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Jordan - Energy Sector Adjustment Loan, First, Second, and Third Economic Reform and Development Loan Projects (Inglês)

The audit rates the performance of the Energy Sector Adjustment Loan (ESAL), and of the First, Second and Third Economic Reform and Development Loan Projects (ERDL I-III), as follows: ESAL was assessed as moderately satisfactory, with unlikely sustainability, and modest institutional development impacts; similarly, the outcomes of the ERDL I-III were moderately satisfactory, but with sustainable likelihood, and substantial institutional development. The performance of both the Bank, and the Borrower show satisfactory results. Lessons from the four projects are summarized as follows. The political vulnerability in borrower countries, as well as the policy reforms themselves, may hamper rapid economic growth, because linking policy changes in a short Country Assistance Strategy period, may potentially rise expectations which later on, may not be fulfilled. Thus, important aspects of the ESAL project were not implemented, i.e., adjusting energy prices to economic levels did not fully succeed, neither did the establishment of a regulatory commission, nor completion of the sector's institutional restructuring. Nonetheless, sequencing reforms proved beneficial, in that it emphasized rising sectors, such as exports, to prod the incentive changes, easing the rising unemployment discontent, in the face of declining non-competitive sectors. This should also enhance private sector confidence for internationally competitive investments. The efficiency of the resident mission, and substantial technical assistance were crucial to the implementation of complex reforms, and new institutions, and laws.


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    Relatório sobre Avaliação do Desempenho do Projeto

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    Oriente Médio e Norte da África,

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    Jordan - Energy Sector Adjustment Loan, First, Second, and Third Economic Reform and Development Loan Projects

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    private investment in power;institutional development impact;trade and investment policy;International Trade and Investment;price of natural gas;independent regulatory commission;Privatization;financial sector reform;Incremental Capital-Output Ratio;real per capita income;price of fuel oil;foreign investment advisory service;domestic tax on import;islamic development bank;prudential regulation and supervision;efficiency of resource use;Project Preparation and Appraisal;economic and sector work;real effective exchange rate;Debt Service Coverage Ratio;marginal cost of production;private investment in infrastructure;Oil and Gas Sector;incentive regime;Energy Sector;borrower performance;bank's country assistance;contractual saving institution;balance of payment;consumer price index;pace of privatization;environmental protection department;rate of growth;growth and development;export led growth;tariff structure;energy price;energy sector operation;institutional reform agenda;quality at entry;investment policy reform;corporate tax rate;bank supervision missions;Private Sector Growth;cooperation and assistance;independent power producer;power sector restructuring;import tariff structure;removal of subsidy;investment promotion agency;energy conservation measure;fuel oil price;Electricity Tariff Structure;price of gas;power generation company;per capita term;separation of assets;international oil price;constraints to growth;Energy &Environment;financial sector development;executive privatization commission;direct foreign investment;foreign exchange rate;gdp growth rate;Public Enterprise Reform;venture capital investment;long-term economic growth;slow population growth;Capital Adequacy Ratio;long term development;combination of factor;readiness for implementation;service and infrastructure;incentives for investment;development impact rating;Business Enabling Environment;free trade agreement;amount of fund;financial viability;fiscal balance;law;political consensus;consumption level;budget deficit;security market;jordanian dinar;fiscal deficit;loan covenant;tariff exemption;customs administration;government ownership;investment level;project approval;distribution company;borrower's performance;private management;private company;check clearing;import license;Trade Policies;Trade Policy;government subsidy;government holding;international standard;government support;power company;investment regulation;price control;energy pricing;legal authority;long-term saving;borrower country;supply-side constraints;Natural Resources;long-term growth;institutional change;financial system;stabilization program;macroeconomic indicator;competitive sector;domestic saving;tariff reform;reform measure;tax treatment;banking system;institutional framework;subsequent years;positive outcome;water issue;tranche release;external deficit;government's commitment;bank staff;social consequence;financial aspect;macroeconomic stabilization;construction sector;production operation;research show;implementing policy;foreign investor;political commitment;legal environment;investment regime;banking reform;important component;private ownership;privatization process;energy operation;developmental impact;legal separation;put pressure;job loss;supply contract;project identification;privatization program;political ramification;policy program;constructive dialogue;energy company;Regional Security;lending rate;external obligation;debt rescheduling;capital outflow;competitive investment;investment response;merchandise export;debt relief;concessional aid;currency devaluation;investment efficiency;reform strategy;Macroeconomic Stability;liberalizing trade;inflation rate;legal change;small country;buy electricity;policy formulation;international market;reform design;preferential treatment;production asset;commercial basis;incorporated company;mining investment;organization change;demand management;industrial sector;competitive regime;valuation procedure;green channel;duty drawback



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