TAILIEUCHUNG - RESOURCE, FINANCIAL AND BUDGETARY MATTERS

Two features stand out. First, leverage is procyclical. Leverage increases when balance sheets expand. Conversely, leverage falls when balance sheets contract. Thus, leverage tracks the waxing and waning of balance sheets in a way that amplifi es the fi nancial cycle. Although “procyclical leverage” is not a term that the banks themselves would use in describing how they behave, this is in fact what they are doing. Second, there is a striking contrast between the distress in 1998Q4 associated with the LTCM crisis and the credit crisis of the summer of 2007. While balance sheets contracted sharply in 1998,. | Programa Mundial Alimentos World Food Programme Programme Alimentaire Mondial Executive Board Annual Session Rome 7-11 June 2010 RESOURCE FINANCIAL AND BUDGETARY MATTERS Agenda item 6 For approval FINANCIAL FRAMEWORK REVIEW OPTIONS Financial Issues Distribution GENERAL WFP 2010 6-E 1 19 May 2010 ORIGINAL ENGLISH This document is printed in a limited number of copies. Executive Board documents are available on WFP s Website http eb . 2 WFP 2010 6-E 1 Note to the Executive Board This document is submitted to the Executive Board for approval The Secretariat invites members of the Board who may have questions of a technical nature with regard to this document to contact the WFP staff focal points indicated below preferably well in advance of the Board s meeting. Chief Financial Officer and Deputy Executive Director rM Ms G. Casar tel. 066513-2885 Director RMB Mr S. O Brien tel. 066513-2682 Should you have any questions regarding matters of dispatch of documentation for the Executive Board please contact Ms I. Carpitella Administrative Assistant Conference Servicing Unit tel. 066513-2645 . Resource Management and Accountability Department Budget and Programming Division WFP 2010 6-E 1 3 Executive Summary To ensure that WFP s financial framework fully supports implementation of WFP S Strategic Plan 2008-2013 a review of the framework is under way. The review has three mutually reinforcing objectives i to ensure the predictability and stability of the Programme s funding ii to achieve greater flexibility and effectiveness in resource usage and iii to reinforce transparency in the allocation of resources. At the request of members the Secretariat gave priority to the issue of programme categories. In February 2010 members expressed an interest in addressing the other issues in parallel. In response and following extensive discussions internally the Secretariat presented the membership with issues and initial recommendations related to i .

• Tài chính doanh nghiệp
• loomed up conspicuously
• Eclecticism in Medicine
• unlicensed country
• Climate Change
• Biodiversity Hotspot
• Extinction Risk
• educational scheme
• sound condition
• current evidence base
• genuine concern
• Nutrition and Physical
• consultation document
• particular circumstances
• sufficient donors