Petroleum is now by far Timor-Leste’s largest source of income. If well harnessed, Timor-Leste’s petroleum wealth offers the potential for a more prosperous future. This Selected Issues paper provides an overview of how Timor-Leste’s Petroleum Fund functions. It considers...

The Selected Issues paper provides an overview of trends, performance export growth, value added, and employment, account of the structure and evolution of Lesotho's textiles during the decade through 2002, and discusses future prospects and key issues. It analyzes the implications of the...

This study discusses a number of policy options that could help transform Equatorial Guinea’s oil wealth into sustainable improvements in living conditions. The development of Equatorial Guinea’s non-oil sector over the coming years will be essential for long-term economic growth...

This technical note focuses on fixed income markets for Thailand. The note recommends that Thailand should begin an orderly transition from merit-based regulation of corporate issuers and institutional investors to a disclosure-based regulatory system that opens the debt market to a larger and...

This Selected Issues paper presents evidence on linkages between investment and growth observed in other countries to gauge the expected impact of increasing public investment in Timor-Leste. The results indicate that the level of capital expenditure envisioned in the government’s...

This Selected Issues paper examines the reasons for the poor initial performance of the Compact Trust Fund (CTF) of Micronesia and the issues related to the governance framework. The design and recent implementation of the CTF raise concerns that Micronesia will still face a difficult transition...

This technical note assesses the reform of Spanish savings banks (SSBs). It provides a brief overview of the SSB institutional framework before the reform, and describes the main factors that led to the financial distress, albeit uneven, of the SSB sector. The note outlines major regulatory and...

This background paper describes five different tools that can be used for the assessment of tax incentives by governments in low income countries' (LICs). The first tool (an application of cost-benefit analysis) provides an overarching framework for assessment. Evaluations of the various costs...

A number of initiatives begun in the Poverty Reduction Strategy Paper (PRSP) remain incomplete and need to be further implemented in the new PRSP. Executive Directors recommend institutionalization of the PRSP process as a comprehensive approach to overall public policymaking. Strengthened...

The recent crisis and interest rate declines have put the financial sustainability of the Dutch occupational pension system under severe strain. The benefit-cutting measures have been received by the public as an unexpected and almost unknown option inherent in the pension contracts. Adding to...