Suchergebnisse

The major challenges confronting municipalities in South Africa are poor governance, lack of effective performance, backlogs in service delivery, over- and in most cases under-spending on capital infrastructure, and poor audit outcomes. It is therefore very important for municipalities to deliver on the constitutional mandate as enshrined in the South African Constitution in terms of Section 153. Municipalities need to structure and manage the organisation's budgeting, administration and planning processes effectively in terms of their strategic five-year Integrated Development Plan (IDP). The research problem of this study encompasses the assessment of the capital budget planning processes and expenditure patterns in relation to capital infrastructure to determine whether the planning processes followed are in alignment with the IDP and the relevant legislation. The core objective of the research was to investigate the extent to which the Overstrand Municipality funded their capital budget with external borrowing in terms of the budget planning process in relation to capital infrastructure spending over a three year period in compliance with the relevant legislation.

The country operations business plan (COBP), 2019–2021, for Turkmenistan is, by and large, aligned with the country partnership strategy, 2017–2021, of the Asian Development Bank (ADB), which provides for the three major avenues of support: (i) hydrocarbon market diversification and energy trade promotion, (ii) diversification of the non-hydrocarbon sectors through transport infrastructure investment to improve market connectivity and private sector development, and (iii) knowledge work on economic diversification and reforms, as derived from the government development objectives. This COBP embraces key priorities and outcomes stemming from ADB's Strategy 2030.

The country partnership strategy (CPS) of the Asian Development Bank (ADB) for Myanmar, 2017–2021, approved in March 2017, supports the government in achieving sustainable and inclusive economic development and creating jobs to reduce poverty. ADB support focuses on (i) improving access and connectivity to link Myanmar to regional and global markets; (ii) building human resources and capacity to enhance competitiveness; and (iii) promoting structural and policy reforms to transform and modernize the economy, and strengthen public and private institutions. These are in line with the government's strategic directions in the Myanmar Sustainable Development Plan (2018–2030) and ADB's Strategy 2030.

The country operations business plan (COBP), 2019–2021 for Uzbekistan builds on the current country partnership strategy (CPS) for Uzbekistan and is consistent with the recent government initiatives and the forthcoming CPS for Uzbekistan for 2019–2023 under preparation. In line with the national development strategy, the government has prioritized the development of rural infrastructure to (i) address social challenges of the rural population,3 and (ii) create an enabling environment—a reliable supply of utilities and adequate transport infrastructure—for the private sector and foreign direct investment as key drivers of employment generation. In addition, the CPS and COBP consultations discussed the government's requests for Asian Development Bank (ADB) operations in social sectors. This COBP fully supports Uzbekistan's development priorities. To this end, this COBP includes operational support for agriculture, transport, energy, municipal services, health, education, social protection, and access to finance. Support for the key drivers of change—including private sector development, regional cooperation, governance, and others—is integrated into the operational assistance.

AbstractThis paper studies the making of risky choices following loss aversion with endogenous reference expectations under the two schemes of state-independent and state-dependent stochastic reference points. Using a tractable, intertemporal choice model, this paper derives analytic solutions to show that, when loss aversion is high, the reference-dependent decision maker saves a markedly larger amount than is predicted by the standard model. When the loss aversion is low (i.e. the individual is loss-tolerant), the overall result is ambiguous, although the decision maker may deviate into consuming more; if he faces a small level of uncertainty relative to the intensity of his loss aversion, he may even do this by borrowing. Given the same loss aversion level, this study determines that, in the presence of positive state-dependence, the state-independent model generates greater deviation than the state-dependent one. Finally, this paper derives a two-period general equilibrium result with two agents who have different attitudes toward loss.

The Asian Development Bank (ADB) country operations business plan (COBP), 2021–2023 for Afghanistan is aligned with its country partnership strategy (CPS), 2017–2021, which serves as ADB's strategic framework for its engagement in Afghanistan. The CPS aims to establish a stronger foundation for more inclusive and sustainable growth in Afghanistan and to prevent poverty from worsening. The priorities under ADB's CPS remain valid for this COBP. The projects in the COBP support the CPS strategic pillars: (i) expanded access to economic opportunities, markets, and services for women and men; (ii) stronger institutions and human capacities; and (iii) increased environmental sustainability, climate change resilience, and disaster resilience. The projects will support the operational priorities under ADB's Strategy 2030 and will follow the fragile and conflict-affected situations approach. The COBP also supports the government's response to the coronavirus disease (COVID-19) pandemic and includes projects that assist the government's efforts to respond to the outbreak, as well as support post-COVID-19 recovery. ADB has started preparing the CPS for 2021–2025, which will be finalized by mid-2021. The new CPS will align with the Afghanistan National Peace and Development Framework II (ANPDF II), 2021–2025 and will reflect key strategic priorities identified by the government. ADB continues its key strategic focus on infrastructure development and its operations will continue to concentrate on the three priority sectors: (i) transport; (ii) energy; and (iii) agriculture, natural resources, and rural development. The country program adopts a "One ADB" approach, bringing together knowledge and expertise across the organization to offer integrated solutions. The Private Sector Operations Department (PSOD) and Office of Public-Private Partnership (OPPP) will be engaged in the design and preparation of projects including Turkmenistan–Afghanistan–Pakistan–India Gas Pipeline Project and Renewable Energy Development (Solar and Wind) Project and expansion of the Dahla Dam. Project and advisory services in the three sectors will be identified with OPPP. The COBP also aligns with Afghanistan's National Infrastructure Plan, which intends to enhance infrastructure project implementation and improve portfolio monitoring in priority sectors.3 Ensuring sustainability of outputs and outcomes of the ADB-financed operations is a key priority. ADB will continue to prioritize innovative approaches to improve sustainability and reduce the overall project life cycle costs to Afghanistan.

If we had some eggs we could have ham and eggs for breakfast, if we had some ham. Or, the fallacy of the unwarranted assumption:In a report setting out the case for a vast expansion of GB Energy in the early years of a Labour government, Common Wealth said state-led investment in clean energy would be substantially cheaper than the private sector equivalent – helping to save households money on their bills.It said renewable investment financed out of Labour's initial £8.3bn capitalisation would save between £125m and £208m a year on debt interest costs each year – saving up to £1bn in total compared with private-sector borrowing, which is typically more expensive.Business Green, the media outlet of choice for the subsidy suckers, agrees. Obviously.It is true that the interest rate on public debt is lower than that on private. For the obvious reason that if the project is mismanaged, or goes over budget, or goes kablooie, or just generally doesn't work out well then the taxpayers are on the hook for repayment, not the cashflows of the project that has been mismanaged, gone over budget, banged kablooie or just generally doesn't work out well.We've a transfer of risk that is - for nothing is actually free in financial markets. OK. But what's the assumption there that leads to the claimed lower bills? That the public management of the project will lead to the same risk, compared to private sector management, of the project being mismanaged, going over budget, exploding kablooie or just generally not working out. This from the people who have given us the Scottish ferries - where they managed to bankrupt their own shipyard building the things - and HS2 and Sizewell and, well, you get the picture*. We might even think that similarity of outcome, of risk, might be an unwarranted assumption.Building things with public money would be cheaper if building things with public money were cheaper. Well, yes, but Dr. Seuss was right you know.*We particularly relish the national planning system for housing land which produces a shortage of land for housing despite 98% of the country not being used as land for housing.

The country operations business plan (COBP), 2021–2023 of the Asian Development Bank (ADB) for Uzbekistan is consistent with the recent initiatives of the government; ADB's country partnership strategy (CPS), 2019–2023 for Uzbekistan; and ADB's Strategy 2030 operational priorities. The key objective of ADB's CPS is to support the country's move toward a vibrant and inclusive market economy, including the transformation of the state's role. ADB will assist in this transition by providing policy advice, investments, and capacity development in three strategic areas: (i) supporting private sector development, (ii) reducing economic and social disparities, and (iii) promoting regional cooperation and integration (RCI). To this end, this COBP includes operational support for energy, transport, finance, agriculture, water supply and other urban infrastructure, health, and education. To support the government in combating the coronavirus disease (COVID-19) pandemic, the COBP incorporates projects, accounting for 13% of the financial envelope, in education, health, finance, and urban and water. They improve distance learning in public education, widen access to clean water and sanitation, strengthen the health care system's resilience to the pandemic and emergencies, and accelerate post-COVID recovery of small and family businesses. In identifying new projects for the COBP, ADB considered the government's policy to expand private sector engagement in investment projects, sector reforms and absorptive capacity of investments, and an expected cap on external borrowing. ADB also sequenced the projects in the pipeline based on their readiness for implementation, especially in terms of procurement and consultant recruitment.

The Asian Development Bank (ADB) country operations business plan (COBP), 2021–2023 is consistent with the country partnership strategy (CPS), 2019–2023 for Azerbaijan. It will support the implementation of the CPS strategic pillars in three major directions: (i) raising public sector efficiency, (ii) boosting private sector development by improving financial intermediation, and (iii) diversifying non-hydrocarbon sectors by investing in transport and irrigation infrastructure and strengthening human capital to support the needs of a diversified economy. The COBP also aligns with the following ADB Strategy 2030 operational priorities: (i) addressing remaining poverty and reducing inequalities, (ii) strengthening governance and institutional capacity, (iii) promoting rural development and food security, (iv) accelerating in gender equality, (v) tackling climate change and enhancing environmental sustainability, and (vi) fostering regional cooperation and integration. The operational priority on promoting rural development and food security is new to this COBP and was included following the Government of Azerbaijan's request for ADB support to improve water resources and irrigation systems management. The CPS is closely aligned with the Strategic Roadmap on National Economy approved in December 2016, which aims to strengthen efforts to diversify the economy and promote sustainable, non-oil economic growth. 2. The government promptly mobilized and reallocated necessary resources to implement measures to mitigate the impact of the coronavirus disease (COVID-19) pandemic. Since March 2020, the revenues of this hydrocarbon-rich country have dropped significantly, because of the decline in global demand and prices for oil products. The government strongly committed to fully finance all programs related to health care and social protection, and to support private entrepreneurs affected by the lockdown. The government has also refocused its external borrowing policy on preparing and implementing projects that provide innovative and high-technology solutions. This COBP includes operations in new areas of partnership, especially agriculture and education, reflecting the government's policy priorities.

The Asian Development Bank (ADB) country operations business plan, 2020–2022 is consistent with the country partnership strategy (CPS), 2019–2023 for Azerbaijan. The CPS aims to support diversified and inclusive growth in Azerbaijan by implementing three strategic pillars: (i) boosting private sector development, (ii) raising public sector efficiency, and (iii) improving infrastructure and strengthening human capital. The CPS is in line with ADB's Strategy 2030: (i) pillar 1 focuses on the operational priority on addressing remaining poverty and reducing inequalities; (ii) pillar 2 focuses on the operational priority on strengthening governance and institutional capacity; and (iii) pillar 3 focuses on the operational priorities on making cities more livable, fostering regional cooperation and integration, and addressing remaining poverty and reducing inequalities. The CPS is closely aligned with the Strategic Road Map on the National Economy Perspective approved in December 2016, which aims to strengthen efforts to diversify the national economy and promote sustainable, non-oil economic growth. The CPS considers the strategies and priorities of other development partners in Azerbaijan. The CPS is demand driven and selective. It also envisages a flexible and adaptive approach to changing circumstances, drawing from the wide range of ADB's instruments and modalities. As both the public and private sectors are still consolidating after the economic downturn of 2015–2017 that followed the 2014 oil price shock, ADB's engagement in the initial years of the CPS will focus on supporting the government through policy-based operations, analytical and advisory assistance (including for project preparation), and technical assistance to strengthen the capacity of pertinent government institutions and the private sector. This will lay a platform for selective project lending in the later years of the CPS, if the tight public borrowing stance eases and the private sector's profile improves.

As shopping has been transformed from a chore into a major source of hedonistic pleasure, a specifically Russian consumer culture has begun to emerge that is unlike any other. This book examines the many different facets of consumption in today's Russia, including retailing, advertising and social networking. Throughout, emphasis is placed on the inherently visual - not to say spectacular - nature both of consumption generally, and of Russian consumer culture in particular. Particular attention is paid to the ways in which brands, both Russian and foreign, construct categories of identity in order to claim legitimacy for themselves. What emerges is a fascinating picture of how consumer culture is being reinvented in Russia today, in a society which has one, nostalgic eye turned towards the past, and the other, utopian eye, set firmly on the future. Borrowing concepts from both marketing and cultural studies, the approach throughout is interdisciplinary, and will be of considerable interest, to researchers, students and practitioners wishing to gain invaluable insights into one of the most lucrative, and exciting, of today's emerging markets.

Drawing on the results of recent state-level debt management performance assessments (SN DeMPAs) in seven Nigerian states and the Federal Capital Territory, the paper highlights key institutional and capacity challenges in state debt management in the context of the Nigerian fiscal federalism system. It also provides a comparison of subnational debt management practices of selected Nigerian and Indian states. The analysis highlights the important role of the central government in the successful implementation of subnational debt management functions within fiscally decentralized system, in particular by: (i) establishing a sound legal framework for subnational borrowing and defining key parameters for state indebtedness; (ii) establishing, standardizing, and monitoring state-level debt-management procedures, systems, and institutions; and (iii) building the capacity of subnational authorities along the entire cycle of debt management, including for debt management strategy formulation, borrowing plans, debt contracting, recording and reporting. While this paper focuses on state-level debt management in Nigeria, it is designed to contribute to the ongoing dialogue on international sound practices for subnational debt management and implementation of fiscal decentralization in developing countries.

AbstractWe explore the distribution of public–private partnerships (PPPs) among the European Union countries, with a special focus on fiscal rules and budgetary constraints while controlling for empirically identified drivers. While offering the opportunity to increase innovation and efficiency in the public sector infrastructure, PPPs allow governments to relax their budget and borrowing constraints. We find that the state of public finances influences the government's choice of PPPs and makes them more appealing for reasons other than efficiency. Stringent numerical rules on the budget balance also foster government's opportunism in the choice of PPPs. On the other hand, high levels of public debt increase the country risk, and discourage private investors from PPP contracts. The results highlight the importance of restoring PPP investment choices based on efficiency criteria and adapt fiscal rules to shield public investment while stabilizing private expectations by means of credible trajectories of debt reduction. The findings contribute to the debate on the role of fiscal rules in fiscal policy and of PPPs in infrastructure financing.