Bretton Woods Project - Critical voices on the World Bank and IMF

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Glossary

Definitions of abbreviations, terms and acronyms associated with the World Bank and IMF.

Accountability

Providing an explanation for or justification of one's actions.

Advocacy

The recommendation of a policy.

Articles of Agreement

Each of the Bretton Woods organisations operate according to procedures established by its articles of agreement or an equivalent founding document. These documents outline the conditions of membership and the general principles of organisation, management, and operations.

Back Loading

Deferring the disbursement until specified conditions have been implemented.

Balance of Payments (BOP)

An overall statement of a country's economic transactions with the rest of the world over some period of time, consisting of the current account, capital account and changes in official foreign exchange reserves. This BOP can also refer to the difference in total receipts and expenditure for any category.

Bank Procedures (BPs)

World Bank guidelines providing parameters for implementing policies.

Bretton Woods Institutions (BWIs)

Collective name for World Bank Group and the International Monetary Fund (IMF), institutions established in 1944 at Bretton Woods, New Hampshire, USA.

Budgetary Aid

General financial assistance (structural adjustment lending) given in certain cases to dependent territories to cover a recurrent budget deficit. Also known as Programme Support.

Capital Account Liberalisation (CAL)

Removal of controls on the international flows on a country's capital account, enabling full currency convertibility and opening of the financial system.

CEE Bankwatch Network

This network organises environmental NGOs from 11 countries in Central and Eastern Europe, and stimulates improvement in the state of the environment, promotes and undertakes charitable expert and educational activities improving the environment.

Civil Society Organisation (CSO)

Civil society covers the space between the activities of the state and the market. Organisations within civil society range from church groups to environmental pressure groups to local credit collectives and trade unions.

Committee on Development Effectiveness (CODE)

Established in 1994 as an 8-member standing committee of the Board of Executive Directors, CODE oversees the operations evaluation system of the Bank and the IFC operations, reviewing their output and management responses to it.

Committee on Governance and Executive Directors' Administrative Matters (COGAM)

An 8-member standing committee of the Board of Executive Directors, COGAM advises the Board on issues of governance and administrative policy such as codes of conduct on corruption. It is the key committee in following up on the agenda to increase the 'voice' and participation of developing countries at the Bank. Previously CODAM.

Compensatory and Contingency Financing Facility (CCFF)

IMF financing facility that combines the compensatory financing facility with elements of contingency financing to help members cover short falls in export earning and service receipts, as well as excesses in cereal import costs, that are temporary and arise from events beyond the members' control.

Compliance Advisor Ombudsman (CAO)

CAO is a mechanism to allow individuals and communities impacted by IFC and MIGA projects to raise their concerns directly and to enhance the social and environmental outcomes of such projects. Its 3 roles are overseeing IFC/MIGA projects' overall environmental and social performance (Compliance); providing independent advice to the President and management on specific projects as well as broader environmental and social policies, guidelines, procedures and resources (Advisor); and addressing the complaints of impacted people to find mutually satisfactory solutions (Ombudsman).

Comprehensive Development Framework (CDF)

Framework developed by the World Bank to coordinate all actors in the development process towards implementing a coherent framework of macroeconomic, structural and social reforms for poverty reduction.

Concessional Loan

Loan provided to poorest countries with lower interest rates and longer repayment periods than typical or standard market or multilateral loans, i.e. less than market interest rates and extended grace period. Also known as a soft loan.

Conditionality

Economic polices or structural reforms that [borrowing] members agree to follow as a condition for the use of IMF and World Bank resources [loans] often called performance criteria or benchmarks.

Contingency Credit Line (CCL)

IMF credit line established after the financial crisis in 1997-1999. Countries are required to satisfy certain conditions in order to join the CCL to provide emergency assistance. This facility was expired in November 2003.

Countries of Central and Eastern Europe and Central Asia (CEE/CA)

Countries of Central and Eastern Europe and Central Asia

Country Assistance Strategy (CAS)

Outlines the programme of policy reforms and projects for which the World Bank provides loans, ie financed by World Bank loans. The CAS document describes the Bank Group's strategy based on an assessment of priorities in the country, and also indicates the level and composition of assistance to be provided based on the strategy and the country's portfolio performance.

Country Economic Memoranda

Included under final Country Economic and Sector Work Reports, which include a broad range of documents on borrower country economies and sectors.

Country Policy and Institutional Assessment (CPIA)

Initiated by the Bank in the late 1970s, CPIAs consist of a set of criteria representing the different policy and institutional dimensions of an effective poverty reduction and growth strategy (e.g quality of budgetary and financial management, debt policy, gender equality...), and are intended to guide the allocation of IDA lending resources. For each criterion, countries are rated on a scale of 1 (very weak performance) to 6 (very strong performance), and a total rating for each country is calculated.

Credit Tranche

A tranche is an installment or portion of an IMF loan. Loans are often made for 18-month or three-year programmes and disbursed in tranches. Certain conditions must be met for the release of subsequent tranches.

Cross Conditionality

Practice of including World Bank-related programme conditions in IMF programmes and vice-versa. Such actions should be reduced under new guidelines on streamlining conditions.

Debt Refinancing

A form of relief in which a new loan or grant is arranged to enable the debtor country to meet the service requirements on an earlier loan.

Debt Service

Payments due under debt contracts. This includes payment of interest as it becomes due and payments of the original amount borrowed (principal). Where debt is long dated, a large proportion of the debt service may consist of interest payments.

Debt Standstill

Mechanism by which a country agrees to cease payments on its debts until a restructuring agreement has been negotiated with its creditors.

Department for International Development (DfID)

UK Government department for International Development, formerly the Overseas Development Administration (ODA).

Department of Institutional Integrity (INT)

INT investigates allegations of fraud and corruption in Bank operations and allegations of staff misconduct. It also assists in preventive efforts to protect Bank funds such as staff training.

Developing Countries

A definition employed by the DEC to categorise countries eligible for Official Development Assistance.

Development Assistance Committee (DAC)

This committee within the OECD provides a forum for consultation among the 21 donor countries on how to increase the level and effectiveness of aid flows to recipient countries.

Development Committee (DC)

A joint Bank-IMF forum, the DC meets twice a year to set broad Bank policy and advise the Board of Governors on development issues. DC'S 24 members are appointed by the executive Board of Directors. They are representative of all the member countries and usually ministers of Finance or Development.

Development Economics Department (DEC)

Department of the World Bank responsible for collecting, studying and sharing information relating to development.

Development Gateway (DG)

DG is an internet portal on development issues which seeks to promote sustainable development and poverty reduction through knowledge and resource sharing. Having been conceived and designed by the World Bank, it commenced operations as an independent not-for-profit organisation in July 2001.

Direct Investment

An investment made to acquire or increase the productive capacity of a country, eg in machinery, factory or business.

Disbursement

The release of loan funds by the World Bank or IMF to a borrower government.

Dollarisation

Effectively, the replacement of domestic currency by the United States dollar. In doing so, the country gives up its control of monetary policy. This is generally a response to a total lack of confidence in the domestic currency, often associated with high and prolonged inflation.

Ecological Debt

Owed by the World Bank and richer countries to citizens of borrowing, poorer countries, ecological debt includes atmospheric pollution and other costs to the global environment of unsustainable living. See Andrew Simmons, "Ecological Debt: the health of the planet and the wealth of nations", 2005: Pluto Press.

Education for All (EFA)

A UN initiative to promote universal primary education opportunities as a necessary component of poverty reduction. The efforts focus on assisting the marginalized, particularly girls, to secure access to a quality basic education.

Empowerment

The conferment of a sense of self-actualization or authority to an individual, group of individuals or an organization.

Enhanced Structural Adjustment Facility (ESAF)

Facility established in 1987 to provide assistance on concessional terms to low-income member countries facing protracted balance of payments problems. Has been replaced in 2000 by the Poverty Reduction and Growth Facility (PRGF).

Environmental Impact Assessment (EIA)

A study done to determine the probable environmental impact of a proposed project, to assess possible alternatives and to create environmental mitigation plans for a project that may have significant environmental impacts.

Environmental Strategy

Strategy adopted by the World Bank in relation to the environmental dimensions of World Bank policies.

Environmentally and Financially Sustainable Development Network (ESSD)

ESSD is a World Bank network on issues related to agriculture and rural development, environment, and social development.

ESAF-HIPC Trust

The trust for special ESAF operations for the Heavily Indebted Poor Countries (HIPC) and Interim ESAF operations. The trust was established in February 1997 to channel special assistance to eligible HIPCs.

European Development Fund (EDF)

A source of funding for development projects in Europe: mainly used to co-finance: productive investment leading to the creation or maintenance of jobs; infrastructure; local development initiatives and the business activities of small and medium-sized enterprises.

Evaluation

Assessment of impacts of a programme or policy against its objectives.

Executive Board

A committee of Executive Directors representing the decision-making forum for the World Bank and the IMF.

Executive Directors

The Executive Directors are responsible for the World Bank and IMF daily activities in general. Five of the 24 EDs are appointed by the member countries having the largest number of shares in the Bank. The other countries are grouped into constituencies and represented by an Executive Director, elected every two years.

Extractive Industries Transparency Initiative (EITI)

EITI aims to ensure that revenues from extractive industries contribute to sustainable development and poverty reduction. It was launched in September 2002 by British PM Tony Blair at the World Summit on Sustainable Development in Johannesburg and is carried out by U.K. Department for International Development.

Financial Sector Assessment Programme (FSAP)

Assessment undertaken by joint World Bank and IMF teams to determine the vulnerability of a country's financial sector and identify opportunities for restructuring and reform.

First Generation Reforms

Conditionalities applied through IMF programmes, which focus on macroeconomic reforms to achieve macroeconomic stability, such as liberalisation of the exchange and interest rates.

Free Prior and Informed Consent/Consultation (FPIC)

Free Prior and Informed Consent is an international requirement for development projects that has been recognised as customary law by the Inter American Court of Human Rights since 1984. FPIC is most relevant to the protection of indigenous populations from unwelcome incursion and investment into their resources. Free Prior and Informed Consultation is a 2005 World Bank amendment which threatens the autonomy and human rights of indigenous peoples by removing the need for consent.

Front Loading

Disbursing the bulk of loans at the earlier part of the structural adjustment arrangements.

G-24

Group of 24 countries formed at Lima in 1972 to represent the interests of the developing countries in negotiations on international monetary matters.

G-7

Group of seven leading industrialized countries - USA, Britain, France, Italy, Japan, Germany and Canada.

G-77

Group established in June 1964 by 77 developing countries to promote the collective economic interests of its members and enhances their joint negotiating capacity on major economic issues.

G-8

G-7 and Russia, group created in Denver in 1997.

General Agreement to Borrow

Special arrangement under which several industrialised countries stand ready to provide substantial temporary loans to the IMF to allow it to lend extra resources to countries to arrest crises which risk impairing the international monetary system.

General Practices

Guidelines that operational staff of the Bank use.

Global Development Gateway (GDG)

A World Bank-initiated, Internet-based forum facilitating the provision and exchange of information regarding development.

Global Development Network (GDN)

World Bank-initiated network linking professionals and research institutes for development policy formulation.

Global Environment Facility (GEF)

This helps developing countries address global environmental challenges and meet their obligations in this area.

Grant Element

Measures the concessionality of a loan expressed as the percentage by which the present value of the expected stream of repayments falls short of the repayments that would have been generated at a given reference rate of interest (usually market rate).

Heavily-Indebted Poor Countries (HiPCs)

Forty-one low-income countries whose external debt level is deemed to be unsustainable.

Heavily-Indebted Poor Countries Initiative (HiPCI)

Arrangement for reducing multilateral, bilateral and private sector debt for the poorest, most indebted countries.

Host Government Agreement (HGA)

An HGA is a legal agreement between a foreign investor and the local government which is designed to reduce financial and political risks posed to investors by sudden changes in national law. If a country breaks an agreement by interrupting or modifying a project it must pay a penalty, which can risk deterring interventions necessary to protect rights and enforce national laws that apply elsewhere in the country.

IDA 14

The 14th replenishment of the International Development Association's (IDA's) resources promised $33 billion to the world's 81 poorest countries during fiscal years 2006-2008. This represented a 25% increase since the previous replenishment.

IDA Deputies

Individuals appointed by governments who contribute to the IDA (see below). The deputies negotiate each three-year IDA agreement to help determine the focus of the IDA and monitor its effectiveness.

IMF Letter of Intent

Letter from a government to the IMF outlining planned economic reforms to be made in relation to receiving an IMF loan. It includes a matrix of conditions that must be implemented in order to access the IMF's resources.

Independent Evaluation Office (IEO)

A newly-formed, independent office to carry out independent evaluation of IMF activities, operations and programmes.

Information Communication Technology (ICT)

The use of technology for communication and information dissemination.

Inspection Panel

This closely addresses the concerns of populations affected by the World Bank's operations and ensures they adhere to the institution's operational policies and procedures regarding the design, preparation and implementation of a project.

Inter-American Development Bank (IADB)

A financial institution responsible for the financing of social and economic development in Latin America and the Caribbean.

Interim Poverty Reduction Strategy Paper (IPRSP)

Document which outlines actions the government intends to take to develop a full a full Poverty Reduction Strategy Paper (PRSP). It also contains details of intended macroeconomic policy reforms and may also include information on the country's poverty situation.

International Bank for Reconstruction and Development (IBRD)

Otherwise known as the World Bank. The World Bank provides loans and development assistance to middle-income and lower-income countries with a stated aim of reducing poverty. Loans generally have a five-year grace period and must be repaid over a period of 15-20 years. The Bank obtains most of its funds through the sale of bonds in international capital markets and whilst not a profit maximizing organisation, has earned net income every year since 1948.

International Centre for Settlement of Investment Disputes (ICSID)

A member of The World Bank Group, ICSID is an arbitration tribunal created in 1966 to settle investment disputes between governments and private foreign investors.

International Development Association (IDA)

The IDA offers assistance to the poorest countries, providing them with interest free loans, technical assistance and policy advice. The IDA is funded by wealthier nations and accounts for around 25 percent of all World Bank lending. IDA lends only to those countries that have a per capita income of less than $885 (1999 figures) and lack the financial ability to borrow from World Bank. At present, 78 countries are eligible to borrow from IDA.

International Development Targets

A series of poverty reduction targets formulated at UN conferences which set goals for reducing absolute poverty levels, increasing primary school enrollment rates, reducing environmental degradation, etc by 2015.

International Finance Corporation (IFC)

Assists with private sector investments, primarily through mobilizing capital on international financial markets, and by providing technical assistance and advice to governments and businesses in developing countries. IFC has 174 members investing in 78 countries, with 40 percent of its investments in the financial sector.

International Financial Institutions (IFIs)

Generic name given to all financial institutions operating on an international level, ranging from development banks, such as the World Bank and Asian Development Bank (ADB), and monetary authorities, such as the IMF.

International Monetary and Finance Committee (IMFC)

This is comprised of IMF governors. It meets twice a year and is the political governing body of the IMF.

International Monetary Fund (IMF)

The IMF is an international organization of 183 member countries, established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries to help ease balance of payments adjustment.

International Parliamentarians' Petition (IPP)

Following scrutiny of IFI activities by parliaments in recipient countries, IPP is a petition of MPs calling for democratic accountability of IFIs.

International Trade Organisation (ITO)

Multilateral trade regime originally to form part of the Bretton Woods regime with the World Bank and IMF. Plans for this were shelved and it is not until 1995 with the formation of the World Trade Organisation (WTO) that this proposal was fulfilled.

Joint IMF-World Bank Implementation Committee (JIC)

Committee comprising World Bank and IMF staff. The committee is responsible for monitoring the implementation of the Heavily Indebted Poor Countries Initiative and Poverty Reduction Strategies. For the latter, it prepares an assessment for both IMF and World Bank boards on the suitability of PRSPs.

Least Developed Countries (LDCs)

Forty-eight poor and vulnerable countries, defined by the UN with an annual per capita income of less than US$ 1 per day.

Low Income Countries Under Stress (LICUS)

LICUS is a World Bank initiative for engaging in countries with "very weak policies, institutions and governance - including those emerging from conflict".

Lower Middle Income Countries (LMIC)

Countries with an annual per capita income of between US$ 766 and US$ 3035 in 1995.

Middle Income Countries (MICs)

MICs are defined by the World Bank as having: "1. Similar incomes (by definition between $3,036 and 9,385 per capita); 2. Better Policies (but not consistently so); 3. Better institutions (but not all); 4. Better access to external finance (but only 22 out of 69 were investment grade and another 20 had volatile access); 5. Alternatives to the Bank for funds and advice; a test of the Bank's value added." From WB Conference on Effectiveness of Policies and Reforms: 4/10/2004

Monthly Operational Summary

A comprehensive listing of the World Bank's entire portfolio of proposed projects.

Multilateral Agreement on Investment (MAI)

A proposed agreement on investment negotiated between OECD countries with the aim of facilitating unrestricted capital investment flows between member countries. The proposed agreement which was supposed to take effect in 1998 has now been shelved but proposals are underfoot to incorporate the agreement into the WTO (see WTO) agreement.

Multilateral Aid

Aid channelled through multilateral institutions for use in or on behalf of aid recipient countries.

Multilateral Institution

International institution with governmental membership, spanning several regions, including financial institutions such as the World Bank and IMF, UN agencies and regional groupings.

Multilateral Investment Guarantee Agency (MIGA)

MIGA aims to encourage foreign investment by providing guarantee to foreign investors against loss caused by non-commercial risks in developing countries. MIGA also provides capacity building and advisory services to help poor countries attract foreign investment.

National Strategy for Sustainable Development (NSSD)

A national action plan to achieve sustainable development goals. Each country is required to produce such a plan, after an agreement was reached at the UN Rio + 5 Conference.

New Arrangement to Borrow (NAB)

Arrangements under which 25 member countries would be ready to lend to the IMF under circumstances similar to those covered by the General Arrangements to Borrow.

Northern Countries

High-income countries. Otherwise known as Developed countries.

Odious Debt

An "odious debt" is incurred and used for ends which, to the knowledge of the creditors, are contrary to the interests of the nation. The term was coined by Alexander Nahum Sack in 1927 in the wake of the Spanish American war, and is used to describe debts incurred by contemporary despotic regimes which ought to be legally unenforceable unless as personal debts of the regime.

Operational Directive

The only Bank policy statements that are approved by the board of executive directors and are mandatory for all Bank staff.

Operational Policy (OP)

OPs are short focused statements of Bank policy derived from the Bank's Articles of Agreement, general conditions and board-approved policies.

Operations

The use or receipt of monetary assets by the IMF, other than exchanges of monetary assets (transactions).

Operations Evaluation Department (OED)

An independent evaluation unit reporting to the World Bank's executive directors, that rates the development impact and performance of all the Bank's completed lending operations. Results and recommendations are reported to the executive directors and fed back into the design and implementation of new policies and projects.

Organisation for Economic Cooperation and Development (OECD)

Group of thirty countries, mostly industrialised nations and transitional economies, membership of which is limited to countries sharing stated principles of "adherence to market economies, democracy, and respect for human rights".

Paris Club

Informal association of credit country finance ministers and Central Bankers which meets to negotiate bilateral debt rescheduling agreements with indebted country governments.

Part I Countries

Donors to the International Development Association (IDA) who pay their contributions in freely convertible currency.

Part II Countries

Donor who are entitled to pay most of their contributions to the International Development Association (IDA) in local currency.

Performance Criteria

Conditions on IMF loans which must be implemented in order to access the money.

Phasing

The practice of making the IMF's resources available to its members in installments over the period of an arrangement. The pattern of phasing can be even, front-loaded of back-loaded depending on the financing needs and the speed of adjustment.

Policy Development and Research Department

IMF department concerned with policy development and research. It ensures IMF policy is applied consistently through the country departments.

Policy Framework Paper (PFP)

Now replaced by the PRSPs. PFPs outlined the state of the economy and the programme of action to be carried out by a government, in particular, those related to its programme with the IMF.

Post Conflict Assistance

Assistance given by the World Bank to debtor nations facilitating the transaction from dependence on debt relief to sustainable economic growth. It is administered by the Bank's Post-Conflict Unit.

Poverty and Social Impact Assessment (PSIA)

PSIA includes a variety of 'tools' and techniques, drawn from both economic and social approaches, which are used in combination to analyse a reform.

Poverty Assessment

These documents include household surveys, a poverty profile and beneficiary assessments. They also include information about the participation of partners and stakeholders.

Poverty Reduction and Growth Facility (PRGF)

The IMF's concessional lending facility, which provides finance for Poverty Reduction Strategy Papers (PRSPs). Previously, this facility was called the Enhanced Structural Adjustment Facility (ESAF).

Poverty Reduction Strategy (PRS)

Nationally-formulated strategies to reduce poverty. These aim to ensure broad stakeholder participation in formulating strategies, improve coordination among development partners and focus on combined resources of the international community to achieve poverty reduction goals.

Poverty Reduction Strategy Paper (PRSP)

PRSPs describe the country's macroeconomic, structural and social policies and programmes to promote growth and reduce poverty, as well as associated external financing needs and major sources of financing. In order for a country to qualify for multilateral debt relief, it must produce a PRSP.

Poverty Reduction Support Credit (PRSC)

Bank programme loan availability to countries in support of a Poverty Reduction Strategy Paper (PRSP).

PRGF Programme

Programme supported by the Poverty Reduction and Growth Facility.

Prior Actions

A type of conditionality. These conditions must be applied before a government has access to IMF lending.

Private Enterprise Partnership (PEP)

Established in 2000, PEP is the IFC's business advisory program and implementer of technical assistance projects in the countries of the former Soviet Union and Mongolia.

Private Flows

Flows of money between countries owned by the private sector, for example, foreign direct investment.

Private Sector Development Strategy

New strategy developed by the World Bank to reduce public sector spending on essential goods and services and by promoting private sector provision of public services, such as health and education. Decision on the adoption of this strategy will be taken in December 2001.

Programme Aid

A type of structural adjustment loan used to help finance a government's budget, for example, the World Bank's Poverty Reduction Support Credit.

Programme Lending

IMF, World Bank or other donor lending to support an adjustment programme.

Project Appraisal Document

The main technical document of a project or sector loan that is extensive. It is only available to the public after a loan has been approved.

Project Information Document

Document containing information on the background of the operation, objectives of the SAP, a loan description and a programme implementation.

Project Lending

World Bank lending money to developing countries. Governments to fund projects aimed at aiding social development and alleviating poverty

Quality Assurance Group

World Bank department which ensures greater discipline in project preparation and supervision.

Quota

The capital subscription, expressed in Special Drawing Rights (SDRs), that each member must pay to the IMF on joining. Up to 25 per cent is payable in SDRs or other acceptable reverse assets and the remainder in the members own currency. Quotas, which reflect member's relative size in the world economy, are normally reviewed every 5 years.

Repurchase

Repayments on loan to IMF.

Resettlement Plan

Interest and principal payment on an IMF loan.

Safeguard Policies

These address environmental social rural and legal issues of Bank operations. They affect the quality of all Bank products and services.

Second Generation Reform

Reforms imposed via IMF programmes which focus on refining structural aspects of the economy to achieve macroeconomic stability.

Sector-Wide Approaches (SWA)

Coordinated lending to a particular sector.

Sectoral Investment Programme (SIP)

Programmes of reforms focused on restructuring a particular sector if the economy to encourage growth.

Small and Medium Enterprise (SME)

Definitions vary, but generally, enterprises employing between 50 and 250 workers, are commonly termed to be SMEs.

Social Capital

Refers to the institutions relationships attitudes and values that govern interactions among people in society and contribute to economic and social development

Social Safety Net

Public sector measures to protect the poor and vulnerable including public work schemes, unemployment benefits, food securities, etc.

Southern Countries

Encompasses what is commonly termed as 'developing' and 'less developed' countries of Africa, Asia and Latin America.

Special Drawing Rights (SDRs)

The SDR is the IMF's unit of account. IMF voting shares and loans are all denominated in SDRs. The SDR serves as the unit of account for a number of other international organizations, including the World Bank. The SDR is also used as an international reserve asset, to supplement members' existing reserve assets (official holdings of gold, foreign exchange, and reserve positions in the IMF).

Stand-By Arrangement (SBA)

Non-concessionary IMF loans for stabilisation programmes.

Strategic Partnership for Africa (SPA)

Major coordinating instrument for aid to Africa. Group of bilateral donors and multilateral lenders who provide resources to African countries.

Structural Adjustment Lending

Loans from IMF or World Bank for balance of payment assistance or budget support with attached policy or structural reform conditions.

Structural Adjustment Loans (SAL)

Large loans made by the World Bank or IMF to developing countries which may carry strict financial and budgetary obligations or required reforms intended to open recipient countries to private investment and increase the recipient's competitiveness in the global economy. Reforms are usually orientated towards liberalisation, privatisation and reduction in government expenditure.

Structural Adjustment Participatory Review Initiative (SAPRI)

Joint World Bank, government and civil society initiative to review the impact of adjustment lending in seven borrowing countries.

Supplemental Reserve Facility (SRF)

A facility to provide financial assistance for countries experiencing exceptional capital account problems resulting from a sudden and disruptive loss of market confidence.

Surveillance

IMF monitoring of member countries' macroeconomic policies and financial sectors.

Technical Cooperation

Includes both (1) Grants to nationals of aid recipient countries receiving education or training at home or abroad and (2) Payments to consultants, advisors and similar personnel in recipient countries.

Tranche

An installment of a loan: IMF loans are disbursed incrementally to ensure adherence to attached conditions.

Transnational Corporation (TNC)

Companies which operate in more than one country but retains ownership and control in its home country.

User Fees

Charges for primary education and health care at the point of use, user fees were introduced in poor countries by the World Bank and other donors in the 1980-90's to tackle severe under-funding. The financial burden of user fees restricts access to basic resources and the World Bank states that it no longer supports them but is so far unable to eliminate them despite pressure to do so.

World Bank Board

A committee of highly-ranked individuals who make final decisions regarding all relevant issues on behalf of the institution.

World Bank Institute (WB1)

Capacity development arm of the World Bank which delivers training and knowledge-sharing activities

World Commission on Dams (WCD)

The WCD was an independent, international, multi-stakeholder process which addressed the controversial issues associated with large dams, and whose report was released in 2000: "Dams and Development: A new framework for decision-making".

World Development Report (WDR)

WDR is the World Bank's major analytical publication, printed annually.

World Trade Organisation (WTO)

Multilateral trading organisation comprising of 142 countries (as of July 2001) who accede to four major treaties governing almost every area of trade. Ascension into the WTO binds all members to all treaties and all provisions within the treaties (subject to a few minor exceptions) although grace periods are granted to individual members states as to when implementation of treaty provisions take place. The four main WTO agreements are: the General Agreement on Tariffs and Trade (GATT); the General Agreement on Trade in Services (GATS); Trade-Related Intellectual Property Rights (TRIPS); and Trade-Related Investment Measures (TRIMS).

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