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Thesis aim of this draft background note is to provide public debt managers with an overview of the matters that need to be considered by debt management offices planning to provide a securities lending facility to their primary dealers.

This Fifth Edition of the Uganda Economic Update presents evidence that if the urbanization process is well managed, it has the potential to stimulate economic growth and to provide productive jobs for a greater proportion of Uganda s young and rapidly expanding population. In many countries across the world, the growth of cities has stimulated the establishment and expansion of productive businesses by reducing the distance between suppliers and customers. The growth of cities has also facilitated provision of social services and infrastructure through economies of scale. These positive effects from urbanization are already visible in Uganda since the poverty rate is seven percentage points lower in urban areas than in rural areas. Most of the recent job creation is found in cities, and social indicators are also better in urban areas, especially in education and health. This report conveys the following key messages: (1) over the past 12 years, the number of people living in Uganda s urban areas has been increasing by an average of 300,000 people per year, (2) during the past few decades, similarly rapid rates of urbanization have been recorded in many emerging countries, (3) as is the case in many other developing countries, the prospects of good jobs, higher incomes and better living conditions in the cities continue to attract Ugandans from rural areas, (4) currently, the opportunity presents itself for Uganda to leverage urbanization to benefit a large proportion of the population, and (5) through the implementation of smart policies, Uganda can ensure that its cities are both competitive and livable.

This article reviews the main issues of regulating and supervising banks in emerging markets with a view toward evaluating the long-run options. Particular attention is paid to Latin America and East Asia. These economies face a severe policy commitment problem that leads to excessive bailouts and potential devaluation of claims of foreign investors. This exacerbates moral hazard and makes a case for importing external discipline (for example, acquiring foreign short-term debt). However, external discipline may come at the cost of excessive liquidation of entrepreneurial projects. The article reviews the tradeoffs imposed by external discipline and examines various proposed arrangements, such as narrow banking, foreign banks and foreign regulation, and the potential role for an international agency or international lender of last resort. Liberalization and integration of financial markets have been associated with an increase in capital movements and with the financial crises. In particular, surges in foreign short-term debt have been blamed for crisis episodes in emerging economies in Asia (Thailand, Indonesia, and the Republic of Korea) and Latin America (Mexico, Brazil, Ecuador, and Argentina), as well as in the periphery of Europe (Turkey). These crises have proved costly in terms of output. Several policy responses have been suggested. Among them have been the reduction of short-term debt, the development of stock markets, the improved regulation and supervision of domestic financial system, enhanced transparency requirements and market discipline, and the establishment of an international lender of last resort. A catalog of “solutions” has been proposed to take care of the problems of banking in emerging market economies including moving to a narrow bank system, building a currency union, and leaving banking in the hands of foreign banks and offshore institutions. This article identifies policy responses tailored to the needs of emerging market and developing economies. The question is whether the regulatory policies and

Recent research suggests that management of the public sector debt can have important effects on a country macroeconomic performance. This Public debt management and macroeconomic stability article provides an overview of the factors that the recent literature has identified as important in determining the optimal composition of the public debt. Based on this analysis, it attempts to establish general guidelines for public debt management in emerging economies. To retain market access and promote domestic financial market development, governments should generally finance themselves at market rates using a wide variety of securities. Beyond this general principle, the optimal composition of the public debt involves a tradeoff between enhancing the government anti-inflationary credibility and reducing the vulnerability of its budget to macroeconomic shocks. Consequently, the optimal composition of the debt depends on a country circumstances. Debt should be heavily weighted toward long-term nominal securities for governments that have anti-inflationary credibility and toward long-term indexed debt for those that do not.

Detailed principles of accounting for financial instruments have been prescribed in Financial Instruments Regulation, but some general principles in that area have also been outlined in the Accounting Act. According to article 3, paragraph 1, point 23 of the accounting act, financial instrument is defined as any contract giving rise to financial assets of one entity and a financial liability or an equity instrument of another entity, on condition that the contract concluded by two or more parties clearly results in economic effects, irrespective of whether the execution of contractual rights or obligations in unconditional or conditional. Financial assets include: monetary assets (assets in the form of domestic currency, foreign currencies and foreign exchange instruments and other financial assets, in particular accrued interest on financial assets, equity instruments issued by other entities, and contractual right to receive monetary assets or to exchange financial instruments with another entity under favorable conditions. Equity instruments are defined as contracts which give right to assets of an entity which remain after satisfying or securing all its creditors, as well as an obligation of an entity to issue or deliver its own equity instruments, in particular shares, share options or warrants.

Rice varieties with short maturity and high productivity can be achieved when there is available genetic resources in a sufficient level of variability. Morphological characters, such as leaf thickness and crop growth rate, could affect in crop productivity. Evaluation of seed germination rate, crop growth rate, and their efficiency used for nitrogen have been done on 25 accessions of rice. Seed germination rate of B11283-6C-PN-5-MR-34-1-1-3, Lariang, B11742-RS-2-3-MR-34-1-2-3 reached 1,0-1,3 g/hill/day during seed initiation, while Dodokan and Silugonggo reached 0.7-0.8 g/hill/day. Danau Atas, B.11283-6C-PN-5-MR-2-3-Sl-1-2-1-1, B11742-RS-2-3-MR-34-1-2-3 and B11742-RS-2-3-MR-34-1-4-1 lines show good perfomance, moreover B11742-RS-2-3-MR-34-1-1-3, B11742-RS-2-3-MR-34-1-1-4 and B11742-RS-2-3-MR-34-1-1-4 lines produced grain yield higher than Silugonggo and Dodokan varieties. Those lines could be harvested at about 96 days after planting.

Despite an abundance of cross-section, panel, and event studies, there is strikingly little convincing documentation of direct positive impacts of financial opening on the economic welfare levels or growth rates of developing countries. The econometric difficulties are similar to those that bedevil the literature on trade openness and growth, though if anything, they are more severe in the context of international finance. There is also little systematic evidence that financial opening raises welfare indirectly by promoting collateral reforms of economic institutions or policies. At the same time, opening the financial account does appear to raise the frequency and severity of economic crises. Nonetheless, developing countries continue to move in the direction of further financial openness. A plausible explanation is that financial development is a concomitant of successful economic growth, and a growing financial sector in an economy open to trade cannot long be insulated from cross?border financial flows. This survey discusses the policy framework in which financial globalization is most likely to prove beneficial for developing countries. The reforms developing countries need to carry out to make their economies safe for international asset trade are the same reforms they need to carry out to curtail the power of entrenched economic interests and liberate the economy's productive potential.