ࡱ> FHVWGFR%>^sжsJFIFC     C   " }!1AQa"q2#BR$3br %&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz w!1AQaq"2B #3Rbr $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ?/Wn7D_i;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛE;GoΛEI'Gz)O.!/m:_4dQ@((((((((((((((((((((((((((((((((((((((((((E>"ZQE&\B_4t_i (Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@j}EE>L_iֿiQE ( /|@ķ>𱫦k@ßQ`fA?Ǩ6jWE獋o//~?K_:(\q=J-~?ױ@\ϲ|~ß_Os?^Es>Y}m[ /",ƿ5G;f씱$o>(О;<^ėw0ۍBp&x2UC|e~:oX4kPohsKt@RDn2 u 2/ۯi_A,Vnؖ V2#' kQj:2^xÑӥh]vz9'LhÃ㎡߉^;Pm~[xEѴҖ MSr``f2ȣ OPk^ wEQkZ<G+nx^#cꋵOЁES$(t_S(/Re%ZSMKL(QEW_^^71ǟL_iֿiQE ( ً@><^++f/Ǎ{KdgQE(((((((((((((((((((((((((((((((((((((((t_S(/Re%ZSMKL(QEW_^^71ǟ 4ڭ|#:ϊ#k\-uMV}FdUvb&fPFikC^ xD7F˛R jgAk,e>\'.cҾ oH&#+ ݻG{EP (O֧QIkM6/m2B(AEP^71ǟn9qxZ;HX9͒8aJ[E++-M>3'#Q ? # Z,{%3 ?_E$?ZDzQ^7 G  Z/Hto,W( Ex,?Ht_,G"Q O Ȕel|AhȔDC Ex,?H?,=_WDA?O=tdl_ogg?f Wk?I<>?s?I $ c(gOhf?w FDZ^7 $ѿύi/΍4dlwoN7&dlxw _(>:D?Z P=N7&oQ-d DZ^5 $OWҏp?I,?vdl m'+?9D¿[Dz^6/ᧃWxks+ Ex%x/ +WRw_X򾀱WYς}ws,n]@XJ+ƿ+'^8\N+ ExOǏ'|y?O| ?o}c(_u=v_+_@XJ+&B?}|zV򾀱WK>-}|{_V򾀱WI?[w>|>,}c(²CoYyDzQ^9U$>®coWU^򾀱Wo|~/Ws7dzfD=/JI=js.Fݓ9@=x+qk~"EjIVk ظ28S @ yJ|0G|cN^˭[$ҚxƖ(*yLd^/|:ωb-1siO],J#p309B>DGҭ.$ZeAݻ@6QE ((j}Eq ֿi$(QEƚnxwB>T;2ةw9_4|>_~L(^F M@ySƾeԪN^"q掇'v8𶝭]nrQ2pAnW߲wn%p:{d}<S|;4nQE|aEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPZQEO.!/m:_4dQ@(ob?x׿JJً@><^(<㼙]cʺNCZi~ ӵ6̛gr>_[|Av~#>\o_2~̾5}zm⽘# }ZGm<~L(MŠ((((((((((2>O> NVa 3c»?xƞu3Dsє+z*IJ-ek&WvQm,M՚0DMfұ|791 ~>^Yh_9K( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ) dzcjgwңmc ŸCj.i$7UdPC)(QEQE:/Q)2ӥZSMHQE(+f/Ǎ{Kdd5-_)~ֿdi bh)2 c>=MILT"24)HR Ht7Ÿo?ZM6x|v"yvKj+Nf(NE{7SJTtVռYptm&IuVpU8.-y>>.ڲ?⾱웏-$20״𶭯Wď8M6-$eتn;in@ K vRŰ; PQL(O֧QIkM6/m2B(AEP_*ҏ#px:Mmsmbk7dFqU|ycƽP1|ߏ(~?Ϸß}W@\_$'gs#ܟZ?gj 3,$ ?*:: v|L|'~: &Y.i(@o}IVkEٵᾊ]: /#<Ϗi<Ϗk{ň>)M'=`ݜ3r;£Wb豫燮(?6³Ҏo<&ß}ױ\㛾?_Ñm/—? *( ;s}_&~?|9½sP;:( 8??+?z9.x?.>?5T^Es6|AOs~:( ==C[ߓl"C|Yܜ*_$W~ !48|\Q%o,W>A H,9#ÚF~;Me{[Kh[r2?޶i|:-|Y@~+;?4 ]˛%c~G? J(\#|9;;IdRoQ`_f#o;%/{X.xh |8}Zq?^Es q|9uA_-P(A?*J(\c?S}4a?5^E 6,hß_M|9t{Jd_`9J4^Esh|9-%Q@{ o*,(?dq Ld&@ Md_ ??h:ep7<+,Cʲdr-Ġ3yE((((t_S(/Re%ZSMKL(QEW_^^71ǟH=ku5Ǖ k?@q=:].)E{u[>ǢFG @QEQEQEQEQEQEV_CkOjm~y8N5_5~؞>.JO\wv8OՁ?^M4S­-_9r>xz e)gb|}^o?X[ޏ]rŸWhֽ"%cc쿇Oݏk/XQE|<_x:l[Qxn#Obo{ 5h:17)E/}x_ .7YrIz=2j6,ȽXd^$|Bus[lZ<eL,t4\e̮QEyeQ@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@j}EE>L_iֿiQE ( ً@><^++f/Ǎ{KdgQE(+i_ m" 64B?/Q2=+ީzyna[,CA?Re%fx}-|+ϝZ?Yd.;;5b :W? iz;U"tk,: =_KX<*ۯUc:rGMEWÛQ@Q@Q@W|lgR.ڙ6NTP,Gmy/ /CMzCE[r)<Bg8ɯ!= 5 D͟\ȋE `*({崪R5)'9=l-O@䔝t+p(#t`UA)-s~ΟTIz-,ݨy$b$/zʦN4:%_rұ+3.6qrc .~lWC4w:et9 Bq_"~z= x]b(׿#ZA,ut_E럱ާw~ Y^C`I=TQEQ@j}EE>L_iֿiQE ( ً@><^++?:f񶸣O[/dy֒>O|hgi_I otAek^K 4W>k[~#3h}Fg qO|C.Q4v ?ؚIĺ/j%LAOQ{ק>k[>#7 zt߈/K?5nT峲WӜ\=_z-H+UcQYW3.O iէψ VMhIFк~ kw!Wԧ:S94ך6ўEx3޷E?iG3F;0=ggO ӿ =?Z~#yӿ==kG ?R&_XK;ޞ$ D kZqCQ}Oj7u?]5ϥC( ܷOl@=H8g|G%4o34Ԝű9e=+ ~;EM>-@>fX.lYlBy',g.[YouGO9K}ZBE**Jg[7o :_gW/o JgAtW#1Hg5c7"W9E[/"49E[/"4tWo*c4SU{qU %i?{%2TTpTTW8IEO7Q '/;_5@Ex3矊_R87=n=gټPrɴگĉ_?;㡯=:a뫿)-TݯТ+ (f>14J f-<і##;_ Y7&Wouszoُ<*_^ W&gn'ZSOOVv Qіw^>~zf3o'Οdžu@9{o~; (ckf8kO엒5IEYQ\ ( ( ( ( >-׳巡ٱʭ<5XVתmo{xZ^۫qY__jjq)KPf@>ъT$6+) 5|[FhI]~_;z8袊C`(((((((((((((((((((((((O֧QIkM6/m2B(AEP^71ǟLj5{Qx %ӌilK?%MOݒ[Mmm>A5K4R/FV5wh[W֬vM2?E_ 5*O-˲Z[՗oxGB)V$c;pMykiL[th?'kþ!|]/GMl4ϲ[˱rG<v krjFx:trv1X'tc-4i?,j%0+-/LѴk (R5(`*+Mm}]n@YH@=k> ͣV 2OH/yܨG]QE|QEQEQEQEQEQE/ "36/1YI 8Q52f$}zvlfa _<]}SFǕ{n#;I7¾XG?~$j&<~[q <;!_aSj/W?v}ϯ袊((((((((((((((((((((o/ &;khP,ҰTE%?k~3_f+)51ۺ- ,ddH3ըo8cm |w5/5- K_*#au9P뜁^UMԥҤ/,1@ 8 2&EP (O֧QIkM6/m2B(AEP^71ǟ<+{KdgM޿C_΍_΍_΍?iχƿeɩe<~ ꢽwzx~to_Q~S/R.h).ef|;+=L]fGvDda$㴰WcYa75{MsGj;6_X_Qѽ?:e2BJ6 %Sȼ5,@s3/;%s5?ۈ4:O+zx~uXwՔ[ݱ[!SwF(uѽ?:uѽ?:uѽ?:uѽ?:uѽ?:uѽ?:uѽ?:u|kCW >5O]v2Ep ~޿xU795T5ޏ R: `W68LTc*=oEխ"Rmp񷪰:^%uiJG<^(d?]n 7;TPg#-  G.jWQ@]= 9ԇGX_b|=ͤi̚UqQz~ɶ?)//ix1'U,mlۏ }3/EOX:+uWx.5H˙q6qldO&L]7 v?^E|BB?KUuTPg *!!&Mװ@]:dd/7@>,]{B>GtFutPgK x̋ruTPg |OGx̉RU4PgM?9BWQ@]<dc-3⩿A*ccd/*cgd +*c i_T-WQ@]; }k|7 }k|7ױQ@]; k{'1'7?^Evx1'7?K gދ~OױQ@]; }cދ~O?c#iމ~OױQ@]; {_·z?~ 9^Evx1|cƄ~m5{ǿh? G1o&Q^Evp~n>? iz<&K(;X1B}2]PEP (((O֧QIkM6/m2B(AEP^71ǟn ~`}J#N/$r.Z6=/*}O+,VT=Vzl~씏(PC)t"_QH(((((((((((((((((((((E>"ZQE&\B_4t_i (Q@x l|ycƽP3(QEQEQEQEQEQEQEQEQEQEQEQEQEQEQE_H-Or|~*+h-5P!G+12]NnvY\_#=R,&PQXaJ{Fjk}k 峐ZãA{_<ϋ+J1m#M@_[῅/.-/u)5q8,xlnp_i }Oi4Ɠ &qsꖑ^?):_*˺WĖڤ/Ouq)Tvv:{Nҿe܍Պ8*a V=(HQE֧QD_S(ˈKNkM6!EP (> ~ (օ]rF)UZB9=xrh^<-1^?%'?5O¿4h#EO3k#H?"4E_[q'6'*~^x"D4<? ?/ ׯIPA K?a K?aׯIPA K G6?))?Rq*C? O Ow9kTyI  'E7ßaZ)?Rq*C?᰾ K-_{O/G_ʀl/R>~bl/R?bO/G_ʀl/R?bl/Rt Zu* OװyiP~|Awo41ĊͺXOa#;k>[8>"}ƚv6Bz.qOBCVE GZƺU J$ixH@:Tɥ%Νַꓺo s o/i>v~]#Q4MBkKhQ+ VUReF? s7o'^WOR? w8O&k=ĿE{4<Z/I {/^ñ?*6/G@hx6l?ܿEOXR;bt~T_MQ {/7^ñ?*6/G@hx5?E?ubt~T_| MR_|!+v/GF CCR_|";sװl_ʍP? {+ {+װl_ʍP= } {װ_ʍP= { { װ_ʍP= { ^$?K7^?*6/G@hx5_Snן mOubt~T^|&Q y5^?*~&|I}-I[kD#̝= wB&hя4HM37 uƨMCQu +g4̨'˚<2 S`RFUVtiiMCQu9?M6W_ʍV#}'čo#ú_SM9;wЩK@sy ľ >˫.<b(ba@SttP#|[#+񿊯5[F[P;S^$J)|ׯAG*F*@>QE ((j}Eq ֿi$(QE|ycƽWW_@d(QEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEW? asm[Mծ< :zRpxD14_=VgG=+~)~h}+ٿ>i|\_d_ kJ}#sgwڟWce9ybVpi-{HX_h3/ {Ob{Sc ?;AO+/A5?ԫ{&x_Ʒrնqoh$0\8 d}=EtoNľe"$~p8*3~'ⶑK_A<çN{ǚdTᣘeuh=X5mw|ўEWƚQ@i> Ѧ5ij9:>Xj_=7)P~8'p:sWcse)PIEo);/K"SQ ?]|*owL=Oh]|*o~ޕ/Yh S[R=ggWs(S6ewVk*MPnwG4-XvQ6 ((ωG^յ-KmfWv<_\ulKmb;]C/@OOКQ,:{ r><'7EX8H  >&M~yI[kD?= wB&hя4HI]ωO>>+~ϊ?ͪ<T, ?woQ @NJ?iͪj<T, ?wuc m*-,j"$'&GR PthA'ӫoo!ŞxzI9C}p}O.=~m3Îd~}:O}2B[}7,=>o_OzW'/RmyScd\/OvZ9R+kx >F(uz\e8l =WTsi{: eM5 O^Xei^6Znd6T A֊9΄/ԨW4/-507ܲUuc)ݰ=5xIL⾲ʶr+䯉?k܅5?˱)4ںӎ?8&+*w9ڮn-/*¥e7~>QYj<)>g6ǧRwsman@/Ӟ;T&x4 ~!Ϣj}ki =0'3wχ#߭/ Ex54C7ҿ>@hcҿ>WAxJ_h|?@XJ+Ə.":W'ҏ"?C"ZO'=_#)?I ğC~!zO'pW%?C~!zO' C~!~zO'=z Bk[Rd)$R(eu#z'-_>ǩ"k&#մ:ۍ9>Og{Sri(Bbn ѻ%Wd6DzQ^7 ƿB|m?'P>8x @XJ+wO?au;| 4M,{%|uD#16]:?@XJ+vx/RFDZ^9 ǟAc=i?ux Tѿ6W źž\d%ީya2J`08$8= -U.xˤ[iuKZw?!.0Ȩpۇ+rĺv=]|;~V<+y95?|COxڏee.d a\``#vb((O֧QIkM6/m2B(AEP^71ǟL_iֿiQE ( ً@><^++f/Ǎ{KdgQE(((((((((((((((((((((((((((((((((((((((t_S(/Re%ZSMKL(QEW_^^71ǟ.ԭӳ(wԱԧ[t238%]vd_O|!_~xSd{s4=I|Wg? K,>?.5{ 3kX\4lOy 8f_|3 jzno yϗ6dL3IK)QE:/Q)2ӥZSMHQE(+[o[6^!uk]#yU]`#=ۼ_]ωuI%pĤu5_/|UGԼ9d%ީm{n6N`s@#s?'|;___T_Y[uȳF#F{3?hQ}?hOZ(Rq=+Rp?f?e+XA3\MsC>,(&Aհ6n?2L?>KP|۷ɥ"p6ܮ&(v3՝i7&&Ձ7ǰ䰪<_W ?J(?Vq @Я +Ad?Wq _U 6|1 ~ƽA_'%Ř>j-׺g$wukym 9<+_P_u~ W_,漖wd<twgj~eGBÏ{%sh?]qCd?]qClߋYNx:|_M.IÁ9{u(ʆ=x!|wZLjdwC8*CE8ac?_qDGv?j(?W^E 7@okh.~y~7d% .w_؝?/Q=~U| ?R>ƾ>ߟ_ |]ÒxO{/*?a9;7?o}/Ï5{%XW_>@7 /{%W@߇05Ʀ"zHM^^5N3|1C}j5ݰ2FzC >m.>7h}$xv{{zΛ b*KOM4xWHnm4}&++;r\1T]KI'ֵ\~oh?J(\?/?ƨhswj,?*~uShsEo>"d~g>?G@ϿÏWQE,t^M'nϝKmE {Ԩ?z[&O<%Þ4taqжD~3DdWbaC7h@/#_5S@??Qdy? 3@wP?qn9=뾢(D2J#J젲j(((O֧QIkM6/m2B(AEPʟѴ; 9|e -v{?՗)$)[ 3VwߴI|Mᨼ uKYͪC#fc`19"G~ ./x]nl KQ$nx Uo ksU]]E_i.$Aiiy4Hd @P/~7g?í?5 O3yy.M2;63/!PkP@ ;W|E|7׾(kZŕޣO%D~uUl7pMz2XQE+ڎvg|Fl)ڝJ{; һ/෉⭰~4$էز<󫟺2)2?Z7׶^𝎊ږ9n$G-q傡KJNpQk??BGg`ff9$$O@ԼK0Et}>U"f¢(% K_E4v0# #;Ot6( (>s@Ll9 &X[-{;x|eEK3'?j~34Ohڭ%yTC*8 5S>k^!c6t5[CÂtw(qsx?+q_xw\ދv,aѿn]uY4S PE:M㯃~bOq-KT{%XK hn7\><}/~(|1>5EkwP4S&ލO B~m0($+~)7͆c>q匷l|)񅎟KZխ^K+XԳM !I*H| GiGkf5vτ3.VɶI$Wd12|iˣ֩&)dckCy9̟Wb?_x+WL𗄓N^VRiu಄CNѴ{V_CZW,cJTw#d`PT"wJ:_ 5j<5r+-y8_zq  w2y XR?-MvI HR {_P%Q@{'-W~4׀ouf얖V`=bs K8ϰ|%'Ǐx!ĈGF$]@.`@#r A {?~_U90 ь~;*WWx_xOC~ S5\!tlGF2yO|eCWFt=F-_V$vѳDHI0+ G|V_^?-k^ȣd9ژHJZ(@QE+I. 6MhiJKM;3^:]_@Ԭ`um$1νcfR9ukP3 }K~v:̺ƫU׷FYUhs7|6%Դ5;)`)cp7^2r+ j>"]?2|ALlZLLLO˓~w~a]G-O__uwxfDH BY/*)!$#F\o +袊dr>vڳbɩ$>ᰪ,Ҡͳܱ?< x?&SYHDHRA%we [4Y7),#sް|ĽZK4?6ֺusH aI%sqmZ~u K6NI tю#7*Xr)|1?gwZ]Ne Er,Tcۼk}jHOt/`46pNaI]rѬ Pkoهz/<*ҭuoڮvױ,+}CnI*85_dα*f1<:ZwVsQ#nHi|5VW:k[Ie<982GEk_O¿ <_鱘t;ƺ͝lE$9h euu-7pKsR@]>᭰^t-#ôܖ%:Zմ®'żK^Yžf܋ѿӲԴ.84>۽Աΐ&=Sb2KtE|pT 4UM%]*与-q6Jvպ LO!޷{,1>!`E"{ H'9|xu~~_ |5OxX׍k3qBOd\H+.P43K_AᏈ|kYΣe8}Zk[m. W1BLBJB|]5>YЭ|[]~)nmcc0Ѥ-h )3_*+ķ?^=s>_iK޽i vBѫ5kRi}mssV%jG!p@'4?H-2B((((E>"ZQE&\B_4t_i (Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@\[CwxhTCT*vPQZCo!c}jZ((Q@VSSx'@$ŚMVM;f NNr{տ*gmwt%j1yD۽N3qֺ(KFtvncmi#%(tUE(E ( (;m:?qX_Kiwh0)eupp2w4P3g¿t )ZM3\9fK,G83x~uzUޝ?:}Ft3I)g/,Q@Q@(ȂDda`AdjoڧŋCS\LMέqld>%x.9_8w xO~x|iGO7mŶ|${$C䏔V!o5M_k1,Mw9P,khPץQ@\(??51,~=qMY Yd_:~*I]]F8|!5DH'D?,@S 28_)xW_&𭞁ó4C3#A &m5X.|sx|-߇gIg3O5ycGYъ J~MXܽZM%ԃifc$7Hz.y?WCŝگ=jweXn&/\823К(C᷈/< |_f$’N*iWjyBHg_ Vk~2Oxz[pĀvr'N̗/o"5i-(am' (ڍrWn𷅼uŞ-&HسN|tH# $sq\NJ%O~#SxU?:7TֳnAu$Q~c9e$so,Mz4M.M.01,{^E{*D yhcjnxw~ )}/N~6'YE.~[{t kj(ό~ox]eu \TVZ7nB:|;9]dg5SJ7O٧JL~yxB]ķyF4 rע^g_/hmx[^-NEKX˓+_ MeĺuvE%[Fmٙ\X.2PƅPiQA!EPEPEPEPZQEO.!/m:_4dQ@((((((((((((((((((((((((((((((((((((((((((E>"ZQE&\KrZ!v9n4j(ri}=Z(YըzQpQ4j(dcOViQE>ƞGը}=ZQE zcOV.A4j>ƞE\,i}=Z(YըzQpQ4j(dcOViQE>ƞGը}=ZQE zcOV.A4j>ƞE\,i}=Z(YըzQpQ4j(dcOViQE>ƞGը}=ZQE zcOV.A4j>ƞE\,i}=Z(YըzQpQ4j(dcOViQE>ƞGը}=ZQE zcOV.A4j>ƞE\,i}=Z(YըzQpQ4j(dcOViQE>ƞGը}=ZQE zcOV.A4j>ƞE\,i}=Z(YըzQpQ4j(d:;D-QEn piPNG  IHDR,tEXtSoftwareMicrosoft Office5qPLTE󉦑 cmPPJCmp0712Om IDATcπ aIENDB`n(WÈ#pKVPNG  IHDR,tEXtSoftwareMicrosoft Office5qPLTEGo( cmPPJCmp0712Om IDATcπ aIENDB`n%滅?V8PNG  IHDR,tEXtSoftwareMicrosoft Office5qPLTE󉦑 cmPPJCmp0712OmIDATcge@ GIENDB`n#/d=+,͖~PNG  IHDR,tEXtSoftwareMicrosoft Office5qPLTEGo( cmPPJCmp0712OmIDATcge@ GIENDB`P(@  0 (4www.undp-povertycentre.orgDhttp://www.undp-povertycentre.org/Fwww.undp-povertycentre.org/aids.htmThttp://www.undp-povertycentre.org/aids.htmLwww.undp-povertycentre.org/reports.htmZhttp://www.undp-povertycentre.org/reports.htm/ 0DArialngsRomantt? 0DTimes New Romantt? 0 DWingdingsRomantt? 0 B0.  @p?" dd@  @@`` phzH4 //D6T'(.DHLONOQZVWXYZ[\K]`aboR$%>^sжsZ$b$ piZb$(WÈ#pKV$b$%滅?V8b$#/d=+,͖~c 0AA f̙̙3f3f@8  wh ʚ;2Nʚ;g4PdPd? 04ppp@ <4!d!d@w 0t?<4dddd@w 0t?x&BRANCHTO262JHOTSPOTTYPE$DefinedInNavigator<$DEFINEDINNAVIGATORTrue___PPT10DTimes New Romantt< 0DArialNew Romantt< 0 ZZ___PPT9n3n)/ypf}I[ePNG  IHDR asRGB`PLTEkjjjUU@@@??@??+++**+**#g cmPPJCmp07128I tRNS@fAIDAT 0 ~{[8([Pz2S82(\dXP< zIENDB`0n&WvlHMU+vnPNG  IHDR asRGB`PLTEkjjkjjUUTU@@@??@++*+**M#A cmPPJCmp07128I tRNS@f>IDAT1W}{{J %s4!u61QJuRW&x&vxIENDB` ne!(mPɈPNG  IHDRysRGBPLTEffffffff̙̙O) cmPPJCmp0712 jtRNS ADIDATcP, SVA%6AC!P.iuD!".l`)SbPbL@]KIENDB`8"@(%+,01624,/80:?  O =?<7The Macroeconomics of Financing Basic Utilities for All88(8Terry McKinley Director, International Poverty Centre  Financing Access to Basic Utilities for All Multi-Stakeholder Consultation, Lusaka, 23-25 April 2007,P6.9:"Some Research Background(UNDP has supported 25 national reports on Economic Policies for Growth, Employment and Poverty Reduction since 2002 The motivation has been to promote greater policy dialogue and provide policy alternatives on economic policies www.undp-povertycentre.org/reports.htm Coverage: Asia-Pacific, Eastern Europe and the CIS, Middle East, and sub-Saharan Africa Focus: a) fiscal, monetary and exchange-rate policies and b) financial liberalization, trade liberalization and privatization UNDP has also supported a global project on  Privatization and Poverty Reduction (most studies are in low-income countries in Africa)P)P]lP(Pk 0 The Conclusion of the StudiesPrivatisation and commercialisation of public services are often not compatible in low-income countries with achieving the Millennium Development Goals See Working Paper #22 of the International Poverty Centre:  Can Privatisation and Commercialisation of Public Services Help Achieve the MDGs: An Assessment? www.undp-povertycentre.org Also see the IPC Policy Research Brief #3:  Privatising Basic Utilities in Sub-Saharan Africa: the MDG Impact and the ensuing debate in One Pagers Central Questions: How will access to public services such as water, sanitation and electricity be financed? What are the Macroeconomic Implications?PP;b*i|  %-  06PA)0Access to Electricity: Percentage of Population11(7Access to Electricity: The Need for Public Investment  86((&How to reach households without electricity? Two-thirds of households in Africa 83% in rural areas? 59% of households in South Asia 70% in rural areas? We have to dramatically  scale up public investment in order to expand the electrical grid or provide alternative cheaper sources of energy Costing the public investment needed to reach the MDGs has provided a stronger impetus for a change in strategy A greater need for Economic Policies that support Rapid Growth and Economic Development, not just Macroeconomic Stabilization-PkPP{P-l# # X5The Need for Public Investment-Led Economic Policies  64$(pAccording to conservative economists, increased Public Investment will:  Crowd out (displace) private investment Cause accelerating inflation and appreciation of the exchange rate Increase the Fiscal Deficit and the Public Debt Public Investment Has Been in Long-Term Decline (See graph): From 10% to 7% of GDP|HllSF=F.HPublic Investment in Developing Countries, 1970-2000 (as a share of GDP)II  =%.Why Is Increasing Public Investment Justified?//(It will stimulate private investment, not dampen it (example: electricity) It will increase the productive capacity of the economy so that inflation is contained Governments should borrow to finance public investment (deficit financing) It creates future revenue and welfare benefits Current revenue should cover current expenditures So incurring deficits is normal for investment purposes (ODA finances larger deficits)ZZ4z9/eC+<The Macroeconomic Implications of Expanding Basic Utilities  =;((fFiscal policies need to be more expansionary (investment focused) Monetary policies should be consistent with fiscal expansion Low inflation targets (3-5%) can be counter-productive Achieving such targets can drive up real rates of interest Such interest rates slow private investment and make public borrowing more expensive: the result is a vicious circle6PPD,.What Are the Alternative Sources of Financing?//(For low-income countries, a dramatic scaling up of Official Development Assistance is needed Such a scaling up need not endanger macroeconomic stability (e.g., accelerating inflation and causing a  Dutch Disease appreciation) Refer to the Conference Papers from the IPC-supported Global Conference on  Gearing Macroeconomic Policies to Reverse the HIV/AIDS Epidemic www.undp-povertycentre.org/aids.htm Conclusions: 1) concerns about instability are inflated and 2) if there are such problems, they can be managed. ]PPPP%PrP]& fs#s 0sL0Investment-Focused ODALSee the New IMF Analytical Framework: ODA should be  SPENT : the Government should spend more based on ODA financing of a larger deficit ODA should be  ABSORBED : the Central Bank should sell the ODA-supplied foreign exchange in order to finance imports Otherwise the purpose of ODA is defeatedP&ZZ&MM1Investment-Focused ODAThe recent 2007 Evaluation of PRGF countries in sub-Saharan Africa by IMF s Independent Evaluation Office found: Governments spent only 28% of ODA (72% was saved) So almost three-quarters of ODA was not used for development purposes!!! Worse still, if the inflation rate exceeded 5% in a country, only 15% of ODA, on average, was spent by governmentsBqZZq2FQ6Monetary Policies and InflationNBut IMF now recognizes that inflation rates of 5-10% need not be harmful to growth Maintaining inflation rates of 3-5%, as in the past, can often be unduly restrictive Empirical evidence suggests that even inflation rates up to 15% are not likely to be harmful Supply shocks (oil; food) can temporarily drive inflation rates above 10%OZOU9=Inflation Has Declined in Africa It has been 5-10% since 1997>!( N2The Impact of ODA FCentral Banks  Absorbed only 63% of ODA (i.e., sold foreign exchange) 37% of ODA was used to build up International Reserves There are three possible uses of ODA: Central Bank Reserves Private Capital Outflow Financing of Imports (a transfer of real resources: widening the current account):ZlZG]O3Using ODA Effectively~Is it justifiable to use ODA to build up reserves? Reserves substitute for the transfer of real resources into the country A modest build-up could be warranted as a means to address Aid Volatility The Problem: Central Banks  sterilize the monetary impact of ODA, driving up interest rates in order to contain inflation&@Z pP4(A Danger of Exchange-Rate Appreciation??))(0The IMF hypothesis: More government spending domestically (on non-tradables) increases inflation Inflation appreciates the exchange rate Appreciation damages the international competitiveness of exports But in sub-Saharan Africa (as in Asia) aid surges have been associated with Depreciation (See Graph)RleqeC R59The Size of Aid Is Correlated with Depreciation in Africa::( K/(A Danger of Exchange-Rate Appreciation??))(The danger of inflation depends on the supply response to increased demand Fiscal policies (that increase government spending) and monetary policies (that sell foreign exchange) need to be coordinated (see IPC Working Paper #10 & Conference Papers) But coordination of policies on whose terms? Fiscal policies have to be consistent with the restrictive monetary policies of the Central Bank???bZ1ZZ0T8"Policy Coordination for Scaling Up##(Choose the opposite: monetary policies should be supportive of expansionary fiscal policies Short-term inflation and even some appreciation could be part of the adjustment process Relative prices need to adjust in order to transfer resources domestically and facilitate their import into the country The exchange rate can be managed to deal with such short-term problems (along with coordinating fiscal and monetary policies)fPxP~Px~V:The Problem of Aid VolatilityThe volatility of aid is the chief problem, not so much domestic macroeconomic instability ODA needs not only to be scaled up but also made predictable Otherwise it imparts instability to the budgeting process and contributes to macroeconomic instabilityP@\\.\DISPLAY1z7  0` flf3` 3f{FEɄ` OY?HsLp` nk3cR` Td4HV,{nR|:U^` N/qTʉ` ̙Ԝν@f` xfmR׍Ƴ~` [4>?" dd@,?lZd@  d lZ@ d`lZ n?" dd@   @@``PT $   @ ` `0p>> 22..1(  B,T   "  c BlC DE F* @ y   l l y y @`" ~   c BC DE F*y @ [    [ [ @`"~   c BCDEF" @ @`"i (  c BCBDEF"@ B<0BB@`" ~:   0e0e     ?BCIDEF"  @ 5% 8c8c     ?1 d0u0@Ty2 NP'p<'p A)BCD|E||IMkII@`S"  BCeDEF" 0e00@`"v~   B]CDEF ]]] @`"#~    c B'C\DEF& @ \7\'*'\\@`"#   B CDEF"  @`"1   c B}CzDEF"d @ }~}z}~}~@`"~   BCDEF  @`"O ~?   c BCDEF"y @ HHH@`"U   c BC>DEF"d@ >86>>@`" ~'   c BCDEF" @ V@`"   c B[ C DEF"y @ I [ f@`"M   c BCC+DEF"yd @ C+CC+C+@`"; ~   BCODEF" O`ZOO@`"e ~k   c B2 Cx DEF"vy @  x 2  @`" v   BCDEF  @`" ~j   c B C DEF"y @  B@`"(     0e0e     ?BC DEF"  @ 5% 8c8c     ?1 d0u0@Ty2 NP'p<'p A)BCD|E||  =@`S" 6   c BTC`DEF"yd @ T`TZ T`T`@`"* ~   BCDEF" M@`"R~V  c B>CDEF" @ >S@`"0  c BUCDEF" @ U@`"#x  B<C8DEF" <8<6@`"B~  c BlCHDEF"y @ slHl*ss@`"Az   BCDEF  @`"z    c BlC9DEF"y @ nl9l3nn@`"hz    c BlCDEF" @ 0ll00@`"i z ! c B`Ci DEF"|y @ `i `Q }@`"zi  " c B| C6 DEF"y @ | 6 | 0 B@`" z6   # c BC DEF& @  @`"nz  $ c BCDEF"y @ *@`"z % c B"CDEF"y @ ""6@`"Vz & c BCDEF"y @ *@`"uz\ `~  ' "`~   ( c BKC!DEF& @ n3!?K@`"`V   ) c B9CDEF&d @ 9 H999@`"> ~  * 6$? " ` ? T Click to edit Master title style! !$ + 0? " ` ? RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S , 6? #" `] `} ? b*0   - 6\F #" ``  ? d* 0   . 6$F #" `] `} F d* 0  Z  By޽h @ ? 3f{FEɄ<0___PPT10. ,/___PPT9BpBB BeamQ2  0 11..?1(  B,T   "  c BlC DE F* @ y   l l y y @`" ~   c BC DE F*y @ [    [ [ @`"~   c BCDEF" @ @`"i (  c BCBDEF"@ B<0BB@`" ~:   0e0e     ?BCIDEF"  @ 5% 8c8c     ?1 d0u0@Ty2 NP'p<'p A)BCD|E||IMkII@`S"  BCeDEF" 0e00@`"v~   B]CDEF ]]] @`"#~    c B'C\DEF& @ \7\'*'\\@`"#   B CDEF"  @`"1   c B}CzDEF"d @ }~}z}~}~@`"~   BCDEF  @`"O ~?   c BCDEF"y @ HHH@`"U   c BC>DEF"d@ >86>>@`" ~'   c BCDEF" @ V@`"   c B[ C DEF"y @ I [ f@`"M   c BCC+DEF"yd @ C+CC+C+@`"; ~   BCODEF" O`ZOO@`"e ~k   c B2 Cx DEF"vy @  x 2  @`" v   BCDEF  @`" ~j   c B C DEF"y @  B@`"(     0e0e     ?BC DEF"  @ 5% 8c8c     ?1 d0u0@Ty2 NP'p<'p A)BCD|E||  =@`S" 6   c BTC`DEF"yd @ T`TZ T`T`@`"* ~   BCDEF" M@`"R~V  c B>CDEF" @ >S@`"0  c BUCDEF" @ U@`"#x  B<C8DEF" <8<6@`"B~  c BlCHDEF"y @ slHl*ss@`"Az   BCDEF  @`"z    c BlC9DEF"y @ nl9l3nn@`"hz    c BlCDEF" @ 0ll00@`"i z ! c B`Ci DEF"|y @ `i `Q }@`"zi  " c B| C6 DEF"y @ | 6 | 0 B@`" z6   # c BC DEF& @  @`"nz  $ c BCDEF"y @ *@`"z % c B"CDEF"y @ ""6@`"Vz & c BCDEF"y @ *@`"uz\ `~  ' "`~   ( c BKC!DEF& @ n3!?K@`"`V   ) c B9CDEF&d @ 9 H999@`"> ~  * 6F " `p F T Click to edit Master title style! ! + 0? " `   F W#Click to edit Master subtitle style$ $ , 6"G #" `] `} ? b*0   - 6'G #" ``  G d* 0   . 6,G #" `] `} G d* 0  Z  By޽h @ ? 3f{FEɄ80___PPT10. ,/ 0 z@  ( @?|&   B8j]j] z%   z* I$$IImmd   c $ ?XK  (   B`j]j]  M(  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S   Bhwj]j]  @%  |* I$$IImm    Hj]j] z   z* I$$IImm    Hj]j]  @  |* I$$IImmN  6.k? ? ̙3380___PPT10.&Ap P|(  |  | Nj]j] z%   v* I$$IImm | Ntj]j]  ?%  x* I$$IImm | Tlj]j] z   v* I$$IImm | TDj]j]  ?  x* I$$IImmH | 0.k ? 3380___PPT10.&?HBf  0 L0    ( TǠ   c $7G*" `p<$ 0 G   S 8G+" ^<$ 0 G B  s *޽h ? ff3___PPT10..ij3x+ D ' N= @B D' = @BA?%,( < +O%,( < +D' =%(%(D' =%(Df' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*8%(D' =-u6Bwipe(right)*<3<*8%(D' =%(Df' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*%(D' =-u6Bwipe(right)*<3<*%(+p+0+0 ++0+0 +:  0 @d:(  dr d S G* `  G  d S ?+ ` G "p`PpH d 0޽h ? 3f{FEɄ80___PPT10.  0 L0   `(    c $дG*" `  G   c $pG+" `<$ 0 G "P@08XB  s *޽h ? ff380___PPT10.ij3x3$  0 ##5N3#(  r 8 S G* `  G "  ` N #"* ` G ( <LG? ` L51 @` ' <G?j  L86 @` & <tG?g j L64 @` % <(G? g  L46 @` $ <XG?  L25 @` # <G?   XAll Developing @` " <A? `  L51 @` ! <G?j   L98 @`   <A?g j  L87 @`  <A? g  L70 @`  <\(A?  L45 @`  <3A?    W Latin America @`  <( 6dN# y  M500F  ? 6PjN' }  M600F  @ 6BF+   M700F  A 6pN) M800F  B 6`vN- M900F  C 6zN1 N1000F  D 6N5 N1100F  E <;8N 3  P197000F  F <;No   P197200F  G <;NK   P197400F  H <;N&   P197600F  I <;N   P197800F  J <;`N ~  P198000F  K <;РN Y  P198200F  L <;@N 5  P198400F  M <;Np   P198600F  N <; NL  P198800F  O <;N(  P199000F  P <;N   P199200F  Q <;pN   P199400F  R <;N Z  P199600F  S <;PN 6  P199800F  T <;Nr   P200000F B U 3  BB V 3 u  W 6N  ZSimple average00F <B X #  w  Y 6N   \Weighted average00F H  0޽h ? 3f{FEɄ80___PPT10., 9$  0 t$(  tr t S N* `  N r t S N+ ` N H t 0޽h ? 3f{FEɄ80___PPT10.S ^\$  0 $(  r  S LN* `  N r  S N+ ` N H  0޽h ? 3f{FEɄ80___PPT10.'2Ic$  0 $(  r  S xN* `  N r  S PN+ ` N H  0޽h ? 3f{FEɄ80___PPT10.'=e$  0 p$(  r  S  P* `  P r  S  P+ ` P H  0޽h ? 3f{FEɄ80___PPT10. $  0 $(  r  S P* `  P r  S lP+ ` P H  0޽h ? 3f{FEɄ80___PPT10.$  0 $(  r  S 'P* `  P r  S H+P+ ` P H  0޽h ? 3f{FEɄ80___PPT10.ɚ   0 |t (  x  c $(8P* `  P T  C ,Afigura_01 H  0޽h ? 3f{FEɄ80___PPT10.[:  0 :(  r  S 8>P* `  P   S DP+ ` P "p`PpH  0޽h ? 3f{FEɄ80___PPT10.j$  0 $(  r  S tMP* `  P r  S 8NP+ ` P H  0޽h ? 3f{FEɄ80___PPT10.`ᑃ:  0 :(  r  S ^P* `  P   S aP+ ` P "p`PpH  0޽h ? 3f{FEɄ80___PPT10.y[  0 O[G[uJZ(  r  S pP* `  P ^ t 6  B0tP   " ^  6)Xf  # 3"tT  c $X?<  # AV  c &AS6@ <B  # !/6B @C <B  # !/6{@|<B  # !/6@<B  # !/6@<B  # !/6(@)V2  c &AGo!/;BQ   <yPo]~v0___PPT106___PPT9 WDZA$&Go   V2   c &AGo!/]nQ   <h}P5~v0___PPT106___PPT9 WBWA$&Go   V2   c &AGo!/ RH Q   <HPx *` ~v0___PPT106___PPT9 WBFA$&Go   V2  c &AGo!/:  Q  <XP  /~v0___PPT106___PPT9 WBDI$&Go   V2  c &AGo!//W~Q  <ȏP/~v0___PPT106___PPT9 WCMR$&Go   V2  c &AGo!/ j Q  <P p ~v0___PPT106___PPT9 WCAF$&Go   V2  c &AGo!/ M Q  <XPx zk ~v0___PPT106___PPT9 WTCD$&Go   V2  c &AGo!/9FQ  <DPeSX~v0___PPT106___PPT9 WZAR$&Go   V2  c &AGo!/Q  <P ] ~v0___PPT106___PPT9 WCOG$&Go   V2  c &AGo!/B*Q  <Pg-=~v0___PPT106___PPT9 WCIV$&Go   V2  c &AGo!/>Q  <dPEBM~v0___PPT106___PPT9 WEGY$&Go   V2  c &AGo!/z . } Q  <ĮP  ~v0___PPT106___PPT9 WETH$&Go   V2  c &AGo!/W[Q  <P4~v0___PPT106___PPT9 WGAB$&Go   V2  c &AGo!/ Q  <PP.>~v0___PPT106___PPT9 WGMB$&Go   V2  c &AGo!/7Q  <P%~v0___PPT106___PPT9 WGHA$&Go   V2  c &AGo!/  Q  <P  %~v0___PPT106___PPT9 WGIN$&Go   V2  c &AGo!/DXQ  <HPk~v0___PPT106___PPT9 WKEN$&Go   V2  c &AGo!/ } Q  <PC T3 ~v0___PPT106___PPT9 WLSO$&Go   V2  c &AGo!/5KQ  < Q  <pP12~v0___PPT106___PPT9 WMRT$&Go   V2  c &AGo!/6xQ  <PO~v0___PPT106___PPT9 WMAR$&Go   V2  c &AGo!/ K Q  <pP \ ~v0___PPT106___PPT9 WMOZ$&Go   V2  c &AGo!/' }v Q  <P S ~v0___PPT106___PPT9 WNER$&Go   V2  c &AGo!/4bQ  <P^ar~v0___PPT106___PPT9 WNGA$&Go   V2  c &AGo!/ ; Q  <P ~v0___PPT106___PPT9 WRWA$&Go   V2  c &AGo!/ ^ Q  <PE /: ~v0___PPT106___PPT9 WSEN$&Go   V2  c &AGo!/  Q  <@ " ~v0___PPT106___PPT9 WSLE$&Go   V2  c &AGo!/  Q  <2 / ~v0___PPT106___PPT9 WZAF$&Go   V2  c &AGo!/$BwQ  < ga~v0___PPT106___PPT9 WSDN$&Go   V2  c &AGo!/mQ  < [w~v0___PPT106___PPT9 WTZA$&Go   V2  c &AGo!/ j kQ  <  }~v0___PPT106___PPT9 WTGO$&Go   V2  c &AGo!/?Q  <D ~v0___PPT106___PPT9 WTUN$&Go   V2  c &AGo!/Z  Q  <l + ~v0___PPT106___PPT9 WUGA$&Go   V2  c &AGo!/KQ  <xr~v0___PPT106___PPT9 WZMB$&Go   V2  c &AGo!/nsQ  <x&~v0___PPT106___PPT9 WZWE$&Go     d@ABeC@DE F5;!/ e@@*6B   S67 6B B  SB 6C V  B+  ~v0___PPT106___PPT9 V50$&    6B B  S{6|W  B/  ~v0___PPT106___PPT9 W100$&    6B B  S6W  B-4) ~v0___PPT106___PPT9 W150$&    6B B  S6W  Bp8oe~v0___PPT106___PPT9 W200$&    6B B  S(6)W  B>~v0___PPT106___PPT9 W250$&    h  BD ~v0___PPT106___PPT9 hReal Overvaluation&& "   6B   S6 @ 6B   S  O  <@J.  ~v0___PPT106___PPT9 U0$&    6B   S P  <N. ~v0___PPT106___PPT9 V10$&    6B   SY Z P  <DR. d ~v0___PPT106___PPT9 V20$&    6B   S, - P  <pV. 6 ~v0___PPT106___PPT9 V30$&    6B   S  P  <@`h.  ~v0___PPT106___PPT9 V40$&    `  <Dd  ~v0___PPT106___PPT9 fForeign Aid %GNI&& "   P  S AS| *V2  c &AGo!/ ' <B  # 5;!/Y  <8j y O~v0___PPT106___PPT9 _ overvalue& & "   ]  <o;y,O~v0___PPT106___PPT9 c Fitted values& & "    J Bv   " H  0޽h ? 3f{FEɄ80___PPT10.$  0 `$(  r  S }* `   r  S ~+ `  H  0޽h ? 3f{FEɄ80___PPT10.kK :  0 :(  r  S * `     S ؑ+ `  "P@08XH  0޽h ? 3f{FEɄ80___PPT10.-@X5$  0  $(  r  S xF* `  G r  S F+ ` F H  0޽h ? 3f{FEɄ80___PPT10.Ձ0Y!r @0P>:=^)AC +-FdK/2z8:<:4*?T0=f6V1Oh+'0T px    $,PowerPoint PresentationBeamuser128Microsoft PowerPoint 7.0@eS@@@H9rGSg  )'    """)))UUUMMMBBB999|PP3f333f3333f3ffffff3f̙3ff333f333333333f33333333f33f3ff3f3f3f3333f33̙33333f333333f3333f3ffffff3f33ff3f3f3f3fff3ffffffffff3ffff̙fff3fffff3fff333f3f3ff3ff33f̙̙3̙ff̙̙̙3f̙3f333f3333f3ffffff3f̙3f3f3f333f3333f3ffffff3f̙3f3ffffffffff!___www4'A x(xKʦ """)))UUUMMMBBB999|PP3f3333f333ff3fffff3f3f̙f3333f3333333333f3333333f3f33ff3f3f3f3333f3333333f3̙33333f333ff3ffffff3f33f3ff3f3f3ffff3fffffffff3fffffff3f̙ffff3ff333f3ff33fff33f3ff̙3f3f3333f333ff3fffff̙̙3̙f̙̙̙3f̙3f3f3333f333ff3fffff3f3f̙3ffffffffff!___www_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________<___<___<___<___<___<___________________________________________________________<_____________________________________________________________________________________________<___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________<_______________________________________________________________________________________________________________________________________________________________<_________________________________________________________________________________________________________________________________________________________<___<___<___<___<___<_______<__________________________________________________________________________________________________________________________________________<___<___<___<_______<_______________________________________________________________________________________________________________________________<_<_<_<_<_<_<_______________________________________________________________________________________________________________________________________________________________________________<___<__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________<___________________________________________________________________________________________________<___________________________________________________________________________________<___<_<___________<_<_<_<_<_<____<____________________________________________________________________<_____________________________________________________________________________<___<_<_<_<_____________<_<_<_<_<___<___<___<___________________________________________________________________________________________________________________________________________________________________________<_<_<_<_<___<___<___<_<_<_<_<_<_<_<_<_<_<___________________<_______________________________________________________________<___________________________________________________________________________<_<___<_______<_<_<_<_<_<_<_<_<_____________________________________________________________________________________________________<_<_<___<_<_<_<_<_<_<_<_<_<_<_<_______<____________________________________________________<___<___<____________________________________________<_<_<_<_<_<_<_<_<_<_<_<_<______________<_____________________________________________<_______<___________________________________________________________________________<_<_<_<_<_<_<_<_<_<_<_<_<___<_________<_<_<__<__<___<__________________________________________________________________________<___<___<___<______________________________________________________________________________________________<_<_<_<_<_<_<_<_<_<___<_________________<_<_<_<___<___<_________________________________________________________________________________________________________________________________________________________________________________<_<_<_<_<_<_<___<___<___<___<___<___<_<_<_<_<_<_<_<_<___________________________________________________________________________________________<___<___<_______________________<___________________________________________________________________________________<_<_<_<_<_<___<___<___<___<_____<_<_<_<_<_<___<___<___________________________________________________________________________________________<________________________________________________________________________________________________________<_<_<_<_<_<_<_<_<___<___<_<_<_<_<_<_<_<_<_<_<_<_____________________________<_________________________________________________________________<_______________________<___<____________________________________________________________________________________________<___<___<___<___<___<_<_<_<_<_<_<_<_<_<_<_______________________________<________________________________________________________________________________________<_________________________________________________________________________________________<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<_________________________<_________________________<___<_________________________________________________________________<___<___<___<___<_________________________________________________________________________________________________<_<___<_<_<___<_<_<_<_<_<_<_<_<_<_<_<_<___________________________<___________________________<___<______________________________________________________________<___<___<___<______________________________________________________________________________________________<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<___________<___<___________<_________________________<_<_<_<___________________________________________________________<___<___<___<___<___<_____________________________________________________________________________________________________<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<___________<_______________<_________________________<_<_<_<___________________________________________________<___<___<___<_______<___________________________________________________________<___________________________________________<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<___<___<___<___<___<_<_<_________________________<_<_<_<_<_______<____________________________________________________<_<_<___<_<_<___<___<___________________________________<__________________________<___<___________________________________________________<_<_<_<_<_<_<_<_<_<_<_<_<_<___________<___<___<___<_____<___________________________<_<_<_<_<_______<___________________________________________________<___<___<___<___<___________________________________<________________________<___<___<______________________________________________<_<_<_<_<_<_<_<_<_<_<_<_<___<___<___<___<___<___<___<_<_<___<_____________________<_<_<_<_<_______<_______________________________<______________________<___<_<_<___<___<_________________________________<_<___________________________<_<_<_<_<_____<_______________________________________________<_<_<_<_<_<_<_<___<_<_<_______<___<___<___<___<___<_<_<_________________________<_<_<_<_<_______<_____________________________________________<_________<___<___<__________________________________________________________________<___<___<_____<______________________________________________<_<_<_<_<_<_<_<_<___<___<___<_<_<_<_<_<_<_<_<___<___<___<___<___<___<_________<_<_<_<_<_______<__________________________________<_____________<_<_<_______<_<_<___<___________________________________<_<_____________________________<_<_<_<_<_______<___________________________________________________<_<_<_<_<_<_<_<___<___<___<___<_<_<___<___<_<_<___<___<___<_______________<_<_<_<_<_<_______<________________________________________________<_<_<_<__<______<_______________________________________<_<___________________________<_<_<_<_<_<_______<______________________________________________________<_<_<_<_<___<_<_<___<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<___<___<___<_______<<<_<<<_<_<_______<_____________________________________<_____________<_<_<__<_<____<_______________________________________<_____________________________<_<_<_<_<_________<_____________________________________________<___<_______<_<_<_<___<___<___<_<_<_<_<_<_<___<___<_<_<___<___<___<___<___<_______<<<_<_<_<_________<_____________________________________<_____________<_<_<__<_<_______________________________________<_<____________________________<_<_<_<_<_________<___________________________________________<_____________Root EntrydO)Q_^PicturesCurrent User JSummaryInformation( U      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEb_`aI !&_CYuliya.VnukovaYuliya.Vnukova#http://www.undp-povertycentre.org/+http://www.undp-povertycentre.org/aids.htm.http://www.undp-povertycentre.org/reports.htm _C0useruser  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEGHIJKLMOPQRSTUZRoot EntrydO)PicturesCurrent UserNSummaryInformation( UPowerPoint Document(IgDocumentSummaryInformation8FRoot EntrydO)z0^PicturesCurrent UserNSummaryInformation( U      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEOPQRSTUb_`a ՜.+,D՜.+,t    On-screen Showy2 ArialTimes New Roman WingdingsBeam8The Macroeconomics of Financing Basic Utilities for AllSome Research BackgroundThe Conclusion of the Studies1Access to Electricity: Percentage of Population8Access to Electricity: The Need for Public Investment 6The Need for Public Investment-Led Economic Policies IPublic Investment in Developing Countries, 1970-2000 (as a share of GDP)/Why Is Increasing Public Investment Justified?=The Macroeconomic Implications of Expanding Basic Utilities /What Are the Alternative Sources of Financing?Investment-Focused ODAInvestment-Focused ODA Monetary Policies and Inflation>Inflation Has Declined in Africa It has been 5-10% since 1997The Impact of ODA Using ODA Effectively)A Danger of Exchange-Rate Appreciation??:The Size of Aid Is Correlated with Depreciation in Africa)A Danger of Exchange-Rate Appreciation??#Policy Coordination for Scaling UpThe Problem of Aid Volatility  Fonts UsedDesign Template Slide Titles$0hp _PID_HLINKSVersionLCIDA#http://www.undp-povertycentre.org/+http://www.undp-povertycentre.org/aids.htm.http://www.undp-povertycentre.org/reports.htm PowerPoint Document(IgDocumentSummaryInformation8