This report provides an assessment of accounting, financial reporting and auditing requirements and practices within the enterprise and financial sectors in Armenia. The report uses International Financial Reporting Standards (IFRS) formerly International Accounting Standards (IAS) and International Standards on Auditing (ISA) as benchmarks and draws on international experience and good practices in the field of accounting and audit regulation, including in European Union (EU) member states, to assess the quality of financial information and make policy recommendations.
This strategic framework serves to guide and support the operational response of the World Bank Group (WBG) to new development challenges posed by global climate change. Unabated, climate change threatens to reverse hard-earned development gains. The poorest countries and communities will suffer the earliest and the most. Yet they depend on actions by other nations, developed and developing. While climate change is an added cost and risk to development, a well-designed and implemented global climate policy can also bring new economic opportunities to developing countries.
World Bank Group President, James Wolfensohn addressed the Board of Governors. In the past year the Bank launched a new initiative—the Comprehensive Development Framework (CDF). The aim was to bring the social and the structural aspects of development together with the macroeconomic and the financial so as to establish a much more balanced and effective approach. The Bank will work with the broad development community—the United Nations, the European Union, bilaterals, regional development banks, civil society, and the private sector—to build genuine partnerships.
James D. Wolfensohn, President of the World Bank Group, reassessed the global financial architecture and its impact on Latin America. Latin American countries, being small economies, are very vulnerable to world pressures. After a huge drop in private sector finance, we’re seeing the first signs of return. What we need now is greater transparency and supervision in banking and the private sector—and a better common set of principles and standards. We need decent government, trained government, with capacity at all levels. We need legal systems that work.
Women in Sub-Saharan Africa are less likely than men to own land. They also use less land and have lower tenure security over the land that they use. This gap is costly in terms of lost productive output. The early results showed that improved tenure security through land demarcation increased long-term investments in cash crops and trees and erased the gender gap in land fallowing - a key soil fertility investment.
The objective of the Country Environmental Analysis (CEA) is to assess the adequacy and performance of the policy, legal, and institutional framework for environmental management in Ukraine, in light of the decentralization process of environmental governance and wider reform objectives, and to provide recommendations to government to address the key gaps identified. Ukraine is the second largest country in Europe and has a population of 43 million, the majority of whom live in urban areas.
Paul Wolfowitz, President of the World Bank, and Ambassador Andrew Young engaged in a roundtable discussion on economic development, moderated by Dean Bahl of Georgia State. Wolfowitz has made Africa the first priority of the Bank. There is really a chance for Africa to turn the corner. It’s going to have to start with the best performers, doing what the so-called Tigers did in East Asia, showing the way for other countries. Young said you can make more money honestly in a growing economy, than you can steal in a dying economy. Wolfowitz gave examples of the turnaround in Africa.
This report summarizes the experiences of 19 companies from across the region. Each of the case studies highlights the key corporate governance changes made and the positive impacts that resulted, as reported by the company. The companies represent various countries, sectors, types, and sizes. All of the companies featured are former IFC Advisory Services clients. Some are IFC Investment clients as well. IFC conducted an in-depth corporate governance assessment for each of these companies using IFC’s Corporate Governance Methodology.
The objective of the Ugandan government is to make Uganda an upper - middle income country within thirty years. Economic diversification is a key component of that strategy. The country economic memorandum (CEM) report discusses how the emergence of oil and mineral production can contribute to Uganda’s effort to promote economic diversification as a means to achieve sustainable and shared growth.
Ethiopia has many advantages as a destination for mining investment. These include promising geology, a well-designed fiscal regime, stable government and a growing domestic market. Additionally, it has a well-managed and successful artisanal and small scale mining sector. Under the second phase of Ethiopia’s Growth and Transformation Plan, Ethiopia has the ambitious target for the mining sector to contribute 10% of GDP by 2025. Ethiopia must overcome significant challenges to achieve this target.