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In the article, the authors reveal the historical and legal aspects of space activities in Ukraine. The historical and legal acts of the Ukrainian SSR and the Soviet Union, regulating the space industry, are analyzed. Considerable attention was paid to the peculiarities of legal regulation of the activities of the main space design bureaus of the time. It is concluded that the space activities of the USSR — in general and the Ukrainian SSR were provided on the basis of sublegislative normative legal acts (resolutions of the Council of Ministers and orders of the Central bodies of the Communist party). However, the lack of the national space law was offset by systematic and full funding of space activities, resulting in the Soviet Union having a powerful space industry. In the conditions of modern development, Ukraine has all the opportunities to achieve significant development of the space industry, using the positive experience of the USSR and opening access to space activities of private investment.

Background: Acquiring capital is a crucial component for developing countries to strengthen their economies and gathering it solely through national channels is challenging. Public-private partnerships allows for foreign capital to fund projects aimed at developing infrastructure through private investors. Yet, the topic of how to attract investors to public-private partnerships is largely unexplored. Purpose: The purpose of this study is to investigate how investors with different levels of experience perceive attributes of public-private partnerships in developing countries. Furthermore, to add to the current body of knowledge of the topic, as it is limited to investors with extensive experience. Thus, we investigate investors with a range of previous knowledge and their observed preferences regarding investment opportunities. Method: This bachelor thesis is written in accordance with a positivist approach where quantitative data was extracted through a questionnaire from 31 individuals with different investments experience. The results are later analysed in terms of mean value, standard deviation, multivariate multiple regression analysis and p-value approach. The data is later discussed in terms of relevance, connection to literature and in context to the frame of reference. Conclusion: The results gathered in this thesis showcased that 3 out of 14 factors indicated a statistical significance. Which refers to that the level of investor experience influence how the individual investor perceives adequate local expertise, political support and acceptance of PPPs and capabilities of the developing country. This on the other hand also represents the overall homogenous perception and assumption regarding various factors of PPPs in developing countries from an experienced and inexperienced investors perspective. Moreover, this study provides additional knowledge and literature background regarding how investor experience influence perception on various factors associated with PPP markets in developing countries.

The role of the private sector in promoting economic growth has long been acknowledged by early classical economists. However since the emergence of the Keynesian interventionist philosophy, there have occurred vigorous debates and arguments from time to time around which of these two paradigms offers the most effective, promising and robust momentum to achieving economic growth. This study attempts to make a contribution to the discourse by assessing the linkages between fiscal policy and private investment and ultimately how these linkages impact on economic growth in Ghana. It adopts the positivist approach to research, employing the vector autoregressive (VAR) econometric method which enables researchers to uncover the various time-dependent relationships between the variables of interests as well as separate long run from short run relationships. The study employs a seven variable VAR based on the Cobb-Douglas production function encompassing private investment, fiscal aggregates and economic growth .The empirical analysis yields evidence to the fact that in this system developed, there are two long run relationships between economic growth and the other variables on one hand and government expenditure and the rest of the variables on the other. The long run estimates from the study suggests that private investments and government expenditure positively affect growth but both borrowing modes negatively influence economic growth. Again in the long run, growth in government expenditure is positively affected by the other variables. In the short run however, economic growth is negatively influenced by government expenditure but positively by private investments whilst private investments are negatively determined by government expenditure and domestic borrowing but influenced positively by external borrowing and indirect taxes. The main recommendation from the study is that government must thoughtfully reconsider the financing avenues in order not to constrain or undermine the development of the private investments as it would appear it has a critical role in driving growth in the Ghanaian economy.

Droughts affect semiarid regions worldwide, threatening economic activities and lives of people living in these places. In Brazil, 11% of the population inhabits the semiarid, and despite several mitigation measures taken by the State, it is still ranked as the most vulnerable Brazilian region and potentially the most affected by climate change. Throughout Brazilian history several public policies focused on water supply in the semiarid region have failed for different reasons. Two recurring arguments are the lack of financial resources and poor management. This work presents an analysis of a public policy that aims to provide quality and perennial water by desalting local brackish groundwater, the Programa Água Doce (PAD). We used the ecodevelopment theory to discuss the economic sustainability of the policy. The methodology used was a documental analysis, and a literature review to understand PAD’s main strengths and weaknesses. We found that the continuous flow of public and private investment was a decisive element to the implementation of the technology during the initial transference of responsibilities moment. In addition, by the gradual reduction of public investment, the management of the systems became local and funded by private resources from the beneficiaries. The PAD presents, in its dynamics, advances in the field of the dissemination of water treatment technologies and social technologies, especially in relation to the Management Agreements. However, the lack of processes for community empowerment and no strengthening of cooperativism resulted in disconnected systems that were not able to ensure economic sustainability. Las sequías afectan a las regiones semiáridas de todo el mundo, amenazando las actividades económicas y la vida de sus habitantes. En Brasil, el 11% de la población habita la región semiárida y, a pesar de varias medidas de mitigación adoptadas por el Estado, está clasificada como la región brasileña de mayor vulnerabilidad social, especialmente con respecto al cambio climático. A lo largo de la historia brasileña, varias políticas públicas dirigidas al suministro de agua en los semiáridos han fallado por diferentes razones. Dos argumentos recurrentes son la falta de recursos financieros y la mala administración. Este documento presenta el análisis de una política pública que tiene como objetivo proporcionar agua perenne y de calidad, desalinizando el agua subterránea salobre local, el Programa Água Doce (PAD). La metodología tiene un carácter cualitativo y exploratorio, a través del análisis de documentos y la revisión de la literatura para comprender las principales fortalezas y debilidades de la PAD. Finalmente, la teoría del desarrollo ecológico se utilizó para discutir la sostenibilidad económica de la política. Se encontró que el flujo continuo de inversiones públicas y privadas fue un elemento decisivo para la implementación de la tecnología durante el momento inicial de la transferencia de responsabilidades. Sin embargo, con la reducción de la inversión pública, la gestión se volvió local, con recursos de los beneficiarios. El PAD presenta avances en el campo de la difusión de tecnologías, principalmente los Acuerdos de Gestión. Sin embargo, la ausencia de empoderamiento comunitario y procesos cooperativos ha resultado en sistemas desconectados que no pueden garantizar su sostenibilidad económica. As secas afetam regiões semiáridas em todo o mundo, ameaçando as atividades econômicas e a vida de seus habitantes. No Brasil, 11% da população habita o semiárido e, apesar de várias medidas de mitigação adotadas pelo Estado, é classificada como a região brasileira de maior vulnerabilidade social, especialmente no que se refere às mudanças climáticas. Ao longo da história brasileira, várias políticas públicas voltadas para o abastecimento de água no semiárido fracassaram por diferentes razões. Dois argumentos recorrentes são a falta de recursos financeiros e a má administração. Este trabalho apresenta a análise de uma política pública que visa fornecer água perene e de qualidade, dessalinizando a água subterrânea salobra local, o Programa Água Doce (PAD). A metodologia possui caráter qualitativo e exploratório, através de análise documental e revisão de literatura para compreender os principais pontos fortes e fracos do PAD. Por fim, utilizou-se a teoria do ecodesenvolvimento para discutir a sustentabilidade econômica da política. Constatou-se que o fluxo contínuo de investimentos públicos e privados foi um elemento decisivo para a implementação da tecnologia durante o momento inicial da transferência de responsabilidades. Contudo, com a redução do investimento público, o gerenciamento passou a ser local, com recursos dos beneficiários. O PAD apresenta avanços no campo da disseminação de tecnologias, principalmente os Acordos de Gestão. No entanto, a ausência de processos de empoderamento das comunidades e de cooperativismo resultaram em sistemas desconectados e incapazes de garantir sua sustentabilidade econômica.

The article reveals some areas of using public-private partnership mechanisms for the implementation of satellite communications in the US space industry. The participation of NASA in attracting private investment to conduct advanced research and reduce their cost by using public-private partnership mechanisms is shown. The main trends in the development of the global market for the provision of satellite communications services have been identified, which are to expand the spectrum and improve the quality of the services provided. In modern conditions, our country must make all the necessary efforts in order to consolidate its position and become one of the leaders in the global market for the provision of satellite communications services. Increased use of public-private partnership mechanisms to achieve this goal in the near future will contribute to increased budget revenues from the implementation of the full range of satellite communications services offered by domestic operators on the basis of public-private partnership mechanisms for consumers from other countries.

The selection process in tertiary education in Greece is characterized by a competitive and grade-oriented system that lays the foundations for the extensive use of private educational services. Family inclination towards private expenditure in education raises arguments for the conversion of public education into a private commodity. This thesis examines how a specific middle class group in an urban setting, the city of Larissa, deals with the system of private investments in upper secondary education. In particular, in the light of Bourdieusian concepts, this study attempts to analyse parental choice and strategies that families set in action for achieving educational success and the social advancement of their offspring, investigating also the role of education for middle class parents. 15 semi-structured interviews were carried out, delivering insightful narratives of parents who had experienced the national examination process. Interviews gave prominence to the unquestionable value of educational credentials for a successful educational and professional trajectory. For the accomplishment of quality education, parents deployed their cultural, economic, and social assets, which enabled them to be effective in the educational marketplace. Choice presented a complex task for parents, which presupposed an intensive devotion of time and energy. Accordingly, educational strategies started from the child’s early upbringing, being employed systematically at the upper secondary level of education. In fact, parental strategies appeared to be a “natural” process pertaining to responsible and caring parenthood. Parents took for granted that children should be satisfactorily equipped with valuable educational qualifications, which were seen as a necessity for a successful future, and an upward trajectory.

The article explores changes in volume and composition of investments in agricultural research and development (agricultural R&D) that have taken place in recent decades. It reviews the international experience and presents stylized facts about the groups of developed and developing countries. From an unpublished database of primary data, the study evaluates the dynamics of private R&D investments allocated in Brazil by companies from the agricultural input sectors. The aim of this work is to describe the recent transformations of agricultural R&D efforts in the country and to contribute with decision making processes for agricultural technological progress. The conclusions highlight the high technological intensity, the growth of private investments and the small relative participation of national companies in the technological progress of agricultural input industries in the country. O artigo explora mudanças no volume e na composição dos investimentos em pesquisa e desenvolvimento agrícola (P&D) que ocorreram nas últimas décadas. Para isso, é feita umarevisão bibliográfica da experiência internacional e apresentam-se fatos estilizados dos grupos depaíses desenvolvidos e em desenvolvimento. A partir de uma base inédita de dados primários, oestudo avalia a dinâmica dos investimentos privados em P&D alocados no Brasil por empresasdos setores de insumos agrícolas. O objetivo do trabalho é descrever as transformações recentesno país e contribuir para a tomada de decisões para o progresso tecnológico da agricultura.As conclusões destacam a alta intensidade tecnológica, o crescimento dos investimentos privados e a pequena participação relativa de empresas nacionais no progresso tecnológicode insumos agrícolas.

Background. Latvian sports authorities under the Ministry of Education and Science are the main organisers of the sports life in Latvia. However, they have not been successful in providing equally good support to all athletes who need it. It is especially difficult to receive support for improving skills of individual athletes engaged in team sports. Often it is the individual mastery of an athlete that prohibits them from moving on to the adult level of sports of high achievement, even if the athlete was very talented and one of the best in the country when he/she was young. Methods. The descriptive statistics method and content analysis were used to assess shortcomings in the allocation of finances in the Latvian sports industry. Conclusions were drawn on the data collected, on the basis of which a new method was developed in sports management, the efficiency of which was verified by performing an experiment. Results. After analysing the most popular sports among young people in the country, as well as the available infrastructure, it may be suggested which sports are the most attractive for investors. It may be concluded that the state is able to successfully solve this problem by attracting private investors who would be personally interested in the development of athletes and also carry out successful investment management. The study demonstrated that a successful process of private investments ensures a positive return on the investments, as well as the development of athletes. One way to build successful cooperation is by creating high-quality sports development centres or sports investment management companies which will efficiently contribute to athletes’ transition from youth to professional sports. The efficiency of the methodology developed can be demonstrated by creating a company which would act as an example for attracting private investments in the development of athletes. Conclusion. The development of athletes would become more efficient and purposeful if sports could attract potential investments with promising returns. This would create a tripartite cooperation among the state, athletes and private investors, which would benefit each of the three cooperating parties. Additional funding in the development of Latvian athletes would have a positive impact on the entire sports industry as a whole. Keywords: Latvian sports, private investments, sports funding, massive sports system, investment criteria, high-class sports, sports development, efficient investment management

A Research project Submitted in partial fulfillment of the requirements for the degree of Bachelor of Business Science in Financial Economics at Strathmore University The purpose of this study is to find out the effectiveness of external debt in boosting economic growth in Kenya and its impact on private investment. This study uses an Auto Regressive Distributive Model (ARDL) to estimate the long run impact of external debt on private investments in Kenya. Time series data is used for the period 1971-2016. The main hypothesis in this study is that the large accumulation of external debt cripples investments in the private sector. The results of the model showed that external debt has a negative impact on private investments although it is statistically insignificant both in the long run and in the short run. Meaning that the relationship between the two cannot be determined to be a result of anything but mere chance

The Government of Jordan, the World Bank Group (WBG), and the international community are working towards a paradigm shift in their collective response to the refugee crisis - a holistic approach which stresses the continuum between the humanitarian response and the country’s development agenda. In parallel, Jordan’s implicit social contract by which the state provided citizens with jobs and heavily subsidized public services is evolving. strategic engagement, the WBG will adopt a two-pronged approach aimed at simultaneously addressing Jordan’s immediate needs in view of the fluid and worsening regional situation while keeping a medium and long-term development commitment built on reforming the economy to create the right environment for inclusive, job-creating growth. The first pillar of the Country Partnership Framework (CPF) aims to foster the conditions for stronger private-sector-led growth and better employment opportunities for all.The second pillar of the CPF aims to improve the quality and equity of service delivery, including through private sector solutions.The CPF will implement the new Middle East and North Africa (MENA) Strategy at the country level.The CPF aligns with the Government’s vision Jordan 2025, the Executive Development Plan 2016-2018 (EDP), and the Sustainable Development Goals (SDGs).The CPF’s principles of engagement will be selectivity, flexibility, adaptability and partnership. The outlook for 2016 forecasts growth at three percent on account of a growing mining and quarrying sector, some energy investments, and base effect of the tourism and construction sectors, although some downside risks have begun to materialize in early 2016.

Interventions designed to support small and medium enterprises are popular among policy makers, given the role small and medium enterprises play in job creation around the world. Business support interventions in low- and middle-income countries are often based on the assumption that market failures and institutional constraints impede the growth of small and medium enterprises. Significant resources from governments and international organizations are directed to small and medium enterprises to maximize their socioeconomic impact. Business-support interventions for small and medium enterprises in low- and middle-income countries most often relate to formalization and business environments, exports, value chains and clusters, training and technical assistance, and access to credit and innovation. Very little is known about the impact of such interventions despite the abundance of resources directed to small and medium enterprise business-support services. This paper systematically reviews and summarizes 40 rigorous evaluations of small and medium enterprise support services in low- and middle-income countries, and presents evidence to help inform policy debates. The study found indicative evidence that overall business-support interventions help improve firm performance and create jobs. However, little is still known about which interventions work best for small and medium enterprises and why. More rigorous impact evaluations are needed to fill the large knowledge gap in the field.

Growth in the six South East European countries (SEE6) rebounded to 2.1 percent in 2015, as investment revived. The SEE6 region is not only growing but also rebalancing to more durable sources of growth. While higher growth in 2015 brought new jobs in the private sector, and helped poverty reduction to resume, unemployment is still entrenched. In 2015, fiscal deficits continued to narrow in all SEE6 countries except Montenegro. With inflation at historic lows, accommodative monetary policy supported growth, and credit to the economy slowly began to grow. The near-term baseline outlook for the region is positive. Fiscal and current account deficits must decline further to support growth. Sustaining the nascent rebalancing requires unlocking the growth potential of the SEE6 economics by reversing productivity dynamics that have been deteriorating since 2008. The agenda for reducing the structural rigidities that impede growth is broad based and centered on five pillars: eliminate disincentives and barriers to formal; employment; improve the business climate and governance; reduce the size of government while improving quality of service delivery; deepen trade and financial integration; and ensure that natural resource use is sustainable.

Shifting Kenya’s private sector into higher gear: a trade and competitiveness agenda’ was born out of the World Bank’s Trade and Competitiveness (T&C) Global Practice recent stock taking of its work in Kenya. This was part of a Programmatic Approach that aimed to organize T&C’s knowledge, advisory, and convening services to address Kenya’s development challenges in the private sector space. By Sub-Saharan African standards, Kenya has a large private sector, which accounts for around 70 percent of total formal employment. As a result, the dynamics of the private sector are a key determinant of the trajectory of the Kenyan economy. The country’s product market regulations a restrictive for domestic competitors and foreign entrants, and the actions of cartels and behavior of dominant firms across sectors undermines competition and hurts consumers. The Kenyan Government recognizes these challenges and has invested significantly in unlocking these bottlenecks with impressive results so far and several important laws passed. Additional efforts to ease regulatory constraints and expedite important legislative changes could improve the investment climate at national and county levels.

This study was initiated as a result of interest expressed by Caribbean Governors attending the 2014 World Bank–International Monetary Fund Annual Meetings to tap into the regional Diaspora investor community to fund investment needs across the region. The overall development objective of the study is to formulate options that can help mobilize Diaspora capital in the form of private investment in productive investable assets, including start-ups and other business enterprises, social infrastructure (e.g., schools, hospitals), physical infrastructure (e.g., energy, transport, water), and public market (i.e., liquid) investments. Diaspora-sourced investment flow into these types of productive assets can ultimately serve to spur economic growth and job creation, which is a clear imperative in this region. The survey also builds on the promising conclusions of the 2013 Information for Development Program (infoDev) survey, which identified the potential demand for such investments within the global Caribbean Diaspora. This document encompasses a broad survey of 14 countries in the Caribbean as well as an in-depth analysis of four countries in particular Barbados, Jamaica, St. Lucia, and Trinidad and Tobago. The framework for this prefeasibility assessment comprised four areas of analysis, focused on (1) sizing the Diaspora population and its investment potential and interest; (2) conducting market research on the investment landscape, including investable assets and market drivers and impediments; (3) analyzing the legal and regulatory framework for investments in the Caribbean; and (4) identifying distribution channels and convening platforms that can offer, host, or advocate for a potential Caribbean regional Diaspora initiative. To conclude, to pursue targeted Diaspora-focused initiatives, more resources need to be committed to conducting robust Diaspora sizing and mapping exercises in select countries so as to segregate the Diaspora by generation, income, and net worth to better understand affinity and investment capacity as any menu of initiatives designed to mobilize Diaspora investment will need to be segregated to target specific groups of the Diaspora by investment capacity and preference.

Market-based reforms and the opening up of trade and investment initiated over the past four years have had a positive impact on growth in Myanmar. These have enhanced private sector participation and increased the role of exports in the economy. Reforms have included streamlined business entry procedures, reduced export and import licensing requirements, and enhanced public-private partnerships and dialogue. Promoting private sector competitiveness and inclusion in Myanmar have enormous potential to drive job creation, economic diversification, and structural transformation. This would involve improving the investment climate with an emphasis on transparency and predictability; reducing trade costs and strengthening connectivity for economic integration; enhancing public-private partnerships; and strengthening institutional capacity to drive the reform process. The ongoing peace process calls for careful sequencing of reforms, starting with reducing the costs of doing business and engaging in trade; consulting with local communities; and supporting vulnerable groups adversely affected by economic changes.

More frequent incidences of violence in Afghanistan, as well as delays in the elections process and cabinet formation, continued to fuel uncertainty and affected investor confidence in 2014 and the first half of 2015. Economic growth slowed to 1.3 percent in 2014, down from 3.7 percent a year earlier. Unlike in previous years, agriculture did not contribute much to growth in 2014. Production levels were high for a third year in a row but did not supersede the strong output in 2013. Growth was mainly driven by services and a slight expansion of industries where an increase in construction activities outweighed lower production in manufacturing. Private investment activities showed strong signs of slowdown in 2014, evidenced by a drop of nearly 50 percent in new firm registrations since 2012. The National Unity Government has embarked on an ambitious reform agenda to revitalize the economy, tackle corruption, and improve investment climate. However, it will take time for these reforms to have an impact, and it is yet unclear how much they will mitigate the high risks stemming from the fragile security environment. Growing trends in security and pension and wage spending over the medium term require immediate attention. Afghanistan faces significant financing shortages for both civilian and security spending. Therefore, securing continued high levels of donor financing over the coming years is of critical importance for fiscal stability in the country. The fragile security environment and financing constraints, compounded by weak governance capacity, pose serious challenges to service delivery in Afghanistan. Any setback in reform implementation would further slowdown the pace of human capital accumulation in Afghanistan and reduce future prospects of growth and poverty reduction.

In July 2013, the World Bank Group launched its Strategy, outlining how it will partner more effectively with clients to help them achieve the ambitious goals of eradicating extreme poverty and boosting shared prosperity through economic growth, inclusion, sustainability and resilience. In April 2014, the World Bank Group Corporate Scorecard was launched for the first time and the World Bank Scorecard revised to monitor the implementation of the strategy. The World Bank Group Scorecard provides view of the results and performance indicators of the three World Bank Group institutions: the World Bank (WB), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA). This brochure presents the scorecards, updated with the latest data available in fiscal year 2015. The scorecards are structured in three tiers. A tier one and two presents indicators monitoring aspects of growth, inclusiveness, and sustainability and resilience. Tier three captures the progress in implementing the World Bank Group strategy and includes measures of both operational and organizational effectiveness.

In September 2014, the Group of Twenty (G20) Global Partnership for Financial Inclusion (GPFI) requested the World Bank Group to undertake a survey in the G20 countries on the issue of commercial banks’ actions to de-risk their operations, specifically in relation to non-bank international remittance service providers or, as they are alternatively referred to throughout this report, money transfer operators (MTOs). The objective of the survey was to assess the status of the de-risking phenomenon in the G20 countries, and to collect evidence from which conclusions on the main drivers and the impact for the MTO market could be drawn. The key findings of this survey and the relative recommendations on potential actions are provided in this report to assist the G20 governments, standard setting bodies, private sector entities and the other relevant stakeholders in the financial sector on future discussions on this topic. In addition to working with the G20 on de-risking in the remittance market, the World Bank Group collaborated with the Financial Stability Board (FSB) and the Committee on Payments and Market Infrastructures (CPMI) to conduct a global survey on access to foreign correspondent banking relationships. This survey is focused on banking authorities, large international banks, and regional/local banks. The G20 Finance Ministers and Central Bank Governors endorsed this work in February 2015.

This second edition covers the year 2014 and the first quarter of 2015 and presents the economic outlook for 2015–2017. Beyond the review of recent economic developments, the report highlights the main results of the World Bank’s analytical work in the Republic of Congo with the aim to promote the consistency of the country’s economic policies in the medium and long term. This edition covers a variety of macroeconomic topics, from policies and economic indicators for the real sector to public finance, the monetary position and the external sector. It shows that Congo’s economy grew strongly in 2014 despite the significant decline in the price of oil. The lower oil prices will have an even greater impact in 2015 as they bring down domestic demand. Moreover, this edition looks in particular at the impact of volatile oil prices on the country’s economy, emphasizing the most appropriate fiscal policies in this context.

This report offers five policy recommendations that could contribute to the attraction of manufacturing FDI in Africa. To further the benefits of FDI, especially in the manufacturing sector, policymakers in Africa should: First, manage FDI flows and FDI-related policies in a way that maximizes spillovers in host countries. Second, realize the emergence of FDI from newpartners, especially in manufacturing FDI, and establish platforms that help in the attraction ofnew FDI. Third, increase investment on key infrastructure to overcome constraints for manufacturing activities to develop, especially in power supply and transportation and logistics services. Fourth, take better advantage of the currently dominating market-seeking manufacturing FDI to improve the weak industry base in the shortterm. Market-seeking FDI has a sizeable positivecontribution to the host economy. Fifth, strengthen the linkages between domestic material input and foreign manufacturing investment.

Jordans economy continues to slowly but steadily recover from the Arab Spring spillovers. These spillovers include Egypts gas disruptions, the neighboring Syrian and Iraqi conflicts and associated security incidents. Notwithstanding these shocks, real GDP growth rate is estimated to have reached 3.1 percent in 2014, up 30 basis points over 2013. From the supply side, growth was led by construction, wholesale and retail trade, and finance and insurance, with a pick-up in the mining and quarrying sector. On the demand side, growth was predominantly fueled by higher public investments, mostly due to earmarked GCC grants, and a narrower trade deficit. The steady economic recovery has improved unemployment rates although this masks underlying structural weaknesses. While unemployment dropped from 12.6 to 11.9 percent from 2013 to 2014, this was not driven by increased employment but by an equivalent and concerning drop in the labor force participation rate. This was possibly driven by discouraged workers given perceived competition from refugees and limited hiring prospects in the public sector given ongoing consolidation efforts.

The Country Partnership Framework (CPF) will succeed the Myanmar interim strategy note (FY13-14) and be the first full country strategy for Myanmar since 1984. This CPF comes at a time of great opportunity for Myanmar; over the three year period covered in this CPF, the reforms initiated in 2011 have the potential to bring Myanmar into a new era of peace and prosperity. Myanmar s history, ethnic diversity, and geography combine into a unique set of development challenges and opportunities, including (i) emergence from a long period of international isolation; (ii) widespread poverty, despite rich land, water, and mineral resource endowments; (iii) a strategic location in the fastest-growing region in the world; (iv) the role of the military and associated groups in the economy; and (v) long standing armed conflict and ethnic and religious tensions. Myanmar is on a path of fundamental transformation, seeking to address all these challenges and opportunities simultaneously. Along with unique opportunities, the CPF supported program will also face substantial risks. Political risks associated with the elections in late 2015 include a polarization among stakeholders, policy discontinuity, and a slow-down of reforms. The national peace process to resolve decades-old conflicts remains fragile. On the economic front, risks include vulnerability to volatile oil and gas prices, spending pressures, an underdeveloped financial sector, and a weak regulatory framework, while overall capacity constraints may limit the country s ability to effectively manage macro-financial shocks. The design of the WBG program will help manage and mitigate these risks, and the WBG will regularly review risks and opportunities and adapt the CPF during implementation as warranted. A performance and learning review planned for late FY16 will facilitate the adaptation of the WBG program to country developments as needed.