Group of 24 countries formed at Lima in 1972 to represent the interests of the developing countries in negotiations on international monetary matters.
Background
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.
Background
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.
Background
Monthly Operational Summary
A comprehensive listing of the World Bank's entire portfolio of proposed projects.
Background
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.
Background
Financial Sector Assessment Programme
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.
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Direct Investment
An investment made to acquire or increase the productive capacity of a country, eg in machinery, factory or business.
Background
Compensatory and Contingency Financing Facility
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.
Background
How does the World Bank operate?
The World Bank is the largest public development institution in the world, lending around US$ 25 billion a year to developing countries. The main purposes of the Bank, as outlined in Article One of its Articles of Agreement, are: "to assist in the reconstruction and development of territories of members by facilitating the investment of capital for productive purposes" and "to promote the long-range balanced growth of international trade and the maintenance of equilibrium in balances of payments by encouraging international investment ... thereby assisting in raising the productivity, the standard of living and conditions of labour in their territories".
