Assisting Russia's Transition : An Unprecedented Challenge
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Washington, DC: World Bank
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The Country Assistance Evaluation (CAE)
for Russia, covering the period 1992-2001, showed
disappointing, but improving results for the Bank's
activities in the Russian Federation. Despite unsatisfactory
ratings during 1992-98, with only modest institutional
development impacts, the Operations Evaluation Department
(OED) rated the outcome satisfactory for the period 1998-01,
and institutional development impacts as substantial. This
paper reviews the decade of rapid political, and economic
transformation, where obstacles to reform had to be
surmounted, namely, state-owned institutions' need to
focus on regulation and oversight; an economic structure
more focused on comparative advantage; production and
distribution systems' need to undergo organizational,
and structural changes; while the newly created financial
sector struggled through regulation, amidst a weak
authority, and complex federal system. Yet, no major policy
reversal occurred, and economic recovery is in place. The
paper then examines from investment lending to the
adjustment lending, with an improved portfolio performance
as of 1999, where the question remains on the resilience of
achievements to external shocks, particularly the drop of
oil prices and other export commodities. Recommendations
include assistance for reform, focused on further social
consensus, with emphasis on public sector management, legal
and judicial reform, investment and business climate,
pension reform and labor market performance.
Palabras clave
ACCOUNTABILITY, ADJUSTMENT LOANS, AGRICULTURE, ANALYTICAL WORK, BANK LENDING, BANK MANAGEMENT, BANK PERFORMANCE, BANKING SECTOR, BORROWER, BROAD CONSENSUS, BUILDING OWNERSHIP, BUSINESS ENVIRONMENT, CIVIL SOCIETY, COMMITMENT, COMMITMENTS, COMPARATIVE ADVANTAGE, CONSENSUS, COST EFFECTIVENESS, COUNTRY OWNERSHIP, DEBT, DECENTRALIZATION, DEVALUATION, DEVELOPMENT GOALS, DISBURSEMENTS, ECO, ECONOMIC ACTIVITY, ECONOMIC RESEARCH, ECONOMIC STRUCTURE, EQUITY INVESTMENTS, EXTERNAL DEBT, EXTERNAL SHOCKS, FINANCIAL ASSISTANCE, FINANCIAL CRISIS, FINANCIAL SECTOR, FINANCIAL SUPPORT, FISCAL, FISCAL MANAGEMENT, FISCAL YEAR, FOREIGN DEBT, FOREIGN DIRECT INVESTMENT, FOREIGN INVESTORS, GOVERNMENT OFFICIALS, HUMAN DEVELOPMENT, INFLATION, INSTITUTIONAL CAPACITY, INSTITUTIONAL DEVELOPMENT, INSTITUTIONAL FRAMEWORK, INSTITUTIONAL REFORM, LEGISLATION, LENDING PROGRAM, LOAN, LOCAL GOVERNMENT, MACROECONOMIC STABILITY, MARKET ECONOMY, MULTILATERAL INVESTMENT GUARANTEE AGENCY, POLICY DIALOGUE, POLITICAL RISK, PRIVATIZATION, PUBLIC INSTITUTIONS, PUBLIC SECTOR, PUBLIC SECTOR MANAGEMENT, REHABILITATION, REPRESENTATIVES, SAL, SECTORAL COMPOSITION, SHAREHOLDERS, SMALL LOANS, SOCIAL PERFORMANCE, SOCIAL PROTECTION, SOCIAL PROTECTION MECHANISMS, SOCIAL SERVICES, STATE ENTERPRISES, STATE INSTITUTIONS, STATE-OWNED ENTERPRISES, STRUCTURAL ADJUSTMENT, STRUCTURAL ADJUSTMENT LOANS, STRUCTURAL REFORM, STRUCTURAL REFORMS, SUBSIDIARY, TECHNICAL ASSISTANCE, TRANSITION PROCESS