ࡱ> M τbjbj== \lWW(x1l@@@\26h,$p < < <P\<$<tp^M>>(,>,>,>,>&R>f> LLLLLLL$N 4PzM,r>,>,>r>r>M>,,,>,>M>>>r>4,,>,,>kLr>r>L>>CC[,,GD,>= !p4 <>7DGD$.M0^M?DP>(PGD>tt,,Date of Submission: (month, day, year) SUMMARY TECHNICAL ASSISTANCE FUNDING PROPOSAL FOR ASEM TRUST FUND A. COUNTRY B. PROJECT NAME AND ID# C. TECHNICAL ASSISTANCE SUMMARY Refer to Annex I (Financial Sector) and II (Social Sector) for outlines of the technical assistance activities eligible for ASEM Trust Fund financing. These annexes are part of the Banks donor agreements and any deviation must have prior clearance from TFC. State name of Sector Board Reviewer: Sector Board Reviewers comments: D. AMOUNT OF GRANT REQUESTED (do not include the 2% manaing unit cost) TECHNICAL ASSISTANCE FUNDING PROPOSAL FOR ASEM TRUST FUND A. COUNTRY B. PROJECT NAME AND ID# C. TASK MANAGER D. FINANCING PLAN IBRD/IDAGovernmentOther (state which)TOTAL E. BACKGROUND The Background should include a brief description of the sector framework and the relationship to the Country Assistance Strategy for the sector. Include reference to related planned and/or on-going activities (such as loan/credit, and technical assistance funded from other sources, e.g., PHRD). 1. F. PROJECT DESCRIPTION For the Technical Assistance Summary, please provide the objectives and components of the TA and describe them briefly in three or four sentences. 2. G. DESCRIPTION OF PROPOSED TECHNICAL ASSISTANCE Please describe briefly the Recipients (or the Bank Groups) planned arrangements for the implementation of the grant including the name of the proposed agency (or Bank Group unit) responsible for carrying out the technical assistance. Identify any implementation capacity weaknesses, and steps to be taken during the course of implementation to strengthen the recipients implementation capacity. If Bank Group execution is proposed, provide a brief justification, and outline the steps being taken to ensure Recipient ownership. 3. H. TECHNICAL ASSISTANCE TIMETABLE 4. The following schedule is proposed for project preparation. Appointment of Specialists TA Implementation Period Final Reports I. USE OF GRANT FUNDS Please fill in the table below. The requested figures must be provided by component; please enter into the proper cells the TA specialty (e.g., - legal, institutional, policy, or technical categories for all specialists), number of specialists, salary rate (months only), duration (months or fractions thereof), and costs (total). Figures must be given separately for local and international specialist services. As appropriate, please ensure the categories for fees, travel, subsistence, and other are completely filled in. Insert into the tables as many rows as needed to include all components. Note: Identify any specialists who are or will be Bank staff by additing (B) after the title. Bank managing unit costs are limited to minimal costs of design and supervision. Refer to Annex II for detailed guidelines Should the project involve any training, study tours, and/or equipment for which financing is requested, include this information as a separate line item at the end of each component to which it relates or at the bottom of the table. A justification for the provision of training study tours and/or equipment must be provided as part of the TA description or footnoted at the end of this table. Note the sample table of a proposed budget attached below. 5. The proposed budget for the preparation work is shown in the table below: Table 1: Proposed Budget ComponentsActivitiesNo. of Cons.Unit RateDurationCosts(Month only)(Month only)US$1: (Component title) Fees:Internat.LocalTravel:(trips):Subsistence:Other expenses (if any):Fees:Internat.LocalTravel:(trips):Subsistence:Other expenses (if any):2: (Component title)Fees:Internat.LocalTravel:(trips):Subsistence:Other expenses (if any):TOTAL TECHNICAL ASSISTANCE (TA) COSTBank managing unit costs (2% of TA Cost)TOTAL ASEM FUND COST J. ESTIMATED DISBURSEMENT SCHEDULE Table 2: Estimated Disbursement Schedule FY99Cost $Quarter 1Quarter 2Quarter 3Quarter 4Total for FY99 F&00Total for FY00TOTAL TA COST ANNEX I The Financial Sector: Eligible Activities 1. To Restore And Maintain Confidence Of Bank Depositors, Creditors And Investors When a countrys financial sector becomes severely troubled, a top priority must be to restore confidence and to isolate and restructure the problem assets in financial institutions. If this is successful, governments can minimize the depth of a crisis and facilitate its resolution. Failure to reestablish confidence will worsen capital flight, deposit runs and financial contraction, whereas building confidence will promote stability. Addressing the underlying problems will also increase the potential for governments to tap private equity capital and debt finance to help resolve the crisis. To achieve success in building confidence, government action must be decisive, credible and perceived as fair, particularly with respect to loss sharing between government and the private sector. 2. Restore Solvency, Profitability And Liquidity Of The Financial System A financial crisis is only resolved when the solvency, profitability and liquidity of the financial system is restored, and the incentive structure of the financial system promotes sound lending and financial intermediation practices. Achieving this objective is not simply a matter of recapitalizing the financial sector. It is a matter of fundamental operational restructuring, ensuring the sustainability of future earnings by redefining the business strategy of troubled banks, identifying their core operations, shedding loss-making activities, and achieving operational efficiency. Critical to achieving success is ensuring that decisions are based on sound financial and operational diagnostics, that adequate financial resources are available, and that those resource are only employed where the necessary operational restructuring in undertaken. 3. Minimize Overall Losses And Resulting Fiscal Costs Significant taxpayer funds often are required to resolve a crisis. A tension exists between the need to minimize those expenditures while ensuring adequate financing to achieve lasting reform.. It is clear that the all-in costs of prolonged financial system distress are significant. As a result, attempts to minimize up-front fiscal outlays by not dealing with insolvency tend to lead to higher costs. Critical to success is adopting a policy to aggressively tackle the crisis, promoting the participation of private sector finance in resolving the crisis, and maximizing the recovery value of assets acquired by the government in the process. 4. Strengthen The Financial Sector Structure The actions taken by governments in resolving crises can significantly affect the structure of the financial system and its ability to contribute to stable growth. Governments may use crises to correct deep-seated, fundamental weaknesses in the overall incentive structure governing the players in the financial system, and impose a higher standard of internal, external and official (public sector) governance. Critical elements for success are recognition of present structural weaknesses, building consensus on the objectives and principles of reform, and ensuring that crisis-related decisions promote those objectives. 5. Indicative Program For Financial Sector Technical Assistance (Priorities, sequencing and weights of the following components will be tailored for each recipient countrys needs according to the specific situation) Component 1: General Strategy and Coordination Discussing and agreeing with the Government on the priorities and institutional, legal and financial arrangements for the Financial Sector Resolution and Strengthening Program Promoting establishment of a high-level counterpart team comprised of Finance Ministry, Central Bank and other Officials such as the SEC Invitation of key Government Officials to participate in a high level seminar or to visit the best practice countries Advising the Government on the public relation strategy Component 2: Legal and Regulatory Framework Assessing and developing the ability of the legal and regulatory framework to facilitate prompt resolution of insolvent financial institutions and orderly disposition of bad assets Reviewing and recommending improvements to laws and institutions for secured lending, foreclosure, reorganization and bankruptcy of distressed or insolvent debtors Reviewing and recommending improvements to the legal and regulatory framework for supervisory authority, its independence and powers Reviewing and recommending improvements to the banking legislation to ensure a regulatory framework enabling correct incentive structure promoting transparency, proper corporate governance and market-driven approach Developing the legal and regulatory framework for the development of capital markets and its building blocks such as contractual saving and housing finance Component 3: Resolution of Troubled Financial Institutions Developing strategy and methodology for prompt and orderly resolution of troubled financial institutions and/or disposition of their bad assets Designing and developing an appropriate institutional structure with funding and staffing for financial institution/asset resolution Establishing policies, procedures and implementation capacity for prompt, corrective actions and resolution of failed financial institutions Designing processes for and managing full-blown audits to assess the magnitude and nature of the problem Developing collateral foreclosure and public auction procedures for the asset resolution process Component 4: Financial Sector Infrastructure Improving the practice and process of auditing financial institutions through legislative changes and capacity-building in the auditing profession Building the capacity of the supervisory authority through an institution-strengthening program to facilitate early detection of, and prompt dealing with, problem institutions Training of bank supervisors, other relevant Government officials and/or other key decision-makers connected to financial system related issues Improving the payment, settlement and clearing systems for banking and securities markets Building up and improving the functioning of Government and private debt and equity markets Improving external debt management Developing processes for monitoring capital flows Component 5: Improving Market Discipline Designing and putting in place appropriate deposit protection schemes Improving corporate governance of both the financial institutions and the corporate sector through reviewing and, where appropriate, revising the rights and the accountabilities of both the shareholders, the management, the boards and other relevant stakeholders Improving accounting and auditing standards and procedures both in financial institutions and the corporate sector Increasing transparency through revising public disclosure requirements Developing other key ancillary financial services (e.g., rating agencies) Component 6: Institution Building of Key Financial Intermediaries Advise key financial institutions on policy, procedures and manuals for core functions; credit analysis and procedures, portfolio review, market risk management, asset and liability management, etc. Facilitating restructurings and re-organizations to strengthen the financial institutions and their corporate governance Facilitating twinning arrangements with appropriate foreign/international financial institutions Training of key personnel Component 7: Corporate Restructuring Reviewing and recommending improvements to laws concerned with corporate governance and the management and operation of companies Supporting measures to improve asset valuation guidelines and procedures Preparing corporate restructuring workouts ANNEX II The Social Sector: Eligible Activities The financial crisis in East Asia is mirrored by a potential social crisis. As labor demand falls, unemployment rates have started to rise; food prices have soared reflecting the twin effects of the drought and the severe devaluation of the local currency; public expenditures are being cut back, including for programs which benefit the poor, to accommodate rising interest expenditures and contingent liabilities of the financial sector. These hardships which leave few segments of society unaffected are stretching the social fabric of most East Asian countries: informal social safety nets are under pressure; reverse migration to rural areas is adding to the coping difficulties of rural households beset by drought conditions; labor and student unrest is on the rise in some countries where the distribution of the pains of adjustment is perceived to be inequitable. Unless quick and determined action is taken to mitigate the social impact of the crisis, there is a serious danger that decades of progress in reducing the number of poor may be reversed while the burgeoning middle class suffers serious setbacks. The challenge is to address the immediate needs arising from the crisis and to design the social infrastructure which will increase the resilience of societies to similar shocks in the future. Full employment and informal mechanisms have provided an adequate safety net so far but increased urbanization, formalization of work, rapid aging and continued globalization will require formal provisioning for household risk in the future through a mix of self-insurance and socialized public action. The activities which have been identified for trust fund eligibility address both the immediate needs of the crisis countries and their longer term agenda in the area of social policies. They cover five areas: diagnosis, analysis and monitoring; lessons from international experience; designing public interventions in the short term; consultations and information dissemination; and reforming the system of social protection. 1. Diagnosis, Analysis and Monitoring While all the affected East Asian economies are rich in information and have relatively strong statistical services, structured quantitative information on recent changes in household welfare is almost always absent. At the same time, there is a large amount of anecdotal information and considerable experience and views of various groups working in this domain. The following activities are worthy of trust fund support: in-depth analysis of likely effects of the crisis, using past surveys; repeated quick-turnaround quantitative and qualitative (participatory) surveys to monitor changes in poverty, vulnerability and household coping strategies. This requires a diagnosis of the existing sources and quality of information and recommendations for improvement, including through new surveys, and (re)introduction of periodic labor surveys. It could be carried out by local research or statistical entities with technical assistance support from international experts; setting up monitoring and evaluation systems to inform assessments of the impact of public actions. Feedback from these systems would be used to modify public interventions, as necessary; diagnosis of existing institutional capacity to deliver services to the poor and vulnerable and the unemployed, including public entities, community level organizations, NGOs and others. 2. Lessons of International Experience There is much to be learned from previous episodes of crises both in East Asia (during the mid-80s) and in Latin America (in the 80s and then again mid-90s) to inform household-level as well public strategies for mitigating the social impact of the current crisis. At the same time, dissemination of East Asian strategies as they develop would help both crisis countries in the region and pre-crisis countries in the region and outside. Activities eligible for trust fund support would be: a review of the social impact of previous financial crises, household coping strategies and effectiveness of public action in these countries; international conferences and workshops to discuss the social impact of the crisis, highlight lessons of international experience and allow for an exchange of views among countries in the region as well as with countries which have weathered crises in the past; setting up a web page to disseminate information about the social impact of the crisis and responses to date. 3. Public Action in the Short Term Some public action can be undertaken without full diagnostic work of the impact of the crisis, based on general principles and international experience and supplemented by existing information. The design and implementation of social emergency programs in the short-term would benefit from support for the following activities: analysis of public expenditures for social programs and recommendations to protect those which are pro-poor; setting up and operating social funds, including assistance for manuals, project appraisal and fund management; design and implementation of public works projects, including eligibility and selection criteria; analysis of the need for other mechanisms to smooth consumption and protect important investment, such as price subsidies, tuition assistance, food stamps etc.; 4. Consultations The social impact of the crisis is wide-spread and its solution will have to involve the collective energies and cooperation of broad segments of society. This will require intensive efforts to disseminate information and engage civil society at large and donor groups. Accurate information might prevent, or at least mitigate, violent reactions to rumors and gossip. Efforts in this area could range from reaching standard media outlets to building up small scale reaction capacities at the local level in areas which are considered to be hot spots. Consultations would need to be arranged with representatives of trade unions, employers associations, community groups, NGOs, religious organizations, beneficiary groups etc. Consultations which aim to be inclusive in the identification of problems and their solutions and which strengthen the social fabric are worthy of support by the trust fund. 5. Reforming Social Protection System Just as the corporate governance structure and the financial sector infrastructure are being reformed in crisis and pre-crisis East Asian countries, there is also a need to refashion social policies. Policies in the area of labor, pensions, health insurance and social assistance will need to accommodate the changing demographic and economic structures of East Asian countries. At the same time, these countries have an important opportunity to build effective mechanisms for managing household risk and for forging the appropriate balance between caring and competitive societies. There is a great deal to be learned from social models around the world -- the welfare state in Europe, the cradle to grave security under Soviet-style planning, and the Latin American model of protecting formal workers--and an opportunity to adapt recent successful experiments to the East Asian setting. Preparing and implementing the longer-term social agenda would require support for the following activities: analysis of the links between formal and informal safety nets; pilot projects with decentralized mechanisms of social service delivery, including through demand-driven social fund-type measures, and private sector and NGO involvement; review of labor codes, basic labor standards, wage setting mechanisms, and industrial-labor relations so as to prepare reforms; this would require technical assistance, conferences, training and consultations for consensus building; establishing or enhancing labor market training programs with public and/or private provisioning and designing evaluation and alternative financing mechanisms. establishing or enhancing job placement institutions through private and public arrangements and labor market information systems; this would require technical assistance, training and overseas study tours; assisting in the design of the pension system to increase coverage and to contribute to financial market development; improving the governance structure and investment strategies of existing pension funds; and supporting the implementation of pension reforms, including for administrative, regulatory and supervisory issues. Technical assistance, training, conferences, overseas study tours and consultations to build consensus would be helpful in this regard. ANNEX III Standard Provisions Applicable to the Trust Fund The following provisions (hereinafter referred to as the Standard Provisions) will be applicable to all agreements entered into between the Bank and donor countries and/or organizations (hereinafter referred to as the Donors) that provide grants (hereinafter referred to as the Contributions) to the Bank for the Trust Fund. 1. Banks Use of Trust Fund funds All Contributions made available as grants to the Trust Fund (collectively the Trust Fund funds ) will be accounted for as a single Trust Fund and will be kept separate and apart from the funds of the IBRD and IDA. The Trust Fund funds may be commingled with other trust fund assets maintained in the IBRDs Cash Account T (ABA 0210-8002-5) maintained with the Federal Reserve Bank of New York (FRBNY) in New York City (the T-Account). The Trust Fund funds in the T-Account may be freely exchanged by the Bank into other currencies as may facilitate their disbursement. The Bank may invest and reinvest the Trust Fund funds pending their disbursement in any instrument in which the Bank is authorized to invest its own funds. The Bank shall credit all income earned to the Trust Fund to be used for the same purposes of the Contributions. 2. Fiduciary Responsibilities of the Bank The Bank will exercise the same care in the discharge of the functions described in the Letter of Agreement (of which these Standard Provisions form an integral part) as it exercises with respect to the administration and management of its own affairs and shall have no further responsibility to the Donor in respect thereof. 3. Employment of Specialists and Staff and Procurement of Goods The selection and recruitment of Specialists and staff and the procurement and financing of expenditures for goods, services and other items of expenditure shall be done in accordance with normal Bank procedures applicable to such activities; provided, however, that the Bank will make special efforts to draw on European expertise and partnership. 4. Procedures to Govern Bank Grants In the event that the Bank provides the Trust Fund funds to a Recipient (as defined in Annex I para. 4), the Bank , as administrator of the Trust Fund, may enter into a grant agreement with the Recipient of the funds; and do any and all such acts and things as may be necessary or appropriate to accomplish fully the foregoing. The grant agreement shall provide that the Contribution shall be used by the Recipient to finance expenditures for goods and services, as the case may be, in accordance with the Banks Guidelines on Procurement under IBRD Loans and IDA Credits and on the Use of Specialists by World Bank Borrowers and by the World Bank as Executing Agency, as in effect at the date of the grant agreement and disbursed in a manner consistent with the Banks procedures for disbursements. The grant agreement shall further provide that no amount of the grant funds may be used for the payment of taxes levied by or in the territory of the Recipient country. 5. Reporting Responsibilities of the Bank (a) External Audit: The Bank will provide the Donor, within six months following the end of each Bank fiscal year, a management assertion together with an attestation from the Banks external auditors on the satisfactory performance of the procedures and controls used by the Bank in administering trust funds. The cost of such attestation will be borne by the Bank. The Bank will maintain separate records and ledger accounts in respect of the aggregate Trust Fund funds for the agreed activities and disbursements made therefrom. Within 90 days of each March 31, June 30, September 30 and December 31, for as long as any Trust Fund funds remain in the T-Account, the Bank shall prepare an unaudited financial statement with respect to the Trust Fund funds and forward a copy to the Donor. Such consolidated reports will be prepared in United States dollars. (b) The Bank will maintain close consultation and coordination with the Donors. The Bank will provide each Donor with semi-annual progress reports on the activities financed by the Trust Fund funds. Within six months of the completion of the activities, or of full disbursement of the Trust Fund funds, whichever comes later, the Bank will provide a final report to each Donor. (c) The Bank will hold periodic meetings with the Donors to consider progress and policies and consider major programs of the Trust Fund. The initial meeting will be held in June 1998 and periodic meetings thereafter will be held at least semi-annually, normally in May and November of each year. (d) The Bank will inform, and to the extent practicable, consult with the Donors prior to approving any activity to be funded by the Trust Fund expected to cost more than one million Dollars equivalent ($1,000,000). Donors will notify the Bank of their views, if any, on the activity within fourteen days after having been informed by the Bank. 6. Acknowledgment of Donors Contributions The Bank shall acknowledge the Donors funding for any activities financed by the Trust Funds in any press release, report or publication prepared by the Bank, and any agreement entered into by the Bank with a Recipient, with respect to such activities or the Trust Fund generally. 7. Termination The Bank or a Donor may terminate the Letter of Agreement between the Bank and the Donor for the Trust Fund at any time upon three months prior notice in writing. Any such termination shall not have any effect on the Letters of Agreement for the Trust Fund between the Bank and other Donors. Upon such termination or upon termination of the Trust Fund as provided for in the Letter of Agreement, unless the parties hereto agree on another course of action: (a) any agreement entered into between the Bank, and/or other third parties shall not be affected by the termination, and the Bank shall be entitled to continue permitting withdrawals of Trust Fund funds in respect of such agreements as if this Letter of Agreement had not been so terminated; and (b), in the case of termination of a Letter of Agreement between the Bank and a Donor prior to the termination of the Trust Fund, the Bank shall refund to the Donor its pro rata share of the remaining Trust Fund funds and, in the case of termination of the Trust Fund, the Bank shall return to each of the Donors any remaining Trust Fund funds on a pro rata basis and the Banks functions pursuant hereto shall be considered terminated. Within six months following such termination, the Bank shall furnish to the Donors an unaudited financial statement in United States dollars with respect to the aggregate amount contributed by all Donors. ANNEX III Allowable compensation and reimbursable expenditures for Specialists and staff engaged and assigned by the Bank exclusively to the technical assistance activities to be supported by the ASEM Trust Fund 1. The Bank has established an internal process for submission of Activity proposals and their review, and for allocation of trust funds for financing of the approved activities. 2. Activity proposals will specify the objectives of the Activities, the expected outputs, the consultancy/staff contracted inputs envisaged and their costs, a schedule for delivery of outputs and interim progress reports, and a proposed supervision schedule and costs. 3. Those parts of Activity proposals which meet the criteria specified below under Eligible Activities and Eligible Expenditures will be specified as eligible activities and allocated funds under the ASEM trust fund. Other parts of the submitted Activity proposals may be financed by the Bank from its own funds. 4. Eligible Activities: The purpose of the trust fund is to finance technical assistance activities to directly benefit recipients in their response to the financial crisis, rather than to support the Banks regular work program. Thus, the Bank will adhere to the following guidelines in determining which activities would be financed from the regular budget and the Special Allocation, and which activities would be financed from the trust fund: BANKS OWN FUNDSASEM TRUST FUND Regular Bank core activities, including:Technical assistance and Capacity- Building, including: General aid coordinationSpecial workshops, conferences or other dissemination activities related to the crisis General Country economic and sector reports included in Country Assistance Strategies Studies to determine reforms, institutional improvements and related investments to respond to the CrisisLending development activities and appraisal of Bank-financed projectsDetailed preparation/feasibility studies for projects to be financed by the Bank or other donors Supervision of Bank-financed projectsSupervision of trust fund activities Training of Staff Training of Government, private sector or NGO staff 5. Eligible Expenditures Of those costs specified in the Activity Proposals the following will allowed to be charged to the trust fund: Technical Assistance costs: consultancy fees and costs of related equipment and/or services Salaries and Benefits of Staff 1 for such time as they are assigned to approved technical assistance activities away from headquarters, or design, management and supervision of such approved activities Associated travel and subsistence costs for Specialists and staff For resident assignments: relocation and related storage and shipment costs, housing costs, post allowances, and end-of-assignment allowance as applicable Miscellaneous Services costs, including publication, translation, conference facilities Teresa Sala-Rueda M:\TFMOU\ASEM\TEMPLATE\ASEM.DOC 09/23/98 11:18 AM  Quarterly projectrions for FY99 are required owing to the current tight liquidity position of the ASEM Trust Fund.  Note that simply changing ownership and management may not be sufficient.  Assuming a policy not permitting monetization of losses. 1 The Bank will charge the trust fund benefit charges in an amount equal to .65 of salaries, to cover the cost to the Bank of benefits to such staff. PAGE17  TIME \@ "MMMM, yy" February, 04 Please Make Sure that the Entire Summary fits on one page.  USE [CTRL][SHIFT]X to move from field to field in the form. This form contains several annotations with instructions concerning the contents of each section of the form. Please make sure that you read and follow these instructions.  Please do not use Acronyms for the Country Name. It is not necessary to use a country's full name other than in cases where Bank Guidelines require that a certain form of a country's name be used.  Please give the Name of the Project that the requested Technical Assistance will help prepare.  Please give the Amount requested both in US$ and Yen, rounding the Yen figure to the nearest 100,000.  Please do not use Acronyms for the Country Name. It is not necessary to use a country's full name other than in cases where Bank Guidelines require that a certain form of a country's name be used.  Please give the Name of the Project that the requested Technical Assistance will help prepare.  Please make sure to give a date, even a tentative one, for the Appraisal and Board Dates. "To be determined" is not acceptable.  Please fill in the table below. The requested figures should be provided by component; please indicate the name of the components in the first column and insert as many rows as needed to cover all components. Figures should be given separately for Local and International Specialist Services. If the project involves any training, study tours, and/or equipment for which PHRD financing is requested, please include this as a separate line item at the bottom of the table.  Please fill in the table below, inserting as many rows as necessary to accommodate all fiscal years over which funds will be disbursed. 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