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.
Background
Background
Comprehensive Development Framework
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.
Background
Structural Adjustment Participatory Review Initiative
Joint World Bank, government and civil society initiative to review the impact of adjustment lending in seven borrowing countries.
Background
Quality Assurance Group
World Bank department which ensures greater discipline in project preparation and supervision.
Background
Policy Development and Research Department
IMF department concerned with policy development and research. It ensures IMF policy is applied consistently through the country departments.
Background
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.
Background
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.
Background
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.
Background
Disbursement
The release of loan funds by the World Bank or IMF to a borrower government.
Background
Contingency Credit Line
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.
Background
Structural Adjustment Lending
Loans from IMF or World Bank for balance of payment assistance or budget support with attached policy or structural reform conditions.
Background
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.
