneamef`eamrmf ibrmsts `ef e`tur`j rmsburlms.Vdm Biinlm bi tdm Xuojnsdmr d`s ldbsme tbprnet Ajbo`j Fmvmjbpcmet Ine`elm ?800 be rmlyljmf p`pmr wntd =8 pmrlmet pbst-lbesucmr inomr ne llbrf`elm wntd tdm rml-bccmefmf st`ef`rfs ibr p`pmr us`am smtoy tdm Armme Xrmss Nentn`tnvm, ` ebeprbintprbar`c suppbrtnea puojnsdmrs ne usneainomr td`t ns ebt sburlmf irbc mef`eamrmfibrmsts. Ibr cbrm neibrc`tnbe, vnsnt www.armmeprmssnentn`tnvm.bra.

\`vmf;• ?< trmms• 1 cnjjnbe Otu bi

tbt`j memray• ?,?8< jo. bi

emt armmedbusma`sms

• 08,9 8> a`j. biw`stm w`tmr

• 9 6 6 jo. bisbjnf w`stm

\`vmf;

• ?< trmms• 1 cnjjnbe Otu bi   tbt`j memray• ?,?8< jo. bi   emt armmedbusm  a`sms• 08,98> a`j. bi   w`stm w`tmr• 966 jo. bi   sbjnf w`stm

<

Page 341: Global Development Finance 2011

8/7/2019 Global Development Finance 2011

http://slidepdf.com/reader/full/global-development-finance-2011 341/341