:

: 2004 1 27









:www.worldbank.org.cn
24
____________________________________________________________________________________
- A -


A loan
Standard World Bank loan.
A "\
%&'(A0!\

abatement technologies
Technologies designed to reduce (but not eliminate)
the amount of pollutants released into the
environment, e.g. from a factory.
PLP
P{u*+fL0
R<

above quota
+

above the line (item)
A customary balance-sheet or revenue-or-expense
position in a financial statement as compared to a
below the line item.
dT
Zkf,`Iii
dT

absolute poor
Those with an average annual per capita income of
less than that needed to pay for a minimum
consumption basket, based on the food necesary for
a recommended calorie intake, and for nonfood
needs, consistent with the spending patterms of the
poor. This rate will vary from country to country.
i
Q!86{l23uvcS !2
3uvcSR<
cSlP!
cS!.N

Absorption accounting; full cost accounting
B}

absorptive capacity


abstract (of a publication)
(Z

academic research
p23

accelerate a loan
I\!x{

accelerated depreciation
Depreciation at a higher than usual rate in the early
years of an assets life and a lower than usual rate in
the later years of its life.
I,
QW}S`6+f
6:Z16
3:Z

accelerated recall [MOV]
I[]

accelerated recovery
Recovery of currency used in lending operations
subject to maintenance of value. Recovery is
accelerated at the request of the member, provided
that such recovery does not result in a material
reduction of the sum of repurchases.
I
\1ZfWI
B.S(
{Eo/P

acceleration of maturity (of a loan) [IBRD]
Declaration by a lender that the outstanding
principal is due and payable immediately, together
with the interest due, following non-compliance with
loan covenants.
\ [ . / - O A ' ( ]
\!(\ad\\
!8\DS
lt

acceptance, accepting house [UK]
Merchant bank in the U.K. specializing in accepting
bills of exchange.
\'( [.]
.-j\5!'(

acceptance; bank acceptance; banker's acceptance
A bill of exchange which has been accepted by a
banker.
'('(\
Q'(?j\

acceptance rate (by beneficiaries of a project)
STD!DZ

access, entrance, leading, channel, fairway*
25
____________________________________________________________________________________
!-

accession
)AIAI}`5
AId

accomodating policy*
j:

accommodation type
j:"

accountability
E?_

accounting
E
0accrual (basis) accounting; business
accounting; cost accounting; current cost (value)
accounting; double entry accounting; full cost
accounting; general price level accounting; inflation
accounting; job order accounting; management
accounting; managerial accounting; single-entry
accounting; social accounting matrix; standard cost
accounting; stock accounting

accounting entries; entries
The record of a transaction in a book of accounts.
E"zS
fi9z

accounting period
EEy

accounting practices
E1ZEZwy

accounting price
A price used for accounting purposes (i.e. not a
market price). Often used synonymously with
shadow price.
ENOTNO
ETNO{NO
{ENO^5

accounting procedure
EW

accounting rate of interest - ARI
Discount rate used to convert future values of
benefits and costs into equivalent present values.
EtZsARI
lBwys
sZ

accounting rate of return*
EZ

accounting ratio
Ratio of accounting price to market price of a good.
E:Z
ENOPNO:Z

accounting unit
A business enterprise or other economic unit for
which a system of accounts is maintained.
Ewy^_
Qn*Ep7l1ef?@^_

accounts payable
Amounts due and payable to third parties for goods
and/or services purchased for which payments have
not been made.
l\
lZ1i`Wl
lD

accounts receivable; receivables
Amounts due from others within one year of report
date for goods and/or services sold in the normal
course of business, but for which payment(s) have
not been received.
\
k16|b5l
Zf!2l\

accrual

0nonaccrual status; overaccruals

accrual (basis) accounting
A form of accounting wherein all transactions are
recognized and recorded at the time income is
earned or expenditures are incurred, irrespective of
whether or not cash is paid or received.
AEp
Qi*98CD
Azlz{W?l
sD

accrual rate
The rate at which interest is accrued. In pensions,
the rate at which benefits accrue.
:Z
26
____________________________________________________________________________________
tZDzQt:Z

accruals
Revenues and expenditures recognized as earned or
incurred and recorded in the financial statement of
the periods to which they relate.
ST
zZkA


accrued depreciation; accumulated depreciation
The total depreciation suffered by an asset or asset
group, based on customary or fairly determined rates
or estimates of useful life.

S``!V,[L!
:Zjy

accrued income
Income earned but neither received nor past due.

"C

accrued interest - AI
Interest earned but not yet due and payable.
ttt sAI
QllCt

accrued liabilities
An amount of interest, wages or other expenses
recognized or incurred but not paid.
llZ
!AltHef


accrued loan commissions
Loan commissions earned but not paid.
\#D
Cl\#D

accumulated depreciation

0 accrued depreciation

accumulated profit [accounting]
t [E]

achievement tests [education]
Test for measuring learner's present ability in a
particular subject or skill (as opposed to his potential
ability).
B$8p1L8[(]
8p%&pW
s*ie'8

acid deposition
()

acid rain
*

acid-test ratio; liquid ratio; quick ratio
The standard IBRD definition is the ratio of cash
plus marketable securities plus accounts receivable
plus other amounts readily convertible into cash to
current liabilities. Other definitions include ratio of
current assets less inventories to current liabilities,
ratio of quick assets to current liabilities, ratio of
cash plus near-cash assets to current liabilities, and
ratio of cash plus accounts receivable plus the
market value of selected investments to current
liabilities.
E+:Z;:Z:Z
./-OA'(!^sDHb
H\lef,zwBsDP
;:Zef^*-;`
P./P;:Z`P;
:ZsDI0sD`P;
:ZsDH\l&1NP;
:Z

ACP countries [Lom Convention]
European Union country classification, consisting of
countries that have established a cooperation
scheme (the Lom Convention) with the European
Union. Consists primarily of the former colonies of
the European Union members.
FGHIJ:HKLM.N[2][]
.N"rYZ314&V{
WX2][.N5B.
6d

acquired immune-deficiency syndrome - AIDS
CDEFGH7JVK8LMs
AIDS

act of state
Legal theory according to which the courts of one
country should abstain from passing judgment about
the legality of a sovereign act.
.N(
}pX9:.N}q{Di;.
5(V}E{J

27
____________________________________________________________________________________
action plan
(
0mitigation plan

active borrower
Country that still receives World Bank loans.
b\.
T<5D%&'(\.N

active loan
A loan on which disbursement is still being made.
b\
|2l=>\

activity brief [EDI]
.sk[?@ABpq]

actual costs
Amounts determined on the basis of costs incurred
as opposed to forecasted costs.
/v
/Avrj8v

actual figures
/R

actuarial lump sum
?yR

ad valorem (customs) duty
A tax or duty levied as a given proportion of the
value of a commodity or service. It grows with
inflation.
N+
5YZN:@
+,:ABA

adaptive research
Research which adapts to local conditions.
]23
]bdd(23

additionality
Used to refer to the provision of extra loan flows to
developing countries.
\
C?/QABf.N\

additional facility [ICSID]
DIj:D[;./fg]

Additional Facility Rules [ICSID]
j:DDId[;./fg]

adjective law; procedural law
W}

adjustable peg [foreign exchange]
[E$jZ[j]

adjustment
[

adjustment aid
[uv

admeasurement countract
^?V
0unit price contract

administered arbitration system [ICSID]
(FGp7[;./fg]

administered price
The price per unit of commodity where the amount
to be paid or received is directly established or
substantially influenced by a controlling agent.
Such a price is ordinarily the result of planned
control. Includes ceiling prices, support prices and
fixed rates (government) and base prices, computed
prices and millnet or netback prices (industry).
WpNOHpNOIJNO
~X!!D~X!KsEF5
l^_NONOL*
HpqBefYZU+NOH
HNOHtZ)1CMNOH
>yNOH)NNN

administrative machinery
(#$

advance account
jl\

advance contracting
In World Bank loans, procedure whereby the
borrower enters into a contract before the signing of
the relevant loan agreement.
V
Q\!%&'(OP\VWfQ
*+\aQV

advance contribution scheme (for IDA-10)
R\D./OAaE`10SA
28
____________________________________________________________________________________


advance deposit
jTUD

advance deposit requirements (on imports)
jTUDdjTDS

advance payment
jl\

advance payment bond
A bank bond guaranteeing the advance payment
made by the employer to the contractor in case of
bankruptcy or other cause.
l\
'(V5W`efhi
Y!(l\

advance payment security
A bank security guaranteeing the advance payment
made by the employer to the contractor in case of
bankruptcy or other cause.
l\
'(V5W`efhi
Y!l\

advance procurement action
Initiating and processing the procurement, up to the
point where bids have been received and evaluated
and an award decided upon. It stops short of
entering into a contract, to avoid committing the
borrower before the Bank funding for the operation
is assured.
(
\!XcXYZ[H9
!\]VQ^F
%&'(ST\D\
!^Z

advance repayment
xjl

advanced export payments
jl\

advanced farmer
0

advanced studies
-23

advanced training
-no

adverse selection [MIGA]
?_@A[#$]

advocate [ICSID]
`y[;./fg]

aeromagnetic survey; airmag survey
dab8

affiliate
c[\[\U_[\U

affiliate bank
U_'("(U'(

affordability
D

affordability ratio
D:Z
0housing expenses/income ratio

afforestation
qde

age-standardized death rate
Death rate corrected so as to allow for the effects of
the differences in age structure of a population.
6f!ghZ
.!6f$gEF`|g
hZ

agency line; credit line on a agency basis [IFC]
~X#$7 [./Dj[\]

agency (line) subprojects
~X#$7ST

agency securities, obligations [U.S.]
U#$Z [].]

agent
~X
0 billing agentbuying agentextension agent
field agent fiscal agent procurement agent

agent [bank syndicate]
~X! ['(BiI]

29
____________________________________________________________________________________
agent [ICSID]
~X! [;./fg]

agent bank
1. Bank acting for a foreign bank.
2. Bank handling administration of loan in a
syndicated credit.
~X'(
1. .'({~X'(
2. WXBiI'(\'(

agglomeration economies
Economies of scale resulting from urban
concentration. Cf. localization economies,
urbanization economies.
j?@
kf`,?@l0localization
economies, urbanization economies

Aggregate


aggregate demand
cS

aggregate measure of support - AMS
A way of measuring domestic agricultural support,
proposed by the European Union, whereby all
government support provided to a specific farm
product is measured.
01HJV<sAMS
<i.01HW}
<i&0`,UH

aggregate model
A mathematical model which models a combined
sample instead of several units in a group, e.g. it
takes representative factors for a farm instead of
modeling a number of farms and the interactions
between them.
JV
RpiJVm{:nf
ob^_(pq]:0r<*
~ET{iob:0)e{
(p

aggregative planning
st

aging schedule [accounts receivable]
Classification of accounts receivable according to
whether they are current or past due. If past due they
are classified into categories based upon the period
when they became due.
f"" [\]
i\V(""qV
uez(""

agreed budget plan; contract plan
A selective statement of the major tasks and
performance indicators - including dates and
anticipated costs - to be used in tracking and
evaluating quarterly progress during the budget
year. A cornerstone of the Bank's budget policy.
Both terms are used, though agreed budget plan is
the official one.
jyY
5Zl1$QYZljv
@AEk/vwl9Njy67fx:y
77%&'(jy:Cz
5{jy|agreed budget plan5
}|~:5:

agreement to reimburse
la
0 irrevocable agreement to reimburse; qualified
agreement to reimburse

agribusiness; agroindustries; agro-based industry;
agroprocessing industries
01JVl10UV0C`10`
I1

agricultural credit intermediary
01f#$

agricultural extension
01>?

agricultural extension officer - AEO
01>?@sAEO

agricultural production and export (APEX) bank
0``Ps APEX'(

agricultural production and export (APEX)
cooperative
0``PsAPEXV{h

agricultural sector adjustment loan - ASAL [World
Bank]
01,-[\sASAL[%&'(]

agriculturist
30
____________________________________________________________________________________
0pN

agro-based industry
0Cl101+U`1

agro-economist
01?@pN

agroforestry
0d1

agroindustries
0JVl1

agroprocessing
0`I

agroprocessing industries
0`I1

agrosupport industry
01

aid dependency
Refers to the poorest countries that need foreign aid
merely to maintain their present low quality of life.
uv.
Q31c.uv{V>HT
3.<2.N

air dried ton
A ton of an agricultural product which has been
dried in the air and will therefore weigh less than the
same quantity not dried in the air.
b
b10`U<?b
<0`

airmag survey; aeromagnetic survey
dab8

airshed
An area with similar air mix and affected by the
same air pollution sources, thereby having similar
air quality.
6
Q*0s6$BD6
EFH6<0

algae, algal bloom
Proliferation of algae due to excessive release of
nitrogen and phosphorus (e.g. from fertilizer runoff
or detergents).
""
lqNlV7L0
O"s<

all risk insurance
??Y?

alley cropping; strip cropping
Growing two or more crops in alternating strips or
blocks on the same piece of land at the same time.
d}d}
Rdz~~
{

allocated costs
B"B

allocation of loan proceeds
\D"

allocation of net income
"

allocation of profits; appropriation of profits
t"tl

allocation of resources
"x

allotment [budget]
"\jy

allowance for contingencies; reserve for
contingencies; contingency allowance
xD!xD

allowance for depreciation
x
0reserve for depreciation

alternative [projects]
@ASTx@STx@WX [S
T]

alternative bid [procurement]
[]

alternative energy
~

amendment, amending agreement
31
____________________________________________________________________________________
`|X`|a

amendments to the Articles of Agreement
a `|X

American short staple cotton; Arabian cotton;
herbaceous cotton; Levant cotton
].7=>

amortization schedule
"l"lz

andropogon
Grass used for erosion control.

Hp*;

animal husbandry
1

animal unit - AU
Measurement based upon the amount of feed eaten
and manure produced by an average mature horse or
cow or the equivalent. The equivalent is taken to be
two heifers over one year, four calves under one
year, seven ewes or bucks, two and a half brood
sows or boars, five hogs raised to 200 pounds each
or 100 hens.
^_sAU
7<^_BPe
b6Nl`
e<~6{
6[~[
e200100-

annotated agenda
S WIW

announcement effect
The change in market price or other economic
condition that occurs upon the mere knowledge of
something later that will cause the change. For
example, if a developer plans to buy land for a
shopping center, land prices will rise when his
intentions are known.
8
QD&EqB|1
ONOef?@dA|
q:OA5dq
fgbe!D1dNE

Annual Meeting [ICSID]
6E [;./fg]

Annual Meetings (of the Boards of Governors) of
the World Bank and the International Monetary
Fund
%&'(l./CD!"XE6E

annualization
676Z6y

annuity bond
Bond on which interest is paid indefinitely and
which has no maturity date.
6D
M+ltM

annuity system [debt service]
6Dp67lp [ ]

annuity-type repayment terms
6Dld

anthracite; hard coal
M

anticipatory rate setting - ARS
Similar to deferred rate setting but which allows
purchaser to lock in the underlying Treasury yield at
one or more points in time preceding the date of the
issue.
j!tZsARS
P!tZ"0].
,A($&::z
Z

antidumping duty
a

apex bank, cooperative
0`'(0`V{h
0agricultural production and export bank,
cooperative

apex bank, institution
Institution receiving money from the World Bank
under an apex loan which it, in turn, onlends to other
borrowers.
0``P'(#$
D%&'(0``P\
ef\!#$

apex loan
32
____________________________________________________________________________________
Loan whereby IBRD lends money to an apex
development financial unit which onlends it to
participating financial institutions which, in turn,
onlend it to industrial companies.
0``P\
./-OA'(&0``PA
BDj^_\;^_D\1
lPDj#$5111
[\

apex report
Quarterly report issued on the previous quarter's
budget. They show the extent to which agreed
budget plans are being implemented and highlight
areas where corrective action or resource
redeployment would be appropriate.
0``P\k
+y7jyyk;yk?
jy(hiXURS]<|
uU-xDW

application fee [MIGA]
Fee charged for every definitive application for a
guarantee filed with MIGA.
OPv [#$]
i#$x|OP
<v

application for membership
EOPI%&'(OP

application for withdrawal (from loan account or
credit account)
\f\OP

application of funds
DOP

applied research
23

appraisal (technical and economic)
l?@9

appraisal fee [IFC]
Fee levied under various IFC facilities (APDF,
MLF), payable by borrower at time of signing
relevant loan agreement.
9v [./Dj[\]
./Dj[\CDFGSTABCD
@vQ\az\
!l

appraisal mission
9

appraisal team [IFC]
The investment officer, engineer and economist for a
project.
96! [./Dj[\]
@HWyl?@pN&ST9
!B6!

appreciation (in value)
A

approach paper
Issues paper
b)

appropriate technology - AT
The application of a technology appropriate for the
factor endowment that exists. As developing
countries usually have a large labor force and
relatively little spare investment capital,
labor-intensive industries are appropriate for them.
]]s AT
]Vs*`TqABf.N
:*s<iH7D
`1if/R]

appropriation [budget]
\ [j y]

appropriation law [US]
US statute that generally provides authorization for
federal agencies to incur obligations and to make
payments out of the Treasury for specified purposes.
\} []. ]
S].},\U#$T^
Z.f<D(l

appropriation of profits; allocation of profits
tlt"

aqua privy
Consists essentially of a squatting plate situated
immediately above a small septic tank that
discharges its effluent to an adjacent soakaway.

n:6
L/

Arabian cotton; American short staple cotton;
33
____________________________________________________________________________________
Levant cotton; herbaceous cotton
7=>].

Arabian crude
7=>
0light Arabian crude

arbitrage
FG
0 covered interest arbitrage; tax arbitrage

arbitrage pricing theory - APT
An economic theory that determines prices of assets
and the associated risk premia for each kind of
pervasive risk assets face, on the assumption that the
expected return of an arbitrage portfolio is zero.
tNX9
?@X9nt`!Vj
%d!`NO)x*E
?`/+?N

Arbitral Tribunal [ICSID; MIGA]
FG} [ ;./fg
#$]

arbitration clause
Clause in contract requiring some or all disputes
between the parties to be settled by arbitration,
usually final, rather than litigation.
FGd\
VfSd\SVWe&1
*;FGW:2G{
l

Arbitration Rules [ICSID]
FG,u [;./fg ]

arbitrator [ICSID]
FG! [ ;./fg ]

area development
dOAOA

area of operational emphasis - AOE
Sectors which the Bank wishes to give specific focus
to. They include poverty reduction and food
security; debt, financial intermediation, and
adjustment; human-resource development;
private-sector development and public-sector
management; and environment and natural-resource
management.
1ZUVsAOE
%&'(1ZUV+,-Y
ZPl_ZHDjfl[!
OAz_,-ABl[,-WX
)*+l5WX

area specific project
ST

arm's length contract
Contract negotiated on an equal basis between two
parties, excluding favoritism or irregularity.
[LV
WLCMIJ)BVLz
{|(

arm's length negotiation
[LIJ

arm's length price
Price between corporations under fully competitive
conditions (the opposite of transfer price).
[LNO
[\";dBNOi
NO

arm's length principle
[L9u[LNu

arrearagearrears*
(\lx\SR

Articles of Agreement [IBRDIDAIFCIMF]*
a[./-OA'(./OAaE
./Dj[\./CD!"]

articles of incorporation
[\d[\W

ash farming; burn-beating; burning
Cutting and burning rough fallow on land to prepare
for tillage.

dx{

Assessed income
wDD

assessment for tax; tax assessment
@Nw

asset and liability management
`WX
34
____________________________________________________________________________________
[0liability management]

asset price inflation
Steep increase in equity and property prices.
`NOAB
}l`NOA

asset quality ratios
Ratios that measure the quality of assets of a lending
institution. They include ratio of undisbursed loans
to disbursements, reserves to disbursed loans and
loans to rescheduling countries to total loans
outstanding.
`<:Z
<\#$`<:ZefYZ
l\Pl:Z!xDPl
\:ZZU!.\P
\:Z

asset stripping
When a company takes over another company and
sells off for profit the valuable assets of the company
taken over, usually because these assets have been
undervalued by the stock market.
`;
N[\WQN[\be*N
`t]m:34
1`N

assets
Physical objects or rights which have economic
value.
`
*?@N`t

assignee
D!D!Q!

assignment agreement
a

assignor
!

associated cost
The value of goods and services over and above
those goods and services included in the project
costs incurred to make the immediate products or
services of the project available for sale. Used in US
Government practice for computing the benefit-cost
ratio at market prices.
+B
QST`YZb
!N]STBflYZN
]].UNOyB:Z
}

associated crops, cropping
Growing two or more different crops on the same
piece of land.

d~~{{

associated gas
Gas deposit capping an oil deposit.
f56
f56

at the margin
The last point of production or consumption.
2/2/&
2`uv/&V

attachment [legal]
Act or process of seizing property by virtue of a writ
or other legal order to satisfy a judgment to be
entered in action subsequent to the attachment.
U` [}]
(U1Ge]}
<`(W

Attitude Survey [IBRD]
7 [./-OA'(]

attrition rate
IZ

audit
p
0 energy audit; internal audit; passthrough audit;
project audit; project performance audit,
memorandum, report; tax audit

audit, to
(p

audit [energy]
p []

audit [finance]
Inspection of accounting or other records in order to
provide a basis for third-party evaluation or
appraisal.
p [Z]
35
____________________________________________________________________________________
`W9N9iEe
]z(

audit [projects]
p [ST]

audit; management audit [management]
A review and appraisal of any or all parts of
management activity.
pWXp [WX]
iWX.,",(pl9


audit mission; evaluation mission
p9N

audit report
pk
0 project performance audit report

audited statement of accounts
?pTk

auditor
ppy

authenticated specimen of signature
?|Qm

authority [IDA]
bwt [./OAaE]
0 commitment authority

authority [legal]
\ [} ]

authorized bank
\'(

authorized capital stock [MIGA]
For MIGA, it equals one billion Special Drawing
Rights.
}}[#$]
#$}}br
\

authorized officer
\@

authorized positions [personnel]
jyp_[!]

authorized share capital
}}

autoconsumption of food
`uv

automatic resetting mechanism [IFC]
In an IFC fixed rate loan, an option under which the
interest rate would be reset every five years, based
on current interest rates. As a result, the initial loan
rate would be around 1% less than the normal fixed
term rate.
tZU-!#p [./Dj[\]
./Dj[\tZ\etZ
xe6bztZU-(!
2\tZ:|tZ31%


availability [transportation]
E [&]

availability fee [IFC]
Fee set by IFC, initially at 0.25%, which would
guarantee a borrower that the rate set for a loan on
signing would remain in force when the loan became
effective.
*v [./Dj[\]
./Dj[\pv20.25%
\!\Qz!\t
Z\1*

average earning assets - AEA
Average interest return on earning assets less
average rate of borrowing costs.
L8`sAEA
`L8tP.L8\B

average effective tax rate - AETR
Ratio of total revenues collected through the
company's income tax to the company's economic
profit.
L8/ZsAETR
:V[\D<P[\?@t
:Z

average incremental cost - AIC
L8A<BsAIC
0 Long-run average incremental cost d

average loan life - ALL
A composite indicator of how long a loan remains
outstanding. For a specific loan it is calculated by
36
____________________________________________________________________________________
dividing the cumulative debt disbursed and
outstanding over the total time the loan is
outstanding by the principal amount (net of
cancellations).
\L8l+sALL
\(zJVQ\
eyW};\[:\
llD<u,
"1

avoidable cost
Marginal cost that a corporation can avoid by
adopting one solution rather than another.
^FB
[\<&}{Q}^
F/B

avoidance

0 tax avoidance

avoided cost
^FB

award [contracts]
\ [V]

award [ICSID]
FG\[;./fg]

awarding committee [contracts]
9E\E [V ]
37
____________________________________________________________________________________

- B -


B loan
Loan made by the World Bank involving
cofinancing.
{B|"\
%&'(A0)UVj\

back value
Value of oil or gas taking the price paid downstream
for the product less the transportation and other costs
incurred between the wellhead and the downstream
place of sale.
yS
&v)efAlabd
v1B6N

background [education]
p[(]

background noise


background paper
)HN

backhaul traffic
Goods carried on a return journey.
&
W&

backstopping
Provision of technical support.
uv
uv

back-to-back credit
i

back-to-office report - BTO
ghijksBTO

backup (underwriting) facility
1x?ST

backup (underwriting) facility fee
1x?STv

backward-forward integration, linkage
The push (i.e. the extent of demand which a
development project generates for the output of all
the production sectors of the economy) and pull
(i.e. the extent of demand generated for the output of
a project by an overall expansion of the production
sectors of the economy).
11U-
{>|:ABSTqBi.?
@*`,-`cSsl{=|
.?@`,-!qBi
:ST`cSs

backward integration, linkage
The extent of demand which a development project
generates for the output of all the production sectors
of the economy, i.e. the push exercised on the
economy by a development project or group of
them.
11U-
:ABSTqBi.?@*`,
-`cSsq:"ABS
Ti?@>{

bad debt
#$%$

badly performing loan
Loan with poor prospects for future gains and a low
rate of return.
({&\{\
QS/{'HkZ3\

bag filter; baghouse filter
Fabric filter used in industrial operations to recover
valuable matter as well as to control atmospheric
pollution at the source.
V()
*"=>V()1`f
*Nis6(Hp

bail out, to
+,H-,

bailout loan
Loan made to borrower whose ability to service
outstanding indebtedness has become doubtful.
-,E\
s\!\

balance, to (an account)
.LLT

balance carried forward
38
____________________________________________________________________________________


balance of payments
./g
0 current balance of payments

balance of payments position
./i

balance-of-system costs
Cost of auxiliary hardware and installation of
electrical systems.
-v
-mvnxl_v

balance of trade
./L
0 trade balance

balance sheet
`
see consolidated balance sheet

balances [cash]
[sD]

balances held on a covered basis
*|s`{1x/

balancing equipment
Extra equipment (usually small-size) needed to
complete a project.
mvnx
kB:STcnx:Q6 n
x

balancing item, entry
An entry having the effect of balancing an account.
LdTL$S
iL{S

balancing subsidy
A subsidy given by the central government to help
balance the budget of a local authority.
Lg
f|U0vdWULjyg


balloon loan
A loan repayment scheme, under which the last
repayment is larger than the previous repayments. In
some cases, the term is used to refer to a scheme,
under which the whole loan is repaid at maturity.
SlD212s\
\lWX21SlDs
1SlD&1hiQ\
zSxWX

balloon payment
212s"l\

ballpark figure
sR

bank acceptance, bill; banker's acceptance
A bill of exchange which has been accepted by a
banker.
'('(j\
'(D\

bank examiner
'(7

bank exposure
The total of all investments made by a bank.
'(0\
:'(

Bank first principle
Principle according to which the resources of the
Bank are drawn down first. Used, for example, in
reference to allocation of IBRD funds to IDA where
the funds made available by the Bank are used
before other funds.
{%&'(`|u
2%&'(Duq./-
OA'(./OAaEDz
u2%&'(D513ef
/D

Bank last principle
Principle whereby the funds of the Bank are used
last. Used, for example, in reference to allocation of
IBRD funds to IDA where these funds are drawn
down only after all other sources of funds have been
used.
{%&'(21|u
21%&'(Duq./-OA
'(./OAaED./OAaE
ef/D4131
D

bank money
Money on deposit at a bank.
39
____________________________________________________________________________________
'(/\
/'(

bank of issue; issuing bank
A('(

bank performance
'(1$
0 performance

bank rate [UK]
f|'(sZ [.]


banker's acceptance; bank acceptance, bill
'(\'(j\

banker's markup; banker's spread; gross margin;
gross earnings margin [banks]
'(tg'(Qt ['(]

bankable assurances
'(?H

bankable project
'(ST

bar chart
5d6

barefoot doctor
78

barrels of oil equivalent - boe
The energy equivalent to a barrel of crude oil, i.e.
5.8 million btus.
aRsboe
ba580^_

barrels per day of oil equivalent - bdoe
xaRsbdoe

barriers
9:
0 tariff barriers

barter terms of trade
The relationship between the prices of exports and
prices of imports in terms of the value of goods. Net
barter terms of trade (also known as commodity
terms of trade) is the quotient between an index of
export prices and an index of import prices. Gross
barter terms of trade is the quantity of imports
divided by the quantity of exports. When weighted
by the volume of exports the net barter terms of trade
are called income terms of trade.
d
N!NOP
NO+-NOQRPNOQ
R5d";5d
d<
dI1;d


bartered exports


basal dressing; bottom dressing
u=

base; road base [highways]
The part of the road structure below the base course
and above the sub-base.
>[[]
C=C$,"

base convention
Ca
0 establishment convention

base costs; baseline costs
CBCB

base course [highways]
The part of a road structure below the wearing
course and above the road base.
C[[]
C$,"

base (lending) program [IBRD]
The lending program of projects that will definitely
be ready for the fiscal year in question.
C\, [./-OA'(]
&67?!x'ST\
,

base load [electricity]
The minimum load over a given period of time.
C= []
z26

base load station [electricity]
A power station where generation is held constant.
C=@ []
40
____________________________________________________________________________________
A<A@

base year
C!6C6

baseline costs; base costs
CBCB

baseline data
CR

baseline survey
A preliminary survey.
C
QB

basic account [balance of payments]
C[./]

basic education
CM(

basic health care
C

basic research
CM23

basic skills
C

basic subjects
CT
0 core subjects

basin irrigation; level border irrigation
Irrigation by division of the field into small units so
that each has a nearly level surface. Levees are
constructed around the areas forming the basins,
within which the irrigation water can be controlled.
CdDE
EFzG*d"B6xdL
HIB6JdHpEF


basis point
0.01 percent of yield (e.g. of a security).
CV
q:"0.01

basket extractor, exit mechanism [GATT]
GATT mechanism that triggers new quotas in the
textile field semiautomatically within existing
restraint agreements.
{K|#pL#p [+a]
+a#p]*"s*
+padM-

basket unit
^_-V^_

basket unit of account
A unit of account linked to a basket of currencies.
^_K^_
PK+^_

bear market
A prolonged period of falling prices.
N
ON

bearer bond
M]

before-and-after test
An analysis of a country or region before and after
the completion of a project.
{1|+
Q:STkBlkB1i:.N
d{"P

beggar-my-neighbor policy
Protectionism, usually with the intention of
improving domestic employment but without
concern that any such gain in employment in one
nation must cause an opposite change in
employment in the trading partner.
{QR|
5^:QS.1i
{.1AIT5qBeU
1P

behest project
QEST

bellwether (of economic trends)
?@VWo

below the line (item)
An out-of-the-ordinary revenue or expense item or a
nonrecurrent item requiring a separate entry in a
balance sheet. Compares to above the line item.
dT
Sc`f^X[F,
41
____________________________________________________________________________________
TF?ETid
T

benchmark crude; marker crude [oil]
Saudi Arabian (gravity API 34 degrees) light crude
oil employed as the standard on which OPEC price
changes have been based.
C! []
Q7=>].aE:U347
.!"[NO!

benchmark jobs
C!{C!_

benchmark portfolio
An assessment of the most efficient passive portfolio
strategy the Bank could adopt for each major
currency if it decided to abandon its active trading
strategy while keeping an average portfolio duration
of 12 months.
C!!V
Q%&'(!V49NW
b%&'(0Y594H
!VL812:Z+z!ix5
<Z2u[!V4

benchmark price; marker price [oil]
The reference price used by OPEC for oil price
changes, based on the price of Saudi Arabian light
crude oil.
C!NO []
.!"|NOzl
RNOeCM7=>NO

benchmark provisioning rate
The standard percentage of outstanding principal
balance of non-accrual loans set aside for
provisioning.
C!!xD:Z
(DF\f!:
!j\!xD

benchmark spread
Standard spread in IFC loans which is added to
six-month LIBOR to determine the IFC loan rate. It
is based on risk level and is closely aligned with the
market, where available, for the risk and maturity in
question and will, in general, reflect risk factors
related to the particular investment and any special
characteristics of the loan.
C!tg
Q./Dj[\\!tg;tgI6
:Z,-'(10tZ!./Dj
[\\tZ]P?W7?l
]^+/R]_P
+?Tl\@

beneficial interest
Profit, benefit or advantage resulting from a contract
for the ownership of an estate as distinct from the
legal ownership or control.
D}
S`*Vf<DtHt
'2r}*Hp

beneficial owner
A person who does not have title to property but has
rights in the property which are the normal incidents
of owning the property. Cf. record owner.
D*!
Qi`***t!`
`W|sal0record owner

beneficiary assessment
D!9

beneficiation [minerals]
Improvement of the grade of ore by milling,
flotation, sintering, gravity concentration or other
processes.
b []
cdHe@HHU?@efIW
f-

benefit-cost ratio [US]; cost-benefit ratio [UK]
B:Z [ ] .]B:Z [ .]

benefit stream
A succession of benefits over several years.

Qob6<D

benefit taxes [IBRD]
A recovery of costs and benefits in a project,
considered necessary beyond those through
efficiency pricing, if any, or existing general taxes.
[ ./-OA'(]
:STf:VZNs(L
L!1*TBl


benefits [social security]
[hEg]

42
____________________________________________________________________________________
berth
h_
0 multipurpose berth

berthing capacity
h_i<

berth throughput
The handling of ships in a port.
h_jk<h_:V
:l2X

best available technology - BAT; best practicable
means - BPM
In the US, in environmental control, used to refer to
environmental control standards which are at least as
stringent as the uniform national technology
standards but taking into account cost-effectiveness.
In other countries, e.g. UK, New Zealand, Norway,
the requirements may be more or less stringent than
national standards and are legislated for individually
by group of facilities or hazards (e.g. large
combustion plants). BAT is the US term, BPM the
UK term.
2&sBAT2&c>s
BPM
].Q*+Hpf!]GOW
7Zl.N!vm
BTef.Nq.H-H
"SGOW7P.N!*1
{]il[n"r^X}q
1o0p6sBAT].qBPM
.q

best effort project [IBRD]
A regular Bank project where best efforts are used
to involve women.
{4e|ST [./-OA'(]
QG;r2ssYZ.:%&'(S
T

best efforts sale
A new issue which is not underwritten and not
purchased as a whole from the issuer, but is sold by
securities dealers on a sell what can be sold basis.
Used in the U.S. securities and syndicated
Eurocredit markets.
4ab{4<~a
A(-z{Ya"{<"A
W5{ay|u
ab].lGBiI

best practicable means - BPM 2&tW}s
BPM
0 best available technologe - BAT

best practice
2&W}

betterment levy, tax
A tax on betterment (i.e. an expenditure to extend
the useful life of an existing fixed asset).

(qSs*`*
u@v

beverage crop
wN{

bias [economy; statistics]
xE [?@]

bid

0 alternative bid; examination of bids; invitation
to bid; lowest evaluated bid; model bid documents;
takeover bid; unsuccessful bid

bid bond, garantee, security
Financial or other security supplied by a bidder
when the bid is submitted which guarantees that he
will not withdraw his bid during the period of bid
validity specified on the bid form, will execute the
contract form, if required, and will supply
performance security. If he fails to do any of these
the security is forfeit. The security is refundable if
the bid is unsuccessful.
DUD
!zZef{
E[!*yqcf
pV[Dqf{
(efSDqz
DL

bid documents
)
0 model bid documents

bid form
A document submitted by the bidder for a contract
which offers to supply and deliver the goods and/or
services which are the subject of the bid, in
accordance with the conditions of contract and
specifications. In the document the bidder
43
____________________________________________________________________________________
undertakes to commence delivery within a specified
amount of days and obtain a performance security.
[O
Q!<DV{);)
!Vdl,Ol9
{ilZ)f
!,O9CD
D

bid guarantee
D
0 bid bond

bid opening
Examination of all bids submitted for a contract.
The Bank requires this to be done in public, i.e. in
the presence of those bidders or their representatives
who choose to attend.
O
p;<VA/*%&'(
SS.[O(31{lIS
.!e~|hib}O

bid package
Usually refers to bids where there is more than one
item involved.
~
:QYSi[

bid price [contract]
The price that a bidder specifies in the bid form for
the delivery of goods or completion of the works.
kNN [V]kNO
[fk9kNO

bid security
UD
0 bid bond

bid submission; delivery of bids
The act of a bidder handing over his bid to the
purchaser.
9[
Q9[(

bidder (highest/lowest)
2 /23
0 highest bidder; lowest bidder;
postqualification of bidders; prequalification of
bidders; qualified bidder; second lowest bidder;
successful bidder

bidding

see competitive bidding; competitive bidding in
accordance with local procedures; component
bidding; international competitive bidding; limited
international bidding

bidding conditions
d

bidding documents; tender documents
The collection of documents which specify the
bidding procedures, the technical specification of
the goods/works required and contract terms. They
include the Invitation for Bids, Instruction to
Bidders, General Conditions of Contract, Special
Conditions of Contract, Schedule of Requirements
(or Bill of Quantities), Technical Specifications, Bid
Form, Price Schedules, Bid Security Form, Contract
Form and Performance Security Form.
)
[)]RSWHc
W,O)Vd\efYZ
P[H!HVLdHV
dHcSx^R<x^H
,OH[HNOx^H[HV[
)[

bill of exchange
j\

bill of lading
A contract for the delivery of goods to a buyer. It
also represents the title to the goods and a receipt
that the carrier has received the goods.
^
!A{]~i
*{&!
0 through bill of lading

bill of quantities
The specification of the quantity of materials to be
used.
W<x^Wx^R<x^
QSTNR<)e,Ox^
0priced bill of guantities

bill of quantities contract
A type of unit price contract, with a detailed bill of
quantities calculated on the basis of the plans of the
consultant engineer or architect. The unit prices are
given and the totals worked out. As the contract is
44
____________________________________________________________________________________
carried out, the quantities actually used are
measured by a quantity surveyor and the contractor
is paid on the basis of these amounts.
W<V
^NV"e*Wy
yCMy/P<^[4
^_NOy4NOV(f/
R<R<8yI<1R<
CM!iY5l\

billing agent
!

binding; bindings
In GATT, the fixing or freezing of certain trading
advantages for a three year period.
Ed\
+afi&1W6


biochemical oxygen demand - BOD
A measure of the amount of pollution by organic
substances in water. It is expressed as the number of
milligrams of oxygen required by the
micro-organisms to oxidize the organics in a liter of
water.
d6ccd<s BOD
<*#f<!]
fi*#(dcd6
R/

biochemical oxygen demand over five days - BOD5;
five day biochemical oxygen demand
The standard biochemical oxygen demand test
whereby a sample of the liquid is incubated at 20
degrees C for five days.
efcd<sBOD5
!cd<+eW}G{4
m207nef

biodiversity
mE

biogas plant
66

biomass energy


biomass (power) plant, station
AH@

biosphere reserve
An idea created by the UNESCO Man and the
Biosphere Programme, which aimed to establish
protected core areas with one or two surrounding
buffer zones, with the core areas devoted to
sustainable development and habitat restoration.
d
UV.()!"{!P|
:eT:H~:d
e*fgHEABl
d-.

birth control
p

birth spacing
The deliberate effort of couples to postpone a birth.
Also used as a synonym for birth timing.

;*>("z
5

bisque clause
Clause in loan agreement that entitles a borrower to
postpone payments of interest and principal for
limited periods of time in balance of payments
difficulties.
`|d\
\afSd\]\\!./
szz+>l

black economy
0 parallel economy

black market


black money
Money in the economy obtained through illegal
means, such as money from the drug trade.

?@f:VF}c><DDq9
fCDD

blanket effect
Z

blanket purchase order - BPO
A purchase of low value goods and services from a
single vendor.
~^s;BPO
Q^ab53lZ
45
____________________________________________________________________________________

blanket release
Release by Bank member of its 18% currency for
indefinite lending or relending.
+p
%&'(E.ei!\
18%.+p

blend country
Country eligible to receive financing from both
IBRD and IDA.
tV\.N
VzCD./-OA'(l./OAa
E \.N

blend financing; mixed financing
tV\

blending (of flows)
tVD;<

blind trust
An arrangement whereby a person places some or all
financial affairs in trust, beyond his personal control.
Used by public officials to avoid conflict of interest
charges. Currently used by the President of the
World Bank and the President of the United States.
]]
:!i,",Z{E_L
ex:!Hp[@^Ft
QW}T%&'((
l].

block release
no
0 day release

block tariff
A tariff in which the charge is based on a series of
different kilowatt-hour rates applying to successive
kilowatt-hour blocks of given size, supplied during a
specified period.
">v
v},zi
</6z<-[{
vvZ

block trading
s9

block train
A permanently made-up train.
[
p[[

blue chip; blue chip security
}-}\

blue projects
Projects covering coastal and marine resources.
ST
QtlMST
l0brown projects, green projects

blue stained cotton

0 grey cotton

blueprint planning
6,P,

Board seminar
%&'(E(F|9

Board of Directors [IFC, MIGA]
E [./Dj[\H#$]

Board of (Executive) Directors; Executive Board
[IBRD, IDA]
(EE [./-OA'(H.
/OAaE]

Board of Governors
XE

Boards of the Bank and the Fund
%&'(l./CD!"XE

body corporate; corporate body, institution
}!}!#$

boilerplate
Standard legal language used in legal documents.
!}q
})f!}q

bond

0 annuity bond; bearer bond; bid bond; convertible
bond; corporate bond; coupon bond; deep discount
bond; development bond; discount bond; exit bond;
floating rate bond; government bond; indexed bond;
noncallable; original issue discount bond;
outstanding bonds; performance bond; perpetual
46
____________________________________________________________________________________
bond; publicly issued; registered bond; serial bond;
straight bond; Treasury bond; warrant bond; zero
coupon bond

bonded area; free trade zone - FTZ
sFTZ

bonded contractor
Contractor who has taken out a surety bond to cover
any claims against him.
<DY5
QY5?<D^F


bonded goods
Taxable goods held in a government-licensed
warehouse pending payment of customs duties and
other taxes due.

9+lefl/0U


bonded industrial estate
1

bonded warehouse
A government-licensed warehouse that holds
taxable goods pending payment of customs duties
and other taxes due.

U/0T+lef
\

bondholder
H*!

bonding [customs]
[+]

bonding company
Company which issues performance bonds, payment
bonds and other kinds of bonds.
[\
A(Hl\lef[\

bonus
Dt

bonus clause
Clause in a contract which provides for a bonus to be
paid to contractors or suppliers for completion of
works or delivery of goods ahead of schedule, when
this is beneficial to the contracting agency.
d\ [V]
VfSd\,*tAYWhi
Y55V,zk
9

bonus issue
A(}

bonus share
A share given as a bonus to purchasers of shares.
t}
{t}\}\

book value
The net amount at which an asset appears on the
books of account.
N
S`

boomtown effect
kAB
0 induced development effect

booster pump
Pump installed in front of another pump to ensure
satisfactory suction conditions for the main pump or
to deliver water from a deep well to a second pump,
which develops the final delivery head.
-x-A-v--
xQ--5-*
frQ-fB2


booster (pumping) station
A pumping station in a water distribution system that
is used to increase the pressure in the mains on the
discharge side of the pumps.
-@A-@
-fAI5W-
@

border bias
In crop evaluations, under-representation of the
crops at the edge of the plot, because of difficulty of
placing the square used for these estimates.
dxg
i{(9Nzx0("
8<`id{3


border check irrigation; border ditch irrigation;
47
____________________________________________________________________________________
border irrigation; border strip irrigation; gravity
check irrigation; ribbon check irrigation; strip check
irrigation; strip irrigation
Flood irrigation in which land is divided into border
strips and water is delivered into each strip from a
head or field ditch at its upper end.
CEFCEFCE;CEF
CEFdE
Gd"BCEFE
;QEFW}

border currency (unit)
In a project, values measured in foreign exchange
but denominated in the local currency.
+^_
:STN.N

border ditch irrigation
CEF
0 border check irrigation

border industry
+1

border point price
l+VNO
0 cost insurance and freight port of entry/border
point price


border price
Price of a tradable good at a country's border or port
of entry.
+NO
9.++NO

border strip irrigation
dCEF
0 border check irrigation

border taxes
Taxes levied at national frontiers.
+
.N+@

borrower ownership
In adjustment programs, when the borrower adopts
the Bank program as its own. Criteria for this
include launching of economic reforms preceded or
accompanied by productive policy dialogue and
operationally-oriented economic and sector work by
the Bank, a timely program tailored to
country-specific circumstances and supported by
adequate external financing and the borrower
endeavoring to build a strong consensus for the
program at key points in the administration.
\!*p
Q[WXf\.G%&'(WX
WXe!YZ-\.%&'(P
e(nEilie(1ZoE?
@l,-{zM?@m*
S]V;.hil*"/jH
)z,)\.sU+,-
;?d

borrowing capacity
\

borrowing cost
\v\B

borrowing from the public
[}\[Oab

borrowing pool [IBRD]
Pool of IBRD funded debt used to determine on a
semi-annual basis the IBRD lending rate.
\ [./-OA'(]
Q./-OA'(vZl/!
ex6[S\tZ

borrowing rate
\tZ
0 depositor rate of interest

bottleneck


bottleneck analysis
Type of analysis concentrating on bottlenecks in
system, e.g. delivery systems, transportation
systems.
"P
i-q-&-f
(-"PW}

bottom dressing; basal dressing
u=

bottom line
=

bottom out (of a recession)
?@Lf=
48
____________________________________________________________________________________

bottom up (approach) [projects]
Planning which is decentralized and which takes
place at the development project level.
}[ST]
Q"0ABST-

bracket creep, progression [taxation]
The situation in which incomes rise due to inflation
and that rise puts taxpayers in higher income tax
brackets so that a larger percentage of their income
is automatically paid to the government.
- []
:ABAI!D
-ff}s:dT
U

bracketing
Restriction indicating which bidders may submit a
bid, e.g. by stating that only certain bid prices may
apply. The Bank does not allow this procedure in
international bidding.
+RS
i!+ERSqRS&]
NO%&'({./f<
W

Brady bond
Bond created when existing developing country debt
is concerted into new debt. The new bond has a
smaller face value or a lower nominal interest rate
than the original bond but may be enhanced through,
for example, collateralization of principal and/or
part of the interest payments.
8i
GABf.Ns*Z-Zz`
-P/:
6]^tZ3:VieDl
,"tUW

brain drain
!3;

branch ministry
A ministry responsible for just one industry.
1,
&(1,

brand name drug
]

brand name product
]`

Brazil-Yugoslavia Precedents
Special IBRD share allocations to restore a
member's shareholding in IBRD parallel to its IMF
quotas. Named after the first two countries to
request this.
-mT=
Q./-OA'(}{"W
-&E../-OA'(}
{eP;../CD!"f}{
;W2OP~:E.N
]

breach of contract
V

breach of contract risk [MIGA]
Repudiation or breach of a specified commitment by
the host government to the guarantee holder in cases
where (1) the guarantee holder does not have
recourse to a competent, independent judicial or
arbitral forum to determine the claims of repudiation
or breach, or (ii) a decision by such a forum is not
rendered within a reasonable period of time, as
defined in the contract of guarantee, or (iii) a final
decision cannot be enforced.
? [#$]
k.U{(P?!QV
f^Zq1?!M}Sv
*lX\}#$FG#$ie
*+{G2;\}FG
#$V,VX+{G
321G{(

bread grains
p{Y

breadwinner
N!

breakbulk
Cargo packed in separate packages or individual
pieces of cargo, loaded, stowed and unloaded
individually, as distinct from bulk cargo.

Q"Y^^:H0P
r

break clause; escape clause; jeopardy clause
A clause in a Eurocurrency agreement specifying
that, if certain events curtail the lender's activity or
49
____________________________________________________________________________________
the operation of the Euromarkets, other designated
actions will come into effect.
fd\Fd\
QGafSd\,s&
\!.G1Zz
efj(

breakdown
T""

breakeven analysis
An analysis of expense and revenue factors, often
expressed graphically, aimed at determining at what
cost and price points a product, product line or
company break even.
"P/&"PL"P
ivlT"P6
T!`H`[\B
lNOV)L

breakeven (dollar) depreciation
Depreciation rate of the dollar such that the Bank's
headroom is at breakeven point.
]]/&
Q]&ZZ%&'(
|'2/&V

breakeven point
The level of product sales at which financial
revenues equal total costs of production. At higher
volumes of production and sales financial profits are
generated. Point where two strategies are
equivalent.
/&VLVLV
Zl`B|'z`ab
<AI`<lab<Ee/Zt"
AI`<lAIab<~4W<D
9jV

breed [livestock]
6 []

breeder [agriculture]
6 [01]

breeder seed
6

breeding
6n
0 plant breeding

breeding material
N

breeding station [commercial breeding]
@51E

breeding stock


breeding unit
6fg^_

bridge, bridging loan
VV\

bridging arrangement, credit
VE_LH_LH

bridging facility
VEj:Dj:D

brief [project]
s [ST]

broad money
Equivalent to M3, i.e. M2 plus the average of the
beginning- and end-of-month deposits of non-bank
thrift institutions.
?^
bM3M2IF'(#$ZPZ
L8

broadcasting (seed, fertilizer)
N

broken cross rates
In foreign exchange, disparity among three or more
rates, e.g. if DM 1 = 30 cents and FF 1.5 while FF 1
= 22 cents a Deutschmark will bring 30 cents if
converted directly but 33 if converted first into
francs and then into dollars.
*gjjZ
jfjZ/g
q-1.=30]"1.5}.}
1}.}=22]"1qwB
]<30]"qwB}wB]
uw33]"

broker
?!

brokerage
50
____________________________________________________________________________________
?!1Z?!#D

brown coal
A low-grade coal which commonly retains the
structures of the original wood. It is high in moisture,
low in heat value and checks badly upon drying.

3../X/$
"3b1GU

brown projects
Projects covering the immediate and most critical
environmental problems facing cities; they include
three main areas--energy use and efficiency, urban
and industrial pollution control, and urban
environmental management.
ST
Qk/2^l*+
ST"STYZ:5W-l
ZHkl1HpHk*+WX
l0green projects, blue projects

Bruno ratio
The present worth of the domestic currency cost of
realizing a foreign exchange saving divided by the
present worth of the net foreign exchange saving. A
project is accepted if it is less than the official
exchange rate in financial analysis or less than the
shadow exchange rate in economic analysis.
8:Z
sSjxT.Bs
jxsi:ST
q;:Z3Z"Pf@WjZ3
?@"PfEjZuSTD
0modified Bruno ratio

bubble concept
The concept whereby the total pollution level for an
area must be set collectively but the market can
allocate that total among competing uses by
exchange of emission permits.
6t [*+]
Qt:dLT
!:V9wL
0iL0<I"

bubble-up effect
The opposite of the trickle-down effect. The benefits
of a project, change in economic policy benefiting
the lowest paid and gradually rising up the scale.

5Q:STl?@
|223D51
AEF

bucket latrine
A latrine where the sullage falls into a bucket which
can be removed for disposal of the sullage.
a
fLaa<xX

budget
jy
0 capital budget; cash budget; current budget;
exchange budget; investment budget; midyear
review; operating budget; partial budget;
performance budget; program budget; special
budget; unit activity (crop) budget; whole farm
budget

budget amendment [U.S.]
jy`|X [].]

budget appropriation
jy\

budget authority
jy\

budget closure
Lapsing of authority to incur approved budgetary
expenses. In the Bank, this is at the end of the fiscal
year for the regular and reimbursable budgets and
after three years for capital budgets.
jy+
Q"!jy+%
&'(Llvjy+
67jy+61

budget cuts
jyP

budget deficit; budgetary gap
jyjyH

budget estimates
yjy

budget neutral
Outputs having no influence on the budget.
>HsjyfEjy
Q`ijy{AEF

Budget Planning Framework [IBRD]
51
____________________________________________________________________________________
jyqr [./-OA'(]

budget process
jypVW

budget surplus
jyjy

budgetary aid
jyuv

budgetary gap; budget deficit
jyHjy

budgeting
pjy
0 full budgeting; planning programming, budgeting
system; zero base bdgeting

buffer fund
Fund set up to regulate buffer stocks.
CDCD
/CD

buffer stock scheme
/pE/p

buffer stocks
Stocks of a commodity held in an attempt to even out
price fluctuations in primary commodities. The
operators use the stock to mitigate fluctuations in
prices by selling from the commodity stock when
prices are high and by buying the commodity when
prices are low.
/E/
Q-`NOn&`
/?_;//PNO
Nz3Nz

build-own operate - BOO
Type of construction contract whereby a private firm
finances some or all of the initial investment and is
remunerated directly from revenues earned by the
project from selling output to a public utility. The
project is kept by the private firm and not transferred
back to the government.
q8*8? _psBOO
nV:z_5iST(,
,"STkB1[1be
`f<Dk;ST;z
5*{U

build-operate-transfer; build-operate-turnover -
BOT
Type of construction contract whereby a private firm
finances some or all of the initial investment and is
remunerated directly from revenues earned by the
project from selling output to a public utility.
Ownership is eventually transferred to the state or to
private domestic investors.
q8?_89psBOT
nV:z_5iST(,
,"STkB1[1be
`f<DkST*2
9.N.z!

build-own-operate-transfer - BOOT
Type of construction contract whereby a private firm
finances some or all of the initial investment and is
remunerated directly from revenues earned by the
project from selling output to a public utility.
Ownership is initially held by the firm but eventually
transferred to the state or to private domestic
investors.
q8*8?_89psBOOT
nV:z_5iST(,
,"STkB1[1be
`f<DkST*2
;z5*29.N.z!


built-in evaluation [projects]
9 [ST]

built-in stabilizers
Relationships which reduce the amplitude of
cyclical fluctuation in the economy without any
direct action by government, firms or individuals,
e.g. a progressive tax which reduces the spending
power of consumers in amounts which change faster
than incomes, resulting in contractionary tendencies
during expansionary periods and vice versa.

QP?@fEMcUHl
1:!<(+-qS
]|AR
uv!zo3
5

built-in tendency
VW

bulk, in
["
52
____________________________________________________________________________________

bulk procurement
["

bull market
A rising market.

QNO

bullet issue
SEAb

bump integrator [highways]
Type of machine for measuring uneven road
surfaces.
[[]
q8<{L[

bunching
tV`
0 debt bunching

bunching of maturities
`"

bund
I
0 contour bund

bunker [coal]
N []

bunker; bunker oil
A heavy residual fuel oil used by ships, industry and
for large-scale heating installations.
N
QH1lsIxU
N

bunkering
To fill a ship's bunker with coal or oil.
N
.NfI

buoyancy [economics]
. [?@p]

buoyant demand
cScS.
0 tax buoyancy

buoyant market
.

burden sharing
"

burn beating

0 ash farming

burning [agriculture]

0 ash farming

bush fallow
Poor quality land covered with scrubby vegetation.
Ed`dEdd
E*d

business accounting
l1E?_wy

business community
1&l1&

business cycle; trade cycle
51?@

business cycle policy
51

business expenses
_1v

business line
(1_1"

business plan
_1?_1Z

business (profit) tax; corporate income tax [US];
corporation tax [UK]
_1t[\D [].][\ [
.]

buy-back agreement; take-out agreement
aaa

buyer credit; buyers' credit
W

buyer's market
W
53
____________________________________________________________________________________

buying agent [commodities]
~X! [5]

buying rate of exchange
The rate at which foreign exchange banks and
brokers agree to buy foreign currency.
jZ
j'(l?!jjZ

bylaws
[\Wcuu









54
____________________________________________________________________________________
- C -


Calendar quarter
y7

call for capital; call of capital
Request for paying in of callable capital.
T}:
SE.Tl:T}

call in a loan, to
\\

call loan
A loan on a demand basis (i.e. which either the
borrower or lender may terminate at will).
:0\.0\
cSA0\\0\
,\

call money; day to day money; demand money;
money at call
Money deposited in an interest-bearing account, that
can be called by the depositor on a day's notice.
Often applied to money lent by banks to stock
exchange brokers, which may be called at any time.
0\\D0\.
D
Q/*f/\,z
<cf(::Q'(
9?!],z

call of capital
T}:
0 call for capital

call option
Option to purchase designated securities at a
predetermined price within a specified time limit.

Q+zj!NOQ
@A

call order contract
Contract whereby an entreprise engages staff on a
short-term basis but does not know when it needs
them so reserves the right to call them when needed.
.V#V.V
Ql1VV{z
cf\czft

callable (capital, subscription)
That part of capital which is not yet paid up and on
which payments can be called for.
:T
QTl:1T
l

called up (share) capital; paid in (share) capital
}DT}D

calling in of a currency


calorie intake
R<<

calving rate
The number of calves born alive in any year
expressed as a percentage of the number of females
let to the bull in the previous year.
`Z
Q6`.R<P6lI9
R<:

cancellation
Voiding a debt by annulling or paying it.
ya [Z]
<ul}Z

cancelled debt
yaZ

cap
A floating rate note with an upper limit on the
interest rate to be paid.
+
itZ,+etZ\

capability [urban development]
i< [kAB]

capacity to pay; ability to pay*
l

capacity

0 rated capacity

Capital

0 commercial capital; domestic capital
formation; equilibrating capital flow; equity capital;
55
____________________________________________________________________________________
floating capital; foreign capital; frozen capital;
General Capital Increase; gross fixed capital
formation; incremental capital-output ratio; loan
capital; marginal efficiency of capital; noncash
working capital; official capital; overhead capital;
paid-in (share) capital; paid-up capital; public
(capital) expenditure; quasi-equity; recycling (of
capital); return of capital; return on capital; return to
capital; risk capital; seed capital; Selective Capital
Increase; share capital; social overhead capital;
uncalled capital; unimpaired capital; venture capital;
volatile capital; working capital

capital account
In balance of payments, it measures the short- and
long-term financial movements which may be
associated with the purchase of physical assets,
stocks and shares, or with the placing of money on a
short-term basis.
ST
./f<l&T
q*`H}\H}{G\


capital adequacy


capital assets; fixed assets; permanent assets; fixed
capital [accounting]
All tangible assets (movable and immovable) held
by an entity and used in its normal operations for the
production of goods or services. These assets have a
normal life longer than one year and are not
normally acquired for resale.
``` [E ]
:*e`Z|
1Zf^*``l{`
1`L*6uL{
bx

capital base
Total capital of an organization, i.e. capital plus
reserves.
*CM
:#$,Ix

capital budget
A budget which is limited to showing planned
expenditures and sources of funds for purchases of
capital goods. In the Bank, one of three budgets, it is
for funds used to incur costs that result in capital
assets being created in the balance sheet. Includes
computing and office technology equipment,
buildings, building renovation, furniture and other
equipment costing more than $50,000.
jyCnjy
jy+Sx
lD/%&'(jyf
]``cv
DYZynxl[nxH
H`qHNlefNOV5
]nx

capital consumption allowance
An entry in the national income accounts which
reflects the depreciation of equipment and
machinery within a given period of time. Usually
based on tax reports of depreciation.
xxu
.wy:dT_z
nxl#]:
kD

capital cost
Bv

capital deepening
Action which increases the relative value of capital
in relation to labor
A]
PAIiN(

0Capital widening

capital deepening investment
Investment aimed at increasing production
efficiency and lowering costs.
A]
Q`Zl)3B(

capital-deficit oil exporter
H.

capital efficiency


capital endowment
R

capital equipment; capital goods
Production goods, i.e. instruments of production
such as buildings, machinery, equipment, etc. rather
than items for immediate consumption.
nx
Q`N`qH#Hn
56
____________________________________________________________________________________
x{uv

capital expenditure; capital outlay
Cn

capital flight; flight of capital
;

capital flow; capital movement
;<;&

capital formation
B

capital gain


capital gains tax


capital gearing ratio
:Z
0 gearing ratio

capital goods capital equipment
Production goods, i.e. instruments of production
such as buildings, machinery, equipment, etc. rather
than items for immediate consumption.
nx
Q`N`qH#Hn
x{uv

capital grants
P

capital impairment
The estimated loss in an investment.
PI
iSI

capital inadequacy
{

capital inflow
;

capital infrastructure
CMnu

capital intensity
]

capital-intensive
]

capital investment
Cn

capital labor ratio
The ratio at which labor and capital are combined
within the production process. Generally labor and
capital are measured as flows per unit of time.
:Z
Q`VWfV:Z
L^_zl;</<


capital loss
I

capital market
The market for buying and selling long-term
loanable funds, in the form of bonds, mortgages and
the like. Unlike the money market, where short-term
funds are traded, the capital market tends to center
on well-organized institutions such as the stock
exchange. However, there is no clearcut distinction
between the two other than that capital market loans
are generally used by businesses, financial
institutions and governments to buy capital goods
whereas money-market loans generally fill a
temporary need for working capital.

\D\D
YZHUl"0\
{(D9]L
f!"'#$q9
\Ll1HDj#$lU/
\L/g;
zc~*"S
r

Capital Markets System [World Bank]*- CMS
-sCMS[%&'(]

capital movement; capital flow
&;

capital outlay; capital expenditure
Cn

capital output ratio
The ratio of the amount of capital to the amount of
output produced by that capital.
57
____________________________________________________________________________________
`:Z
QP;`` :Z

capital position
The amount of capital held.

*<

capital recovery factor - CRF
The annual payment that will repay a loan of 1
currency unit in x years with compound interest on
the unpaid balance. Also called the partial payment
factor. The reciprocal of the present worth of an
annuity factor. Generally obtained from a set of
compounding and discounting tables. This factor
permits calculating the equal installments necessary
to repay (amortize) a loan over a given period at a
stated interest rate. The total payment is a varying
combination of both interest and repayment
(amortization) of principal.
-RsCRF
QGZ-tydx6
x:^_\6;
{"x-R|{6Ds-R|
R;-RL-tlsf
y6+,tZxZ
68"llDtl"
l\l{!V

capital service ratio
Contractual service payments on long-term debt plus
remitted profits on direct investment divided by
exports of goods and services.
l:Z
ZV,llI
.jtlZ


capital stock
}D}

capital structure
$

capital subscription [IBRD]
E.T[./-OA'(]

capital supply


capital surplus country
.N

capital transfer


capital widening
Investment that increases the absolute value of
capital.
!
QAIi
0capital deepening

capital works
CnW

capitalized expenses
An item of cost usually charged to profit and loss
but, because related to a period of construction,
added to a capital asset account.
v
vTLtlIP
zn*+`

capitation approach [health financing]
!vp [j]

capitation tax; poll tax; head tax
!

capture (e.g. of public services)
The use of a significant amount, e.g. of public
services or resources by relatively narrow special
interests.
[YZ
i!6ts<[YZ
l

capture fishery; harvest fishery
Fishing for wild fish, normally from a boat, as
opposed to aquaculture, where the fish are bred in a
controlled environment.
"#1
"$%&"#1L#r!
Hp*+f6#1

carbon fixation, sequestration
Conversion, through photosynthesis, of atmospheric
carbon dioxide into organic form in plants.
'{(V{
:V)V{s6fd'
f*#

carbon sink
58
____________________________________________________________________________________
Natural structure, such as a forest, that absorbs
carbon dioxide and other carbon-based emissions.
'c(
d'lef'CL0f5$q
*d

carbon tax
A tax levied on products that emit greenhouse gases.
p6o0
io0+6`@

career development
1AB1OA

carried interest [petroleum industry]
A fractional interest in oil and gas property, usually a
lease, the holder of which has no personal obligation
for operating costs, which are to be paid by the
owner or owners of the remaining fraction, who
reimburse themselves, therefore, out of production
receipts.
ce," [1]
Ql6`W*,":
,*!i?_v*:!^Z
i*^Z*`ef,"*!
f`-kav

carrying capacity (of the Earth)
The ability of Earth to absorb emissions and waste.
(d.)
Qd.p6lp

carrying capacity [pastures]
The amount of feed available from a pasture area,
generally stated in animal units.
< []
:CN<:^_
y

carrying capacity [transportation]
<& [&]

carrying cost (of capital); charge of capital
The interest on debit balances.
xB`>Hv
QWt

carrying costs, charges [goods]
The cost of carrying commodities held in a
warehouse, such as charges for storage, insurance,
haulage and loss of interest on the investment.
/Bv []
Qf/5vq/vH?vH
&vltI

carrying gain
The positive difference between the return on a
portfolio and its average cost.
/
*N!VleL8B|g


carrying loss
The negative difference between the return on a
portfolio and its average cost.
/I
*N!VleL8Bg

carryover loan
\

carryovers
Funds unused during a financial year which are
transferred to the budget for the following financial
year.

Q:67f:
67jyfD

cascade tax
A tax levied at several stages of the manufacturing
process.
jA=>@\
pqVWfob=>@

case study
X2323:X23

cash advance
jlsD

cash balance; cash holdings; cash in hand; cash on
hand
Cash in immediate possession represented by coin,
paper money and negotiable checks and other paper
commonly accepted for immediate credit by a bank
in a deposit of cash.
sDsD//sD
QsDqH/H;:\l
ef'(LDsD\


cash based budget planning
Budget planning based on actual cash outlays for the
59
____________________________________________________________________________________
budget, rather than for a fixed amount of items, with
allowances for cost increases.
sDCMjy
Q/sD{R<d
TjyNOAIzDIv

cash (basis) accounting
A form of accounting wherein transactions are
recorded only as cash is paid or received. Related
financial statements are usually restricted to a
summary of receipts and payments.
lspEsDlpE
QEW}*lsDz3
i9(*+Zk"..+i


cash basis, on a
lspsDp

cash budget
An estimate of cash receipts and disbursements for a
future period, cash requirements at various points
within the period, and cash on hand at the end of the
period.
sDjy
i/&zsDPyYZ;
z{zVsDcSlsD
/

cash buybacks
sD

cash crop
A crop sold directly on the market as compared to
one which is fed to animals or otherwise used but not
sold.
?@{
ab{r/0
{ef{ab{

cash deficit
sD1

cash economy
5?@

cash expenditures
sD

cash flow
A narrow definition for funds flow, restricted to cash
or cash equivalents. Sometimes used synonymously
with funds flow.
sD;sD;<
D;:!^^YZsDb
sD*zD;^5

cash flow system of taxation
System of taxation whereby all expenditures are
deducted from the income base in the same year as
they are incurred.
sD;<p
Qp7ef*eA
67fCMP

cash forecast
sDj8

cash generation; internal cash generation; internally
generated funds
sDB,sDB,DB

cash grant
sDR

cash holdings
sD/<
0 cash balance

cash income
sD

cash inflows
sD;sD

cash in hand
sD/<
0 cash balance

cash input [accounting]
The cash component of an investment, as compared
to the capital, labor, etc. component
sD [E]
QSsD,"iHZe
f!B,"

cash input [agricultural projects]
An input into a project used to produce an output in
the form of cash.
sD [01ST]
i:STT`sD`


cash management
60
____________________________________________________________________________________
Control and use of liquid assets.
sDWX
i;`Hpl

Cash market
sD
0 spot market

Cash on hand
sD/<
0 cash balance

cash payment
sDlsDl\S

cash position
sD

cash projections
sDj8

casual labor
/z

catalytic converter
A device installed in motor vehicle exhaust systems
that reduces the emissions of hydrocarbons and
carbon monoxide.

2L6-nxP'3
Vld'p6L0

catalytic role
The way a project encourages other potential
cofinancers to join in the project.
{
Q:ST*4ef'jl
I{

catch basin; catchment area
j

catch crop
A quick-growing crop, planted and harvested
between two regular crops in consecutive seasons or
between two patches of regular crops in the same
season.
{
Q1{y~|{H
y~{{{

catchment area; catch basin
j

categorical grant; targeted grant
Grant given by central government for specific
purposes.
S\\
Qf|UT{\

Category I countries [IBRD]
Industrial member countries.
`".N [./-OA'(]
Q1.NE.

Category II countries [IBRD]
Developing member countries.
`".N [./-OA'(]
QABf.NE.

cattle on the hoof
Live cattle.
56
.

cattle unit
Unit for measuring number of animals - cattle = 1,
sheep = 1, goat = 0.05, fowl = 0.01, pig = 0.2-0.4.
^_
<R<^_-=17=18=00.5
N9=0.01=0.2-0.4
caucus (of countries at Annual Meetings)
%&'(6E.N

ceiling price
The maximum price which may be charged,
regardless of what price would be reached through
the natural forces of supply and demand.
2+N
{W:VS+-5)NO
<2NO

center pivot sprinkle irrigation
Type of irrigation which consists of a central pivot
linked to a water supply and a long arm extending
from this central pivot which sprays water on crops,
often with subsidiary arms extending from the major
one.
fg:;E
EFW}]YZ:fg<=
l>Bi{(;E?:?
*1m?

61
____________________________________________________________________________________
Central Bank Facility-CBF*
f|'(j:DsCBF

centrally managed costs
Costs which are the responsibility, for budgetary
purposes, of the institution as a whole, as opposed to
those that are the responsibility of individual units.
f|WXvfWXv
Qjyfi#$[vr31i
:^_v
0unit-managed costs

centrally planned economy (country)
f|?@(f|?@.N

central rate [exchange rates]
fgjZfgjN [jZ]

central vice presidencies [IBRD]
Vice presidencies in IBRD responsible for the
central research and operations support functions.
f|( [./-OA'(]
./-OA'(f|23l1ZH
(

certificate of deposit
Certificate of an interest-bearing time deposit with a
bank.
/^
&'(f*/\^

certificate of payment
l

certified seed
The progeny of breeder select foundation or
registered seed so handled as to maintain
satisfactory genetic purity and identity.
?
QHX<7l@H?@
HCM1~

ceylon cotton; tree cotton; Siam cotton; China cotton
@ABf.

chain index
An index number derived by relating the value at any
given period to the value in the previous period
rather than to a fixed base.
*:QR
Q:VG&zRPzR
:{PC:DQR

chair, constituency of an Executive Director [World
Bank]
:(@H|_ [%&'(]

chair representing ... [World Bank Executive
Directors]
~|_ [%&'((E]

changes clause [US]
A clause in a contract giving a contracting officer the
right to make unilateral changes to a contract,
provided that the changes are within the general
scope of the contract.
|}d\ [].]
VfSd\]Q@^WiV
{&1|}|}+V
CH

changes in working capital statement ;D|

0 statement of changes in financial position

channel [trade]
[]

channel, river
D;

charge; lien [legal]
W\x}

chargeback
y

charge number [currency pool]
An intermediate variable used to calculate currency
pool interest, it is determined by revaluing each
day's current dollar-equivalent balance to the present
using the product of the duality revaluation factors
between that day and the present, with the sum of
these daily revalued balances representing the
charge number.
R []
/yf\t:f
|<]:VWD-GEF
x]sNxlsz
UN-R(U-y1xUN1
lR

charge of capital; carrying cost (of capital)
The interest on debit balances.
62
____________________________________________________________________________________
vx/B
WftZ

charges [utilities]
v [[1]

chart
6
0 bar chart; chart of accounts; construction
progress chart; flip chart; flow chart; performance
chart; process chart; progress chart; scatter chart

charter (of a company)
[\W

charter party - c/p
A contract between shipowner and charterer for the
carriage of goods or hire of vessel for a period of
time.
Vsc/p
5P&z
V

chart of accounts
A systematically arranged list of accounts applicable
to a specific concern giving account names and
numbers, if any.
ETG
Tn?V-[XG
*];l

cherry picking
@A2'

chief economist
2|?@pN

child mortality
&'ghZ
0infant mortality

China cotton; Ceylon cotton; Siam cotton; tree
cotton
f.@AB

chlorofluorocarbon - CFC
HIJsCFC

churn factor
Leased space to handle demand surge and space
modifications.
z[K
KcSAIl`KL

cistern flush latrine
Latrine where the water for flushing comes from a
cistern.

/

civil commotion
Events which have all the characteristics of a riot but
which are more widespread and of longer duration,
without, however, attaining the status of civil war,
revolution, rebellion or insurrection. Covered by
MIGA under the war and civil disturbance category.
,M [#$]
Q*^NO@CH}?
H}5*)HmHq
^W7#$?CH
{;P.O|"r
l0riot

civil service
[Z)@

civil works; public works
*W*W

claim
tS
0financial claim financial claimes of
government

claim [mining]
i&P*d`tS []

claim (on resources)
itS

claused bill of lading; dirty bill of lading
A bill of lading that has been endorsed by the
shipowner as the goods described in the bill do not
conform to what is offered for shipment, e.g.
package missing, goods damaged, etc.
c*"^{Q^
?5[^RS^RSP9
&{qYHDI

clawback provision
Clause in an underwriting agreement for a security
that restricts the issue to a certain group, e.g.
domestic buyers, till demand from that group is
satisfied.
63
____________________________________________________________________________________
gd\
QYaafSd\]+&n
Ab;q.Z;n
cS)

clean bill of lading
A bill of lading which has no superimposed clause(s)
expressly declaring a defective condition of the
packaging or goods.
xQ^k'MI^
*cId\RSYl*HT^

clean coal
Coal produced by a cleaning process.

?x`/U

clean fuel
Fuel that causes little or no pollution
xQN
1Vk{`N

clean-up (environmental)
*+x*+

clearance
xXx\9w<y
0slum clearancetax clearance

clearing [agriculture]
xXP*d [01]

clearing house
An organization set up by financial institutions
agreeing to initiate and receive among themselves
electronic funds transfers authorized by their
customers.
\9wxy#$9;fg
QDj#$n\9w#$W
Dj#$W\(D

client country
.W.

clinker
X

closed-end investment company, fund [US];
investment trust [UK]
Investment company with a fixed number of shares
outstanding. The shares represent an interest in the
fund's portfolio. New shares may not be issued.
+[\+CD [].] [
\ [.]
QA(R<}\[\1}{~
[\!Vf*L{
A(-}

closely-held corporation
A corporation whose stock is held by a small group,
usually with an agreement that if a member of the
group desires to sell any part of the ownership, it
must first be offered to the other members of the
group.
YH}[\}k!R*+}{[\
Q:6*[\:*Sa
,qf&BZbe,"
*T2bfefB


close of business - c.o.b.
[zzsc.o.b

closing date
9

closing stock [livestock]
Number of animals held at the end of an accounting
period.
/[R []
Q:ER<

closure of the proceeding [ICSID]
[;./fg]

club deal
Loan whereby, instead of one bank being designated
lead bank and others comanagers or underwriters,
the various functions these carry out are divided
among a limited group of members, in order to save
fees.
UV9E9
\1Zf{N'(\'(
efNW?X!GS
*+Bf("]v

club loan
Loan whereby, instead of one bank being designated
lead bank and others comanagers or underwriters,
the various functions these carry out are divided
among the members, in order to save fees.
E\
\1Zf{N'(\'(
efNW?X!GS
64
____________________________________________________________________________________
Bf("]v

cluster analysis
A statistical procedure for arranging a number of
objects in homogeneous subgroups based on their
mutual similarities and hierarchical relationships.
`"P
WG10E
l-+-[XB"!

cluster audit
OED audit of several operations together in one
audit in order to analyze critical issues in a wider
sector or country context.
`p
%&'(1Z9NwG1:ST0(
pT?,-.NCH"P
+E

cluster sampling
When the basic sampling unit in the population is to
be found in groups or clusters (e.g. human beings in
households) the sampling is sometimes carried out
by selecting a sample of clusters and observing all
the members of each selected cluster.
[nrm
rmW}bfCrm^_
nH!""zqNf!*zrmW
@A"mn!51i@An!f
x:m^_B(tK

coal-based fuel
CN

coal field


coal fired power station
A@

coal gasification
6

coal liquefaction
4

coarse grain(s)
Cereal grains used to feed livestock.
^
/HN9

coastal shipping
&

coastal state
.N

coastal strip country
Country consisting of a small strip of land with an
outlet to the sea. Examples include Gambia and
Togo.
!.N
.*!*.Nq_:il
`

codetermination; comanagement; management
participation system
System which gives employees the right to be
represented in the decisions of a corporation.
WXlPWXp
VtlP[\p7

co-exposure [insurance]
? [?]

cofinanc(i)er
UV\j

cofinancing
UV\j

coinsurance
Insurance where a number of insurers share the risk
or where insured and insurer share the risk.
UV?
ob!"?D?!l!"
??W
0qualitative coinsurance; guantitative
coninsurance

coke oven gas
bab6

coke oven plant
baba

coking coal
Coal which can be converted into useful coke that
must be strong enough to withstand handling.
baaU
?D&*aU

colead manager
Lender ranking next to lead manager in a Euroloan.
65
____________________________________________________________________________________
?X
G\fS2|?X\!

collateral
U`

collateral financing
U\Uj

collect call; transfer charge call; reverse charge call
D!lviWlv

collection of data
R

collection of taxes


collective self-reliance
Term used to describe the economic independence
of the developing countries from the industrial
countries and economic cooperation among the
developing countries. Embodied in the Arusha
Programme for Collective Self-Reliance, 1979.
}
:]5/RSABf.N?@X
1.N)ABf.N?@V{]5
19796{7}|

collegial management
Management system based on the manager being
supported by an advisory committee (consisting of
senior staff) which helps him in his decision-making.
pqWXp
E-!Bav?X0
ve(WXp7

collusive oligopoly
Oligopoly where participants act as a cartel.
cEd
lP{:e(d(

collusive tendering
kN

coloan
A cofinanced loan.
UV\
UVj\

comanagement; codetermination; management
participation system
System which gives employees the right to be
represented in the decisions of a corporation.
WXlPWXp
VlP[\tp7

combined cycle [energy]
Designation of a power plant that uses two
technologies to generate electricity. Usually applied
to gas-turbine and steam-turbine combinations.
!V* []
:Az~A:Q2
f#lg2f#!V

combined heat and power - CHP


command-and-control instrument, regulation
Government issued regulations, bans or other
control mechanism.
lHp#p,d
UA8,dHhefHp#p

command area [irrigation]
An area which could be profitably irrigated or has
effectively been irrigated.
Hp [EF]
QtE*d(EFd

command economy; controlled economy; directed
economy
An economy in which a significant amount of end
results is due to the deliberate decision of
government bodies rather than to consumer choice
plus forces of supply and demand.
Wp?@Hp?@Q?@
Q.?@fbs,"2``
U#$5t{/uv
iAlS<

commercial bank
51'(

commercial bills; commercial paper
Promissory notes normally having a maximum
maturity of 270 days sold by companies or institu-
tions to raise cash for purposes of working capital.
A major borrowing instrument for first-class bor-
rowers in the U.S. and Canada.
51j\51\
Q\\:2+270f
[\#$AbT;D].
lI~sj\5\
66
____________________________________________________________________________________

commercial capital
51

commercial conditions
51d

commercial debt
51('()Z

commercial deposit [mining]
51< []

commercial energy
51

commercial, commercialized GDP
The gross domestic product of commercial
activities, i.e. excluding invisibles, services, etc.
.`f51,"
.`f51.,"{YZM
lZ

commercial lending
Lending not always at market rate but under normal
market conditions (e.g. as regards maturity,
reimbursement).
51\
Q{tZ|d
A0\ q\Hd
0market-related lending

commercial paper
51\
0 commerial bills

commercial production
51`

commission, to
~~X

commissioned company
Agent in Japan which acts for the IBRD (or other
non-Japanese financial institutions) in the issue of
bonds on the Japanese market.
~[\~X[\
~./-OA'(efF
Dj#$A(~X[\

commitment authority; authority [IDA]
The authority that IDA has to make credit
commitments based on the amount of resources it
has received or had committed from donors.
[./OAaE]
Q./OAaER\.Rv


commitment charge, fee
A fee paid by a borrower to a lender in the period
between approval of a loan and disbursement of the
loan. Intended to reimburse the lender for the cost
associated with meeting a disbursement request on
demand. Usually stated as a percentage of the loan
amount approved and much less than the interest rate
charged for the loan commencing with
disbursement.
v
Q\"!1Olz\!
\!lv\!i\!
!x,zlSAvg
L"!\:":k3\
l1tZ

commitment deflator
A deflator which translates Bank commitments into
constant dollars.
P3QR
G%&'(\y{|]P3Q
R

Commodity
5
0 core commodities international commodity
agreements international commodity
organizations non-food agricultural commodity
primary commodity self-targeting commodity

commodity agreement
5a

commodity assistance
5uv

commodity loan
5\

commodity producing countries, sectors
5`.,-

commodity trade
5

common share; common stock; ordinary share;
67
____________________________________________________________________________________
equity
Units of ownership in a public corporation.
:}
:[_[\*^_

communication hub
:fg

community facilities; social infrastructure
hnuhECMnu

community health services
hYZ

community health worker - CHW
h!sCHW

commuter
H\[9:lWxflm!

companion crops
A crop sown with another crop on the same land,
often to increase returns from the first crop, e.g. by
attracting predators of pests of the primary crop.
{
Pef{d{
4AI`{`<q/
O5{n{

comparatio [staff compensation]
A statistical measure which shows the relationship
of average salaries of a given population to the
midpoint(s) of the applicable salary range(s).
::Z [kn]
7<S!L8]
7fV+-

comparative advantage
:W

compensation
ggvgvDZkn

compensatory damages
Damages to compensate an injured party for his
actual loss and/or injury and no more, as opposed to
nominal damages and punitive damages.
gIIg
iDIW/IlIo(g
r]^Iol2pIo(g

competent court or other authority (to enforce
awards) [ICSID]
5W}ef#$(KpG[
;./fg]

competing claims (on resources)
i;EtS

competitive bidding
;E

competitive bidding in accordance with local
procedures; local competitive bidding - LCB
Competitive bidding advertised locally and in
accordance with local procedures. Used where
foreign competition is unlikely to be attracted.
.W;E.;E
sLCB
.q?.W(
i.;{sE*OST

competitive market
;E

complementarity
The provision of funds from extra sources. Used to
refer to cofinancing arrangements.
ggEDIg
Q/D/QUVja

complementary financing
Form of cofinancing whereby the lead agency (e.g.
the Bank) in addition to making its own loan for an
investment project or program, could participate in a
commercial bank loan for the same project or
program with the sales of participations being
pre-arranged (i.e. before the financing is executed).
gj
UVj5^_
q%&'(4SST
\lIST
f51'(\elP,"b
(UVj()_L'

complement control
Management imposed constraints on the number of
staff at certain grades.
!pAgHp
WX,-i-r!R+p

completely knocked down - CKD
Components of a piece of machinery that have not
been assembled.
68
____________________________________________________________________________________
!sCKD
Qr#?!:

completion certificate (of a project)
STkB[, s[

completion coefficient
Staffweeks per project from identification to
approval, excluding dropped projects.
kB-R
x:STr"!!/{YZ<u
4ST

completion economic rate of return
The rate of return on completion of a project.
STkB?@Z
Q:STkB1?@Z

component (of a project)
ST!B,"ST

component bidding
Bidding for part of a contract instead of a whole
contract.
,"
iV,"{,(

composite currency unit
Currency units denominated in a basket of
currencies. The two main ones are the Special
Drawing Right (SDR) and the European Currency
Unit (ECU).
-V^_
~/^_~:5-
V^_r\SDRlG^
_ECU

composite mission
JV

composite peg [foreign exchange]
-Vt$jZ [j]

composting
BtVN

compound [West Africa]
!#$ [ F]

compound fertilizer; mixed fertilizer
A formula or mixture of fertilizer compounds such
as nitrogen, phosphorus and potassium, in definite
proportions.
-VN
:[tVBNYZHH
uB{

compound interest
-t

compound rate of growth
-VAZ

compounding factor
What an initial amount of 1 becomes when growing
at compound interest.
-t-R
Q-tyz1R)

comprehensive auditing
Auditing going beyond financial auditing into
evaluation and examination of other non-financial
aspects of projects.
JVp
4ZpiSTefFZW
(9NlvK

comprehensive insurance
JV?

comprehensive planning
JV

comprehensive school
In the United States, a secondary school that
includes both general education courses and
specialized fields of study in its program and thus
offers academic, commercial, trade and technical
subjects. In the United Kingdom, a non-selective
secondary school providing all types of education
for all or most of the children in a district.
JVpv
].QYZ:(pvWw*-vW
fp"pvpH51Hl
W1.F@AE
fp:dsRp
(

comptroler
An accountant in charge whose technical skills and
professional interests are confined to a single
organization or organizational group and who has
been given that title by the management of the
organization(s).
69
____________________________________________________________________________________
5p
:^X#$5WEfl
1+#$YZ;#$WXbwe\
x

compulsory saving
Kp

computable general equilibrium (CGE) model
A mathematical model developed by the World
Bank to model national economies. Used in
providing projections and aiding policy analysis as it
is able to analyze the effect on a country of project
results, macroeconomic factors, etc.
yLsCGE
%&'(OASp.?@Rp
]"PSTlst?@Ti
.?@EFy/j8l0v(
"P

computer
y#
0 mainframe computer

computer aided design - CAD
y#mvnsCAD

computer aided manufacture - CAM
y#mvpqsCAM

computer language
y#q

computer virus
y#

computerized
y#y

concealed unemployment; covert, disguised, hidden
unemployment
zE1

concentration ratio
Percentage of total sales or output accounted for by
largest firms in a country.
f7fZ
:.NR2s15ab`
f{*:

conceptual design
Bnn

concertina reduction
Method of reducing a tariff structure by reducing the
top rate at each step of the transition to the next
highest level, leaving the lowest rates unchanged.
|P3
P3+$W}P3x->f
2ZH->23Z{|B
|y]

concessional; concessionary
PE

concessional, concessionary aid
uv

concessional, concessionary element
HPT

concessional flow
D;<

concessional terms
dPd

concessionary; concessional
EPE

Conciliation Rules [ICSID]
,u [;./fg]
0Rules of Procedure for Conciliation Proceedings

concurrent indicator
A statistic which has no value for predicting
purposes because it changes at the same time as the
economy in general, e.g. many types of sales will
peak out and bottom out simultaneously with overall
economic conditions.
QR
Q*j8NQR],X
[:?@|z|q,[:?
@iz)}~l="a
b

conditionality
Conditions attached to financing, often used to refer
to IMF financing, e.g. upper credit tranche limits.
d+puId
QjcId/Q./CD!
"jq-"+

conditions of effectiveness
70
____________________________________________________________________________________
d

condominial sewerage system
Shallow, small-diameter sewers laid at flat gradients
run through backyards, receiving flows from short
lengths of house connections before making a single,
block connection to the public sewer.
[L-
L-6WL
7n1q]DKLfL
W51:V:^HW:
[W

confirmed letter of credit
Form of irrevocable letter of credit whereby the
correspondent bank of the issuing bank gives an
undertaking to the beneficiary that payment will be
made, provided that the beneficiary complies with
the terms of the credit. May be used as performance
security.

{yui;
D!d\A'(~X'(
D!l^Z{


conformed copy
Copy of a legal document which is certified as
authentic.
M)
?V!|})

connection [electricity]
: []

consent (to jurisdiction) [ICSID]
G[;./fg]

consequential damages
Damages resulting from a breach which could have
been reasonably foreseen.
InIn
qBIVXd
j0

Conservation
H
0 energy conservation

consideration, for a; valuable consideration, for
g*Ng

consideration [legal, economic]
Something given, done or foreborne in return for the
promise or act of another party.
kngiN [}?@]
kQW(H{0Y


consolidate maturities, to
V

consolidated balance sheet
A balance sheet in which the assets and liabilities of
a controlling company are combined with the
corresponding items of the organizations it owns or
controls in such a manner as to disclose the financial
position of the related companies as though they
were a single financial unit.
V`
Q:[\`fG]*
Hp!""T{:^
Z^_/*+[\Zi

consolidated income statement
A statement combining the income statements of two
or more associated enterprises as a single economic
unit.
VI
QG~:~:UVl1IV
:^?@^_k

consolidation, land
*d?_*dV

consolidation (of companies)
V[\

consortium (for a country)
:.N!B

conspicuous consumption
!vEuv

constant dollar budgeting
Budgeting where expenses are adjusted for changes
in the purchasing power of the dollar, caused by
price changes.
{|]jy}
QNO|O]|i
O([jy}
l0current dollar budgeting

constant elasticity of substitution - CES
71
____________________________________________________________________________________
Elasticity of substitution which is linearly
homogeneous.
{|}~EsCES
E|}~E

constant energy intensity
{|K7sCES

constant prices
{|NO

constituency, chair of an Executive Director
:(~dH|_

constituent(s) of an Executive Director
(!

constituent subdivision or agency (of a Contracting
State) [ICSID]
.&"&#$ [;.
/fg]

constructed value
>NqN

construction allowance
Allowance paid to those subject to involuntary
resettlement under a Bank project for income
foregone while the resettlers build their houses.
u
l%&'(STF{
gfq$Kz.

construction progress chart
u7

construction sector
,-(1

consulting firm
[\

consumables
uvuE

consumer [telecommunications]
[]

consumer credit
uv

consumer demand
uvcS

consumer durables
uv

consumer goods
uv.N

consumer price
uvNO

consumer price index - CPI
uvNOQRsCPI

consumer subsidy
uvg

consumer subsidy equivalent - CSE
Measures the implicit aggregate tax on consumers
generated by agricultural policy.
uvgsCSE
<01iuve/zE^
_

consumer surplus
uv

consumption bundle
What is consumed by an individual, population.
uv<
:!!uv<

consumption conversion factor - CCF
In evaluating project benefits, a factor used to adjust
welfare change in border prices, based on the
expenditures of the average consumer, when
benefits accrue to consumers.
uvwy-RsCCF
9NSTz/[NOt|
:-RuvAIz:
uv

consumption economy
uvE?@

contact farmer [agricultural extension]
A farmer that has been selected in an agricultural
extension scheme who will assist in spreading new
practices to most farmers in the area quickly.
0U-! [01>?.]
Q01>?f@/0av;
dsR0>?-
72
____________________________________________________________________________________

containerization


contingencies
{j0SS

contingencies, physical
{j0SS

contingencies, price
NO|

contingency allowance; reserve for contingencies;
allowance for contingencies
Sxy!xD!xD

contingency mechanism [IMF/World Bank]
A joint scheme between the Bank and Fund to assist
troubled economies initially applied to Mexico.
#p [./CD!" /%&'(]
%&'(l./CD!"SUV
T0v?@.N2
`

contingency plan


contingent asset
An asset the existence, value or ownership of which
depends upon the occurrence or nonoccurrence of a
specified event or upon the performance or
nonperformance of a specified act.
*`
S`e/HN*8<&:
A{A&S(k
B{kB

contingent commitment [IFC]
* [./Dj[\]

contingent interest
*t

contingent liability
An obligation which is conditional upon the
finalization of certain transactions or may arise in
consequence of a future event now considered
possible but not probable.
*
QS]/<&1921!
:sA{A
/

contingent obligation
Type of IBRD B loan whereby the loan is initially
financed entirely by the commercial lender with
IBRD having a contingent commitment to finance at
a given date (i.e. at the end of the duration
considered normal by the commercial markets for
the specific borrower) the remaining balance of
principal (if any), if the commercial lenders choose
not to finance this amount.
*Z
./-OA'({B|"\;
\k51'(j%&'(*
S*z51
i;\/R{||+1
;51\q*d
1{i,"\j

contingent reserve
Retained earnings appropriated in anticipation of
possible future losses or expenses.
S!xD!xD
{!xD\/tl/A
Iv

continuation rate [contraception]
The rate of continuation of use of contraceptives
after a certain lapse of time.
Z [^]
?V>z1^
:Z

continuing education; lifelong education; recurrent
education
((H(

continuous cropping
{{

Continuously Offered Longer-Term
Securities - COLTS
Program of securities issued by the World Bank,
starting in 1986. Buyers can obtain maturities from 3
to over 30 years as they choose. The program is
indefinite (hence continuously offered) and of a
longer term than the Bank's previous discount note
system. It extends the range of paper available in the
medium-term note market (initially medium-term
meant 2-4 years but now covers up to 30 years or
more).
sCOLTS
73
____________________________________________________________________________________
Q%&'(19866O>A(
@A+36306+
;{;
+%&'(sp]s4
fCDCHf
2-46sYZ306}+

contour bund
*II

contour farming
{

contraceptive prevalence rate - CPR
^)ZsCPR

contract
V
0 arm's-length contract; breach of contract; breach
of contract risk; call order contract; cost-plus fixed
fee contract; cost-plus percentage fee contract; fixed
cost contract; fixed term contract; lump sum
contract; man-month contract; open-ended contract;
percentage (fee) contract; performance contract;
product in hand contract; production-sharing
contract; program contract; risk contract; schedule
contract; schedule of rates contract; "slice and
package" contract; subcontract; take-and-pay
contract; take-or-pay agreement, contract;
time-based contract; turnkey contract; unit price
contract

contract documents
Y)V)

contract out, to
Y

contract performance
Vhi

contract plan
V
0 agreed budget plan

contract price
V,NOVN

Contracting State [ICSID, MIGA]
. [;./fg
#$]

contractionary policy
3

conractor
Y5
0 bonded contract; prime, principal, main
contractor; subconstractor

contractual obligations [IBRD]*
V,^Z [./-OA'(]

contractual savings institutions
Institutions dealing with contractual savings, i.e.
savings that have to be made such as pensions.
#$
Q#$qD(


contribution value [MIGA]
The initial value of the resources contributed by the
guarantee holder to the investment project.
N [#$]
!iSTDN

contributory school; feeder school; preparatory
school
School where students go on to a specific
higher-level school, for which it is the feeder.
`pvg%pvj
&}-pvppv

control
HpWX

controlled flooding
DHDEHpDE

controlled plot; control plot
+

controlling interest
Ownership of a corporation in excess of fifty
percent. Can also be used for ownership of less than
fifty percent if the remainder of the stock is distrib-
uted among many owners.
H}
Q:[\R*V50%*3
50%z"*H}e}{"
*cR

conurbation
VkUV*ks
74
____________________________________________________________________________________

conventional energy
,

conventional terms
,dLtZad

Convention on the Settlement of Investment
Disputes between States and Nationals of other
States [ICSID]
+.NPf.[;[
[;./fg]

convergent indicator
QR

conversion at par
LNw

conversion forest
Forest assigned for conversion to agriculture or
other nonforest use.
wd
!01efFd1*d

convertible adjustable stock
w[

convertible bond
A bond that, at the option of the holder, may be
exchanged for another asset, generally a fixed
number of shares of common stock.
w
H*{wBQ`
LR<:}}\

convertible debenture loan investment [IFC]
w\ [./Dj[\]

convertible release (of 18% currency) [IBRD]
Release by Bank member of its 18% currency for
lending or relending, with permission granted to the
Bank to exchange the 18% currency for the currency
of any other member.
i18%bdw+p [./-
OA'(]
%&'(E.e{\\
18%bd+p%&'(G18%
.wBefE.

cooperative program
V{

core
wgC
0 drill core; dwell core

core commodities [IBRD]
This term is used by the Bank to describe the ten
major world commodities as defined by UNCTAD;
UNCTAD, itself, does not use this term.
wg5 [./-OA'(]
%&'(/QUV.AE!
10%&55:]5UV.AE
{]5

core curriculum
A curriculum design in which one subject or group
of subjects becomes a center or core to which all the
other subjects are subordinated.
CMvWwgvW
vWnef:T!Tf
gwge]TecT

core deparments
wg,-5,-
0 core ministries

core fund [GEF]
The basic funding for the Global Environment
Facility.
wgCD [.*+CD]
Q.*+CDfCD

core hours; core (working) hours
Cz

core housing; nuclear housing
A basic structure, often just the shell, built for
low-income families. Additional facilities are
provided by the family themselves, often in self-help
groups.
2C$Kwg$K
$K*C$*{|
-3NqcInu$
$v!0v

core inflation
The basic level of inflation over a period of time
(e.g. a decade) as opposed to temporary fluctuations
in the rate.
C:ABZ
>zq6C:ABL i
:ABZ
75
____________________________________________________________________________________

core ministries, departments
The key ministries, i.e. planning and finance.
wg,-wg,
+,-ql,-

core process [IBRD]
Includes country, economic and sector work;
country programs; the project cycle and project
evaluation.
C1Zwg1Z [./-OA'(]
./-OA'(wg1ZYZ.NH?@l
,- {.r,STlST9N

core project
A project based on certain key activities as
designated by the Government.
wgST
&1U!+.CMS T

core staffing
wg!xwg!p

core subjects; basic subjects [education]
A subject that is considered so essential that
everyone must have instruction in it.
CMv [(]
FUHx:!Tp%vW

core working hours
Cz
0 core hours

corporate body, institution; body corporate
}!#$

corporate bond
[\

corporate finance
[\Z

corporate income tax [US]; business (profit) tax;
corporation tax [UK]
[\D [].]_1t[\ [
.]

corporate management
[\WX#$[\?_WX[\WX

corporate restructuring
[\![\m[\#$U!

corporate sector
The business sector.
[\,-
l1,-l1&

corporate stocks
[\}\

corporate structure
[\$

corporate tax
[\

corporation tax [UK]; business (profit) tax;
corporate income tax [US]
[\ [.]_1t[\D []
.]

corporatization
Conversion of an economy from state-owned
enterprises to joint stock companies.
[\
.?@.*l1p}{[\p

correction
[|
0 monetary correction

correspondent bank
~X'(./'(

corrugation irrigation
An irrigation method whereby water flows down the
slope in small furrows, called corrugations or rills.
Used for irrigating uncultivated close growing crops
such as small grains or pasture on steep slopes.
CEFEF
X;HC(EFW
}/EF]{q6
d

cost accounting
A specialized field of accounting which deals with
the ascertainment, classification, recording,
allocation and summarization of the various
elements of cost of production, operation and
maintenance (including overheads) of an entity,
using accounting and costing principles and methods
and techniques.
BEBwy
76
____________________________________________________________________________________
ES-&EBwy
uHW}li:`H&_l>
HYZvT(!H""H
zH"l

cost and fee contract
BPvV
0 cost-plus (fixed fee) contract

cost-benefit analysis
B-"P

cost-benefit ratio [UK]; benefit-cost ratio [US]
B-:Z [.]-B:Z [].]

cost center
An organizational unit for which accounts are
maintained containing direct costs for which the
head of the center is accountable.
Bwyfg
:Xwy!"^_eTfYZ;f
g!B

cost-effective
*B

cost-effectiveness
B

cost estimate
B

cost, insurance and freight - CIF
Applies to goods where the seller must pay the costs
and freight necessary to take the goods to the named
destination and procures any insurance required.
BH?vI&vsCIFN
O
QW&QdVl&
vl?vNO

cost, insurance and freight (CIF) port of
entry/border point price
BH?vI&vNsCIF
+NO

cost-of-living differential factor
.vgr[-T

cost overrun
Bv

cost-plus contract
A contract in which the parties agree that the
contractor will submit bills for payment based on
costs actually incurred plus either a fixed fee or a
percentage of those costs.
BIBNV
VefWY5/A
BIvIB
:9l\^

cost-plus (fixed fee) contract - CPFF; cost and fee
contract
A contract in which the parties agree that the
contractor will submit bills for payment based on
costs actually incurred plus a fixed fee.
BIBvVsCPFF
BPvV
VefWY5/A
BIv9l\^

cost-plus percentage (fee) contract; cost-plus
percentage of cost contract - CPPC
A contract in which the parties agree that the
contractor will submit bills for payment based on
costs actually incurred plus a percentage of those
costs.
BI:vVsCPPC
VefWY5/A
BIB:9l\^

cost-plus pricing system
BIBN}

cost price
BNO

cost pricing
BN}

cost-push inflation
A type of inflation caused largely by wage price
spiral, that consists of upward pressure on the cost of
production caused by wage increases, followed by
price increase, then further wage increases and so
on.
B>:AB
Q5-NO:qB:
ABYZAIi`BqB
ON51AIq
*

cost recovery
77
____________________________________________________________________________________
B

cost reimbursable contract
Contract which provides for payment of allowable
incurred costs, to the extent provided for in the
contract.
vV
V,iAv(l
;vV,CH
l0cost-plus fixed fee contract , cost-plus
percentage fee contract

cost sharing
B"v"

cost-sharing fee [APDF]
Set of fees charged by the Africa Project
Development Facility to project promoters in order
to have them share in APDF's costs in preparing the
project.
B"v [FGSTABCD]
FGSTABCDSTA!<-[
vTf";CDST!xVW
fvB

cost underrun
B3jB

costing
ByBwy

cottage industry
Nc1

Council of Governors [MIGA]
XE [#$]

counsel [ICSID]
} [;./fg]

counterfactual
An economic what if? Used to imagine what might
have happened to an economy if some condition was
different from actual reality, e.g. if inflation were
only x%, then...
/>X
?@pf>XW/nq&d
Ps{3.?@EAhi
qq:AB*X%3

counter memorial [ICSID]
In proceedings before ICSID, a response to the
memorial submitted by the requesting party which
outlines the basis for the case.
` [;./fg]
Q;./fgf9
)iPSW9Xixyz{
_

counterpart agency
i#$i#$

counterpart funds
Local currency payments by the ultimate
beneficiaries of a Bank loan or IDA credit that
accumulate in the hands of the government or an
intermediary, in advance of payments due to the
Bank or the Association, as the case may be.
D
%&'(\./OAaE2D
l.LhiSD%
&'(./OAaE(l/
UfDj#$2

counterpart staff
i!

countertrade
The reciprocal and contingent exchange of goods
and services specified by contract, with each flow of
deliveries being valued and settled in monetary
units.
ia
iV!lZ(l*9
ix"9^_(ly

countervailing duty
An import duty established specifically to restore the
competitive position of businesses that are put at a
disadvantage by a tax which raises their costs.
gau+
Q-l1;E-n
u1l1&@v
BH2{td_1

countries in nonaccrual status
2Fi.N [%&'(]

country assistance management - CAM
.ruvWXsCAM

country economic and sector work - CESW
.N?@l,-2{sCESW

78
____________________________________________________________________________________
country economist*
.r?@pN

country exposure [IBRD]
The extent to which a financial institution has lent
money to one country.
i:.N0\R [./-OA'(]

country loan [IBRD]
.r\ [./-OA'(]

country study
.r23

country WID action plan
Plan, at country level, intended to provide an
operational framework, based on sectoral analysis,
for targeting and designing Bank assistance in a
manner that will effectively reach women and
improve both their contribution to economic
development and the benefits they derive from it.
.N;rAB(
Q.Np,-"P:
1Zqr%&'(uvn*
d);ri?@AB)
fD

country-wide project
.EST

coupon bond
c\

coupon equivalent yield
The yield obtained from the difference between the
purchase price and the face value of a short-term
noninterest-bearing instrument, expressed as a
percentage, determined by the difference divided by
the purchase price.
\
{e\Nlg;
gN:"Z/

coupon rate (of a bond)
Interest to be paid regularly on the face value of a
bond or other long-term debt instrument.
\tZ
Qiefl
t

course
vW
0 base course

course interchange [education]
In education, a course with interchangeable features.
vWw [(]
(f*wVvW

covenants [loan agreements]
d\ [\a]

cover

0 plant cover

coverage
?r?DA(/!xD

coverage ratio [loans]*
tPtl:Z [\]

cover crop; nurse crop
A companion crop grown to protect some other crop
sown with it, as small grain is sometimes seeded with
clover.
{{
e]{{/e
]{q*zl16{


covered interest arbitrage
Investing dollars in an instrument denominated in a
foreign currency and hedging the resulting foreign
exchange risk by selling the proceeds of the
investment forward for dollars.
.Lt9
G]ef
9}/^F`j?
kGw]

covering memorandum
A)xyz

covert, concealed, disguised, hidden unemployment
zE1

crawl [noun]
( []5]

crawling peg [rate of exchange]
A form of international exchange in which monetary
authorities make frequent small changes in the rate
at which the nation's monetary unit officially trades
79
____________________________________________________________________________________
with others. In some cases the change is triggered
when certain conditions are met.
6B[jZeE$ [ jZ]
./jefbwijZ{
6B[.^_jZ|dP
(9&1hi[
dxzA

creative financing
Financing using unconventional means, e.g. special
swaps, etc.
qEj
F,W}jqr

creit

0 back-to-back credit; financial credit

credit account [IDA]
Account opened by IDA on its books in the name of
a borrower to which the amount of a credit is
credited.
[./OAaE]
./OAaEef\!]^On
\WD

credit arrangements
_L

credit availability*
DE

credit balance

0 unspent credit balance

credit ceiling; credit limit
++

credit crunch
#

credit facilities
-u

credit-in-kind


credit limit; credit ceiling
++

credit line [IFC]
Credit line (also known as equity line or agency line)
set up by IFC in favor of an intermediary which
would draw on the line to make loan and equity
investments for IFC's account.
7 [./Dj[\]
Q./Dj[\&Djf#$
7";}7~X#$7
7;f#$<~./Dj[\
0(}

credit line on an agency basis; agency line [IFC]
~X#$7~X#$7 [.
/Dj[\]

credit multiplier
The ratio of change in the volume of lending by a
group of deposit-taking financial intermediaries
(especially banks) to the change in reserve assets
which initiated the change. More commonly, it
denotes the ratio of change in bank deposit liabilities
caused by the increased extension of credit, to the
initiating change in reserve assets.
lR
Q!/\Djf#$r'(
\|PO|x`|
:ZLhi]'(AI
A0qB/\|Px`
AE|:Z

credit rating
9-9-

credit spread trades
Investment in higher risk paper on the one hand (in
the case of the Bank this includes agency securities,
Eurobonds and off-the-run securities) and current
government securities on the other. The yield spread
between the two is monitored. When the higher risk
paper is trading at a higher than normal yield spread,
the higher risk security is bought and the lower risk
security sold; when the spread narrows, the trade is
reversed.
gN9
9W?\%&
'("\YZU#$HG
lQWs(U
~ZgNx7
b?\LZgN
(9zu?b?
3bgN36z9uW
(

80
____________________________________________________________________________________
credit squeeze; credit tightening
'33

credit standing
The current creditworthiness of a borrower.
-
Q\!T

credit tightening; credit squeeze
3'3

creditworthiness; financial standing
The likelihood of a borrower to pay back a debt,
based on past credit performance.
-
V.sJ:\!
E

creep

0 grade creep

creeping inflation
H:AB

critical consumption level - CCL
Poverty line at which additional consumption
changes are equally valuable to investment.
/&uvLsCCL
W7Luv|
i/RU

critical path method - CPM
Type of planning method which shows the
interrelationship in sequence of all the activities
involved in undertaking a project. The network of
activities highlights those operations or activities
which are critical for the successful completion of
the project within the scheduled time scale.
+}sCPM
W}]:ST(VWf*
.*+-.(Km
11Z.]i,zBdk
BST/RZ+U

cronyism
!=z!+-

cropping intensity
]7

cropping pattern
Ow

crop-cut method
Method for estimating agricultural production,
consisting of taking a few small subsamples in the
form of small squares, selected by using a grid, and
extrapolating from these results.
{^`}
01`<W}]YZ:WO6
dWf<16m>`<

crop production
0{`

crops
{B

crop tree
?@d

crop year
{67

cross-border; transterritorial
%.&%.

cross-bred progeny [livestock]
The results of crossing two different breeds or
varieties.
9 []
Q~{91~

cross-classification
9""

cross-conditionality clause
A clause in a World Bank/IMF loan agreement that
makes action affecting one organization apply to
both organizations.
9dd\
%&'(P./CD!"\af
Sd\i]f:!"A{(
z]~:!"

cross-country studies
.23%.23

cross-default clause
A clause in a loan agreement specifying that default
on any other loans to the borrower shall be regarded
as default on this one.
9d\
81
____________________________________________________________________________________
\afSd\,\!ief
\i\

cross-effectiveness clause
A clause in a loan agreement that states that the
agreement only comes into effect when the
cofinance loan comes into effect.
9d\
\af:d\RS*UV\
z\a3

cross elasticity
A measure of the influence of a price of one good on
the demand for another.
9cSE
<5NOiQ5cS
EF

cross-over discount rate; equalizing discount rate
The discount rate that equalizes the net present value
of two streams of benefits and/or costs.
9sZLsZ
~SlB;s)L
sZ

cross-placements
90\9

cross price elasticity
Same as cross elasticity.
9NOE
P9cSE

cross rate
The exchange rate between currencies A and C
which is derived from the rate between A and B and
the rate between B and C.
9jZ
QAlCjZ;jZAl
BjZPBlCjZD/
0broken cross rate

cross-reference clause
A clause in a Bank loan document referring to a loan
by a commercial bank.
ld\
%&'(\)flS51'(\
d\

cross-sectional analysis
An analysis on the basis of a cross section, i.e. the
same things at the same time as opposed to a time
series, i.e. the same things at a different time.
"P"P
iz("Prz
[("PW}qi{z
("P

cross-sectional data [econometry]
A set of data involving observations taken at one
point in time.
RR [<?@p]
Q&zV<DtKR

cross section(al) survey
Survey which provides a snapshot of an entire
population or of a sample population.

Q_i[:!rm!:hi


cross section sample
rmrm

cross subsidization
9g

crosswalk document
Document that provides cross references between,
for example, two budgets which use different
systems of classification. The most common form
consists of a matrix which helps the reader to
determine where an item in the multiyear planning
budget may be found in the annual budget.
9E)iE)
Qlv)q{""-
~jy20:
O0v!q67jyf:
6jyT

crowding in
Occurs where government bonds are sufficiently
good money substitutes so that bond issues reduce
demand for money balances, leading to an expan-
sionary impact via their effect on portfolio
composition.

A.B'~?@f
3R.A()34icS:Ve
i!V$BEF`!

crowding out
Any displacement of private economic activity by
public economic activity.
82
____________________________________________________________________________________

[*?@.z_?@.

crude birth rate - CBR
Birth rate for an entire population.
ZsCBR
[:!Z

crude death rate
Death rate for an entire population.
ghZ
[:!ghZ

culled cow
A cow that has been eliminated from the herd
because of disease, low quality, etc.

HgnR


culture fishery
Fish breeding in a controlled environment.
6#1
:!Hp*+(&"61

cumulative charge number [currency pool]
The charge number for cumulative disbursements.
R []
lR
l0charge number

cumulative letter of credit
Form of revolving letter of credit where amounts
from unused or incompletely used portions may be
carried forward and used in a subsequent period.

*k
,",

cumulative write offs
The total amounts written off since operations
began.
a
1Z.O/a

curb market
9
0 over-the-counter market

currency

0 border currency; calling in of a currency;
composite currency unit; domestic currency; 18%
currency; Eurocurrency market; European Currency
Unit; foreign currency; gold-pegged currency; hard
currency; intervention currency; local currency;
major currency

currency-hedged transaction
A transaction where assets/liabilities are matched by
currency.
9
`/9

currency liabilities
In national accounts, the liabilities of a country
denominated in another currency.

.wyf.Q


currency mix
!V$

currency option bond
@A
0 multiple currency option bond

currency pool
A system set up by the World Bank to equalize
among all borrowers at any time the risks inherent in
fluctuations in the exchange rates of the currencies
disbursed and repayable on all Bank loans included
in the system. Equalization is achieved by pooling
all currencies disbursed and outstanding on
participating loans and by expressing the outstand-
ing principal amount of each such loan as a share of
the pool. As a result, loan-service obligations on
each participating loan are related to all amounts in
various currencies disbursed and outstanding on all
loans in the system.
p
%&'(y\lp7
eTbjZAzp7\
!l`%&'(\
j?*\!L8eW
}G*lIp7\!ll
l\Gx
\D:{/
2xlI\l
Ppf*\lll
U-

currency-specific costs
83
____________________________________________________________________________________
B

currency swap
System whereby an institution with funds in one
currency converts them into another and enters into a
forward exchange contract to recover the currency
borrowed.

:#$H*&]wBQ
QkjVe

currency transfer risk [MIGA]
One of the covered risks. Defined as any
introduction attributable to the host government of
restrictions on the transfer outside the host country
of its currency into a freely usable currency or
another currency acceptable to the holder of the
guarantee, including a failure of the host government
to act within a reasonable period of time on an
application by such holder for such transfer.
? [#$]
?e^-{k.U-
<+pek.+
wBD!DQ
uYZk.UVXz
i;D!"OP<(
|

currency translation
Recording in accounts of assets (or liabilities) in one
currency when they are actually in another. No
actual exchange of funds takes place. The World
Bank and IFC, for example, translate all their assets
and liabilities into U.S. dollar amounts, regardless of
the actual currency in which they are denominated.
w
Qi`&(
z/Q*A/D
wq%&'(l./Dj[\G*
`PwyB]D{We/


currency unit
^_

current account balance; current balance*
?T [./]

current account deficit
?ST?ST_g

current account pattern
?TOw

current amount
bD
0 current insured amount

current assets
Unrestricted cash or other asset held for conversion
within a relatively short period into cash or other
readily convertible asset or currently useful goods or
services.
;`
{D+psDe]iz
wBsDefw`)T
Z

current balance of payments
./

current blend [IFC]
A rate used by IFC to assist in determining the
performance of its loan portfolio, it is based on
actual and projected debt to equity ratios.
sztV:Z [./Dj[\]
./Dj[\:Z/0v!e
\`1$]/ljZ
:ZCM

current budget
The projection of income and expense at anticipated
levels of activity rather than in terms of ideal goals.
jy?jy
Qj.L{XZTi
lvj8

current cost [accounting]
Bw[E]
0 current (entry) value

current cost (value) accounting; current value
accounting; value based accounting
Accounting approach designed to reflect changes in
the value of assets or goods themselves for changes
in specific prices by the use of several methods. The
methods commonly used are specific price index,
replacement cost, current entry prices, current exit
prices, reproduction cost and discounted present
values. Current cost deals with the effects of changes
in prices of resources used by the enterprise and is
concerned with values to the business rather than
costs.
BE}zNE}NCME}
84
____________________________________________________________________________________
EW}{W/_NOd
`N|:W}
NOQRHUxBHNOH
NOH`BlssB
_l1NO|e/EF
Uil1N{B

current dollar budgeting
Budgeting where expenses are not adjusted for
changes in the purchasing power of the dollar but
represent actual prices.
s]jy}
jy}{]|iO
([_/NO
l0constant dollar budgeting

current (entry) value; replacement value; current
cost [accounting]
The amount of cash (or its equivalent) that would
have to be paid if the same asset - either an identical
asset or an asset with equivalent productive
capacity - were acquired currently, computed by
applying to historical cost one or more index
numbers (= adjusted historical cost) or by
substituting for historical prices prevailing prices of
equivalent goods and services.
NOUxNOB [E]
Qb<Dm``*
``TlsDeN
ReyW}GS1SQR=
[1BB<
lZs(NO}~NO

current equity investment
}
0 net book value

current exit value; exit value; net realizable value
[UK] [accounting]
The estimated selling price in the ordinary course of
business less costs of completion and less costs
necessarily to be incurred in order to make the sale.
It is often used to determine a measurement of an
asset value in terms of the amount of cash or its
equivalent expected to be derived from the sale of
the asset, net of costs required to be incurred as a
result of the sale.
NONsN [.] [E
]
SDNOW}:1ZVWf
abNOP.kBP.abT
cvv/abS`j
<DsDN(ab`
v/<S`N

current insured amount; current amount [MIGA]
The amount of the guarantee. Some countries use
this amount as the basis for compensation.
?D [#$]
QD*1.N{yC
M

current international payments
./l

current liabilities
Liabilities that are to be paid out of current assets or
transferred to income, usually within one year or
less.
;
:Q6}zc;`/
l

current maturities
That portion of debt falling due for repayment in the
accounting year following the date of the balance
sheet (i.e. within twelve months of the balance sheet
date).
Z6Z
Q`p1E67f
;112:Z3,"


current prices
zNN

current ratio; working capital ratio
Ratio of current assets to current liabilities. It is the
main liquidity ratio.
;:Z;D:Z
Q;`P;:Z5;E
:Z

current revenues


current terms, in
ssz

current value
s

current value
s
85
____________________________________________________________________________________
0 current (entry) value

current value accounting
sE
0 current cost (value) accounting

current yield


curriculum
vW
0 core curriculum

custom retrofitting
WS-U

customs duty bill
Special type of credit in France granted by the state
to corporations to allow them to pay indirect taxes or
customs duty, with a guarantee provided by a bank
or other financial institution. These bills allow the
corporation to defer payment of value-added tax or
customs duties. The state draws up a bill for the
amount in question which the corporation agrees to
pay on maturity.
+\
}.U[\rN'(
efDj#$l+
1\[\9A+.N
[\lDO;\

customs valuation (practices)
+N51

cutoff date [debt]
[Z]

cutoff point (for Bank or IDA financing)
Point at which a country is no longer eligible for
Bank or IDA financing.
./-OA'(./OAaEj
\V
);V.N{*O<D./-OA
'(./OAaE\

cutoff rate (of return) [projects]
The rate of interest (commonly the opportunity cost
of capital or the accounting rate of interest,
Little-Mirrlees method, or the consumption rate of
interest, UNIDO method) below which capital
investment projects should be rejected. It is often
taken to be the opportunity cost of capital. The
cutoff rate would be the minimum acceptable
internal rate of return for a project or the discount
rate used to calculate the net present worth, the net
benefit-investment ratio or the benefit-cost ratio.
23jZ [ST]
;tZL#EBEtZ
Little-Mirrlees}uvtZUV.A!"W
}LST
{#EB23jZ:S
TD23,Zys
H:ZB:ZsZ

cut over forest
Secondary forest that has already been logged but
regrown.
V*dd
VwS-*d




































86
____________________________________________________________________________________
- D -


dam
I
0 diversion dam; earthfill dam; storage dam

data collection
R

dated information
S

day release; block release
The system by which a trainee is authorized to be
absent from work, usually for one or two complete
days a week, with or without pay, in order to attend
part-time courses of related instruction and general
education constituting part of his training program.
f`no
nop7;p7Dno!C"!
`:xH~fe{eT
lInof*+\vl:(v
W

day-to-day money
D
0 call money

days receivable
The average number of days overdue of accounts
receivable. It is used as an indicator of the efficiency
of the commercial operations of a corporation, as it
reflects its ability with regard to collection of bills.
The Bank target is around 60 days.
\L8
Q\L8VfR/{:[\
5Z.ZQ_]W
%&'(T60f

dead storage (capacity)
Mi<{ti

deadweight (losses)
Loss of consumer surplus incurred by buyers and not
captured by producers, which is consequent upon an
initially competitive industry becoming
monopolistic and therefore, ceteris paribus,
charging a higher price and selling a lower level of
output.
MI
QW.`$uv
2;(1Bd11
e]dH{hibNP
`ab<

deadweight tonnage - DWT
The weight in long tons that a vessel can carry when
fully laden.
U_sDWT
Q:9:k1U<

deadwood equities [IFC]
Investments that either have a loss reserve, a
write-off, paid less than half of the portfolio's
average dividend rate the past two years, are
presently valued at less than 1.2 times cost, or whose
prospects for future price appreciation are estimated
to be poor.
} [./Dj[\]
Q&*\!xDlaV.
~6R!VZ{L8}t50%T
N3B1.2/NO
{'

dealer
Wf5
0 securities dealer

dean (of the Board of Directors)
E!H

debenture (bond)
1. U.S.: Unsecured bond.
2. U.K.: Loan secured against specific or general
assets of a company.

1. ].-M
2. .-:[\L`{
\
0convertible debenture loan investment

debt bunching
Z`

debt burden ratio
Interest on debt as a percentage of exports.
:Z
Zt{:":

debt cancellation
<uZ

debt carrying capacity
87
____________________________________________________________________________________
Z

debt consolidation*
Z

debt conversion
Z

debt creating
ZB`Z

debt distressed country
Z.

debt due
Z

debt enhancements
Z!VS

debt equity conversion; debt equity swap
Z}Z}w

debt equity conversion fund [IFC]
Z}CD [./Dj[\]

debt equity ratio; debt to equity ratio; debt to capital
ratio
Mainly used to describe the ratio of total liabilities to
shareholders' equity (net worth). It can also be used
to describe the ratio of long-term debt to equity, net
long-term debt to equity, total or long- term debt to
tangible equity (= equity plus revenue plus capital
reserves). All these definitions are used in the World
Bank and IFC, so care should be taken in translation
to ensure the correct term is used. Other definitions
are used outside the World Bank.
Z}:ZZ:Z
5P}k:Z
"Zi}HZi}
HZi*`}I
Ix:Z*1^%&'
(l./Dj[\z6g
!5!!e]^%&'(


debt equity swap; debt equity conversion
Z}wZ}

debt financing
j

debt forgiveness
ZF

debt-for-health swaps
Exchanges of developing country debt for assistance
for health programs.
ZPuvw
ABf.NZw<uvWX

debt funding
Zj

debt outstanding and disbursed - DOD
lZZsDOD

debt overhang
1The total outstanding debt.
2The total debt that cannot be readily covered by
expected growth.
Z
1xZ
2jA{Z

debt ratio
Ratio of total liabilities to total assets.
Z:Z
i`:Z

debt relief
ZPF

debt rephasing; rescheduling of debt; rephasing of a
debt; debt rescheduling
ZU!U+[+

debt representation letter
A letter from a member to the Bank outlining the
country's external debt.
k[
E.%&'(S;.hi

debt rescheduling; rescheduling of debt; debt
rephasing; rephasing of a debt
U+ZU!

Debt Restructuring Facility - DRF
Z$[\sDRF

debt retirement
Paying off a debt.

xZ
88
____________________________________________________________________________________

debt sales
Zb

debt service coverag
Ratio of net income after taxes plus interest on
long-term debt plus depreciation to debt service.
ZlZ
1IZtIPZ
l:Z

debt-service ratio
External public debt-service ratio (i.e. interest and
principal payments) as a percentage of export
earnings from goods, nonfactor services, and
workers' remittances.
ZxZ
Qi[Zl:Z{
YZHFTYZlZj\
:":

debt service requirements
Zxd

debt service schedule
z

debt servicing capacity


debt strategy
Z4

debt to capital ratio
:Z
0 debt equity ratio

debt to equity ratio
}:Z
0 sebt equity ratio

debt workout program [World Bank]
ZWX [%&'(]

Debtor Reporting System [World Bank]
Z!kp7[%&'(]

decapitalize
P3F

decision maker
!

decision making body
#$

decision-making power


declining balance method; reducing charge method
In depreciation where the annual charge for
depreciation is the amount obtained (a) by applying
a fixed percentage to the diminishing balance of the
asset account, that is the balance after deducting
preceding depreciation provisions; or (b) by
applying a diminishing rate to the original cost of the
asset.
P}P}
z<W}y6-1
i`PP61
::":2i`
B:P:Z

deductible [insurance]
FP [?]

deduction
P
0 tax deduction

deed of trust
[

deep discount bond, note
Bond with relatively low-coupon rate of interest,
offered with a discount in excess of what can nor-
mally be treated as capital gain by the investor.
sA(sN
":tZ3A(zZV
L

deep market
A very active market.
k
9F.

deep sea fishing
"&

deep water port
l

deepening

89
____________________________________________________________________________________
0 capital deepening; capital deepening investment;
financial deepening

deepening of the industrial structure
1$

default [ICSID]
( [;./fg]

default on obligations
{(^Z

defensive expenditures
National accounts concept for expenditure to protect
the environment and to combat those undesirable
aspects of economic activity that lead to
environmental decay, resource degradation and
depletion and pollution.
E
.f:Q*+lX?@
.fo*+HW#l)
{tTO

deferrable participating loan
A loan used by IFC whereby the interest paid is
linked to the profits of the company.
lP\
./Dj[\A0\etP[\
t

deferred charges, expenses
Expenditures carried forward as an asset until they
become relevant (such as an advance rent payment
of insurance premium).
vvv
{`ZOAq
jl?D

deferred depreciation
>

deferred rate and currency setting
tZln

deferred rate setting - DRS
Method of locking in a spread over a Treasury
benchmark while distributing the rate fixing over
several months. Treasury securities are purchased,
with the pricing benchmark being the issue at the
time the borrowing was launched and the securities
are sold when the borrower wants to fix the Treasury
yield component of the borrowing cost. The issue
spread is locked in at time of issue and the Treasury
yield component of the cost is stripped out. Any
decrease in interest rates after the issue date would
mean the Treasury notes could be sold at a profit
which would reduce the borrowing cost of the issue
to a level reflecting the original issue spread and the
Treasury yield at the time the Treasury notes were
sold. Conversely, any increase in interest rates
would mean a loss on the sale of the Treasury
securities and an increase in the borrowing cost to a
level reflecting the higher Treasury yield.
tZ!}tZ!} sDRS
Q$.CNtg!F11:Z
tZW}}.!
e\AzCN51\!.
,"/!\Bz.
A(tgA(z.!B
,"fBu".A(1tZ
)X.Ct"
RG\B)3A(tg
l.abzLtZ
X.abI)\B
.L
0anticipatory rate setting

deferred recovery
Recovery of currency used in lending operations
subject to maintenance of value. Recovery is
deferred for any currency outstanding on loan since
June 30, 1987.

\1Zf(19876
6Z30/\
[

deficiency
H7{
0 vitamin deficiency

deficit country
_g.

deficit financing
j

definitive application for guarantee
An application for a MIGA guarantee, to be made
once investment plans are established. It provides
the detailed information with which MIGA will
determine investor, investment and project
eligibility; the details of the investment to be insured
and the types of guarantees desired; the economic
90
____________________________________________________________________________________
and developmental effects of the project on the host
country and the basis for confirming the economic
viability of the project enterprise.
!OP
Q!1#
$OP;OP#$
PhiN#$
!HlSTVOEOP?
STPhli"S;STi
k.?@lABEF)STl1?
@(E
0notice of registrationpreliminary application for
guarantee

deflate, to
3P:3:

deflation
:3:3P

deflationary gap
:3H

deflator
An implicit or explicit price index used to
distinguish between those changes in the money
value of gross national product which result from a
change in prices and those which result from a
change in physical output.
P3QR:ABQR
SzEENOQRrN|
qB.`N|)
`|qB|
0commitment deflator; GNP price deflator;
implicit deflator; implicit gross domestic product
deflator

deforestation
*d

degree of concessionality
W7

degressive scale
PZ

dehusking; husking
..c

delegation of authority
0

delink, to [foreign exchange]
<u [j]

delinking [foreign exchange]
<u [j]

delinquent taxes
\

delivered at frontier - DAF
Applies to goods that the seller must deliver to the
frontier of the country named in the sales contract.
+9NsDAF
WTabVQ.N+9
l

delivered duty paid - DDP
Applies to goods that the seller must deliver to the
buyers' premises.
k19NsDDP
9NbWTWd9


delivered energy


delivery (of a contract)
V9

delivery of bids
[
0 bid submission

delivery system; supply system
9--

demand deposit
Deposits payable within thirty days.
./\
Q30f</\

demand management
Influence over the wants of buyers, usually
consumers, e.g. advertising.
cScSWX
iW:QuvcSuIEFq
?

demand money
\
0 call money

91
____________________________________________________________________________________
demand note
\

demand pull factors
Factors that attract migrants into another country.
cS=TOT
QOQ:.N.T

demand pull inflation
A rise in prices brought about by consumers and
investors with rising incomes as they compete for a
relatively limited supply of valuable goods.
cS=:AB
uvlAIf
<i*+UeNO


demand shift
cS|

dematerialization of manufactures
The phenomenon whereby the service content of
manufactured goods is increasing.
pBB"P
QpqfZi{AIsa

demerit goods
A merit good in which the merit is negative, e.g.
alcohol consumption.
M
*^*q?"uv


demographic transition; transition*
!$

demonstration activity
C.

demonstration effect
C

demonstration plot
C

demonstration school; laboratory school; model
school; practice school
A school attached to a teacher-training
establishment in order to allow students to observe
experienced teachers at work and to undertake
teaching practice themselves.
Cpvpv Cpv%pv
yCqvcpveTptK*?
(y{((p%

demurrage
The money payable to the owner for the delay for
which the owner is not responsible in loading and/or
discharging after the laytime has expired.
v
F15qBzV,
+l15

dendrothermal power plant
NA

denominated in (dollars, etc.)
]NHN

departmental forces
,-
0 force account

departmentalization [education]
"p [(]

dependency allowance
N

dependency ratio
Proportion of children and old people in a
population in comparison with everyone else.
Z
Q!f&'l!Pef!:Z

dependent
N

depletion allowance, reserve
An allowance for exhaustion of a natural resource.
+7<
QS5+7

deposit
</\
0 geothermal deposit

deposit liabilities
/\

depositor rate of interest; borrowing rate [banks]
The rate of interest paid by banks on deposits.
/\tZ\tZ ['(]
'(i/\ltZ
92
____________________________________________________________________________________

depository bank
A bank that is designated and authorized to accept
deposits of funds belonging to the federal
government or other government bodies, or funds
from other banks which the latter are required by law
to maintain as reserve against deposits.
D'(/\'(
Ql\'(;'(DUUe
]U#$D}Se]'({
!xDD

depreciation

0 accelerated depreciation; accumulated
depreciation; allowance for depreciation; defeered
depreciation; straight-line depreciation

depreciation allowance

0 reserve for depreciation

depreciation on a straight line; straight line
depreciation
}

depressed industry
d1

Deputy [Dev. Comm.; IDA]
~[./OAaEABE]

Deputy Secretary General [ICSID]
[ [;./fg]

deregulate
<uWp

derivative instruments
A contract whose value changes as prices move in a
related or underlying commodity or financial
instrument. The term covers standard futures and
options, as well as over-the-counter swaps, options
and similar instruments.
Dj
VeN,X*+5Dj
NO||]5YZ!l
)H@Ale]"0Dj


design
n6X6m

design capacity
n

design engineering
nW

design speed
The highest continuous safe vehicular speed as
governed by the design features of a highway.
n7
d[nV2_(


design standards
n!

designated forest
Forest legally set aside for preservation or
production.
Q*d
}{\`*d

Designating Authority (of Panel Members) [ICSID]
6!EQt [;
./fg]

designer
nyn!

desk officer
.r1Z!

desk study
X23

desktop publishing
X

despatch money; dispatch money
The money payable by the owner if the ship
completes loading or discharging before the laytime
has expired.
v
jzkBz5l
D

destination taxes
Td

detailed design, engineering
Pn
93
____________________________________________________________________________________

deterrent
<T<

developing island country
ABf.

development
ABOA
0 area development; engineering development;
Evaluation Capability Development Program; land
development; letter of development policy;
management development; manpower development;
site development; skills development; staff
development; whole farm development; World
Development Indicators


development area
OA

development bank
OA'(

development bond
OA

Development Committee*
ABE

development credit agreement [IDA]
OAa [./OAaE]

development drilling
Drilling in a known producing field as opposed to
exploratory drilling.
OAEb
`E(br8E
b

development finance company - DFC
OADj[\sDFC

development finance institution - DFI
ABDj#$sDFI

development period (of a project, of a company)
:ST:[\OA

development planner
OA!AB,p

development planning
OAAB,

deworm


diagnostically related groups - DRG
Groups of related ailments for which identical fee
schedules can be prepared.
@"nsDRG
"+Hp8hvn


diesel fuel; diesel oil


diesel (fired) power plant
A

dietary energy supply - DES
Kilocalories per capita per day of food consumption.
A standard measure of food intake.
<sDES
x!xuvR<
!7

dilution

0 stock dilution

diminishing returns
P
0law of diminishing returns

dip [stockbreeding]
[1]

dipping tank


direct contracting [procurement]
Award of a contract without using competition.
QV []
{?QV

direct costing
The process of assigning costs as they are incurred to
products and services.
By
`lYZfABv!B
VW

94
____________________________________________________________________________________
direct labour

0 force account

directed credit


directed economy
QE?@
0 command economy

direction of lending
\W

directly unproductive profit seeking (DUP)
activities
SF`Et.sDUP

direct overhead budget
In the World Bank, a budget for those overhead
expenses controlled by the manager. Include office
equipment, direct communications, equipment
depreciation, field office costs, supplies and
materials.
WXvjy
Q%&'(?XHp3,"
vjyYZ[nxH:Hnx
H2vH[

direct shopping [procurement]
Procurement based on direct comparison of price
quotations. No bidding documents are used.
N []
ikN:CM({
)

direct workd
W
0 force account

dirty bill of lading
{Q^
0 claused bill of lading

disadvantaged group
=+g=2{td_n

disbursement deflator
Coefficient used to convert disbursement amounts
into constant dollars.
l3P-R
/GlwyB{|]-R

disbursement letter
l

disbursement officer
l@

disclaimer
0YtS{0

disclosure of information


discontinuance [ICSID]
f [;./fg]

discount
s

discount, to [finance]
s [Dj]

discount bond
Bond selling at a price less than its par value.
zl\l
3\NNOA(

discount factor
How much 1 at a future date is worth today.
sRs
/{1|FfN

discount note
Note (i.e. short- or medium-term bond) issued at a
discount from its face value. On maturity, the
investor receives the full face value. The discount
from par, thus, corresponds to the return on the
investment.
s\
QA(\f
\z<D
sb

discount rate [central bank]
Rate at which a central bank (Federal Reserve
System in the U.S.) (re)discounts certain bills for
financial institutions.
sZ [f|'(]
f|'(].Ux'(iDj#$
&1\(ssZ

discount rate [project appraisal; securities]
95
____________________________________________________________________________________
Annualized rate of discount applied to debt
securities issued below par (e.g. U.S. Treasury bills).
sZ [ST9]
Q3A(q]..
6Z
0shadow discount rate; social rate of discount

discount window [central bank]
s [f|'(]

discounted cash flow (DCF) method
A type of analysis based on discounting cash flows
to the present by a given discount rate. It allows an
analyst to take into account the fact that a dollar of
benefit received a year from today is not as valuable
as a dollar of cost incurred today, for example,
because if the cost had not been incurred, the dollar
could have been invested, and in a year's time at an
interest rate of, say, 10%, the capital would have
grown to $1.10. Because projects vary widely in the
pattern of their costs and benefits over time, DCF is
necessary to place them on a common present value
basis for comparison.
sD;<s}sDCF
sZsD;<Bs
"PW}]"P!61
]*Ffv]B
3q;B*v;]
(10%tZy61
|B1.10]ST>z
B$|scDCFW}
G]0sCM(:

discretionary expense budget
In the World Bank, a budget for those expenses
directly controlled by the manager. Include salaries,
temporary staff costs, overtime, operational travel,
representation, hospitality, consultants, contractual
services, internal computing and language services.
vjy
Q%&'(R?XHp31v
jyYZH/zvHImvH1Z
gvHPvHvHNvHYZV
H,ylqYZv

discretionary income
Income available after payment of necessaries such
as housing, taxation, etc.

Qlx$KH\T13,"


discretionary liquidity
The amount of liquidity held by the Bank above the
minimum prescribed.
;D
Q%&'(H*HV23+3,";
D

discretionary spending
#OO

discussion paper
9)9)

disease

0 pest and disease control; vectorborne disease;
water-based disease; waterborne disease;
water-washed disease

diseconomies
Occurs when, as a firm grows larger, management
becomes less efficient, raw material costs rise
because local supplies are exhausted or for similar
reasons.
{?@BvAI
Q,Xl1AB`WXZ)3)
bdef"0e/
NB

disestablish, to
.xX

disguised unemployment; concealed, covert, hidden
unemployment
zE1|1'1

dishoarding
Returning an item to either the real flow or the
money flow so that it can be circulated, consumed or
otherwise used in its intended function.
PH*<
G:0;:;:f
e;:HuvAe*{

disincentive
u[

disinflation
:3:AB

disinflationary
:3
96
____________________________________________________________________________________

disintermediation
1. Shift of funds away from financial inter-
mediaries (commercial banks, etc.) into Treasury
bills and other securities.
2. Shift by large corporations away from banks to
a parallel market, involving other large corporations.
Djf{P
1HGDDjf#$51'(
.lefW.
2H1s[\GD'(lef1
s[\*+L(.

disinvestment
PIP

dislocated worker
!!

dispatch money
v
0 despatch money

disposable income


disposal
2X
0 waste disposal

dispose (of) for value, to
2X

disqualification [ICSID]
{VO<uO [;./fg]

dissaver
</\

dissaving
</\*

distance learning, teaching
Teaching by remote media such as radio or
television.
kWp%H(p
:V?k(p

distress borrowing
Borrowing in a situation of extreme need when there
is no other alternative.
\
Q[crM@Ahi(
\

distressed loan
Loan on which repayment of interest and principal
has been severely delayed or completely suspended.
l*\
QlGUk\

distress price
bNON

distress sale, selling
Nbb

distributional weight
"R

disutility


ditch rider; waterman
Person responsible for supervising an irrigation
area.
EWX
7WE!

diversion dam
A barrier across a stream built to turn all or some of
the water into a diversion.
"
D;q:,,"D
|;

divestiture; divestment
Disposition of an asset or investment by outright
sale, employee purchase, liquidation, etc.
b`2x`
:VbHHxyW2xS
`

divestment
b
0 divestiture

dividend
}tt
0 stock dividend

dockage; wharfage; wharfage charges
vv

97
____________________________________________________________________________________
documentary credit
An arrangement where a bank, on behalf of a
customer, makes payment to a third party or
authorizes such a payment to be made.
v^Uj
'(~:W`l\\
l\_L

documentary evidence
S)[S^

dollar budgeting
Budget planning based on actual cash outlays for the
budget, rather than for a fixed amount of items, with
allowances for cost increases
]jy
jy/sD{"
T{jyef\BAId

dollar gap
When the inflow of dollars into the US is high,
causing a shortage of dollars on the international
market.
]g]H
s<];].qB./]
H

dollarization
]

domestic asset formation; domestic capital
formation
Gross fixed capital formation plus increase in
stocks.
.`B.B
QBI/AI<

domestic content
.`B"

domestic currency


domestic economy
.?@

domestic finance studies
.Dj23

domestic preference; preference margin;
preferential margin; margin of preference
[procurement]
Preference given to certain goods and services of
domestic origin in a bidding procedure.
.7 []
Wfi.`&1lZ
vm

domestic resource cost - DRC
Cost of resources used in products that are not
imported.
.BsDRC
`fFB

domestic resource cost ratio
domestic resource cost coefficient - DRCC
.B:Z.B-Rs
DRCC

domestic savings
.

domestic value added
The value added to a product by local or domestic
activities.
.cI
Qd..`e/AIN

donor country
Rv.R\.

dose response relationships
The direct relationship between a specific amount of
environmental pollution and its environmental
impact. This is the easiest way to cost the effects of
pollution but is not always feasible.
-+-
Q!<*+Pei*+EF
+-8y2sW}
F(

double cropping; sequential cropping
Planting one crop after harvesting another.
~{}{}
C{1Q{{
W}

double-day phenomenon
Phenomenon of women being wage-earners and
responsible for children and household tasks.
sa;rU
Q;rmw"rl
NZsa

98
____________________________________________________________________________________
double digit inflation; two digit inflation
~_R:AB

double entry accounting
An accounting system in which every transaction
results in corresponding debit and credit entries in
the system. All credits equal all debits at all times.
-E-
Ep7efx9"r
WlWM9z#WP
W

double factorial terms of trade
Terms of trade where changes in productivity in both
trading partner countries are taken into account in
order to estimate the division of the real gains from
trade. They therefore vary proportionately with the
net barter terms of trade and with productivity in the
export sector but inversely with productivity
embodied in imports.
TdTd
dU.NW`Z
|/Wf"$/
]|dl,-
`ZB|:Y`ZB
:

double shift teaching system
System where, normally because of overcrowding,
one group of pupils is taught in the morning, the
other in the afternoon.
,p(pp
<(pp7v%V
!p&vQ!p&v

double taxation
A term widely used to describe double taxation of
corporate earnings, once through corporate income
tax and again through taxation of corporate
dividends paid out of after-tax earnings. Also used to
describe taxation paid on income first in one country
and then another.
U@
]5?/RSi[\U@
-S:Vi[\D@S:V
i[\1fl[\t@]5
"RS`S:.N9D51
Q.NlSD

double weighted borrowing cost [IBRD]
When calculating borrowings, the IBRD takes the
amount of the loan, multiplies it by the interest rate,
and obtains a total for the interest. All the loans and
all the interest totals are added. The first sum is then
divided by the second to obtain the weighted
average interest. This is the single-weighted bor-
rowing cost. Recently, the IBRD has obtained the
interest total by multiplying the amount of the loan
by the interest and the number of years to maturity,
to take into account the fact that it has loans of
varying maturities. The weighted averaged interest
obtained from this calculation is called the
double-weighted borrowing cost.
UI\v [./-OA'(]
./-OA'(y\vz\
ltZDtG\It
51``D
IL8t^I\B2./
-OA'(\DltZl
6+vm\*{W}/S
DtW}SDt
UI\B

doubtful debt
'Z

down payment (on the budget deficit)
jy2l\

down time
#z

downgrade, to (a loan)
i&\)-

downloading


downsize, to
36GP

downstream effect, benefit
((

downstream innovations
(m-

downstream plant, facilities
12XHnu

downswing
)

downturn (economic)
99
____________________________________________________________________________________
)?@

downward trend
)V)VW

drainage system
L-
0 storm water drainage system

draw, to (funds)
<D

drawback [customs]
An amount of money which is collected as a customs
duty on imported goods and then refunded when the
goods are reshipped as exports.
L+
z{+@v\{
S&zL

drawdown
\<

drawdown of equity
}

dressing
n`)
0 basal dressing; surface dressing; top dressing;
window dressing

dressing section, hall [slaughtering]
Area where excess fat and bone is removed from a
meat carcass.
" [56]
561*+l,

dribble irrigation
-E
0 drip irrigation

drift fishing
."#

drill core
bg

drilling
b

drilling rig, platform
rLr
0 oil (drilling) rig

drip irrigation; dribble irrigation; trickle irrigation
The application of water to the soil through small
orifices in plastic pipelines.
-E
:V/NW60i*1(2E

droppage [IFC]
When a borrower from IFC decides to cancel a loan
before signature.
<u\./Dj[\
./Dj[\\aQ<u
\

drop out [education]
Lp [( ]

dropout rate [education]
LpZ [(]

drought stress
Stress on a plant due to lack of water.
bcIn
Q{HDIn

drug

0 brand name drug; generic drug

dry farming; dryland farming
A system of producing crops in arid and semiarid
regions without the use of irrigation. Frequently
alternate years of fallow and cropping are practiced.
cd{}
Qbcbc*d{EFW}
`{{p763H6
W}

dryland(s) farming
cd{}
0 dry farming

dryland(s) management
The management of arid and semi-arid areas.
cdWX
QibclbcdWX

dry process [cement manufacture]
Method of manufacturing cement whereby no water
is used in the process.
b} [4pq ]
100
____________________________________________________________________________________
Q4pqVWf{`W}
l0wet process

dual executive director
Executive director of both the World Bank and the
International Monetary Fund.
5(
z%&'(l./CD!"(


dual purpose cattle
Cattle used both for beef and milk.
+6~
Q`+w`6

dummy variable
A constructed variable used as a means of including
factors that are not naturally quantifiable in an
econometric model. It may assume two and only two
values (usually 1 and 0) used to represent the
presence of a factor and its opposite or absence.
7|<
:7$|</YZ?@f{
5<T]~:8"+
~::1l0/~&T)e
iT/{/

dumping
a

dung cake


durable goods; durables
Any consumer good which has a significant life and
which is not therefore immediately consumed.
uv
*bu{uv
uv

dust collector
9
0 precipitator

dust separator
9"
0 precipitator

dutiable
@+

duty free
F+

duty station
{dV

dwelling core
The basic shell of a building often constructed to
allow family or self-help groups to have basic
housing and add additional features themselves.
2C$K
Q*C3N
v!"qC$KcInuf
_

dynamic life index [commodities]
Index in years of a commodity, assuming a specified
growth in rate of production.
6QR [5]
Q5`AZdD
6QR

101
____________________________________________________________________________________
- E -


early intensive adjustment lending (EIAL) country
Country that received two structural adjustment
loans or three adjustment operations, with the first
taking place before 1986.
:][\sEIAL.N
Q3119866ZFDV~$[
\:[ST.N

early (maturing) [crops]
: [{]

early retirement scheme
L3

early warning system
j;-

earmark, to (funds)
Q\

earmarked account
\

earmarked tax
\

earned income
s?_

earned surplus
s?_

earning assets
Loans and investments.
*`t`
\l

earning power
t

earnings
t

earthfill dam
Dam constructed of excavated earth material.
*
<=/*N`

earth resources satellite
One of a series of satellites designed primarily to
measure the natural resources of the earth.
d.
58d.5n-[


earth road
Unsurfaced road made entirely out of earth.
*
k*BH

ease, monetary
Policy of reducing restrictions on the availability of
money, e.g. by easing credit restrictions.
'>0>'
0>+pq0>+p

easy money
A condition in which a combination of relatively low
interest rates and great credit availability exists.
'>3\
QtZ38hi

economic and sector work - ESW
?@P,-2sESW

economic hardship
A reason for delaying Bank or IFC repayments.
?@
>i%&'(./Dj[\\:
X

economic indicator
?@Q

economic internal rate of return
?@,Z
0 economic rate of return

economic life
?@u

economic man
?@!

economic management
?@WX

economic performance
?@&(hi

economic policy note [EDI]
102
____________________________________________________________________________________
?@) [?@ABpq]

economic price; efficiency price
Price reflecting relative value to be assigned to
inputs and outputs if the economy is to produce the
maximum value of physical output efficiency.
?@NOZNO
b?@``Z2szNO_
l`iN

economic rate of return - ERR; economic internal
rate of return - EIRR
An internal rate of return based on economic prices.
?@Z?@kZsERR?@
,Z?@,kZsEIRR
?@NO!,kZ

economic recovery loan - ERL [World Bank]
?@-1\sERL[%&'(]

economic rent
The return for the use of a factor of production in
excess of the minimum required to provide the
service of the factor. The surplus remaining to a
project beneficiary after he receives the rewards
necessary to attract physical inputs, labor,
entrepreneurship and the willingness to bear risk.
?@D?@<t?@kn
QS`TDknV;T>Hs*
c23kn3,"STD
!OHHl1WXl
?{Tckn1,"<`f
*

economic soundness [MIGA]
One of the criteria used in assessing a project before
a guarantee is provided.
?@E [#$]
9STz!

economics of regress
The economics of negative growth. The opposite of
economics of progress.
L?@p
A?@pA?@p5

economies of scale
,?@

economies of scope
Cost advantage of producing different products in a
single firm.
CH?@
Q:l1Rz`{`)B
W

edge bias
In crop evaluations, inclusion of a plant on the edge
of the square delineating the area to be measured,
rather than excluding it, leading to an upward bias.
?xg@xA
9{zG8y|W?
BYZ{LoV
xg

effective demand*
/cS*cS

edit (texts for publication)
Cv)

edited by
vv

editor
C

educational achievements
(B

educational background
p

educational material
(pN(

effective
0cost effective

effective cut-off
0operational cut-off

effective date


effective exchange rate
The domestic market price of a good divided by its
border price. In effect, the exchange rate actually
paid for a given good. Serves as an estimate of the
shadow exchange rate for that good.
*jZ/jZ
&.NOe+NO
/i&/ljZ/;
EjZ
103
____________________________________________________________________________________
0real effective exchange rate

effective interest rate
The true rate of interest paid on an installment loan.
*tZ/tZ
i"l\l/tZ

effective protection coefficient - EPC
A measure of protection through import duties, etc.
as related to domestic value added as opposed to
total value of output. Commonly measured as the
excess value added. It measures the protection given
to the production process per se, not just to the
product. Often useful as a partial, quick indicator of
economic acceptability.
*-RsEPC
<:V}]P.
AI{`+:{A
I]{/<i`8
/<i`VW{
i?@DW7*+HDQ

effective subsidy*
/gZ*gZ

effectiveness
*E
0 conditions of effectiveness; cost effectiveness

effectiveness of an agreement
a*E

effects method [project appraisal]
A method of project evaluation originated by
Charles Prou and Marc Chervel, widely used in
French-speaking African countries, which involves
valuing the product and its tradeable inputs at
shadow prices. A comparison is made between the
situation with the project and without the project.
} [ST9]
QCharles Prou l Marc Chervel S
T9NW}?FG}q.NW}
ENOi`l9(i
{*|STl{M|ST~hi:"
P

efficiency cost of taxation; excess burden of taxation
The difference between the resources that the
government gains and the sacrifice that is made by
taxpayers.
@ZB
QUC<P!{Eg

efficiency price
ZNO
0 econoimc price

efficiency price; efficient price; long-run marginal
cost - LRMC [electricity]
The cost of meeting an increase in consumption,
sustained indefinitely into the future, when needed
capacity adjustments are possible.
ZNO/BsLRMC[]
uvcSM+/AIz*
(T<[Bv

efficiency unit
Z^_

efficiency wage
Wages measured in cost per unit output rather than
in actual wages received or paid.
Z
^_`B{/l<


efficient price; efficiency price; long-run marginal
cost - LRMC [electricity]
ZNO/BsLRMC[]

effluent charges
Payment for direct releases into the environment.
LLv
i*+fL0@v

effluent sewerage; solids-free sewerage; small-bore
sewerage
A hybrid between a septic tank and a conventional
sewerage system. Its distinctive feature is a solid
interceptor tank located between the house sewer
and the street sewer. The interceptor tank retains the
solids, thereby allowing smaller sewers to be laid at
flatter gradients and with fewer manholes.
;LV(L6WL
l:L-L
nueV$FLlGL-
x:G/m
6WLH7nP
`

18% currency [IBRD maintenance of value]
The capital paid in to the Bank by a member country
in its own currency. Members have to pay in 20% of
their initial shares, of which 2% is in gold and 18%
104
____________________________________________________________________________________
in the national currency. This is the 18% currency.
Though subsequent capital increases have required a
lower national currency payment, this amount is still
called 18% currency.
18%.} [./-OA'
(]
QE..%&'(T}{E
.Tl}{zcT20%2-
}{ef2%IDT18%.T
18%z51AzS
T.:)34,"<;
18%

18% currency out on loan [IBRD maintenance of
value]
18%\[./-OA'(]

Egyptian cotton; kidney cotton; Sea Island cotton;
West Indian cotton
)JKL7

elasticity of demand
The percentage change induced in one factor of
demand divided by a given percentage change in the
factor that caused the change. For example, if the
price of a commodity is raised, purchasers tend to
reduce their buying rate.
cSE
&cSTMo|:":O
|T:":|qq
5NOV)3f
Z

elasticity of substitution
A measure of the ease with which one input can be
substituted for another when responding to a change
in the ratio of the prices of the substitution. For
instance, given a production function, suppose that
the ratio of the return to capital to wages declined
1%, making labor relatively more expensive than
capital. If the ratio of the amount of capital input to
labor input used increases more than 1%, the
elasticity of substitution is elastic, which implies that
it is relatively easy to substitute capital for labor.
}~E
}~/}~z<b}~
NO:ZA|z}~W7
q:`NRdn
i:Z)1%3i
vq<i<A
I41%3}~E*E
X/}~i:i
0constant elasticity of substitution

elastic money
The situation occurring in a monetary system in
which the volume of currency in circulation can be
varied to meet different needs.
E
spfsa;:fR
<,c|

electronic funds transfer - EFT
DsEFT

eligibility; eligibility conditions
VOVOd

elegibility ceiling
2VO+7
0 formal elegibility threshold

eligibility to bid
O

elegibility threshold
VO+7
0 formal elegibility threshold

eligible [procurement]
VO*O []

eligible currency
VO

eligible expenses
VOv

eligible host country [MIGA]
A member who is listed as a developing member
country in Schedule A to the Convention.
VOk. [#$]
Q#$[cAf[
ABfE.E.

eligible investment [MIGA]
Investment accepted for coverage under the
Convention. Includes equity interests, including
medium- or long-term loans made or guaranteed by
holders of equity in the enterprise concerned, and
such forms of direct investment as may be
determined by the Board.
VO [#$]
Q#$[,
105
____________________________________________________________________________________
q}efYZ*+l1}kA0
f\)E!ef


eligible paper
Paper than can be freely traded on the market.
VO\
9\

eligible risk
D?VO?

eligible source country
VO/.

embodiment hypothesis
Economic theory which states that investments in
new capital equipment embody technical change.
sn9
?@X9-nxs
|m

emergency reconstruction loan - ERL
-\U\sERL

emergency recovery loan - ERL
-\sERL

emerging markets [securities]
- []

Emerging Markets Growth Fund* -EMGF [IFC]
-ABCDsEMGF[./Dj[
\]

eminent domain
The power to take private property for public use by
the state, municipalities and private persons or
corporations authorized to exercise functions of a
public nature.
@
Q<Dz*`{[t;t
.NHbw)\([z
![\(

emissions trading
Pollution dischargers who release less pollution than
the officially approved limit may sell or trade the
difference between its discharges and the authorized
limits to another firm which can then increase its
amount of discharge.
L0<9 [*+]
L0L0<3@W"!+<
zeL0<"!L0<g
Q5b(91AIeL
0<

empower
\

empowerment
Giving political power to disadvantaged groups, e.g.
women, children.
tOt
2{td_nq;rH&'
t

enabling environment
*t*+

enabling legislation
uE}X

encashment [IDA]
The conversion of notes and other securities paid in
by member countries to IDA into cash.
s [./OAaE]
./OAaEE.l\lef
wBsD

enclave project
Project designed and supervised by foreign
consultants, executed by foreign contractors and
suppliers and managed with the help of expatriates.
PdST
Q.Nnl7QH.Y5l
5(HR!0v(WXS
T

end-of-mission document
gk

end of pipe pollution control
Control of pollution where it is discharged rather
than in the production cycle.
L0Hp
L02{`VWfiIHp

end use (of a commodity)
52

end use (energy) efficiency
2Z

106
____________________________________________________________________________________
end use tax
2

energy

0 alternative energy; biomass energy;
commercial energy; constant energy intensity;
conventional energy; net energy ratio

energy balance*
L}

energy affiliate
Proposed organization, subsidiary of the World
Bank, dealing with lending for energy. Never
actually set up.
c#$
%&'(BA0\c#$
/B

energy assessment
9

energy audit
A survey of energy usage in a system or organization
and an examination of how energy may be used more
economically.
p
Qi:-!"hiv
Kq}?@d

energy cascading
The utilization of energy, otherwise wasted, in the
performance of work matched to the characteristics
of the energy, e.g. the use of waste heat from an
industrial process for a variety of purposes in
sequence, performing work at a lower temperature at
each stage. The sequence may include air heating,
steam raising and water heating.
"-t}
4{veV4eW}
q{Tt1VWf`p
+736IH`g
2HI

energy conservation


energy cropping
The growth of plants to be used for energy needs
(i.e. wood, oil-bearing plants).
{
4c{qSHN
{

energy-efficient
*

energy-intensive
]s<u

energy lending
\

engender
Considering issues from the point of view of gender,
relations between the sexes.
hEErtVvmhEEr
hEErl~E+-Avmt
VlW}

engineered road
A planned earth road.
,`*

engineering
W
0 design; design engineering; detailed design,
engineering; environnmental engineering; financial
engineering; heavy (engineering) industry;
preliminary design, engineering

engineering consultant
WW

engineering design
Wn

engineering development
WOA

engineering industry
W1

engineering, preliminary
WjxW

engineering related technical assistance; hard
technical assistance
Technical assistance geared towards engineering
projects as opposed to institution related technical
assistance.
PW*+uvuv
iWST(uvrP#$
107
____________________________________________________________________________________
*+uv

engineering studies
W23

enhance new debt, to
AI-

enhanced recovery [oil]
Increased recovery from a reservoir achieved by
artificial means or by the application of energy
extrinsic to the reservoir.
KK []
t!c>
fAIO<

enrollment ratio
Ratio of pupils enrolled to total school age
population.
pZ
pp!RPpf&'!R:Z

enrollments
pT!Rp!R

entrept trade
The re-export trade of a country.
f
:.N

entrepreneur
l1N

entrepreneurial benefit-cost ratio - EBC
l1N-B:ZsEBC

entrepreneurship
l1N?U

entries
T
0 accounting entries

entry level
-r

environment satellite accounts
Subsidiary national account for the environmental
sector.
*+
*+,-.?@""

environmental action plan - EAP
*+(sEAP

environmental (advisory) panel
An advisory panel of independent,
internationally-recognized, environmental
specialists, formed to advise on projects involving
large dams. Normally required for Bank large dam
projects.
*+6!
XH./*+N!B6
!eZi)sST
%&'(sST:*
S

environmental assessment - EA
An intensive examination that is required for lending
operation that have diverse and significant
environmental impacts.
*+9N*+9sEA
iEF*+\ST{p
"STi*+*msEF

environmental audit
Detailed study of the environmental problems of an
area or industrial plant.
*+p
i:d*+{P2
3lp

environmental degradation
Deterioration in the environment. Includes
pathogens in the environment, indoor air pollution,
substandard housing and extensive industrialization.
*+)-
Q*+YZ*+f/
63!$K)s,1

environmental engineering
*+W

environmental enhancement
Improvement to the environment. Used by the Bank
to refer to improvement to the environment as an
indirect effect of a project.
*+S
Qi*+{S%&'(/Q:ST
i*+S{

environmental goods and services
Goods and services provided for environmental
protection purposes.
108
____________________________________________________________________________________
*+lYZ
*TlYZ

environmental health, sanitation
*+H

environmental hotspot
Area on the Earth where there is a considerable and
often unique species diversity.
*+V
d.bUH8..XM
md

environmental impact assessment - EIA
Evaluation of the effect of a project on the
environment.
*+EF9sEIA
i:STi*+EF9N

environmental management plan
*+WXWX
0 mitigation plan

environmental reconnaissance
Bank mandated study, carried out by independent,
recognized experts during project identification, to
ensure that potential environmental effects are
identified, ascertain the scope of further
environmental studies and action neededassess the
availability of the borrower to undertake them and
advise on the need for an environmental panel.
*+vK
%&'(STrVWfSKpE23
XH[N!(;23T!
ST'*+EF?DS!c
B(*+23CHlc<(
i\!(23l<((9N
ic:*+6!0

environmental review
The whole process by which the Bank monitors the
environmental effects of projects. It may involve
fullscale environmental assessment or only limited
analysis. It starts with screening at identification and
continues through evaluation after the last
disbursement.
*+9
%&'(78eSTi*+`EFV
W]YZ*+9N*+
"Pr=>pwOH21
lkB1ST9N=>

environmental screening
*+pw

environmental services
Functions performed naturally by forests, such as
maintenance of waterflow patterns, protection of
soil, support of economically important living
resources and regulation of climate.
*+YZ*+
Q*d5kBq>H;Ow*
1i?@UHl6
#

environmental stress
*+*+UV

environmental sustainability
*+HE

environmentalist
*+N

environmentally adjusted domestic product - EDP
*S[.`sEDP

environmentally adjusted economic accounts - EEA
*S[?@wys
EEA

environmentally adjusted income - EAI
*S[sEAI

environmentally adjusted national income - ENI
*S[.sENI

epidemic disease [livestock]
[]

equalization fund
Funds made available by a national government to
subnational or local governments to reduce the
degree of inequality in the levels of revenue raised
by the local governments.
LCDL!CD
f|U-dWUCD/)
3dWUL{LW7

equalizing discount rate
LsZ
0 cross-over discount rate

equalizing rate of return
109
____________________________________________________________________________________
The rate of return that equalizes the present value of
two streams of costs. Used to compare two or more
different project alternatives.
LZ
Q~!B;sZ/:
~:~:{ST@AWX

equilibrating capital flow
8{;

equilibrium climate change
The change which would occur once all the lags in
the climate system have worked through the system,
which may take decades or centuries. 86#|

Q6#-f*z8[:-f
`{hiA|
z16VZ1:6z
l0transient climate change

equilibrium exchange rate
The exchange rate when offer and demand are
equally balanced.
8jZLjZ
c8hijZ

equilibrium income
8L

equilibrium model
L
0 computable general equilibrium model

equilibrium real exchange rate
The price of tradables relative to non-tradables that,
for given long-term equilibrium (or sustainable)
values of other relevant variables such as trade taxes,
international prices, capital and aid flows and
technology, leads to the simultaneous attainment of
internal and external equilibrium and is compatible
with long-term economic growth.
/8jZ
Qe]+|<qH./NOH
)uvl8H
Nd`iF`
NO]o.l.zCD8
P?@A

equipment
nx

equipment grant
nx\nxR

equity
}*

equity; common share [stock exchange]
}\:} [9]

equity capital; capital stock (of a corporation)
The issued share capital which is neither limited nor
preferred in its participation in the distribution of its
profits nor in the ultimate distribution of its assets.
Equity capital is sometimes used as a synonym for
stockholders' equity.
*[\}
QA(}{]lIt"[\
`2"z{D+p"M
;*z"{}k`^
5

equity feature [IFC]
IFC loan which has a feature enabling it to be
converted into an equity participation.
w}\ [./Dj[\]
*wl}V./Dj[\\

equity financing, investment
Investment that confers whole or partial ownership
in an enterprise and entitles the investor to share in
the profits from its operation.
}j}
5CD:l1,
,"*e*"$?_t

equity fund
Money market fund investing in equity stocks.
}CD
Q}\CD

equity grant
P

equity-like instrument
A loan structured in such a way that it can be
converted into equity. An example is an income note
that acts as equity, i.e. it bears interest only if the
project generates interest. This means it has the form
of equity (cf. stocks where income is generated only
if the company pays a dividend). An example of the
use of this type of instrument is in high-risk countries
where an equity investment would be lost at once but
an equity-like instrument, if dollar-denominated,
110
____________________________________________________________________________________
would guarantee the capital and ensure income if the
project produced income.
"0}
wB}\$BWq&
*}\*ST`
z3*tR]*}q
*[\l}hi3`}
\"Dj:
?.N}EW*
"0}q]
$8qST`
CD

equity line [IFC]
Credit line (also known as agency line) established
in favor of an intermediary which would draw on the
line to make loan and equity investments for IFC's
account.
}7 [./Dj[\]
Djf#$7";~X
7e<~./Dj[\0(}


equity loan
Loan in the form of equity participation.
l}\
l}A0\

equity ownership
An interest in a property.
}{*
S`f*

equity portfolio fund
CD

equity ratio
Ratio of assets to net worth.
:Z
`P:Z

equity security
A certificate that designates a proportional
ownership in a corporation. Includes rights, warrants
and long call options.
}\`}\:}
Q&[\f*:*[
YZtHl@A

equity subscription [IFC]
The purchase of shares in IFC by member countries.
}{ [./Dj[\]
E../Dj[\}{

equity-type loan; sponsored loan
Loan made by equity holders of the borrower.
}\!\
\!}k{\

equity underwriting
Underwriting (i.e. finding buyers for a security
issue) a share issue. This technique has been used by
IFC, e.g. for the Korea Fund, a diversified
closed-end investment company investing in Korean
securities, that plans to offer its shares in the U.S.
and other markets with IFC as one of the colead
managers.
}\a
QaA(XSS}\
A(SC./Dj[\&Y.
CD;CD?_WX[
\Y.].lefA
(}\G./Dj[\{~:\?X


escalation
Z B
0 prise adjustment clausetariff esclation

escalation clause [prices]
Clause in a contract which allows for prices to
increase as certain specified items, e.g. labor costs,
increase.
[d\ [NO]
Vfd\b&1STqB
NOzNO
0price adjustment clause

escalator clause [wages]
Clauses in labor agreements providing for automatic
wage increases based on movements in a specific
price index.
[d\ []
Zafd\,&N
QR|

escape clause; break clause; jeopardy clause
A clause in a Eurocurrency agreement specifying
that, if certain events curtail the lender's activity or
the operation of the Euromarkets, other designated
actions will come into effect.
Fd\fd\nd\d\
QGafSd\,s&
\!.G1Zz
111
____________________________________________________________________________________
efj(

escrow
A writing, deed, money, stock or other property
delivered by the grantor, promisor or obligor into the
hands of a third person, to be held by the latter until
the happening of a contingency or performance of a
condition and then by him delivered to the grantee,
promisee or obligee.
~W~W`
P!H!Z!9`W)
[HH\SH}\e]`Z&
yAdD(zf9D
!HD!!

escrow account
Account to set aside a sum of money for a specific
purpose, e.g. loan repayment.

Tq\R
\Sn

estimates of quantities
R<
0 preliminary estimates of quantities

establishment convention; base convention
Basic agreement used in financing a major project.
aCa
:sSTjzCa

European Unit of Account-EUA*
G^_sEUA

Eurobonds
G

Eurocurrency market
G

Euroissues
G

European Currency Unit - ECU
A standard unit of account of European Community
member countries.
G^_sECU
B.:!^_

European flotations
GA(

Eurosterling
G[

evacuation road
\

evaluated portfolio [IFC]
That part of the disbursed portfolio in companies
which have a sufficient operating history for a
reasonable review of their creditworthiness or profit
potential.
N` [./Dj[\]
Q[\l`f?_)z
iet'VXp3
,"`

evaluation [projects]
9N [ST]

Evaluation Capability Development Program -
ECDP [IBRD]
9NOAsECDP[./-O
A'(]

evaluation mission; audit mission
9Np

evidence [ICSID]
[;./fg]

examination (of witnesses or experts) [ICSID]
i!Np [;./f
g]

examination of bids
pw

examiner
K
0 bank examiner

ex ante evaluation
9N

ex ante financing gap
Used by the IMF to denote a gap between the funds
they need and the funds they have available at the
start of a program of financing.
jDH
./CD!":jOz/
cDls*DH

112
____________________________________________________________________________________
excellence center [education]
Training and research institutions for the training of
highly qualified personnel and for undertaking
research in scientific disciplines.
no23fg [(]
no]1!3l(p23nol2
3#$

excepted period
Period that does not count as laytime even if loading
or discharging is carried out.
zz
<({y{z
z

excepted risks
Risks excluded from insurance under a contract.
These often include war, revolution and similar acts
of violence, as well as explosions, damage caused by
radioactivity or aircraft and similar damage.
?
:Vf{YZ?CH?:Y
Z;Hml"0N()^_H0
`P#qBI#l"0In

excess profit [economics not finance]*
t

excess burden of taxation
V7
0 efficiency cost of taxation

excess capacity
Va`a

exchange
j
0 foreign currencyexchange

exchange adjustment
jZ[

exchange allocation
j"

exchange arbitrage
jtjj#9

exchange budget
jj y

exchange control regulations
jWXdjWpd

exchange cost
wjBwjv

exchange discount
j

exchange equalization account
An account to stabilize the exchange value of the
domestic currency by preventing excessive
depreciation or appreciation. Used primarily in the
United Kingdom.
jL!
.n
V"l5.

exchange market
j
0 foreign exchange market

exchange premium
j

exchange rate differential
jZg

exchange rate overvaluation
jjZjjZ

exchange rate policy
jZ

exchange risk
j?

exchange stabilization fund
A fund set up to stabilize the value of the domestic
currency. Used primarily in the US.
jL!CD
.nCD5]
.

exchange system
jp7

excise tax
uv

exclusive economic zone - EEZ
The area beyond and adjacent to the territorial sea
over which the coastal state has sovereign rights for
113
____________________________________________________________________________________
the purpose of exploring, exploiting, conserving and
managing the natural resources of the bed, subsoil
and superjacent waters and with regard to other
activities for the economic exploitation and
exploration of the zone as well as jurisdiction with
regard to marine scientific research and the
preservation of the marine environment. It should
not exceed 200 miles.
?@sEEZ
.NlQ{V200R
:.Nie*5;(
bHOH)WX>H=le
5.i;?@b
lO.)Mp23lM*+
*\}

execute an agreement, to
a(a

executing agency [UNDP]
Organization that implements a project on behalf of
another.
(#$ [UV.OA^]
~Q:!"u:ST!"

Executive Board; Board of (Executive) Directors
[IBRD; IDA]
(EE [./-OA'(./
OAaE]

Executive Director
(

executive summary
S

ex factory price; price ex factory; factory gate price
The manufacturing cost excluding cost of
distribution.
NON
QpqB{YZabB

exhaustion of local administrative or juridical
remedies [ICSID]
bd(\}g,u,4 [;
./fg]

existence value
Value of keeping something (e.g. a species of plant
or animal) even when no benefit is expected to be
derived from keeping it, now or in the future.
/N
/&1kqN
jT/{/fCt

exit barrier
Legal mechanism that prevents from leaving a
market (e.g. liquidating or merging a firm), often
designed to protect workers from unemployment or
to conserve scarce capital resources.
Lg
Lqxy5l1}#
p..{1/bH
Dn

external current account deficit*
i?

exit bond
Instruments issued by a debtor country to a creditor
bank in place of a bank credit, that allows the
creditor bank to be exempted from future requests
for new money and restructuring. Used by Argentina
and the Philippines (with its Philippines Investment
Notes - PIN).
L
Z.\'(A(H~}'(
Dj\'(FiAI-\l
[SC7cl
q-s;PIN

exit mechanism
Procedures to allow users of a service to use
alternative services. In public sector management,
these include deregulation, contracting out of
services to multiple private providers and
competition between the public and private sectors.
The basic concept was developed by Albert
Hirschman in Exit, Voice and Loyalty and adapted
by Samuel Paul to the issue of accountability.
L#p
QSYZef}~YZW
[,-WXfYZ<uWpGYZ
YNz!YZ54[lz_,
-;eCdLH
elfgfheRBI[


exit value
N
0 current exit value

ex-officio [ICSID]
Z [;./fg]
114
____________________________________________________________________________________

expansionary policy
?@!

expatriate
RV

expectation [mathematics]
j [Rp]
0 expected value

expected value
The mean value of single observations drawn from a
finite or infinite universe in repeated samplings.
j
*+M+CH-rmD^St
KNL8

expendable equipment
uEnx

expenditure-switching
One of the policy alternatives necessary to remove
an international trade imbalance. Examples are
devaluation and import restrictions which are
intended to encourage domestic output and also
foreign expenditure on domestic output.

u./{L<ST
@Aq4.`lAI.
.`l+p

expense, to; to write down
P

expert appraisal
N9

expertise
-

explanatory variable; predictor; predicated,
independent variable; fixed variate; regressor
[statistics]
o|<j8TX|R|R
`R []

(explicitly) collusive oligopoly
An oligopoly where participants act as a cartel.
ScEd
1N5i:6{:e(
d(

export adjustment loan - EAL
Loan made by the World Bank to assist a country to
adjust its export sector.
[\sEAL
%&'(0v:.N(,-[
{\

export credit


export development fund - EDF
A self-sustaining revolving fund set up to recapture
the foreign exchange advanced within a specific
period, typically 120-360 days, for use again by
eligible beneficiaries. It provides mechanisms to
give access to exporters to foreign exchange for the
purchase of intermediate inputs. The Bank has made
loans for these funds as part of its Program of
Special Assistance.
ABCDsEDF
Sj>HCDnT
zL120-360fjlj
VOD!U-]#p
5<Dj/f%&'({
eruv,""CD{V
\

export earnings, proceeds


export-enclave economy
Economy which is geared towards the export of one
commodity only (e.g. oil).
Pd?@
Q]V5q?@

export-oriented


export parity price
The estimated price at the farm gate or project
boundary derived by adjusting the cif or fob price by
all the relevant charges between the farm gate and
the project boundary and the point where the cif or
fob price is quoted.
LNNONO
0-ST&dZNN
kNVS*+v([1D
0-ST&N

export processing zone - EPZ
115
____________________________________________________________________________________
An industrial area forming an enclave in the customs
area of a country (generally near a port or airport).
IsEPZ
:.N+BPd1
Ll#c

export rehabilitation project - ERP [IBRD]
Project geared towards improving the export
performance of a country.
-ST-STsERP[.
/-OA'(]
:.NTST

export shortfall
{

export subsidy
g

exports of goods and services - XGS
PZsXGS

ex post cofinancing
Cofinancing after the initial loan has been made, e.g.
by selling part of the loan.
1UVj
:Vqb,"\}(UVj


ex post evaluation
The process whereby the Bank, and in some
instances, an agency of the government, shortly after
completion of project implementation and
disbursements of the proceeds of the loan, review
comprehensively the extent to which the objectives
and expectations of the project, on the basis of which
the Bank loan was approved, have been or show
promise of being achieved.
19N
STukBl\Dlkk1{
%&'(*z:U#$iST(
9p\"!znTlj
?*)

extended linear expenditure system - ELES*
sE-sELES

ex post real interest rate
The actual real interest rate.
A/tZ

exposure
Amount of investment made, with the additional
idea of risk. These translations are proposed. The
translation will often depend on the context.
D
?D?le*?2
)lv/z)

0 bank exposure co-exposure country
exposure

exposure diversification
?"

ex quay (duties on buyers' account)
Applies to goods that the seller makes available to
the buyer on the quay at the destination named in the
sales contract. The seller bears the full cost and risk
involved in bringing the goods to this destination,
except for the liability for clearing the goods for
import, which is the responsibility of the buyer.
9W9W9l\
QWabVfQTdW
WTd,B
l?cWX

extended family
sN*~~!N

extended payment plan
l\WX

extender [gasoline]
g!A<! [2]

extension [agriculture]
>?2B[01]

extension [building]
[]

extension agent, worker
Low-level staff providing assistance and advice to
farmers.
>?!
00vl{!
0field-level extension worker

extension officer
A higher-level staff member providing assistance
and advice to farmers.
>?@
00vl{!
116
____________________________________________________________________________________
0field-level extension officer

external current account deficit
i?

external debt outstanding


external debt reporting system
kp7

external payment position
./hilhi

external review mission
,

external viability
,(E,/.E

externalities [projects]
Costs and benefits of development projects which do
not get captured by the market mechanism, e.g.
revulsion caused by bad taste advertising, garbage
dumped on the outskirts of a city and poor
performance of sanitary services.
,T [ST]
ABSTf{#pHpCHBl
qmn?OoHpq
rHYZ{&

extra long staple cotton
Cotton with fibers of 1 3/8 inches long or more.
=>
=>71 3/8}

extraordinary budget; special budget
Fjy/zjy

117
____________________________________________________________________________________
- F -


face value
\N

facility
DtDj:\CDnunx

fact sheet
hiRS[Chit

factor cost, at - f.c.
TB

factor income
Income derived directly from the current production
of goods and services. There are normally four main
categories: rent; wages and salaries; interest and
profits.
T
szlZ`f`:
*s"-DHDHtlt

factor income payments
Tl\

factor price
The price of a factor of production (e.g. land, labor
and capital).
TNO
Q`Tq*dHlNO

factoring
The purchase of trade debts, usually without
recourse.
~Xj:\\b
Z:MD

factory farming
01

factory gate price
NO
0 ex factory price

facultative reinsurance
Reinsurance of a specific risk.
/z"/z?
i&?(?
l0treaty reinsurance

fair market value
[LN[NN

fair price shop
LN5s

fallacy of composition
A wrong conclusion reached by taking a known fact
about individuals and projecting it to apply to the
entire population.
>9h
G*+:r!>?
!Dt9

family planning


FAO/IBRD Cooperative Program*
UV.0!"P./-OA'(V{

FAO/UNIDO/World Bank Working Group on
Fertilizers*
UV.0!"HA!"P%&'(N{
!

farm
0

farm budget
0jy

farm forestry
Forestry carried out on private farmlands.
0d1
Qz!0?_d1

farm gate price
09NO

farm income
0

farmer-pull innovations
0=m-

farming system
0{p7

farming systems research - FSR
0{p723sFSR

farming techniques
118
____________________________________________________________________________________
01{0?_

farming unit
0{^_

fast disbursing (loan); quick disbursing (loan)
l\

fast-track procedures
Procedures designed to facilitate negotiation of
complex trade agreements. They give the president
authority to conclude such agreements and submit
them to Congress for approval or disapproval
without amendment. Used by the Bush
administration in the 1990-1991 Uruguay Round
negotiations.
:W
-aIJmvW]\
aa9.EM`d"!
].8U1990-19916W=
uVIJfCVW

feasibility study
(E23

fecundity
vH`H

Federal funds*
UD

fee
vv
0 availability fee; backup facility fee; commitment
charge, fee; cost plus fixed fee contract; cost plus
percentage fee contract; front-end fee; guarantee
commission, fee; harbor fees; loan origination fee;
management fee; percentage (fee) contract; service
and support fee; stumpage fee; tuition fees; zero fee
policy

fee-based service [IFC]
Services provided by IFC for which IFC charges a
fee. Includes such services as technical assistance,
advice on privatization, corporate strategies,
financial risk management, project structuring,
setting up capital markets, etc.
vYZ [./Dj[\]
./Dj[\vEYZYZi
YZuvHz*H[\4HZ
?WXHST$H

fee for lodging requests [ICSID]
PSv [;./fg]

fee-for-services basis
vYZCM

feed balance; feed estimate
NLN

feed conversion ratio
Ratio which makes it possible to evaluate feed
efficiency. Obtained from the amount of product
obtained per kilo of feed given to the animal (i.e.
daily average profit/feed).
NZ
9NN::Z0x[w
NCD`<DL8t/N

feed estimate; feed balance
NNL

feed grains
N

feed unit
One pound of corn or its equivalent in feed value in
other feeds which is fed to cattle under normal farm
conditions.
N^_
Q|0d0
*NNefN

feedback (of information)
x

feedback loop
xx*

feeder road
[

feeder school; contributory school; preparatory
school
School where students go on to a specific
higher-level school, for which it is the feeder.
g%pv`pvj
&-pvppv

feedlot
d

feedstock
119
____________________________________________________________________________________
Substance (e.g. gas) used as raw material for its
chemical properties in creating an end product.
NHN
{NtepB"``
q6

fellow [EDI]
23 [?@ABpq]

fertility rate
Births per thousand, usually related to individuals of
same sex, age, marital status, etc.
Z
x!L8Z:ErH6fly
zi!CM

fiber crop
=>{

field
d
0 coal field

field agent
s~X!d~X!

field assignment, mission
{Z{{

field crop
s{

field-level extension worker
s>?d>?

field mission, assignment
{{{Z

field office
2~2

field seeds
The seed of field crops, as contrasted with vegetable
and flower seeds.
s{
r|}l~

field staff
{!!s{!

field trip
dvKsvKg

field unit [agricultural extension]
s{!d{! [01>?]

field work
%{s{d{

field worker
%{s{d{

Fifth Dimension Program
World Bank program whereby the Bank provides
additional IDA allocations to IDA-only countries
that have outstanding IBRD debt, are current on
their debt service to the Bank and have an
IDA-support adjustment program.
`eW
%&'(%&
'(./OAaE.N1.N
(X./-OA'(\|l
zw*S./OAaEH[WX
./OAaE"

filing of claims [MIGA]
Submitting appropriate documentation to support a
claim for a covered loss.
[#$]
]b)HSiI


fill ratio [staff]
Percentage of positions in an organization that are
filled.
!pZ [!]
:#$f?x!{p!:Z

final design
2n

final design quantities
2nR<

final energy; secondary energy
2S

finance lease; financial, full pay out lease
A lease involving payment over an obligatory period
of specified sums sufficient in total to amortize the
capital outlay of the lessor and give some profit. In
other words, the lessee pays the full value of the
asset.
j,Dj,vl,
120
____________________________________________________________________________________
,W,+"!
l,DeRl!
eCDt"R!
l;`,N

finance plan
j

financial adjustment
Z[Dj[

financial claim
DjZ

financial claims of government
UU@

financial contingency
{j0vjxv

financial credit
DjDj\

financial deepening
Acquisition of financial assets at a faster rate than
nonfinancial assets.
Dj
xDj`7VxFDj`
7

financial distress
D

financial engineering
Application of innovative techniques in major
national and corporate workouts.
DjW
Q:V-W}5.Nl[\
Z

financial expenses coverage ratio
Net income plus non-cash charges plus interest
payments divided by interest payments plus current
portion of long-term debt.
ZvlZ
IFsDvItl
tlIZb,"

financial flows
D;<D;

financial futures
Dj

financial intermediary loan - FIL
World Bank loan to a financial intermediary, such as
a central bank.
Djf#$\sFIL
Q%&'(:Djf#$qf|'(
A0\

financial internal rate of return
,Z
0 financial rate of return

financial intrinsics
An alternative word for financial position.
Zi
Zi5

financial lease
Dj,
0 finance lease

financial leverage
Dj#$
0 leverage

financial package
~Z

financial paper
Commercial paper issued by financial institutions.
Dj\
Dj#$A(51\

financial performance, results
Z1$Z{(

financial plan
jZ

financial rate of return; internal rate of financial
return; financial internal rate of return - FIRR
The internal rate of return based on financial or
market prices.
ZZZ,ZsFIRR
ZNOy,Z

financial ratios
Z:Z

financial replicability
Full recovery of the financial costs of the project
121
____________________________________________________________________________________
entity.
ZE
QSTZB,

financial repression
Distortion in the financial system, with negative
interest rates, subsidy interest rates to some privi-
leged borrowers, selective credit allocation, and
excessive bureaucratic control over the financial
system.
Djp
DjpfsaYZtZ&1$
*\!tZg@AE"
)iDjpV@Hp

financial restraint, stringency
Dj3'

financial spread
Income from loans and investments minus cost of
borrowing.
Ztg
\lP.\B

financial standing
ZiH`iHi
0 creditworthiness

financial statement
A balance sheet, income statement, funds statement
or any supporting statement or other presentation of
financial data derived from accounting records.
Zk
SkYZ`HHDk
EzfDmvkefZ
Rk

financial year; fiscal year
67E67

financialization
The holding of assets (e.g. savings) in financial form
(e.g. bills, bonds, cash) as opposed to in the form of
fixed assets (e.g. gold, real property).
Dj
Djq\HHsD{
`qIDHKd`H*`q


financing gap
HDHH

financing package
~j

financing plan
j

fineness (of a precious metal)
D<7

fine tuning (of the economy)
?@

firm bid rule
Principle that a bid is irrevocable for a reasonable
time after bid opening.
N,u
O1VXzN{yuu

first in, first out - FIFO
}sFIFO
0 last in first out

first-loss deductible [insurance]
`IF [?]

first ranking security


first refusal right; preemptive right
Right to have the first opportunity to purchase real
estate when such becomes available, or right to meet
any other offer.
<%
*Kd`e]z*


first year rule - FYR [project analysis]
A method of determining when to start a project.
Two time streams of costs and benefits (using
one-year intervals of discounting) are subtracted.
The project should be delayed by one year if the net
present value of this figure is negative.
26,usFYR [ST"P]
z#M:STW}G~
:z-[Bl6(
sPqDgsRu;
ST>6(

fiscal agent
A bank appointed by the borrower as its agent for a
new issue of securities when no trustee has been
appointed. Its functions include those of a principal
122
____________________________________________________________________________________
paying agent and a number of the clerical functions
but none of the fiduciary responsibilities of a trustee.
~X!
Q*QW!hi\!QN
'({A(S~X!eYZ2
|l~X)1ZE{{YZW
!D

fiscal balance
A balance between the receipts and expenditures of
a government (not just taxes).
jyLL
Q:UP{
L

fiscal drag
1. Reduction in real income due to the increase in
income from inflation, resulting in income earners
being placed in higher tax brackets.
2. Action by public financial authorities with
regard to economic activity.

1:ABOAICD
xZ-o/P
2[bw)?@.W<(


fiscal gap
H

fiscal policy


fiscal revenue


fiscal transparency
Refers to the situation whereby certain partners and
associates in certain companies are deemed to be the
same as the company for taxation purposes. Used in
France.
-S7
QWP[\m!i&1[
\f&1VU!la{C?}.

fiscal year; financial year
67E67

fishing by lamplight; lamplight fishing
)"&

five day biochemical oxygen demand ef
cd<
0 biochemical oxygen demand over five days s
BOD5

fixed assets
`
0 capital assets

fixed capital

0 capital assets

fixed charge coverage*
CH"r

fixed cost contract; fixed price contract
BVNOVNV

fixed costs
B

fixed investment
`

fixed price contract; fixed cost contract
NOVBVNV

fixed-rate financing
tZj

fixed rate matched funding loan
One of two types of fixed rate loans made by the
Bank to IFC, involving amounts in various
currencies from which currency-specific tranches
are established to fund new fixed rate IFC loans on a
back-to-back basis.
tZj\
%&'(./Dj[\~tZ
\\*"
""liaCMi./Dj[\
A0-tZ\

fixed term appointment


fixed term contract
VV

fixed term staff
V{!

fixed variate; predictor
123
____________________________________________________________________________________
|<j8T

fixing see price fixing
!

flag of convenience; open registry flag
YRW

flagship product
Used to describe key publications, summarizing
Bank policy in a major area, e.g. poverty,
adjustment, health in Africa.
{
/Q5S4%&'(
&5WqH[HFG


flagship project
Project used to promote development in a key area,
e.g. environment, women in development.
ST
/&+ABSTq*+H
;rABf{

flat budget
Budget which shows no increase over previous
budget period.
MAjy
Pjy:MAjy

flat rate
vZ8vZ!NO

flattening out
=LL

fleet [transportation]
[&]

flexibility quotient
Number of redeployable staff resources as a
percentage of the total workforce.
.{
U-_L{!PR:"
:

flexitime; flextime
E{z

flight capital
;

flight of capital; capital flight


flip chart
6

float [banking]
Checks, drafts, etc., in the process of collection.
e/['(]
VWf\Hj\

float a loan, to
A(\

floating capital
That portion of the capital of an enterprise not
invested in fixed or other capital assets but in current
and working assets.
;(
Ql1f`ef
`H;`/

floating cash reserve
;sDx

floating rate
etZejZ

floating rate bond
Bond on which the coupon is established
periodically and calculated with reference to
short-term interest rates.
etZ
\!lD
tZ/y

floating rate note
Note issued from five to fifteen years with a fixed
spread, usually over the six month London Interbank
Offered Rate (LIBOR), normally with provision for
a minimum interest rate. Primarily used by banks to
raise dollars for their Euromarket operations.
etZ\
\+5156tZ:6:Z,-
10tZLIBORItg*23
tZ,5'(GI{
]

floating rice
e

flock management; herd management
124
____________________________________________________________________________________
nWX

flood control irrigation
HpDE

flooded rice


flood irrigation; spate irrigation
A method of irrigation in which water is made to
cover the surface of the land to a considerable depth
and remains for a considerable period, after which so
much of it as has not soaked in is drawn off, leaving
the land ready for the growing of crops.
DE
QEFW}DEd7
Hz51Gd0!
x{

flooding
DE
0 controlled flooding

floodplain


floodplain agriculture, cultivation
01{

flood recession crop
Crop planted on land which has recently been
flooded.
L1{
2DV*d{

floodway; high-flow diversion
Natural or man-made bypass channels or conduits
that redirect flood waters around or away from urban
centers or area of high population density.
";
f5!qWOo
Vkkfg!]d

floor price
Usually established by the government, the smallest
price that a seller is allowed to charge.
=N23+N
Q:U,HW23
bN

floor rate of exchange
The minimum rate of exchange.
23jZ

floor return
The amount of annual investment income projected
at the beginning of the fiscal year for the Bank.
23
%&'(67Ozj86


flotation [bonds]
A([]

flotation costs [bonds]
A(v[]

flow
;;<
0 capital flow; capital inflow; cash flow; cash
inflows; concessional flow; discounted cash flow;
financial flows; funds flows; inflow of capital;
nonconcessional flows; official flows; other official
flows; student flow

flow chart; process chart
A graph or chart that illustrates the movement of
money, credit, goods or some other economic
element through various stages. In computer
terminology it is a diagram of the processing of a
problem in a computer by means of symbols and
lines to show either the logic and sequence of
specific program operations or a system of
processing to achieve certain objectives.
;W66
SHHef?@T;?
{=>&6y#qfy
#2X:;W6ldS
WI{Cl)&1T
2X-

flow meter; flowmeter
A meter that indicates the rate of flow of water.
;<;
;7

flow of funds
D;<
0 funds flow

fluidized bed combustion
A method of burning particulate fuel such as coal in
which the amount of air required for combustion far
exceeds that found in conventional burners. The fuel
125
____________________________________________________________________________________
particles are continually fed into a bed of mineral ash
in the proportions of 1 part fuel to 200 parts ash,
while a flow of air passes up through the bed,
causing it to act like a turbulent fluid.
;>>
NqUW}z
6cS<kkV,N1
{N:200{:Z{d
>z6;{>e"
/q4

focus group
UVn

focusing effect
In crop estimations, the effect of selecting one
specific part of a field over another. In most cases,
the tendency is to select the center part of the field,
where crop density is likely to be higher, thereby
leading to an upward bias in the estimates.
ja
Q{`<z@A0&,"{
ef,"Rhi@A
{]7L0fg,"Eo
x

follow-up
1

follow-up financing
1j

follow-up project
1ST

food crop
{

food demand program
cS

food-for-work programme
A programme set up under the World Food
Programme where food is provided as part-payment
to men and women engaged in community
improvement programmes.
~WX
%&^n,-lPhE
SWXr!{,"kn

food grains


food import dependency ratio
The ratio of food imports to the food available for
internal distribution, i.e. the sum of food production,
plus food imports, minus food exports.
Z
QP."`<
I<P.<:Z

food intake
<<

food plant
{

Food Price Index [IBRD]
NOQR[./-OA'(]

food processing industry
I1

food production
`

food security
The availability of adequate food supplies for a
target population.
__
QiT!*

foodstuffs


footloose industry
Industry not bound to particular location by specific
locational requirements and thus can effectively
locate anywhere.
11;1
Q*dVSH{DdV+p
ndW1

forage tree
A tree whose leaves are used for forage.
N{
S{NS

forage unit
Unit of measurement of the energy input of
feedstuffs based on the net energy value of 1kg of
barley.
N^_
1[ws<<N<
126
____________________________________________________________________________________
^_

force account, by/on [US]; direct labour [UK];
direct work; departmental forces
Used to describe a situation whereby the owner of a
project uses his own labor force to undertake the
project, rather than hiring contractors.
</_W [].]W[
.]
ST15{V#Y5/
ST

forced investment
A requirement placed on a commercial bank (usually
in a developing country) that it make specific
investments (e.g. x % of its portfolio must be
agricultural investments), sometimes at a specific
rate.
Kp
i51'(LABf.NR
SqefT*:
01*z*:Z,

forced sale
Kpb
0 liquidation value

forced savings
Kp

foreclosure
<uU

foregone output
0Y`
0 forgone output

foreign assets
.`

foreign borrowing
.\

foreign capital (official, private)
@Wz!.

foreign currency, exchange
j

foreign currency issue
A(

foreign exchange auction
Auction of foreign currency, as used in some
developing countries, whereby the price obtained for
the foreign currency at the auction is the rate of
exchange applied till the next auction.
[Objj
1ABf.Nj[OW
fBNOjZS[
O

foreign exchange component
$Bj,"

foreign exchange cost
jB

foreign exchange coverage fund
j?CD

foreign exchange market
j

foreign exchange position
j

foreign exchange reserves
jx

foreign exchange resources
j

foreign exchange risk
j?

foreign Investment Advisory Service*
.YZ[./Dj[\]

foreign-owned
.*

foreign price
.NO

foreign tax credit
.PF

foreign trade
i

forest canopy
*dS

127
____________________________________________________________________________________
forest fallow
All complexes of woody vegetation derived from the
clearing of natural forest for shifting agriculture. It
consists of a mosaic of various reconstitution phases
and includes patches of uncleared forests and
agriculture fields which cannot be realistically
segregated and accounted area-wise, especially from
satellite imagery. Forest fallow is an intermediate
class between forest and non-forest land uses. Part
of the area which is not under cultivation may have
the appearance of a secondary forest. Even the part
currently under cultivation sometimes has the
appearance of forest, due to presence of tree cover.
Accurate separation between forest and forest fallow
may not always be possible.
3dfd
Qf5*dxX1!x01VW
f*d-Vde]2{q
=>6dP!BYZxXkdl0
M}("l8<e
6P"}q3dddlFd
df=>ddf{,"".q
Sdd,"*z
"."ddiddl3dd?!"
*z{s

forest mining
dO
0 tree mining

forfaiting
The business of discounting medium-term promis-
sory notes or drafts related to an international trade
transaction. Repayments are semiannual and
discounting is at a fixed rate.
f\s
./fif\s1Zx6l
SsZ

forgiveness (of a debt)
ZF

forgone output; foregone output
The use of an input (e.g. labor) in a project which is
thereby prevented from being used elsewhere.
0Y`
q:ST{
r2CD`

forgone revenues*
0Y

form of bid, tender
[C!O

form of contract
!V

formal adherence
||(

formal credit
|,

formal education
|,(

formal eligibility threshold; eligibility threshold;
eligibility ceiling
The maximum limit above which a country is no
longer eligible for IDA financing. In practice, only
countries below the operational cut-off, with the
exception of a few small island economies, receive
IDA financing.
|VO+72VO+7[./OAaE]
V{*OCD./OAaE2
+7/R6.*31
31Z.ND./OAaE
j

formal sector
|,-

formal suspension of disbursements [IBRD]
|l[./-OA'(]

formal vote [ICSID]
|[;./fg]

formation expenses; organization expenses
Ov

forward budgeting
Planning tool to determine government expenditures
for the next few years.
jjy
!F1R6U

forward cover
The arrangement of a forward foreign exchange
contract to protect a buyer or seller of foreign
currency from unexpected fluctuations in the ex-
change rate.
kgk
128
____________________________________________________________________________________
kjV_LjW
W{DjjZEF

forward exchange market
j

forward exchange rate
jZkjZ

forward integration
Refers to a firm whose activities extend over more
than one subsequent stage of the production process
of transforming raw materials into final goods.
V
N2`VWfl1?_C
H)ef:`=>

forward linkage of an industry
The relationship between an industry or firm and
other industries or firms which use its output as an
input. A change in output or price will be transmitted
forwards to users of its product.
`1U-
:`1l1PQ1e`{
`1l1+-`NO
|Ee`

forward-looking
"*k0

foundation seed
The progeny of breeder, select or foundation seed
handled to maintain specific genetic purity and
identity.
CM`~
Q6?@CM1~?2XH
<7lE

founder's share
Shares subscribed by original owners of a business.
!}{
l12}k}{

frame agreement [IBRD]
An agreement between the World Bank and a
member country on cofinancing.
qra[./-OA'(]
%&'(P:E.UV\)Ba

framework cooperative arrangement [MIGA]
V{_Lqr[#$]

franchise


franchising agreement
Agreement where the franchiser provides the
franchisee with a package of resources such as
trademarks, know-how and management assistance
and where his remuneration depends, at least in part,
on the production, revenues or profits of the
investment project. Considered as a type of
non-equity direct investment for the purposes of
MIGA.
a
\P\P~
YZ5HHWXuvekn<
Z,"<ST`H
t#$
F}

free alongside ship - FAS
Applies to goods delivered alongside a specified
ship at the quay or in lighters.
M&d9NOjNOs
FAS
j19NO

free carrier (named point) - FRC
Applies to goods delivered into the custody of the
carrier at the named point.
QdV&!9NsFRC
QdV&!9NO

free-enterprise economy; free market economy
l1?@?@

free (foreign) exchange
Foreign exchange which is freely convertible.
j
wj

free funds [IDA]
Funds provided to IDA in a freely convertible
currency or in a member's currency if available for
financing procurement in the territory of the
member, if there is a reasonable expectation that
such resources will be fully used for procurement in
such territory during the disbursement period.
D[./OAaE]
E../OAaEw
E.;E.*
(dVXjSD
lk;.*(
129
____________________________________________________________________________________


free in and out - fio
A chartering term by which is meant that the owner
who charters his ship is responsible for all the usual
costs of ship management with the exception of
loading and discharging cargo and of putting the
vessel in dry dock if required to do so by the
charterer.
W{vsfio
YqQkWX
*Lv{vlG0x
bqSv

free limit [IBRD]
The limit on a free-limit loan.
+[./-OA'(]
iA0\+7

free-limit loan [DFCs]
A loan which does not exceed the amount above
which onlending is subject to official approval.
+\[OADj[\]
QV+\V+?|"
!

free limit of loan [DFCs]
\+[OADj[\]

free-limit subloan
A subloan which does not exceed the limit above
which onlending is subject to Bank review.
+"\
{V+"\V+?%&
'(p

free market economy; free-enterprise economy
?@l1?@

free of particular average - FPA
Type of marine insurance which does not cover
partial loss and damage.
L_?^I{sFPA
?"{,"IlI#

free on board - FOB
Applies to goods delivered and loaded onto a ship at
a port of shipment specified in the sales contract.
NOM&d9NOs
FOB
]bVf,M&dl9l


free on board (FOB) port of shipment price
M&9NO

free on quay - FOQ; free on wharf - FOW
Same as free alongside ship (FAS)
9NsFOQFOW
P9NsFAS

free on rail - FOR
Applies to goods delivered and loaded to the
railway.
9N9NsFOR
QA

free on wharf
9N
0 free on quay
free port
Area sometimes found in large ports where
provision is made for reshipping imported goods
without taking them through customs.
lMl
Q&1slnx3Rc
&,{:V+

free reserves
Total reserves held by a bank less reserves required
by authorities.
xD!xD
'(H*xDP.bwSx
D

free resource ratio
*`P`Z
0 gearing ratio

free rider [economics]
In banking, a bank that collects full interest due on
outstanding loans without contributing to the new
money loans which provide, in part, the resources to
pay future interest. In other contexts, any party that
benefits from the activities of others without making
any contribution.
MCt{?<t[?@p]
'(1ZfQ:'(s*\
<,lt{lP/
l/t-\e]hiQf!
.fCt{{!

free-standing; self-contained
X-
130
____________________________________________________________________________________

free-standing loan
X\

free-standing project
STXST

free-standing technical assistance - FSTA
Technical assistance independent of a loan.
XuvsFSTA
QX\uv

free trade


free trade area


free trade zone - FTZ; bonded area
sFTZ

freely convertible currency
w

freely usable currency
1. Any currency designated as such by the
International Monetary Fund from time to time.
2. Any other freely available and effectively
usable currency which the Board of Directors may
designate for the purposes of the Convention after
consultation with the International Monetary Fund
and with the approval of the country of such
currency. Will normally apply to the United States
dollars, Japanese yen, Deutsche marks, French
francs and pound sterling.

1./CD!"*zQ"

2?P./CD!"45@D;
.NE*+aTQ
Hl*e]:
]HH.H}.}l[

freeze (of salaries, prices, etc.)
HN
0price freeze

freeze drying
b

freezing, value freezing*
N

fresh fruit bunch - FFB
sFFB

frictional unemployment
E11

fringe benefits
cIt6

front-end cost
v

front-end fee
Fee levied on borrower when a loan is first made.
The World Bank used to levy a front-end fee on its
loans but no longer does.
@cv [%&'(]
\z\!@v%&
'(V.ie\(@cvs?
<u

frontier technology


front-loaded spending
1>?vO_L

front loading
U11>

front loading of the subscription [IBRD]
T}{U1[./-OA'(]

front office
5W[

frozen capital


fruit vegetable
"|}

fuel cell
N

fuel efficiency
NZ

fuel oil
N

131
____________________________________________________________________________________
full budgeting
jy}

full cost accounting
A method of accounting in the oil and gas industry in
which costs of unsuccessful acquisition and
exploration activities are initially recorded as assets
and then amortized as expenses as the total reserves
in the cost center are produced.
E,B}B"}
lf561EW}]2G
Blb.v{`5
1BfgxD`1("


(full cost) nominal budget planning, budgeting
Budget planning based on a fixed overall sum for the
budget, rather than for a fixed amount of items, with
allowances for cost increases.
B]^jy}Hjy}
jy{TRCM
{jy\*BvAId

full cost pricing
,BN}

full member
|B|E

full development, at [project]
([ST]

full mission
JV{

full pay out lease
vl,
0 finance lease

fully allocated cost
Cost derived from the apportionment of the total
costs of operating an enterprise by distributing this
total among the various units or classes or service in
such a manner that the sum of the costs imputed to
each unit or class is made to equal the total costs.
,B"
"BfDBW}G?_:
l11ZB":^_H-Y
Z,-^_-,-Bl
;l1B

fully funded system
p

fully paid stock
Tx}{
0 paid-in stock

functional literacy
^)

funded debt
The debt of a business or government in the form of
outstanding bonds and other long-term notes.
Z
l1Ulef\
Z

funding gap
DH

funding latter maturities
Type of IBRD B loan, whereby IBRD would take
an initial share of the loan up to about 25 percent,
concentrated in the latter maturities.
1\j
./-OA'({B|"\./-
OA'(2{25%2
3,"\f

funding pro rata
Type of IBRD B loan, whereby IBRD takes a pro
rata share of about 10 percent in each maturity of the
commercial loan.
:
./-OA'({B|"\./-
OA'(i{+x51\:
10%j

funds flow; flow of funds
The flow of purchasing power into and out of an
organization. Inward flows include sales revenue,
sales of fixed assets and investments, and issues of
debentures, loans, and shares. Outward flows
include purchases of fixed assets and investments,
repayment of debt, payment of dividends, and
taxation on profits.
D;<D;D;
Q:!";l;;,"YZ
abH`blHA(H
\l}\;,"YZ`l
HZHl}l9tD

funds flow statement
132
____________________________________________________________________________________
D;k
0 statement of changes in financial position

funds-in-trust
Funds held by one agency on behalf of another when
the first agency is implementing a project on behalf
of the other agency.
CD
Q:#$~Q#$(STz~
1/CD

funds statement
Dk
0 statement of changes in financial position

fungible funds
~}D

fungible goods
}~

funk money [UK]
0 hot money

furrow irrigation
dEF

futures
An agreement to take or make delivery of a specific
commodity or instrument on a particular date.
\
,9&5Dj\
V

futures market
Market where futures contracts are bought and sold.

V







133
____________________________________________________________________________________

- G -


galloping inflation
:AB:AB

game
4
0 management game; negative sum game; plus
sume game; zero sum game

gap
gH

gap theory
The process by which tropical forest regenerates
spaces opened by windfalls.
HX
e*dsdVW

gas flaring
The burning of gas in the field as a means of disposal
when there is no market for the gas.
f56
Qf56*aze6f2
XW}

gazetted (protected) public forest
Woodlots which have been subjected to a formal act
of classification or where the State has carried out
reafforestation.
[[*d
Q|}-d.N(U-qd
dd

gearing [UK]; leverage
f{ [.]#${

gearing ratio; free resource ratio; capital gearing
ratio
1. [UK] [= leverage ratio in US] Ratio of
debt/liabilities to equity/assets. Includes debt and
debt-equity ratios.
2. [IBRD] Ratio of capital plus reserves to loans
outstanding and loans disbursed.
Z*DPD:ZZ
1..QZ/P}/`:Z[
].leverage ratio]YZZ:ZlZ-
}:Z
2../-OA'(QIxDi
ll\:Z

gearing ratio [IFC]
Ratio of outstanding investments and guarantees to
the capital base.
:Z [./Dj[\]
QlPCM:Z

gender issues
hEEr

gene bank [plants]
C'([]

gene pool
C

General Algebraic Modeling System - GAMS
[IBRD]
:~R-sGAMS[./-A
'(]

General Capital Increase - GCI
AsGCI

general cargo


general conditions of contract*
Vu

general contractor*
:Y5

general equilibrium analysis
8"PJVL"P

general equilibrium model
<L
0 computable general equilibrium

general government [national accounts]
ULS[.wy]

General Loss Reserve [IFC]
Loss Reserve set up to replace Unidentified Loss
Reserve. It broadens the reserve coverage to the
entire disbursed portfolio, excluding the portion on
which there are specific loss reserves.
LI!xD[./Dj[\]
S!xDn/~}{!I!x
D|]G!xDs,l
\{YZn-I!xD,"
134
____________________________________________________________________________________

general price level accounting; price level
accounting
JVNLwyNLwy

general procurement notice
A notice of bidding opportunities in a competitive
bid. It should contain information concerning the
recipient, amount and purpose of the loan, describe
the goods and works to be procured, indicate the
scheduled date for availability of documents and
specify the Borrower's agency responsible for
procurement. In the case of Bank loans these are
normally published in the United Nations
Development Forum, Business Edition.
[:
Q;Ef#E:eiYZ
\!hiH\DlHiP
WRSH<D)j)
{\!~X#$q%&'(
\[LqUV.AB9-k51


General Reserve(s) [IBRD]
xD[./-OA'(]

Generalized System of Preferences - GSP
:ppsGSP

generated traffic
-A9:<

generic drug
{{D5

geothermal deposit
d<

germplasm


gestation period*
=>

ghost fishing
Fish killed by being caught in lost or discarded
fishing nets, traps and other fishing gear.
E"&
&"pY&ef"&
g

ghost worker
Worker who is drawing pay but is not actually doing
any work, e.g. because he is dead, does not exist or is
doing another job.
E!
</{{!q
ghH{/e]{!

gill fishing
Fishing using a flat net suspended vertically in the
water with meshes that allow the head of a fish to
pass but entangles its gill covers as it seeks to
withdraw.
"&"&
QfL"&&V
l6Lz$

gilt-edged securities
DD

ginning [cotton]
. []

Global Cap Authority [IFC]
Authority given by the Board to IFC to purchase
contracts with interest rate ceilings (caps) and then
sell to its borrowers. It reflects the total amount of
caps, in dollars, that IFC is authorized to make.
.EtZ+V[./Dj[\]
%&'((Ei./Dj[\S\
e*tZ+V
51ebPe\!]_4./Dj[\
\"+V]y

global commons
The elements of the Earth and atmosphere,
comprising the oceans and sea bed, the atmosphere
and outer space, which are not the property of any
one nation or individual and are therefore deemed to
the property of all.
.`
d.ls6B{YZMl>s6l
{:.Nl:!`
*!"`

global depositary receipt - GDR
Instrument that allows trading of stocks on foreign
exchanges when the country concerned will not
allow foreign ownership of the stock of domestic
firms. The shares are deposited with a bank in the
country of incorporation and an affiliate or
correspondent bank in other countries issues
depositary receipts for the securities. They can then
135
____________________________________________________________________________________
be traded on stock exchanges in the same way as
other securities. Used, for example, in Korea.
.}\~/sGDR
Dj].9(}\
9*+.N{.!*.l
1}\hi}G}\}{
/![\.N'(Ref.
Nf:c#$i'(A~/
]9ef
m(9}CY.V

Global Swap Authority [IFC]
Authority given to IFC by the Board to borrow from
the markets up to a level of US$250 million
equivalent through private placements and direct
institutional loans.
.w[./Dj[\]
%&'(E./Dj[\t
e:Vz!l#$
\2b2.5]\

global warming
The predicted excessive warming of the atmosphere,
as a result of the accumulation of atmospheric
carbon-based and other heat absorbing gases.
.|
s6f'C6lef6
j8s6|DV

global warming potential - GWP
The extent to which individual emissions contribute
to global warming.
.|'sGWP
Q:rp6L0EF.|W7

globalization
..E

glued-together household
tV/N

GNP price deflator
.`N3PQR

going concern
?_fl1sz

going price
:(NOs(NO

gold content (e.g. of US dollar)
The amount of gold formally maintained in the legal
tender of a currency. From January 1934 to May
1972, the gold content of the United States dollar
was 0.888671 gram of fine gold. This dollar was
used as the common denominator of the value of
capital subscriptions for the Bank and Fund.
Because the US changed the value of the US dollar,
partially because of the abolition of the official price
of gold, the Fund (in 1978) and the Bank (in 1986)
ceased to used the US dollar for this purpose and
adopted the Special Drawing Right in its place.
D<q]D<
Q.|,D<193461ZZ
197265Z]D<0.888671<D
]{%&'(l./CD
!"}{N!].|
4]N,"ID@Np./
CD!"19786l%&'(1986
64]Tr
\

gold holdings
IDH*<

gold-pegged currency
PID

gold value
IDN

golden share
Single share in a privatized company which gives the
holder (usually the government) the right to block
certain key decisions.
D}
?Vz*q[\}k:U
^}{e*i&1+E(


good practice project
Project using good project design and a good
approach to a special operational emphasis area,
such as women in development.
{'?|ST
&1ZUVq;rAB
'STnl'}ST

goods and services
lYZ

goodwill
5jj

136
____________________________________________________________________________________
goodwill clause
A clause in a Paris Club loan agreement that
commits the creditors to consider debt relief after the
end of the stipulated consolidation period. In return,
creditor countries ask the debtor country to meet two
conditions. Firstly, the debtor country must have
secured debt relief from creditors not covered by the
Paris Club agreement and secondly at the time the
creditors agree to review the need for further debt
relief, the country remains eligible for use of upper
credit tranche IMF resources.
Sd\Sd\
,\afSd\,.
,V1(ZPF{
.SZ.~:d-`
Z.T$*,a.*
ZPF`.iB
ZPFTE(pzZ.<5
VO./CD!"D

governance
The exercise of political power to manage a nation's
affairs. Public service that is efficient, a judicial
system that is reliable and an administration that is
accountable to its public.
WXHp
Q(t/WX:.NZ*
[YZHj}p7)i[}
(bw

governing law
WX}Hp}

government
U

government bond
U[.

government expenditure
U.NO

government-owned programs
U,U,U
,

government paper
UA(*NU

government receipts, revenues
UU

government securities
U

government services
UYZ

grace period
The period allowed in a loan schedule during which
repayments of loan principal need not be made.
+
\\zf,{D
>z

grade creep
Tendency for the employees of an organization to be
in a higher average classification as people rise up
the scale but do not leave the organization.
B-
:!"{O;!"hi
B-"rVW

grade ratio; retention rate [education]
Ratio between enrolment in a given grade and
enrolment in the previous grade the previous school
year.
-:Z[(]
Q:6-ppP:6-:p
6pp:Z

grading
-
0 land grading

graduate, to [Bank, IDA]
k1[%&'(./OAaE]

graduated tax


graduation [IBRD]
k1[./-OA'(]

graduation mission [IBRD]
k1[./-OA'(]

grandfather clause
{Dd\

grant basis, on a
\(

grant element
137
____________________________________________________________________________________
PB"

grant equivalent
\

grant-in-aid
uvER

grant-like contribution
REv

graphical user interface - GUI
y#6&sGUI

grass root plant; greenfield plant
2-

grass root(s) level, at the
C

grass roots organization
C!"

graveling; regraveling
U

gravel road


gravity check irrigation
;CEF
0 bordercheck irrigation

gravity irrigation
;EF

gray cotton; light gray cotton; blue stained cotton
A discolored cotton which has been stained to a gray
color by exposure.

N|

gray market

0 grey market

green projects
Projects concerned with the promotion of
sustainable natural-resource management and the
reduction of resource degradation, including
agriculture and land management, forest
management, water-resource and watershed man-
agement, marine and coastal-zone management, and
biodiversity conservation.
eST
QPH5WXlPL
*+STYZ01l*dWXH*dWXH
l;WXHMldWX)
mE
l0 blue projects, brown projects

greenfield investment
&2S

greenfield plant; grass root plant
2-

greenfield project
2ST-ST

greenhouse effect
Increased retention of heat energy by the Earth's
atmosphere as a result of increased emissions of
carbon-based and other heat absorbing gases,
including chlorofluorocarbon and carbon dioxide.
+
{AI'Clef6L0Y
ZHIJld'\d.s6f
{AI

greenhouse gas - GHG
Gas that helps cause the greenhouse effect. Includes
carbon dioxide, methane and chlorofluorocarbons.
+6sGHG
qB+6YZd'HClH
IJ

greenhouse index
Net emissions of three major greenhouse gases
(carbon dioxide, methane and chloro-
fluorocarbons), with each gas weighted according to
its heat trapping quality, in carbon dioxide
equivalents and expressed in metric tons of carbon
per capita.
+Q
Q5+6d'HClHI
JL0<x6ecI
yBd'b<!8'[

green labeling
Labeling goods that are considered environmentally
sound. Has been proposed for wood grown under
sustainable conditions.
eQ
138
____________________________________________________________________________________
*+_IeQ
}HdSd

green manure
e

grey market; gray market
Market in bonds that have not been given a firm
price.

QAN

gross budget
Bank budget including non-Bank resources (e.g.
from Trust funds and reimbursable programs).
jy
YZF%&'(q/CDH
,%&'(jy

gross calorific value - GCV; gross heating value -
GHV; higher heating value
Total amount of heat produced by combustion.
`s GCVsGHV

Q`

gross disposable income *


gross domestic income - GDY
Gross income from domestic as opposed to foreign
sources.
.sGDY
/.P/.r

gross domestic investment - GDI
Outlays for additions to the fixed assets of the
economy plus the net value of inventory changes.
.sGDI
:.NAI`OI/|


gross domestic product - GDP
.`sGDP
0commercial commercialized GDP
monetized GDP

gross domestic product at factor cost
The gross domestic product at market prices minus
the difference between indirect taxes and subsidies.
TBy.`
NOy.`P.P
gg

gross domestic product at market prices
The sum of the income accruing from production,
i.e. the provision for consumption of fixed assets,
compensation of employees, operating surplus and
the excess of indirect taxes over subsidies.
NOy.`
Q`<D-uxl
`VD_1lVg
,"

gross earnings margin [banks]; gross margin;
banker's spread; banker's markup
Interest received on loans less interest paid on
deposits plus other income (interest received on
investments, gains or losses in foreign exchange
operations and commissions and fees received and
paid).
/Qt['(]/'(Ntg'
(NQt
eyW}-\tP./\t
IeftHj1
ZH#DH)vllv

gross enrollment ratio
pZ
0 gross (primary) enrollment ratio

gross fixed capital expenditure; gross fixed
investment
The addition during a period of time - usually a year
- to a country's stock of fixed capital without making
any allowance for the depreciation of the existing
fixed capital.

zL6:.N
s//<AI

gross fixed capital formation - GFCF
The outlays of industries, producers of government
services and producers of private non-profit services
to households, on additions of new durable goods to
their stocks of fixed assets less their net sales of
similar second-hand and scrapped goods. Excludes
government outlays on military goods.
BsGFCF
Q`1HUZ`l#z!F
tEZ`vf`/<
-AP."cl
ab{YZU

139
____________________________________________________________________________________

gross fixed investment; gross fixed capital
expenditure
The addition during a period of time - usually a year
- to a country's stock of fixed capital without
makingany allowance for the depreciation of the
existing fixed capital.

zL6:.N
s//<AI

gross heating value - GHV; gross calorific
value - GCV; higher heating value
Total amount of heat produced by combustion.
sGHV`sGCV

Q`<

gross margin; banker's spread; banker's markup;
gross earnings margin [banks]
Interest received on loans less interest paid on
deposits plus other income (interest received on
investments, gains or losses in foreign exchange
operations and commissions and fees received and
paid).
/'(Ntg'(NQt/Qt
['(]
eyW}-\tP./\t
IeftHj1
ZH#D)vllv

gross material product - GMP
Corresponds to gross domestic product less output
of certain services, such as public administration,
defense, education, health and social insurance.
Used instead of GNP in state-trading countries.
`01`sGMP
P.`iyW}.`
P.&1Z`q[(H.H(
HlhE?._.NR/
~}.`

gross national income - GNY
Gross national product and a terms of trade
adjustment. The terms of trade adjustment reflects
changes in the capacity of exports to buy imports.
.sGNY
d([1.`
d[_t
|

gross national investment - GNI
The total of new capital goods built with allowing
for wear and tear on existing capital.
.sGNI
Q-q<P.s/
I

gross national product - GNP
.`sGNP

gross operating profit
Difference between total output per period and the
costs of goods and services purchased to produce
this output less cost of labor and taxes (excluding
income tax). The English term is invented as the
concept does not exist in US and UK accounting.
_1t
x`Pe`lZ
BgP.lD{YZD
B)]5q/
].l.Ef{/

gross (primary) enrollment ratio - GER
Total number of children enrolled in school as a
percentage of the school-age population.
(pZsGER
&'pR{pf&'R:":

gross (register) tonnage - GRT [shipping]
A measure of the total space of a vessel in terms of
100 cubic feet (equivalent tons) including mid-deck,
between deck and the closed-in spaces above the
upper deck, less certain exemptions.
_sGRT[&]
i<<^_100Wb
<YZfHP
iP.F,"

gross value product - GVP
The total value of all agricultural production for a
given country in a given year, expressed in constant
dollars.
`sGVP
Q&.N&601`{|]
y

groundwater table
d_6

group credit


Group of Fifteen
140
____________________________________________________________________________________
Created in September 1989 to promote South-South
cooperation, it consists of Algeria, Argentina,
Brazil, Egypt, India, Indonesia, Jamaica, Malaysia,
Mexico, Nigeria, Peru, Senegal, Venezuela, the
former Yugoslavia and Zimbabwe. Chile joined in
1993.
15.
198969ZT>m-mV{BY
Z7e)tiH7cHH)HL7HL
7iHIH/iH`Ht
iHHIeH=HmT=l
8t19936I

Group of Five
Informal meeting of senior officials (usually
ministers of finance or heads of state) of the five
most industrialized nations (France, Germany,
Japan, UK, US).
5.
5:2s1.N}.H.HH
.H].-@:,.N2
F|E

Group of Seven
Informal meetings of senior officials (usually
ministers of finance or heads of state) of the seven
most industrialized countries (Canada, France,
Germany, Italy, Japan, UK, US).
7.
7:2s1.NI~sH}.H.H
stHH.H].-@:
,l.N2F|E
l0Group of Five

Group of Seventy-Seven
Set up in 1967, it is an informal meeting of senior
officials/ministers/heads of state of the developing
countries. It currently has 128 members plus the
PLO.
77.
19676BABf.N-@/,/.N
2F|ET*128IZJT
H0!"

Group of Ten
Also known as the Paris Club, it consists of the
wealthiest members of the IMF that provide most of
the money for lending. It currently has eleven
members: Belgium, Canada, France, Germany,
Italy, Japan, Netherlands, Sweden, Switzerland, UK,
US.
10.
;,./CD!"f
\22*B.!Bs*11:B
.-:tzHI~sH}.H.HstH
HHHH.l].

Group of Twenty-Four
Set up in 1972, it exists to promote the interests of
developing countries in the IMF. Current
membership: Algeria, Argentina, Brazil, Colombia,
Cte dIvoire, Egypt, Ethiopia. Gabon, Ghana,
Guatemala, India, Iran, Lebanon, Mexico, Nigeria,
Pakistan, Peru, Philippines, Sri Lanka, Syria,
Trinidad and Tobago, Venezuela, former
Yugoslavia, Zaire.
24.
19726BT>./CD!"fA
Bf.Nts*B.YZ7e)tiH
7cHH`,:iHiH)H
:iHIHIHd=HL7HH
H`HtiHCTHHH
HTRHtiH)l`H
=HmT=l9e

group travel [World Bank]
Travel by Executive Directors to member countries
outside their constituencies.
[%&'(]
%&'(((f@
E.

growing concern
Afl1A

growing period
Period during the year roughly between spring and
autumn when crops grow, usually from seed to full
maturity and ripen for harvesting. It corresponds to
the period when mean daily temperatures are above
6 degrees C.

sQ6fyy{:
{kBC>z
L8+767

growth accounting [econometry]
Decomposition of the observed rate of economic
growth of a given country into components
corresponding to factors of production responsible
for growth.
Awy}[<?@p]
G.?@AZ>A`
TB{("
141
____________________________________________________________________________________

growth lag*
Ag?@A

guarantee authority
~X+

guarantee capacity [MIGA]
[#$]

guarantee commission, fee [IBRD]
Commission payable periodically (e.g. to IBRD) as
compensation for the risk in guaranteeing a loan.
v#D[./-OA'(]
S\?l#Dq
./-OA'(

guarantee currency
The currency designated as the currency for the
guarantee in the contract.

VfQ

guarantee holder [MIGA]
Holder of a guarantee issued by MIGA.
D! [#$]
#$QAH*!

guarantee leverage
#${

guaranteed percentage
The percentage of each loss for which the guarantee
holder is entitled to compensation under the
contract.
:U
QH*!V,*O<DSI
:":

Guaranteed Recovery of Investment
Principal - GRIP [IFC]
A financial service offered by IFC, involving the
structuring of IFC and co-investor equity exposures
in such a way as to take advantage of differences in
their risk-preferences and perceptions, generating
benefits which can be shared by both. An investor
making an investment in the equity of a developing
country enterprise, instead of making the investment
directly, gives the money to IFC in return for a U.S.
dollar debt instrument. IFC makes the investment in
its own name but has a contractual agreement with
the investor regarding voting of shares, management
and long-term strategy for the enterprise.
DsGRIP[./Dj[\]
./Dj[\SDjYZYZ[.
/Dj[\leUV}$
tfi?@Al"}{`W
$b:Zi:ABf
.Nl1{}zf{
G9./Dj[\w!].
/Dj[\]^(P
*{+;l1}{\HWXl4
VEa

Guidance
Qo
0 vocational guidance

guidelines
!u

guiding price
QoNOQNO
142
____________________________________________________________________________________
- H -


hairy cotton; upland cotton
cd

halfway country
A country that is on the way to being industrialized
but is not yet fully industrialized.
A).N1.N
Q:|21VWf*ks
1.N

handles
c>
0 tax handles

handling charges
cv&v

harbor dues, fees; port dues
Charged for the use of the port by the ship and its
cargo.
lZvl
Qi)el<v

hard-blend countries
Country receiving more loans from IBRD than
credits from IDA.
\:Us.N
D./-OA'(\./OAaE
.N

hard coal; anthracite
M

hard component [projects]
B" [ST]

hard copy
L)

hard core [projects]
wg[ST]

hard currency; strong currency
:

hard loan
\./-OA'(\

hard loan window
\

hardening of loan terms
\d\d

hardship allowance
dg

hardware


harmonic mean [statistics]
A special kind of mean which is determined by
calculating the mean of the reciprocals of the values
concerned and then calculating the reciprocal of this
quantity.
lL8RRL8R[]
8RSDW}S*+R
8RS8RR

harnessing
Xt

harvest fishery
"&1
0 capture fishery

hardwood forest
dSd

head gate structure [irrigation]
2--[EF]

head hunting
!3

head tax; poll tax; capitation tax
!

headcount index (measure) of poverty; headcount
ratio - HCR
A useful way to measure poverty by expressing the
number of poor as a proportion of the population
although it ignores the extent to which the poor fall
below the poverty line.
!<Q!:sHCR
!P!:<W7
*W}5*vm
!W7

headroom [World Bank]
The difference between the statutory lending limit
143
____________________________________________________________________________________
and the value of loans that are disbursed and
outstanding.

Q\}+ll\g

health delivery system
8hp78h-

health maintenance organization - HMO
An organized health care delivery system where
participants pay a fixed, regular sum and receive an
agreed range of health services from an approved set
of health care providers. Health system where
medical care is provided directly by salaried
employees in facilities owned by the HMO.
8h!"s HMO
:*!"8h-lIl
?Ev:?"!8h#$
D?CH8hYZ
8h!"#$V#!8
hYZ8hp7

health post
@

health screening


heating oil
<

heat rate
Zi<

heat trapping
The ability of a gas to prevent heat escaping from the
Earth's atmosphere.
+
Q&6<d.s6fu

heat trapping gas
Gases, such as carbon dioxide and methane, that trap
heat in the ozone layer.
+6
Q&6qd'lCHd
f<

heat value


heavy commodities
UU5

heavy engineering industry
U#1

heavy fuel oil
UN

heavy industry
U1

heavy oil
U

hedge [securities market]
Security acquired to cover possible loss on
speculative investments.
9 []
^F#EqBI


hedge buying*


hedge clause
^d\9d\d\

hedge selling*


hedging
9 i

hedonic price analysis
Economic analysis technique which takes into
account the implicit prices of specific characteristics
of properties. For example, in the environment field,
it places value on improvements or deterioration in
environmental quality.
NO"P}
vm&1EzNO?@"
PW}:q*+R]i*+<
SN

held protfolio [IFC]*
H*[./Dj[\]

herbaceous cotton; Levant cotton; American short
staple cotton; Arabian cotton
].7=>

hidden hunger
zE
144
____________________________________________________________________________________

hidden inflation
zE:AB

hidden profits*
zEt

hidden reserves
z`zx

hidden unemployment; concealed, covert, disguised
unemployment
zE1|1

high absorber [oil exporter]
Oil exporting capital surplus country which is a net
importer of capital and has been able to make full
use of revenues from oil production for domestic
development. Includes Algeria, Ecuador, Gabon,
Indonesia, Nigeria and Venezuela.
K.N [.]
Q..
w"t`/AB.?@
.Nq7e)tiHeHIHL7
iHtil=

high-flow diversion
"
0 floodway

high fructose corn syrup - HFCS
sHFCS

high income countries
.N

high performing economy
1$'?@

high school
f
0 junior high school

high-power(ed) money


higher heating value; gross heating value - GHV;
gross calorific value - GCV
Total amount of heat produced by combustion.
sGHVGCV
`<

higher income brackets
S

higher level staff
-

higher training
-no

highest bidder
N2!

highland rice; upland rice; mountain rice
cH8d

highly indebted country
Z.

highly leveraged
#${si`:Z

Highways Design and Maintenance Model - HDM
[IBRD]
A mathematical model based on two earlier models
developed by the Massachusetts Institute of
Technology and the Transport and Road Research
Laboratory, UK, used to determine the total
life-cycle transportation cost, provide economic
comparisons for large numbers of alternative
designs and maintenance policies and search for the
lowest total cost alternative.
[nls HDM[./-
OA'(]
:Rp]Xpql.&P
[23:OA~:CM
;[[:&
Bis<}~EnWXl
(?@:23B}~WX

hillside farming
d0101

hire purchase [UK]
"l\ []

historical cost
BB

historically valued assets
N`B`

hit-and-run project
145
____________________________________________________________________________________
Project where an investor takes advantage of local
tax laws to operate a project (e.g. mining, textiles)
under a tax-free regime and then withdraws as soon
as he is liable for taxation, often leaving severely
depreciated equipment or exhausted mineral
reserves.
(ST
Qtbd}Fp7?_S
TqH*"V@dz
y\"GUnxl


holding company
H}[\

holdings [foreign exchange, gold]
jHIDH*

home country [MIGA]
The country or countries whose membership in
MIGA made the Guarantee Holder eligible under
Article 12 of the Convention Establishing MIGA to
receive the guarantee provided for in a contract.
b..[#$]
#$E.1.ND!
*O#$[`12d,
DV

home leave allowance [World Bank]
.b [%&'(]

horizontal equity
Treating taxpayers with the same amount of income
equally irrespective of the source of income.
8
i!{We/


horizontal integration
UV

host country [MIGA]
A member, its government or any public authority of
a member in whose territories, as defined in article
66 of the Convention, an investment which has been
guaranteed or reinsured, or is considered for
guarantee or reinsurance by MIGA is to be located.
k.
E.HE.UE.[#$
e*[`66d^*
?D#$?
vm?

Host Organization [ICSID]
k!" [;./fg]

hot money; funk money [UK]
Short-term international capital movements,
motivated by interest rate differentials or revaluation
hopes/devaluation fears.
(D[.]
tZgrH
./;

house connection
#$FW

household expenditure survey - HES
NOsHES

household goods
N

household survey
N

household waste collection charge
Charge levied for removal of household waste.
$qrv
xX$qr@v

housing expenses/income ratio; affordability ratio
The ratio of expenditure on housing to total income.
$K/:ZDZ
$KP:Z

housing stock
K`

hub and spoke system
`9:-

human immunodeficiency virus - HIV
!FGH7LMsHIV

human resource development
!OA

human settlements
!"#$

hurdle rate
A somewhat arbitrary rate of return, related to the
current cost of borrowing money, set by a
146
____________________________________________________________________________________
government or company to guide investment
decisions. Below this limit, investment is normally
considered inadvisable.
/&CtZ23jZ
QU[\4OoVs(\
vp!Z3:tZ+7
:{<

husbandry
1
0 animal husbandry

husk, to; dehusk, to


hybrid capital base [IFC]
Capital base consisting of current paid-in capital and
retained earnings to support growth in operations
with the debt-equity ratio not exceeding 2.5:1,
combined with new callable capital to support
investment growth in a 1:1 gearing ratio.
tVCM[./Dj[\]
QYZTTl\/tC
MHZ-}:Z{V2.5-11Z
AI-9HS
:Z1-1A

hydrant; standpipe; standpost
uWu

hydrocracking
3I3

hydrodevelopment
tOAOA

hydroelectric power; hydropower
tA

hydrofluoroalkane - HFA
An alternative name for chlorofluorocarbons,
thought up by the wily manufacturers of
chlorofluorocarbons, to avoid the bad press.
3IJs HFA
-HIJQ];?SHIJpq5
^ie{t-9Z/

hydrochlorofluorocarbon - HCFC
A substitute for chlorofluorocarbons.
3IHJsHCFC
HIJ}~

hydrofluorocarbon - HFC
A substitute for chlorofluorocarbons.
3IJsHFC
HIJ}~

hydropower; hydroelectric power
A


147
____________________________________________________________________________________
- I -


ICSID clauses
;./fgd\

IDA-eligible country
Developing country which is entitled to receive IDA
credits because its per capita income is below the
IDA norm.
V./OAaEd.N
!8.3./OAaE!
*OD./OAaEA0ABf
.N

IDA flows*
./OAaED;

IDA management fee
./OAaEWXv

IDA recipient
./OAaEDu.

IDA reflows
Payments received by IDA in the form of
reimbursements for credits made.
./OAaED;
Q./OAaEHiA0
\S

IDA's free-funds
Funds provided to IDA in a freely convertible
currency or in a member's currency if available for
financing procurement in the territory of the
member, if there is a reasonable expectation that
such resources will be fully used for procurement in
such territory during the disbursement period.
./OAaE{D|
E../OAaEw
;E.*(E
.dVXjSD
lk;.*(


idle cash
xsDH(

IFC Global Indexes (IFCG Indexes)
The IFCG Indexes are neutral and reliable
benchmarks of emerging markets' performance,
calculated in a uniform manner. They include price
and total return indexes for 20 emerging markets, as
well as a composite index for those 20 markets and
regional indexes for Latin America and Asia. Stocks
are selected for inclusion in each index on the basis
of three criteria: market capitalization, liquidity, and
industry classification.
./Dj[\.QRsIFCG Indexes
<-s1$fHjC!Q
R]YZ20:-NOlQR
)20:JVQRl=]HiGd
QRxQRf@}\3S!
!W7H;El`1""

IFC Investable Indexes (IFCI Indexes)
These Indexes are calculated using the same factors
as the IFC Global Indexes but also take into account
the extent to which national laws, regulations, or
company statutes prohibit or limit foreign
ownership. They thus provide global investors with
a definitive benchmark of the performance of stocks
in emerging markets in which they can invest.
./Dj[\QRsIFCI Indexes
1QRP./Dj[\.QR
T(y"vm.N}H,
[\}h+p.*W7
].-
}\S!1$C!

IFC risk assets-equity ratio
Ratio calculated by measuring the risk content of
IFC's assets in relation to the sum of paid-in capital
and retained earnings.
./Dj[\?`-}:Z
./Dj[\`?<PT
l\/t+-y/:Z

IFC service and support fee*
./Dj[\ZlHv

illegal housing
F}$KH$K

illegality clause
Clause in a loan agreement which allows the lender
to ask for repayment of his funds if a change in
national legislation obliges him to withdraw from
the loan.
{V}d\
\afSd\\!.N},
|eya\zSfD

illiteracy rate
148
____________________________________________________________________________________
Proportion of population 15 years and older who
cannot, with understanding, both read and write a
short simple statement on every day life.
)Z
{XCM:s
.q15)15!:Z

immunity from taxation
F

impact (evaluation) report
(9N)k

Implementation Completion Report - ICR
STsks ICR

implementation review*
(hi

implementing agency
(#$u#$

implementing agreement
(aua

implicit deflator
Obtained by taking each component of gross
national product in as fine detail as possible and
deflating it from current data. Once deflated the
components are again aggregated to obtain GNP in
constant dollars.
zEN3PQR
;QR4dr<.`:!
B,"s*RfyDy1U-
VD{|]y.`


implicit gross domestic product deflator
A deflator calculated by dividing, for each year of
the period, the value of GDP in current market prices
by the value of GDP in constant market prices, both
in national currency.
zE.`3PQR
;3PQRyW}z67
s(NOy.`{
|NOy.`8.
y

implied money control theory
zEHp9

import coefficient
-R

import component
$B,"

import coverage index
QR

import coverage ratio
The rate at which imports are covered by exports.
:Z
Qia:Z

import growth rate
AZ

import-intensive
]

import levy
H@

import licensing
p7

import parity price
The estimated price at the farm gate or project
boundary derived by adjusting the cif or fob prices
by all the relevant charges between the farm gate and
the project boundary and the point where the cif or
fob price is quoted.
LNNO
0-ST&9N0-
ZST&dlNNkNV
S+v([1Nl
ND

import penetration ratio*
Z

import substitution industries*
}~1

import quota


import subsidy
g

import substitution
}~

149
____________________________________________________________________________________
import surcharge
cI(v)

importing power of exports
<D

imprest account, fund
An account or fund maintained for payments made
in cash, commonly used as a petty cash fund. A
fixed maximum sum is kept in the fund and, as the
fund is depleted, this sum is periodically brought up
to the maximum.
j
/lsDCDL{6sD
CD;CDH:27
VWfg2

imputed costs
Generally used to mean costs that do not involve at
any time actual cash outlay and which do not,
therefore, appear in the accounting records but are
relevant to the decision at hand.
yBX9BB
L/Qz#{)/sD
"{EzP*+
B

imputed value
yNN

in and out expenses*
Sv

inactive borrower, nonactive borrower
Country that is not currently seeking new
borrowings from the Bank.
\.
QT%&'(XS-\E.

inactive loan
A loan which is in force but not being disbursed.
\
?(l\

Inaugural Meeting [ICSID]
BE[;./fg]

in-bond industries
1+91

incentive


incentive goods*
E

incentive payment
EknD

incentive price
ENO

inception report
2k

incidence [medicine]
EFCHAZ [8]

incidental services
Additional services required of the supplier as
specified in the Special Conditions of Contract,
including on-site assembly, startup, provision of
tools required for assembly, provision of manuals,
etc.
ceYZ
Vrd,S5
YZYZs!HMH!l
c

income


income (and expenditure) account
lO

income and outlay accounts [national accounts]
Accounts showing the receipt and disbursement of
incomes by resident institutional units.
[.wy]
S#$^_l

income bracket
-

income effect
EF

income elasticity
A measure of the change in supply and/or demand as
income changes.
E
<|OlcS|
7

150
____________________________________________________________________________________
income elasticity of demand
A measure of the percentage change in the demand
for a commodity or service as induced by a given
percentage change in the income of the individual.
cSE
<:!:":|Oi&
5ZcS:":|7

income note
Note where the income is wholly or partially
dependent on the earnings of the issuing
corporation.
\
,,"\A([\\


income shortfall
H
0poverty gap

income statement [US]; profit and loss account [UK]
HI(].)HI.)
0consolidated income statement

income tax
D

income tax [corporations]
D[[\]

income tax return
DOk[()

income terms of trade
The net barter terms of trade weighted by the volume
of exports. It gives an indication of the purchasing
power of exports.
d
IdS
e/

incremental benefits
-AA<

incremental budgeting
A budget process in which justification is generally
required only for increments (or decrements) to
previous budgeting levels.
A<jy}
LcijyLAI,"P,
"IRSjyVW

incremental building, housing
Building, usually from a core where additional
features are gradually added.
I-AKL
:wgI

incremental capital-output ratio - ICOR
Ratio of the change in capital investment (net of
gross investment minus capital consumption
allowances) to the change in output. If a certain
industry adds $2.5 million net to its capital
equipment and its yearly output increases by $1
million then its ICOR is 2.5:1.
`A:Z(sICOR)
P.x1
|P`|:Zq&1n
xAI250]6`AI100]
ue`A:Z2.5:1

incremental cost
A<B/BH-AB
0average incremental cost

incremental housing, building
Building, usually from a core where additional
features are gradually added.
A$KA
LwgI

incremental rate of return
The discount rate which equalizes the present value
of incremental costs with the incremental benefits of
the project.
A<Z-AZ
ST-ABsP-As
Z

indefinite quantity contract
Contract which provides for the provision of an
indefinite quantity of specific goods or services,
within stated limits and during a specified period.
{<V
,+7lz&{R<
5ZV

independent variable; predictor
|<

indexed, index-linked bond
Bond where the coupon rate or redemption value is
indexed (to other currencies, gold, or fuel prices).
QRPQR
151
____________________________________________________________________________________
\tZNP&NO
qe]HIDNNO

indexed, index-linked, index-tied loan
PNQR\

Indicative Planning Figures - IPF [UNDP]
UNDP target expenditures for technical
cooperation.
QoERs IPF[UV.OA
^]
UV.OA^V{TO

indicator
QRQ
0 concurrent indicator; convergent indicator;
economic indicator; lagging indicator; leading
indicator; performance indicators

indifference curve
A graphical representation of different bundles of,
say, two commodities, from the consumption of
which the individual derives the same amount of
total utility. If we assume an individual obtains the
same utility from a bundle of 5 bananas and 6
mangoes or 4 bananas and 8 mangoes or 3 bananas
and 11 mangoes, we can plot a graph with bananas as
the x-axis and mangoes as the y-axis. We get three
points for the three different bundles. The curve we
obtain by joining these points is the indifference
curve, so called because the individual is indifferent
about his choice as regards total utility.
Mg
6~5{!Vuv
:!Dq-&
:!"r5:l6:4:l8:
)3:l11:!VfD
-<H
Jp!6{!VfD:
VG:V/Mge
];uv@Aie:
!/RMg

indigenization
bd.`

indigenous NGO
.FU!"bdFU!"

indirect costs; on-costs [UK]
B [.]

induced-by benefit
A form of indirect benefit that accrues to suppliers of
project inputs. Includes the direct and indirect value
added to national income generated by the
investment and recurrent expenditures of a project.
Equivalent to using a shadow price for a project
input for which an adjustment is made for
opportunity cost in the estimates of direct and
indirect value added. Sometimes estimated using
specialized forms of input-output multipliers.
OA
STW<DYZS
Tl?Ev`.
lAIbl
AIzi#EB([1DST
ENO*z/
`lR(y

induced development effect; boomtown effect
The secondary growth of settlements and
infrastructure, resulting from a project.
OAABk
:STe/#lCMnuA


industrial and trade policy adjustment - ITPA
1l[s ITPA

industrial and trade policy adjustment loan - ITPAL
[World Bank]
World Bank loan made to assist adjustment of a
country's industrial and trade policy.
1l[\(sITPAL) [%&
'(]
%&'(uv:.N1l
[\

industrial deepening
Increasing the amount of the industrial sector
compared with other sectors.
1
1,-AIVe],-

industrial estate [UK], park [USA]
1[.]1[].]

industrial goods
1

industrial market economy
1?@

152
____________________________________________________________________________________
industrial park [USA], estate [UK]
1[].]1[.]

industrial relations; labor-management relations;
labor relations
+-

ineligible
{VO

inertial inflation
Inflation caused by spiraling wage and price
increases.
E:AB
QlN:qB:AB

infant industry
-1<1

infant mortality
!&ghZ

infected area
DodDEFd

inflation accounting
Accounting for dealing with the impact of inflation.
Includes the current purchasing power method
whereby accounts are expressed in terms of
purchasing units employing a retail price index;
value accounting whereby assets are measured by
reference to their value and not cost; replacement
cost accounting whereby assets are revalued from
historic to current costs.
:ABE
i:ABEF<EW}efYZ
%bNQR^_sz
}N{B/<`NE
}-G`BszBU-NUxB
E}

inflationary expectations
:ABj

inflationary gap
A condition of excess aggregate spending (for
consumer, investment and government goods and
services) relative to the spending that would be
consistent with a full-employment stable economy.
The gap is actually the amount of change in spending
which would lead to stability.
:ABH
QuvHlUPY
ZVP"1?@
LH/sc
|<

inflation premium
A premium added to a security to allow for inflation.
:ABN
l:ABAIN

inflation tax
Increased income tax paid as wages rise with
inflation but tax thresholds remain constant.
:AB
,:AB@V
{|hiAlD

inflow
;;
0 capital inflow; cash inflows; flow

inflow of capital
;

informal credit
F|

informal education
F|,(

informal meeting
F|E

informal sector
The sector of the economy which is not organized
and which, therefore, does not appear in official
economic statistics. Sometimes used for the
underground economy.
F|?@,-
*!"/H@W?@f{
?@,-*z/Qd?@

informal suspension of disbursements [IBRD]
F|l\[./-OA'(]

infrastructure developer
CMnuOA5

in-house training
,no

initial expenses
153
____________________________________________________________________________________
v

initial operation
1ZH?_

initial subscription [IDA]
2ST(})ST[./OAaE]

initiating memorandum - IM [World Bank]
STxyzsIM[%&'(]

in-kind costs
B

inland fisheries, fishing
d#1

input
H

input mix
x

input-output coefficient
`-R

input-output model
A mathematical model of inputs and outputs to a
system. In econometrics it refers to a model
representation of an input-output table.
`
:-l`Rp<?@p
fQs`

input-output ratio
`:Z

input-output table
A matrix which shows the way in which industries or
sectors interact. It generally shows, for each
industry, the amount of that industry's output that
goes to each other industry as input (as raw materials
or as semifinished products), as well as the amount
that goes to the final markets of the economy.
`
`1,-{W
L`1`{{N
B;ef`1<);?@f2
<

input shifting
Reducing costs by using lower priced inputs, e.g.
using contractors instead of permanent staff,
communications instead of travel.
w
3NO)3BqV
F:c>~}g(


input subsidy
gv

input switching
Budget term which means managers can change
budget allocations as a result of changing cost
pressures over the range of expense accounts.
w
jyqQbBi[:A
|z?X|jy"

in-service training
no

insider dealer, trader
"9

insider dealing, trading
"9

instability index
An index which measures the variability of world
prices for selected agricultural commodities.
{QR
<,"0`./NO|Q
R

installed capacity [electricity]
The maximum runoff of a hydroelectricity facility
that can be constantly maintained and utilized by
equipment.
##i< []
Anx?Hlt2s;<

institutional framework
!"$#$qr

institutional investors
#$

institutional performance
#$1$#$s

institutional programs [IBRD]
Programs undertaken that are required to further the
154
____________________________________________________________________________________
institution itself, as opposed to being part of its
operations. These would include production of the
Annual Report, Annual Meetings and the like.
#$WX[./-OA'(]
#$ABc(WX{]
1Z,"1WXYZ67k
(6E

institutional ratio
The ratio between Bank subscriptions authorized
solely in general capital increases and IMF quotas
obtained solely from general quota increases. Used
to determine the initial share allocation of countries
joining the Bank during the period of the 1979
General Capital Increase.
#$:Z
Q%&'(AfS}T}{P.
/CD!"AI{fS{
:Z]%&'(!19796A
I%&'(.N}{"{


institution building
#$n

instructional aid
(p

institution-related technical assistance; soft
technical assistance
Technical assistance geared towards institutional
development as opposed to engineering-related
technical assistance.
#$Euv#uv
P#$AB+uvrPW+
uv

Institution Rules [ICSID]
#$d#$,[;.
/fg]
0Rules of Procedure for the Institution of
Counciliation and Arbitration Proceedings

instrument [ICSID]
\[;./fg]

instrument of acceptance
A legal document indicating that a state has accepted
the rules and regulations of an organization it is
joining.
D[
}):.NDI3:
!",ld

insurance
?
0 social insurance

intake
<<

intangible assets, property
Items or rights lacking physical existence, their
value being mainly in their income generation
potential and the rights and benefits that possession
confers.
M`M`
{/]N5
e`'l{*]zCD
tlt

integrated conservation-development project - ICDP
A new type of experimental project that attempts to
link the conservation of biological diversity in
protected areas with local economic and social
development.
JVABSTsICDP
-ESTGi
mEbd?@lhEABU-/

integrated management training program
JVWXno

integrated pest management - IPM
Growing farm crops with fewer chemical pesticides
and more natural pest controls. Monitoring for pests
and rotating plantings, the use of pesticides can be
virtually eliminated on crops such as potatoes, corn
and apples.
JVnWXsIPM
0{zp0f5nH
pWXW}:Vinlf{78
iq*$Hl%{/<u0


integrated rural development project
JV0YABST

integration
UV
0 backward-forward integration; backward
integration

interchange
155
____________________________________________________________________________________
w
0 course interchange

intercompany pricing
[\N

intercropping
Growing two or more crops simultaneously as in
alternate rows in the same field or single tract of
land.

d(z(~
~{

interest
tt
0 beneficial interest; controlling interest; covered
interest arbitrage; depositor rate of interest; effective
interest rate; working interest

interest bearing note
c\\

interest charges
tv<t

interest coverage ratio - ICR; times interest earned
ratio
Net income before interest expenses divided by
interest expenses. IFC's definition is The number
of times income, after deducting all expenses except
borrowing charges and provision for losses, covers
borrowing charges.
tl:ZsICRCtit
R:Z
lttv./
Dj[\^-{Sv4\
vlI!xD1{\v
R|

interest during construction - IDC
Interest payable on long-term or short-term debt
incurred to finance capital works (e.g. plant or road
construction in progress) in a fiscal year. Financing
charges, including commitment fees, should also be
included. IDC is frequently capitalized (or charged
to the project cost) until the asset is commissioned or
as a capital expenditure item it is transferred to a
deferred charges or deferred capital expenditure
account. For Bank projects IDC should be
computed as part of project costs to determine total
financing requirements.
ntsIDC
:67Cnq|
nf[jZltj
vYZvIDC?(
STBZ9l{S
T:v
%&'(STIDC
STB,"!jc

interest earnings, income
tt

interest equalization tax
A tax on foreign investments for the purpose of
curtailing the outflow of private funds.
tL
Pz!D;i.@


interest income, earnings
tt

interest leakage
Changes in U.S. interest rates due to movement of
funds from the U.S. to the Eurodollar markets.
t&
D].;G]O]
.tZ|

interest rate cap [IBRD]
A limit on the amount of interest that can be levied
on a variable rate loan. Proposed for IBRD.
tZ+[./-OA'(]
i|tZ\@t+7.
/-OA'(\

interest-rate differential
tZgrtZgtg

interest rate risk
Risk due to difference in interest rates.
tZ?
tZgr`?

interest (rate) sensitivity
Rate-sensitive assets as a percentage of
rate-sensitive liabilities
tZ'oE
tZ'oE`itZ'oE:":

interest (rate) swap
An agreement to exchange floating rate payments
156
____________________________________________________________________________________
for fixed-rate payments in the same currency.
tZ
fetZl9wtZl
a

interest rebate
t

interest service ratio
Ratio of payment of interest on debt to exports of
goods and services.
tl:Z
QZtlPlZ:Z

interest subsidy, subsidization
tg

Interest Subsidy Fund [= Third Window]
A lending facility to extend loans to the developing
countries on terms intermediate between those
charged by the Bank and IDA. Now discontinued.
tgCD[=`]
ABf.NA0\CDe\t
L./-OA'(l./OAaE
s

interest support
tv

interfuel substitution
N}~

Interim Committee [IMF]
/zE[./CD!"]

interim financial statement
fZk

interindustry linkages
(1U-

interlocking debt
Z

intermediate goods
Those goods used as an input for further
transformation by some other production activity,
not for consumption or as an addition to the stock of
fixed capital.
ff`
{:Ve]1`.B
{{uv/<g


intermediation
Process whereby a financial institution interposes its
names and trustworthiness between a lender and a
borrower. For example, instead of buying an issue
directly from a corporation, an investor may deposit
funds with a bank which, in turn, invests in the issue.
f1Z{
Q:Dj#$e]^lj:
\!l:\!VWq:
{:[\GD/
N'(51;'(i;(
0market intermediation

intermediation rate
v

intermediative borrowing
Borrowing from financial intermediaries.
f\
Djf#$\

internal audit
,p

internal cash generation; internally generated funds;
cash generation
The gross income from all sources less all operating
and administrative expenses, excluding
depreciation, interest, other non-cash charges and
other charges on debt, and taxes.
,sDB,BDsDB
/P.*1Zl(
{YZHtHefFsDvlZ
v)

internal cross subsidy
,9g

internal exchange rate; modified Bruno ratio
As for the Bruno ratio but using for the entire project
life instead of for just one year.
,jZ`|8:Z
8:Z{6
[:ST

internal importing costs
.v

internal rate of financial return
,Z
157
____________________________________________________________________________________
0 financial rate of return

internal rate of return - IRR
The rate of return on an asset investment. It is the
discount rate that equates the present value of future
net revenue streams (over the economic life of the
asset) to the cost of the investment.
,ZsIRR
Q`Z]/
`?@usB
sZ
0economic rate of return; financial rate of return

internally generated funds; cash generation; internal
cash generation
,DBsDB,sDB

international agricultural research centers - IARC
./0123fgsIARC

international banking facility - IBF
International branch of a bank in a kind of internal
free trade zone in the U.S., which allows banks to
engage in international banking without some of the
usual restrictions facing domestic banks. Those
restrictions from which IBFs are exempt include
reserve requirements, payment of certain insurance
premiums, and special relief from state tax.
./'(1Z,-sIBF
'(]."0,On.
/","(]lP./Dj1Z{
D.'(:D1+pqixD
Sl&1?vT$D(
rPF

international commodity agreements, arrangements
Any intergovernmental agreement or arrangement to
promote international cooperation in a commodity,
the parties to which include produces and consumers
covering the bulk of world trade in the commodity
concerned.
./5a_L
Q&5./V{T
Ua_LlPWYZ;5%&
fs`.luv.

international commodity bodies - ICBs
An international body concerned on a continuiing
basis with the trade, production and consumption
aspects of a commodity.
./5#$sICBs
d+&5H`luv
./#$

international commodity organizations - ICOs
An organization established by an international
commodity agreement to implement the provisions
of the agreement.
./5!"sICOs
&./5au;ad\
!"

International Comparison Project, Programme - ICP
A project supported by the World Bank and the
United Nations which enables incomes to be
compared in terms of the prices of a common set of
consumer goods, which reflect real purchasing
power. When outside financing dried up in 1987, the
Project became a Programme, which is what it is
now.
./:ST,sICP
:%&'(lUV.HST
..uvNO/
(:_/19876,D
/);STBS,T5

international competitive bidding - ICB
Bidding open to all eligible suppliers and
contractors.
./;EsICB
Qi*VO5lY5O0

international competitiveness margin - ICM
The percentage by which the Bank/Fund payline
should exceed the combined French/German market
paylines to provide adequate international
competitiveness.
./;E7sICM
Q./;%&'(/./
CD!";V}..JV
:

International Compilers Working Group on External
Debt Statistics [WB/IMF/BIS/OECD/Berne Union]
R./j{6![%&'(H
./CD!"H./xy'(H?@V{P
AB!"H>eU!B]

international credit guarantee fund
./CD

international credit guarantee system
./p7

158
____________________________________________________________________________________
international financial institutions - IFIs
./Dj#$sIFIs

international liquidity
./x

international payments position
./i

international reserves
./x

international shopping
Procurement based on comparing price quotations
from at least three foreign suppliers.
./N
iZN.5kN(:C
M(

International Standard Industrial Classification of
All Economic Activities-ISIC*
*?@../!`1"" sISIC

internship
%%

intervention currency
Currency used by central bank for official
intervention in the foreign exchange market. This
currency is often not the same as the home currency,
which may not be a convertible currency.
bj
f|'(/ij(|bj
:{..
{w

intervention price
The minimum price set by an agency at which a
producer is guaranteed to sell his product.
bjNO
&#$!`e`
23NO

intra-day settlement
Trading settlement within less than one day.
y
9ykk

inventory; inventories
Raw materials and supplies, goods finished and
being manufactured and stock on hand, in transit, in
storage or consigned to others at the end of the
accounting period.
//
EH*NlHpBl
pHc/H&fH/f
!~a

inventory control
/WX/WX

inventory investment
/

inventory turnover
/

inverted rates [electricity tariffs]
Rate where the lowest block is the cheapest, in order
to subsidize low income groups.
xvZ[v]
23<!2YNg3
n

investment agreement [IFC]
a[./Dj[\]

investment bank [US]; merchant bank [UK]
Institution that accepts new issues of stocks from a
corporation and attempts to sell them to the public at
a profit. In the U.S., they have a separate legal status
from commercial banks.
'([].]5!'([.]
DN[\-A(}\[}ab
t#$].]*P51'({
}d_

investment budget
jy

investment center [accounting]
A responsibility unit whose performance is
measured in terms of resources committed (capital
invested) relative to monetary costs and returns.
fg[E]
Q:^_e1$PBl
*+/<

investment commitment [IFC]
[./Dj[\]

investment company, fund
Company that uses its capital to invest in other
companies. The two kinds are open-end investment
159
____________________________________________________________________________________
company and closed-end investment company, the
former being by far the most frequent.
[\CD
eef[\[\[\"
~"O0[\l[\
":1"}0
0closed end investment company, fund; open
end investment company, fund

investment gap
H

investment goods


investment grant
gvD

investment incentives


investment income


investment insurance
?
0 multilateral inverstment insurance

investment loan
\

investment portfolio
Portfolio of longer-term investments. !
V
Q{!V
l0 trading portfolio

investment project
ST

investment return, yield
kH

investment review mission [IBRD]
p[./-OA'(]

investment tax credit
PF

invisible transactions
Exports and imports of services. Includes insurance,
shipping charges and tourist expenditures.
M9M
QYZPYZ?H&vl(
v
0surplus on invisible

invitation to bid, to tender
A notice issued under competitive bidding
procedures calling on bidders to submit bids for
contracts.
P[
;EWfAS:P
iV(

invitation to prequalify [contracts]
A notice issued under competitive bidding
procedures calling on bidders to prequalify prior to
bidding on a contract.
OjpP[[V]
;EWAS:P
iV(lIOjp

involuntary lending
Lending by banks as long as the resulting reduction
in probability of default, multiplied by the existing
exposure, exceeds the amount of new money multi-
plied by the remaining probability of default even
after the new assistance.
F{\
'((\d-\
1(Z)3RlT\
V-A\l-A\1\(
Z

involuntary resettlement
Movement of peoples away from their normal place
of abode against their will.
F{
#F{d/|#$d

inward-looking; inward-oriented [country; policy]
[.N]

irrevocable agreement to reimburse
An agreement given e.g. by the Bank to a
commercial Bank that it will reimburse any part of a
cofinancing loan on which a borrower defaults.
{|}yala
%&'(P51'(Qa,
l\!(1,"UVj
\

irrevocable letter of credit
160
____________________________________________________________________________________
Form of letter of credit whereby the issuing bank
gives an undertaking to the beneficiary that payment
will be made, provided that the beneficiary complies
with the terms of the credit. Sometimes used as
performance security.
{ya
SA'(iD!
^ZD!d\'
(l\*z"{

irrigation
EF
0 basin irrigation; border check irrigation; border
ditch irrigation; border irrigation; center pivot
sprinkle irrigation; corrugation irrigation; drip
irrigation; flood control irrigation; flood irrigation;
gravity irrigation; micro-sprayer irrigation; runoff
irrigation; smale-scale irrigation; sprinkle irrigation;
strip irrigation; subirrigation; surface irrigation;
trickle irrigation; wild flooding

island developing country
ABf*.N

issued share capital
A(}{

issues on tap; tap issue
An issue of a security made available on an as
required basis. Used primarily in the British market,
where the British Government issues Treasury stock
and seeks subscriptions. As the stock is rarely fully
subscribed, the remainder is sold to Stock Exchange
jobbers as demand requires.
,zA(
Qc,zA(5
..UA(.XS
kb+a,"cS
b9?!

issues paper
9)

issuing bank; bank of issue
O'(A('(

item [budget]
T[jy]

161
____________________________________________________________________________________

- J -


jeopardy clause; escape clause; break clause
A clause in a Eurocurrency agreement specifying
that, if certain events curtail the lender's activity or
the operation of the Euromarkets, other designated
actions will come into effect.
nd\Fd\fd\
GafSd\,q&1
EF4!.G&e
fj(

jeopardy loan
Term used by IFC to indicate that a loan has serious
problems. IFC expects to make a loss (though not
necessarily a 100% loss) on a jeopardy loan.
?\
./Dj[\:qQ*GU
\./Dj[\!xD?\e/
z5{100%I

jitney
(,6[2

jobbing
~W}\f

job description
CH{RS

job order accounting
A cost accounting method which accumulates the
costs of doing a separately identifiable job.
""Bwy
BEW}ixS^X""
{B(

job-related training
P{*+no

joint and several
e

joint and several guarantee*
e

joint committee
UVE

Joint Ministerial Committee of the Boards of
Governors of the Bank and the Fund on the Transfer
of Real Resources to Developing Countries
(Development Committee).*
%&'(P./CD!"XEABf
.N/DUV,-EAB
E

joint monitoring committees
UV7QE

joint stock company
}{[\

joint venture
Vl1

jumbo borrowing(s)
Borrowing or lending in large quantities; usually
refers to amounts in excess of US $250,000.
s\s\
s\\:QV25]\
\

junior creditor
S!

junior debt; subordinated debt
Debt which, in case of liquidation, cannot be paid till
payments on other obligations have been made.
Opposite of senior debt.
SZcZ
xzke]Z1WZ
rZ

junior high school
-fpf

juridical personality; legal existence
}!O

justification
|bX`9

just in time (JIT) manufacturing
Production and inventory control systems designed
to produce small lots and to produce the right items
in the quantities needed by subsequent production
processes at the right time.
z`zpqsJITpq
`l/Hp-/z
`6"<lR<`

162
____________________________________________________________________________________
- K -


key data
+R5RCR

key interest rates
The main market interest rates - includes LIBOR,
U.S. prime rate, U.S. federal funds rate and certain
others, depending on where it is used.
5tZ
d5tZYZ,-'(
10tZH].tZH].UCDtZ
le]&1tZ

key money rate; central rate
The term used to describe the main interest rate set
by the central bank (or equivalent) and which
effectively governs other market interest rates. In
the U.S., it is the federal funds rate.
5tZfgtZ
/f|'(#$!*H
peftZ5tZ].QUCD
tZ

keynote address, speech
5A5-5.-

keynote speaker; keynoter
5A!5-!5.-!

key species
Species that have a more profound impact on their
ecosystem than other species. They are organisms
which provide critical support through webs of
interactions to the existence of other species.
5+
Qie-*:e]}EF
]EF(fie]
/UH*#

kidney cotton; West Indian cotton; Sea Island
cotton; Egyptian cotton
JKL7)

knapsack spraying
a;/

know-how
--
























































163
____________________________________________________________________________________
- L -


labor agreement; collective agreement*
aa

labor costs
B!v

labor force


labor force penetration; labor force participation rate
The extent to which those of working age are
actually working.
lPZ
Q6f>f/lI{!:U

labor-intensive
]

labor-intensive industry
]`1

labor-management relations; labor relations;
industrial relations
+-

labor market


labor relations; industrial relations;
labor-management relations
+-

labor shed
l

lag; slippage
A delayed climatic effect.
1
16#EF

lagged inflation
1:AB

lagging indicator
A statistic that does not change till after the economy
in general has changed, e.g. the value of construction
completed.
1Q
[:?@|H{|R
qkCnN

lamplight fishing; fishing by lamplight
)"&

land betterment tax
*1

land consolidation
*df*d5

land development
*dOA

land equivalent, equivalency ratio - LER
Area needed under sole cropping to give as much
produce as 1 hectare of intercropping or mixed
cropping at the same management level, expressed
as a ratio.
*d:ZsLER
mWXL^{`<
)1[0t{`<c
:Z

landfill
1d

land improvement
*1

landlocked country
=.N

land reclamation
2Oqd

land reform
*dm

land register
*dq

land resilience
A measure of the ability of the land to withstand and
recover from shock, i.e. a sudden impact such as
drought, overgrazing, change in specified land use.
*1-d
<*d?DW#bcHV70H
d|AEEFf-

land settlement

164
____________________________________________________________________________________

land tax
*d

land tenure rights
*d{*

land tenure system
*d{*p*dp

land use plan
*d

land use planning
*dp

land use ratio
*dZ

landed price
The quoted or invoiced price of a commodity,
including costs of loading, shipping and unloading at
destination.
NO
YZH&lTdv
5kNA\NO

lapse-of-time decision
A decision which is deemed to be approved if no
objection is received by a specific date.
z1
,qM!i0u


last in, first out - LIFO
1}sLIFO

late bid
Bid submitted after the deadline specified for bid
submission

,+z1A

late maturing [crop]
[{]

latrine

0 bucket latrine; cistern flush latrine; pit latrine;
pour flush latrine; vault toilet; ventilated improved
pit latrine

law of diminishing marginal utility
Law which states that although total utility increases,
the marginal utility received from consuming each
additional unit of a commodity decreases.
/P}u
,uv5zz5
AIxuv:AI^_5D
/P

law of diminishing returns
P}u

laydays; laytime
The period of time agreed between the parties during
which the owner shall make and keep the ship
available for loading/discharging without payment
additional to the freight.
Rhz
*+WR5!x
'/{&vAIv

layout
8w

layout plan
8w,

laytime see laydays
R

lead agency
2o#$\#$

lead bank; lead manager
Bank with main responsibility for arranging a bond
issue or international Eurocredit. Lead manager is
also used in the sense of agent bank.
2'(2?X
2'(Q_LA(./G
W5'(2?X"Q~X
'(

lead donor
2R\!5R\.

lead economist
5?@pN

lead manager see lead bank
\?X

lead time of a project
165
____________________________________________________________________________________
ST!x

leading indicator
A statistic valued for predicting purposes because its
movement is generally followed by a certain
movement of the economy in general, e.g. building
permits, average weekly work hours, unemployment
claims and corporate profits.
(Q
*j8NQ[:?@.
&1|Lv,e11QYZ"!
L8x{6z1gOPl[\t


leads and lags
A term referring to changes in the pattern of
international payments terms. At any one time a
country is extending and receiving trade credit via its
exporters and imports. If a devaluation of its
currency is feared, its importers with foreign
currency obligations may hurry to pay, otherwise
their debts will be greater after devaluation, i.e. they
lead payments. Conversely, exporters will benefit
by not hurrying to convert export receipts in foreign
currency - they lag payments.
l>j
]5Q./ldflW
|:z#.:Ve5l
lCDg.
hi.*lj^Z5
jueZ1EAI
fm{|jhi
5E{GjwB.
fC{>|j

leakage
In investment, benefits to selected parterns by means
other than declared financial returns, such as
distorted transfer pricing, non-arms length royalties
or management fees and inflated equipment costs.
&&I
f[8ZW,"
VU!CtWqpN{
[LvWXv7pnxB

learning by doing
A method of learning involving practical
experience.
p
Vt?(p%W}

learning curve
An imaginary graph which describes the rate at
which people learn something new. Initially, they
will normally pick up a lot of information quickly
but then will gradually take more time to learn less.
p%
:Za6]RS!p%-kz
7Oz!:dp
dfzp%


learning materials
p%N

learning rate
p%7

lease
,
0 finance lease; operating lease; true lease

leaseback


leasehold*
,_1,,

lease purchase*


leasing
,

least cost analysis
A type of analysis commonly used to compare
alternative projects or project designs when value of
output (benefits) cannot be measured adequately
(e.g. certain transport projects). If it can be assumed
that the (unquantifiable) benefits exceed the cost and
if appropriate adjustments are made for any
differences in benefits among the alternatives, the
task is then to minimize the cost of obtaining them
through least-cost analysis.
26B"P
"PW}L/i`{8
ySTSTn(}~:q&19
:STqM}<
VBi{WXfgr(]b
[/Z:V26B"P}/
4<36B)T

least developed countries - LLDCs
2{A).NsLLDCs
166
____________________________________________________________________________________

least squares method
An econometric estimation technique involving
minimizing the sum of the squares of the vertical
distance between the observed data points and the
regression line.
26LW}26l}
<?@pfytKRV
l`gLWl
26

legal authority
}

legal entity, person
}!

legal existence; juridical personality
V}/}!O

legal force
}

legal instruments [agreements, etc.]
})})[[a]

legal opinion
}0

legal person, entity
}!

legal remedy
}g,W}}pG}g

legal reserve
}!xD}[D

legal status
}d_

legal tender
}

lender of last resort
One of the functions and a major raison d'tre of a
modern central bank whereby the bank has to
provide liquid assets to the banking system when the
existing liquid assets of the banking system threaten
to deplete.
21\!
s~f|'("e/5
X.'(-s/;
`*#zf|'(T'(-
;`

lender of record*
|\!

lending agency, institution
\#$

lending authority
The amount of money that the Bank can lend, based
on its paid-in capital.
\
TCM%&'((\
R

lending commitment
\

lending limit
\+

lending pipeline; pipeline of projects
Projects which have advanced beyond the stage of
appraisal mission departure, i.e. which are expected
to be in the forthcoming year's lending program.
(f\(fST
Q319?O[/16
\,fST

lending program
\

lending rate
\tZ

lengthman [highway maintenance]
A man appointed to maintain a certain length of
road.
[[]
QDQ3&>!

less developed country - LDC
(A).NsLDC

less than carload freight - LCL
A shipment that occupies less than a full railroad car,
that may be moved from car to car as economy of
shipment dictates and on which higher rates than full
carload lot rates apply.
%&sLCL
167
____________________________________________________________________________________
QR<{4
?@u]!8e
&N[&

letter of acceptance
Written notification by the employer to the
contractor of acceptance of his bid.
\[f:[
15V5Y5ADekN[
:

letter of comfort
A written instrument issued by A, where A agrees to
make every effort to assure B's compliance with the
terms of a contract, but without committing A to
perform B's obligation in the event that B is unable
to fulfil his obligation. Usually issued by a parent
company on behalf of a subsidiary in another
country.
5
AA{[)efA4^s
BiVd*B{
kBe^ZzA.kBB^Z:
:[\~Q:.N[\A

letter of credit (L/C)
Form of documentary credit whereby a bank
promises to honor drafts payable to one party, drawn
on it by another party.
sL/C
Q'(WSQWl\


letter of development policy - LDP [IBRD]
Letter from the Government of a country receiving a
structural adjustment loan to the President of the
Bank, setting out the Government's medium-term
objectives for structural change and the range of
measures that it intends to take over several years to
achieve these objectives.
AB[sLDP[./-OA'(]
D$[\.NU%&'((
f[U$mfTl)
1TF1R6y<-[
u

letter of intent - LOI
Used to put in writing a preliminary understanding
of parties who intend to enter into a contract.
[sLOI
yQSVW)BB6
!B[)

letter of no objection - LNO [imports]
In some countries, a letter sent by the Government to
a domestic company, asking that company if it has
any objection to specific items being imported. The
company may make an objection, thereby
preventing the goods from being imported.
MsLNO[]
Q*1.NU.&[\@
S;[\i&5*Mi0;[\
p;5

letter of sectoral policy [IBRD]
Letter from the Government of a country receiving a
sectoral adjustment loan to the President of the
Bank, setting out the Government's medium-term
objectives for sectoral change and the range of
measures that it intends to take over several years to
achieve these objectives.
,-[[./-OA'(]
QDS,-[\.NU%&'
(([U,-mfT
l)1TF116y<
-[u

letter of understanding
6[

Levant cotton; herbaceous cotton; American short
staple cotton; Arabian cotton
[].7=>

leveling off
=LL8

level annuity system
The level annuity system entails equal aggregate
payments of principal and interest (i.e. with
principal repayments made in gradually ascending
amounts). This system was used by the World Bank
prior to 1975.
86Dp
86Dpfx6l8
6AI%&'(C19756
Vp7

level border irrigation
CdDELCE
0 basin irrigation

level repayment
Repayment scheme where repayments are at a fixed
168
____________________________________________________________________________________
level, even though the interest rate may change.
8l
D{9tZ|
{|

leverage (ratio) [US]; gearing (ratio) [UK]
Ratio of debt/liabilities to equity/assets. Includes
debt and debt-equity ratios. #$Z[].]
Z[.]
Z/P}/`:ZYZZl
Z/}:Z
0guarantee leverage

leverage, to
&#$c>

leveraged buyout - LBO
Purchase of a company by a small group of
investors, often including management, mostly with
borrowed funds. The debt is usually repaid from the
company's cash flow or from the sale of assets.
#$sLBO
6"YZWX!
:[\sRhiD
eZ::V[\sD;<`b/


levy
@v

liabilities
The credit half of a balance sheet.

`fW

liability management
WX

LIBOR [London interbank offered rate]
The interest rate at which banks in London are
prepared to lend funds to first-class banks. It is used
to determine the interest rate payable on most
Eurocredits.
,-'(10tZsLIBOR
_,-'('(Dt
Z!sRGtZ

licensing agreement
a

lien; charge [legal]
U\x[}]

life (of a project)
STu

life cycle cost evaluation
Evaluation of equipment over its whole life,
including initial purchase, maintenance and
operation.
uB
inx[:uYZxH>`l&
(

life expectancy
ju

lifeline tariff
A special low tariff for a commodity (e.g. gas or
electricity) made available to disadvantaged groups
(e.g. poor or elderly) or to all consumers but only up
to a certain amount.
7
3N2{td_nq!
6!&5q6i
*uvR<CH

lifelong education; continuing education; recurrent
education
(((

life of a loan
\+

lift, remove credit restrictions; decontrol*
<u+p<uHp

light Arabian crude; Saudi Arabian light crude
The world's most prolific crude oil, frequently used
as a marker crude in establishing the prices of other
crudes.
7=>7=>
%&2/{!
efNO!

light gray cotton


light industry
1

light spotted cotton
7

169
____________________________________________________________________________________
limited international bidding - LIB
International competitive bidding by direct
invitation without open advertisement.
*+./EsLIB
{P{[O./;E

limited liability company
*+[\

limited recourse finance
Finance arranged on the basis of the lender having
recourse to the borrower only in certain
circumstances (e.g. the loan to British Petroleum
(BP) to finance the Forties oil field in the North Sea,
where the lenders had no recourse to BP if there was
insufficient oil).
*+Dj
*hi\!3*\
!(Dj_L[q-.[
\BPv89:T\q
3R{\!{.[\
D]

line breeding
Special form of inbreeding to maintain a high
genetic relationship to a desirable ancestor.
-6
-9PXZH
7C+-

line department
1Zo,-
0 line ministry

line-haul [transportation]
&[&]

line item [budget]
A specific revenue or expenditure separately
detailed in a budget.
[S[jy]
jyf^XP[

line kilometer [surveying]
A kilometer as measured by the line of flight of an
aircraft. Used to measure the distance covered by an
aircraft when taking remote sensing images.
[R[8<]
QrP#P(7<[R/7<
P#(;o

line management
1Zo

line management position
1Zo_

line manager
1Z5W

line ministry, department
A Government ministry responsible for
implementing a program or group of programs as
opposed to one responsible for general planning and
administration, e.g. would include Agriculture,
Social Security but exclude Finance, Planning.
1Z,Hw
:U,wu,!
,{l(WXq0
1,HhEg,{YZ,H
,

line position
1Z_

line staff
1Z!

linear expenditure system [mathematical model] *
EOp7[Rp]

linear programming
A mathematical procedure to obtain an optimal
answer to a series of equations that usually specify
resources available; technological relationships of
the production process; goals of the society; relevant
constraints to any solution that is found.
E,
RpW}SD-[2&<
X"LShi
`VWf+-hETi
W}p

liner (shipping) conference
A combination of shipping companies or owners
which sets common liner freight rates on a particular
route and which regulates the provision of services.
mf[E
f[\k!Bpd
mf&NZWXmfYZ

link

0 UHF link; VHF link
170
____________________________________________________________________________________

linkage
U-
0 backward-forward integration, linkage;
backward integration, linkage
liquefied natural gas - LNG
4f56sLNG

liquefied petroleum gas - LPG
46sLPG

liquid assets; quick assets
Cash in banks and on hand and marketable
securities.
;``
'(csD)b


liquid assets portofolio; liquidity portfolio [IFC]
;`!V;E*N!V[./Dj
[\]

liquid ration
|sZ
0 acid test ratio

liquidated damages
A sum of damages agreed upon in advance between
parties to a contract, to be paid by the party who
breaches the contract, as opposed to unliquidated
damages, which are not fixed in advance, and are
liable to be overturned by the courts.
jInD
VWD
Wli{jIn
D|1Vf
}>

liquidation value; forced sale value
The price obtainable from an immediate sale, where
the seller is under either legal or voluntary
compulsion to sell.
xyNbN
Q^b<DbNb
}{Khi(b

liquidity management; liquidity portfolio
management
xWX;`WX

liquidity portfolio [IFC]; liquid assets portfolio
;E*N!V[./Dj[\];`
!V

liquidity position
;

liquidity ratio
The ratio of the actual level of liquidity to projected
three year net cash requirements.
|s:ZsD:Z
Q/|sLPj86sDc
:Z

liquidity shortage
H

liquidity squeeze
;Ex3

listing (of securities)
The process of public quotation on a Stock
Exchange of a share or bond.
H
Q}\[:9[O
VW

literacy; literacy education
H)L

literacy level
L)L

live fencing
The use of live trees as boundary markers for the
production of fruit, fodder or other products, instead
of wooden fences.
S=
.S~}>?{HNef{`
&+

live storage, capacity
.iHi<

living area
.

load

0 peak load

load, base
C=

171
____________________________________________________________________________________
load bearing capacity; traffic bearing capacity


load factor [electricity]
The ratio of the average load over a designated
period of time to the peak load occurring in that
period.
-R[]
jzL8P;s~
:Z

load fund
Mutual fund which charges a handling fee.
BCD
<cvCD

loan account
\

loan agreement
\a

loan application
\OP

loan assumption agreement
\a

loan capital


loan commitment
\

loan costing
\BN
0 loan pricing

loan equivalency pricing
Pricing procedure adopted in Bank cofinancing,
whereby credit alternatives offered by the Bank,
such as loans and guarantees, are all priced
comparably and do not compete among themselves.
\8N[%&'(]
%&'(iUVj<NWef%
&'(}~q\l
:V:{;N

loan investment
\

loan officer
0\

loan origination fee
The fee typically charged by a DFI to recover the
cost of investigating and granting a request by a
borrower for a loan.
\v
QABDj#$L@v
\!\S(23l
"!\B

loan portfolio
The unpaid loans of a lending organization.
\1Z<
Q\#$D\

loan pricing, costing
Establishing the interest rate of a loan.
\N\BN
i\tZ(!

loan processing
X\c

loan proceeds
\D
0 allocation of loan proceeds

loan recovery
\

local area network - LAN
d(-sLAN

local authority; local government
dWbwdWU.U

local competitive bidding - LCB
.;EsLCB
0 competitive bidding in accordance with local
procedures

local cost; onshore cost
.v.B

local currency
.

local employee [IBRD]
.V[./-OA'(]

local government; local authority
172
____________________________________________________________________________________
dWU.UdWbw

local shopping
Procurement based on comparing price quotations
obtained from several local suppliers.
.N
:Vi.RN5kN(:C
M(

localization
Use of local staff.
.d
.!

localization economies
Agglomeration economies which are external to a
specific company but internal to a specific industry.
They commonly result from the increased demand
for goods and services from specific industries.
Increased demand leads to increased competition
and efficiencies among firms intending to provide
inputs to production. It also includes vertical and
horizontal integration of specific industries, where
ancillary industries within the same area provide
inputs or complementary services to other industries
and firms. Cf. urbanization economies.
d?@
Q:[\H:`1
f?_?@e`L1`
1ilYZcSAIqBcSA
IoZ`5;Il
Z"YZ&1`1JlV
dmv`1ef`1l5
`EmvEYZ
l0urbanization economies

locked in capital gains
{@x

locked in interest rate
$tZ$tZ

locked-up capital
Capital that is unavailable as it is committed to other
uses.
{
?e]{

lock gate price; sluice price; sluice gate price
A theoretical cif price used in calculating European
Communities supplementary levies on imports of
pork, poultry and eggs.
-NONO
X9NO/yi
+HN9l-n@cIv

logging [forestry]
[d1]

long form audit report
A detailed report or letter prepared by an auditor
following an audit. It is addressed to the
management or directors.
Ppk
Qp!kBSp1WXbw
E:PkN

long-run average incremental cost - LRAIC
L8A<BsLRAIC

long-run marginal cost - LRMC; efficiency price;
efficient price [electricity tariffs]
The cost of meeting an increase in consumption,
sustained indefinitely into the future, when needed
capacity adjustments are possible.
/Bs LRMCZNO;*
NO[v]
M+/buvcSAIz(
<[Bv

long staple cotton
Cotton with fibers of 1 1/8 inches long or more.

Q=>71 1/8

long-term blended cost rate - LTB [IFC]
A rate used by IFC to assist in determining the
performance of its loan portfolio, it is based on three
parts of average costs of borrowed funds and one
part capital resources.
tVB:ZsLTB[./Dj[\]
./Dj[\/0v!e\J
V::Z]{DL8
Bl{DCMy/

long-term debt ratio
Ratio of long-term debt to total assets.
Z:Z
QZi`:Z

Long-term Facility for Financing Purchases of
Capital Goods by Developing Countries [IBRD]
vABf.N\CD
[./-OA'(]
173
____________________________________________________________________________________

long-term liabilities
Liabilities that will become due in the future, usually
more than one year.

Q/L+6

long-term prime rate - LTPR
Prime rate used in Japan.
tZsLTPR
tZ

longitudinal survey
Surveys of limited populations in purposively
selected areas, recording events as they actually
occur (as opposed to making estimates).
J
*T@A/di*+!(
/Ahi(qzi(


loss in weight; waste [commerce]
UU<II[51]

loss leader
~Wb5

loss of load probability - LOLP
A measurement of the probability of power outages.
IZsLOLP
iZ8y}

loss payee
In insurance, a third party suffering the actual loss
named as beneficiary of the policy.
ID\!
?1Zf/DI`W]{
?^D!

loss provision; provision for losses; reserve for
losses
I!xD

losses and write-offs*
IPa

low absorber [country]
Oil exporting capital surplus country that has been
able to make very limited use of oil revenues for
domestic development. Includes Saudi Arabia and
Kuwait.
3.N[.N]
Qa.1.Nt
i.(OAF*+efYZ
7=>l

lower heating value; net heating value - NHV; net
calorific value - NCV
3sNHVRs
NCV

lower middle income country - LMIC
Developing country with a per capita income in
1980 exceeding $600 but below $1200. Include
some Latin American countries, some South-East
Asian ones (such as Philippines and Thailand),
Mediterranean countries (such as Morocco and
Tunisia) and some sub-Saharan African countries
(such as Cte d'Ivoire and Nigeria).
fx3.NsLIMC
Q19806!8V600]31200]
.NYZ1=].Nkmi.Nq
lA.df.Nq2`lT
l1=GmF.Nqil
ti

lower quality old debt
3<

lower secondary education
f(

lowest bidder
23kN23NN

lowest evaluated bid
Bid which is considered to have the lowest price,
taking into account factors such as time of
performance, reliability of construction methods or
efficiency of equipment, availability of maintenance
services and other criteria disclosed to the bidder.
The relative factors should be stated in the bidding
documents and should be expressed in monetary
terms or given a relative weight.
239N
)i!obdqO
zWW}jEnxZ
>`YZlef9p!!23N
OkN*+T)fS
NOR

lowest priced bidder
The bidder who offers a bid at the lowest price.
23NOHN
174
____________________________________________________________________________________
Q23NOkN

low income country
3.N

low load factor consumer [electricity]
A consumer using a low amount of electricity.
3-Ruv[]
Q<uv

low standard road
3!

low voltage consumer [electricity]
3uv[]

lump sum borrowing [IFC]
A currency-specific borrowing made in a lump sum
by IFC from IBRD for its short-term future needs.
[\[./Dj[\]
Q./Dj[\%&'(Q[
\lc

lump sum contract [consultants]
Contract where payments are based on an agreed
lump sum with no matching of inputs to payment
being made once the figure has been agreed.
YVlV[N]
Wl\QV
lD?{Plv


lump sum loan
One of two types of fixed rate loan made by the Bank
to IFC involving currency-specific lump sum
amounts to meet net cash requirements for the
following six to twelve months.
[\
Q%&'(./Dj[\{~t
Z\"YZl/612:Z
sDcSQ[\

lump sum price
SElNO

175
____________________________________________________________________________________

- M -


macro-level accountability
Macroeconomic accountability (including financial
accountability and accountability for overall
economic performance), e.g. congruence between
public policy and actual implementation, the
efficient allocation and use of public resources and
external auditing and follow-up to this auditing.
st
st?@YZZEl?@1
$qH[l/(EH
[*xltH,plp
1{

macromanagement
stWX

main contractor; prime, principal contractor
5Y52_H\Y5

mainframe computer
y#5#

main power grid [electricity]
5[]

mainstream, to
5;5;

maintenance of value - MOV (of IBRD capital)
The provision in the Bank's Articles of Agreement
requiring members to maintain the value of that
portion of their paid-in capital that is subscribed in
their own currency in terms of the subscription price
(i.e. 100,000 gold dollars).
./-OA'(}D,s
MOV
./-OA'(af,E.
NO10ID]H.
T}N

maintenance of value settlement; settlement of
maintenance of value
y_L

major currency
5

malnourished
_{

malnutrition
_{

manageable
Hpil

managed costs
Discretionary and direct overhead expenses for
which budget units are responsible.
WXB
jy^_lv


managed economy
DH?@H?@

management
WX
0 asset and liability management; cash
management; collegial management;
comanagement ; corporate management; country
assistance management; demand management;
economic management; IDA management fee;
labor-management relations; liability management;
line management; liquidity management;
participative management; project management;
range management; risk management; supply
management; water management; watershed
management

Management [World Bank]
WXbwWX,- [%&'(]

management accounting
The design, installation and operation of financial
planning, budgeting and financial accounting
systems with the use of appropriate methods and
techniques to monitor and control all aspects of
financial operations and the coordination of these
systems, methods and techniques with the primary
activities of an entity.
WXE
Q]bW}l(ZHjyl
ZEp7nHu(lI{78lHp
Z&{:W)1p7HW}l
P:5.a

management audit
A review and appraisal of any or all parts of
management activity.
176
____________________________________________________________________________________
WXp
iWX.,",(pl9


management auditor
WXp

management by objectives - MBO
TWXsMBO

management chart; performance chart; working
table
WX61$6{7

management company
WX[\

management consultant
WX

management contract
Contract where the contractor assumes
responsibility for the management of the investment
project or a significant part of its operations and
where his remuneration substantially depends on the
production, revenues or profits of the investment
project.
WXV
YWWXST;STfbs
,"&{Vekn5;
ST`Ht/

management development
WXABWXOA

management fee
Fee payable to lead bank for handling bonds.
WXv
l\'(WXv

management game
WX4

management group; managing group
WX6!

management information system - MIS
System, usually computerized, designed to provide
the management of a particular organization with the
key information needed for decision-making.
WX-sMIS
&!"WXc+
-:y#-

management letter [auditing]
A formal letter from auditors to the management
concerning the accounts. It will discuss any
deficiencies or weaknesses which the entity should
remedy for its own protection.
l1|[N[p]
pWXbw+T|Nef
9;W;Ig,HTl
V

management participation system; codetermination;
comanagement
System which gives employees the right to be
represented in the decisions of a corporation.
WXlPp7WX
p7V3~lP[\t

management succession planning
WX

managerial accounting
That portion of accounting which attempts to supply
management with quantitative information as a basis
for decisions, as opposed to management accounting
which is accounting designed for or adapted to the
needs of information and control at the various
administrative levels of an organization.
WXE
E{,"WXbw<
{eCMPWXEr
1:!"-WX,-n
EW}]ilHpc

managers
?X5!

managing group
WX6!

managing unit
WX^_

mandatory planning
QE

man-day
!/

man-made capital
!q
177
____________________________________________________________________________________

man-made disaster
!

man-month contract
Contract where payment is based on agreed
time-based rates (usually the man-month rate),
subsistence allowance for staff and reimbursable
items.
!/ZV
az:!/ZHV.
ll"T!lvV

manpower development
!OA

manpower planning
!,

manufacturing grade [meat]
I-[+"]

Manufacturing Unit Value Index [World Bank]
Industrial countries' indices of US dollar unit values
of manufactured exports to developing countries.
There are two indices - the cif index which combines
a 90% weight of FOB export prices with a 10%
weight of transport costs and a FOB index.
pq^_NQR[%&'(]
Q1.ABf.NpB]^_
NQR*~QRNO
{90%UH&v{10%UNOQ
RQNOQR

mapping
8w
0 school mapping

marginal benefit
/

marginal capacity cost - MCC
Present worth of the least-cost investment stream
divided by present worth of the stream of
incremental output resulting from the investment.
/`BsMCC
26B;<s;`A
<`;<s

marginal cost
/B
0 long-run marginal cost

marginal cost pricing
A policy used to minimize selling price or to lower
costs to keep a business operating during a period of
poor sales, by which the firm charges for each unit
sold only the addition to total costs which results
from manufacturing that unit, usually just material
and direct labor.
/BN
)3abNO)3BSa
b{z>H1Z&l1
ix:ab.^_5<`;5
BcIv:Nl
v

marginal disutility
The extra disutility resulting from a small change in
some variable.
/
Q&1|<6|o


marginal effective tax rate - METR
A measurement of the effect of taxes on investors'
rate of return for an incremental addition to their
activities.
//ZsMETR
<i.xA<@ieZ
EF7

marginal efficiency of capital
In popular terms, the expected rate of profit. More
rigourously, it is a discount rate at which the
perpetual annual yields of an asset are expressed in
present value terms. The present value is obtained
such that it is equal to the replacement cost of the
asset or its supply price. For example if the supply or
replacement cost of an asset is $ 80 and it yields a
perpetual annuity of $5 then the present value of the
perpetual annuity is equal to $80 if the rate of
discount applied is .0625 or 6.25%. This 6.25% is
the marginal efficiency of capital.
/Z
LQjtZGOdRQ:s
`6sZR
s;`UxBNOD
/RS`UxB80]
]`65]0.0625
6.25%sZD6Ds80]
:6.25%/Z

marginal national savings rate
178
____________________________________________________________________________________
/.Z

marginal propensity (to consume, to save, etc.)
An induced increase (in consumption or saving) as a
proportion of the increase in income. If income
increases by $10 and consumption or saving by $5
then the marginal propensity is 0.5.
/uvH
QAIMAuvAI<
PAI<:qAI10]u
vAI5]u/0.5

marginal physical product - MPP
The change in total product that results from
employing one additional unit of a variable resource
together with other fixed resources.
/`/`<sMPP
t^_|Ief
f``|

marginal reserve requirement
Additional deposits that by law depository
institutions (e.g. banks) must set aside in their vaults
or with the central bank. In the U.S., this applies to
additional reserve requirements on increased
managed liabilities imposed by the Federal Reserve,
in order to curtail the expansion of bank lending.
/!xDS
},#$q'(Tc]D
f|'(B/!xD].4
Hp'(0\!Uxwi-A?_
ES*!xD

marginal revenue product - MRP
The change in the firm's total revenue from selling
the marginal physical product that results from
employing one additional unit of a resource together
with other fixed resources.
/`sMRP
b/`O5|
/`t^_-A|le
f`

marginal soil(s)
/*1*d

marginal utility
The utility derived by an individual from his
consumption of an additional unit of a commodity or
service at a given time. It may also be regarded as the
utility of a unit of the commodity or service the
consumption of which an individual may decide to
forego.
/
Quvzuv-AI:^_
5YZCD"uv
E0Yuv;^_5YZ


marginal value product
/N`

margin of preference; preference, preferential
margin
7

marker crude; benchmark crude [oil]
Saudi Arabian light crude oil (gravity API 34
degrees) employed as the standard on which OPEC
price changes have been based.
C! []
Q7=>].aE:U347
.!"[NO!

marker price; benchmark price [oil]
The reference price used by OPEC for oil price
changes, based on the price of Saudi Arabian light
crude oil.
C!NO []
.!"|NOzl
vNO7=>NOCM

market-clearing prices
A price for an item which attracts just enough buyers
as there are buyers. If prices are lower demand will
be too high; if higher demand will be too low.
2]bNOxNO
|'O{{5NO3N
OcSEKNOcSEV3

market-clearing quotations
2]bkNxkN

market-clearing returns
2]bx

market-eligible countries
Countries that have access to financial markets.
*]b.N
Dj*\.N

market-friendly


179
____________________________________________________________________________________
market-in-hand agreement
Turnkey contract requiring contractor to assist in
sales.
{|V
SY5av>a`9CDV

market intermediation
Acting on the market (i.e. buying and/or selling of
securities) on behalf of someone else.
f
Q~r!&{[l]

market power
EF

market-related lending
Lending at market rate and under market conditions.
d0\
dtZ0\
l0commercial lending

market timing
Taking advantage of securities of different
maturities.
Az
Qt{zC

market value
N

marketable securities
Equity securities or debt securities that are actively
traded or which can be otherwise bought or sold.

Q|9f}\


marketability
]aE|sE

marketing
_a

marketing arrangement
ab_L

marketing board
abE

mark-up
NQt

marshal evidence, to [ICSID]
[;./fg]

marshalling yard
!

mass media
s}

mass production
s<`s,`

master plan
,

Master Loan Agreement
Agreement between the Bank and IFC on Bank
lending to IFC. First issued 1971 and periodically
updated as the Bank makes further loans to IFC.
\a
%&'(./Dj[\Q+%&'(
./Dj[\\a`SQ1971
61{B\z`

matched funding [IFC]; matching funds
Funding needed by the IFC to commit a loan. It
must match the loan in terms of amount and
maturity.
i[./Dj[\]iD
./Dj[\\zc
D]TP\R<l+

matching contribution
A contribution that is conditional on a similar
amount of funds being contributed by another party.
iR
S*dRedQW"R"0
R<D

matching credit
i

matching funds
iD
0 matched funding

matching grant
A grant given when an equal sum is provided by the
recipient or a third party.
i\
ScDW`D\

180
____________________________________________________________________________________
matching payment
i

mathematical expectation [mathematics]
The mean value of single observations drawn from a
finite or infinite universe in repeated samplings.
Rp[Rp]
*+M+CH-rm@
*^:tKL8R

matrix reporting
Staff or offices reporting to more than one agency.
jkp7
{!@:,-(jk
p7

maturation (of borrowers from IDA to IBRD loans)
Q\.CD./OAaE\CD.
/-OA'(\B

mature investments [IFC]
Investments which are just at the beginning of the
stage at which they will start to become profitable.
B[./Dj[\]
QO`=>

mature markets [securities]
B[]

mature project
BST

maturity (of a loan, bond, etc.)
\H

maturity mismatch
Having borrowings and loans with different
maturities. This could mean, for example in the case
of the Bank, that borrowings the Bank had made on
the capital market to finance certain loans it had
made were due before it had received the money
from the loans.
{bt
\l\{q%&'(
\e1\(j\
%&'(\l

maturity transformation
Reborrowing, in order to extend the maturity of a
loan.
}ww
\}\B

maximum aggregate liability [MIGA]
The maximum liability of MIGA for all claims
arising from coverage for one project enterprise.
2s[#$]
#$i:STl1,
2s

maximum amount of guarantee
The maximum amount of guarantee coverage
provided under all forms of coverage.
2+
2+

maximum likelihood method
An econometric estimation technique which
involves the maximization of the likelihood function
of the sample observations with respect to the values
of the parameters of the equation(s) being estimated.
It chooses those values of the parameters which are
most likely to have generated the sample
observations.
2s0}[<?@p]
<?@YZ|y
lRGm0NR2s]@
A31{2|`mtKlR

maximum sustainable yield - MSY*
2HsMSY

McNamara Fellow
=p=pDCD

McNamara Fellowship
=pD

mean annual increment - MAI [forestry]
The total growth of a stand of trees divided by the
total age.
6L8<sMAI[d1]
PSd<Sf

means-tested pension plan
NDWX

measured production
The actual production of a farmer as measured, as
opposed to the estimated production.
8`<
?V80/`<r`
<

181
____________________________________________________________________________________
meat processing
+"I

mechanical completion [projects]
The final stage of a project where the actual physical
equipment has been installed.
#Wkk [ST]
*/nx8_ST21=>

medium absorber [oil exporter]
Oil exporting capital surplus country which has only
been able to make some use of oil revenues for
domestic development. Includes Iran, Iraq and
Libya.
f.N[.]
.Nt,"
{.ABYZH=lt:
i

medium staple cotton
Cotton with fibers of 1 to 1 1/8 inches long.
f=>
=>71-1 1/8

membership [IFC]
EO[./Dj[\]

membership application
OPEOEOOP

membership shares [World Bank]
These were introduced in connection with the 1979
General Capital Increase in order to ensure that the
voting power of small members was not eroded by
the Capital Increase. A special allocation of 250
shares, known as membership shares, was made to
each member in addition to the pro rata allocation.
No payment was required for these shares nor were
they included in the Bank's lending authority.
E}[%&'(]
19796AzO(T
6E.\{Au1
}:"}r"
x:E.250}E}
,"}{{cl\"{YZ%&'({
\\CR

membership votes
E\

memo item; memorandum entry, item
An explanatory notation in a book of accounts which
does not change the balance in any account.
xyST
foE]{|
L

memorandum account
A temporary account used to store accounting data
prior to actual receipt or disbursement of the sums
concerned.
xy
/z/l*+D
zER

memorandum entry, item; memo item
An explanatory notation in a book of accounts which
does not change the balance in any account.
xyST
foE]{|
L

Memorandum of Administrative Arrangements
[ICSID]
(xyz[;./fg]

memorandum of law
A legal opinion signed by a legal officer of a
government authorized to give legal opinions on his
Government's behalf.
}xyz[}]
U\}@Q^}0[~
U}0

memorandum of understanding
A written document detailing the points upon which
two or more parties agree.
6xyz
S[)PzW}W)B
V

memorial [ICSID]
[;./fg]

menu approach
}^W

merchandise balance
5g5L
0 trade balance

merchandising
5p5>a

182
____________________________________________________________________________________
merger
V5

merit goods
Goods the consumption of which is deemed to be
intrinsically desirable. In the case of such goods it is
argued that consumer sovereignty does not hold and
that if consumers are unwilling to purchase adequate
quantities of such goods they should be compelled
or encouraged to do so. Examples are education and
health services.
*N
uvgE!
quv5{*8w{{
R<"5zf;K4.
"5YZ(lYZ

merit increase
{B$

merit point system
In procurement, a system whereby points are given
to each bid in respect to a number of factors. These
points are then correlated with the bid price and the
contract awarded on the basis of the best points/price
combination.
"9p
fTx:("
9p7G"RPkNU-"R
PkN2&!V\

message front-end system
-

messages [agricultural extension]
The basic information that an agricultural extension
scheme wishes to impart to farmers.
[01>?]
01>?y0\C

metal works
D$

Metals and Minerals Price Index [IBRD]
Dl`NOQR[./-OA'(]

meter rent [electricity]
The income received from electricity metering.
<v[]
Q<v

mezzanine financing
Financing using medium-risk capital, as opposed to
pure debt financing. The risk is intermediate -
between secured or senior debt and equity. It differs
from venture capital lending in that owners
surrender only a low amount of equity.
Fj
Qtf?ji<Zj
e?*Zl}
]P?\{2l15
<}

MIBOR [= Madrid Interbank Offered Rate]
R'(10tZ[sMIBOR]

microdata
tR

micro-level accountability
Microeconomic accountability, e.g. ensuring
efficiency in investment and in the production and
delivery of goods and services.
t
Qt?@ql`
Z)lZ9

micromanagement
tWX

micro-sprayer irrigation
;EF

microteaching
Scaled-down version of teaching, planned to
develop new teaching skills and analyse existing
ones. The technique provides teaching practice in a
situation in which the complexities of the classroom
are minimized by restricting the number of pupils
and length of lesson and by focusing on specific
teaching skills.
(}
:3P(p}OA-(pl
"Ps/(W}+pp!R
lvW7W}/P(*+-E
XU(pW((pt

middle income country
Developing country with per capita income of $400
or more.
f.N
!8400]l400]ABf.
N

183
____________________________________________________________________________________
midterm project review mission [World Bank]
fST9p[%&'(]

Midterm Review - MTR [IDA]
Review of IDA resources in the middle of a
replenishment period.
fpsMTR[./OAaE]
./OAaEAfiDi(p
midyear review
6fp[jy]

milling yield
<

millions of barrels per day oil equivalent - mbdoe
`:ab<smbdoe

minehead price
The price of a mineral as it comes out of the mine,
i.e. excluding transportation and processing.
NO
`NO{YZ&lINO

mineral lick; salt lick
GGH

mine run coal; run-of-mine coal
Ungraded coal of various sizes as it comes from the
mine.
?I@
"-Hs6{

minimum cash ratio
26sD:Z

minimum cash requirement
26sDcS

minimum package project
C=JVST

minimum tillage
Planting crops through a sod of dead weeds or
stubble.
26{}
Q8*{

minority threshold [IBRD]
Situation whereby a minority has an effective veto
because a certain majority is required to effect a
change and the minority holds enough votes to
prevent this majority being obtained, e.g. in the
World Bank, the US could block changes requiring
80% majority when it had a 20% shareholding.
R*[./-OA'(]
S|mzcR\
R\H**\R\`
*q%&'(]
.*20%}:Vc80%R\
|m

misalignment (of rates of exchange)
jZ

misallocation of resources
"{b

misprocurement [IBRD]
Procurement not in accordance with agreed
procedures.
{b[./-OA'(]
QaW{

mission
!
0 appraisal mission; audit mission; composite
mission; end-of-mission document; external review
mission; field mission; full mission; investment
review mission; midterm project review mission;
post appraisal mission; preappraisal mission; review
mission; supervision mission


mission statement [EDI]
k[?@ABpq]


mitigation plan; environmental management plan;
action plan
Part of a formal project environmental assessment,
this plan outlines feasible and cost-effective
measures which may reduce potentially significant
adverse environmental impacts to acceptable levels.
It should provide details of proposed work programs
and schedules to ensure that the proposed
environmental actions are in phase with engineering
activities throughout preparation. The Bank uses all
three terms.
P*+EF*+WX(
|ST*+9N:!B,"S
[(lVVB/uSG'
i*+bs{tEFP3D
L]W,Phl
W*+([:!x=>W
184
____________________________________________________________________________________
.B(:]5%&'(


mixed enterprise
tVl1

mixed farming project
tV01ST

mixed financing; blend financing
tVj

mixed fertilizer
-VN
0 compound fertilizer

mixed financing; blend financing
tV\

mixed forest
Type of temperate forest, consisting of trees of
different species.
tVd
+ed"YZ{"S

mixed-use forest
Forest which has uses other than timber production.
tVd
`{ef*d

mobile training unit
;no!

mobilization advance [contracts]
Advance payment to a contractor to enable him to
start work.
xjl\[V]
QiY5Sjl\eO
{

mobilization costs
In a construction project, the initial costs needed to
get a project under way, including advance
payments, bonds, etc.
xvdnuv
:nWSTfSTOuc
vYZjl\HD

mobilization ratio [IFC]
Ratio of project cost net of IFC financing to IFC
financing.
:Z[./Dj[\]
P./Dj[\j,"1STBP
./Dj[\j,":Z

model bid documents
)C

model school
CpvyCpv
0 demonstration school

modified Bruno ratio; internal exchange rate
As for the Bruno ratio but using for the entire project
life instead of for just one year.
`18:Z,jZ
8:Z{6
[:ST

moisture stress
J7GU{bc

monetary aggregates
The main indicators of the monetary status. Include
such features as monetary base and money supply.
<
i5QYZCMl
@

monetary correction
Macroeconomic changes to the money supply, e.g.
by adjusting interest rates or altering the amount of
money in circulation.
<[
st|qtZ[;:f
R<|

monetary ease
Policy of reducing restrictions on the availability of
money, e.g. by easing credit restrictions.
0>'
PiCD+pq0>+
p

monetary expansion
!

monetary restraint
Holding down the rate of growth of the money
supply.
+pHp
)3A7

monetary stringency
185
____________________________________________________________________________________
'H

monetization


monetized GDP
.`

money at call
0\
0 call money
money center banks
Bank based in a large financial center (e.g. New
York or London).
Djfg'(
_sDjfgq=,-'(

money income


money-losing operation
&{1Z

money market
The market for short-term debt instruments, such as
certificates of deposit, commercial paper, bankers'
acceptances, Treasury bills, discount notes and
others. These instruments are all liquid and tend to
be safe.
DjD
ZZYZ/
\^H51\H'(\H.Hs
\1Dj|s:_
l0capital market, financial market

money market (mutual) fund - MMF; mutual fund
A mutual fund specializing in high yield short-term
instruments of credit such as Treasury Bills,
certificates of deposit, commercial paper, bankers'
acceptances and repurchase agreements. For the
difference between FCP and SICAV, see mutual
fund.
CDsMMF
CD
Q-?_\CDq
.H/\^H51\H'(\
la+FCPlSICAV{
0mutual fund

money market paper
\

money market rate
The rate of interest in the money market. In the U.S.,
there is no single rate but a series of rates, including
the prime rate, the Federal Reserve discount rate, the
Federal Funds rate, the 1 month commercial paper
rate and the 3 and 6 month Treasury Bill rate.
tZ
tZ].*^tZ
-[tZYZtZHUxsZH
UCDtZH1:Z51\tZl3:ZH6
:Z.tZ

money stock, supply
/<<

money wage


moneyness
Closeness to being money; ease with which an asset
can be spent; liquidity.
0E|sE
P0@SlW
7|sE

monitoring
7H78

monitoring and evaluation - M & E
78P9NsM&E

monoculture; sole cropping
^{p

monocyclic management
Forest management system which provides for the
removal of all merchantable trees down to a specific
diameter at breast height in a single operation,
followed by a poison - girdling of remaining large
noncommercial stems. Silvicultural treatment is
continued at intervals to promote the growth of
desirable species.
^WX
Q*dWXp7e}SE.^
abSZa*K
SXW}iaM51N
sS(*LI*1z(q
d2Xc

monopoly rent
dDdt

186
____________________________________________________________________________________
moral hazard
Irresponsible conduct by the insured which is likely
to increase the possibility of loss.
n
Q!*IAI{(

moratorium interest; interest on overdue payments*
Ml\t

mortgage bank
U'(

mortgage financing
U\U

most-favored-nation clause
A clause in an international trade agreement which
states that contracting parties to an agreement are
bound to grant to each other treatment as favorable
as they extend to any other country regarding the
application of import and export duties and other
trade regulations. First put forward at Geneva Trade
Conference, 1947 and became a part of GATT
regulations.
2.d\
./afSd\SWT
*++lefdW
afef.N
m;d\2S19476E
B+a,,"

most immediately impacted (MII) countries
2DEFsMII.N

most seriously affected countries - MSA
DEF2GU.NsMSA

mother and child health (MCH) center
;!sMCHfg

motivator [family planning]
[]

motor octane number - MON
A measurement of the octane quality of gasoline
relating to part throttle operation.
)BC
,"[-z8D2BCE

mountain forest
8*d

mountain rice; upland rice; highland rice
8dc

moving average
L8R
0 running average

multiattribute decision analysis
Technique of decision analysis which allows
tradeoffs between objectives to be analysed.
E"P
"P]i"PT
tN(@A

multicropping; multiple cropping
-p

multicurrency clause [loan contract]
A clause in a loan agreement stating that more than
one currency may be used in paying or redeeming
the loan.
d\[\V]
\Vf,
\d\

multidwelling houses
$K

Multifibre Arrangement 8MFA
=>a sMFA)

multigrade teaching
Teaching where more than one grade is taught in the
same class due to shortage of teachers and/or low
amount of pupils.
6-Vm(p
H7(ylpR<:
mf(\:6-vW

Multilateral Investment Insurance Agency- MIGA*
#$sMIGA

multilateral investment insurance
?

multilateral trade negotiations - MTN
IJsMTN

multilevel farming
S
0 multistory farming

187
____________________________________________________________________________________
multimedia training modules [EDI]
Wno}[?@ABpq]

multimodal transport
WU&JV&

multiple cropping; multicropping
Growing two or more crops in the same year on the
same field.
-p
d6~O~O{
{W

(multiple) (currency) option bond
Bond (usually Eurobond) which gives the lender the
right to opt to receive interest and/or capital in a
currency other than that in which the bond is
denominated.
@A
G0\!*Se
]tlD

multiple stage tax
A tax which has more than one rate such as income
tax in most countries.
@p
*:Zqs.N@D


multioption facility-MOF*
@A\sMOF

multiple trading approaches
U9p

multiplier
lR
0 credit multiplier

multiplier effect*
lR

multiproduct agency credit line [IFC]
`#$7[./Dj[\]

multipurpose berth
h_

multipurpose project
JVST

multisectoral general equilibrium model
A computable general equilibrium model which
covers several sectors.
%(1L
Q1:(1yL

multishift teaching
mS(pp

multistory farming; multilevel farming
Intercropping trees, shrubs and crops of various
heights for total ground cover.
S
{PSHEl{[
:d

multivariate technique
A technique of analysis (normally of a statistical
nature) which involves more than two variables.
|<"P
Y~|<"P:
E

multiyear rescheduling arrangement; multiyear
restructuring agreement - MYRA
Agreement in commercial bank negotiations which
allowed for restructuring over a period of years
rather than annually, to reduce the burden imposed
by annual restructurings.
6ZU-_L6Z[a
sMYRA
51'(IJf)B6{x6
SZU-_LaTPx6
[{

mutual fund; money market (mutual) fund
CDCD

mutually exclusive projects*
LQST

mutually offsetting entries
In accounts, two entries which cancel each other out.
uS
Tf~:uS
188
____________________________________________________________________________________

- N -


narrow money
Easily available money, i.e. cash, checking accounts,
very short-term liquid funds, etc. Equivalent to M1.
!^b].MI
CDsDH\H[;
DM1

national agricultural research system - NARS
.N0123-sNARS

national environmental action plan - NEAP
Environmental action plan at the level of an
individual country. They are intended to ensure that
decision-makers take environmental issues into
consideration in policy formulation and are closely
linked to World Bank projects.
.N*+(sNEAP
Q.N-*+(1
.NpBVWfvm*+
P%&'(ST]^+

natural capital
The natural environment. Includes land,
watercourses, the oceans, the air, etc.
5
Q5*+]YZ*dHD;HMl6

natural gas liquids - NGL
4f56sMGL

natural wastage; attrition*
5I5uP

near cash instruments
Instrument that can be converted to cash in a very
short time.
!sD\
zwBsD\

near money; quasi-money
Assets which have properties resembling those of
money in the strict sense. Includes savings deposits,
time deposits, certificates of deposits, deposits in
thrift institutions, etc.
!
GO^Q*"0E`Y
Z/\H/\H/\^H#
$/\

negative amortization loan
Installment loan having the annuity principal as a
basis for computation, whose fixed periodic
payments increase from time to time, e.g. annually,
bi-annually. Initial installments typically are
insufficient to meet the interest accruing on the loan
principal and unpaid balances of interest are added
to the principal outstanding. As the periodic
installments increase in value they become sufficient
to meet the interest due and commence reducing the
principal outstanding.
"\
6DCMy"\e
lzAIqx6x~6SS"
L{g\D(t
ltI(D,X
"AI]gt
OP(D

negative pledge clause
Clause in loan agreement obligating the borrower
not to grant security without equally securing the
loan in question.
+pUd\
\afSd\S\!
\{U{De]\{U

negative rate of interest
tZ

negative sum game
4

negative term transformation*
u[+w

negotiated contract*
IJB9V

net beneficial product
`

net benefit investment ratio
The ratio between the present worth of net benefits
and the present worth of an investment;
alternatively, the sum of present worths after the
incremental net benefit stream has become positive,
divided by the sum of present worths in the earlier
years of the project.
:Z
QsPSs:Z
189
____________________________________________________________________________________
-A;B|R1s
ST:s

net book value; current equity investment; net
investment
The contribution value plus covered retained
earnings, less remitted earnings, less depreciation of
assets or other commercial losses. Used by some
countries as a basis for computing the amount of
compensation.
b}
NI\/tP."3t
P.`ef51I1.NR
{yCM

net calorific value - NCV; lower heating value; net
heating value - NHV
Total amount of heat produced by combustion less
the latent heat of evaporation of any water present in
fuel before combustion.
RsNCV3s
NHV
`<P.gANf
{<

net cash requirements - NCR
Gross disbursements plus outstanding debts due to
mature, less repayments and sales of loans, less net
income adjusted for non-cash items, less the increase
in usable capital.
sDc sNCR
lIZf,"P.
lb\RP.FsDT[1
P.AI,"

net cash revenue*
sD

net discounted value
s

net energy ratio - NER
Ratio between delivered net energy demand and
GDP.
:Z(sNER)
DcSP.`
:Z

net factor service income
Net income derived directly from the provision of
services.
TYZ
/Z

net heating value - NHV; net calorific value - NCV;
lower heating value
Total amount of heat produced by combustion less
the latent heat of evaporation of any water present in
fuel before combustion.
sNHVRs
NCV3
`<P.gANf
{<

net income
Revenues less operating costs.

P.?_B

net interest margin on average earning assets
Average interest return on loans and investments
less average rate of debt interest expenses. Return
on investments includes realized capital gains and
losses.
L8t`tg7
0\lL8tP.L8Zt
YZslI


net investment

0 net book value

net material product - NMP
The total amount of material goods and services
associated with production supplied by the national
economy. Used in the national accounting of the
socialist countries.
`sNMP
P.?@`+U`l
ZhE5^.N.

net of taxes
1

net out
D

net present value in efficiency prices - ENVP
The present value of net benefits measured in
efficiency prices.
ZNOssENVP
ZNO<s

190
____________________________________________________________________________________
net present worth, value - NPW, NPV
The net value or net benefit of a project when all
costs have been discounted to the present at the
accounting rate of interest. May be positive or
negative but for project to be acceptable must be
either zero or positive.
ssNPWNPV
EtZG*Bs1D:ST
e*|*iS
T(ET%|3D
0social net present value

net profits interest [oil]
A share of gross production from a property,
measured by net profits from operation of the
property. It is carved out of the working interest.
t[]
QS``f:{;`?_
ft/<]1O
f"/

net realizable value
sN
0 current exit value

net register tonnage - NRT
The gross register tonnage of a ship (calculated on
cubic capacity at 100 cu ft per ton) less engine room,
navigation, light, air, locker room spaces, etc. It
represents the actual carrying capacity of the ship.
_sNTR
_x100Wy
WiP.#KHoH)H:l
]~/&

net reproduction rate - NRR
Number of daughters a newborn girl is projected to
bear during her lifetime, assuming fixed age-specific
fertility rates and a fixed set of mortality rates.
ZsNRR
6fZlghZ8{|d
]-rRefrRR
T

net unrealized gain
The difference between unrealized gain and specific
reserves in the equity portfolio.
s
s}!VfS!xD
g

net worth [individuals, private corporations]
The excess of all assets over liabilities. In a company
this represents the net interests of the owners, i.e.
stockholders' equity.
[:!z_[\]
Q`V,"[\f]
~15t}k

net worth

0 stockholder's equity [corporations]

netback value [energy]
Value of oil or gas taking the price paid downstream
for the product less the transportation and other costs
incurred between the wellhead and the downstream
place of sale.
S []
(`lNOP.
(abd&vlefvSlf
56N

network analysis
("P

network diagram
(6

New International Economic Order - NIEO*
./?@-XsNIEO

newly agro-industrialized economy - NAE
-01-`1?@sNAE

newly industrialized country - NIC
Used in OECD classifications, this refers to those
countries at a relatively advanced level of economic
development with a substantial and dynamic
industrial sector and with close links to the
international trade, finance and investment system
(Argentina, Brazil, Greece, Hong Kong, Korea,
Mexico, Portugal, Singapore, Spain, Taiwan and
Yugoslavia).
-1.NldsNIC
?@V{PAB!"""qQ31?@AB
:*bs,l*.1,
-./HDjH-*X]^U
-.Nq7cHHSHf.lH
Y.H`HTUH-IHmHf.
rVlmT=

newly industrializing country - NIC
A general term, often used synonymously with
191
____________________________________________________________________________________
newly industrialized country, used by the Bank but
not as one of their official classifications.
-1f.NldsNIC
:ZE];P-1.Nld
5:%&'(]5{{
|""];

new money packages
~-

{new style project [IBRD]
Project geared less toward large infrastructure
construction (often carried out almost entirely by
foreign contractors) and more toward smaller efforts
using local staff, emphasizing appropriate
technology and low-cost design, using and/or
strengthening local institutions, having a built-in
monitoring and evaluation system and paying
attention to cost recovery from beneficiaries.
-ST[./-OA'(]
"STWU..1V,.Y
5usCMnun}WU
bd!K]l3Bn
tlIKbd#$*7
8l9Np7DB

next-in-line manager
-o

niche market
*W

night soil
s

NIMBY (not-in-my-backyard)
The idea that people favor, e.g. waste disposal sites,
anywhere but in their immediate environment.
{-1q
!XBtdW{
fc*+Rqr2X

nitrogen, nitrogenous fertilizer


nitrogen oxides (NO
x
)
Compounds which affect the human respiratory
system and plant growth. In combination with SO
x
,
one of the causes of acid rain.
d
EF!"e-lVPd
YSO
x
V1BB*

nitrous oxide
A greenhouse gas.
d
+6

no load fund
Money market fund that does not charge a fixed fee
commission to investors.
M#DCD{cvCD
{<cvCD

nominal effective exchange rate
An effective exchange rate which is not adjusted for
relative inflation differentials.
]^*jZ
*P:AB*+g([*
jZ

nominal price
]^NO

nominal protection coefficient - NPC
A coefficient that takes into account tariffs, quotas
and nontariff barriers that protect farmers as well as
the impact of export taxes or restrictions that
penalize farmers and the over- or undervaluation of
the exchange rate, when determining the incentives
or disincentives farmers face in different countries.
]^-RsNPO
-Rvm0+HlF+
9:"vm{t0ef+
p)jZ3i{.N0`
lEF

nominal service
CYZ

nominated subcontractor
Subcontractor approved by the employer or
engineer.
Q"Y5
Q15Wy"!"Y5

nomination
Q

nonaccelerating-wages rate of unemployment -
NAWRU
The level of unemployment at which wage growth
might be kept stable.
MA1ZsNAWRU
192
____________________________________________________________________________________
AH1L

nonaccrual rate [World Bank]
Percentage of loans in nonaccrual status.
FZ[%&'(]
Fi\:Z

nonaccrual status
When a borrower is placed in nonaccrual status,
accrued interest is eliminated from the financial
statement receivable balances and interest income is
correspondingly reduced. During the time the
borrower remains in nonaccrual status, interest
income is reflected in the financial statement only to
the extent actually received in cash. Placing a
borrower in nonaccrual status in no way affects the
interest payment obligations to the borrower;
interest continues to be billed on the original terms
of the loan.
Fi[%&'(]
\!2Fizt{s
Zkt"P
\!2Fiet*
/sDz3_Zkf\!
xFi{EFelt^Zt
<\d<

nonaccrual trigger point, date
Period, usually six months, before a loan or credit is
put into nonaccrual status.
FiAV
G\xFi
>z:6:Z

nonaccruing loan
F\
0 nonperforming loan

nonctive borrower
\.N
0 active borrower

nonassociated gas
Free gas not in contact with crude oil in the
reservoir.
Ff56
fP{^Xf56

Nonbank bank; nonbank finacian institution*
F'(Dj#$

nonbulk traffic
Carriage of small items, not in bulk form.
Fs&
Q6&Fs

noncallable [bond]
Bond or other instrument that cannot be recalled or
redeemed prior to maturity.
{[]
{ef\


noncash expenses
Depreciation and amortization for the year and other
expenses appearing in an income statement which
are not subject to cash drawn down, and which
should be added to net income in preparing a sources
and applications of funds statement.
FsDOa
b6la)Ifsef
Oa1v{e/sDPp
D/l&zI

noncash input
Agricultural input not in the form of cash.
FsD
FsD01

noncash item
FsDT

noncash working capital
Working capital not in cash form, i.e. receivables
and inventories.
FsD;D
FsD;Dq\l/

nonconcessional, nonconcessionary flows
FED;<

noncore project
Opposite of a core project, i.e. a project not in one of
the key designated by the Government.
FwgST
wgST^5{UQUVST


non debt - creating flows*
{`ZD;

non-18% currency
Protected 18% currency recovered by the Bank
under the accelerated recall procedure and
193
____________________________________________________________________________________
exchanged for an equivalent amount of currency
freely convertible and usable by the Bank.
F18%[%&'(]
%&'({I|WI
18%wBw
%&'(

nonequity direct investment
Any of the following forms of investment which
have terms of at least three years and the other
characteristics individually specified. Investments
such as: production-sharing contracts, profit-
-sharing contracts, management contracts, franchis-
ing agreements, licensing agreements, turnkey
contracts, operating leasing agreements and
subordinated debentures.
F}
Q+Z6*
!E"YZ`"$V
Ht"$VHWXVHaH
aH9CDVH?_E,alS-


nonexcludable, nonexcludible goods
A good is said to be non-excludable if its provision
to any one person automatically makes it available to
others.
FXN5FLf
QNBefN"D


nonexpendable equipment
Used in UNDP to cover all items for which
inventory records are maintained at Agency HQ, i.e.
valued at more than $100 with a normal life
expectancy of more than 5 years.
FuEnx
UV.OA^i*z#$,/
f;N100]|
ju56

nonfactor services - n.f.s.
In balance of payments, all services except for
interest payments and other income from capital and
wages, salaries and other income from labor.
FTYZ(sn.f.s.)
Q./Lf*4tll/
HHef)/Ze
]*YZ

non-food agricultural commodity
F015

Non-Food Agricultural Price Index [IBRD]
F0`NOQR[./-OA'(]

nonformal education
Education taking place outside of schools, colleges
and universities and aiming to develop knowledge,
skills and attitudes that are not normally given
prominence in formal educational institutions.
F|,(
pvHpqlspdW((
OA:|,(#${UH
l`

nonfuel minerals
FN

nongovernmental organization - NGO
FU!"sNGO

noninterest bearing note
{c\

noninterest current account deficit
{e?ST

noninterest deficit
Ft
0 primary deficit

nonmarket economy
F?@

nonmarket services [national accounts]
Services that do not have a commercial aim. Usually
used for the services provided by local and national
government and other official bodies.
FYZ[.]
*51TYZ:/QdWl.N
U)e]@W#$YZ

nonnegotiable note
F;:\{\

nonoil developing country
FABf.N

nonoperating income
The revenue of an enterprise derived from sources
other than its regular activities.
_1F_1
:l1e,1Z./<D
194
____________________________________________________________________________________


nonoriginal member [MIGA]
Full member, i.e. has signed and ratified the
Convention and paid initial capital subscription as
required by Resolution No. 12. of the Council of
Governors, adopted on March 1989, since adoption
of this Resolution.
FE.[#$]
Q198963ZXE12/;
SQ^l"!{#$[
|T|E.

non-pension retiree medical costs
ZDL3!8hv

nonperforming assets
Assets which have no financial return.
Mt`{`
*Z`

nonperforming debt
A debt which has no financial return (i.e. no interest
is paid on it).
Mt0\
*Z*tZ

nonperforming loan; nonaccruing loan
Loan where payment of interest has been delayed for
more than 90 days.
Mt\F\
t(V90f\

nonpoint source
Discharge of pollutants from a non-specific source.
Includes runoff from city streets, parking lots,
agricultural land and construction sites.
M!dV
:*!dVL0/
YZkGHH0ldL0
/

nonportfolio project [IFC]
Project carried out by IFC that does not form part of
its loan portfolio, e.g. providing technical assistance.
F\1ZST[./Dj[\]
./Dj[\({$Be\`S
Tquv

nonprice competition
FNO;

nonprofit organization; not-for-profit organization
Ft!"

nonproject aid
FSTuv

nonproprietary name
M]Ft]

nonpurpose loan
{,\

nonrecourse finance
A loan where the lenders look solely to the cash flow
generated by the project being financed for
repayment. There is no recourse to the sponsor of
the project, so that the lenders assume all the
commercial and political risks of the project.
MDj
\!jST`sD;</
\jSTiSTA!*D
y\!;ST*51l?

nonrecourse participation
Sales of participation in a company where the sale is
on a {nonrecourse basis, i.e. the buyer has no
recourse against the seller if the project fails to
generate money.
MDlP
Q{MD|CMb:[\f
l}qST{[WiW*D


nonrecurring expenses
F?Ev/zv

nonregular staff - NRS
F|sNRS

nonreporting nonmember country
FkFE.

nonresponsive
{{M

nonrevenue water
Water that is supplied but for which no revenue is
collected (e.g. illegal extraction, leakages).
M
QD{qF}r<&

nonstock corporation
195
____________________________________________________________________________________
F}{[\

nontariff barrier - NTB
Factors other than tariffs inhibiting international
trade. Include advance deposits on import payments,
customs and administrative procedures and similar
practices.
F+9:sNTB
Q+./TYZl\
jlDH+l(c)ef"0}

nontradable [noun]
A good that cannot be exported because its domestic
cost of production is higher than the export (fob)
price but lower than the import (cif) price.
F[]5]
.`BNON
3NON{

nontraded goods
Tradable goods that for economic or policy reasons
are neither imported nor exported, or inherently
non-tradable goods.
F
?@{"{
1/^F


nontraded tradable; tradable but nontraded (good,
item)
Goods which would usually be imported were it not
for an import quota or outright ban enforced against
them.
FF
q{dh?y
:E

{no objection (procedure)
Procedure whereby a proposal is deemed approved
if no objection is formally received by a specified
date.
{i0|W
,q{0|
:VW

no recourse sale
Sale where the buyer has no legal recourse against
the seller.
MDab
QWiW*}Dab

no-return equity
M}

normal financing
|j

not applicable - n.a.
{]sn.a.

not available - n.a.
{PHMNOsn.a.

notebook computer


not elsewhere specified - n.e.s.
QRSsn.e.s

not-for-profit organization; nonprofit organization
Ft!"

not included elsewhere - n.i.e.
r2YZQ[Ssn.i.e

not-in-my-backyard
{-1q
0 NIMBY

note [capital markets]
A bond with short- or medium-term maturity.
\[]
f

note deposit [IDA]
M\/\[./OAaE]

note issuance facility - NIF \?us
NIF
0 revolving underwriting facility

note issue
\A(

notice of registration
Notice sent to applicant on receipt of preliminary
application for guarantee to show that the investment
has been registered by MIGA.
q:
BOPzAOP:
#$;SqX

notice to proceed [contracts]
A letter sent to a vendor prior to the issuance of a
196
____________________________________________________________________________________
contract to ensure that certain basic agreements are
clearly understood by both parties. When signed by
both parties, this document establishes a contractual
relationship and is legally binding.
O:[V]
AY5Wi&1C
aS!dXWQ1;)
!4V+-*}

nuclear housing
wg$K
0 core housing

nuclearization [education]
wg6 [(]

nucleus estate
A central unit in the form of a processing plant or
plantation that provides technical assistance, inputs
and marketing services to its associated outgrowers
who, in return, sell their products through the unit.
fgH@
I:fg^_P
e*+HuvHla
bYZ1u:V]b`

nuisance tariff
Very low tariff established merely to cause a
nuisance.

4e/@F3+

numeracy
R

numeraire
wZ!}

nurse crop; cover crop
{{

nurse

0 practical nurse

nutrients
_B"

nutritional dwarfing
_{EP6
0 stunting
197
____________________________________________________________________________________

- O -


objection to jurisdiction [ICSID]
iGJ[;./fg]

objective function [economic analysis]
A function relating the objective (the variable to be
optimized) to the choice variable in an optimization
problem.
TNR[?@"P]
zGT|<P
@A|<U-\R

object-oriented programming system - OOPS
Type of computer programming where each object
carries out specific tasks and the information passed
between objects is in a standardized way. It is an
extension of structured programming.
ToWp-sOOPS
Qy#Wp-:-fx
:TXZ:V
!W]$W>

occasional earnings
F?

ocean freight rate index
An index of trans-oceanic freight rates. For grains,
the Bank uses US/Canada (St. Lawrence) to
Antwerp/Rotterdam/Amsterdam; for sugar
Queensland, Australia to UK or Japan.
M&vQR
kM&vZQRi%&'(
]./I~s],T_/^/7
_TvZirsti
.vZ

octane booster
Fuel additive used to boost octane level. Lead has
been the main octane booster till recently but now
other, more environmentally friendly substances,
such as ether, are being used.
BCv!
QBCNI!T`C
5BCv!s|r*
Nqab

off - balance - sheet item*
`T

office automation
[

office occupancy fee - OOF
The fee paid by IFC to the Bank for occupying the I
Building.
[{vsOOF
Q./Dj[\%&'(lIc{v

official capital
@WU

official debt
@WUZ

official development assistance - ODA
@WUOAuv(sODA )

official export credit
@WU

official flows [development]
@WUD;<[OA]

official holdings
@WU}\H`

officialization (of debt)
Shifting of the composition of debt holdings from
commercial banks to official creditors.
Z@W
QG51'(Z$B@W\#$

off-market transaction
9

off-season, out-of-season crop
Fz{V0z{

offset agreements
Countertrade in which a company agrees to buy
products unrelated to its normal business to
complete a sale.
Ea
ief:[\4kBab
Pe|1ZM+`

offset borrowings
Borrowings of funds by Bank from institutions
where deposits are held, prior to the maturity of the
deposits.
aE\
198
____________________________________________________________________________________
Q%&'(*e/\Dj#$/\
D

offshore assembly, processing
Production activity in a developing country
involving assembling materials produced in a
foreign country.
!I
:ABf.N&.`N
(!`.

offshore bank
Bank located outside the country in question.
'(
_)&.'(

offshore cost
Assembly costs outside the host country.
BHv
Ak.!BHv

offshore drilling


offshore field


offshore market
non-domestic market, e.g. there is a domestic (US)
and offshore market in US dollars.

F.q]*:.].
l:

offshore processing, assembly
Production activity in a developing country
involving assembling materials produced in a
foreign country.
I
:ABf.N&.`N
(!`.

offtake [livestock]
Livestock which can be taken out of a herd (flock,
etc.) and for marketing.
[[]
[

offtake rate [livestock]
The rate at which livestock is withdrawn from a herd
(flock, etc.) for marketing.
[Z[]
[ab{R:Z

off-the-shelf
sB

off-the-shelf goods
Goods that are available ready made, i.e. that do not
have to be custom made.
sB
Q?BbFW

off-the-shelf purchases
sB

off-the-shelf price
The price of goods obtained off the shelf.
sBNO
sBNO

off-the-shelf technology
sB

oil

0 heating oil; heavy oil; heavy fuel oil

oil bill [national]
^[.N]

oil fired power station
A@

oil (drilling) rig, platform
#HLr

oil sands
f

oil shale
d

oil shock
#

oilcake
Xe

onchocerciasis; river blindness
DK

on-costs [UK]; indirect costs
A cost not attributed to the production of a specified
199
____________________________________________________________________________________
good or service but to an activity associated with
production generally.
IB[.]B
{`&&YZ`
Bl`*+S.B


on demand guarantee
Guarantee, such as a performance guarantee, where
the bank issuing the guarantee must pay the person
or organization to whom the guarantee is given the
sum guaranteed, on demand, without any reason
being given.
lD
SlDq(DA
'(TcSDfR
l!!"McX

one parent family
^N

one-shot survey
SE

one-stop agency, shop
System whereby several bureaucratic procedures are
combined into one.
~#$~5s
QGg@cVp7

on-farm consumption
0uv

on-farm developments, improvements
0AB0

on-farm research - OFR
023sOFR

onlend, to


onlending; onward lending
Equivalent to relending in connection with new
money loans. The funds are recorded as a deposit in
the central bank but the foreign bank and the
contractual borrower (usually the Central Bank)
agree that the loan proceeds will be made available
to a third party within the country of the borrower.

P-\+\5S
D{/\Vf|'(.'(lV
\!:f|'(\!.
`W\D

on-costs [UK]; indirect costs*
IB[.]B

onshore cost; local cost
.B

on-the-job training
no

onward lending

0 onlending

open cast, cut, pit, strip mining
fOfO

open economy
An economy which engages in international trade.
O0?@
lP./?@

open-ended commitment
M+p

open-ended contract; open-end contract
A contract providing an unspecified amount of
goods or services over a period of time, which may
or may not be specified.
{<V
Sz{,{
R<ZV

open-ended group
{+B]6!()

open-end (investment) fund; unit trust [UK]
An investment company that sells and reclaims its
capital stock continuously, selling it at book value,
adding a sales charge, and redeeming it at a slight
discount or at book value.
O0 () CDMD^_
CD[.]
:{ble}[\bz
NONIabvzNOue
<N

open general licence - OGL
System where, for a previously approved list of
commodities, qualified importers can automatically
200
____________________________________________________________________________________
obtain licenses and unlimited foreign exchange from
the authorities.
O0L
p7"!5Tz^V
O5CDbwM+
pd<Dj

open-hearth steelmaking
Lbbh

open market
1. The market maintained by government
securities dealers. As regards U.S. Treasury
borrowing operations, the open market is the money
market in the case of short-term obligations or the
capital market in the case of long-term obligations.
2. The general financial market.
O0
1HQU?!>H].
,\1ZO0Z
Z
2HQLDj

open market operations*
[O1Z

open pit, open cast, open cut, strip mining
fOf

open registry flag; flag of convenience
[OW

open tender; public tender
[O

open unemployment
[O1

operating account
Revenue and expense account.
_1
P

operating budget
A budget covering recurrent revenue and expense.
_1jy
Y\?ElOjy

operating deficit
_1I_1

operating department
A department in an organization which is
responsible for the basic operating functions of the
organization (as opposed to surpport department).
_1,-1Z,-
:!"fC1Z,-i
mv,-

operating expenses, costs
The expense, other than financing, of carrying on the
normal activities of an enterprise.
_1v_1B
l1(|.4jcv

operating income, profit
_1_1t

operating lease
A lease where the asset is not wholly amortized
during the obligatory period (if any) of the lease, and
where the lessor does not rely for his profit on the
rentals in the obligatory period. In other words, the
payments received under the lease do not necessarily
cover the purchase price, and the lessor expects to
take the asset back and re-lease it or resell it.
Operating leases are often offered by equipment
manufacturers rather than finance houses.
_1E,
,1ZR,,`{
,t{<
Dwl\{
ignxN!1
`U-U-ab_1E,:
nxpq5{Dj5

operating leasing agreement
Agreement with terms of at least three years where
the lessor leases capital goods to a lessee and where
rental payments are at least in part dependent on the
production, revenues or profits of the investment
project. Considered as a type of non-equity direct
investment for the purposes of MIGA.
_1E,a
a+Z6!G,
!DZ,"<;ST`H
t#$eF}


operating losses
_1I

operating profit, income
_1t
201
____________________________________________________________________________________

operating program [IBRD]
_1WX [./-OA'(]

operating ratio
The operating costs before debt service,
depreciation and other financing charges, divided by
operating revenues.
_1:Z
_1BHlefjv
_1

operating subsidy
1Zg

operating surplus
1Z_1

Operational Assistance - OPAS [UNDP]
1ZuvsOPAS[UV.OA
^]

operational cut-off; effective cut-off; operational
threshold
The maximum limit above which a country normally
does not receive IDA financing. In theory, countries
below the formal eligibility threshold can receive
IDA financing but, with the exception of a few small
island economies, do not.
1Z&+*&+1Z/&
Q:.NL{CD./OAaEj
2+7X9-|VO+7
.NCD./OAaEj/
4R6.{m
l0 formal eligibility threshold

operational department [IBRD]
1Z,-[./-OA'(]

Operational Manual Statement - OMS
1Zcd(sOMS )

Operational Monthly Summary*
1ZSTsiZk

operational, operations research
?_231Z23

operational review
1Z9p

operational travel
1Zg

Operations & Maintenance - O & M
_&P>`sO&M

opportunity cost
The value of something forgone. For example, the
direct opportunity cost of a man-day of labor is what
the man would otherwise have produced had he not
been taken away from his usual occupation to be
employed in a project.
#EB
Q0YkN/R:!/
#EB-:!q{DV
&STOf:{`
N
0 social opportunity cost

option bond
@A
0 multiple currency option bond

option value
The value given to keeping an asset (particularly an
environmental one) for possible future use.
@AN
/HS`r*
+`N

oral procedure [ICSID]
W[;./fg]

oral rehydration therapy - ORT
method of treating victims of acute diarrhoea by
given them, orally, fluids containing oral
rehydration salts which contain special substances to
combat rehydration, such as sodium chloride,
glucose, trisodium citrate or potassium chloride.
(jk)Yg4h}(sORT )
hElmW}:V!Y
*qIHTUHno
IuYg4

orderly marketing arrangements - OMA
In international trade, a market-sharing pact that
restricts competition and preserves shares in
national markets for local manufacturers who would
otherwise lose out to cheaper or better products from
abroad.
*Xab_LsOMA
./f+;l.pq5
\.{"$[f/
202
____________________________________________________________________________________
.N]5;fp


ordinary share
:}
0 common share
organizational fine tuning
#$

organizational structure
!"$

organization expenses; formation expenses
Any cost incurred in establishing a corporation or
other form of organization, such as incorporation,
legal and accounting fees, promotional costs, etc.
These constitute an intangible asset.
!vxv
Q:[\ef!"zA
^vq}lEv[+v
1!B4SM`

original issue discount (OID) [bond]
Bond with a rate of interest below that demanded by
the market place and sold at a price at a significant
discount to par.
A(sOID[]
tZ3cSLbzN
O{bs

original member [MIGA]
Full member, i.e. has signed and ratified the
Convention and paid initial capital subscription
prior to adoption of Resolution No. 12.
E.[#$]
#${12|Q^l
"!{#$[|Tl4
|E.

origin tax
`d

other official flows - OOF
The transfer of resources from donor governments to
developing countries which are not classified as
official development assistance. This concept is
used by the OECD to measure flows from DAC
countries to developing countries and to multilateral
organizations.
ef@WD;<sOOF
Q{[@WABuv"rR\.UA
Bf.ND?@V{PA
B!"<@WABuv.N;AB
f.Nl!"D;<

outage [electricity]
[]

outgrower
Smallholder who manages his own crops but is
linked to a nucleus estate in the form of either a
processing plant or a plantation. The central unit
provides technical assistance, inputs and marketing
services and the outgrowers sell their products
through this unit.
H
"6?_{P:fg
@{eIfg^_
euvHlabYZ6
:V:fgbf`

outlay account

0 income and outlay account

outlier
Datum that is greater than five standard deviations
from the mean.
F|
Qs8R5:gR

outlier project
A one-off project.
,ST
Q:5ST

out-migration; rural exodus*
!;0Y!;

out-of-school education
Education taking place outside of schools, colleges
and universities and aiming to develop knowledge,
skills and attitudes that are not normally given
prominence in formal educational institutions.
v(
v(OAHl
S7pqsp(|(#$
L{KU
l0monfoimal education

out-of-season crop; off-season crop
{V0z{

outpatient treatment
203
____________________________________________________________________________________
-qh

outplacement
V;
( V1 )-t

output
`<``

outreach activities
Activities by a central authority (government, World
Bank) to establish contact with and assist people or
small business in provincial areas.
rB.
f|,-UH%&'(!".
PdWn}65l1U(
uv

outreach post
Local representative for an outreach program.
rBZ
rBdW~

outreach program
Program by a central authority (central government,
World Bank) to establish contact with and assist
people or small business in rural areas.
rB
f|,-UH%&'(!"
P0Ydn}6l1U-l
uv

outreach worker
Worker engaged in an outreach program.
rB{!
rB{!

outright sale
abMcedab

outsourcing; sourcing
The process whereby an institution, corporation, etc.
has an entire service carried out by an external
company or purchases its entire needs in a specific
area from an outside company.
,
:#$H[\[SZ:,[\
YN,[\&:,
cS

outstanding bonds, securities, shares, stock
Capital stock in the hands of the public.
A(() A((;:f) H
}\
Q[}cf

outstanding drawings [IMF]
In the International Monetary Fund, the total amount
of credit outstanding under the different Fund
policies and facilities.
\[./CD]
./CD{j)}A0


outstanding external debt


outstanding loans
\\

outward-looking, outward-oriented country
.N

overaccruals
Recording more money than was actually spent in a
set of accounts, for an item.

z:Ts/

overage loan
A special loan issued to cover excess costs on a
project.
\
g&STvr\

overdesign
7n

overdraft facilities
-c>

overemployment
V71

overexpenditures


overexposure
1Z<V?Vs

overflow basin
Swampy area between river levees and valley sides,
set aside for the diversion of floodwater.
d
204
____________________________________________________________________________________
QDIPs\{"tde

overgeared
<

overgrazing
V70

overhang
Excess, normally of supply over demand.
Va
LQVcS

overhaul [equipment]
s`[nx]

overhead capital


overhead costs; overheads
An actual cost of doing business that cannot be
associated directly with the production of a certain
product.
Bv
1Z?_f/B{P&`
``U-

overinvestment
V7

overlay [highways]
[[]

overnight funds
Short-term funds borrowed to be returned by the
following business day.
uDD
:{D

overnight maturity
u

overseas allowance


overshoot
+7

overshooting
+7

overstaffed
!

oversubscription [capital markets]
[]

oversupply
VVa

over-the-counter market; curb market
Market for securities not listed in any of the
exchanges (about 80 percent of total securities in the
U.S.). In the U.S. includes U.S. Government and
agency issues, state and local government bonds,
railroad bonds and shares, many public utility bonds
and shares, and most corporation and bank shares.
9
Qi*9].
]{80%(9]
.]YZ].Ul#$A((l
dWUl}\[1
l}\)s,"[\l'(}\

over-the-counter securities
9

own, to
E.g. the Government must own the program.
*
qUT;

owner (of a project ); implementing agency;client*
ST15(,-ST^_W

owners' equity
}k
0 stockholders' equity

ownership (of a corporation)
}{[\*

ownership (of programs)
H,H*

ownership structure (of a company)
[\*p$

own price elasticity; price elasticity
The change in quantity (demanded or supplied)
which results from a given change in price.
NOENOE
QNO|oR<cS
|
205
____________________________________________________________________________________

ozone-depleting potential - ODP
A measurement of the potential harm of the ozone
layer of each chlorofluorocarbon, based on the life
span of the CFC and the number of chlorine atoms it
contains.
du'sODP
<x:HIJid'In
7eCMHIJl]YI
R<

ozone-depleting substance - ODS
Substance that contributes to destruction of the
ozone layer.
dusODS
W#d
l0greenhouse gas: ozone depletion

ozone depletion
The destruction of ozone molecules in the ozone
layer by chemical reaction with materials released
from human activities, including chlorofluoro-
carbons and halons.
du
!".fo0/YZHIJlv
~Cdfd"Ap|
oeW#

ozone hole
A large area over Antarctica discovered to have a
seasonal reduction of some 50% in stratospheric
ozone as a result of the release of ozone-depleting
substances. Subsequent discoveries suggest an
ozone hole may be forming in the Northern
Hemisphere.
dw
duo0m[GsP
As+d*yEP50%1/As
S8.B:dw

ozone layer
An area of the stratospheric ozone about 12 to 30
miles in altitude where the intensity of short
wavelength ultraviolet light from the sun is high
enough to convert normal oxygen (0
2
) to ozone (0
3
).
d
Q1230Rx+d3R
/KyzK7d6
O
2
|BdO
3


ozone sink
Atmospheric zone where ozone reacts with nitric
oxide to form nitrogen dioxide and oxygen.
d(
s6f:RdPd
Bdld6

206
____________________________________________________________________________________

- P -


Pacific Rim countries
*KLM.NKLM.N

package
~[
0bid package; financial package; minimum
package project; new money packages; policy
package; rescue package; slice and package

package coverage [MIGA]
Coverage of a combination of types of risk.
~[#$]
Qi"?

package deal contract
A variant of the turnkey contract.
~9V
-9CDVQR}

package loan [IFC] *
~\!V\[./Dj[\]

paid-in (share) capital; called up (share) capital
The total amount of cash, property and services
contributed to a corporation by its stockholders and
constituting a major balance-sheet item.
T}{9}{
[\}kTsDH`lZ]
$B;[\`:5T

paid-in capital subscriptions [IBRD]
TT}[./-OA'(]

paid-up capital
That part of the issued capital of a company which
the subscribers have been required to pay.
9T
:[\Se}kTl3,"


paid-up stock; fully paid stock
Stock fully paid for (i.e. upon which no further
subscription installments are due)
T}{,Tx}{
Q}\,Tx}{*"Tl
Tx}\

panel data set
Set of survey respondent data, obtained from the
same group of respondents over a period of time.
VR!
>z!CD
R

Panel member [ICSID]
(FG)6!B[;./fg]

Panel of Conciliators, Arbitrators [ICSID]
/FG6![;./fg]

panel of experts
N6!

paper [financial]
H\H/[]

paper profit
tjt

parallel economy; black economy; underground
economy; submerged economy
Transactions for goods and services not declared to
the tax authorities and not appearing in the gross
national product.
L(?@?@d?@z?@
Q*ZbwOkl*s.`
lZ9

parallel financing
Cofinancing, but with the partners financing differ-
ent parts of the project.
L(jL(D
UVj"lIjUiS
T{,"(j

parastatal [noun]
@W#$._#$[];]

parchment coffee
Coffee which is dried but unhulled.
b{|
b.{|

parent body
-#$#$

parent company
[\

Pareto optimum
207
____________________________________________________________________________________
A state of the economy in which all economic
resources are allocated and used efficiently, such
that it is impossible to make anyone economically
better off without making someone else
economically worse off.
}2&i
Q?@ief*?@D*
xlteF:!?
@iuQ!?@i{
S

pari passu clause
Clause in loan agreement precluding subordination
of the loan to other debt. In the issue of new shares,
it states that the new shares will rank equally for
dividend with an existing similar issue.
x
\afSd\L\ie]Z
EA(-}zRS-}}t"
Ps/"}{$*t

parity price
A price which is sought or maintained. For an
agricultural product, quantity of the goods and
services which could have been purchased with the
proceeds of a given amount of the product in a
reference period is determined. Parity exists today if
the proceeds from the same amount of that product
can purchase the same goods and services.
LN
D>HNO&i
R<0`lZc`
!qR<`
Ff<5mlZSL
N/

Part I countries [IBRD]
In the World Bank, those member countries who are
considered as developed countries and no longer
entitled to Bank lending.
`".N[./-OA'(]
%&'(Q31A){*
O%&'(\E.

Part I countries [IDA] *
`".N[./OAaE]

Part II countries [IBRD]
In the World Bank, those member countries that are
considered as developing and therefore entitled to
borrow from the Bank.
`".N[./-OA'(]
%&'(Q312ABf=>H
*O%&'(\.N

Part II countries [IBRD]*
`".N[./OAaE]

partial budget
A budget that addresses itself to only part of an
enterprise.
w,jy
YZl1,".jy

participation certificate; pass-through certificate
Certificate representing an interest in a pool of funds
or in other instruments.
lP[
S&DefDjf$
*t[

participation rate; labor force penetration
The extent to which those of working age are
actually working.
lPZlPZ
Q]f!f/lI!

participative management
lPWX

participatory development
Development where people influence development
decisions that affect them.
lPEAB
Qn}iPf*+ABuIEF

participatory poverty assessment - PPA
lPE9NsPPA

participatory rural appraisal, analysis - PRA
lPE0Y9"PsPRA

particulate matter - PM
In water, solid matter, in either solid or dissolved
states. In air pollution, solid particles or drops of
liquid carried by air or other gases.
sPM
fQM9e2
6fQ6e
f6l4V-

partly knocked down - PKD
Components of a piece of machinery that have only
been partially assembled.
208
____________________________________________________________________________________
,"!kksPKD
,"!kk#,

partner countries
VU.NU.N

partnership
U+-V{+-

party (to proceeding or to the dispute) [ICSID]
(;)b! [;./fg]

par value
When applied to capital stock, a stated amount of
money by which the stock is known for accounting
and tax purposes. The market value of the stock
seldom bears any relationship to its par value. When
applied to bonds sometimes used interchangeably
with maturity value.
\N
}\z;}\{El
D}\NPe*
+-z*zP;N
9}

pass rate; promotion rate [education]
-Z[(]

pass-through audit [IBRD]
sWSTp [./-OA'(]

pass-through certificate
lP
0 participation certificate

pass-through effect
c~

pastoral association - PA
A legally recognized, voluntary association of
pastoral livestock owners who use a common area
for grazing and frequent the same water points for
the purpose of managing natural resources (water,
graze and other vegetation), for the procurement of
inputs and services and the selling of products.
aEsPA
l154W
X'5Hlef
lZ)ab`{!BH}
!"

pastoralist
0!

patching; spot improvement, patching; road, surface
patching [highways]
`g%g`g[[]

pattern farm plan
0

payable on demand
zl\

pay-as-you-earn - PAYE; pay-as-you-go [taxation]
jDsPSYEssl[]

pay-as-you-go system [social security]
A method of accounting for an unfunded pension
plan in which payments to the pension plan
beneficiaries are made from current receipts and not
from previous contributions.
sslp [hEg]
QMCDDEW}
p7iDD!l/
b{Tv

payback period


paying agency fee
Fee paid by borrower in the financial markets,
representing costs incurred in having the borrowing
serviced by an agent.
l\~Xv
Dj\!\YZl~
X!v

payline
The line connecting the midpoints of a given salary
structure. Also used for the line connecting market
pay data for several grades, at a given level.

Q$fobfV
Lob-r
lR

payload
U<

payment arrears
(l\\S

payment basis, on a
209
____________________________________________________________________________________
*s\9

payment bond [US]
A bond executed in connection with a contract to
assure payment as required by law of all persons
supplying labor and material under the contract.
l\[].]
P&Ve(]iV
S*lN!}Sl
\

payment-in-kind - PIK
lsPIK

payment guarantee
A guarantee executed in connection with a contract
to assure payment as required by law of all persons
supplying labor and material under the contract.
l\
P&Ve(]iV
S*lN!}Sl
\

payment schedule
Timetable for payment by the purchaser to the
supplier/contractor.
l\_L
i5Y5l\z

payments position (of a country)
(:.N)./i

payout date
Date on which a due periodic payment, such as
payment on a bond or a stock dividend, is made.
l
(lql}\"


payout price
Difference between the face value of a bond and the
net value received by the bondholder, after
deducting commission.
lNO
PH*!/P#D
1g

payroll
^A0

payroll contributions
fT

payroll tax


peak load
~2s

peak (load) shaving [electricity]
~z~"[]

peer monitoring
Having neighbors who are in a good position to
monitor the borrower be required to pay a penalty if
the borrower goes bankrupt.
178
Qd_'{Q#|/7\!q
\!W`;7!2pD

peg, to (prices, interest rates)
E$NOtZ

peg out, to [surveying]
&[8<]

penalty clause
A clause in a legal instrument providing for the
assessment of a penalty under certain stated
conditions.
pd\
})f:d\?Sd
iSpN(Qo

pension finance unit*
DZ,-

penstock [hydroelectricity]
A closed conduit which supplies water under
pressure to a turbine.
W []
dif#

pent-up demand
pcS

P/E ratio; price/earning ratio
NO:Z

per capita income
!8

percentage (fee) contract [consultants]
A contract where the cost of consulting services are
210
____________________________________________________________________________________
directly related to project construction costs or a
ceiling thereof. A percentage of the approved
construction costs is paid and, once approved, no
matching of inputs to payment is required.
vBV[]
VeYZvSTnB
U-;B::n+
vSTB::":l"!
{SPl

percentage point
:"V

perfect competition; pure competition
k;<;

perfection (of security)
Registration of a security.
kS
Q

performance
((1${7
0 economic performance; financial performance;
institutional performance; project performance
(audit) report; tax performance ratio

performance audit
1$pp

performance bond
A bond put up by a contractor to protect the
employer from any breach of contract. This practice
is particularly prevalent in the United States, where
performance bonds are provided by insurance
companies. The bond usually gives the guarantor
the option of remedying a specific default by the
contractor, performing the contract in his place or
paying the beneficiary what it costs to have the
contract performed, up to a certain limit of money.

Y515{D
(In}].r(
?[\:Y5
A&Sz!g,@A
df~X(VD!l
De(V

performance budget
A budget of outputs, as in a planning, programming,
budgeting system (PPBS) but often without the
accompanying relations to longer range
accomplishments that form an integral part of most
PPBS budgets.
jy
`jyqH,ljy-s
PPBSf]PsRPPBSjyf
{"Z,"*,+-

performance chart; working table; management
chart
A chart comprising numerical data which indicates
the current performance of an organization or part of
an organization or an individual.
1$6{76WX6
R6]:!"H:!"
,"H&:!b{7

performance contract
V

performance evaluation [personnel]
{9Nv$[!]

performance guarantee [consultants]
A security in the form of a performance bond, bank
guarantee, cashier's check, certified check or cash at
an amount specified in the bidding documents
required in a contract to protect the owner in case of
breach of contract by the contractor.
[N]
QeDH'(H
'(\sDeRVS)
f(,TY5hi
15t

performance indicators
{1$Q

Performance Management Process - PMP
World Bank personnel evaluation system.
v$WXW}s PMP
%&'(!9Np7

performance monitoring
781$78

performance period
During a workout program for a country with
protracted arrears, the period prior to clearance of
arrears when the country's performance, including
compliance with a Bank-approved structural
adjustment program, is monitored by the Bank. This
performance period must be satisfactorily completed
211
____________________________________________________________________________________
before the country is eligible for regular Bank
lending.
1$s
Q(\.N{WX|(V
Wfxk(\>z%
&'(i;.1$sYZi%&'
("!$[WX(hi(7
*sK1;.3*OCD%&
'(|\

Performance Planning and Review - PPR [IBRD]
System set up by the Bank for evaluating staff
performance. An individual performance plan is set
up every year and reviewed at the end of that year.
Now replaced by the Performance Management
Process (PMP).
{lvwp7sPPR[./-O
A'(]
%&'(9N{B$n
p7x6ix:!:{6=
zI9ps;p7{v$WX}|
sPMP<~

performance requirements [contracts]
S[V]

performance security [contracts]
A security in the form of a performance bond or
bank guarantee at an amount specified in the bidding
documents required in a contract to protect the
owner in case of breach of contract by the
contractor.
D[V]
QDeD'(
eRVf),S
TY5hi15t


performance specifications
i({S

performance work statement - PWS
Statement defining the contractual performance
required of a vendor providing labor service
requirements such as custodial services,
construction trades, etc.
{RS[sPWS
RS[!i:ZY!
5V(SqWYZHx

performing assets
|``

periodic health assessment - PHA
9NsPHA

(periodic) review clause
A clause in a loan agreement, particularly
policy-based lending, which gives the lender the
right to determine periodically whether the stated
objectives are being met and whether any problems
have been encountered. If problems occur, further
disbursement may be withheld.
d\
\arE\fSd\
]\!t!af,
T))qA
4Bl*

permanent assets
`
0 capital assets

perpetual bond
A bond which pays agreed-upon interest
indefinitely. It has no maturity date.
M+
QM+dtl;
*

personal exemption[ tax] *
:!F[]

personal history [medicine]
[8h]

personal stock
:!}
0 registered share, stock

Personnel Manual Statement
!cRS

pest and disease control
nlHp

phase out, to
B()

phase out period [IBRD]
Gradual period by which a country is graduated from
the Bank.
B[./-OA'(]
Q:E.%&'(Bk1z
212
____________________________________________________________________________________

phase out program [IBRD]
Gradual program by which a country is graduated
from the Bank.
BWX[./-OA'(]
Q:E.%&'(Bk1WX

Philippines formula [MOV]
A formula (named after the first country to use it)
whereby under the maintenance of value system a
country may repurchase the local currency value of
its capital subscription with a currency acceptable to
the Bank.
[[]
%&'(p7];/`:
c>.Np7:.N
%&'(DU-;.
S.

phosphate rock; rock phosphate
H

physical contingencies
W{j0hi

physical facilities
*nunu

physical infrastructure
CMnu

physical investmen


physical planner


physical planning
p

Physical Quality of Life Index - PQLI
Indexes which attempts to evaluate quality of life by
combining life expectancy at age one, infant
mortality rate and literacy rate, each with equal
weight.
.<QRsPQLI
Q+6/9N.<QR;QRG
&'juH!&ghZlZ
VxSR

piggyback financing
Financing studies for a future project as part of a
loan to finance another project usually in the same
sector.
ce\
{S\,"23:/ST
D~:ST:,-

piggyback project
ceST

pioneer industry
(`1

pioneering research
OE23

piped water
W

pipeline loan, credit
x@\()

pipeline of projects; lending pipeline; project
pipeline
Projects which have advanced beyond the stage of
appraisal mission departure, i.e which are expected
to be in the forthcoming year's lending program.
x@\ST
Q319?O[6\W
XfST

pipeline project
Project in pipeline of projects.
x@ST
-[x@\STf:ST

pipeline ratio, lending
Projects past appraisal as a percentage of next year's
lending program.
x@ST:Z
?V9ST{/6\,:":

pit latrine


pit privy


pithead power plant
@

planning

213
____________________________________________________________________________________
0 aggregative planing; blueprint planning;
comprehensive planning; development planning;
family planning; indicative planning figures; land
use planning; mandatory planning; manpower
planning; Performance Planning and Review;
physical planning; planning forecasts

planning forecasts
j8

planning, programming , budgeting system - PPBS
A budget, usually for a government agency, in which
the budget items are grouped under various
programs.
,ljy-sPPBS
Qjy::U#$ef
jyT{WXf"![

plant
@
0 base load station; biogas plant; boimass (power)
plant; coal fired power station; diesel (fired) power
plant; oil fired power station; pithead power plant;
steam plant; step-down power station; step-up power
station

plant and equipment
KPnx

plant breeder
6
0 breeder

plant breeding


plant cover
{

plant population
{R

planting material
N

pleadings [ICSID]
`[[[;./fg]

pledge (of shares) [IFC]
(}{)U[./Dj[\]

pledging
UU

plot servicing
dCMnu

plowed-back profits
{t

plus sum game; positive sum game
|4

point
VCV
0 basis point

point source [environment]
An identifiable and confined source of discharge of
pollutants.
[*+]
Q:HCHS!L0


policy-based assistance
Euv

policy-based lending; policy loans [IBRD]
Loans made in support of policy and institutional
changes, rather than for specific projects. Normally
given under the structural adjustment and sector
adjustment lending programs.
E\[./-OA'(]
QHlp7m{H&
ST\L$[l,-[
\WXS

policy framework
qr

policy package
~

policy instrument*
c>

policy-oriented sector lending*
E,-\

policy paper
)

political entrepreneurship
Having a political entrepreneur who motivates
214
____________________________________________________________________________________
others, engenders trust, and mobilizes tangible
benefits to cooperation in the interest of collective
action. It is a key element in common property
management.
l1NT
{l1N|!f![
ECDV(t*
t`WX:+T

poll tax; head tax; capitation tax
!

polluter
*+

polluter-pays principle - PPP
Principle whereby a polluter has to pay to clean up
the damage his pollution causes.
lusPPP
*+lxXcv*+I
nfo0qB*+In

pollution haven
Country which allows companies to pollute with few
or no restrictions.

Q[\o0*[+p.
N

polychlorinated biphenyl - PCB
Aromatic compounds used as insulating and cooling
agents, plasticizers and in paper and ink
manufacture. They are very stable and are found
extensively in the environment.
jIUIUsPCB
V{?l!HA/!
q/l`]F*+
f?/

polycyclic aromatic hydrocarbons - PAH
Aromatic ring compounds found in coal, tar and
petroleum. They are emitted by combustion-related
activities, including cigarette smoking.
*JsPAH
/UHalf*V
]VWfYZro0s
6f

polycyclic management
Forest management system which is designed to
limit the damage to advanced regeneration of
commercial species that will become the final timber
crop after 20-30 years. It relies on efficient
monitoring of stand development, with thinning
where necessary to favor the growth of promising
individual timber trees.
fWX
*dWXp7+pi51S
In]203061B]*
idAB*78cz(
t*BS

pool

0 borrowing pool; currency pool

Pool-Based Lending Rate System [IBRD]
Lending rate system using the pool-based variable
lending rate.
\tZp[./-OA'(]
|\tZ\tZp

pool-based variable lending rate [IBRD]
IBRD lending rate where the lending rate on all
outstanding balances is adjusted every six months to
achieve a given spread above the average cost of
outstanding borrowings.
|\tZ[./-OA'(]
./-OA'(\tZ;tZx6:Zi
*\tZ{S[Ss
:\L8Btg

pooled loan
A loan included in the currency pooling system.
p\
QlIp\

pooling
U_?_(D)jj

pool unit
A synthetic currency unit used as the numeraire for
the currency pool. In practice, it is the constant 1980
dollar.
^_
{\^_:-V
^_tf19806{|]

"poor man" crop*
{!|{

port authority
lZw

215
____________________________________________________________________________________
port charges, tariffs
lv

port dues; harbor dues, fees
Charges for the use of the port by the ship and its
cargo.
lv
)el<v

port of entry price
lNN
0 cost, insurance and freight port of entry/border
point price

port of shipment price
&9N
0 free on board port of shipment price

port tariffs, charges
Specific charges for port services such as berth
occupancy, aids to navigation, pilotage, towage,
cargo handling, power and water supply, etc.
l
lYZqh_{HoYZHOH
\OHH<v

portfolio cleanup
!VxX

portfolio equity
!V

portfolio equity investments
Investment in money market funds, depository
receipts, and direct purchases of shares by foreign
investors.
!V
QCDH/^).
}{

portfolio income


portfolio sale
b

portfolio securities
*N

positive list
List of imports defined as critical to a specific
program.
|^!x^
i&,Z+x^

positive sum game; plus sum game
|4

post appraisal mission
19

posted price [oil]
A written statement of crude petroleum prices
circulated publicly among sellers and buyers of
crude petroleum in a particular field in accordance
with historic practices and generally known by
sellers and buyers within the field.
NN[]
:ab5l5[OA
0NO[:ab5l
5}

posted values


postgraduate studies
23p1

postqualification of bidders
Determination of capability and financial resources
of a successful bidder who has not been prequalified.
O1p
i:*lIOjpB5
lZ(

pour flush latrine


poverty gap
It measures the transfer that would bring the income
of every poor person exactly up to the poverty line,
thereby eliminating poverty.
g
<uGx:!'
cD

poverty income threshold; poverty line
The minimum acceptable level of standard of living
in a given country or region.

&.Nd23D.!
L

power plant, station
216
____________________________________________________________________________________
@
0 base load station; biogas plant; biomass (power)
plant; coal fired power station; diesel (fired) power
plant; oil fired power station; pithead power plant;
steam plant; step-down power station; step-up power
station

power system
-

power takeoff - PTO
An attachment, usually consisting of a shaft and two
or more universal joints, which is used to transmit
power from a tractor to an attached unit such as a
combine or hay baler.
xsPTO
:cx:YZ:Ll~:
/:=#Z
:c,qUV#b#

practical nurse
*/{?*?V|,o

practice school
pvCpv
0 demonstration school

preamble to an agreement; recital of an agreement
a(a)afS,"

preappraisal
j9

preappraisal mission
j9

prearranged sale of participations [IFC]*
_LblI\[.
/Dj[\]

precedent conditions [legal]
Conditions which must occur for a subsequent event
to take place. Frequently found in international
contracts.
(d[}]
&1ATd./V
fs

precipitator; dust collector; dust separator
An air pollution control device usually using
mechanical/electrical means to collect particulates
from an emission.
(999"
6HpxL#W
}L0f

predatory price
ENO

predevelopment work [oil]
OA{[]

predicated variable; predictor
j|<jT

predictor; predicated, independent, explanatory
variable; fixed variate; regressor [statistics]
If a relationship between two variables x and y is
interpreted in a causal way such that changes in y are
said to be caused or explained by changes in x, then
x is the predictor.
jTj|<|<RS|<
|<`R[]
q~:|<XlY+-o
+-RY|o
X|OuXbjT

preemptive rights

0 first refusal rights

preference, preferential margin; margin of
preference
Preference given to certain goods and services of
local origin in a contract.
7
QVfi/.&1lZ


preferred provider organization (PPO) system
Health care system where care is provided by
allowing participants to choose among participating
professional, who are paid on either a fee for service
or capitation (fixed amount per participant per year)
basis.
@88h!"sPPOp
8hp7;p7lI(@A
lI;p718S!vx
lIx6DTv

preferred stock
Stock which has a claim upon the earnings (and
sometimes upon the assets and control) of a corpo-
ration prior to the common or other class stock.
217
____________________________________________________________________________________
}
}i[\*z`lHpW
S:}ef"}{

prefinancing
j(j:)D

preinvestment study, survey
23()

preliminary application for guarantee [MIGA]
An initial application for a MIGA guarantee, to be
made before the investment is made or irrevocably
committed. It sets forth the information MIGA
needs to make a provisional determination that the
investor and the investment appear eligible for
MIGA guarantees. BOP[
#$]
({y
#$BOPef
#$ce{
/zE;S5l*O
<D#$
0notice of registration, definitive application for
guarantee

preliminary design, engineering
Bn

preliminary estimates of quantities
iR<B

preliminary question [ICSID]
[;./fg]

prematured loan
Loan that matures before time initially specified.
\
!z+\

prematuring


premier borrower
5W
0 prime borrower

premium
INN
0 inflation premium; price premium; quality
premium; standby premium

premium
?vDnD#D

premium, at a
?v!N

premium [MIGA]
Sum charged by MIGA for each guarantee,
calculated on an annual basis as a percentage of the
amount of guarantee.
?v[#$]
#$ix<v]
6CM:":

premium [securities]
The difference between the par value and the higher
market value of a security expressed as a percentage
of the par value.
N[]
Q&Ng
:":

premium [stocks]
Difference between the face value and the selling
price of the share when the selling price is higher.
N[}\]
Q}\Nzg

premium on prepayment [IBRD]
\N[./-OA'(]

premium sale
ANb

preparatory school; feeder school; contributory
school
jg%pv

prepayment [IBRD]
jl[./-OA'(]

prepool loan
Loan made before the introduction of the currency
pool (prior to 1980).
up\
Qup19806%&'(
{\

prequalification documents
Ojp)

prequalification of bidders
218
____________________________________________________________________________________
In procurement, determination of the technical and
financial capacity of potential bidders to perform the
contract.
i!Ojp
1Zfi'lZ
Ip!e*(V

pre-reading
Learning about the nature and function of print,
reading commons signs and labels, learning letters
and some sounds and writing one's name.
(
(YZLNEl
:lp%l1A)
[]

present value, worth
An amount which, taking into account the earning
power of capital over time and the difference in time
between the present and some future date, would be
equivalent today to an expenditure or receipt at such
a future date; the result of discounting a future value
to the present by the appropriate discount rate.
s
svm,zA`C
t)sl/{zgr
Thi/&zv
szRsSD
]bsZG:/NsBs
N

present worth of an annuity factor
How much 1 received or paid annually is worth
today.
:6D-Rs
Qx6{1|s

preservation forest
Forest designated for total protection of
representative forest ecosystems in which all forms
of extraction are prohibited.
d\d
*~E*d-
*d;2h

pre-shipment inspection
Inspection of procured goods before they are
shipped.
&
i&(

pre-shipment price inspection
A new Bank requirement in international
competitive bidding, whereby prices are checked,
prior to shipping, by a third party inspection
company, to ensure that they are accurate and
competitive.
&NO
%&'(i./;E:-
S&:`W[
\iNO(!]!!*;


President's Contingency
A fund, usually one percent of the Budget, used to
meet resource demands during the budget year that
were not and could not have been fully anticipated at
the time of budget preparation.
(!xD
CDLjy:"/
{jyz*{kjNjy6
7DcS

presumptive taxation
Lump sum taxation paid in advance.
>p
SERT\

prevailing market rate
s(tZ

prevalence [disease]
;([]

price adjustment clause; price escalation clause;
escalation clause
Clause in a contract that states that price adjustments
will be made in the event changes occur in major
cost components of the contract such as fuel, labor,
equipment and materials.
NO[d\[d\
VfSd\],V5B!
B,"qNHHnxlNA|
zNO{[

price contingencies
NOW{j0hi

price differential, spread
NgNO-g

price-earning ratio; P/E ratio - PER
Market price per ordinary share divided by earnings
per ordinary share after tax. It expresses the market
219
____________________________________________________________________________________
value placed on the expectation of future earnings.
NO-:ZsPER
x:}Nx:}1
]/j/NO

price effect
NO

price elasticity; own price elasticity
The change in quantity (demanded or supplied)
which results from a given change in price.
NOE
NO|e/R<cS
|

price escalation clause
NO[d\
0 price adjustment clause

price ex factory
W9NONO
0 factory price

price fixing
N+NOIJNO

price freeze
NO

price incentives
NO

price inelasticity
When there is no change in quantity (demanded or
supplied) as a result of a change in price.
NOME
QNO|zR<cS{
|

price leader, setter, maker
NIJ

price level accounting; general price level
accounting
NOLE

price maintenance
>HNO
0 resale price maintenance

price maker, setter, leader
A seller who dominates to the extent that when it
changes prices, its competitors make similar
changes.
NIJ
Q#d_5xb;5|
NOzef;"|NO

price premium
NOcIAN

price quotations [contracts]
kN[V]

price range
NO7

price schedule [procurement]
A document containing an itemized breakdown of
the goods or services to be provided with a statement
of the unit prices applicable.
NT[]
ZTefSx^
_Z]NO

price setter, maker, leader
NO!IJ

price spread, differential
gN

price support
NOH

price swing
N

price taker
A party to a transaction in which the price was
determined by natural forces of competition. The
seller wanted a higher price, while the buyer wanted
a lower price; neither could influence the price
because it was determined by the market.
,(5!
NO5;<9fW
WNW3NWM}EF
NONO

price to factory
N

priced bill of quantities
Detailed list of the work to be done, as priced by the
contractor, based on quantities estimated by
220
____________________________________________________________________________________
employer and engineer.
kNR<x^
15WyR<CMY5k
NP[c{Wx^

pricing policy
N

pricing system [financial markets]
Np7(Dj)

priced offer
kNAN

primal city
5k

primary commodity, product
A commodity which has not yet undergone any
significant degree of processing, e.g. natural rubber,
raw wool, etc.
-5-`
Q*?VW7I5qf5
HQ

primary deficit; noninterest deficit
Deficit which excludes all interest payments and
which therefore only measures current deficit rather
than current and past deficits.
CFt
{YZtl]
<T{slV.*

primary exporting country
-`.

primary equity*
5`

primary health care
Health care based on practical, scientifically sound
and socially acceptable methods and technology,
made universally accessible to individuals and
families in the community through their full
participation and at a cost that the community and
the country can afford to maintain.
C-
/HpHlhE
DW}lp7hf:!lN
:Vf"lP$DeB
hl.NDD

primary lender*
2\!\!

primary producing country
-``.

primary product, commodity
-`-5

primary reserves
Funds which a bank keeps for immediate use as
opposed to secondary reserves which are not for
immediate use but can be quickly converted to
money.
`!xD!xD
'(xD]i`
!xD1{!x
|sBsD

prime bill
A bill of exchange in which the parties have high
credit ratings.
j\j\
Q*+W$*-rj\

prime borrower; premier borrower
The most creditworthy type of borrower.
CW5W
j2'\!

prime contractor; principal, main contractor
5Y5

prime rate
tZ

principal
D

principal contractor; prime, main contractor
5Y5

principal (income) earner
5?@N.!

principal economist
2|?@pN

principal exchange rate linked securities notes
5jZc\

Principles of Staff Employment [World Bank]
221
____________________________________________________________________________________
u[%&'(]

printout
L

prisoner's dilemma [economics]
Theory which compares naked self-interest with
cooperation.
+[?@p]
ztPV{(:X
9

private benefit-cost ratio - PBC
z!B:ZsPBC

private final consumption expenditure - PFCE
Discretionary expenditure by individuals.
z!2uvsPFCE
Q:!

private sector assessment - PSA
Assessment carried out by the Bank to identify
opportunities and obstacles facing private sector
development.
z!,-9sPSA
%&'(iz!,-(9!z!,
-AB#Elg

private voluntary organization - PVO
z!{!" sPVO

privatization vouchers
Vouchers used in the voucher privatization system.
z*^
Q{^z*|p7f^

privy

0 aqua privy; pit privy

privity [legal]
The principle whereby only the two parties to a
contract have a contractual relationship and no third
party is involved in this relationship.
Fb!t[}]
QSu-*VW*+-+-
{)`W

problem loan [IFC]
\

problem project*
ST

procedural law; adjective law
The bodies of principles and rules of law other than
the substantive law dealing not with the rights and
duties of persons but with the means whereby those
rights and duties may be declared, vindicated or
enforced, or remedies for their infraction ensured.
Includes court procedure, rules relating to the
jurisdiction of different courts, pleading, evidence,
appeal, execution of judgements, legal aid,
conveyancing, costs, etc.
W}
i}}ul,ud
]{,!tl^Z1tl
^ZDOSH>(c>,
g,c>]YZ}WH-}W
CH,H`HHHJ(H
}uvH`[Hv

procedural orders [ICSID]
W[;./fg]

proceedings
STEzzj

proceeds


process chart
;W6
0 flow chart

process control
;WHpWHp

process engineering
I

processed
Refers to a document that has been distributed in an
unpublished form.
LA)
Q?FLA)

processing of a loan
X\

processing
I2X

procurement
222
____________________________________________________________________________________

0 bulk procurement

procurement agent
Firm which specializes in handling international
procurement and acts on behalf of contract awarding
authority in a bid.
~X!
1(./..f~X\
bw[\

Procurement Manual Statement - PMS
cRSsPMS

procurement (procedures)
(W)

producer gas
A low-energy gaseous fuel, generally produced from
coal, whose principal combustible components
(carbon monoxide and hydrogen) are generally
diluted by air.
Ab6
3<6NLf`e5
B{d'l36L6bo

producer goods
Goods manufactured for use in making other goods
but which do not themselves continue through the
manufacturing stream and are not used directly by
consumers.
`N`
/pefpBe{
:Vpq;W{uv

producer price
The price of a unit of output of some commodity as it
leaves the establishment of the producer. It includes
any indirect tax or subsidy levied on that output
before it leaves the establishment.
`NO
Q&15O`l1z^_NO]YZ
Ol1i;`@*g
N

producer price equivalent - PPE
The value of transfers to farmers generated by
agricultural policy. These are paid either by
consumers in the form of market price support or by
taxpayers via direct payments and other support.
Measures the aggregate assistance to producers
before deduction of farm feed adjustment.
`NOsPPE
Q01o0N]
uvNOgl
!lefl<Pi0
1[i`uv

producers' values [national accounts]
The value in the market of the gross output on
commodities, industries, etc at the establishment of
the producers; or the sum of the values of direct
inputs, intermediate inputs at purchasers' values and
indirect taxes less subsidies in respect of the
commodities, industries, etc.
`N[.]
Q5H`1,-`NN
NHNy
flP.i5(1g
l

product in hand contract
Turnkey contract which determines the
characteristics of the final product to be
manufactured.
BcV
!`2`@9CDV


production build up
`<A

production forest
Forest designated for sustainable production of
forest products.
`d
QH`d`*d

production possibility curve; transformation curve
A graphic representation of the various output
combinations of two commodities which can be
produced from a given quantity of resources.
`E|w
SR<`~
5{`!V6

production-sharing contract
Contract where the contractor makes contributions
to the investment project and his remuneration
substantially (but not necessarily wholly) depends
on a share of the production of the investment
project, including his right to purchase such share at
a predetermined price or a price to be determined
under an agreed formula. Considered as a type of
223
____________________________________________________________________________________
nonequity direct investment for the purposes of
MIGA.
`<"BV
VQY5iST{ekn5
{,ST`<{/
!f*!W[!
NO{#$
F}

productive capacity
`

product mix
`!V`$

product wage
`

profit and loss account [UK]; income statement [US]
I[.]I [].]

profit center [accounting]
A responsibility center which accumulates revenues
as well as costs.
tfg[Ep]
QBlfg

profit making
t

profit margin
tZt7

profit on sales of investments
t

profit sharing
t"$"

profit-sharing contract [MIGA]
Contract where the contractor makes contributions
to the investment project and his remuneration
substantially depends on the revenues or profits of
the investment project.
t"$V[#$]
Vf!iST(ek
nsW7<STt

pro forma invoice*
N^A\mA\

profit squeeze
<tt3P

profits tax
t

program aid
WXuv

program budget
A PPBS budget which emphasizes long-range
planning and associated accomplishments and
resource requirements.
WXjy
{H,ljy-|PPBSjy
]KEGZkBPc
U-/

program contract
A concept developed in France and now used in
Senegal, Cameroon and other former French
colonies. They are performance contracts between
Government and companies generally covering a
period of three years, which set annual targets for the
company (covering physical production, operating
efficiency, billing recovery, employee training, etc.)
and establish reciprocal commitments by the
Government (e.g. agreement on tariff levels,
investment support, increased managerial
autonomy, etc.). They are indicative rather than
legally binding.
,VWXV
t2}.`sI
eHlef}.6d]
Ul[\Q{V|L
6x6i[\*1TYZ`H
_&ZH^HVnoU"
{qZLaHHH
AIWX5VQoE
{*}

program evaluation and review technique - PERT
A tool of managerial economics used both in
planning a project and in monitoring it. A PERT
chart shows each task to be performed, the time each
will require, the prerequisites and other information.
W},9p}sPERT
WX?@ST"
i]78S{,9p}|6x
SkBZHkBxSZczH
dlef

program loan, lending
224
____________________________________________________________________________________
Bank loan given not for a specific project but to help
a country overcome unforeseen temporary
difficulties which would otherwise result in
inappropriate long-term policy adjustments to
correct short-term balance of payments problems.
WX\
%&'(\{&ST
0v:E.Y&j0
zq{o{
b[/|./


program objective category - POC
The main areas covered by the Bank's operation
program. Currently they are poverty reduction,
adjustment and debt, human resources development,
private and public sector development, environment
and forestry, financial intermediation, natural
resources, infrastructure and urban development and
economic management.
,T"sPOC
Q%&'(1Z,5T]
-P[lZ!OAz
!l[,-AB*+l*dDjf
5CMnulkAB)?@WX

program of special emphasis - PSE
Program that the Bank is giving special priority to,
covering such areas as debt management, human
resources, women in development, environment,
food security, poverty alleviation and private sector
development.
rU,
%&'([r,]YZq
ZWXH!H;rABf{H*+H
gHP)z!,-AB

Program of Targeted Interventions - PTI
TbsPIT

progress certificate [IBRD]
7S[./-OA'(]

progress chart
7

progress payment
Payment made as work progresses under a contract
on the basis of costs incurred, percentage of
completion or a particular stage of completion.
7"l\7\
SVSW{7/A
v[:WkB:":
WkBVWf&=>(l\

progress report; status report
7kWk

project advance account
STjl\

project agency
ST~X!

project agreement
STa

project aid
STuv

project appraisal
ST9

project area
STd

project audit, evaluation
STpH9N

project brief
In Bank projects, the basic issues-oriented
operational document relating to the early part of the
project cycle. It is short (2-6 pages) and focuses on a
project's development objectives, policy or other
issues and the preparation work required.
STsST
%&'(STSTsST
:=>"PE1Z)]D:s
286dUVtSTABTH
ef)S!x{

project completion report - PCR
A report prepared within six months of the
completion of loan/credit disbursements which
highlights strengths and weaknesses of the project
and draws appropriate lessons for the Bank for
future projects.
STkBk
STkBk\/lkk6:Z
'XUKST2lV%&'(
/ST]b(o

project cycle
The sequence of analytical phases through which a
225
____________________________________________________________________________________
project passes.
ST
ST?:E"=>

project design
STn

project enterprise [MIGA]
A corporation, association, partnership or any other
entity which holds title to, or the power to dispose of,
the assets contributed to the Investment Project.
STl1[#$]
Q*t/2xST
`[\HUVHVU!ef?@

project evaluation, audit
ST9NHp

project fund agreement
Agreement whereby a lender agrees to lend funds for
a specific project.
STja
\&ST(\a

project identification
ST

project implementation review - PIR
Semi-annual Bank-wide report on how projects have
been implemented.
STuhi(sPIR )
Qx6%&'(CHiST(hi
k

Project Information Brief - PIB
SThistsPIB

project life
STuST+

project loan, lending
ST\

project management
STWX

project management unit - PMU [IBRD]
STWX^_sPMU[./-OA'
(]

project manager
ST!ST?X[UV.OA^}]

project officer
ST@

project performance audit memorandum - PPAM
STuhipxyzsPPAM

project performance audit report - PPAR
A report which provides a preliminary review and
evaluation of a project at the end of the execution
phase.
STuhipk(sPPAR )
:ST(iST(Bpl9
Nk

project pipeline; pipeline of projects; lending
pipeline
x@ST

project preparation
ST!x

Project Preparation Facility - PPF*
ST!x\CDsPPF

Project Preparation Facility advance*
ST!x\CDjl\

project rent
income derived from a project.
ST
STf`

project supervision
ST7Q

project unit
ST^_

promissory note
An unconditional promise in writing made by one
person to another signed by the maker, engaging to
pay, on demand or at a fixed or determinable future
time, a sum of money to or to the order of a specified
person, or to bearer.
\\
Q&!Q!QMdl\[
\,::
!/&!eQ!H\!
lD

promotion rate; pass rate [education]
226
____________________________________________________________________________________
Rate at which students pass to the next higher grade.
-Z[(]
p6-:Z

property income [government]
`[U]

property income [individuals, corporations]
`[:![\]

proprietary good, item
t

proprietary interest
An ownership interest, as in the interest held by an
equity holder in a company or a patent holder who
licenses use of the patent by others.
15t
QS*tq:}k[\H*
t:"!r!ttH*


proprietary rights
*t

proprietary training
Training offered by private, for-profit firms.
z_15no
z_tT5no

pro rata commitment authority limitations
:\\+

pro rata recall
Currency recalls for outstanding loans whereby
major currencies would be recalled in proportion to
the amounts that remain outstanding on each of these
loans (as opposed to the previous system where the
order of the currency recalled was determined by the
Bank). This new system was introduced in January
1990.
:
\z5x
\:{%
&'(Sp7S-p7
199061ZO(

pro rata rules [IDA]
Rules which state that other donors may maintain
proportionality vis--vis the US in the amount of
contribution released for commitment.
:,u[./OAaE]
fRSefR.].
H:,

prospectus [financial markets]
A document containing all the pertinent information
about a public offering of securities and about the
borrower. It is made available to the appropriate
legal authorities, stock exchanges, and the
prospective investors by the lead manager.
}RS[}RS[ [Dj]
QYZ*+[l+\!*
+)]\?X]b}
bwH9l

protected forest
D*d

provision [accounting]
xl[E]

proxy borrowing*
\

provision for losses; reserve for losses; loss
provision
IxlD)

provisional measure [ICSID]
/zu[;./fg]

proxy
~X!

proxy [IBRD lending rates]
tZ[./-OA'(\tZ]

prudential constraints
+pd

prudential supervision and regulation
7WlH

prudent man rule
In a trust arrangement, one of the frequent
limitations of the trustee's actions; it states that the
trustee may make investments only in such
securities as would be acquired by prudent men of
discretion and intelligence in such matters who are
seeking a reasonable income and the preservation of
their capital.
p::
Q_LfS:+pD
227
____________________________________________________________________________________
!(:]D!(z
{*Jl?Sp!
XSVXf@A
lW|

prudent shopping
?SN@

public borrowing, offering
[O[OAb}\

public (capital) expenditure
U(C)O

public corporation
}\[\

public debt
U[

public economics
[?@p

public enterprise rationalization loan - PERL
World Bank loan to help rationalize the finances of a
public enterprise.
[l1VX\sPERL
%&'(0v&[l1ZVX\

public enterprise reform loan - PERL
World Bank loan to help reform the finances of a
public enterprise.
[l1m\sPERL
Q%&'(0v&[l1Zm\

public enterprise rehabilitation loan - PERL
World Bank loan to help rehabilitate the finances of
a public enterprise.
[l1-\sPERL
Q%&'(0v&[l1-\

public offering, borrowing
[OAb}\

public sector borrowing requirement - PSBR
The total excess of expenditure over revenue for all
government entities, which must be financed by new
borrowing net of repayment of previous debts.
[,-\SsPSBR
*UV]T
-\.Z1/i
g

public tender; open tender
[O

public utilities
[1

public utility corporation
[1[\

public works; civil works
W[W

publicly guaranteed debt
UZ

publicly held government debt
[}H*UZ

publicly issued (bonds, etc.)
()[OA(

publicly traded company
}\[\

pull-down menu
BO{}^|

pull inflation
=:AB
0 demand-pull inflation

pump priming policy [economics]
government policy of spending during a recession in
order to put money into the economic stream so that
spending power will continue and economic
expansion will follow.
?@[?@p]
Q?@LzUOeTG
?@.f>Hs?@
!

pumping station
-@
0 booster pumping station

pupil-teacher ratio - PTR; student-teacher ratio -
STR; teacher-pupil ratio
Total students enrolled in primary and secondary
levels divided by number of teachers in the
corresponding levels.
y:ZsPTRSTR
228
____________________________________________________________________________________
6plfpp!R1pv
(y!R

purchase fund [sercurities] *
CD[]

purchasing power parity - PPP
An exchange rate adjustment that changes a
currency's foreign purchasing power after there has
been a change in that currency's domestic purchasing
power.
LNsPPP
jZ[#p.A
|1[;.

purchasers' values [national accounts]
The cost of goods and services in the market to the
point of delivery to the purchaser. Equals producers'
values plus the trade and transport margins
appropriate to the purchaser in question.
N[.]
Q&9dVlZ
B`NI]V;
l&gN

pure competition; perfect competition
k;=;

pure IDA countries
D./OAaEIDA{./-
OA'(\.N

pure stand
A stand of trees in which at least 80 percent of the
trees in the main crown canopy are of a single
species.
^d
QP5SZ*80%d


pure time preference
<z@A
0 rate of pure time preference

pure variety; true to type variety [agriculture]
A variety that is like the parental type, without
change.
< [01]
P-H*|

push inflation
>:AB
0 cost-push inflation

put option
A contract which entitles one party to it, at his
option, to sell a specified amount of securities or
commodities to the other party, at the price fixed in
the contract, during the life of the contract.
b@A
V]OVWV*
*V,NObR
5QW@A

put right guarantee
!!(d\H,D
229
____________________________________________________________________________________

- Q -


qualifications*
OVOS

qualified agreement to reimburse
Agreement given by the Bank to a commercial bank
to enable a borrower to make purchases under a loan
agreement prior to disbursement of the funds. The
guarantee is qualified and the Bank has the right to
cancel its guarantee should the loan be suspended or
cancelled.
*dla
%&'(&51'(QAa\!
D\alD(
*d;\<u
hi%&'(*yu]
0irrevocable agreement to reimburse

qualified bidder
A bidder for a contract who has prequalified, i.e.
who has been deemed capable of performing a
particular contract satisfactorily based on past
performance, quality of staff and equipment and
financial position.
VO!
Q?VOjpV5V.1
$sHTHnx<lZi
!dkB&SV5
qualified borrowing(s) [currency pool]
Originally, borrowings by IBRD after July 1, 1982
(i.e. based on the pool-based variable lending rate),
using proxy borrowings. Under the current system
(May 1989), they are defined to exclude borrowings
that are determined by the Bank to fund investments
and any new differentiated loan product should the
Bank wish to offer one in the future. The extraction
of borrowings that fund investments would be made
separately for each currency. The term Qualified
Borrowings 1982 is used to describe the old system.
+E\[]
Q198267Z11D\
./-OA'(\pD|t
ZCM\s(p7198965Z
+E\{YZ%&'(lef-
grE\STq%&'(/p
\x"r(\
{19826+E\|:qQp7

qualified guarantee
cedHU

qualified instrument of commitment
Agreement by a member country to pay its
subscription and contribution in part, with the
remainder subject to enactment by its legislature of
the necessary legislation.
*da
:%&'(E.+leT}{lR
\*dal,"
e,"ce}bw:VTWX1
(l

qualified majority
V}R

qualified opinion [auditing]
An auditor's opinion that indicates that the auditor
has found deficiencies in the financial statements, as
regards the accounting (e.g. reservations on
acceptability of the accounting policies and their
consistent application) or auditing (e.g. timing of
appointment after valuation of inventories or other
assets) or there is significant uncertainty due, e.g. to
the outcome of major lawsuits or other contingent
liabilities.
ced0[p]
Spy0p!ZkfAs
1qEqiEle
EW*\0pq/l
ef`1()zW
/qU}S{
T

qualifying shares
Stock, possession of which enables the holder to buy
further stock at a predetermined (reduced) price.
}
*}X/NON
}}\

qualitative coinsurance
Insurance involving two or more underwriters with
the different underwriters underwriting different
risks pertaining to the same project.
(?1)<
~N~N?5:ST{
?(?

quality loan [IBRD]
A Bank loan which has been carefully prepared and
230
____________________________________________________________________________________
is financially viable.
<\[./-OA'(]
QS?V!xZ*.%&
'(\

quality premium
<<AN

quantitative coinsurance
Insurance involving two or more underwriters with
the different underwriters underwriting separate
tranches of a single large risk.
(?1)R<
~N~N?5:s?
{,"(?

quantity surveyor
WNyR<!

quantity theory of money
Theory holding that the overall level of prices is
proportional to the size of the money supply. A key
monetarist theory.
R<pR
pR[:NLP<
s6B:5pR

quantum index
R<QR

quasi-equity
Includes equity-like instruments and other forms of
loans that have the form of equity or equity that has
the form of loans. An example is equity with a put
agreement, i.e. unlike normal equity, the investor
requires return of the equity, for example, in five
years at ten percent interest.
!}!}
YZ"}\le]e*}\
e*\}e*W@A
a}P|,}{]
S}*q5610%t
<kn

quasi-money
!
0 near money

quayage; wharfage; wharfage charges; dockage
vhv

queuing theory, problem
Mathematical techniques including probability
theory used in operations research to identify,
illustrate and, it is hoped, influence the
characteristics of queues, whether of people,
materials, work-in-progress, etc.
LX9L9
QYZ9Rp1Z23f
iL{W!HN|({
VHRSieuIEF

quick assets
;`
0 liquid assets

quick disbursing (loan); fast disbursing (loan)
l\

quick maturing investments*
)

quick ration
:Z
0 acid-test ratio

quick yielding project [IBRD]
A project which brings a more rapid return than
usual, i.e. after only a few years, and often means
faster disbursements.
0ST[./-OA'(]
:::e/}STqc
16z:QlST

quiet emergency
sn
0 slow onset emergency
231
____________________________________________________________________________________

- R -


radial reductions
Method of reducing a tariff structure whereby at
each stage all tariffs are reduced to an equal fraction
of their previous levels.
`P
)3+vZ$W}x=>
*ZL:)3

radiative forcing
Changes in the climate due to changes in solar
radiation. Solar sunspots and the greenhouse effect
are examples.
`
Ky`|o6#|qK
y|l+

rained agriculture*
j*2E01cd01

rainfed
*EF

rain forest
e*d

raise, to (funds, etc.)
(D)

random sample
,#rmm

rangeland


range management
WX

rank correlation coefficient
-+-R
0 Spearman's rank correlation coefficient

ratchet effect
The idea that at the beginning of a recession
consumers try to maintain the same level of spending
and investment.
f
Q?@Luvl+6H
muvlL

ratcheting up
B

rate basis conversion
Option in IFC loan that allows the borrower to
convert from a variable rate to a fixed rate loan or
vice versa.
tZCMw
./Dj[\\tZ@A]\
!G|tZwBtZ5

rate contract
A contract for the supply of goods at specified rates
during the period of the contract.
NOvZV
,V!NO
V

rate of exchange
jZ
0 buying rate of exchanges

rate of natural increase [animals] *
5AZ []

rate of pure time preference
The interest rate at which consumers are willing to
forgo present consumption in order to save,
presumably for future consumption.
<z@AtZ
uv{0YszuvD/
/uvtZ

rate of return
ZtZ

rated capacity
i<Z

rating agency
Organization that evaluates the credit rating of
prospective borrowers on the securities markets.
9-#$
9j\!-#$

ratio
:Z
0 accounting ratio; acid-test ratio; affordability
ratio; Bruno ratio; capital-labor ratio; capital-output
ratio; capital-service ratio; cost-benefit ratio; current
ratio; debt-equity ratio; debt-to-capital ratio;
232
____________________________________________________________________________________
debt-to-equity ratio; debt ratio; debt-service ratio;
dependency ratio; enrollment ratio; entrepreneurial
benefit-cost ratio; equity ratio; feed conversion
ratio; fill ratio; financial ratios; gearing ratio; grade
ratio; gross (primary) enrollment ratio; housing
expenses/income ratio; import coverage ratio;
incremental capital-output ratio; input-output ratio;
interest coverage ratio; interest service ratio; land
equivalent, equivalency ratio; land use ratio;
leverage (ratio); liquidity ratio; liquid ratio;
long-term debt ratio; minimum cash ratio; modified
Bruno ratio; net energy ratio; operating ratio;
price-earning ratio; private benefit-cost ratio;
pupil-teacher ratio; quick ratio; reserve ratio; risk
asset ratio; smoothness ratio; staffing ratio; stripping
ratio; tax/GDP ratio; tax performance ratio; tax
ratio; teacher-pupil ratio; volatility ratio; working
capital ratio; working ratio

rational expectations
A theory based, first, on the assumption that indi-
viduals and companies will try to maximize their
own welfare -- that is, they will try to make their own
economic and other circumstances as desirable as
possible -- and, second, that, as individuals and
companies make economic decisions in their own
interest, they do so in such a way that markets move
towards equilibrium, easing inflation.
XEj
X9e2:!l[\+6
ft2s+6f?@
*+lef*+4VVXZeS:!
l[\Eft{?@"E
ft8H:ABD
l

raw data
RT

raw water
?

reafforestation; reforestation
U-qdqd

real assets
`{`

real effective exchange rate
Nominal effective foreign exchange value of the
dollar (a trade-weighted exchange rate) multiplied
by the ratio of the US consumer price index to the
foreign consumer price index. Below 100 the dollar
depreciates in real terms; above 100 it appreciates in
real terms.
/*jZ
]]^*jNIj
Zl].uvNOQRi.uvNOQR
:Zqy100]/
q100u/

real estate developer
Kd`5

real estate equity
{`}

real sectors
The nonfinancial sector.
/,-
QFDj,-

real terms, in
{|NO

realized price [oil]
The price actually obtained on the world market for
sales concluded.
sNO[]
Q%&(abCD/NO

rebar [= reinforcing bar]
Bar used for reinforcing concrete.
h
ht*fh

recall [MOV]
[]

recall installments [MOV]
"[]

recall under loans [MOV]
\S[]

recapture clause
Clause in a loan agreement that allows a lender to
recover part or all of his previously lent assets if
economic circumstances improve.
d\
Q\afSd\-\!?@h
iSzf,",`

recasting (e.g. a loan) *
U-y\
233
____________________________________________________________________________________

receivables; accounts receivables
\T

received energy
<

recession
L

recession crop
Crop planted on land which has recently been
flooded.
1{
D1*dg{

recession, recessive cultivation
Cultivation in an area where the amount of land
available for cultivations is being reduced due, e.g.
to desertification.
1L{
*d{3PqO
d({

recipient country
Du.D.

reciprocal debt
Z

recital of an agreement; preamble to an agreement
aaS,"

reclaim
O2

reclamation
O2
0 land reclamation

recognition and enforcement (of award) [ICSID]
(iG)l([;./f
g]

recommendation domain
]CH

reconciliation account
Account which shows any difference between two or
more accounts.

S~:~:}g


reconciliation item [accounting]
Item in account that reconciles the differences
between two or more accounts.
T[E]
i~:}g(
ET

reconcile
i.L

reconnaissance survey


reconstitution
Immediate conversion of interest payments received
in a currency other than a pool currency into a pool
currency.
w
G{t&{p
wB

reconstruction import credit - RIC
nsRIC

record owner
A person who has title to a property, though not
necessarily beneficial use of it.
zf*!
i`*t{eC<t!
l0beneficial owner

recoupment [insurance]
g[?]

recovery
-1-

recurrent costs, expenditures
Costs for items consumed immediately or used up in
a comparatively short period, usually a year.
?Ev?EB
Qzuvkvz
:6kv

recurrent education; lifelong education; continuing
education
(((

recycling (of capital)
*
234
____________________________________________________________________________________

redeemable


redemption
}{|s

redeployment cost
The cost of switching one type of loan to another,
e.g. from a fixed rate loan to a variable rate loan.
U-v
G\"wBQ"v
qtZ\w|tZ\

redeployment cost [IFC]
The cost levied by IFC and representing its cost of
reinvesting a prepaid loan at a lower interest rate.
U-v[./Dj[\]
./Dj[\<v];[\G
jl\3tZU-cB


redeployment (of funds)
CDU-

red herring issue
An issue of bonds made on an experimental basis.
bEA(
+CMA(

rediscount
Resale of instruments such as banker's acceptances
already discounted by lender, usually with central
bank or discount house, at a price less than the face
value.
s
G\!sV\q'(\
U-abL3NObf
|'(s[\

rediscount ceiling
s+

reducing charge method
vP}
0 declining balance method

redundancy [staffing]
!V

reference rate of exchange [MIGA]
The effective average rate of exchange applied by
the central bank or other foreign exchange
regulatory authority of the host country for the
exchange rate category concerned on the date of loss
to conversion of the local currency into guarantee
currency.
lvjZ[#$]
k.f|'(e]jWXbwL
8*jZGbdI*+j
Z"rwB

reference zone; target zone [foreign exchange]
A wide zone of exchange rates, perhaps plus or
minus 10 per cent, within which a currency can
freely move against other currencies. Suggested at
the New York Plaza Agreement at the Group of Five
meeting, 9/85 and proposed by the French Treasury
2/86, as a way to reduce major currency swings.
lvT[j]
:s7jZe|H10%
iefjZ
e198569Ze.E=?
af198662Z}.,G
]{P5W}

referral
iOP{{"3t

refinancing
DA(-

reflation
-A

reflecting pool
Concept of movements in the currency pool
reflecting movements in the three main currencies
constituting the pool (US dollar, yen, mark). This
concept enables borrowers to predict changes in the
currency pool by watching changes in these three
currencies on the world markets.
[]
f&:]
!B5]HH
&\!D:V
%&|j
|

reflows from the Trust Fund*
CD;

reforestation; reafforestation
Establishment of trees on ground that has been
235
____________________________________________________________________________________
cleared of trees.
U-qd
VddS

reform
m
0 land reform

refresher course
-%vW`vW

refunding
\

regional integration arrangements
d_L

register
q
0 land register

Register [ICSID]
q] [;./fg]

registered [vehicle]
q [9:]

registered (e.g. tradesmen)
q%b5

registered bond
A bond whose ownership is recorded by the issuer.
]
A(!q*]

registered capital; share capital
}{

registered nurse
*.N[

registered security
A security whose ownership is determined by the
name in which it is registered as opposed to a bearer
security whose ownership is determined by who
possesses it.
]
e*q]/
r*H*!H*

registered seed
The progeny of foundation or registered seed.
V
CM1~

registered share, stock; personal stock
Stock which cannot be transferred without placing
the signature of the owner upon the books of the
issuing corporation and delivery of the certificate.
]}\
}\?}\A([\q]
!Q^9*+[13

registrar [ICSID]
[@q@[;./fg]

registration [Stock Exchange]
q[9]

regrading [highways]
U` [[]

regrading [personnel]
U--9-[!]

regraveling; graveling
U

regress
L
0 economics of regress

regression equation
An equation expressing average relationships
between two or more variables.
`[]
~:~:|<L8+-

regressor; predictor
An independent variable in a regression analysis.
`|<
`"Pf|<

regrowth


regular appointment [IBRD]
|z|[./-OA'(]

regular budget
One of three Bank budgets, it is for funds used to
cover the administrative expenses of the Bank.
jy
%&'(jy/l%&'((
236
____________________________________________________________________________________
vD

regular lending program [IBRD]
The Bank lending program that includes the base
lending program and the standby program.
|,\,[./-OA'(]
QYZC\,l1x,%&'
(\,

regular share
Share of IBRD capital stock other than those
allocated as membership shares.
|,}
./-OA'(}fE}e]
}{

regular staff
|V!

Regulations and Rules (of the Centre) [ICSID]
(;./fg),p7[
;./fg]

regulatory agency
WX#$

rehabilitation
--

rehabilitation import credit, loan - RIC, RIL
Loan, credit to support policies to stabilize the
economy and reactivate growth, following a period
of economic decline caused inter alia by
inappropriate policies.
H-H\sRICRIL
{bO>z?@
Z1H?@lUA
\

reimbursable budget
One of three Bank budgets, it is for funds used to
cover costs on behalf of outside agencies under
billing agreements.
jy
%&'(jy~la~
,#$lvDjy

reinforcing bar; rebar
h

reinsurance
Form of insurance used by insurance companies for
their own protection, whereby they share insurance
risk with other insurance companies. The risk they
share may either be in the form of an individual risk
(facultative reinsurance) or a large number of risks
(treaty reinsurance).
?"
?[\-?P
r?[\"??e"
^?/z"""s<?V
"

release
`
0 block release

release [ICSID]
[./;fg]

release, to [capital]
[]

relend, to


relief
F,@u,P

relinquishment [legal] *
0Y0Y`tS[[}]

relocation grant
g_Nv

remeasurement contract
<V
0 unit price contract

remedy
g,gpG
0 legal remedy

remittances
j\()

remote sensing
;okb8

renewable energy
}-

rent
D
237
____________________________________________________________________________________
0 economic rent; project rent

rent recovery index [projects]
The proportion of the economic rent created by a
project that accrues to project beneficiaries and is
recovered from them.
DQRQR[ST]
STD!2f3RST
`?@D

rent-seeking
DStStX

repayment bond
Form of performance bond issued by a bank as a
repayment guarantee.

N'(A{
[

repayment guarantee
Form of guarantee whereby the guarantor
undertakes, in the event of default by the principal,
to pay the beneficiary an amount advanced or paid
by the beneficiary to the principal in accordance
with the contract between them. They are generally
issued by banks.

Q!hi!VD
!D!l!D
L'(QA

repayment schedule
\z

repeater loan
U-\

repeater project
Project in the same sector and same country as a
previous project.
U-ST0ST
.N,-P&:ST
ST

repeater rate [education]
The rate at which students repeat a grade.
\-Z[(]
p:6-\-:Z

repeat financing
SD

rephasing of a debt; debt rephasing; rescheduling of
debt
U-_L\U-_L\z

replacement cost
UxB

replacement level [population]
}}L [!]

replacement value
UxN
0 current (entry) value

replenish (an account), to
gg

replenishment of resources
The addition of funds to IDA. The Eleventh
Replenishment starts fiscal year 1997.
gD
Q./OAaEA`11SA1997
67

replicability
)E>?E

report (of Commission) [ICSID]
Ek[;./fg]

reported debt
[8Z

reporting country
Ok.

reporting requirement(s)
OkS

reporting system [projects]
kp7[ST]

representations
~X~0S

representative office [bank]
~2['(]

repression
3p
0 financial repression
238
____________________________________________________________________________________

repurchase agreement
Arrangement by banks and other institutions to
borrow short-term (usually one day) money by
transferring securities to the lender, with the agree-
ment that they will buy them back.
a
'(ef#$:VG\!/
:fDa/G]
_L

request for proposal - RFP
SsRFP

Requesting Organization [ICSID]
PS!"[;./fg]

required rate of return - RRR
DZsRRR

requited transfer
Transfer of resource or financial item between two
countries that is counterbalanced with a similar
transfer in the other direction.
ii9
Q~:.NZTW
"0ia

resale price maintenance - RPM
Agreement whereby manufacturers independently or
collectively specify minimum prices at which their
products could be resold by wholesalers and
retailers.
23AbNasRPM
5f^Xa23"
Al%bN

rescheduling of debt; rephasing of a debt; debt
rephasing; debt rescheduling
U-_L

rescue package
~,vWX

resealing [highways]
U-1 [[]

research and development - R D
23POAsR &D

research-push innovations; upstream innovations
23>m-(m-

reservation price (of labor)
The minimum price at which an individual is willing
to offer a good or service. Often applied to labor, it is
the lowest wage at which an individual is willing to
offer his or her services.
()\NO23NO
Q:!{23NO
Q&:!{f
Z23

reservation salary, wage
The minimum wage at which a worker will accept
work.
23D
Q:!D{23

reserve
xD
0 legal reserve

reserve against losses
I!xD

reserve asset
Those funds which constitute reserves in a bank.
x`
:'(R!Bx31D

reserve center
Country or area where significant financial reserves
are held.
xfg
H*s<Djx.Nd

reserve currency
The name given to a foreign currency which a
government is prepared to hold as part of its foreign
exchange reserves. This is used for financing
international trade.
x
.U!x{ejx/H*&
.l./

reserve for contingencies; allowance for
contingencies; contingency allowance
An amount of retained earnings earmarked for
general undetermined contingencies or for any
indefinite possible future losses.
hi!xD!xD
\/tfSDL
jhi/A{I
239
____________________________________________________________________________________

reserve for depreciation; allowance for depreciation;
depreciation allowance
A valuation account set up to allow for the
depreciation in an asset.
!xDxD
&S`nx

reserve for losses; provision for losses; loss
provision
An amount of retained earnings earmarked for any
indefinite future losses.
I!xD
\/tfSDig
/A{I

reserve money; base money
xCM

reserve operations [lending program]
Lending operations on which initial preparation is
being undertaken but which have not been
appraised.
xST[\,]
!x{O{9ST

reserve position
xix

reserve ratio [banking]
The fraction of demand deposit money which a
commercial bank must keep in its reserve account.
This ratio determines the maximum amount of
money a bank may loan out. In the United States, the
legal reserve requirement is imposed by the Federal
Reserve on depository institutions. The reserves
(cash maintained in a bank's own vault or claims on
cash on deposit with compulsory or optional
depositories) for transaction accounts are 3% on $25
million or less and 12% for larger sums.
xD:ZxZ[Dj]
Q51'(T/exf./\
::Z]:'(D
2sR].Ux'(i/\#$
uKpE}xSi92500])
xDQ'(/sD
KpELE#$s/\
S3%is:RxDS
12%

reserve requirement
,x}x

reserved procurement
Under the Bank's procurement guidelines,
procurement that the client wishes to reserve for
local suppliers or contractors, where it would have
been attractive to international competition.
\
%&'(Qm\!.
5Y5\,"/i.
/;"*O

resettlement grant
_xv

resident mission
d~2

resident office
d2

resource balance
The difference between exports of goods and
nonfactor services and imports of goods and
nonfactor services.
g
lFTZPlFTZ
g

resource based industries
1

resource envelope
In budgeting, an overall expenditure limit for a unit.
The unit can then decide how it allocates individual
expenditures within this envelope.
D
Qjyfi:^_,+:^
_:{|f"SO

resource(s) gap
Imports of goods and nonfactor services minus
exports of goods and nonfactor services, or the
resource balance with the opposite sign.
H
Q)FTZRP.PF
TZR

resource-neutral
iMEF

responsibility center [accounting]
Any organizational unit accountable to higher
240
____________________________________________________________________________________
authority for performance of assigned functions,
usually including its incurrence of specific costs
under budget limitations and control.
fg[E]
+(-,-:!"
^_:YZjy+lHpvO
hi

responsive
*F*

restocking
/<-

restraint policy
p3

restricted currency
The portion of capital subscriptions paid in the
currencies of members and usable by IBRD in its
lending operations only with the consent of the
respective members.
+pE
E..Tl,"}{%&'(
*<D;E.1WG,"
D\1Z

restricted distribution
*+p"A

restricted release (of 18% currency)
Release by Bank member of its 18% currency for
lending or relending, with some restrictions, such as
the requirement that the funds only be used in the
currency concerned without being converted or are
only used for initial lending and not indefinite
lending and relending.
i18%+pEo0
%&'(E.ieT18%.
\\+p<c*1+pq
;{wBr
\{M+\l
\

Restricted Toxic Materials List - RTML
A list of toxic materials that may not be used in Bank
projects.
h*NGsRTML
Q%&'(STf{D*NG


restrictive trade policy
+pE

resubmission [ICSID]
9[[;./fg]

resurfacing [highways]
U`[[]

retail banking
Traditional banking operations conducted with the
general public.
%b'(1Z6'(1Z
Q[}O'(1Z

retail training
Training of officials directly in the country by their
compatriots rather than abroad by EDI or others.
dno
Q.!.no@{%&
'(?@ABpqef!".no

retained earnings
Accumulated net income, less distributions to
stockholders and transfers to paid-in capital ac-
counts.
\/t
P."}klT
R

retainer
jv\v

retention money
Percentage of each payment retained until the
contract has been completed and the contractor has
fulfilled his performance (and maintenance)
obligations.
\\\D
ixSl\\::":ZV,k
BY5kBe(l>`Z

retention rate; grade ratio [education]
Percentage of students that pass from one grade to
next grade.
\vZ-Z[(]
vp:6-6-:":

retired debt
A debt that has been paid off.
xZ
?xZ

241
____________________________________________________________________________________
retirement (of a fixed asset)
Removal of an asset from service, following its sale
or the end of its productive life, accompanied by the
necessary adjustment of fixed asset and
depreciation-reserve accounts.
`kp
S`e`u1
efyzi`l!x
(T[

retirement benefits
L3DL3gv

retirement of outstanding debt
xZ

retraining
no

retrieval
(N)

retroactive financing; retrofinancing
Reimbursement by the Bank of expenditures made
by the borrower before the date of signing a loan
agreement, as an exception to normal financing. It is
subject to a fixed cutoff date, before which
expenditures are not eligible for Bank financing.
Dj
%&'(i\!&S\aQ
v|j
jD+p
v*OD%&'(j


retrofinancing
Dj
0 retroactive financing

retrofitting
m-

return of capital
The return to the investor of part or all of the initial
investment of capital in a project.
t
:ST:,",f
D

return of investment


return of labor
A detailed list of the staff and labor employed.
*x^
/VPx^

return on earning assets*
t`

return on, to capital
1. The internal rate of return of the incremental net
benefit after financing.
2. Net income divided by equity.
Z
1j1A<,Z
2}D

return on, to investment
Z

returns; revenues


returns to scale
,

revaluation
U-

revaluation factor [currency pool]
A ratio establishing the appreciation or depreciation
due to exchange rate changes in the U.S. dollar value
of currencies in the pool from one date to another. It
is calculated by dividing, as of any day, the total U.S.
dollar value at the exchange rates of that day of the
balances of currencies in the pool brought forward
from the previous day, by their total U.S. dollar
value at the exchange rates of the previous day.
UN-R[]
!]jZ|bf
lf::Ze
yW}fbj
Zy]fbjZy
]

revealed comparative advantage - RCA
Concept developed by Bela Balassa, it is measured
by an item's share in the country's exports relative to
its share in world trade. If the share of the item in the
country's exports is more than the corresponding
world share, then the country has a revealed
comparative advantage; if less, it has a revealed
comparative disadvantage.
242
____________________________________________________________________________________
/iWsRCA
Bela Balassa:&S5
.f{{i;5
%&f{{/<q;5
.f{{s]%&f{{
u;.iWq61
uiW

revenue

0 current revenues; fiscal revenue; government
revenues

revenue account [national accounts]
[.wy]

revenue-earning enterprise
tl1

revenue recognition
In accounting, when income is deemed to have been
received. IFC records dividends, profit
participations and fees (other than commitment fees)
as income when received. Income and commitment
fees are recorded as income on an accrual basis. It
does not recognize income on loans where
collectibility is in doubt and payments of principal
or interest are past due more than sixty days.

Ef./Dj[\G
}tHt"lv4v
{(qlvCM
]i{!Hl)60
f\{

revenue sharing
""$

revenue stamp
L\L

revenues; returns


reverse charge call; collect call; transfer charge call
iWl\

reverse transfer of technology
Transfer of technology from the developing to the
developed countries.

ABf.NA).N(

review clause; (periodic) review clause
Clause in a loan agreement which allows the lender
to determine periodically whether stated objectives
are being met.
pd\pd\
\afSd\]\!!
ST?)

review mission
vK

revised minimum standard model - RMSM
An IBRD mathematical model of monetary
aggregates, covering a few basic economic factors.
`|23!(sRMSM
./-OA'(<RpY
Z1C?@T

revolving account*
*

revolving credit
Any line of credit that be borrowed against up to a
stated credit limit and into which repayments go for
crediting.
*
7+(\e
\<\

revolving fund
A fund for project-related expenditure.
CDxD
PST*+vO

revolving underwriting facility - RUF; note issuance
facility - NIF; prime underwriting facility - PUF
A medium-term arrangement under which a bor-
rower can issue short-term paper (Euronotes)
backed up by commercial bank underwriting com-
mitments.
*YausRUF\?us
NIF-YausPUF
f_Lf\!51'(Ya
HA(:Z:Z\
G\

rhizomes; rootstock crops
{

ribbon check irrigation
dE
243
____________________________________________________________________________________
0 border check irrigation

rice

0 floating rice; floded rice; upland rice

rig
r
0 oil (drilling) rig

right of first refusal
<%
0 first refusal right

right of way
d:Vd

rights issue, offering
A}

riot [MIGA]
An assemblage of individuals who commit public
acts of violence in defiance of local authority.
Covered by MIGA under the war and civil
disturbance category.
NO[#$]
MbdUj}([ON(
#$i{;lO|"r

l0 Civil commotion

ripple price effects
NO{

risk allowance [projects]
An allowance made when funding a project for risks
that might occur.
?x[ST]
:A?STDzn
!xD

risk-asset ratio
Ratio between assets held and amount of risk.
MIGA's risk-asset ratio may not exceed one-to-five.
?-`:Z
H*`P?:Z
#$?`:Z{DV1:5

risk capital; venture capital
Capital invested in high-risk or relatively high-risk
securities and enterprises, in expectation of com-
mensurately high returns. It is sometimes used of
equities or ordinary stock, the dividend of which
varies with the profits earned by the corporation.
?
?i?ll1
D*zQ}:}
\e}t,[\Cthi|

risk contract [oil]
Contract that typically places all risk and investment
on the contractor, who provides capital for
exploration and production.
?V [1]
Lbl`DY5^
P?V

risk management
?WX

risk of expropriation [MIGA]
@??[#
$]

risk pooling [MIGA]
Sharing of risks among members of an insurance
pool.
?U[#$]
Q:UB"?

risk posture
The degree of risk of an investment.
?
S?W7

risk spread
"?

risk transformation guarantees
?

river blindness; onchocerciasis
DKN

river channel
D;D

ro/ro [= roll-on/roll-off]
~}~&[=~~}]

road base
C[[]
0 base [highways]

244
____________________________________________________________________________________
road, surface patching; spot improvement, patching;
patching [highways]
g%g [[]

road pricing
[&N

road user charges
v

rock phosphate; phosphate rock
H

rollback
In GATT, the progressive dismantling of all trade
restrictions which are inconsistent with GATT.
By
+a,iPa{*
+p(By

rolled (costs)
L8B

rolling back
3N)N

rolling plan
~6>

roll-on/roll-off - ro/ro
~/~}~&

rollover
1. Reinvestment of money received from a
maturing security in a similar security.
2. Term used for a delay allowed by a lender to
borrower in making a principal payment on a loan.
With governments, rollovers in the form of
refundings or refinancings are routine.
~}
1G"0
2Q\!\!>iS\D
UU-jW(~
([

rollover credit
B
0 revolving credit

rollover of gains
tt~

rollover project, program
HEST~

root crops
{

rootstock crops; rhizomes
{

rotating savings and credit association - ROSCA
Type of savings institution whereby each member
contributes a certain sum each month and the entire
proceeds for that month are given to one individual.
Each member takes it in turn to be the recipient.
f;laEsROSCA
#$xBZT
DbZ9D&Bx
:Bf;DDBD!

roundwood
KK

routine maintenance
(>`,

row crops
d{cf{

Rules of Procedure for Arbitration Proceedings
(Arbitration Rules) [ICSID]
FGW,uFG,u[;
./fg]

Rules of Procedure for Conciliation Proceedings
(Conciliation Rules) [ICSID]
W,u,u[;
./fg]

Rules of Procedure for the Institution of Conciliation
and Arbitration Proceedings (Institution Rules)
[ICSID]
lFG!"W,u!",u[
;./fg]

Rules of Procedure for Meetings of the Executive
Directors
(EEW,u

runaway inflation
E:AB

running average; moving average
245
____________________________________________________________________________________
The average rate of interest applied to an
outstanding loan, based on the rates applied on all
previous disbursements, weighted, where necessary,
to allow for different levels of disbursement.
L8RL8R
S\L8tZ;tZ
*ltZcz
(I({-rl

running contract
A contract for the supply of an approximate quantity
over or below the approximate quantity mentioned
in the contract. This reduces the holding cost and is
normally applied to goods for which prices are not
subject to appreciable market fluctuations.
.V{<V
QVW.PVf,
0R<m)3/
BLNO{DEF


running costs
?_vv&(B

run-of-mine coal; mine run coal
Ungraded coal of various sizes as it comes from the
mine.
"-
*"-s6{

run-of-the-river hydroelectric power plant
Hydroelectric power plant that uses water flow as it
comes in the river, with little or no storage to allow
for modifications in demand or water flow.
@
tD;f;(A@*
*{icS<(

runoff [water]
;;<[]

runoff irrigation
;EF



246
____________________________________________________________________________________

- S -


safe drinking water
_w
0 safe water

Safe Motherhood Fund [IBRD/WHO]
_CD[./-OA'(/%&!
"]

Safe Motherhood Initiative [IBRD/WHO]
_[./-OA'(/%&!
"]

safe water; drinking water; safe drinking water
Drinking water. The terms drinking water, safe
water and safe drinking water are used
interchangeably.
_w
w:)]5}~

safety net
_

salaries and wages
l

saleability [securities]
abE[]

saleable assets
b`

sale from portfolio
*Nb

sale of loan maturities
\b

sales tax
_1ab

salt lick; mineral lick
GH

salt water intrusion
Salt water entering fresh water, thereby destroying
freshwater sources.
H
QH;fW#

salvage value


sample survey [statistics]
rm[]

sanitation


Saudi Arabian light (crude oil); light Arabian crude
The world's most prolific crude oil, frequently used
as a marker crude in establishing the prices of other
crudes.
7=>7=>
%&<2?{e]
NzC!

savings and loan association
P\aE

scarcity value
bHN

scatter chart, diagram; scattergram
"86V6

scattered plotting
V

schedular tax; scheduled tax
""#d

schedule
zGWx^

schedule contract
7V

schedule of rates contract
A type of unit price contract, paid on the basis of a
schedule of rates. It is similar to a bill of quantities
contract but used where the quantity of work to be
performed is difficult or impossible to estimate in
advance, such as maintenance, drilling or dredging.
vZNV
^_NOVvZSl\PW
<V0{<{
zq>`H\-

scheduled tax; schedular tax
""#d
247
____________________________________________________________________________________

school mapping
v8w

scrap, to
pYkp

scrap value
N

SDR currencies
r\

Sea Island cotton; West Indian cotton; Egyptian
cotton; kidney cotton
L7n)

seasonal credit
yE

seasonally adjusted
y[

seasonal movements
yE&

seasonal peak
yE~

seasoned securities


second-best optimum
If one of the conditions for Pareto optimality cannot
be fulfilled, then the best attainable situation (the
second-best optimum) can, in general, only be
achieved by departing from all the other Paretian
conditions.
S&9
q)}2&dD{
3L/R*}*e
fd3)2'S&

second-best policy
S'

second generation special account - SGSA
Special account set up for use by a specific
implementation unit that cannot readily access the
special account to meet eligible expenditures as they
occur.
`~sSGSA
(^_nr;^_
{iVOv
(ka

second lowest bidder
#`_23kNS3kN

seco nd tier bank
1. Bank used as secondary source for funds.
2. Smaller lenders, i.e. banks other than the main
commercial banks. Used particularly in Latin
America.
-'(
1{-D/'(
26\551'('
(r=]G.N

second tier country
A classification proposed by OECD which covers
those countries below the newly industrialized
countries but above other developing countries.
They are exporters of between $100 million and $2
billion worth of manufactured goods. Include Chile,
Cyprus, Haiti, Indonesia, Jordan, Macau, Malaysia,
Malta, Mauritius, Morocco,, Peru, Philippines, Sri
Lanka, Thailand, Tunisia and Uruguay.
-.N
??@V{PAB!"""}Q3
-1.NdefABf.
N31?@pB120]
.N1.NYZ-tHTH
dHL7iHHf.r-H/iH
fHQRSTH2`HHHT
RHA.HTlW=u

secondary education
f(
0 lower secondary education; upper secondary
education

secondary energy; final energy
S2

secondary market
-

secondary market mortgage institution
-U#$

secondary recovery
SSO

248
____________________________________________________________________________________
secondary reserves
SS<

secondary securities
S-

secondary transmission line; subtransmission line
Transmission line in a subtransmission system, i.e.
one which supplies distribution substations from
bulk power sources, such as large transmission
substations or generating stations.
-S-
:--fsi<
qs|@A@


secondment


sector adjustment loan - SECAL; SAD
A loan aiming at major policy improvements in a
sector.
,-[\sSECAL; SAD
:,-5\

sector GDP
The contribution to GDP generated by a particular
sector.
,-.`
:,-`.`{

sector implementation review - SIR
,-(his SIR

sector investment and maintenance loan - SIM
Loan aimed at investing in a particular sector
maintaining the level of activity in that sector.
,-l>H\
Q:,-\>
H;,-L.

sector loan
A loan geared towards a particular sector.
,-\
i&,-\

secular trend
Long-term average of a statistical series, usually
understood to cover at least three or four
generations.
VW
:-[L8VW:X%
Z~Z~!

secure a loan, to
<D\\

secured loan
U\

securities (custody) account
W

securities dealer; securities firm
Firm acting as a principal rather than an agent in the
securities market.
55([\
f{_5{~X55(

securities market
The primary and secondary market for negotiable
equity (stocks) and long-term debt instruments
(bonds).

;:}}\lZ
9-l-

securitization
1. Issue of securities in exchange for debt. The
Bank has used it to specifically refer to the
packaging and selling of a pool of creditor risks in
the form of a security.
2. The tendency on financial markets to make
greater use of securities, i.e. firms issue securities
rather than borrow directly from banks.

1A(9wZ%&'(/Q{
!"?!V/
b|
2Dj}dtVWl
1:VA({'(\/

security
1. Document giving title to property or claim on
income.
2. Income-yielding paper traded on the stock ex-
change or secondary market.
*NU
1O`*iS)[
29-9`
\

security agreement
a
249
____________________________________________________________________________________

security lending
Lending of securities which the IBRD owns (typi-
cally a U.S. Government obligation) against receipt
of cash or similar securities as collateral in amounts
equal to or higher than the market value of the
security lent.

./-OA'(G*:].U
{Uw<sD"0
eD4N


security of tenure
g

security sharing agreement [IFC] *
U?D"$a[./Dj[\]

sedimentation ponds
Pond where waste water is temporarily stored to
allow the solids to settle out.
(
zB/p(ef

seed

0 breeder seed; certified seed; field seeds;
foundation seed; registered seed

seed capital; seed money
D

seed farm
0

seed garden


seed money; seed capital
D

seed plant
{

seedling
S

seine fishing
H"&

seismic survey
dd

seizure [legal]
Act or process of seizing property by virtue of a writ
or other legal order to satisfy a judgment made by a
court under the authority of a legal order.
U[}]
}\ef}
U`kBS}qJ(
VW

selection felling, cutting
Harvesting of only a small proportion of the standing
crop.
*@Ad
if{6,"(C

Selective Capital Increase - SCI
An increase in the Bank's capital which does not
apply equally to all shareholders. The most recent
one was in 1984. Though always referred to as
Selective Capital Increase, the legal document calls
it Special Capital Increase.
@AEAsSCI
%&'({i*}k]A
2S19846z5:;@AE
A});rA

self-adjustment
[

self-care; self-treatment
-X-h

self-contained; free standing
nxX

self-determination


self-employed person
:1

self-financing
D

self-financing-ratio - SFR
The rate at which a project is financed from internal
resources.
D:ZsSFR
:ST,D{:U

250
____________________________________________________________________________________
self-help
v

self-help housing scheme
vK

self-insurance
-?

self-liquidating assets
Assets that will pay for themselves over a period of
time.
`
>z(`

self-liquidating project
Credit reimbursed by the income from the operation
for which it was lent.
ST
\1Z(x\

self-reliance
}

self-restraint
-+pHp-Hp

self-sufficiency


self-sustaining growth
->HA

self-sustaining state
->H

self-targeting (commodity)
Basic foodstuffs that are mainly consumed by the
poor. So-called because their target is obvious.
*ia5
Q5!uvCq]
eia0

self-treatment; self-care
-h-X

self-weighting sample
(Im

sell down
The transfer of a credit from a bank within a
syndicate to a bank outside the syndicate.

G'N'('
N'(

seller's market
W

selling consortium, group, syndicate
A group of bank or securities dealers involved in
placing a security as sellers.
ab>aU_
lPab!'(?a5

selling rate
Price proposed (for a security).
N
NO

selling value
abN

semiannual coupon equivalent basis, on a [bonds]
6\CM[]

semiknocked down - SKD
,"sSKD

seminar see Board seminar
2E

seminar paper
2E)9)

semipermanent housing
$K

semipublic company
._[\[zV_[\

semiskilled manpower


semiskilled worker
!

senior debt, loan
Debt for which claims on the assets of the borrower
rank ahead of other debts in case of liquidation.
Z\
xyz`SefZZ

senior economist
251
____________________________________________________________________________________
-?@pN

senior level staff
-

senior management
-WXbw

senior manager
-?X5

Senior Policy Seminar [EDI]
-2E[?@ABpq]

Senior Policy Seminar on... [EDI]
+-2E[?@ABpq]

sensitive product
'o`

sensitivity analysis
A study of the impact that changes in costs and
benefits would have on the profitability or present
value of a project.
'oE"P
iBP|:STt
se/EF23

separation [employment]
V"[1]

septic tank


sequential cropping

0 double cropping

serial bond, loan
1. Bond issues split into a series of maturities.
2. Special type of serial bonds where
reimbursement is decided by drawing in lots (used in
France).
""""H\
1tO
2rQW""
C}.

service
lZYZZ
0 debt service; fee-for-services basis

service; service line; supply line; connection
[electricity]
m[]

service a loan, to
i\l

service and support fee [IFC]
Fee paid by IFC to the World Bank for the services it
receives from the Bank.
YZlHv[./Dj[\]
./Dj[\l%&'(YZv

service charge
YZvcv

service industry
YZ(1

service line; service; supply line; connection
[electricity]
m[]

service road
mv

service station [livestock]
@[]

serviceable [highways]
6+[[]

serviced area, lot, site
Site having essential services.
x5YZds

servicing [plots]
Cnu [d]

serving chairman
(5|s5|

session [ICSID]
OE[;./fg]

set aside agreement
Agreement for payment receipts from a project to be
designated for a specific purpose.
\xa
GSTl\a

settlement (of a dispute) [ICSID]
252
____________________________________________________________________________________
;[;./fg]

settlement date
The date on which payment for a transaction must be
made.
yH9
9Tl\

settlement of maintenance of value; maintenance of
value settlement
y

settling-in grant [IBRD]
Grant provided to assist new staff members in
meeting additional expenses (electrical appliances,
furniture, car, etc.) associated with relocation to the
Greater Washington Metropolitan Area.
_xvH_Nv [./-OA'(]
%&'(0v-l
*+OHNH2
\

severance pay
VDD

sewage disposal
2X

sewage (treatment) plant
2X@

sewerage project
L0ST

shadow discount rate
The opportunity cost of capital.
EsZ
#EB

shadow exchange rate - SER; shadow pricing of the
exchange rate
The exchange rate that reflects the value of an
additional unit of foreign exchange in terms of the
domestic currency as used for domestic
consumption.
EjZsSERjZENO!
Q.AI:^_j
.uvjZ

shadow price
The value used in economic analysis for a cost or a
benefit when the market price is felt to be a poor
estimate of economic value.
ENO
oNO{|!_?@NzB
?@"PfN

shadow project
Project that would provide substitute environmental
services to compensate for the loss of the original
assets.
EST
*+}~YZ/g*`I
ST

shadow rate of interest
Rate of interest used as the discount rate in project
analysis. Include consumption rate of interest and
accounting rate of interest.
EtZ
ST"Pf{sZtZYZuv
tZlEtZ

shadow wages
A wage rate that is used for measuring the
opportunity cost of labor in project analysis. Three
components are used to establish it: forgone
marginal product, changes in consumption and
savings and changes in leisure.
E
ST"Pf/<#EB
Z]:,"/!-0Y/`H
uvl|)3z|

shakeout (of the market)
1. A moderate stock market or business recession,
usually corrective of an inflationary condition.
2. Any movement in the market prices of securities
that forces speculators to sell their holdings.
7Lb
17L:i:ABh
i|
2NO|#b
fH*

share
}}\
0 bonus share; common share; founder's share;
membership shares; outstanding shares; publicly
traded share; qualifying shares; registered share;
stock

share capital; registered capital
Capital represented by shares of capital stock.
253
____________________________________________________________________________________
}{
}{~

share capital, to supply
}{

share premium account [IFC]
Account of a corporation, in which IFC has a
holding and in which the premiums obtained on new
shares are deposited.
}\A(N[./Dj[\]
:[\ef./Dj[\H*}{
/-}fCDN

share retention agreement [IFC]
Agreement, under which a company agrees not to
sell the stock of another company in which IFC has
an interest, until the loan has been reimbursed.
\}{a[./Dj[\]
N[\N./Dj[\*
Q[\le\{;[\}\
a

share cropping
99

shareholder's equity
}k}
0 stockholder's equity

sharing clause
Clause in loan agreement that states that if one
participant fails to receive payment, the others will
share receipts with the participant(s) not receiving
payments.
$d\
\afd\,q&lPW
l\QlPWPl\lPW$
l\

shell (of a building)


shell company
Company which exists on paper but does not
apparently trade or operate, possibly being used as a
cover for illegal or unethical activities.
7n[\Y[\
Q//M/91Z[\
/F}{.

shifting cultivation
f{f;d{

shifting of tax
Changing the tax burden so that someone other than
the person or firm on whom the tax is levied pays all
or part of it.
~
G~!l1ef!f
l,,"\

shift parameter
Parameter leading to a movement to the left or right
of a curve, e.g. a demand curve.
_lR
OodqcS
lR

shipping
&&

shipping conference
mf[E
0 liner (shipping) conference


shopping [procurement]
A procurement method based on comparing price
quotations obtained from several foreign or local
suppliers, usually at least three, to ensure
competitive prices. It requires no formal bidding
documents and is an appropriate method for
procuring readily available off-the-shelf goods or
standard specification commodities that are small in
value.
N[]
G1N.l.5:{N
kN(:CM(
NO*;EW}{c|
)]Vs6!,O5

shortfall
HH

short form audit report
A succinct report or letter prepared by an auditor
following an audit. It is addressed to the
management or directors. The short form is
standard.
spk
pykBSp1WXbw
E:skN!sO
l0long form audit report
254
____________________________________________________________________________________

short list
]^?VI@]^

short season (crop)
{

short staple cotton
Cotton with fibers of 3/8 to 1 inches long.
=>
=>3/81

Short Term Economic Monitor [IBRD]
?@78[./-OA'(]

showcase project
Project designed for prestige, with high unit and/or
recurrent costs. The Bank does not normally support
such projects.
mST
SnST*^_Bl
?Ev%&'(L{HS
T

Siam cotton; tree cotton; Ceylon cotton; China
cotton
A@f.

SIBOR [= Singapore Interbank Offered Rate]
-I'(./tZ [=-I'(1
tZ]

side letter; supplemental letter
cg

sight assets
`

sight deposit
Deposits held in banks and similar deposit-taking
institutions which are transferable by check or
withdrawable in cash without notice.
./\/\
/'("0#$/\\(
M:<s\

sight liabilities
Z

simplified sewerage
A modified design of sewer so that the sewers are
smaller, shallower and flatter, with fewer manholes,
with no decline in performance but with cost savings
of about 30 percent over the costs of conventional
sewerage.
s
?`neWHH
L`{{P8B:,
330%

single-crop economy
^{?@

single currency loans, [IBRD]
IBRD program where selected borrowers are offered
a choice of currencies on their loans as an alternative
to the existing standard multicurrency loan product.
The program offers United States dollars, yen,
deutschmarks, French francs, and pounds sterling.
Its interest rate will be tied to six-month LIBOR in
each loan currency (PIBOR in the case of French
francs).
^\[./-OA'(]
./-OA'(i*@A\.\
@AWX{s(!\
}~};WX]HH.
H}.}l[@A\t
Z8P,-6:Z1tZ}.}
uP'(1tZ

single-entry accounting
A system of accounting in which only records of
cash and of personal accounts are maintained.
^E
isDl:!(Ep7

single factorial terms of trade
Terms of trade incorporating productivity changes
in the exporting country. Provides a useful indicator
of changes in the amount of real resources, in the
form of capital and labor services, which a country
must give up in order to purchase a given volume of
imports.
^Td
:.YZ`Z|Td
]_lZ/R
<|:.NR<5T0
Y:*Q

single fertilizer
A fertilizer containing only one nutrient.
^B{N
*NN

255
____________________________________________________________________________________
single parent family, household
^N

sink (e.g. of greenhouse gases)
Receptacle, or receiving area, for materials
translocated through a system (e.g. the oceans are
the sink into which many water-borne pollutants are
drained; the seed of a plant is the sink in which
nutrients are stored).
(q+6(
i:V:-(/Bi
qMeL0(
NB/(

sinking fund
A fund created by a borrower for the purpose of
redeeming bonds. The borrower is obliged to
redeem specified amounts of the bond within
specified periods.
CD
\!CD\!T
,z,R

sinking fund factor
The level deposit required each year to reach 1 by a
given year. The reciprocal of the compounding
factor for 1 per annum. Generally obtained from a
set of compounding and discounting tables. This
factor permits calculating the equal installment that
must be set aside each year, to be invested at
compound interest, in order to have a predetermined
sum at a given time. It is primarily used to determine
how much must be put into a fund in order to have
recovered the amount of an investment at the end of
its useful life.
CD-R
&6{){1|x6c/\
L {1|x6--RR
-RL-tlsf
y4&z<DjRx6
c{-tD5/!
4Suz
cSCDR

sister companies
[\

site
dVd

site coverage
dCH

site development
dOA

site plan
dL6

sites and services
The provision of land and basic public services, to
enable housing projects to get off the ground.
dPYZ
*dlC[YZ$KnST
DM

sitting [ICSID]
OEOE [./;f
g]

sketch plan [architecture]
6B[]

skidding
)Z

skilled manpower


skilled worker
!!

skills
-

skills development
AB

skills mix
!V

skill training center
nofg

slack [economy] [noun]
AB [?@][]5]

slash-and-burn cultivation
Agricultural method involving slashing undergrowth
at ground level and felling trees with axes at any
convenient height. The area is then thoroughly
burned and crops planted.

0W}efYZ.d
256
____________________________________________________________________________________
c7S51V
={

slice [contracts]
In contracts, an individual contract for which a
contractor or a manufacturer may bid, rather than
having to bid for the whole project.
^S[V]
VefY5pq5i^SV
{Ti[:ST(

slice and package [procurement]
Project where contractors and manufacturers may
bid for an individual contract (slice) or group of
similar contracts (package) rather than the whole
project.
^Sl["[]
STY5pq5i^S"0
V({ci[:ST(

slice and package contract
Contract allowing use of slice and package
technique.
{^Sl["|V
{^Sl["|V

sliding-scale clause
Zd\hi|d\

slippage; lag
1

slow onset emergency; quiet emergency
Emergency which occurs over a period of time, such
as a drought, and which rarely causes much
destruction of physical assets.
sn
HA>znqbc
i*`qBsW#

sluggish growth
A

sluice price; sluice gate price; lock gate
A theoretical cif price used in calculating European
Communities supplementary levies on imports of
pork, poultry and eggs.
NO23NO
X9NOyi
+HN9lncI

slum


slum clearance


slump
?@L

slumpflation
Harsh economic conditions created by a
combination of simultaneous recession and growing
unemployment as well as rapid price inflation.
:AB?@L
?@Ll1!RAI):
ABAqBG?@hi

slum upgrading
S

small and medium enterprises - SME; small- and
medium-scale enterprises - SMSE
f6l1s;SMESMSE

small and medium industries - SMI; small- and
medium-scale industries - SMSI
f61s;SMISMSI

small-bore sewerage
6L-
0 effluent sewerage

smallholder
6*d*60

smallholding
*6<*d

small-scale enterprise - SSE
6l1s;SSE

small-scale industry - SSI
61s;SSI

small-scale irrigation
6t

smoothness ratio
LZZ

snatching effect
The effect of creating incidental beneficiaries to a
project as well as those intended.
257
____________________________________________________________________________________
5D
:STjD!`D!


social accounting matrix - SAM
A system of accounts in which the various incomings
of each and every account are represented by an
ordered row and the corresponding outgoings by a
similarly ordered column. They describe the
financial flows that take place within and among
various institutions and sectors of the economy, each
of which is disaggregated according to local
conditions and policy relevance. They integrate data
on income distribution and production and are
suitable vehicles for studying the impact of
macroeconomic policy action on the level of living
of different household groups.
hEEsSAM)
-efx:{
*["0*
[]RS{#$l?@,-
AD;xSbdhil*
+("]JV4"l`
R23st?@(i{#n
.LEF]b

social accounts
The systematized treatment of social indicators
which represent quality of life conditions in a
country, region or other geographical unit.
hEwy
i~:.NHde]dX^_.d
<hEQ-2X

social advantages
hEWhEE

social benefit-cost ratio - SBC
hE-B:ZsSBC)

social benefits
hEt

social costs
hEBhE~N

social dimensions of adjustment - SDA
[ihEEFsSDA)

social discount rate; social rate of discount
hEsZ

social forestry
Forestry used for community use as opposed to
private sector forestry.
[*dHd
h*drz*,-*d

social goods*
hE

social impact assessment - SIA
A kind of ex ante evaluation of a project, where a
sociologist examines a development project
prepared by a group of other experts and is asked to
make an assessment about whether or not it will have
positive or adverse social repercussions.
hEEF9 sSIA
iST9NP_hEpNv
K:"efN!xABSTSf
i;STE`[{thE1
9

social infrastructure; community facilities
hECMnu[nu

social insurance
hE?

social marketing program [population]
A program of sales of goods with reduced prices for
special groups.
hEabWX[!]
NbnWX

social mobility*
hE;E

social net present value - SNPV
The net present value of a project after incremental
income flows generated by the project have been
weighted to reflect social income-distribution
priorities.
hEssSNPV
ST`A<;?VI1s
_hE"

social opportunity cost
The opportunity cost to society of diverting
resources from marginal private sector projects to
public sector ones.
hE#EB
G/z!,-ST[,-ST
hE#EB
258
____________________________________________________________________________________

social overhead capital
hE

social overhead investment
Investment in social facilities.
hE
ihEnu

social price
The price that reflects the value to the country of
inputs and outputs and takes into consideration
non-efficiency but socially important goals such
as reduction of consumption of alcohol, tobacco and
fancy cars or expanded production of goods to meet
basic needs, etc.
hENO
NO_l`i.NNefv
m{M|*UhE^TqP
"Hl62uvsi
Cc`

social pricing
A method of economic analysis which takes into
account savings and consumption.
hENhEN
vmluv?@"PW}

social rate of discount; social discount rate
hEsZ

social rate of return - SRR
The economic rate of return in social prices. Social
prices are shadow prices which incorporate social
factors such as scarcity of savings, income inequality
and poverty.
hEZ sSRR
hENO<?@ZhENOE
NOefY\4bHEH{8l
hET

social security contributions*
hEgT\

social returns [projects]
hE[ST]

social safety net
hE_

social security benefits
hEgt

social security fund
hEgCD

social security scheme
hEgWX

social shadow wage rate - SSWR
Shadow wage rate (= shadow price for labor,
generally set by estimating the marginal value
product of labor) in social prices.
hEEZsSSWR
QhENOyEE
NOL:Vi/N`
/!

social time preference rate
A rate, usually expressed in the form of a
percentage, that expresses the preference of a
society as a whole for present returns rather than
future returns and that sometimes is proposed as a
discount rate for project analysis.
hEzx'Z
:::"R/::Z
hE[xUbF/
*z{ST"PsZ

social wants
hEc

social welfare
hEt

social welfare function
hEt

socialization of risks*
?hE

socioeconomic status - SES
hE?@isSES

soft component [projects]
ST#B"

soft currency
A currency with a falling exchange rate due to
continuing balance of payments deficits.
#:
./HjZO

soft loan
259
____________________________________________________________________________________
A loan with no rate of interest or a rate of interest
below the cost of the capital being lent.
#\
*tZtZ3B\

soft loan affiliate
#\c#$

soft loan window
#\

soft project
A project of a social nature.
#ST
hEEST

soft technical assistance
#uv
0 institution-related technical assistance
software
#

softwood forest
S*d

soil conservation
*H

soil study, survey
*123*1

sole cropping; monoculture
Cultivation of a single crop as wheat or cotton to the
exclusion of other possible uses of the land.
^{}
^{q6Lef
*dW

sole source procurement
Procurement from a single vendor, without benefit
of competitive bidding.
^/
^53R*;E
V

solids-free sewerage
V(L-
0 effluent sewerage

solid state technology


sound loan
\'\

sour gas discharge
E6L0

source and use of funds statement D/P&

0 statement of changes in financial position

sources and application of funds statement D/
P&
0 statement of changes in financial position

sourcing; outsourcing
The process whereby an institution, corporation, etc.
has an entire service carried out by an external
company or purchases its entire needs in a specific
area from an outside company.
,
Q:#$[\[SYZ:,[\
YN,[\e&:
,cS

Southern Cone
m,d

sovereign act doctrine
Legal theory according to which the courts of one
country should abstain from passing judgment about
the legality of a sovereign act by a foreign state.
5(pR
}X9:.N}q;^Fi:
.5(V}E{J

sovereign credit, loan
A borrowing guaranteed by the state.
U5H\
U\

sovereign creditor
U5\

sovereign risk
The risk of changes in a borrowing country's overall
foreign exchange position, which might affect its
ability to repay a loan.
\.j?
:\.jA|?
hiEEF]

sovereign risk loan
260
____________________________________________________________________________________
Loan to a State or loan where the State takes the
responsibility for the loan.
5?\
i:.N\.N\

spate irrigation
DE
0 flood irrigation

Spearman's rank correlation coefficient
A measure of the degree to which two variables are
associated with each other, not necessarily in value
but in rank. The coefficient will be between +1 (high
association) and -1.
Ted-+-R
<~:NT+U-
+U|<+UW7;-R+17
+Ul1

Special Assistance Facility*
ruv\

special budget; extraordinary budget
rjyFjy

Special commitment charge*
rv

Special Joint Financing
Special financing made by several countries
(Germany, Japan, Switzerland and the United
Kingdom initially) in addition to contributions made
directly to the Special Facility for Sub-Saharan
Africa using arrangements negotiated directly
between IDA and the contributors to be used in
countries meeting the eligibility requirements of the
Facility with repayment terms at least equivalent to
IDA terms and with procurement open at least to
those countries under the Facility.
rUVj
1:.N2.HHl.
{i=mFGdr\|R
rj;j./OA
aElR\.a5_LV{r
\|O.N\dZb./O
AaEdZ{r\|S3
1.N([O

special majority
R

special operational emphasis - SOE
Concept introduced in FY88 which provided for
attention to be focused on priority development
objectives. Currently includes such areas as the
environment, debt and adjustment, poverty
reduction, food security and private sector
development.
1ZUVsSOE
198867OSGUV0
ABTT1YZ*+HZl
[HPH_lz_,-AB

Special Project Preparation Facility-SPPF*
rST!x\ sSPPF

Special Reserve [World Bank]
A reserve set aside by the Bank to meet liabilities
such as defaulting loans, liabilities on borrowings or
guarantees, contractual payments of interest, other
charges or amortization on the Bank's own
borrowings or similar payments on loans guaranteed
by the Bank.
rx[%&'(]
%&'(\xDZq(
\H\HEtlH%
&'(\e]v"l\%&
'(\"0l\l

specialized agency [UN]
-#$[UV.]

specific (customs) duty
<+

specific investment loan - SIL [IBRD]
World Bank loan for a specific investment project.
\sSIL[./-OA'(]
%&'(i:ST\

specific performance
(hi

spending ministry
O,uv,

spillover effect, impact; spinoff effect
An effect that occurs when an economic unit not
directly involved benefits from a transaction,
project, etc.
HEFe
P9ST*+-?@^_
;9STfDz`

261
____________________________________________________________________________________
spillover exports
Goods normally consumed by the domestic market
but available for export because of low domestic
demand.
{E|
:.uvH.cS6"


spillway chute; tailrace


spinning reserve [electricity]
That reserve generating capacity connected to the
bus and ready to take load.
&xxux[]
P,z!xxA


spinoff [financial market]
The transfer by a corporation of a portion of its
assets to a newly formed corporation in exchange for
the latter's capital stock, which is thereupon
distributed as a dividend to the stockholders of the
first corporation.
`}r[Dj]
N[\G,"`:-B[\
w<1}e{}t"`
N[\}k}

spinoff effect; spillover effect, impact
An effect that occurs when an economic unit not
directly involved benefits from a transaction,
project, etc.
e
P9:ST*+-?@
^_;9STfDz`

splicing
Linking different series of data based on slightly
different definitions into a single series.
'R-[
G^4*{R-[B:-[

split degree
Higher education degree split between a local
university and top-rated international university or
other educational institution.
"\p_
.spl-./spe](#$
"r\(p_

sponsor
A!5!!

spontaneous lending
{\
0 voluntary lending

spot exchange rate
The exchange rate prevailing under a spot contract,
i.e. delivery in one or two business days or less.
jZ
VH~:_1}z
9jZ

spot improvement, patching; road, surface patching;
patching [highways]
6`g`g%g[[]

spot market; cash market [foreign exchange]
Foreign exchange market where currency is sold for
immediate delivery. ssD[j]
b9j
0futures market

spot market [commodities]
Market where goods are sold for cash, for immediate
delivery.
s[5]
b<sD9

spot patching, improvement; road, surface patching;
patching [highways]
6Pg`g%g[[]

spot price
The price of a commodity available for immediate
sale and delivery, the commodity being referred to
as a spot commodity.
sNO
bl9sB5NO5
;{s|

spot quotation
skN

spotted cotton
Cotton that has been changed in color to a brown,
cru or yellow cast by unfavorable weather, wet
bolls, stems, leaves or rainstorms. The spots affect
the grading.

{6#HJHH)N
*|BHI
262
____________________________________________________________________________________
VEF9-

spray irrigation
Sprinkling water over land to be used for crops.
Often used to dispose of wastewater from sewage
treatment plants.
;EF ;E
G;!x{*d?
V2XVp

spraying
;/
0 knapsack spraying

spread (e.g. between borrowing cost and lending
rates)
Difference between rate at which bank borrows
money and rate at which it onlends funds to its
customers.
tg q\BP0\tZg
'(tZPWDtZ
g

spread (between spot and forward quotations)
sNPNtg

spread of spreads
tgg

spreadsheet
Ny[E]

sprinkle irrigation
A method of irrigation in which water (under
adequate pressure) is sprinkled over the land
through nozzle lines, perforated pipes or sprinklers.
;E
EFW}]b:V;WH
*0W;i*d(;EF

squat, to
{*[*d{d

squatter
{*[*d{d

squatter area, settlement
#$

squeeze
3
0 credit squeeze

Stabex (System for the stabilization of ACP and
OCT mining products) [European Communities]
FGHIJ:)KLMdP.Nld
`p7[G]

stabilization fund
L!CD

stabilizers

0 built-in stabilizers

staff
{!

staff, to
x{!

staff appraisal report - SAR
{!9ksSAR

staff assistant
{!vX

staff audit
Check by Personnel on staff management functions,
e.g. performance reviews to see that they are being
carried out properly.
WXpH9N
!,-iWXq1$9
p"e1ZD]b(

staff department
!,-

staff development
!OA

staff house
{!$K

staff-month
{!-Z

staff rule
d

Staff Rules [IBRD]
d[./-OA'(]

Staff Working Paper-SWP*
263
____________________________________________________________________________________
%&'({!{)sSWP

staffing
!x

staffing ratio
!x:Z

staffyear equivalent - SYE
{!6<sSYE

stagflation
B

stagnation (of the economy)
?@

stakeholders
tH*t+

stall feeding


stand [forest]
Pd[d1]

stand-alone project
XST

standard charge section
The basis of the Bank's budgetary system, it
comprises five basic attributes of all administrative
expenditures (managing unit, source of funds,
expense category (type of goods or services), task
category (Bank function) and product. All
administrative commitments and expenditures are
related to the standard charge section.
!vS
%&'(jyp7CMYZ*(O
eSCE-WX^_HD/HO"r
Z"HZ"r%(
l`*(lOP!vS*
+

standard conversion factor - SCF
A number, usually less than 1 that can be multiplied
by the domestic market price, opportunity cost, or
value in use of a nontraded item to convert it to an
equivalent border price that reflects the effect of
trade distortions on domestic prices of that good or
service. A standard conversion factor is the
reciprocal of 1 plus the foreign exchange premium
stated in decimal form.
!wy-RsSCF
::6{1|R:VP.
NOH#EBFSTlw
yB:+NO<;NO_4
i;5Z.NOEF:
!wy-R{1|I6RjN
R

standard cost accounting
A method of accounting whereby standard costs (i.e.
forecast costs under projected conditions) are the
basis for credits to work-in-process accounts
!BE
Q!BjdjB
{pWzCMEW}

standard deduction [taxation]
![]

standard deviation
A commonly used measure of the degree to which a
variable is dispersed around its mean value.
g
:7<!<:|<"8
_xPe8xW7

Standard International Trade Classification - SITC
./!""sSITC

standard of living
.!.L

standard rate (of interest)
!tZ

standard recovery
Recovery of currency used in lending operations
subject to maintenance of value. Recovery takes
place on the first recall date of the Bank's fiscal year
following the ninth anniversary of the disbursement
of the currency by the Bank and every ten years
thereafter
!
T(\1Z
%&'(l96167`
:(1x10 6(S

standard values [trade]
![]

standardized occupational streams
264
____________________________________________________________________________________
!1"r

standby agreement [IFC]
xa[./Dj[\]

standby amount of guarantee
The amount of guarantee provided under standby
coverage.
x
QxS7
l0maximum amount of guarantee

standby arrangement [IMF]
x_Lxa[./CD!"]

standby commitment [IFC]
xl\S[./Dj[\]

standby coverage [MIGA]
An option to obtain coverage for additional
contributions to the investment project. Under
MIGA rules, this standby coverage may not exceed
fifty percent of the initial amount of the guarantee
and shall in no case exceed one hundred percent.
x[#$]
STAI<D@A
#$,x
{V2S50%h
i{DV100%

standby equity [investment]
In investment an agreement that is conditional on
stock purchase.
x}[]
f}\da

standby loan
Loan which is not part of the current schedule but
which can be presented to the Board if other projects
slip.
x\
*[TrSTz@h
ikEp"\

standby (lending) program [IBRD]
Lending operations that are under preparation and
are likely to be ready for the fiscal year following the
fiscal year in question but may be ready sooner and
which could substitute for projects in the fiscal year
in question.
x\[./-OA'(]
QT|!xf*616
!x'\STST"!x
'*<~6f1ST

standby premium [MIGA]
Additional premium charged for standby coverage.
1x?v[#$]
ixQ<?v

standby underwriting commitment [IFC]
#gYa[./Dj[\]

standing financial standing
i-
0 creditworthiness

standing instructions, orders
*,

standpipe; standpost; hydrant
<WW

standstill
In GATT, means no new trade restrictions
inconsistent with GATT, no new trade restrictions
which go further than necessary to remedy specific
situations provided for in GATT and no trade
measures taken to improve negotiating positions.
>Hs
+aq{<P+a{
-+p{<V+af,
g,hiTc-+p{
<SIJd_u

standstill agreement
>Hsaa

staple (food)
5

staple (food crop)
5{{

staple (good)
s

starchy root crop
{

start-up cost
OvMv

state of the art [noun] *
265
____________________________________________________________________________________
L[]5]

state eligible to sign (the Convention) [ICSID]
*OQ^[.N[;./
fg]

statement
Zkx^Sk

statement of account
TTx^

statement of changes in financial position; sources
and application of funds statement; funds statement;
working capital statement; source and use of funds
statement; funds flow statement; changes in working
capital statement; statement of sources and
applications of funds; statement of cash flows
[World Bank]
A statement used in conventional accounting which
summarizes the financing and investing activities of
an entity, including the extent to which the enterprise
has generated funds from operations during the
period and for completing the disclosure of changes
in financial position during the period. The first
English term is the one recommended by the U.S.
Accounting Principles Board (APB) since 1971; the
second and last terms are the ones found most
frequently in the World Bank and IFC; and the third
is the most common one used in the U.S. prior to the
APB recommendation. The other terms are also
found.
Zi|D/l&Dk
;DD/lD;
;D|D/l&sD;<
[%&'(]
Efk]4:
l.YZk;l1e1Z
.f`DR<ikZi
|(`:)5d].E!u
EAPB 1971 6/>`
:l21:5d%&'(l./Dj[\
`:5d].APB>
2e]5d"0

statement of condition [IDA]
A statement of IDA's financial situation.
Zik[./OAaE]
Q./OAaEZik

statement of expenditure - SOE
OksSOE

statement of sources and applications of funds
D/P&
0 statement of changes in financial position

state-owned enterprise - SOE
.*l1sSOE

state-trading countries
._.N

static efficiency
The efficiency with which current outputs are
produced.
Z
QT``Z

Static Life Index [commodities]
Index in years of reserves of a commodity assuming
no growth in rate of production.
uQR[5]
`ZMAhi5<
/6R

static welfare analysis*
t"P

status
i

status report; progress report
ikBk

statutory body
}}

statutory ceiling
}2+}+

statutory lending limit - SLL
The maximum amount of total outstanding
guarantees, participations in loans and direct loans,
equal to one hundred percent of the unimpaired
subscribed capital, reserves and surplus of the Bank.
}\+sSLL
QH\lPl\2s+
b%&'(PITHxD
l:":

stay of enforcement [ICSID]
([;./fg]

266
____________________________________________________________________________________
steady state lending
Lending position whereby the total amount
disbursed and outstanding equals the sum of the
annual amounts disbursed and outstanding.
A\
Qll\Px6A0
lhi

steady state operations*
A&(

steam coal
Coal intermediate in rank between bituminous coal
and anthracite. Typical steam coals have a
carbon/hydrogen ratio of about 20% (more =
anthracite less = bituminous coals). Some steam
coals are used for smelting and coke making while
others are specifically suitable for steam generation.
bg2
-PMb
'/3:Z20%20%
320%M&1b]Vb
lbaeur]Vg2A

steam plant
g2

steelmaking
bh
0 open-hearth steelmaking

steepness (of a curve)
7

stemming-from benefit
A form of indirect benefit that accrues to purchasers
of project outputs that are themselves intermediate
products. The direct and indirect value added
generated in forward-linked industries. For example,
cotton that is produced by an agricultural project and
that would be used in existing cotton gins having
unused production capacity might allow those gins
to create additional value added that would not exist
without the project. Stemming-from benefits
sometimes are calculated using specialized
input- output multipliers. Would not normally exist
where project outputs are traded, since the same
stemming-from benefits could be had by increasing
imports of the intermediate product or by diverting
exports to local use.
t
:Vf`ST`W
CD
AIU-(1`qq
:01ST`*a
`.31.`
*;STd{`AI
*z-/`lR/
y:VAIf`G`
."Dmt
ST`(hiWt
L{/

step-down power station
Power station where the outgoing power from the
transformers is at a lower voltage than the incoming
power.
)|@
|3@

step-down, step-up interest rates
Interest rates which are below market rates in the
early period of the loan and above market rate in the
latter part of the loan.
31tZ
Q\tZ\3tZ
\1utZ

stepped tariff structure
"-+$=vZ$

step-up power station
|@

stock accounting; stores accounting
/E

stock carrying capacity [livestock]
0 []

stock corporation
}{[\

stock dilution, watering; dilution
The lessening of an ownership share's earnings and
assets equity, caused by the issue of more ownership
shares without corresponding increases in earnings
and assets.
}{
QAA}\l`W*A
Io}\l`}P

stock dividend
}}\t
267
____________________________________________________________________________________

stock exchange transaction
}\9999

stock option
}\@A}\

stock ownership
}

stock rights [IFC]
}}[./Dj[\]

stock watering
}{
0 stock lilution

stock watering [livestock]
w[]

stockholders' equity; shareholders' equity; owners'
equity; equity; net worth
The value of assets less liabilities of a corporation.
All the terms given here are generally synonymous,
but accountants tend to give different slants to these
terms in certain circumstances, so they may, on
occasion, have slightly different meanings.
}k``}
:}{[\`P.1NR
*5dL^5E!
hii15d^*{WU
]{V^4*{

stocking rate [livestock]
The relative number of livestock per unit area for a
specific time.
/*Z[]
zx^_iR<

stockpiling
s</

stop and go growth
zzA

stopgap measure
u

stop-go, stop and go policy
Action on the part of the government to curtail
aggregate demand due to, for example, a balance of
payments deficit, soon followed by action with the
opposite effect to ameliorate the rise in
unemployment caused by the first action.
zzzz>
QUpq./_gOc
S<(1{wl(O
1<(

storage dam


store-of-value
One of the functions of money in that it stores wealth
or value. An individual can sell a good or a service
and store the money until he needs something and
can then use the money to purchase what he needs.
N/
C/N
:!bSZGB/
/c&kz#1/


stores accounting; stock accounting
/E

storm water drainage system
~L-

straight bond
Bond with unquestioned right to repayment of
principal at a specified future date, unquestioned
right to fixed interest payments on stated dates, and
no right to any additional interest, principal, or
conversion privilege.

i/&DD,
Dtl*Mx't
;MDtH
DlwW

straight-line depreciation; depreciation on a straight
line
Assignment of the service cost of any item to the
benefits to be yielded by the item. In practice, a
period charge for depreciation is usually substituted
for a more exact measurement of benefits yielded.
}
GS`YZB;`/`
("tf..<
v/~}}?!d</`

strategic investors
Major investors who have a significant equity
268
____________________________________________________________________________________
investment in a company and, by virtue of their
specialized knowledge, play an active role in the
management of the company.
4N
Q:[\R*bs}{je
1[\WXfA[{5
!

stratospheric ozone
+d

stream, to go on
``

streamed school
"mpv

streamlined project procedure
A procedure adopted by IFC for more rapid review
of investment projects. Projects must be for less
than $25 million in loans or $10 million in equity,
have no novel features and must be to countries in
which IFC has invested in the last five years.
sSTp"W [./Dj[\]
Q./Dj[\}dpST
WW]\STd
\T32500]}3
1000]*-V8T./D
j[\256(V.N

streamlining
VX?s

streams of costs and benefits
Bl<

strength charge
Charge levied for water pollution, based on
concentration of pollutants in the water, rather than
on volume of wastewater discharged. pL
0K7v
f7{L0<(
v
l0volumetric charge

stretching mechanism*
E#p

strip check irrigation
dE
0 border check irrigation

strip cropping
d}
0 alley cropping

strip irrigation
dE
0 border check irrigation

strip mining; open pit, open cast, open cut mining
f

strip of maturities
A time portion of each of the maturities of a
multi-maturity loan.
""
"S\

strip participation
Participation in each of the maturities of a
multimaturity loan.
lP
S\fix:(
lP

strip planting
d}

stripping
;
0 asset stripping

stripping ratio [mining]
Unit amount of spoil or waste that must be removed
to gain access to a similar unit amount of ore or
mineral material.
L:Z[1]
<D^_<TL
*pN^_<

strong currency; hard currency
:

Structural Adjustment Facility (SAF) within the
Special Disbursement Account [IMF]
Facility created by the International Monetary Fund
in March 1986 to provide balance of payments
assistance on concessional terms to low income
developing countries. The resources will consist of
assets received in the Special Disbursement Account
as a result of the termination of the Trust Fund.
rl$[\sSAF
[./CD!"]
269
____________________________________________________________________________________
Q./CD!"198663Zn\
di3ABf.N
./uvCD;\
D/rl`$B

structural adjustment lending - SAL
$[\sSAL

structural unemployment
$E1

structural work
$W

structured financing
Financing using structured securities.
$Ej
$(j

structured security
Security that is a combination of derivatives and
standard cash securities, with its reimbursement and
risk terms structured according to the clients needs.
$
Ql!sDVe
l?dWc(_L

stubble mulch farming
Od{}

student flow
p;<

student placement
pm

student-teacher ratio - STR; pupil-teacher ratio -
PTR; teacher-pupil ratio
y:Z [sSTRPTR]

stumpage fee
v

stumpage price
NO

stunting; nutritional dwarfing
Being smaller than the standard height based on a
height-for-age formula, as developed by WHO.
Below minus two standard deviations from median
weight for height for age of reference population.
{_H7EP6
Q3%&!"p6f/[
f!6f/Pl!f
:3~:!g

stylized fact
A generalization about economic trends
extrapolated from data or an individual or group of
individual countries.
O>E
:r.N!^:.NRf`/
L?@VW

subborrower
A smaller loan which is a part of a larger loan, often
one provided for onlending.
"\!
s\f6,"\

subcontract
"YV"Y

subcontractor
"Y5

subgrade [highways]
C[[]

subirrigation; subsoil irrigation
dEF'E

subject matter [education]
1[(]

subject matter specialist - SMS [agricultural
extension]
NsSMS[01>?]

subloan
A loan that has been onlent.
"\\
\

submerged bridge
'

submerged economy
z?@
0 parallel economy

subordinated debt
SZ
0 junior debt
270
____________________________________________________________________________________

subordinated loan
A loan where repayment is made subject to other
conditions being met, normally repayment of other
loans which are deemed to be senior (often
because they are secured).
F\S-\1\
Qefd13D\
LQ{|ef\\
LD1

subordinate lender
Lender holding a subordinated loan.
F\0\!
(F\\!

subordination fee
A fee IFC receives because its debt is subordinated
to other debts.
FZv[./Dj[\]
./Dj[\eZWSef
Z<v

subproject
"STST

subscriber trunk dialing - STD
fsSTD

subsidiarity
Principle according to which the higher levels of
government should be as limited as possible and
should be subsidiary to those of lower levels.
mv{
U#$6'i
-#$mv{u

subsidiary account
An account maintained in a separate record and
controlled by an account in the general ledger.
mv
:^Xzf&:Hp


Subsidiary Agreement [IBRD]
mva[./-OA'(]

subsidiary loan
mv\

subsistence allowance
.

subsistence economy
>HC/?@?@

subsistence farming
0101>HC01

subsoil irigation; subirrigation
dEF'E

substantive law
The major part of any legal system, concerned with
the legal rights attributed to and legal duties imposed
on particular legal persons in particular
circumstances. Includes both primary or antecedent
rights.
}
Q}p75,"WUi}!
hiO}tluI
}YZ5(t

substitution effect
The effect on the demand for a good of a change in
price of that good assuming real income is held
constant.
}~
/H{|hi&
NO|i;cS`

subtractability
How much one users consumption of a good or
service subtracts from the ability of others to
consume the good or service.
P<
Q:i&Zuvoe
f!i;ZuvP<

subtransmission line; secondary transmission line
Transmission line in a subtransmission system, i.e.
one which supplies distribution substations from
bulk power sources, such as large transmission
substations or generating stations.
mvS-
mv-fsi<
qs|@A@


subunderwriter [IFC]
"Ya5[./Dj[\]

success fee
Fee paid that is proportional to amount of funds
271
____________________________________________________________________________________
obtained.
Bv
CDDR:lv

successful bidder
D!

summary account
j

summary of project information
ST

Summary Proceedings
sWGJ

summary statement
j

sundry assets
S`

sundry cash accounts
SsD

sundry liabilities
S

sunk cost
A cost incurred in the past that cannot be retrieved as
a residual value from an earlier investment.
xBzB
QSV.A{{
B

sunset clause
<ud\

superannuation
L3DLD

superintendency (of banks)
i'(7WHQK

supervision mission
7Q

supervisory grades
WX!-r

supervisory staff
7Q!

supplemental letter; side letter
\agN

Supplemental Reserve against Losses on Loans and
from Currency Devaluations (Supplemental
Reserve)
A reserve established by the Bank in 1950, into
which the Bank maintained a policy of automatically
allocating all of its net income until FY64. It was
renamed General Reserve in FY76.
x\lqBIgxg
x
%&'(19506SxD%
&'(19646/HXS
G]d"Sx1976
6]U-]{Lx|

supplementary contributions [IDA]
gR\[./OAaE]

supplier industry
(1

supplier credit; supplier's credit
Export finance made available to the supplier of the
goods (as distinct from credits to the overseas buyer
under buyer's credits)).
W5
i5{i.
WW

supply curve
A graphical representation of the relationship
between the supply of a commodity and its price
(usually with price on the vertical axis and quantity
supplied measured along the horizontal axis). The
positive relationship between these two variables is
reflected by the fact that the supply curve slopes
upwards from left to right.

&5leNO+-6:
~NO~<~:|
<+-|Rz


supply line; service; service line; connection
[electricity]
m[]

supply management
WX
272
____________________________________________________________________________________

supply-push factors
Factors that encourage migrants to leave their own
country.
>T
q4O.N1T

supply side economics
Economic policies and actions that will have
long-term benefits even though they may be
contractionary in the short-term. Supports the theory
that money injected anywhere into the financial
system expands the entire economy.
3?@p
?@l(z5E
3{"E*]Hm
X9M92DjpE[
:?@e/A

supply side politics
Political point of view favoring supply side
economics.
p3
Hp3?@ptV

supply system; delivery system
-9-

support department [IBRD]
mvw[./-OA'(]

support price
HNO>HNO

surface course; wearing course [highways]
dI[[]

surface dressing [highways]
`[[[]

surface irrigation
dEF

surface, road patching; spot improvement, patching;
patching [highways]
`g%g[[]

surfacing [highways]
n[[]

surplus country
g.N

surplus dividend
Dividend paid over and above statutorily required
dividend.
}t
QV,}t}t

surplus on invisibles
M`

surrogate market
Similar markets to the target market that can be used
for study purposes. For example, in assessing
environmental damage, the property value of the
target and similar, surrogate markets can be assessed
to determine how much property values have been
reduced as a result of environmental degradation.
~
{23TPT"0
qN*+InfiTlPe
"0~`N(!
*+DW#`NPW7

survey
vK

survey mission
vK

survey of resources
vK

survival rate [education]
The percentage of pupils enrolled in the first grade
who reach subsequent grades.
-Z[(]
6-p6-:":

suspended matter
e

suspended particulate matter - SPM
Particulate matter suspended in a fluid.
esSPM
e4f

suspense account
A temporary account for funds which have not yet
been identified.

zD/z

273
____________________________________________________________________________________
sustainability
HE

sustainable development
Economic growth conducted in an environment- ally
responsible manner.
HAB
i*+W<D?@A

sustainable forestry
Forestry which aims at replacing trees that have been
cut down.
Hd1
1)z}-d1

sustainable level of lending - SLL
H\Ls;SLL

sustainable net national product - SNNP
A measure of a country's economic performance, it
differs from GNP and GDP in that investments to
maintain the integrity of the environment are
excluded from the computation as is income
generated from harvesting a resource stock over and
beyond its capacity to be replenished. It therefore
differs from GNP in that it can be used to
demonstrate to policymakers the monetary value
(loss) associated with policies that allow
unsustainable use of a country's resources.
H.`sSNNP
<:.N?@1$!P.`
l.`{2]yf
4H*+k[ElV7dH
VedfC<
P.`{]/
<{HEd.
e/*+I

sustained growth
HA

swap
A spot purchase of foreign exchange (currency
swaps), fixed or floating rate funds (interest rate
swaps) or assets (asset swaps) with simultaneous
forward sale or vice versa. Pase financiero is an
Argentinian system, related to the swap system,
whereby persons or institutions making capital
investments are given an exchange guarantee,
which guarantees that the funds can be reexchanged
at a predetermined exchange rate on a specific date.
swapdebt-for-health swaps Global Swap
Authority interest rateswap]
xw
jHetZ
CDtZ``z
k{ab{9Pase
financiero7Pxw*+p7:
!#${zDS{j
|;SDj!jZ
&U-wj
0currrency swapdebt-equity swap
debt-for-health swaps Global Swap Authority
interest rateswap

swap, to [finance]
To carry out a swap transaction.
xw[Dj]
(9

swap market
Hxw
0currency swap; interest (rate) swap

sweat equity
A share or interest in a building obtained as a result
of contributing labor to its construction and/or
maintenance.
`
iul>`{4
i;*}{

swing fuel*
}~N

swing producer
In oil production, a country that varies its production
to ensure that a previously agreed cartel price
remains fixed. In practice, OPEC uses Saudi Arabia
as the swing producer to keep a certain fixed price.
`.
Q`f`.:V[`</
H)BeNO{|tf
.!"7=>{`./
H&NO

swing space
Temporary space used to provide office space for
staff whose current offices are being remodeled or
demolished but for whom new office space is not yet
available.
/z[
[(q-[
274
____________________________________________________________________________________
{![/z

switching equipment [telephone]
9wrnx[]

switching policies
|

switching value [sensitivity analysis]
The value that reverses the ranking of two alterna-
tive projects. For example, Farm A will produce
beef with high technology equipment and few
workers, while Farm B will consist of a
low-technology operation employing many farm
workers. Up to a weight of 1.5 on income going to
the poor, Farm A has a higher rate of return.
However, if a weight greater than 1.5 is given, Farm
B will have a higher rate of return. The switching
value, therefore, is 1.5.
w['oE"P]
Q_~:}~STL[S
qA0nxlR01
!`+B03I{V
01!i"!:3
1.5(IA0*Z
q:s1.5R(IB0
*Z1.5hiw


syndicate [banking]
A group of bankers and/or brokers who underwrite
and distribute a new issue of securities or a large
block of an outstanding issue. By extension, can also
refer to a group of banks or securities firms who are
involved in a Eurocredit or Eurobond issue.
BiI'['(1Z]
"'(l?!fi-
A("A((Yal"
">&SGGA
('5

sydication*
BiI!"!B'

syndicate a loan, to
To arrange for a loan using a syndicate.
UVA0\
BiI(\_L

syndicated loan
Loan made by a syndicate.
UV\BiI\'\
:BiIA0\

synfuel; synthetic fuel
VBN

Sysmin (= Special financing facility for ACP and
OCT mining products) [European Communities]
iFGHIJ:lKLMPa{.Nl
d`rj_L\[]

system load factor [electricity]
--R[]

Systemic Transformation Facility STF[IMF]
Temporary facility to help member countries facing
balance of payment difficulties.
p\sSTF[./CD!"]
i/./E.0v/z
E\
275
____________________________________________________________________________________

- T -


tailing pond
Pond containing waste matter from metal ore
extraction.
X
b1X\

tailrace; spillway chute [hydroelectricity]
[tA]

take a straight equity position, to
Investment in a standard, low-risk security.
j
Q!3?

take-and-pay contract
A guarantee to buy an agreed amount of a product or
service provided it is delivered.
c9Hc9V
SR<`YZVed
l

take-home pay
D

taken over by
5

take-off
?@P

take-or-pay agreement, contract
An unconditional guarantee to buy an agreed amount
of a product or service whether or not it is delivered.
<laVl{aV
QSMdR<`Z
{We

take-out agreement; buy-back agreement
aaa

takeover bid
An offer to acquire a controlling interest in a
corporation.
;VN
CD&[\fHpd_{N

take over, to
5

take-up problems (of means-tested pension plans)
lPNDWX

tangible assets, property
Material property that can be seen and touched as
opposed to intangible property such as a patent.
*`
"D0DX`itM
`

tanker
f

tap issue
An issue of a security made available on an as
required basis. Used primarily in the British market,
where the British Government issues Treasury stock
and seeks subscriptions. As the stock is rarely fully
subscribed, the remainder is sold to Stock Exchange
jobbers as demand requires.
,zA(
*cSShi(A(5
..UA(.N
}(ab.N},+a
,"cS}\9?!

target, to
i!Tf

target contract
TV

target group
Tn

target price
TNO

target zone; reference zone
A wide zone of exchange rates, perhaps plus or
minus 10 per cent, within which a currency can
freely move against other currencies. Suggested at
the New York Plaza Agreement at the Group of Five
meeting, 9/85 and proposed by the French Treasury
2/86, as a way to reduce major currency swings.
Tlv
:sjZe|10%ef
iQde
198569Ze.E=?
af/198662Z}.,{
P5u
276
____________________________________________________________________________________

targeted beneficiaries
TD!

targeted grant
\
0 categorical grant

targeted interventions
Tbj

targeted programs
T,

targeting
!Ta

tariff
+

tariff barriers
+9:

tariff escalation
+-

tariff item
+ST

tariff jumping
+

tariff line
The most disaggregated level of classification of
international trade flows. It is the production level
where the tariff is applied.
+T
./2-""`-ru
+

tariff negotiations, round
+IJV

tariff peak
2+Z

tariff position
+"r

tariff privatization
Situation where the main domestic producer in a
given market is also the main importer (or has very
close links to the main foreign producer) and is
therefore able to shield itself from import
competition and obtain considerable profits by
controlling the volume of imports. All the revenue
thus obtained accrues the producer instead of the
government (in the form of tariffs).
+z*
Qh&:5.
`5zw55P.5`5
*]^U-f/;f
Hp<fDbst
;`5D*"/
:V+`U

tariff quota
Specified volume (quota) of imports of a good for a
given period defining the application of different
rates of duty (tariffs), the lower are applying until the
specified volume is reached, the higher rate
thereafter.
+
ziR<
{+ZR<@3
ZVR<1u@Z

tariff rates
+Z

tariff round, negotiations
+IJVIJ

tariff schedule
vNT+Z]+u

tariff wedges
Difference between the tariff at a particular stage of
processing and at the preceding stage.
Z-g
Q`IW7{`Zg

tariffication
The conversion of quotas or other nontariff barriers
to tariffs.
+y
QGefF+9:yB+

tar sands


task force
-{!

277
____________________________________________________________________________________
tax allowance
Amount deducted from gross income to arrive at
taxable income.
PF
QyzfPR

tax amnesty
\F

tax arbitrage


tax assessment; assessment for tax
@!\D

tax audit
Zp

tax avoidance
The legal minimization of taxes due government by
application of tax planning devices.
^
^c>ylUV}23


tax base
The amount that forms the basis for calculating a
taxpayers' liability. In income tax it is a person's
earnings while in property tax, the value of the
property.
CCM
!^ZCMRDf]:
!`fu`N

tax bill, demand
A document sent to a taxpayer, telling him/her how
much s/he owes in taxes.
^
!S):fl


tax bracket
--

tax buoyancy
Total elasticity of the tax system (built-in elasticity
plus elasticity due to discretionary changes in the tax
system). Measured by the annual mean growth in
receipts divided by the annual mean growth in gross
domestic product (GDP).
p7EH
Qp7EEI!Tq
Bp|EyW}v
6L8A.`GDP6
L8A

tax burden
The actual effect of a tax. For example, the tax
burden of income tax falls on the income-earner;
however, the burden of indirect taxes such as sales
taxes is generally passed on to the consumer.
\
Q&/qDz
*EqabL
~uv

tax clearance
kS[

tax credit
A 100% offset against tax liability.
FF
Ql\100%dPF

tax deduction
An expenditure that may legally be deducted from
taxable income by taxpayers
P
Q!fV}P

tax deferral


tax demand, bill
^

tax effort
The total amount of tax due from a country, sector,
enterprise, etc.
T
:.NH,-Hl1;TD

tax elasticity
E

tax evasion
Avoidance of taxes by illegal means.
&
F}c>^

tax exemption
A specific sum that a taxpayer may deduct from
taxable income for him- or herself and for each
dependent. Also refers to certain kinds of income not
278
____________________________________________________________________________________
subject to tax such as social security payments,
monies received by certain diplomats, etc.
FF
:!flex:!
fPR"Q&{
qhEglv19!


tax expenditures
v

tax/GDP ratio
Ratio of tax receipts to gross domestic product.
{.`:Z

tax handles
The means by which the tax authorities can raise (or
lower) revenues through taxation. For example, in
an economy where income is typically derived from
self-employment and the wage income that does
exist is from small establishments, the government
has only a limited tax handle on income compared
with a modern economy where earned income is
largely in the form of wages and salaries from large
organizations.
IJc>
QZbw:V)3
c>q:5/1l
6l1l.NRU**+
IJc>::s,"s
#$l!Bs~.NRhu


tax haven
A country which offers permanent tax incentives in
order to attract multinational enterprises.
^d
QO%.l1.N

tax holiday
Tax relief or exemption granted temporarily, e.g. to
encourage industrial development.
F
4q41ABT/zE
PF

tax incentive


tax incidence analysis
Analysis of the redistributive effects of taxation.
`"P
*+vi"EF"P

tax liability
^Z

tax loophole
&w

tax mitigation
PO^

tax net
*

tax office
Zw

tax on value added; value added tax - VAT
AsVAT

tax-paid cost - TPC
kNs TPC

tax-paying capacity
9

tax performance ratio
@BZ

tax ratio
The ratio of income tax expense to net income
before taxes.
Z
TlP<:Z

tax rebate
A partial refund to taxpayers of taxes already paid.
L
i!9\,"L

tax refund
L

tax relief
\PF

tax reference price [oil]
An arbitrary posted price for hydrocarbons utilized
in a number of countries for the purpose of
calculating taxes and other payments due the State
from an operator.
@lNO[]
279
____________________________________________________________________________________
1.Ni'3V!:!N
y:_&l.Nlef\S

tax return
Ok

tax sharing
The practice of a state or central government levying
a tax and sharing its proceeds with a local
government.
"$H"B
.Nf|Uv@&fP
dWU"$"B

tax shelter
Any of a number of investments which generate
losses, usually due to noncash deductions such as
depreciation or depletion, or due to accelerated
payments which flow through to individual
taxpayers and can be used to offset other income,
thereby lowering the individual taxable income.
c>z
Qe/I.IL
FsDqBqI
{AIHuef
P:!l!l\

tax sparing
F

tax surcharge
cI

tax technology
The tools used to administrate tax policy, e.g.
management information systems.
Z
/WXqWX
-

tax wedge
The difference between wages or labor income and
the same wages or income plus government taxes on
them. It is called a wedge because it is like a wedge
which the tax drives between the value of a worker to
the firm and the amount received by the worker for
working one more hour. A Bank document defined
it as the difference between a given (arbitrary)
after-tax rate of return to an individual investor and
the pre-tax real rate of return on investment that the
firm would need to generate in order to fund the
investment.

QZPlZIU
iv@1Rg
;a:3mG
:!il1NP;!x{:6
zD"O/%&'({)
i^-{i&:^:
1ZPl1(T
fCD/Z~
g|

tax withholding
T\

tax write off
a9\

tax yield
t

teacher-pupil ratio; pupil-teacher ratio - PTR;
student-teacher ratio - STR
y:ZsSTR

teacher's guide
(yQm

teacher's kit
(yB(

teaching aids
(

teaching load
(p

Technical Advisory Committee - TAC [CGIAR]
EsTAC[./0123
456!]

technical assistance loan - TAL
World Bank loan for technical assistance purposes.
uv\sTAL
QuvT%&'(\

technical assistant
vX

technical background


technical cooperation among developing
280
____________________________________________________________________________________
countries - TCDC
ABf.NV{sTCDC

technical-efficiency index - TEI
ZQRsTEI

technical note
o

technical package
[~9

teething problems
zs

temperate hardwood forest
+eSd

temporary assets
z`

temporary liabilities
z

tender


tender documents
)
0 bidding documents

tenure
*{*
0 land tenure; security of tenure

tenure [education]
Dp[(]

term deposit
/\

term financing


term loan
\

term sheet
k

terminate
V

termination
V

termination grant
Vv

terms and conditions (of a contract)
Vd\)d

terms of reference [e.g. consultants]
CH[!]

terms of reference [study]
CH[23]

terms of trade
A relationship between the prices of exports and the
prices of imports. When the concept is not further
qualified, reference is being made to the net barter
terms of trade, which is the quotient between an
index of export prices and an index of import prices.
d
QNOPNO+-qt
{IO>::Zb
dlv]NOQRPNOQR
5

tertiary (oil) recovery
Enhanced recovery methods for the production of
crude oil or natural gas. It requires a means for
displacing oil from the reservoir rock, modifying the
properties of the fluids in the reservoir and/or the
reservoir rock to cause movement of crude oil in an
efficient manner, and providing the energy and drive
mechanism to force its flow to a production well.
-}
-f56W
f}/51|f4
E`*&51II
e;`

territorial jurisdiction *
*W

test check [accounting]
r}[E]

test plot


thematic team
281
____________________________________________________________________________________
Team of technical specialists working in a specific
area of the Bank's activities, which monitors
Bankwide activities in a specific area, e.g. technical
assistance.
N!
%&'(.f&:{
N!f7Q[:%&'(&
quv.

theory of public choice
Study of the problems involved in decision-making
by governments and the factors that influence their
decision-making.
[}@A9
iUf)lEFU
T23

think tank
Z

Third Window
``"1Z

33-Commodity Aggregate Price Index [IBRD]
335JVNQR[./-OA'(]

threshold countries
Countries on the threshold between IDA and IBRD
status or between IBRD and graduation status.
/&.
_./OAaE#Ol./-OA'
(OH./-OA'(
OlV\O.N

threshold limit value - TLV
The maximum allowed amount of exposure to a
given hazard in a given time frame.
/&+sTLV
z*n2sR<

threshold price
23NO/&NO

through bill of lading
Bill of lading for cargo shipped between two
specified ports plus inland portion of transit.
U&^
Q~:lI=&,"
&^

throughput
`Z`

through traffic
U&V+9:)9:

tied aid
*duv

tied currency
jZP&j

tied resources
QD

tight credit policy
3

tightening of credit
3

tight money
Contractionary monetary policy. In taking steps to
decrease the rate of growth of the money supply,
monetary authorities are said to be following a tight
money policy.
'3
3bw<)3
AZuu'3

timber


time-adjusted [project analysis]
An accounting convention in which the first year of
an investment analysis is used solely for investment
and in which incremental benefits appear only from
year 2 or later.
z[z[[ST"P]
E,}`6i
("PefA<`6l13
s/

time-based contract [consultants]
A contract for consultants where payment is made
according to time expended.
znV[N]
QS{zlvNV

time deposit
/\

time frame
zqr
282
____________________________________________________________________________________

time lag
zz

time limit [ICSID]
+z+[;./fg]

time-of-use (TOU) rates [electricity tariffs]
zv[NO]

time overrun
Vz+

time pattern
zOwz

time series
z[zR[

time sharing [computers]
"zz"$[y#]

time sheet
{zz

time-slice loan
Loan where the lender only finances the loan a part
of the time.
z"^\
\f\!i;\,"z
(j

time underrun
3z+

time value of money
An expression referring to the concept that values
received earlier are worth more than values received
later. The concept underlying discounting.
zN
Q:1z#N1z#
N]Y\4s^

times interest earned ratio
tR:Z
0 interest coverage ratio - ICR

tinged cotton
A discolored cotton graded between spotted and
stained cotton.
|4B
e-*VPl*


tissue culture
!"n

titling (land)
*d*

Tokyo Round Agreement
kVIJ

tombstone
Advertisement which announces that a credit has
been arranged or a bond issue made.
A([?a!]^
[8A(}\A([

ton of coal equivalent - tce
A common accounting unit used to define energy
usage. Actual definitions differ. The European
Communities, for example, define it as yielding 7
Gcal net calorific value while the United Kingdom
defines it as the average gross calorific of all grades
of coal and the UN as the gross calorific value.
b<VR stce
::E^_/<<
/^*{qG]!
`7.G]!
-L8RUV.uG]


ton of oil equivalent - toe
A common accounting unit for energy usage.
Definitions differ. OECD/IEA define it as having a
net calorific value of 10 Gcal (= 41.9 GJ) while the
United Kingdom defines it as the weighted average
gross calorific value of all petroleum products.
b<VR
::E^_/<<
]*^?A!"/./?@aE^
10=41.9a.
^*`IL8R

top-down (approach) [projects]
}W}[ST]

top dressing [agriculture]
u}*D[01]

top-rated bank loan
-'(\'(\

283
____________________________________________________________________________________
top-up scheme; minimum pension guarantee
System whereby the government brings up a pension
to a specified minimum level.
23Dp7
QUGD&:23Lp7

Toronto terms
Terms for debt relief (rescheduling for low-income
countries) agreed upon at the Group of Seven
meeting in Toronto in 1988.
,d\
198867.,EaZFi
3.NZU-_Ld\

total dissolved solids - TDS
Total weight of dissolved mineral constituents in
water per unit volume or weight of water in the
sample.
sTDS
^_i<U<mff
B{U<

total external debt - EDT
sEDT

total factor productivity - TFP
A measurement of changes in outputs per unit of all
inputs combined.
T`ZlT`ZsTFP
ix:^_tVe/`|
:<W

total fertility rate - TFR
The average number of children that would be born
live to a woman (or group of women) during her
lifetime if she were to pass through her childbearing
years conforming to the age-specific fertility rates of
a given year.
lZsTFR
Q:;r!;rB.
RL8Rdf=>Z
V&6{6f!Z

total loss cover
Insurance against all losses.
I?
i*I?

Total Return Index [IFC]
Index devised by IFC to measure the US dollar
return on developing country equity markets, taking
into account both domestic price changes and
exchange rate fluctuations.
lQR[./Dj[\]
./Dj[\pQR<.
NO|ljjZhiABf.N
`]

total suspended particulates - TSP
Any solid or liquid particles dispersed in the
atmosphere, such as dust, pollen, ash, soot, metals
and various chemicals.
esTSP
s6f4q9
HHHHDlp

total suspended solids - TSS
The amount of particulate matter suspended in a
water sample.
es TSS
:mfeR<

tracer study [education]
A follow-up study of students after they have left
school to see what they have become.
vw23[(]
iOpvp{vw234fA
B|

tradable [adj.]
[i5]

tradable [noun]
A good that could be traded internationally in the
absence of restrictive trade policies. Depending on
national and world costs of production and transport,
tradables may be importables, exportables or, in
some cases, both.
``[]5]
*+pd./(
.l%&`Bl&
hi`
*z~

tradable but nontraded (good, item); nontraded
tradable
FF

tradable emissions permit
Permit to emit a specified quantity of a pollutant.
This permit may be traded.
9L
o0R<&
(9
284
____________________________________________________________________________________
l0emissions trading, bubble concept

trade adjustment
Adjustment of terms of trade, e.g. by reducing
import tariffs.
[
q)3+}id(
[

trade adjustment loan
Loan to assist a country in liberalization of its trade
policy.
[\
av:.N\

trade balance; balance of trade; merchandise balance
The difference in a given time period between a
country's imports and exports of goods and services
valued in current monetary units.
Lg
z:.Ns(^_y
lZHg

trade coverage ratio
The amount of imports affected by para-tariff, price
and volume control measures expressed as a
percentage of total imports of the same product
group.
{CH:Z
D"+HNO)R<HpEFR<
{;"`<:":

trade cycle; business cycle
51

trade deficit
_g

trade liberalization*
O0

trade-off
iA}w

trade organization
!"

trade pattern
Ow

trade promotion


trade publication


trade receivables
S

trade-related investment measures - TRIMS
P+c>sTRIMS

trade sanctions*
pG

traded goods


trading
9
0 block trading

trading currency


trading partners
U

trading portfolio
Portfolio of short-term investments. 9
`<
Q`<
l0 investment portfolio

trading ticket [capital market]
Purchase/sales order for a security.
9^[]
i&ab^

traffic-bearing capacity; load-bearing capacity
D

traffic count
9:;<

train
[
0 block train; unit trains

trainability [EDI-World Bank]
noE [%&'(?@ABpq]

trainee
Do!
285
____________________________________________________________________________________

trainer
no(y

training
no
0 advance training; higher training; in-house
training; in-service training; job-related training;
mobile training unit; multimedia training module;
on-the-job training; retail training; retraining; skill
training center; vocational training; wholesale
training

training and visit [T & V] system
System of agricultural extension which involves
training village-level workers so that they can,
through contact farmers, pass on new agricultural
techniques.
nosT & Vp7
01>?p7]YZnoY-01!
e:VU-0\-01

training production unit
noYZ^_

trammel fishing
Type of fishing using a set net, where the fish
entangle themselves in net pockets, which are made
by the pushing movement of the fish through the
three - occasionally two - walls of the net.
!"&
*z~&"&
W&.(e

tranching [loans]
Division of a loan (specifically adjustment loans)
into several tranches. Release of tranches is
conditional on specific agreed actions being carried
out.
"""A0\[\]
G\r[\"B1"A0
"A0*da(
?D(

transfer charge call; collect call; reverse charge call
D!l\

transfer payments
l\SEl\

transfer price
Price between a corporation and its subsidiary or
within a corporation (opposite of arm's length price).
NO,NO
[\Pec#$[\,NO
i|9N

transformation curve; production possibility curve
A graphic representation of the various output
combinations of two commodities which can be
produced from a given quantity of resources.
`w`E
&SR<`~5
{`!V6

transient climate change
The path of realized climate change which takes into
account the lags in the climate system, as opposed to
equilibrium change.
z6#|
vm6#-fz/d>
zR6#/|]i86
#|

translation (of currency)
Recording in accounts of assets (or liabilities) in one
currency when they are actually in another. No
actual exchange of funds takes place. The World
Bank and IFC, for example, translate all their assets
and liabilities into U.S. dollar amounts, regardless of
the actual currency in which they are denominated.
wy
E`
/;`Q
W/efA/Dw
q%&'(l./Dj[\G]`l
wyB]{W]/


translation adjustment [accounting]
Adjustment in accounts to reflect movements in the
rate of exchange between the currency of the
accounts and the currency of the transaction.
wy[[E]
iE([_P/
jZ|

transparency
-S7

transterritorial; cross-border
%.+%&

trashy farming
286
____________________________________________________________________________________
Tillage which leaves the major portion of crop
residues on the soil surface
O{}
d\{s,"{W}

trawl fishing
"&

Treasury bill
Bill issued by U.S. Treasury with short maturity
(less than one year).
.
].,A(.16


Treasury bond
Long-term (more than ten years) fixed coupon paper
issued by the Federal Reserve on behalf of the U.S.
Treasury.
.
].Ux'(~,A(106
tZ.

Treasury note
A medium-term (normally from two to ten years)
coupon security issued by the U.S. Treasury.
f.
].,A(fL2106e
.

treaty reinsurance
Form of reinsurance, whereby an insurance
company shares a large number of risks with other
insurance companies.
a?
?&?[\Pe]?
[\"s<?

tree cotton; Ceylon cotton; Siam cotton; China
cotton
@ABf.

tree crop
{{

tree farming
Sn

tree fodder
NN

tree mining; forest mining
Clear-felling of large wooded areas.
dO*dO
isd(

tree tenure
Ownership of a wood, forest or other collection of
trees, usually by a group. The term is used in social
forestry.
d{*
iSdH*defSfd*L
*]5hEd1f

trend rate
VWZ

triage
"q}

tribal peoples
,z

trickle-down effect
The idea that stimulants applied to a lagging
economy are best given to business to induce
economic growth that will benefit citizens directly
rather than being given directly to consumers to spur
purchasing power.
-
ti:z1.NT
z2'el1?@A[
D{uv.e


trickle irrigation
-E
0 drip irrigation

trigger clause
Clause in IBRD loan agreement requiring review
after a certain number of years to determine whether
changes in the country's economic condition warrant
harder or softer loans.
d\Ad\
./-OA'(afd\S6
+1i.(9p!e?@i
|]V\#\

trigger date [IBRD]
Date on which a loan is placed in nonaccrual status.
This is normally when service payments are overdue
by more than six months.
M[./-OA'(]
287
____________________________________________________________________________________
QS\xFiL
\l6:Zz

Trigger Price Mechanism - TPM [US]
System set up by the US to prevent unfair
competition for steel imports. Costs of production in
the world's lowest cost producer, Japan, would be
determined and publicly announced. These would be
the trigger prices. If the price charged for an import
shipment were below the trigger price, the US
Government would launch an antidumping
investigation against the foreign supplier.
ANO#ps TPM[].]
Q]./hW{[L;
nxp7i%&hB23
`.`B(![8
ANOq&"hNO3A
NO].Ui;.5Aa


Trinidad terms
Terms for debt relief to replace the Toronto terms,
proposed by the United Kingdom at a conference in
Trinidad. They propose writing off $18 billion of
the debt of the world's nineteen poorest countries
(mainly Sub-Saharan African countries plus Bolivia
and Guyana), extending repayment periods to 25
years and capitalizing interest.
)d\
}~,d\ZPFd\.
)SE/fi%&
19:2.N5=mFG.
NIt>ilui3a180]
Z+256Gt

triple superphosphate - TSP [fertilizer]
A commercial fertilizer which contains 2.5 to 3
times as much available phosphoric acid as
superphosphate. The phosphate rock is treated with
phosphoric acid and, in the manufacturing process,
the gypsum is removed.
VsTSP[N]
51N]:V2.53
IVWfiH(2
X.

tropical cattle unit - TCU; tropical animal unit -
TAU; tropical livestock unit - TLU
A standard unit of measurement, equivalent to 250
kg, the weight of a standard cow, for calculating the
impact of animals on the land.
e^_sTCUHTAUTLU
!7<^_b250[w
!U<yi*dEF

tropical rain forest
e*d

trucking industry
&1

true lease
Lease where the lessee has no right to a share of the
proceeds of the sale of the leased asset to third
parties at the end of the non-cancelable lease period
and no bargain renewal option.
|
,W!{<u,
1M"$`Wb,`
8*U-,@A

true to type variety; pure variety [agriculture]
A variety which is like the parental type, without
change.
<[01]
QPe8M|

trunk infrastructure
,bCMnu

trunk network
[b

trunk roads
[bb

trunk sewer
b

trust fund
CD

Trustee [GEF]
D![.*+CD]

tubewell
Strictly speaking a circular well consisting of tubes
or pipes bored into the ground but often used
synonymously with drilled well.
W
GOd-Q:*YZd
1W{^5

tuition fees
288
____________________________________________________________________________________
pv

turnaround (time)
|zz

turnkey contract, project
A contract where a firm will undertake all the
activities to deliver a complete project, including the
provision of professional services, the supply of
goods and civil works construction.
{9CD|VYVYV
:[\kB:k[ST*i
VYZ1YZl*W
n

turnover
_1

turnover tax
_19

twenty equivalent units - TEU [containers]
Standard unit for counting (equivalent) containers of
various dimensions.
<^_sTEU[]
i{,O!y<^_

twinning arrangements
Arrangement whereby two organizations (or a group
of organizations) work jointly on a project. In the
Bank, it is generally used to refer to a situation
where an organization (or a group of organizations)
from an industrial country works with an
organization (or a group of organizations) from a
developing country, providing assistance as well as
being involved in the project.
U_L
_LQ~:!"!!"
(:ST%&'(LQmh
i-/:1.N:!"!!"
ABf.N:!"!!"
{uvllPST{

two digit inflation; double digit inflation
~_R:AB

two-envelope procedure [consultants]
A procedure for selecting bids whereby each bidder
is required to submit simultaneously his
qualifications in one envelope and his bid in a
second.
p7[N]
Q@A[Wix!Sz
9~:-:Q:kN

two-gap model
A mathematical model of the economy of a country
using two-gap analysis, i.e. adjustments in
accumulation and trade in response to a unit change
in the available supply of foreign resources.
g
Qg}x^_CD.
|{l["P
:.N?@Rp

2% currency [IBRD]
The portion of capital subscriptions payable in US
dollars.
2%[./-OA'(]
E../-OA'(T}c]
Tl,"

two-stage, two-step procedure [IBRD]
Procedure whereby technical and financial
proposals are submitted and evaluated separately.
~=>~BW[./-OA'(]
WQlZc"r9
l"r9N

two-tier market
An exchange rate regime which normally insulates a
country from the balance of payments effects of
capital flows while it maintains a stable exchange
rate for current account transactions. Capital
transactions are normally required to pass through a
financial market while current transactions go
through an official market, though other arrange-
ments are possible. Examples are found in Belgium
and the United Kingdom, though France and Italy
have experimented with such systems.
~-U
jZp7L:.N./
;EFz?ST9>
H:jZ9Lc:V:
{Dj|?E9u:V:{@W|
z5ef_L":tzl.
m}.lst"C+Vm
p

two-tier meeting
Meeting arranged for public officials, where one
meeting is for top-level officials and another,
overlapping meeting, for middle-level officials.
~-E9E
289
____________________________________________________________________________________
[@_LEef:E-
@_LQ:U9Ef-
@_L

two-track development
Development where one group develops at a much
faster rate than another, e.g. the Asian countries
develop more rapidly than Latin America and
Sub-Saharan Africa.
AB
?@ABf!.NAB7ssQ
!qiG.NAB7:=]Gl
=mFG.ND

two-year trigger rule
Rule whereby provisions are made against countries
placed by the Bank in nonaccrual status that do not
resume loan payments within two years.
~6M,u
%&'(S,ui%&'(xF
i~6-\l.N

290
____________________________________________________________________________________

- U -


UHF link [telecommunications]
-[]

ultimate model
A model which contains all the information needed
for its operation.
2
YeI{c*

ultimate recoverable reserves - URR
The total amount of oil and gas recovered and
believed to be recoverable from both discovered and
undiscovered reservoirs, in the light of probable
improvements in technology and based on a
geological evaluation of a particular area or
territory.
2<sURR
li&dd
9NAslAsfOl
OHf56<

ultra low volume (ULV) spraying
3<;

umbrella (agreement)
Agreement whereby MIGA and a member
government provide the framework for MIGA's
cooperation with the public and private insurers of
that member.
a
#$:E.UQa
#$P;E.[H
z_?#$(V{qr

umbrella project
A UNDP project under which an allocation from a
country's indicative planning figures funding is
provided for a specific period of time to finance a
flexible package of preinvestment studies or other
technical assistance activities, all of which may not
be identified before approval by UNDP.
ST{~|ST
UV.OA^ST;ST
&.NDcES"
eziST23e
fuv..{~|.j
*1.UV.OA^ST"!
*D

umpire [legal]
[!FG![}]

unaccounted [e.g. water, electricity]
{R[qH]

unallocatable expenditure
M}"v

unappropriated (earned) surplus
That part of retained earnings which has not been
transferred to a subordinate account or otherwise
earmarked for any specific purpose, thus remaining
available for the absorption of dividends.
"s
Q&cQ{T
3,"\/t<t

unbundling
""9

unbundling of financial risks
The separation and separate evaluation of financial
risks.
"Dj?
iDjZ?I""r(9N

uncalled capital
The amount of capital by which the total capital
authorized by the stockholders exceeds the paid-up
capital.
T
}k!}TR

uncovered interest rate parity model
MtZLN

underaccruals
{

undercapitalized
{

undercollection [taxation]
@{[]

underemployment
1{

undergraduate
sp
291
____________________________________________________________________________________

undergraduate studies
spp

underground economy
d?@
0 parallel economy

underinvestment
{

underinsurance
Failure to maintain adequate coverage for a specific
loss or damage.
{?
Q{II#e/
g?

underinvoicing of exports
v3e/N

underleveraged
"A#${

underlying costs
CB

underlying inflation
':AB

undernourished
_{

undernutrition
_{

underprivileged
$D{|bt

underrun cost
3B

underwriter [securities]
The middleman for selling and distributing
securities to investors or the public.
a!a5[]
[}>al"f5

Underwriting
Yaa
0 also equity underwriting

underwriting authority [MIGA]
The President or any official or officials of MIGA
designated by the President to make the decision on
the issuance of a guarantee and on related matters.
\[#$]
GGQ#$@
iQASl*+S

underwriting commitment [IFC]
[./Dj[\]

underwriting costs
v

underwriting syndicate
UV?Ya'(

undeveloped plot
OAd

undrawn balance
<

undrawn borrowings
<\

unearned income
FD

unearned interest
Interest on a loan that has already been collected but
has not yet been earned because the principal has not
been outstanding long enough.
jt
D?<s
\t

uneconomic production
{?@`

unemployment compensation, benefit
1gv1

unfunded interest
xCD\t

unfunded liabilities
Any short-term liabilities as opposed to long-term
obligations such as bonds.

QiZq
Z
292
____________________________________________________________________________________

unfunded system [insurance; social security]
Fp7[?HhEg]

unified cross rates
9jZ

uniform votes [IBRD]
Basic votes plus votes derived from membership
shares.
\ [./-OA'(]
QC\IE.}{f`\


unimpaired capital
Capital which has no liens against it. MIGA's
unimpaired capital is used as a basis for calculating
its guarantee capacity.
, PI
Qie*\x#$
{yeCM

unit activity (crop) budget
In farm investment analysis, a farm budget based on
an easily segregated activity such as planting a single
hectare of a crop or raising a particular group of
animals. It is difficult to prepare a unit activity
budget on a with and without basis; rather, it is
generally prepared on an incremental basis, with all
costs and all benefits included at the incremental
value. For both financial analysis and economic
analysis, this means that for some elements the
opportunity cost must be estimated directly, often
especially difficult for land and for family labor. As
a result, unit activity budgets are most appropriate in
project analyses where the opportunity cost of land
and family labor can be taken to be zero.
^S.{jy,"jy
Q0jy0"PfG"P
CM0xS".q[0*
d&{n{*
M|CMpS^S.jy
Lhi^SjyA<CM
(G*BlA<N
iZ"Pl?@"PXi
1T#EBT(i*d
lN#EBur
^S.jy2]V"P31
*dlN#EB{%|
ST

unit budget envelope
The budget for a specific unit in the Bank.
^_jyY
%&'(f&:^_jy

unit cost
^_B

unit(ary) elasticity
A schedule in which the coefficient of elasticity is 1,
that is, a change of x percent in the price will cause a
change of x percent in the quantity demanded or
supplied.
^EE
E-Rn_L"RbNO
Ax%|zcSR<"Ax%|


unit-managed costs
Costs which are the responsibility, for budgetary
purposes, of individual units, as opposed to those
that are centrally-managed.
^_WXv
jyf:r^_WXvi3
1f|WXv

unit of account - UA
An artificial concept designed to provide a
consistent reference value against varying exchange
rates, e.g. European Currency Unit, Special Drawing
Rights
^_y^_sUA
Q:!nN^_qG^_H
r\i{|jjZ
:{|lvN

unit of output
`<^_

unit price contract; admeasurement contract;
remeasurement contract
A contract based on unit prices. Includes a bill of
quantities, which is a statement of all the items of
work
^NV<V
^NCMV]YZ!R<x^
*W"T

unit trains
A complete train loaded with one product or
material (such as coal) that is shipped from one
specific point to another on a closely scheduled and
controlled basis.
293
____________________________________________________________________________________
[
Q&`Nq[]
:,dV)Q:,dV*P
&(zlG]Hp

unit trust
^_ 0M()CD
0 open end (investment) fund

unit value
^_N^N

unit value export index
An index of the exports for the developing countries
and the industrial market economies based on
amount and value of total exports, calculated on an
annual basis. Used to show changes over a period of
time.
^_NQR
ABf.Nl1?@.NQR
]R<lNCMx6y
S>z|

unlisted securities market*
9

unlocated worker
Worker not employed in one place.
;!
{:dWDV!

unorganized worker
M!"!

unpeg (a rate), to
<ujZ

unrealized gains
Profits that have not become actual. The gains are
realized when the security or other instrument on
which there has been a gain is sold for a profit.
s
*stt*e*
efDj\b13s

unregulated housing
IHp$K

unreleased funds
D

unrequited transfer
Transfer of income that does not a involve a quid pro
quo and which is non-contractual in character, for
example, direct taxes, social security benefits and
contributions, social assistance grants and grants
between governments to finance the military or other
consumption expenditure or budgetary deficit of a
government.
M
QMknlFEq
HhEglTvHhEuvRlU
{efuvRigUj
yR

unrestricted currency
The portion of capital subscriptions paid in gold or
US dollars and freely usable by IBRD in its lending
operations.
{D+p[./-OA'(]
ID]Tl3,"T}.
/-OA'(\1Z

unrestricted subscription [IDA]
{D+p}[./OAaE]

unseasoned investment
An investment that is not yet fully producing.
B
`,ST

unsecured (note, loan, etc.)
M\H\

unskilled labor
{

unsmoothed data
Data which has not been subject to regression
analysis.
?2XR
Q?`"PR

unspent credit balance


unsubdivided plot
"d

unsuccessful bid
D

untapped resources
OA
294
____________________________________________________________________________________

untied aid
{ceduv

untying of aid
<uiuvcId

upgrade, to [oil]
-[]

upgrading of skills


upkeep costs
>v

upland cotton; hairy cotton
cd

upland crops
cd{

upland rice; mountain rice; highland rice
c

uploading [computers]
#5#[y#]

upper middle income country-UMIC*
f.N

upper secondary education
-f(

upstream innovations; research-push innovations
(m-23>m-

upstream process
(

upswing


upturn (economic)
?@'

upward trend
VW

urbanization economies
Economies of scale external to both individual firms
and industries. They reflect the sum of private and
public investments in specific locations, as well as
the pools of labor and capital and financial, legal and
public services.
k?@
Q:5l`1,s,?@]
_dz!l[)H
HDjH}l[YZf

urban sprawl
kMB

urban sprinkling
Development of small but swiftly growing urban
areas in a generally undeveloped region.
k8
{A)ds6AB
kd

Uruguay Round [GATT]
W=uV[+a]

usable equity [World Bank]*
}D[%&'(]

useful life
*uu*6+

useful farm space - UFS
The total area of a farm less the woods and
nonagricultural area.
*0sUFS
0P.ddlF01d

user friendly
W

utilities
[1

utility function
\R
0 welfare function
295
____________________________________________________________________________________

- V -


vaccination yard
jd

valuable consideration
A right, interest, profit or benefit accruing to one
party or some forebearance, detriment, loss or
responsibility given, suffered or undertaken by the
other.
*N
W`tHtHtQ
WHonHI
0consideration

valuations for customs purposes
+(

valuable consideration, for; for a consideration
i

value-added tax - VAT; tax on value added
A

value base accounting
NCME}
0 current cost (value) accounting

value date
The calendar date on which a transaction takes
place.
B9
9A

value engineering
An objective appraisal of all the elements of the
design, construction, procurement, installation and
maintenance of equipment, including the
specifications, to achieve the necessary functions,
maintainability and reliability at the lowest cost. It
entails a detailed review of product designs and
specifications, placing a total dollar value on the
costs of production and maintenance and relating
these costs to the functional value of each part and
assembly.
N9W
SinxnHnHH_l>`
*TWt9efYZi23B)
TcH>`EljERS]c
i`nl,O{Ppi`l
>`B]N{vy1
vPx,l!NU-

value for money
DND

value recovery clause
In debt rescheduling agreement, clause which states
that if economic conditions improve beyond a
predefined threshold, creditors will be entitled to
increased reimbursement.
Nd\
QZU-_LafSd\]S-
q?@hiSVj/&VZ!
AIe

variety trial
g8+

vault toilet


vectorborne disease


vehicle currency
Currency used in a swap or similar transaction, even
though it may not be the target currency.
./l
"09f4W]{
2D

ventilated improved pit (VIP) latrine; VIP latrine
A pit latrine (i.e. a latrine consisting of a pit, a
squatting plate (or seat and riser) and foundation,
and a superstructure) where the pit is slightly offset
to make room for an external vent pipe, painted
black and located on the sunny side of the latrine
superstructure so that the air in the vent pipe will
heat up and create an updraft with a corresponding
down draft through the squatting plate.
:H
YZ:H
)CMl$x
dWxd,:WBx
y:Wf6DIB
}6;l:V6;

venture [IFC]
51?_51?#[./Dj[\]

venture capital
296
____________________________________________________________________________________
?
0 risk capital
venture capital company
Company specializing in providing venture capital
finance.
?[\
Q-?j[\

vertical cofinancing
JUVj

vertical equity
Distributing the tax burden among the nonpoor in
line with their ability to pay.
J[L
QF!l"

vetiver
Type of fodder grass, common in Africa. Also used
for erosion control.

NFG"Hp*;


VHF link [telecommunications]
VU-[]

village extension worker - VEW
The same as a village level worker.
0Y>?{!sVEW
PY-{!

village level operation and maintenance (VLOM)
pump
Pump for use in small villages. It is used in areas
where there is no power so it is a hand pump and
must be maintained by villagers with no mechanical
skills. It must also be cheap.
0Y-_&l>`-
Q6Yf-L*d
]c-*0
>`8NOTY

village level worker - VLW
A worker with comparatively low-level education
who has received training in production methods
which he disseminates through selected farmers and
others who adopt the new methods and compare the
results with that part of their fields cultivated by
normal practices.
Y-{!sVLW
*3(L{!fD`
W}o51*@Ad0ef!
f-W}51Gf,
W}({P-W}(:

village woodlot
0Ydd

VIP latrine; ventilated improved pit (VIP) latrine
A pit latrine (i.e. a latrine consisting of a pit, a
squatting plate (or seat and riser) and foundation,
and a superstructure) where the pit is slightly offset
to make room for an external vent pipe, painted
black and located on the sunny side of the latrine
superstructure so that the air in the vent pipe will
heat up and create an updraft with a corresponding
down draft through the squatting plate.
:H
YZ:H
)CMl$x
dWxd,:WBxy
:Wf6DIB}
6;l:V6;


vital statistics
!

vitamin deficiency
>TH7

vocational guidance
1Qo

vocational training
1no

voice mechanism
Procedures to allow users to comment on the volume
or quality of a service. In public sector management,
these include dissemination of information about
services, periodic evaluation, complaints
procedures, participation of public representatives
in decision-making or regulatory bodies and legal
action by consumer action groups. This concept was
developed by Albert Hirschman in Exit, Voice and
Loyalty and adapted by Samuel Paul to the issue of
accountability.
0)#p
QiYZR<l<(99
W[,-WXf1YZYZ
H9NHWH[}~
WX#$flP)uv(}
297
____________________________________________________________________________________
(Albert HirschmanLH
lfgExitVoice and Loyalty[f
1Samuel Paul?_


volatile capital
(

volatile organic compounds - VOC
Organic compounds which are capable of producing
photo-chemical oxidants by sunlight-driven
reactions in the presence of nitrogen oxides. Include
emissions such as hydrocarbon vapor emissions.
AE*#V
*#Vd/d:
V)``)Vd"VY
Z'3VA

volatile stock
A stock that changes in a manner inconsistent with
changes in the rest of the market.
(}\NO}\
Pef}\|{}\

volatility
E{E

volatility ratio [stocks]
The ratio by which overall changes in the stock
market influence changes in a specific stock.
Z[}\]
}\i&}\|EF
:Z

volume driven program
DSR<

volumetric charge
Charge levied for water pollution, based on volume
of wastewater discharged rather than on
concentration of pollutants in the water. p
iv
pL0i{fK7
@pL0v
l0strength charge

voluntary export restraints - VER
An agreement by a country not to export certain
goods to another country or to limit those exports to
prevent them from gaining too large a share of the
domestic market.
{+psVER
:.NPQ.NQSa{
Q.N&5+p
;5Q.N.<DKs{

voluntary lending; spontaneous lending
Lending that is made willingly, as opposed to
lending where the lender has some sort of obligation
to lend or else the borrower will not reimburse
previous loans.
{\
Q{\i\!&
{\u\!{\

voluntary restraints (on trade)
i{+p

vote without meeting
E

voting power


voting right


voting stock
*\}\

voucher privatization
Method of privatization used primarily in the former
Soviet Union whereby, prior to privatization,
vouchers are distributed to eligible parties (e.g.
employees, local residents). Voucher-holders
exchange their vouchers for stock in the corporation,
shares in an investment fund (which invests in one or
more corporations to be privatized) or sell them on
the open market for cash.
z*^
z*W}1Uz*
OUG^"OW
qVHbd#H*^!^
.9w[\}\HCD:1
:z*[\}"[O
bw<sD
298
____________________________________________________________________________________

- W -


wage agreement
a

wage bill


wage claim
S

wage control
Hp

wage costs
B

wage drift
An increase in the effective rate of pay per unit of
labor input by arrangements that lie outside the
control of the recognized procedures for scheduling
rates. In practice this is frequently interpreted to
mean a rise in standard weekly earnings in excess of
the rise in nationally negotiated wage rates.
e
Qx^_`*A
ApWHp
(/!
VP.NAZA

wage goods
Goods normally bought out of current salary.

LQb

wage pressure


wage-price indexing
System whereby wage and salary increases are
indexed to price increases.
NQR[
QlDAPNAp7

wage-price spiral
-N:

wage pull inflation
=:AB

wage rate
Z

wage restraint
p

waive, to
0Y

waiver
Y

waiver notification [IDA]*
Y:[./OAaE]

waiver (of a right) [ICSID]
0Yt[;./fg]

waiver (of immunity) [ICSID]
0YF[;./fg]

war and civil disturbance [MIGA]
One of the MIGA covered risks. Defined as "any
military action or civil disturbance in any territory of
the host country to which the Convention shall be
applicable as provided in Article 66." ;lO
[#$]
#$?re^
-{`66d[]k.+
d(O|
l"riotlcivil commotion

warehousing (of financial assets)
Keeping financial assets in an investment for
purposes other than making an immediate profitable
investment. IFC does this to encourage other
investors to invest in the project, while commercial
banks are doing it with developing country assets in
order to keep a presence in the country concerned.
Dj`/U
GDj`/SfeT{
([./Dj[\mT
44efi;ST(
51'(iABf.N`("
4H;./

warning signal
;

warrant [finance]
Option to purchase ordinary share or bond of a
particular company, usually purchased by
299
____________________________________________________________________________________
bondholder wanting to participate in profit growth of
that company. Often attached to new bond issue as
inducement for investors to take up the bond.
}[[Dj]
&[\:}[\@A
:Z"$;[\tAH*!
}[ce-A(
O

warrant bond
Bond with warrant attached. This may be a bond
with bond warrant or a bond with equity warrant.
}^[
c*@A
^}{^

wastage; waste [education]
v[(]

waste; loss in weight [commerce]
IU<I[51]

waste disposal
p2X

wastewater
p

wasting assets*
`

water balance
Balance of input and output of water within a given
defined hydrological area such as a basin, lake, etc.,
taking into account net changes of storage.
L
Q&)dvm/<
|JdHhl
L

water-based disease
Disease where a necessary part of the life cycle of
the infecting agent takes place in an aquatic animal.
Includes urinary schistosomiasis and dracunculosis.
E
T=>
7VYZld=


waterborne disease
Disease where water acts only as a passive vehicle
for the infecting agent. Includes cholera, typhoid and
infectious hepatitis.

ieu["
YZOHolE

waterborne sewage system
L-

water charges
v

water control
Hp

water effluent charges
Charges to users for polluting water.
L0v
iL0@v

water engineer
Wy

water harvesting
Directing runoff from a broad area by earth or stone
bunds and canals onto smaller areas growing crops
or trees.
O
*IH`GdeO6
{qdd

waterlogging
D

water management
WX

waterman
EWX!
0 ditch rider

water spreading
Diverting water from gullies onto cultivated fields
for irrigation purposes.
OEF
sOEFd

water supply


water users' association*
aE

300
____________________________________________________________________________________
water-washed disease
Disease caused by lack of water, poor personal
hygiene and lack of proper human waste disposal.
Includes scabies, skin sepsis, yaws, leprosy,
trachoma and conjunctivitis.

H7H:!gH2XgO
YZHKH\HH
l!

watering

0 stock watering

watering place
2w2

watershed management
;WX

waterway


ways and means
\W}lc>jy

weaning foods
Foods for weaning babies.
6
Q6!&

wear and tear (fair)
VXIdI

wearing course; surface course [highways]
dI[[]

weighbridge
"d

weighted average
IL8R

weighted average tariff rate - WATR
The average of all tariffs paid on imported goods
and all subsidies paid on exported goods, each
weighted by the proportion that the good represents
in the value of total trade of the country.
IL8+ZsWATR
Q*Zl*gZ
L8RxSe;.f:U
I

weighted voting system
Ip

welfare costs of protectionism
Amount of money that exporters would need to
receive to be as well off with protectionism against
them in industrial countries as they would be without
protectionism against them.
5^tB
Q.5D1.5^In
hi<DP*5^m'+
c

welfare economy
t?@

welfare function; utility function
For an individual, the relationship between his level
of wellbeing, welfare or utility and the things that
contribute to it. For society, the relationship
between the welfare of society as a whole and all the
variables affecting the state of the economy and
quality of life.
t\R
i:!QfHtLP
qB^T+-ihE
Q[:hEtlEF.N?@hi).
<|<+-

welfare State
t.N

welfare payments
tD

wellhead


wellhead price
The price paid at the wellhead for gas or oil
produced.
N
Ql\f56lNO

West Indian cotton; Sea Island cotton; Egyptian
cotton; kidney cotton
L7n)

wetcore
The minimum structure for sanitary facilities on a
lot.
301
____________________________________________________________________________________
@
dnu2C$

wet gas
Natural gas containing liquid hydrocarbons in
solution, which may be removed by a reduction of
temperature and pressure or by a relatively simple
extraction process.
Jf56
Y4'34f56ef4'
34)3+7lPWi
s^bI.

wet lands
Estuaries, lakes, mangroves, marshes and swamps.
Jd
QDHhHSdHJdlt

wet process [cement manufacture]
Process of manufacturincement used when the raw
material contains a quantity of water. It is mixed in
water
J}p{[4pq]
4N{dpq4
W}GNtV

wharfage; wharfage charges; dockage; quayage
vhv

wheeling
Energy transported by an intervening party between
a supplier and a receiver.

:V:f5G5

wheeling charge
Charges levied by an intermediary who allows the
producer to use his equipment to transmit electricity
to the consumer.
v
f5`enxGu
v<v

whole farm budget
A budget for activities on a farm.
0jy
[:0.jy

whole farm development
0OA

wholesale banking
1. Large-scale dealings in money deposits centered
in the closely-interrelated group of money markets
which have developed strongly since the mid-1960s.
2. Banking facilities offering a limited number of
services to select clients (generally large
corporations).
s,'(1Z
1f]^+fs,/\
1Z;606~f/DK#AB
2'(i?@WLs[\
*+1SYZ
0retail banking

wholesale mechanism; wholesaling
Bank procedure whereby loans are made to an
intermediary, which in turn onlends them to the
beneficiaries.
"A#p"A
'(\W:f#$5
11D!

wholesale training
Training trainers for subsequent training.
ino!no
1noino!(no

wholly owned subsidiary
XN*"[\c[\

widening
!
0 capital widening

wildcat (drilling)
Exploratory drilling for oil and/or gas on a geologic
feature not yet proven to be productive, in an
unproven territory or in a zone that has never
produced or is not known to productive in the
general area.
TOb
Q*`dX
l/f56(bE?
/`Vf*`
Ld(b

wildcat well
T<=

wild flooding
Method of irrigation which consists of spilling water
at frequent intervals from a grade ditch constructed
along the high edge of a sloping field. The water is
302
____________________________________________________________________________________
allowed to flow freely down the slope, irrigating the
soils the water moves across. Interceptor ditches are
placed at intervals down the slopes to collect the
water. Used primarily for irrigating low-income
crops on steep lands where uniformity of water
distribution is not a major consideration.
D;EF
QEFWd2">O
;EF0<d[
EFW5
3{3R8$EF{5
vm

wildland management area - WMA
Area where wildlands are protected and managed to
retain a relatively unmodified state.
dWX[sWMA]
QidIlWXdHe
i`)

wildland management unit - WMU
dWX^_sWMU

wildlands
O2*dd

willingness to pay - WTP
The amount consumers are prepared to pay for a
final good or service. An estimate of the value in use.
l{sWTP
uv{i&2YZlNOi
N

wind pump
-

windbreak
d

windfall profit
t

window [computers]
[y#]

window (in a market)
Short-lived opportunity to issue securities that may
be taken up by any of a significant number of highly
rated borrowers.

A(z#zA(*
j\!

window dressing
Financial actions such as stock market trading,
whose purpose is to make a corporation's financial
situation seem better than it really is, just before the
publication of a balance sheet or other financial
statement.
)
[\`efZk[OA
A&Dj(q9
(9eT:[\Zi"
.:/hi'

window guidance [central bank]
Unofficial control of interest rates by central bank.
Qo[f|'(]
f|'(itZF@WHp

"with-and-without" test [projects]
A test of the net benefit with and without the project.
{*-M|"P}[ST]
i*STPMSThi8y
W}

withholding tax
j\

women in development - WID
ABf;r;rABf{sWID

woodfuel
N

word processor
)2X

workers' remittances
!j\!%j

working account
A normal revenue and expense account.
;
L

working age population
]f!

working agreement
/1Za

working capital
The capital necessary to purchase goods and
303
____________________________________________________________________________________
services that are used for the production activities of
an enterprise and that are turned over during the
production cycle.
;D
Ql1`.lZTc
D]`f(

working capital loan
;\

working capital ratio
;:Z
0 current ratio

working capital statement
;Dk
0 statement of changes in financial position

working funds
D

working interest [oils, minerals]
?_O[H]

working population
!

working ratio
Cash working expenses divided by operating
revenues, expressed as a percentage.
_1v:Z
sD?_v_1:":

working table; performance chart; management
chart
{1$6WX6

workmen's compensation
!g!

workout [financial]
Arrangements between borrowers and debtors
(usually at international level) to extend repayment
schedules and provide new credit at reduced interest
rates.
EWX[Dj]
\!l\!:./S
\lP3tZ-\{
_L

workout arrangements; workouts [IFC]
Arrangements between borrowers and debtors
(usually at international level) to extend repayment
schedules and provide new credit at reduced interest
rates.
EWX[./Dj[\]
\!l\!:./S
\lP3tZ-\{
_L

workshop [training]
2E[no]

World Bank Capital Markets System-CMS*
%&'(-sCMS

World Bank Country Study*
%&'(.r23

World Bank Debtor Reporting System*
%&'(Z.kp7

(World Bank) Program of Special Assistance (to
Member Countries)-SAL(sometimes known as
Special Acting Program, Special Assistance
Program)*
%&'(iE.ruv,*z;
{r(,sSAL

World Bank's Bank
Proposed organization to help raise and channel
additional money for use in developing countries.
Would probably had a greater lending-to-assets ratio
than one-to-one as observed by the Bank itself.
Would have had more flexibility in raising money
than the Bank. The project has been abandoned.
%&'('(
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'(}.1;1/0Y4

World Bank Group
%&'(

(World Bank) Manufacturing Unit Value (MUV)
Index
Industrial countries' indices of US dollar unit values
of manufactured exports to developing countries.
There are two indices - the cif index which combines
a 90% weight of FOB export prices with a 10%
weight of transport costs and a FOB index.
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304
____________________________________________________________________________________
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World Bank Technical Paper *
%&'()

World Development Indicators - WDIs
List of key economic indicators (e.g. population,
labor force, urbanization, health-related indicators)
given in the Annex to the World Development
Report.
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World Development Report*
%&ABk

"wrap-up" insurance arrangement
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wrap-up insurance policy
Insurance policy covering several contractors all
working on the same project.
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wrap-up meeting
E

write down, to; expense, to
To transfer a portion of the balance of an account
previously regarded as an asset to an expense
account or to profit and loss.
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write off [noun]
When an asset or a portion of an asset is recognized
as worthless, it is removed from the books of a
corporation and a corresponding loss in the
corporation's capital is recognized.
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I

write off, to
aa

writing down
P`NPN

write up [USA]
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305
____________________________________________________________________________________

- X -


x-efficiency
A situation in which a firm's total costs are not
minimized because the actual output from given
inputs is less than the maximum feasible level.
X
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xenocurrencies
A deposit or loan denominated in a currency other
than that of the country in which the bank is located.
A(.;:
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- Y -


yellow stained cotton
Cotton almost entirely discolored to a slightly
mottled tan color.
I
1Vk|e*

yield curve
Graph relating rates of return to maturity.
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Z6

yield rate
`ZZ

yield test of projects
ST`+

yield to maturity - YTM
The return a security earns assuming that it is held
until a certain date and put to the borrower at the
specified put price.
sYTM
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- Z -


zero base budgeting - ZBB
A budget process which requires managers to justify
each requested budgetary expenditure anew each
year.
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zero coupon bond
Bond that pays no interest but is sold at a steep
discount and paid off at par.
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zero fee policy
Mv

zero population growth - ZPG
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zero sum game
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zero tillage system
Cultivation involving zero plowing, i.e. by planting
directly on the soil surface, usually using manure,
hay or some other substance to aid growing.
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zone extension officer - ZEO [agricultural extention]
Senior extention officer, at the highest level.
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