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The political economy of development
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WDR96 = From "Definitions and Data Notes", World Development Report 1996:

THE WORLD BANK GROUP (description)

_________________________________________________________________________

WDR85 = From "Definitions and data notes", World Development Report 1985:
       CAPITAL FLOWS:                      TRADE AND FINANCE:
COMPONENTS OF CAPITAL FLOWS            
CONCESIONAL FLOWS                      BALANCE OF PAYMENTS
DIRECT FOREIGN INVESTMENT              CURRENT ACCOUNT BALANCE
EQUITY FINANCING                       DEBT REORGANIZATION
EXPORT CREDITS                         DEBT SERVICE
GRANT                                  EXTERNAL DEBT
GRANT ELEMENT                          INTEREST RATE
NET FLOWS OF LENDING                   INTERMEDIATION
NONCONCESSIONAL FLOWS                  MATURITY
OFFICIAL DEVELOPMENT ASSISTANCE        RESERVES
PRIVATE NONGUARANTEED DEBT             RESOURCE BALANCE
PUBLIC AND PUBLICLY GUARANTEED DEBT    SPREAD
                                       TERMS OF TRADE
                                       TRADE BALANCE
      NATIONAL ACCOUNTS:
GROSS DOMESTIC PRODUCT                    COUNTRY GROUPINGS:
GROSS NATIONAL PRODUCT                 DEVELOPING COUNTRIES
INVESTMENT                             MIDDLE-INCOME OIL EXPORTERS
SAVINGS                                MIDDLE-INCOME OIL IMPORTERS
                                       HIGH-INCOME OIL EXPORTERS
  ACRONYMS AND INITIALS:               INDUSTRIAL MARKET ECONOMIES
BIS                                    EAST EUROPEAN NONMARKET ECONOMIES
DAC                                    SUB-SAHARAN AFRICA
EC                                     MIDDLE EAST AND NORTH AFRICA
FAO                                    EAST ASIA
GATT                                   SOUTH ASIA
GDI                                    LATIN AMERICA AND THE CARIBBEAN
GDP                                    MAJOR BORROWERS
GDS
GNP
GNS
IBRD                                   Data Notes:
IDA                                    Billion is 1,000 million.
IFC                                    Tons are metric tons (t), equal
ILO                                    to 1,000 kilograms (kg) or
IMF                                    2,204.6 pounds.
LIBOR                                  Growth rates are in real terms
NGO                                    unless otherwise stated. Growth
ODA                                    rates for spans of years in
OECD                                   tables cover the period from the
OPEC                                   beginning of the base year to the
SDR                                    end of the last year given.
UN                                     Dollars are current U.S. dollars
UNCTAD                                 unless otherwise specified.
UNDP                                   The symbol .. in tables indicates
UNESCO                                 data are not avilable (WDR85)
UNICEF
___________________end of Definitions and data notes. 1985_____________
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WDR96 = From "Definitions and Data Notes", World Development Report 1996:

CORPORATE GOVERNANCE                    EXTERNALITIES
GINI COEFFICIENTS                       HARD BUDGET CONSTRAINTS
INFORMALIZATION                         LIBERALIZATION
MARKET FAILURE                          MORAL HAZARD
PRIVATIZATION                           RENT SEEKING
STABILIZATION                           TOWNSHIP AND VILLAGE ENTERPRISES

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CORPORATE GOVERNANCE is the monitoring and control, typically by
owners, of the management and performance of an enterprise. (WDR96)

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EXTERNALITIES are costs or benefits resulting from an economic activity
or transaction that accrue to persons or entities other than those
engaged in it. (WDR96)

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GINI COEFFICIENTS are a standard measure of inequality of income
distribution, calculated with reference to the departure of an actual
distribution from a state of perfect income equality. (WDR96)

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HARD BUDGET CONSTRAINTS are said to exist when managers of state
enterprises know that the budgets set for them by central government
are fixed and that losses will not be financed out of general revenues
or by the central bank. (WDR96)

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INFORMALIZATION is the exit of economic activity from that part of the
economy where it is subject to laws, regulation, and taxation and
covered in official economic statistics. (WDR96)

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LIBERALIZATION refers, except where stated otherwise, to economic
libaralization: the loosening or elimination of government restrictions
on domestic transactions, prices and markets; on external transactions
and the free exchange of domestic currency for foreign and vice versa
(CONVERTIBILITY); or on free entry of firms into domestic markets.
(WDR96)

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MARKET FAILURE is any situation in which markets systematically produce
more or less of certain goods or services than is optimal for the
society as a whole. (WDR96)

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MORAL HAZARD is a situation in which the presence of insurance or the
expectation of compensating policy weakens or distorts incentives to
prudent behaviour. (WDR96)

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PRIVATIZATION is used in its strict sense, that of divestiture by the
state of enterprises, land, or other assets, and not in the broader
sense of any action that moves an enterprise or an economy in the
direction of private ownership or that tends to make the behaviour of
state enterprises more like that of private entities. (WDR96)

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RENT SEEKING is any manipulation of the law or of government authority
in order to generate or appropriate an economic rent. Such rents are
earnings from productive factors in excess of the minimum needed to keep
that factor at its present use; they can arise through the acquisition
of a claim on a resource whose ownership was ambiguous or weakly
exercised, or through a change in government policy that creates an
artificial scarcity. (WDR96)

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STABILIZATION refers to macroeconomic stabilization, or the control and
reduction of inflation and the containing of economic-wide imbalances,
such as fiscal deficits, and of external imbalances, such as current
account deficits. (WDR96)

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TOWNSHIP AND VILLAGE ENTERPRISES are a form of enterprise organization
unique to China in which local government owns all or most of the
enterprise but local individuals hold implicit property rights. (WDR96)

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___________________end of Definitions and data notes. 1996_____________



_______________________________________________________________________

COMPONENTS OF CAPITAL FLOWS   BACK TO TOP
____________________________________________________________________
COMPONENTES OF CAPITAL FLOWS. International movements of capital may
come from either official or private sources. 
     Official sources are:
                     a) governments and governmental agencies (also
                        called 'bilateral lenders') and
                     b) international organizations (called
                        'multilateral lenders')
     Private sources comprise:
                     a) commercial suppliers and manufacturers,
                        which provide export credits for the purchase
                        of their goods,
                     b) commercial banks, which provide export credits
                        or cash loans,
                     c) other private investors, who invest in foreign
                        enterprises in which they seek a lasting
                        interest (direct investment) or purchase stocks
                        or bonds issued by foreign companies or
                        governments (portfolio investment), and
                     d) charitable organizations, which provide
                        financial aid, goods, and services as grants.
                        (WDR85)
________________________________________________________________________

CONCESSIONAL FLOWS          BACK TO TOP
________________________________________________________________________
CONCESSIONAL FLOWS. International lending on terms more favorable to
the borrower than those obtainable through normal market transactions.
In this text (World Development Report), concessional flows are
defined as those having a grant element of 25 percent or more. (WDR85)
________________________________________________________________________

DIRECT FOREIGN INVESTMENT.   BACK TO TOP
________________________________________________________________________
DIRECT FOREIGN INVESTMENT. Investment made to acquire a lasting
interest in an enterprise operating in an economy other than that of
the investor, the investor's purpose being to have an effective voice
in the management of the enterprise. (WDR85)
________________________________________________________________________

EQUITY FINANCING   BACK TO TOP 
________________________________________________________________________
EQUITY FINANCING. Investment that confers whole or partial ownership in
an enterprise and entitles the investor to share in the profits from its
operation. International equity financing flows may be included in
either foreign direct or portfolio investment. (WDR85)
________________________________________________________________________

EXPORT CREDITS    BACK TO TOP
________________________________________________________________________
EXPORT CREDITS. Finance provided by lenders in a given country for
exports of specific goods or services. Conventionally, one distinguishes
between private and official exports credits.
PRIVATE EXPORT CREDITS consist of
(a) supplier credits, which are extended by the exporting company to the
    foreign buyer and
(b) buyer credits, which are extended by commercial banks in the
    exporting country on behalf of the exporters.
OFFICIAL EXPORT CREDITS are extended by an agency of the exporting
country's government. (WDR85)
________________________________________________________________________

GRANT                 BACK TO TOP
________________________________________________________________________
GRANT. A current transfer of capital, goods, or services to a foreign
country that results in no current or future obligation to make a like
transfer from the recipient country to the donor. (WDR85)
________________________________________________________________________

2GRANT ELEMENT        BACK TO TOP
________________________________________________________________________
GRANT ELEMENT. The extent to which a loan can be considered a grant is
determined by its GRANT ELEMENT -the difference between the original
face value of the loan and the discounted present value of debt service,
as a percentage of the original face value. Thus a true grant has a
gran element of 100 percent. A discount rate of 10 percent is
conventionally used in the calculation. The grant element is used to
compare the concessionality of assistance provided under differing terms
and conditions.(WDR85)
________________________________________________________________________

NET FLOWS OF LENDING      BACK TO TOP
________________________________________________________________________
NET FLOWS OF LENDING. Loan disbursements less amortization of capital.
(WDR85)
________________________________________________________________________

NONCONCESSIONAL FLOWS     BACK TO TOP
________________________________________________________________________
NON CONCESSIONAL FLOWS. Lending on or near terms prevailing in private
financial markets. (WDR85)
________________________________________________________________________

OFFICIAL DEVELOPMENT ASSISTANCE   BACK TO TOP
________________________________________________________________________
OFFICIAL DEVELOPMENT ASSITANCE. Loans and grants made on concessional
financial terms from official sources, with the objective of promoting
economic development and welfare. It includes the value of technical
cooperation and assistance. (WDR85)
________________________________________________________________________

PRIVATE NONGUARANTEED DEBT     BACK TO TOP
________________________________________________________________________
PRIVATE NONGUARANTEED DEBT. Private nonguaranteed loans are external
obligations of private debtors that are not guaranteed for repayment
by a public entity of the debtor country. (WDR85)
________________________________________________________________________

PUBLIC AND PUBLICLY GUARANTEED DEBT   BACK TO TOP
________________________________________________________________________
PUBLIC AND PUBLICLY GUARANTEED DEBT. Public loans are external
obligations of public debtors, including national governments, their
agencies, and autonomous bodies. Publicly guaranteed loans are external
obligations of private debtors that are guaranteed for repayment by a
public entity of the debtor country. (WDR85)
________________________________________________________________________

BALANCE OF PAYMENTS   BACK TO TOP
________________________________________________________________________
BALANCE OF PAYMENTS. A systematic record of the economic transactions
between a nation's residents and nonresidents during a given period,
usually one calendar or fiscal year. It covers the flows of real
resources (including factor services, such as the services of labor and
capital) across the boundaries of the domestic economy, changes in
foreign assets and liabilities resulting from economic transactions, and
transfer payments to and from the rest of the world. Balance of payments
accounts comprise two broad categories: the current account, which
measures merchandise trade, factor and nonfactor service income, and
transfer receipts and payments, and the capital account, which measures
changes in domestic and foreign capital assets and liabilities. (WDR85)
________________________________________________________________________

CURRENT ACCOUNT BALANCE  BACK TO TOP
________________________________________________________________________
CURRENT ACCOUNT BALANCE. A representation of the transactions that add
to or subtract from an economy's stock of financial items. It is given
as the sum of net exports of goods and nonfactor services, net factor
income, and net transfers. Official capital grants are excluded. (WDR85)
________________________________________________________________________

DEBT REORGANIZATION    BACK TO TOP
________________________________________________________________________
DEBT REORGANIZATION. Any change in the payment arrangements associated
with an existing stock of debt mutually agreed upon by the borrower and
the lender. In DEBT REFINANCING, new loans are negotiated to meet debt
service obligations on existing debt. In DEBT RESCHEDULING, arrangements
are agreed upon for postponing payments of principal or interest or
otherwise changing the terms of repayments or of interest charges.(WDR85)
________________________________________________________________________

2DEBT SERVICE   BACK TO TOP
________________________________________________________________________
DEBT SERVICE. The sum of interest payments and repayments of principal
on external debt. The DEBT SERVICE RATIO is total debt service divided
by exports of goods and services. (WDR85)
________________________________________________________________________

EXTERNAL DEBT   BACK TO TOP
________________________________________________________________________
EXTERNAL DEBT. Debt that is owed to nonresidents. World Bank data,
unless otherwise specified, cover external debt that has an original or
extended maturity of one year or more and that is repayable in foreign
currency, goods, or services. Transactions with the International
Monetary Fund are excluded (with the exception of Trust Fund loans). A
distinction in medium- and long-term debt is made between PRIVATE
NONGUARANTEED DEBT and PUBLIC AND PUBLICLY GUARANTEED DEBT. (WDR85)
________________________________________________________________________

INTEREST RATES   BACK TO TOP
________________________________________________________________________
INTEREST RATES. The NOMINAL RATE on a given loan is the percentage
stipulated in the loan contract and may be expressed as a FIXED RATE,
that is, an interest rate that is constant over the duration of the
loan, or as a VARIABLE, or FLOATING, RATE, an interest rate that is
recalculated at fixed intervals (such as every six months). Variable
interest rates consist of a base rate (such as the six-month London
interbank offered rate) plus a margin, or spread. MARKET, or WORLD,
RATES reflect the terms of borrowing at any given time in private
capital markets; market rates are usually differentiated as LONG-TERM
RATES -the current rates payable on financial instruments, such as
bonds, having maturities of more than one year- and SHORT-TERM RATES
-those on such instruments maturing in one year or less. The REAL
INTEREST RATE is the nominal rate adjusted to account for changes in
the price level. (WDR85)
________________________________________________________________________

INTERMEDIATION    BACK TO TOP
________________________________________________________________________
INTERMEDIATION. The process whereby a private or official financial
agency accepts funds from investors and onlends them to borrowers.(WDR85)
________________________________________________________________________

MATURITY          BACK TO TOP
________________________________________________________________________
MATURITY. For a loan, the date at which the final repayment of principal
is to be made. SHORT-TERM LOANS are those with original maturity of a
year or less; MEDIUM- AND LONG-TERM LOANS are those with original or
extended maturity of more than one year. (WDR85)
________________________________________________________________________

RESERVES          BACK TO TOP
________________________________________________________________________
RESERVES. A country's international reserves comprise its holdings of
monetary gold and special drawing rights; its reserve position in the
International Monetary Fund; its holdings of foreign exchange under the
control of monetary authorities; its use of IMF credit; and its existing
claims on nonresidents that are available to the central authorities.
Reserves are also expressed in terms of the number of months of imports
of goods and services thet could pay for. (WDR85)
________________________________________________________________________

RESOURCE BALANCE  BACK TO TOP
________________________________________________________________________
RESOURCE BALANCE. The difference between exports of goods and nonfactor
services and imports of goods and nonfactor services. (WDR85)
________________________________________________________________________

SPREAD            BACK TO TOP
________________________________________________________________________
SPREAD. The difference between a reference rate used to price loans and
the rate at which funds are lent to final borrowers. A widely used
reference rate is the London interbank offered rate, or LIBOR -the rate
at which banks participating in the London market are prepared to lend
funds to the most creditworthy banks. Another is the U.S. prime rate.
(WDR85)
________________________________________________________________________

TERMS OF TRADE    BACK TO TOP
________________________________________________________________________
TERMS OF TRADE. A measure of the relative level of export prices
compared with import prices. Calculated as the ratio of a country's
index of export unit value to the import unit value, this indicator
shows changes over a base year in the level of export prices as a
percentage of import prices.
________________________________________________________________________

TRADE BALANCE     BACK TO TOP
________________________________________________________________________
TRADE BALANCE. The difference between merchandise exports f.o.b. and
merchandise imports f.o.b. (WDR85)
________________________________________________________________________

GROSS DOMESTIC PRODUCT   BACK TO TOP
________________________________________________________________________
GROSS DOMESTIC PRODUCT. The total final output of goods and services
produced by an economy -that is, by residents and nonresidents,
regardless of the allocation to domestic and foreign claims. It is
calculated without making deductions for depreciation. (WDR85)
________________________________________________________________________

2GROSS NATIONAL PRODUCT  BACK TO TOP
________________________________________________________________________
GROSS NATIONAL PRODUCT. The total domestic and foreign output claimed by
residents. It comprises gross domestic product adjusted by net factor
income from abroad. Factor income comprises receipts that residents
receive from abroad for factor services (labor, investment and interest)
less similar payments made to nonresidents abriad. It is calculated
without making deductions for depreciation.(WDR85)
________________________________________________________________________

INVESTMENT        BACK TO TOP
________________________________________________________________________
INVESTMENT. The sum of gross domestic fixed investment and the change in
stocks (or inventories). Gross domestic investment covers all outlays of
the private and public sectors for additions to the fixed assets of the
economy, plus the value of change in stocks (or inventories).(WDR85)
________________________________________________________________________

SAVINGS           BACK TO TOP
________________________________________________________________________
SAVINGS. Gross domestic savings is defined as the difference between GDP
and total consumption, and gross national savings are obtained by adding
net factor income from abroad and net current transfers from abroad to
gross domestic savings. (WDR85)
________________________________________________________________________

DEVELOPING COUNTRIES   BACK TO TOP
________________________________________________________________________
DEVELOPING COUNTRIES are divided into:
LOW-INCOME ECONOMIES, with 1983 gross national product (GNP) per person
of less than $400; and
MIDDLE-INCOME ECONOMIES, with 1983 GNP per person of $400 or more.
Middle-income countries are also divided into OIL EXPORTERS and OIL
IMPORTERS, identified below. (WDR85)
________________________________________________________________________

MIDDLE-INCOME OIL EXPORTERS  BACK TO TOP
________________________________________________________________________
MIDDLE-INCOME OIL EXPORTERS comprise Algeria, Angola, Cameroon, People's
Republic of the Congo, Ecuador, Arab Republic of Egypt, Gabon, Indonesia,
Islamic Republic of Iran, Iraq, Malaysia, Mexico, Nigeria, Peru, Syrian
Arab Republic, Trinidad and Tobago, Tunisia, and Venezuela. (WDR85)
________________________________________________________________________

2MIDDLE-INCOME OIL IMPORTERS  BACK TO TOP
________________________________________________________________________
MIDDLE-INCOME OIL IMPORTERS comprise all other middle-income developing
countries not classified as oil exporters. A subset, MAJOR EXPORTERS OF
MANUFACTURES, comprises Argentina, Brazil, Greece, Hong Kong, Israel,
Republic of Korea, Philippines, Portugal, Singapore, South Africa,
Thailand, and Yugoslavia. (WDR85)
________________________________________________________________________

HIGH-INCOME OIL EXPORTERS    BACK TO TOP
________________________________________________________________________
HIGH-INCOME OIL EXPORTERS (not included in developing countries) comprise
Bahrain, Brunei, Kuwait, Libya, Oman, Qatar, Saudi Arabia, and United
Arab Emirates. (WDR85)
________________________________________________________________________

INDUSTRIAL MARKET ECONOMIES   BACK TO TOP
________________________________________________________________________
INDUSTRIAL MARKET ECONOMIES are the members of the Organisation of
Economic Co-operation and Development, apart from Greece, Portugal, and
Turkey, which are included among the middle-income developing economies.
This group is commonly referred to in the text as industrial economies
or industrial countries. (WDR85)
________________________________________________________________________

EAST EUROPEAN NONMARKET ECONOMIES  BACK TO TOP
________________________________________________________________________
EAST EUROPEAN NONMARKET ECONOMIES include the following countries:
Albania, Bulgaria, Czechoslovakia, German Democratic Republic, Hungary,
Poland, Romania, and USSR. This group is sometimes referred to as
NONMARKET ECONOMIES. (WDR85)
________________________________________________________________________

SUB-SAHARAN AFRICA     BACK TO TOP
________________________________________________________________________
SUB-SAHARAN AFRICA comprises all thirty-nine developing African
countries south of the Sahara, excluding South Africa, as given in
"Toward Sustained Development in Sub-Saharan Africa: A Joint Program
 of Action" (World Bank 1984). (WDR85)
________________________________________________________________________

3MIDDLE EAST AND NORTH AFRICA   BACK TO TOP
________________________________________________________________________
MIDDLE EAST AND NORTH AFRICA includes Afghanistan, Algeria, Arab
Republic of Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya,
Morocco, Oman, Saudi Arabia, Syrian Arab Republic, Tunisia, Turkey,
Yemen Arab Republic, People's Democratic Republic of Yemen, and United
Arab Emirates. (WDR85)
________________________________________________________________________

2EAST ASIA     BACK TO TOP
________________________________________________________________________
EAST ASIA comprises all low- and middle-income countries of East and
Southeast Asia and the Pacific, east of, and including, Burma, China,
and Mongolia. (WDR85)
________________________________________________________________________

SOUTH ASIA     BACK TO TOP
________________________________________________________________________
SOUTH ASIA includes Bangladesh, Bhutan, India, Nepal, Pakistan, and
Sri Lanka. (WDR85)
________________________________________________________________________

LATIN AMERICA AND THE CARIBBEAN   BACK TO TOP
________________________________________________________________________
LATIN AMERICA AND THE CARIBBEAN comprises all American and Caribbean
countries south of the United States. (WDR85)
________________________________________________________________________

MAJOR BORROWERS    BACK TO TOP
________________________________________________________________________
MAJOR BORROWERS are countries with disbursed and outstanding debt
estimated at more than $15 billion at the end of 1983 and comprise
Argentina, Brazil, Chile, Egypt, India, Indonesia, Israel, Republic
of Korea, Mexico, Turkey, Venezuela, and Yugoslavia. (WDR85)
________________________________________________________________________

ACRONYMS AND INITIALS:     BACK TO TOP

BIS    Bank for International Settlements.

DAC    The Development Assistance Committee of the Organisation for
       Economic Co-operation and Development comprises Australia,
       Austria, Belgium, Canada, Denmark, Finland, France, Federal
       Republic of Germany, Italy, Japan, Netherlands, New Zealand,
       Norway, Sweden, Switzerland, United Kingdom, United States,
       and Commission of the European Communities.

EC     The European Communities comprise Belgium, Denmark, France,
       Federal Republic of Germany, Greece, Ireland, Italy, Luxembourg,
       Netherlands, and United Kingdom.

FAO    Food and Agriculture Organization.

GATT   General Agreement on Tariffs and Trade.

GDI    Gross domestic investment.

GDP    Gross domestic product.

GNP    Gross national product.

GNS    Gross national savings.

IBRD   International Bank for Reconstruction and Development.

IDA    International Development Association.

IFC    International Finance Corporation.

ILO    International Labour Office.

IMF    International Monetary Fund.

LIBOR  London interbank offered rate.

NGO    Nongovernmental organization.

ODA    Official development assistance.

OECD   The Organisation for Economic Co-operation and Development
       members are Australia, Austria, Belgium, Canada, Denmark,
       Finland, France, Federal Republic of Germany, Greece, Iceland,
       Ireland, Italy, Japan, Luxembourg, Netherlands, New Zealand,
       Norway, Portugal, Spain, Sweden, Switzerland, Turkey, United
       Kingdom, and United States.

OPEC   The Organisation of Petroleum Exporting Countries comprises
       Algeria, Ecuador, Gabon, Indonesia, Islamic Republic of Iran,
       Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab
       Emirates, and Venezuela.

SDR    Special drawing right.

UN     United Nations.

UNCTAD United Nations Conference on Trade and Development.

UNDP   United Nations Development Programme.

Unesco United Nations Educational, Scientific, and Cultural Organization.

UNICEF United Nations Children's Fund.            BACK TO TOP
      (WDR85)