All sides set conditions for Greek debt breakthrough

2017 ◽  
Keyword(s):  
Developing Countries ◽  
Debt Relief ◽  
Investment Bank ◽  
Content Type ◽  
The Third ◽  
Finance Minister ◽  
Private Investors ◽  
European Investment ◽  
First World ◽  
The Imf

Significance The IMF insists that Greece’s debt must be made sustainable before it will again participate in programme financing. Yet IMF participation is required if the bailout plan is to proceed, German Finance Minister Wolfgang Schaeuble says; the Fund and the euro-area remain at odds over debt relief. Greece will need the next loan tranche by June to make debt repayments in July to private investors, the ECB, IMF and European Investment Bank. Impacts Germany, which faces federal elections this September, will accept no further debt relief until after the third bailout has concluded. The IMF is under pressure from developing countries to end its involvement in financing a first world EU member state. The package being finalised will probably not encounter any serious resistance from within the ruling Syriza party.

Determinants of the public-private partnership’ use: An empirical analysis

2021 ◽  
pp. 107-122
Author(s):  
S. G. Belev ◽  
K. V. Vekerle ◽  
I. A. Sokolov
Keyword(s):  
Developing Countries ◽  
Economic Development ◽  
Institutional Environment ◽  
Investment Bank ◽  
Private Partnership ◽  
Investment Projects ◽  
The Public ◽  
Stable Relationship ◽  
European Investment

Using the Heckman procedure with the data of the European Investment Bank on investment projects implemented on the principles of PPP, the paper identifies factors that are significant for the development of PPP. In particular, the use of PPP turned out to be most sensitive to the maturity of economic development, as well as to the state’s budgetary constraints, which do not allow building all the necessary infrastructure for providing public goods at the expense of the budget. At the same time, there has been found no statistically stable relationship between the institutional environment and the implementation of PPP projects, which may be so due to the quality of the sample — for developing countries, the importance of institutional environment factors, as well as macroeconomic stability, would most likely be more obvious.

EU infrastructure plan could reinforce ECB policy

2015 ◽  
Keyword(s):  
Euro Area ◽  
Global Financial Crisis ◽  
Positive Impact ◽  
Fund Raising ◽  
Investment Bank ◽  
Content Type ◽  
Growth Prospects ◽  
Commission President ◽  
The Global Financial Crisis ◽  
European Investment

Subject Outlook for infrastructure spending. Significance European Commission President Jean-Claude Juncker proposed a 315 billion euro (340 billion dollar) infrastructure initiative to revive the EU economy, expected to reinforce ongoing monetary policy efforts to boost growth. Fund raising is progressing through the European Investment Bank (EIB). The programme can benefit both short-term and long-term growth prospects, while its actual impact will depend on the projects implemented, as politically motivated choices can delay, distort and depress the benefits. This plan comes late, six years after the global financial crisis; one of its priorities is generating rapid results to boost the economic recovery. Impacts To have a net positive impact, any infrastructure proposal would have to avoid drawing funds away from existing investment plans. The plan could help reducing disparities between labour markets in different euro-area countries. Persistently high euro-area unemployment will need a domestic demand revival to boost sentiment, growth and job creation.

scholarly journals Konsekwencje brexitu dla finansów Unii Europejskiej

Studia BAS ◽  
2021 ◽  
Vol 3 (67) ◽  
pp. 133-152
Author(s):  
Kamil Kotliński
Keyword(s):  
Point Of View ◽  
Additional Contribution ◽  
The European Union ◽  
Investment Bank ◽  
European Central ◽  
The Third ◽  
The Uk ◽  
European Investment ◽  
The Eu ◽  
Budget Revenue

The aim of the article is to identify the consequences of Brexit from the point of view of the EU finances. The first section focuses on the share of member states in the EU budget revenue. The author attempted to estimate the additional contribution of each member state. The second section briefly shows in which EU programmes the UK still takes part. The third section concentrates on the adjustment of the shares in the capital of the European Investment Bank and the European Central Bank to the reduced number of shareholders. The next part discusses the budgetary correction mechanisms as a historical remnant of the British rebate. In the last section the author describes the Brexit Adjustment Reserve, which supports regions and sectors most affected by the United Kingdom’s withdrawal from the European Union.

Germany to wait out major EU decisions until post-2017

2015 ◽  
Keyword(s):  
Euro Area ◽  
Debt Relief ◽  
French Elections ◽  
Content Type ◽  
Greek Crisis ◽  
Eu Referendum ◽  
The Uk ◽  
Party Family ◽  
The Imf

Significance The Greek crisis has exposed Germany's euro-area dominance more clearly than ever -- to both Germany's partners and Germany, and to the discomfort of both. Merkel's decisions in the crisis have reflected in part her wish to buy time until after the 2017 German and French elections, and her belief in the continuing importance of the Franco-German relationship. Impacts Belying German hopes the three-year Greek deal will buy time until after 2017, October could see a new clash over debt relief and the IMF. Given the alternatives in Paris, Merkel will hope more strongly than usual for a new French president from her own party family. Waiting for stronger leadership in Paris could risk fuelling French eurosceptics' charges that France lacks influence. Seeing major 'future EU' initiatives only after the 2017 German and French polls, Berlin would like the UK EU referendum also over by then. Germany's wish to postpone major EU reforms will limit the scope of any pre-referendum deal with London.

Caribbean debt initiatives highlight disaster impact

2015 ◽  
Keyword(s):  
Debt Relief ◽  
Caribbean Island ◽  
Content Type ◽  
Poor Countries ◽  
Island States ◽  
Finance Minister ◽  
Economic Commission ◽  
Heavily Indebted Poor Countries ◽  
The Caribbean ◽  
Hipc Initiative

Subject Multilateral debt relief options. Significance At the Third International Conference on Financing for Development, the UN Economic Commission for Latin America and the Caribbean (ECLAC) presented a proposal for multilateral debt relief for Caribbean island states. Barbados's finance minister, Chris Sinckler, has since called for the region to be granted no less favourable debt relief than that made available under the Heavily Indebted Poor Countries (HIPC) Initiative in the 1990s. Impacts Caribbean countries cite debt reduction as indispensable to tackle both socioeconomic stability and global risks such as climate change. However, securing broad support for debt reduction will be difficult. The question of conditionality will be a vexed one.

Leveraging Policy Steer? Industrial Policy, Risk-Sharing, and the European Investment Bank

2021 ◽  
pp. 90-114
Author(s):  
Stephany Griffith-Jones ◽  
Natalya Naqvi
Keyword(s):  
Industrial Policy ◽  
Risk Sharing ◽  
Financial Risk ◽  
Investment Bank ◽  
European Investment Bank ◽  
Policy Risk ◽  
Private Investors ◽  
European Investment ◽  
Market Relations ◽  
Actual Policy

This chapter focuses on the European Investment Bank and the Juncker Plan in terms of its impact on industrial policy and state-market relations. Showing the growth of both the EIB and the EIF over the past two decades, the chapter highlights the increasing importance of engaging private investors in their financial operations. By proposing an analytical distinction between “economic” and “financial” risk, it argues that operating on risk-sharing arrangements has led the EIB—and the Juncker Plan—to effectively accumulate the latter at the expense of the former, which has resulted not only in a trade-off between actual policy steer as envisaged by the Commission and increased leverage as a developmental strategy, but also in political tensions within the field of development banking.

Analysis of financial close delay in PPP infrastructure projects in developing countries

2017 ◽  
Vol 24 (6) ◽  
pp. 1690-1708 ◽  
Author(s):  
Solomon Olusola Babatunde ◽  
Srinath Perera
Keyword(s):  
Developing Countries ◽  
Factor Analysis ◽  
Questionnaire Survey ◽  
Empirical Studies ◽  
Infrastructure Projects ◽  
Content Type ◽  
Scant Attention ◽  
The Mean ◽  
Private Investors ◽  
Managerial Capabilities

Purpose The presence of previous awarded public-private partnership (PPP) infrastructure projects that significantly delays reaching financial close constrain the likely success of new PPP projects. However, effort at investigating financial close delays of PPP projects through empirical studies by the research community received scant attention. Thus, the purpose of this paper is to identify and assess the factors causing delays in PPP projects from reaching financial close in developing countries. Design/methodology/approach The study adopted literature review and questionnaire survey. In order to capture a broad perception, a questionnaire survey was adopted, which was administered to three different primary stakeholder categories comprised public sector authorities (i.e. ministries, department, and agencies), concessionaires, and lenders/banks already involved in PPP infrastructure projects implementation in Nigeria. The data obtained were analysed using mean score, Kruskal-Wallis test, and factor analysis. Findings The study revealed the mean score ranking of 39 identified causes of financial close delays in PPP projects, and the mean score values for all the identified 39 causes of financial close delays are very high. The study, through factor analysis, categorised the 39 identified causes of financial close delays into eight principal factors. The factors are: decreased bankability of PPP projects; unstable economic policy; weak financial, technical, and managerial capabilities of the concessionaires; weak public institutions; lack of creditworthiness of both the project sponsors and active partner; unfavourable economy of the host country; weak legal and unfavourable environment; and high contingent liabilities, respectively. Practical implications The identification and evaluation of the factors delaying PPP projects development from reaching financial close in a reasonable time manner would be useful for PPP primary stakeholders to develop strategies to safeguard the present and future PPP projects implementation in developing countries. Originality/value The study findings would be useful for both policymakers considering PPP projects and private investors seeking to finance PPP projects in developing countries. This study is crucial as not many empirical studies have been conducted in developing countries.

scholarly journals Investigation into the causes of delay in land acquisition for PPP projects in developing countries

2017 ◽  
Vol 15 (4) ◽  
pp. 552-570 ◽  
Author(s):  
Solomon Olusola Babatunde ◽  
Onaopepo Adeniyi ◽  
Oluwaseyi Alabi Awodele
Keyword(s):  
Developing Countries ◽  
Factor Analysis ◽  
Literature Review ◽  
Questionnaire Survey ◽  
Empirical Method ◽  
Land Acquisition ◽  
Infrastructure Development ◽  
Infrastructure Projects ◽  
Content Type ◽  
Private Investors

Purpose The land is a critical resource for public-private partnerships (PPPs) in infrastructure development. However, acquisition of land for PPP infrastructure projects implementation increasingly becomes problematic in developing countries. Yet, effort at investigating the factors causing a delay in land acquisition for PPP infrastructure projects through an empirical method in developing countries received scant attention. Therefore, the purpose of this study is to identify and critically assess the factors predisposing PPP projects implementation to land acquisition delay in Nigeria using an empirical approach. Design/methodology/approach The study adopted literature review and questionnaire survey. For instance, literature review was used to identify the factors causing delay in land acquisition for PPP projects in developing countries, which was used to design the questionnaire survey culminating in data analysis. To capture a broad perception, the questionnaires were administered to three different primary stakeholder groups comprised public sector authorities (i.e. ministries, department, agencies), concessionaires and lenders/banks involved in PPP projects implementation in Nigeria. Data collected were analysed using mean score, Kruskal–Wallis test and factor analysis. Findings The study revealed the mean score ranking of 22 identified factors causing a delay in land acquisition for PPP projects in Nigeria. The result of factor analysis grouped the 22 identified factors into 4 principal factors, namely, resettlement issues with political interference; non-availability of land with a higher cost of land transactions; weak planning institutions; and rehabilitation issues with extensive legal delays. Practical implications These study findings have implications for both policymakers considering PPP projects and private investors seeking to finance a PPP project in developing countries. Also, the study findings would be useful for the governments in Nigeria and other developing countries to formulate clear policies framework that facilitates the smooth acquisition of land for PPP projects. Originality/value The study will be beneficial to the potential local and foreign private investors and governments by broadening their awareness on impediments in land acquisition for PPP projects in Nigeria and developing countries at large. These study findings are crucial, as not many empirical studies have been conducted in Nigeria and many other developing countries.

Moldovan government will prioritise Western assistance

2021 ◽  
Keyword(s):  
Public Sector ◽  
Budget Deficit ◽  
Prime Minister ◽  
Governance System ◽  
Content Type ◽  
The Public ◽  
Finance Minister ◽  
The Creation ◽  
The Government ◽  
The Imf

Significance The government is headed by Prime Minister Natalia Gavrilita, a leading PAS figure and former finance minister. This completes the creation of a strong functioning governance system under President Maia Sandu and her PAS allies. Impacts The budget deficit will encourage the government to accept conditions set by the IMF and EU. Unprecedented political synergies should foster swift, more cohesive reforms. A comprehensive campaign against corruption will be disruptive for the public sector. Finding competent, uncorrupt people to take senior positions and staff institutions will be a challenge.

UK China bank move does not imply strategic shift

2015 ◽  
Keyword(s):  
Infrastructure Investment ◽  
Policy Area ◽  
Investment Bank ◽  
Content Type ◽  
White House ◽  
Asian Infrastructure Investment Bank ◽  
Finance Minister ◽  
The United Kingdom ◽  
High Level ◽  
Do So

Subject The United Kingdom's decision to join the Asian Infrastructure Investment Bank. Significance On March 12, UK finance minister George Osborne announced that the United Kingdom had applied to join the Asian Infrastructure Investment Bank (AIIB) announced by China last year. It was the first large US ally to do so. An unnamed White House official told a journalist that Washington was frustrated about London's "constant accommodation" with Beijing. These developments have sparked fears in some quarters that China's rise could drive a wedge between Washington and its closest friends. Impacts Cooperating with China to reform international financial institutions -- in consultation with Washington -- is a longstanding UK objective. UK objectives vis-a-vis China reflect the sometimes-conflicting priorities of a diverse electorate; they go beyond trade. Boosting trade currently enjoys high-level political favour, but will not be the priority indefinitely or in every policy area.

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