Ratings for the First and Second Transparency and Accountability Development Policy Loan are as follows: Outcome was moderately satisfactory, Risk to development was substantial, Bank performance was moderately satisfactory, and Borrower performance was satisfactory.
... See More + Lesson from these projects include: (i) Improved knowledge management and better use of knowledge enhance operational quality. (ii) Monitoring and evaluation require attention both at the design stage and during implementation. (iii) Greater transparency and better information management are needed to sustain dialogue as World Bank teams and counterparts change. (iv) It would be helpful to assess a cluster of mutually reinforcing World Bank operations jointly.
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Project Performance Assessment Report 144554 JAN 24, 2020
Section one of the paper provides a broad overview of the nature and objectives of the projects. Section two contains an objective view of the impact of FIRST funded projects on the growth in insurance markets as measured by insurance market penetration.
... See More + Rigorous data analysis was used to isolate exogenous factors other than the project intervention that may have led to a change in the insurance premiums as a percentage of GDP. The paper showcases in section three, the dynamic view and multipronged approaches to the insurance market development by highlighting country case studies, with different primary objectives, towards the overall goal of the insurance market development. The case studies also consider the specific insurance market interventions that can stimulate wider financial sector development objectives. Applying the drivers and stages discussion as an analytical framework, section four takes stock of numerous interventions of the FIRST projects implemented by the World Bank and extracts some key lessons learned that could be used as a guide to inform the design of future intervention, and by policy makers in pursuit of insurance market development. Finally, section five provides some overarching conclusions and takeaways.
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Working Paper 144661 JAN 01, 2020
Wrede,Peter Friedrich Wilhelm; Stewart,Fiona Elizabeth; Rawlins,Marlon Rolston; Shindo,TetsutaroDisclosed
The insurance industry in Albania is relatively new. Prior to 1991, there were no insurance companies operating in the country. The insurance industry has been undergoing critical changes during the last decade.
... See More + The life market in Albania is small, and still dominated by credit life insurance. Life insurance was introduced only in 1997 and made up about seven percent of gross written premiums. Risk based supervision was rolled out in 2016, starting with comprehensive on-site inspections in three non-life insurance companies using the risk-focused methodology. The RBS method led to a market database that helps evaluate the risk profile of each insurance company, as well as the risk level of the insurance market as a whole. The country’s good economic development in the last two decades has contributed to the insurance market’s development, but so have good policy choices informed by technical assistance projects and other interventions by the World Bank Group and the FIRST trust fund. Without aspiring to the impossible task of attributing causal relationships between these interventions and specific market developments, this report will nonetheless suggest what role these interventions may have played in developing Albania’s insurance market, so as to guide the way forward in this country and future developmental strategies of other countries.
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The 2019 World Bank doing business data shows that Sub-Saharan Africa has a lower creditor recovery rate than any other region in the world. Clearly, there are many different issues related to financial distress in the region, and the insolvency solutions are complex.
... See More + Since the introduction of the Africa Round Table initiative in 2010, the focus has been on introducing delegates across the continent to the various insolvency and restructuring tools that are available in an insolvency scenario, with the emphasis on encouraging and supporting insolvency reform. At the last Africa Round Table (ART) event in Maputo, Mozambique in 2018, the focus was on cross-border insolvency. The main objective of the Africa Round Table initiative, however, remains on developing professional ties with the goal of improving insolvency and restructuring regimes across the African continent. This report focuses on the two days ART program in Africa to enable a greater forum for all stakeholders to engage in discussion and to learn from international best practice.
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Albania's remarkable economic transformation has been affected by the global financial crisis. The country's main challenges include maintaining macro-fiscal and financial sector sustainability, improving the investment climate and unleashing private sector growth, removing barriers to employment for job creation, and improving governance and public service delivery.
... See More + Improving the business climate and addressing gaps in infrastructure and labor force skills are necessary to reap the early benefits of European Union (EU) accession and make Albania attractive for foreign direct investments. This report on the observance of standards and codes in accounting and auditing (ROSCA and A) seeks to assist with the further development of the financial reporting institutional framework in Albania. The report summarizes key findings, identifies gaps, and makes recommendations for consideration by the authorities to improve alignment with international standards and good practice.
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Albania's remarkable economic transformation has been affected by the global financial crisis. The country's main challenges include maintaining macro-fiscal and financial sector sustainability, improving the investment climate and unleashing private sector growth, removing barriers to employment for job creation, and improving governance and public service delivery.
... See More + Improving the business climate and addressing gaps in infrastructure and labor force skills are necessary to reap the early benefits of European Union (EU) accession and make Albania attractive for foreign direct investments. This report on the observance of standards and codes in accounting and auditing (ROSCA and A) seeks to assist with the further development of the financial reporting institutional framework in Albania. The report summarizes key findings, identifies gaps, and makes recommendations for consideration by the authorities to improve alignment with international standards and good practice.
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The purpose of this book is to provide a coherent overview of the insolvency systems found around the world. Its intended audience includes academics, judges, lawyers, and policymakers.
... See More + Its focus is on businesses rather than natural persons. The authors hope to give the reader a sense of some of the principal approaches to managing the general default of a business debtor. The authors will discuss the nature of the costs and benefits arising from the various policy choices legislators have made. In the process, they will emphasize the close interrelationship among various elements of an insolvency regime so that these elements can be viewed as part of an overall system and not just as a series of policy decisions about particular rules, such as the method of initiation of an insolvency case or the balance struck in setting the boundaries of an avoidance power. The organization of the book reflects our view of insolvency laws as complete systems, including not only the 'insolvency' or 'bankruptcy' code of a jurisdiction but also closely related laws and the institutional framework in which those laws are applied. The book takes a systematic approach to a variety of topics related to credit and insolvency regulation. The functional analysis starts with the study of debt enforcement, continues with an examination of general corporate insolvency legislation, corporate rehabilitation proceedings, informal workouts, employee rights, judicial and administrative institutions, and the considerations key to cross-border insolvency proceedings.
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Publication 68423 MAR 04, 2019
Westbrook, Jay Lawrence; Booth,Charles D.; Paulus, G. Christoph; Rajak,Harry H.Disclosed
