Recently my colleague Alan Gelb and I attended a consultation at the World Bank’s annual meeting of its proposed “Program-for-Results” (P4R) policy. This is a remarkable step for the World Bank – the first time in 30 years that it is proposing a significantly new lending instrument. For now, the Bank can disburse funds to clients for expenditures on inputs (investment loans) or when those clients have enacted policies (policy loans).
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