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Topic:Finance & Markets
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Sierra Leone: Integrated Public Finance Management Reform Project (PPAR)

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This report reviews the Integrated Public Financial Management Reform Project in Sierra Leone, which was approved on June 4, 2009, and became effective on December 15, 2009. It closed on July 31, 2014. The project cost of $23.44 million was financed by a $4 million grant from the International Development Association (IDA) and $17.44 million in grants from the U.K. Department for International Show MoreThis report reviews the Integrated Public Financial Management Reform Project in Sierra Leone, which was approved on June 4, 2009, and became effective on December 15, 2009. It closed on July 31, 2014. The project cost of $23.44 million was financed by a $4 million grant from the International Development Association (IDA) and $17.44 million in grants from the U.K. Department for International Development (DFID) and the European Union (EU), which were channeled through a multi-donor trust fund administered by IDA. The Government of Sierra Leone made a counterpart contribution of $2 million. The project’s objective was to sustainably improve the credibility, control, and transparency of fiscal and budget management. Five components made up the project: (i) strengthening macrofiscal coordination and budget management, (ii) reinforcing the control system for improved service delivery, (iii) strengthening central finance functions, (iv) assisting oversight by nonstate actors (NSAs), and (v) project management. Ratings for the Integrated Public Finance Management Reform Project are as follows: Outcome is unsatisfactory. Risk to development outcome, high, World Bank performance is moderately unsatisfactory, and Borrower performance, moderately unsatisfactory. The major lessons from this project include: (i) In the absence of a conducive PFM policy environment, there are clear limits to what can be achieved through investment project financing alone. (ii) Effective support for improving the demand for good governance can benefit from broadening support beyond civil society organizations to include academia, the media, and the private sector. (iii) In the context of low Internet density, effective public dissemination of state documents calls for combining online publication with alternative means of diffusion. (iv) Effective and sustainable World Bank leadership of multi-donor support to PFM reforms requires a continuous effort by staff to consult with external partners. (v) Effective World Bank support for designing and installing information technology systems requires tailoring solutions to address borrower capacity limitations.

Creating Markets: Learning from World Bank Group Joint Projects

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Creating Markets Learning from Joint Projects
What does the experience from two decades of projects co-financed by two or more World Bank Group institutions tell us about what works for market creation?What does the experience from two decades of projects co-financed by two or more World Bank Group institutions tell us about what works for market creation?

Creating Markets for Sustainable Growth and Development: An Evaluation of World Bank Group Support to Client Countries FY 07-17 (Approach Paper)

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The international development community is increasingly turning to the private sector in its pursuit of the Sustainable Development Goals (SDGs). Involving the private sector as a financier, operator or service provider in SDG relevant areas requires creating markets, i.e., putting in place an enabling business environment, overcoming a range of markets constraints, and/or enhancing competition Show MoreThe international development community is increasingly turning to the private sector in its pursuit of the Sustainable Development Goals (SDGs). Involving the private sector as a financier, operator or service provider in SDG relevant areas requires creating markets, i.e., putting in place an enabling business environment, overcoming a range of markets constraints, and/or enhancing competition through regulatory reform, pioneering investments or innovation. All these creating markets components imply certain roles for the private sector, the government and regulatory authorities. Since the 2002 World Bank Group (WBG) Private Sector Development Strategy creating markets has been a well-established part of the WBG-wide development agenda. The objective of this evaluation is to distill lessons from the Bank Group’s experience in creating markets to leverage the private sector for sustainable development and growth. Such lessons are intended to inform future program development and the upcoming implementation of the Creating market / Cascade approach. In this regard, the evaluation will obtain evidence-based findings, develop broadly-applicable lessons across the Bank Group, and propose appropriate recommendations.

The International Finance Corporation’s Approach to Engaging Clients for Increased Development Impact

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IFC Client Engagement
Client engagement is essential for the IFC to support the private sector, maximize finance for development, and contribute to achieving the World Bank Group's twin goals. This IEG evaluation assesses how the IFC has implemented its strategic approach to client engagement since the early 2000s, and its effects on IFC's clients and the development impact of its operations.Client engagement is essential for the IFC to support the private sector, maximize finance for development, and contribute to achieving the World Bank Group's twin goals. This IEG evaluation assesses how the IFC has implemented its strategic approach to client engagement since the early 2000s, and its effects on IFC's clients and the development impact of its operations.

Creating Markets - Lessons from Experience in Developing Countries

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Creating Markets
What lessons from evaluation are relevant to the success of the World Bank's renewed focus on creating markets?What lessons from evaluation are relevant to the success of the World Bank's renewed focus on creating markets?

Two to Tango: An Evaluation of World Bank Group Support for Fostering Regional Integration (Approach Paper)

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Three overlapping forces shape economic and political systems in the contemporary world order: globalization, regionalism and nationalism. The first wave of regionalism in the 1960-1980 was primarily driven by the trade and tariff agenda, followed by the second wave in the 1980-2000 when regionalism was seen as a useful supplement to multilateralism. Today, in the context of emerging market and Show MoreThree overlapping forces shape economic and political systems in the contemporary world order: globalization, regionalism and nationalism. The first wave of regionalism in the 1960-1980 was primarily driven by the trade and tariff agenda, followed by the second wave in the 1980-2000 when regionalism was seen as a useful supplement to multilateralism. Today, in the context of emerging market and developing economies, the new dimensions of regionalism include interactions beyond trade, and can potentially encompasses hard infrastructure, institutional alignments, labor and capital flows. This evaluation focuses on regional integration (RI), which the World Bank Group (WBG) defines as economic interactions across at least two sovereign jurisdictions that are geographically close and resulting in integration of factors and goods, and coordination of policy. According to the 2013 World Bank Group Strategy, transformational engagements are about regional integration, involving both game-changing investments and actions to address policy constraints that require a coordinated response by several countries. Most transformational engagements entail partnerships in which the WBG may play a leading or supporting role. This evaluation is classified under the IEG Strategic Engagement Area (SEA), Inclusive and Sustainable Economic Growth.

Growth for the Bottom 40 Percent: The World Bank Group’s Support for Shared Prosperity

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Growth for the Bottom 40 Percent
This evaluation assesses the World Bank Group's record on implementation of the shared prosperity goal since 2013, using the official definition of the goal of fostering income growth of the bottom 40 percent. It also analyzes institutional requirements for effective implementation of the goal, and evaluates the extent to which the Bank Group was already incorporating distributional issues in its Show MoreThis evaluation assesses the World Bank Group's record on implementation of the shared prosperity goal since 2013, using the official definition of the goal of fostering income growth of the bottom 40 percent. It also analyzes institutional requirements for effective implementation of the goal, and evaluates the extent to which the Bank Group was already incorporating distributional issues in its various activities during the period 2005-13, before the adoption of the goal.

Growing the Rural Non-Farm Economy to Alleviate Poverty

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Growing the Rural Non-Farm Economy to Alleviate Poverty
This evaluation assesses the World Bank Group's contribution to the creation of sustainable income generation for the poor within the rural non-farm economy and the extent to which this has led to reduced poverty.This evaluation assesses the World Bank Group's contribution to the creation of sustainable income generation for the poor within the rural non-farm economy and the extent to which this has led to reduced poverty.

How Should Governments and Development Institutions Engage the Private Sector?

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Tony Elumelu
Entrepreneur and philanthropist Tony Elumelu shares his thoughts on how the private sector can support the sustainable development goals, and what multilateral institutions can do to help. Entrepreneur and philanthropist Tony Elumelu shares his thoughts on how the private sector can support the sustainable development goals, and what multilateral institutions can do to help.

Harnessing the Power of the Private Sector In Support of Sustainable Development

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This Annual Meetings event will explore emerging opportunities and trends for tapping private capital to advance the 2030 agenda.This Annual Meetings event will explore emerging opportunities and trends for tapping private capital to advance the 2030 agenda.