Independent Evaluation Group2013-04-102013-04-102013-03-20978-0-8213-9853-110.1596/978-0-8213-9853-1https://hdl.handle.net/10986/13120After a sustained period of considerable achievement in poverty reduction, developing countries are now navigating an increasingly uncertain time. Developing countries overall are estimated to have achieved, ahead of schedule, the Millennium Development Goal (MDG) of cutting the 1990 rate of extreme poverty in half. The global development context has direct implications for the World Bank Group's clients, and ultimately for the World Bank Group itself. The Bank Group delivered a large-scale response to the global financial crisis of 2008-09. The portfolio of the Multilateral Investment Guarantee Agency (MIGA) became highly concentrated in the financial sector in the Europe and Central Asia region during the crisis, but the agency has made progress in diversifying its portfolio since FY11. The country program, as defined in a country assistance (or partnership) strategy, is an important intersection point for the activities of the three Bank Group institutions. Since the 2008-09 crises, Bank Group support for reforms to expand economic opportunities has been particularly relevant. The increasing concentration of International Finance Corporation (IFC) and MIGA portfolios in the financial sector gives rise to both opportunities and challenges. Crises, ratings for development policy operations remained high.en-USCC BY 3.0 IGOACCOUNTABILITYACCOUNTINGADVERSE ENVIRONMENTADVISORY SERVICESAGRICULTUREASSET MANAGEMENTAUDITINGBALANCE OF PAYMENTSBANK CAPITALIZATIONBANK FINANCINGBANK LOANBANK MANAGEMENTBANK MONITORINGBANK RECAPITALIZATIONBANKING SECTORBENEFICIARIESBENEFICIARYBUSINESS DEVELOPMENTBUSINESS VOLUMECAPACITY BUILDINGCAPITAL ADEQUACYCAPITAL FLOWSCAPITAL MARKETCAPITAL MARKET TRANSACTIONSCAPITAL REQUIREMENTSCCCHIEF FINANCIAL OFFICERCOLLECTIVECOLLECTIVE ACTIONCOMPANYCONSOLIDATIONCORPORATIONCORRUPTIONCOUNTRY RISKSCREDIT RISKCREDITSCREDITWORTHINESSCRISIS LENDINGCROP FAILUREDEBTDEBT LEVELSDECENTRALIZATIONDECISION MAKINGDEFICITSDEVELOPING COUNTRIESDEVELOPMENT ECONOMICSDEVELOPMENT FINANCEDEVELOPMENT POLICYDISBURSEMENTDISBURSEMENTSDIVERSIFICATIONDUE DILIGENCEE-LEARNINGECONOMIC ACTIVITIESECONOMIC COOPERATIONECONOMIC CRISESECONOMIC CRISISECONOMIC GROWTHECONOMIC OPPORTUNITIESECONOMIC SYSTEMEMERGING ECONOMIESENROLLMENTEQUITY FLOWSEQUITY INVESTMENTSEX POSTEXPENDITUREEXPENDITURESEXTERNAL DEBTEXTREME POVERTYFARMERSFINANCIAL CRISESFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL INTERMEDIARIESFINANCIAL MANAGEMENTFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL OBLIGATIONSFINANCIAL RESOURCESFINANCIAL SECTORFINANCIAL SYSTEMFINANCIAL VIABILITYFOREIGN DIRECT INVESTMENTFORMER DIRECTORGENDERGENDER ISSUESGLOBAL DEVELOPMENT FINANCEGLOBAL ECONOMYGLOBAL TRADEGOVERNMENT OWNERSHIPGROSS DOMESTIC PRODUCTGROWTH RATEGUARANTEE AGENCYHUMAN DEVELOPMENTINCOMEINCOME GROWTHINSTRUMENTINSURANCEINTERNATIONAL BANKINTERNATIONAL DEVELOPMENTINTERNATIONAL FINANCEINTERNATIONAL FINANCIAL INSTITUTIONSINTERNATIONAL TRADEINVESTMENT CLIMATEINVESTMENT LOANSINVESTMENT PROJECTSISSUANCEKEY CHALLENGELABOR MARKETSLENDING INSTRUMENTSLENDING POLICIESLENDING POLICYLEVELS OF INCOME INEQUALITYLIMITEDLIQUIDITYLOAN AMOUNTLOCAL MARKETLONG-TERM FINANCELONG-TERM INVESTMENTLONG-TERM LENDINGMACROECONOMIC STABILITYMANAGERSMICROFINANCENATURAL DISASTERNATURAL DISASTERSNEW BUSINESSNONPAYMENTNUTRITIONOPERATIONAL RISKOPERATIONAL RISKSORGANIZATIONAL STRUCTURESPARTNERSHIPPER CAPITA INCOMEPOLITICAL ECONOMYPOLITICAL RISKPOLITICAL UNCERTAINTIESPORTFOLIOPORTFOLIOSPRICE INCREASESPRIVATE CAPITALPRIVATE PARTNERSHIPPRODUCTIVE INVESTMENTSPRODUCTIVITYREAL GDPREAL INCOMEREGULATORY FRAMEWORKSRESOURCE ALLOCATIONRESOURCE MOBILIZATIONRISK AVERSIONRISK MANAGEMENTRISK MANAGEMENT SYSTEMSRISK MITIGATIONSAFETY NETSHARE OF INVESTMENTSHAREHOLDERSSHORT-TERM FINANCESHORT-TERM FINANCINGSHORT-TERM INSTRUMENTSSOCIAL DEVELOPMENTSOVEREIGN DEBTSPONSORSPONSORSSTAKEHOLDERSTAKEHOLDERSSUBSIDIARIESSUBSIDIARYSUPPLY CHAINTECHNICAL ASSISTANCETECHNICAL SUPPORTTRADE FINANCETRADE LIBERALIZATIONTRUST FUNDUNIONURBAN AREASVULNERABLE HOUSEHOLDSWorld Bank10.1596/978-0-8213-9853-1