Multilateral Development Banks: An Assessment of their Financial Structures, Policies and Practices
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Summary
As development agencies, multilateral development banks (MDBs) have received the greatest attention for their lending policies, for their technical assistance and advisory functions and, more recently, for their policy reform and adjustment prescriptions. Since the 1980s, they have become important instruments of economic and political governance over the developing world instead of being simply international financial intermediaries. However, very little is known publicly about their financial policies and operations. This book attempts to render understandable to those who are not financial experts, the main financial policies and practices of the MDBs as well as the implications and consequences of those policies and practices. Contents
Contents, Author, Abbreviations, Glossary of Terms Preface by the Ministries of Foreign Affairs of the Nordic countries 1 The Role and Intermediation Functions of the MDBs Introduction: The Role of MDBs; Resource Flow and Net Transfer Functions; The Hard and Soft Loan Windows of MDBs 2 The Capital Structure of the MDBs Conceptual Architecture of the Equity Base; General and Selective Capital Increases; Issues Raised by the Capital Structure of the MDBs 3 Resource Mobilisation: Policies on Borrowing and Guarantees Introduction; MDB Borrowings and Borrowing Policies; Issues Raised by MDB Borrowing Policies; The Use of MDB Guarantee Power 4 Resource Mobilisation: Soft-Loan Windows Emergence of the Multilateral Development Funds; The International Development Association (IDA); The African Development Fund (AIDF); The Asian Development Fund (AsDF); The IDB's Fund for Special Operations (ESO); EBRD Special Funds; Issues Raised by the Soft-Loan Windows 5 Financial Resource Management Policies Introduction; Liquidity and Investment Policies; Currency Management Policies; Policies on Lending Rates, Terms and Charges; Net Income Management Policies; Policies on Reserves and Provisions 6 Policies for Managing Portfolio Quality Introduction: why Country Exposure Risk Matters; Country and Portfolio Risk Exposure Management; Private Sector Exposure Risk Management; Policies for Arrears, Non-Accruals and Provisioning; Sanctions on Borrowers in Arrears 7 Budget Management & Administrative Cost Control Introduction; Comparative Analysis of MDB Expenditures; Issues Raised by MDB Expenditures; Decentralising and Localising MDBs; Accommodating the Changing MDB Output Mix; Coping with a Changing Staff Mix; Apportioning Costs between MDBs and MDFs MDB Role and Financial Intermediation Functions; Capital Structure; Resource Mobilisation Policies; Issues Raised by MDB Borrowing Policies; The Use of MDB Guarantee Powers; Resource Mobilisation by MDFs; Issues Raised by MDF Replenishments; Liquidity and Investment Policies; Currency Management Policies; Policies on Lending Rates, Terms and Charges; Net Income Management Policies; Policies on Reserves and Provisions; Country and Portfolio Risk Exposure Management; Private Sector Exposure Risk Management; Policies for Arrears, Non-Accruals and Provisioning; Controlling the Administrative Costs of MDBs; A Systemic View of the MDBs |
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February 1995 |
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