Description: Assisting Russia's Transition : An Unprecedented Challenge

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Assisting Russia's Transition : An Unprecedented Challenge

The Country Assistance Evaluation (CAE) for Russia, covering the period 1992-2001, showed disappointing, but improving results for the Bank's activities in the Russian Federation. Despite unsatisfactory ratings during 1992-98, with only modest...

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Bibliographic Details
Main Author:	Zanini, Gianni
Language:	English en_US
Published:	Washington, DC: World Bank 2013
Subjects:	ACCOUNTABILITY ADJUSTMENT LOANS AGRICULTURE ANALYTICAL WORK BANK LENDING BANK MANAGEMENT BANK PERFORMANCE BANKING SECTOR BORROWER BROAD CONSENSUS BUILDING OWNERSHIP BUSINESS ENVIRONMENT CIVIL SOCIETY COMMITMENT COMMITMENTS COMPARATIVE ADVANTAGE CONSENSUS COST EFFECTIVENESS COUNTRY OWNERSHIP DEBT DECENTRALIZATION DEVALUATION DEVELOPMENT GOALS DISBURSEMENTS ECO ECONOMIC ACTIVITY ECONOMIC RESEARCH ECONOMIC STRUCTURE EQUITY INVESTMENTS EXTERNAL DEBT EXTERNAL SHOCKS FINANCIAL ASSISTANCE FINANCIAL CRISIS FINANCIAL SECTOR FINANCIAL SUPPORT FISCAL FISCAL MANAGEMENT FISCAL YEAR FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN INVESTORS GOVERNMENT OFFICIALS HUMAN DEVELOPMENT INFLATION INSTITUTIONAL CAPACITY INSTITUTIONAL DEVELOPMENT INSTITUTIONAL FRAMEWORK INSTITUTIONAL REFORM LEGISLATION LENDING PROGRAM LOAN LOCAL GOVERNMENT MACROECONOMIC STABILITY MARKET ECONOMY MULTILATERAL INVESTMENT GUARANTEE AGENCY POLICY DIALOGUE POLITICAL RISK PRIVATIZATION PUBLIC INSTITUTIONS PUBLIC SECTOR PUBLIC SECTOR MANAGEMENT REHABILITATION REPRESENTATIVES SAL SECTORAL COMPOSITION SHAREHOLDERS SMALL LOANS SOCIAL PERFORMANCE SOCIAL PROTECTION SOCIAL PROTECTION MECHANISMS SOCIAL SERVICES STATE ENTERPRISES STATE INSTITUTIONS STATE-OWNED ENTERPRISES STRUCTURAL ADJUSTMENT STRUCTURAL ADJUSTMENT LOANS STRUCTURAL REFORM STRUCTURAL REFORMS SUBSIDIARY TECHNICAL ASSISTANCE TRANSITION PROCESS
Online Access:	http://documents.worldbank.org/curated/en/2003/01/2130184/assisting-russias-transition-unprecedented-challenge http://hdl.handle.net/10986/13981

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Summary:	The Country Assistance Evaluation (CAE) for Russia, covering the period 1992-2001, showed disappointing, but improving results for the Bank's activities in the Russian Federation. Despite unsatisfactory ratings during 1992-98, with only modest institutional development impacts, the Operations Evaluation Department (OED) rated the outcome satisfactory for the period 1998-01, and institutional development impacts as substantial. This paper reviews the decade of rapid political, and economic transformation, where obstacles to reform had to be surmounted, namely, state-owned institutions' need to focus on regulation and oversight; an economic structure more focused on comparative advantage; production and distribution systems' need to undergo organizational, and structural changes; while the newly created financial sector struggled through regulation, amidst a weak authority, and complex federal system. Yet, no major policy reversal occurred, and economic recovery is in place. The paper then examines from investment lending to the adjustment lending, with an improved portfolio performance as of 1999, where the question remains on the resilience of achievements to external shocks, particularly the drop of oil prices and other export commodities. Recommendations include assistance for reform, focused on further social consensus, with emphasis on public sector management, legal and judicial reform, investment and business climate, pension reform and labor market performance.