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Some Commonly Used Terms

blue_arrow  Civil Society 
blue_arrow  Conditionality 
blue_arrow  Country Policy and Institutional Assessment (CPIA) 
blue_arrow  Concessional Lending 
blue_arrow  Debt Sustainability 
blue_arrow  Exogenous Shock 
blue_arrow  Gross National Income (GNI) 
blue_arrow  International Development Association (IDA) 
blue_arrow  Net Present Value (NPV) of Debt
blue_arrow  Nominal terms of debt
blue_arrow  Official Development Assistance (ODA)
blue_arrow  Poverty Reduction and Growth Facility (PRGF)
blue_arrow  Poverty Reduction Strategy Paper (PRSP)
  

 

Civil Society: The web of associations, social norms and practices that comprise activities of a society as separate from its state and market institutions. Civil society includes religious organizations, foundations, guilds, professional associations, labor unions, academic institutions, media, pressure groups and political parties.

 

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Conditionality: Conditionality in adjustment lending is important to ensure funds are channeled to countries with strong policy performance. Conditionality also can improve the transparency of donor decisions, and enhance government credibility.

 

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Country Policy and Institutional Assessment (CPIA):The CPIA index groups 20 indicators into 4 broad categories: economic management, structural policies, policies for social inclusion and equity, and public sector management, and institutions. Countries are rated on their current status in each of these performance criteria, with scores from 1 (lowest) to 6 (highest). This index is updated annually.

 

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Concessional Lending: Loans that are given by through the International Development Association(IDA). IDA provides long-term loans at zero interest to the poorest of the developing countries.

 

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Debt Sustainability: It is the ability to manage debts so they do not grow and impede economic stability and growth. It has been identified as a perquisite for countries trying to attain the Millennium Development Goals (MDGs).

 

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Exogenous Shock: It is an unexpected event beyond the control of the country’s officials that has a large negative impact on its economy.

 

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Gross National Income (GNI):The value (in U.S. dollars) of a country's final output of goods and services in a year. The value of GNP can be calculated by adding up the amount of money spent on a country's final output of goods and services, or by totaling the income of all citizens of a country including the income from factors of production used abroad. Prior to 2001, the World Bank refers to the GNI as the GNP as the GNI, gross national income.

 

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International Development Association (IDA): Established in 1960, is the part of the World Bank Group that provides long-term interest free loans (credits) and grants to the poorest of the developing countries. It does this to support economic growth, reduce poverty and improve living conditions. Discussions for the fourteenth IDA replenishment (IDA 14) are currently taking place.

 

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Net Present Value(NPV) of Debt: It is the discounted sum of all future debt-service obligations(interest and principal).   This measure takes into account the degree of concessionality of a country’s debt stock. Whenever the interest rate on a loan is lower than the market rate, the resulting NPV of debt is smaller than its face value, with the difference reflecting the grant element.

 

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Nominal terms of debt: It is the actual dollar value of debt service forgiven over a period of time.

 

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Official Development Assistance(ODA): Loans, grants, and technical assistance that governments provide to developing countries.

 

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Poverty Reduction and Growth Facility(PRGF): It is the IMF’s low-interest lending facility for low-income countries. The PRGF was established to make the objectives of poverty reduction and growth more central to lending operations in its poorest member countries.

 

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  Poverty Reduction Strategy Paper (PRSP): This document describes a country's macroeconomic, structural and social policies and programs to promote growth and reduce poverty, as well as associated external financing needs. PRSPs are prepared by governments through a participatory process involving civil society and development partners, including the World Bank and the International Monetary Fund (IMF).

 

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Stakeholders: Stakeholders are persons or groups who are affected by or can affect the outcome of a project. These can include affected communities, local organizations, NGOs, government authorities, labor unions, academics, religious groups, national social and environmental public sector agencies and the media.

 

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