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Findings from evaluations of policy-based guarantees : learning product (English)

This paper is a survey of practices and results that have been observed in the implementation of PBGs, drawing largely upon four in-depth Project Performance Assessment Reports undertaken by IEG, in Serbia, Macedonia, and Montenegro. It also draws upon IEG’s evaluations of Ghana’s Poverty Reduction Support Credits, which provide background material on the 2015 Ghana PBG. A recent World Bank review of the Albania PBG was also taken into consideration. The report draws on IEG’s technical analyses, coordinated with relevant units of the World Bank and, finally, interviews with a cross-section of World Bank staff. It therefore represents an initial step in building greater awareness of a relatively new and important tool in development finance.

Details

  • Document Date

    2016/10/21

  • Document Type

    IEG Evaluation

  • Report Number

    109334

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    World,

  • Region

    The World Region,

  • Disclosure Date

    2016/10/21

  • Disclosure Status

    Disclosed

  • Doc Name

    Findings from evaluations of policy-based guarantees : learning product

  • Keywords

    Private and Financial Sector;private finance;access to international financial market;macro framework;access to international market;credit term;Efficiency of Public Expenditures;Development Policy Financing;macroeconomic framework;global financial crisis;risk of debt;financial benefit;macroeconomic and fiscal;Public Financial Management;record performance;instrument of development;partial credit guarantee;balance of payment;improved market access;debt sustainability analysis;Country Partnership Strategy;access to finance;Development Policy Operation;market condition;financing need;global financial market;partial risk guarantee;general budget support;private capital flow;extent of loss;Social Safety Nets;gross domestic product;Development Policy Loan;Development Policy Lending;debt service payment;terms of credit;risk management requirements;commercial bank credit;maturity of loan;exposure limit;debt instrument;competitive bidding;eligibility criterion;sovereign risk;fiscal framework;macroeconomic risk;commercial loan;financial distress;bond issuance;macro risk;governance framework;important policy;operational framework;private lender;pricing efficiency;marginal borrower;commercial financing;external financing;financing option;financial stress;short period;sovereign borrower;partnership framework;Macroeconomic Stability;Fiscal Sustainability;fiscal choice;large loans;financing instrument;social assistance;implicit interest;weighted average;social inclusion;borrowing rate;guaranteed debt;business environment;commercial lender;financing terms;political support;standard for method;program documents;euro zone;sovereign default;Emerging economies;secure financing;government priority;methodological approach;private creditor;borrower's commitment;public finance;independent party;banking system;macroeconomic monitoring;commercial finance;fiscal risk;acceptable treatment;financial center;private institution;nonperforming loan;project financing;fiscal deficit;guarantee support;domestic debt;capital expenditure;macroeconomic context;diversification program;default risk;Policy-Based Guarantee;noncommercial purposes;subsidiary right;adjustment lending;Fiscal policies;international borrowing;fiscal projection;commercial debt;general elections;buy back;fiscal discipline;fiscal policy;macroeconomic instability;mitigation measure;financing requirement;Borrowing Countries;operational guidance;budgetary purposes;international lender;Labor Market;investor confidence;fiscal control;implied rate;information asymmetry;financial loss;fiscal need;borrowing strategy;borrowing cost;Macroeconomic Policy;financial turmoil;securities issue;loan portfolio;policy priority;regulatory requirement;market downturn;credit enhancement;Macroeconomic Management;macroeconomic issue;coherent strategy;corrective measure;eligibility conditions;operational staff;performance assessment;budget deficit;heavy reliance;sovereign borrowing;local market;bond issue;fiscal gap;international loan;open access;health systems;emerging economy;financial leverage;debt issuance;deficit financing;credit constraint;Fiscal Reform;

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Citation

Findings from evaluations of policy-based guarantees : learning product (English). IEG learning product Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/667321477064923360/Findings-from-evaluations-of-policy-based-guarantees-learning-product