dedication of Central Bank in reaching that target. Inflation targeting is initially adopted by New Zealand in 1989., and after that a lot of central banks from developed and emerging countries started accepting it as their main, and in some cases, only goal. This decision was based on benefits of price stability. Inflation was observed as a monetary phenomenon and as such it can only be controlled by monetary policy means, this being the rate of interest under the control of the central bank (Arestis
attention has been focused on the responsibilities and effectiveness of audit committees within corporate governance in the wake of several high profiles corporate governance failures, such as Polly Peck, BCCI Bank and Maxwell in the UK, WorldCom and Enron in the US, and Parmalat in Italy. The importance of strong corporate governance has assumed a vital role in organizations ever since these highly publicized corporate fiascos. Regulations have been brought in most countries around the world to improve
A lot has been written to describe fiscal decentralisation theory in this chapter. The study considered this particular section important in the sense that theory is developed from observations of phenomena in question. World Bank (2003:3) identifies four main practical issues that concern fiscally decentralised systems. The assignment of responsibility for the provision of services across different tiers of government, the assignment of revenue-raising powers, intergovernmental fiscal transfers
INTRODUCTION There has been growing tension and doubt on Africa becoming a developmental continent. Conceptualising the nature and challenges of public administration and management can be seen as a great impact to Africa becoming a developmental state. Public administration is a tool that guides the delivery of public sector management. In a numerous countries in Africa managing the public sector suggests a continuous mission to good governance. Good governance is one the core requirements
Asian Development Bank initiated reforms in Pakistan in 1998 to compensate the economic crisis in the country. In Pakistan these reforms are instigated with the aim to get better the feedback mechanism and to make the public sector operations more accountable. Also, the
war in the Middle East will be fought over water, not politics”; his successor at the UN, Kofi Annan, who in 2001 said, “Fierce competition for fresh water may well become the source of conflicts and war in future” and the former president of World Bank, Ismail Serageldin said “The wars of the next century will be over water unless significant changes in governance occurred” Water issue touches all segments of society and
The infrastructure development is a critical part of an economy. A well developed physical infrastructure provides efficient services, enhances competitiveness and pave the way for strong economic growth. Infrastructure includes transportation, power, sanitation and health facilities, water supply, education etc which has a direct impact on the quality of life. Infrastructure bottlenecks have been a major impediment to growth in India as the existing infrastructure base is lagging behind when compared
Importantly, however, over the last twenty years it has gained widespread recognition in all regions of the world. This is reflected in authoritative statements signaling the importance of this right by a number of international bodies, including various UN actors and all three regional human rights systems, in specific guarantees for this right in many of the new constitutions adopted in countries undergoing democratic transitions
attempt in the late 1990s to reform aid delivery, shifting from predominantly stand-alone projects and conditionality- led stand- structural adjustment programs toward partnerships and mutual accountability (World Bank, 1998). Besides research on the determinants of growth, recent work has examined the importance of institutions and good governance for aid effectiveness in recipient countries for example, Svensson 1999; Bumside and Dollar 2000, 2004 and Dollar and Svensson 2000), findings
Youth unemployment in Kenya is a ticking time bomb awaiting to explode, unemployment is at 40%, 70% of this is accounted for by youths (15yrs-35years). World Bank estimates that approximately 800,000 Kenyans join labor market each year and only 50,000 succeed in getting professional jobs (Raphael Obonyo). The government has seen its growing youth population as an opportunity instead of a liability, hence coming