International Financial Support Research Articles

“Whatever It Takes!” How tonality of TV-news affected government bond yield spreads during the European debt crisis

Were government bond risk premia affected by the media in addition to the effects of major events? Revisiting the European debt crisis, we analyze the role of television news in the rise and re-convergence of GIIPS bond spreads vis-à-vis Germany from 2007 to 2016. We use a dataset of more than one million human-coded news items from leading newscasts worldwide to identify over 25,000 news on the Eurozone and country-specific economic topics. Our findings emphasize the relevance of the tonality of news, such that an increasing share of positive (negative) news correlates with a decrease (increase) in spreads. Content-based endogenous clustering of news highlights the importance of news about institutions providing stability and “international financial support” to distressed countries in reducing bond spreads. Moreover, weekend news enables us to establish a causal link between country-specific news coverage and changes in spreads on the subsequent trading day.

Implementation of the Paris Climate Agreement in the Legal Systems of the EAEU Member States

The Paris Climate Agreement provides for the acceptance by the participating States of obligations, which this treaty enshrines as «nationally determined contributions» (NDC). The goal of these commitments is to reduce greenhouse gas emissions and keep global temperature increases well below 2°C compared to preindustrial levels. This mechanism has a number of legal features: first, each state establishes NDC independently, reports them to the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), acting as the meeting of the Parties to the Paris Agreement, and registers them with the Secretariat. From this moment, a new international legal obligation of the state to implement the NDC arises. Secondly, it can be changed only in the direction of greater «ambition», that is, by increasing targets for limiting greenhouse gas emissions. Thirdly, the Paris Agreement does not require the coordination of national measures with the rest of the parties to the treaty. Each participant in the Paris Agreement represents an NDC, which determines the scope of its own obligations without the participation of other states, unlike the mechanism provided for in the GATT and GATS, where WTO member states are required to coordinate their national measures with the rest of the participants (Goods schedule / Services schedule). Fourthly, the monitoring mechanism provides for the first stage of summing up in 2023, when an assessment of the progress towards achieving the goals of the Paris Agreement will be given.A comparative analysis of the NDC of the EAEU member states, all of which are parties to the Paris Agreement, allows us to generalize. The Republic of Kazakhstan and the Russian Federation announced the achievement of carbon neutrality by 2060, the rest of the states — by 2050. Some states (the Republic of Belarus, the Kyrgyz Republic, the Republic of Kazakhstan) have set two targets for the implementation of NDC: conditional (achievement of the indicator with international financial support and access to modern technologies) and unconditional (achievement of the indicator at own expense). The level of development of the legal framework for the implementation of the NDC of the Republic of Armenia, the Republic of Belarus and the Kyrgyz Republic is inferior to the level of the Russian Federation and the Republic of Kazakhstan in terms of limiting greenhouse gas emissions, turnover of carbon units and taxation of carbon emissions (introduction of a carbon tax). At the EAEU level, the member states have adopted a roadmap on the climate agenda, and much work remains to be done to develop a regulatory framework.

СТРАТЕГІЧНІ ПРІОРИТЕТИ ЕКОНОМІЧНОЇ ПОЛІТИКИ ПОВОЄННИХ КРАЇН БАЛКАНСЬКОГО РЕГІОНУ

The article highlights the peculiarities of the post-war reconstruction of the countries of the Balkan region, on the territory of which military operations took place. The analysis of losses and destructive consequences for the economy of Bosnia and Herzegovina, Croatia and Serbia, as well as trends of structural transformations in terms of sectoral division, was carried out. Based on the assessment of the differences in the structure of the economy of the developed countries of the European Union (EU) and the countries of the Western Balkans, conclusions are made regarding the possibilities of bringing the structure of the economy closer to European standards in the post-war and modern periods. The system of measures implemented by post-war countries in the field of attracting financial resources of international aid is characterized, and the analysis of the features of the use of sources of international financial support, the distribution of donor funds and grant support funds in the reconstruction of the economy of the Balkan countries is carried out. Based on the analysis of the economic development trends of the Western Balkan countries in 2016-2021, the priority areas of reforms that the countries under study need are determined. Attention is focused on the need to solve the problem of reducing the differences in the rates of economic growth of the Balkan countries, expanding economic integration within the macro-region and ensuring convergence with the EU member states. After analyzing the experience of the post-war reconstruction of the countries of the Balkan region, a number of institutional changes should be noted, which were aimed at the implementation of measures to bring them closer to the EU and increase the possibilities of attracting financial resources of international aid through program and grant support tools. A detailed analysis of diversified sources of international financial support was carried out, both in terms of the countries that participated in military operations, and in the Balkan region in general. Summing up, the analysis of the experience of the post-war recovery of the economy of a number of Balkan countries shows that its success is the result of a purposeful policy of structural reforms and consistent regulatory measures of the state to achieve the defined goals and priorities of economic recovery. It is noted that in the conditions of the war and after its end, Ukraine should take into account the experience of restoring post-war economies in order to speed up this process and avoid mistakes.

Unlocking the flow of finance for climate adaptation: estimates of ‘Fiscal Space’ in climate-vulnerable developing countries

ABSTRACT We study the availability of fiscal space in climate-vulnerable developing countries. These countries require urgent climate adaptation and transition investments. However, their governments describe being bypassed for international financial support due to ‘limited fiscal space.’ We suspect that many governments are not close to a point of long-term insolvency but are unable to maneuver fiscally because of what has been called a ‘financial death trap.’ We apply a measure of fiscal space based on an endogenous debt limit reflective of a country’s record of fiscal adjustment consistent with long-term solvency. We find that for many countries, the distance between the endogenous debt limit and forecast public debt ratios – i.e. fiscal space – is fairly ample. Our findings imply that climate-vulnerable countries should be afforded a second look by international financial institutions using a long-term lens, of which this measure of fiscal space is an example. By illuminating the difference between long-term insolvency and short-term liquidity crises, the endogenous debt limit measure could be part of a multi-pronged strategy to unlock greater flows of adaptation finance. It could lower the cost of capital or be useful in the efficient allocation of adaptation financing among countries given current shortfalls. Actions to obviate the financial death trap are also warranted. Climate ambitions will be derailed if otherwise solvent and able governments are unable to access finance for urgent climate adaptation investments.

E-Government as a Key to the Economic Prosperity and Sustainable Development in the Post-COVID Era

Our paper focuses on the role of e-government in relation to economic development within the post-COVID era. Nowadays, e-government represents the service which utilizes digital technology to create electronic pathways to improve the efficiency of public services, increase economic prosperity, and improve the standard of living. In this paper, we argue that e-government presents the only proper and viable model for public administration in the 21st century by embedding internet-based technologies to ensure smooth interactions between the government and its citizens, solving the most socially important problems, enabling internal communication between public servants, and delivering public services to the entire population regardless of age or gender. In addition, we show that stakeholders and policymakers should foster the development of an adequate and non-discriminatory environment for e-government through regulatory frameworks, policy guidelines, and government guarantees. Our study is based on the results of our own survey that was administered using a snowball and quasi-random sample of 400 respondents (aged 19–26 years; 56.2% females and 43.8% males) from the Czech Republic (N = 136) and the Russian Federation (N = 264), of whom 58% were women and 42% were men (M ± SD = 45.53 ± 11.46, median age 44). Our results show that the e-government enhancement concept has been perceived as an effective tool for fostering economic prosperity, tackling corruption, and helping to avoid uncertainty. Based on the theories of customer-focus and relationship marketing, this study suggests that the most significant factor influencing the success of e-government projects is citizen orientation, followed by channel and channel orientation, and technology orientation. We show that the governments of developing countries should prioritize e-government applications in their requests for international assistance and cooperation, as well as international financial support. Moreover, we argue that digital transformation should become the key element of the changing business and market needs in the post-COVID era.

Improvement of mechanisms of formation and implementation the state export policy in Ukraine

It was assessment the prospects for the application of an export-oriented growth strategy in Ukraine as the basis of the economic growth strategy based on the analysis of foreign practices and achieved economic results. It has been established that the effectiveness of the implementation of the export-oriented growth strategy in our country will be successful only with the active introduction of innovative technologies in the production of goods and services due to the inflow of direct foreign investments in export-oriented sectors of the economy. The draft plan of measures for the post-war recovery and development of Ukraine was analyzed. A number of measures necessary for the implementation of the export-oriented growth strategy were identified. The institutional, financial and resource support of export activity are analyzed. It has been established that the existing network of trade support institutions in Ukraine is not able to fully ensure the proper level of effective support for Ukrainian exporters on international markets. Furthermore, the mechanism of interaction and cooperation of state export support institutions, in particular the International Trade Council under the Cabinet of Ministers of Ukraine, with other institutions in the field of international trade and enterprises of the real sector of the economy is imperfect. It was noted that the realization of export entrepreneurial potential in Ukraine is held back today not only by global factors (pandemic, war etc.), but also by internal obstacles, among which, in particular, the absence of a strategic document in the export activity of the state - the Export Strategy of Ukraine, which would cover the main principles of export policy implementation during the war and during the post-war recovery period. It has been argued the necessity to updating and actualization the Export Strategy of Ukraine, which will determine the main directions of development of Ukraine's international trade and support of export-oriented enterprises, especially small and medium-sized businesses, taking into account new challenges and prospects. It was noted that state and non-state, including with the participation of international organizations, financial and non-financial support of export activities are important tools for financial and resource support of domestic exports today. It has been argued the necessity of introducing a mechanism of insurance of investments of domestic and foreign investors against military risks in Ukraine. Measures to increase the effectiveness of the consultative and advisory activities of the International Trade Council and the financial capacity of domestic exporters, including with the participation of the Export Credit Agency, was proposed.

СУЧАСНІ АСПЕКТИ РОЗВИТКУ ЖИТЛОВОГО БУДІВНИЦТВА В КОНТЕКСТІ ЗАБЕЗПЕЧЕННЯ ФІНАНСОВОЇ БЕЗПЕКИ ДЕРЖАВИ

The article is devoted to the study of the role of housing construction in ensuring the financial security of the state. Based on the study of existing scientific sources and own scientific research, a generalization of approaches to the interpretation of the category "financial security of the state" was carried out, which made it possible to offer the scientific community an author's interpretation of it with an emphasis on the role in the process of its provision of the real sector of the economy. It is suggested that the financial security of the state should be understood as the ability of the state to respond promptly to internal and external threats to the functioning of its financial system in order to maintain the pace of development of the real sector of the economy and protect national interests.The author's approach to revealing the role of the housing construction sector in ensuring the financial security of the state is proposed, which, unlike the existing ones, allows considering the mutual influence of the level of financial security of the state and the level of financial security of the housing construction sector. System of measures for the development of housing construction, the practical im-plementation of which is aimed at increasing the efficiency of its functioning, as well as strengthening the financial security of the state, is given. It has been proven that ensuring the effective functioning of the housing construction sector is currently impossible without international financial and technical support. It is with the help of joint efforts of domestic and international participants in the field of housing construction that the possibility of quick and high-quality recovery will be formed, which in turn will have a positive impact not only on the state of the national economy, but also contribute to strengthening the level of financial security of the state.There is a well-founded need to find new approaches to the functioning of the housing con-struction sector, to transform the mechanismof building a system of its financial relations, which should be based on a systematic approach to attracting financial resources, forming a possible list of sources of funds necessary for the rapid recovery of this sector.

Adaptation finance failing to reach the most vulnerable: A multi-level model of household political power in Madagascar

International financial support for climate adaptation is expected to double by 2025. As adaptation finance expands, however, concern is growing that it is failing to benefit those most vulnerable to negative climate impacts. Qualitative studies have demonstrated how entrenched forms of inequality, such as patronage, can enable elite capture of international resources and prevent benefits from reaching relatively vulnerable households within communities. This study contributes to the literature on power in adaptation and climate finance by quantitatively analyzing the distributional outcomes of a UN Adaptation Fund project in the Aloatra-Mangoro region of Madagascar. We employ mixed-methods to examine how informal mechanisms of patronage influenced the distribution of project benefits. Using a multi-level model to analyze 599 household surveys, we compare the political connectivity of beneficiary and non-beneficiary households. We find that households that participated had higher levels of political connectivity than those that did not. This finding is robust across three different measures of participation and is reinforced by qualitative findings from formal and informal interviews. We conclude that rather than targeting the most vulnerable, the project likely disproportionately benefited households already better positioned to adapt and exacerbated inequality within targeted communities. By unpacking how household-level political power shaped access to benefits, this study advances discussion on rethinking approaches to power and inequality in internationally financed adaptation.

Потенціал публічних фінансів для забезпечення видатків воєнного періоду та поствоєнного відновлення України

Introduction . The armed aggression of the Russian Federation causes huge humanitarian and economic losses to Ukraine, severs urgent problems of covering budget expenditures due to the rapid growth of security and defence costs. Problem Statement. During the period of martial law, the budget of Ukraine needs significant amounts of international financial support and the involvement of the NBU in purchasing military bonds following a significant drop in the main source of public receipts - tax revenues. Purpose. The goal is to generalize the international experience of solving fiscal problems in post-conflict and crisis conditions and to develop recommendations on the implementation of the existing of public finances capacity to secure expenditures of the war period and the post -war recovery of Ukraine. Methods. The methods of systemic and historical-logical analysis, structural-functional analysis, statistical comparisons, graphic representation are applied. Results. According to the results of the analysis of the fiscal system of Ukraine during the war period, a significant decrease of tax revenue contribution to the financing of public expenditures was revealed - in March-June 2022 taxes covered only 39.1% of expenditures of the consolidated budget of Ukraine, while in January-June 2021 - 80.3%. It has been determined that the solution to the problems of financing the urgent budget needs of the war period requires the enhancement of efforts for tax revenue generation. It has been proven that in Ukraine, a one-time (special) voluntary tax declaration of assets by individuals, as well as reduction of corporate income tax rate and social security contribution rate did not yield the expected outcomes - income unshadowing, growth of investments and public revenues. The foreign experience of gaining additional budget revenues in periods of crisis was studied. Conclusions. Proposals regarding the fulfilment of the existing tax capacity of Ukraine in order to secure expenditures of the war period and the post-war recovery of Ukraine are substantiated, in particular by identifying “gaps” in compliance with tax law regulations (tax gaps); return of pre-war terms of taxation; extensive use of information from third parties, including from abroad, to prevent tax evasion; the increase of taxes on the income and property of wealthy taxpayers in crisis situations.

LEGITIMACY ON THE FRONTLINE. PUBLIC POLICY IN UKRAINE BETWEEN PUBLIC GOOD AND PRIVATE INTERESTS

The purpose of the article is to determine the legitimacy of public authorities under martial law in Ukraine. The oscillation of public policy in Ukraine between the private interests of representatives of oligarchic groups and the public good is noted. The need to direct public policy toward the realization of the public good was noted. Methodology. The study is based on the provisions of the theory of public choice concerning the two levels of interaction in the process of political exchange – constitutional and institutional. The dependence of the legitimacy of public power on constitutional conditions (which are a reflection of the social contract) and institutional interaction, designed to reduce the transaction costs of society, is defined. Rational choice institutionalism allows us to look at the legitimacy of public power as a result of the effectiveness of institutions for realizing the public good, reducing transaction costs and overcoming opportunistic behavior. Results. The emphasis is placed on the need to choose between democracy and dictatorship and to overcome oligarchy as a regime of political corruption. The limitation of electoral legitimacy, which in conditions of oligarchy entails a change in the personal composition of power, rather than its choice in favor of democracy, is noted. The innovative term "Institutes of Legitimacy" is proposed. It is defined that the institutions of legitimacy include the media, political parties and NGOs, which in a democracy provide and further support the legitimacy of public authority. Institutions of legitimacy evaluate the actions of public authorities and form public opinion. It is substantiated that for the post-Soviet ruling class, given the rutting effect, there remains a danger of following private interests rather than the public good. This is an oligarchic system of relations, identified as a system of political corruption. This applies in full measure to the Institutes of Legitimacy, which are now partially dependent on the oligarchs. Under martial law, public policy in Ukraine is aimed at protecting the country from large-scale armed aggression and attracting maximum international military and financial support. These are the main markers of legitimacy. The results of sociological research testify to the high level of legitimacy of the authorities in Ukraine: a growth of trust in individual political institutions and in the course of the state as a whole is being recorded. According to Sociological Group Rating in May 2022 the level of support for the actions of the Ukrainian government was 79%, and 54% of citizens recognized the actions of the state as quite effective. Practical implications. The legitimacy of the Ukrainian government depends on its effectiveness in two areas: winning the war and overcoming the oligarchy. It should take advantage of unprecedented international support for this. This will significantly reduce transaction costs and increase the efficiency of both individual institutions and institutional interaction, opening the way for Ukraine's European integration. Value/originality. This study of public policy in Ukraine as a balancing act between private and public interests allows for a better understanding of the economic factors of legitimacy formation under martial law and the impact of international support on the provision of legitimacy.

Green finance in green building needs under the Paris Agreement

Green building (GB) is a key mitigation and adaptation measure in the Nationally Determined Contributions (NDCs) of Parties to the Paris Agreement. This paper explores the potential of green finance (GF) to support country efforts to shift from conventional construction to GB and to promote green renovations in existing buildings (GREB) within the context of the 2015 Paris Climate Agreement. Through a meta-synthesis of new or updated country NDCs, we provide, first, a comprehensive qualitative overview of country perspectives on GF-in-GB needs. Second, we examine the role of domestic finance, international financial support, and fiscal policy reforms toward GB and GREB implementation. Finally, the role of financing actors in promoting GF-in-GB-and-GREB is discussed. The analysis of new or updated NDCs revealed that only 20 of the 42 countries reviewed provide clear cost estimates for proposed climate-related buildings and construction activities. Developed countries account for more than 80% of total cost estimates. The majority of developing country adaptation and mitigation efforts are contingent on international climate (green) finance. While certain domestic finance sources are mentioned, the majority of countries emphasize the need for (international or national) fiscal policy reforms to help finance climate action. The findings of the study could serve as a useful reference to Parties when developing future NDCs.

Information and Communication Policy in Wartime: the Case of Ukraine

Information and communication policy aims to build effective, harmonious communication between all actors of the democratic process with extensive use of ICTs and direct communication. The war creates an aggressive environment, which also affects the communication processes in the information sphere of the state, in particular, there is more emphasis on information, less – on deliberation. The article examines the tools used by Ukraine’s state and non-state structures to: 1) objectively inform the citizens and avoid panic, 2) inform the world community about the war and intensify international support for Ukraine, 3) fight Kremlin fakes and convey reality to the RF citizens. The specifics of TV broadcasting in Ukraine during the war, media activity of officials, social pages and Telegram channels of ministries, the Armed Forces, the Office of the President, the Verkhovna Rada of Ukraine, public organizations fighting against disinformation and fakes are analyzed. It is found out that the chosen information and communication policy is efficient at the national level (mobilized citizens to fight for victory, reduced panic, increased awareness and criticism of fakes) and at the “western” level (international moral, financial and military support to Ukraine, sanctions against Russia). However, the work in the information space of the Russian Federation is problematic because it is exposed to fierce opposition by the objects of Russian propaganda.

Everyday life information seeking in South Korea during the COVID-19 pandemic: daily topics of information needs in social Q&A

PurposeThis study investigated information needs on COVID-19 by identifying topics discussed on social questions and answers (Q&A) about daily routines, problems, and health issues for survival. A layered model of contexts for everyday life information seeking (ELIS) was adapted for interpreting topics to better understand the contexts in which users could relate information needs.Design/methodology/approachQuestions and answers posted on Naver Knowledge-iN were collected and analyzed during the first nine months following the outbreak. Time distribution, topic modeling, and association rule mining were applied to examine the topics on COVID-19 and their temporal variation.FindingsNumerous topics related to the cognitive context (symptoms and masks) and situational contexts (international affairs, financial support, study, and work) were discovered. Topics related to social context were discussed moderately, but the number of questions on this topic increased with time. Strong associations were observed between terms related to symptoms, indicating their importance as a COVID-19 topic in health.Originality/valueThis study investigated topics of information needs using social Q&A data in which not only information inquiry but also information sharing coexist. The findings can help bridge the theory of ELIS to topic modeling in practice. The insights gained from this study can be used by information service providers for developing guidance and programs about how to survive during a pandemic.Peer reviewThe peer review history for this article is available at: https://publons.com/publon/10.1108/OIR-10-2021-0547.

Міжнародна фінансова підтримка організації освітнього процесу в умовах запровадження воєнного стану в Україні

The article examines the issue of financing the educational system in Ukraine during the active phase of the full-scale Russian-Ukrainian war. The authors outline the general situation with the domestic educational system as a vital component of the socio-economic development considering Russia’s unprovoked and unjustified military aggression. The relevance of the research topic is driven by the necessity to meet the fundamental needs of the population, including the right to education, and thus the organization of the educational process for Ukrainian students under martial law in Ukraine. However, it is challenging without international financial support. The primary external sources and financial assistance instruments are analyzed by the cases of leading international financial organizations and foreign countries. The authors revealed that with the beginning of full-scale Russian aggression against Ukraine, several international partners have expressed willingness and have already taken the necessary steps to allocate funds to address pressing wartime problems, among which is the support of the continuity of education. The main regulatory and legislative obstacles that arise in providing financial support within Ukraine’s international cooperation framework are described. Our emphasis is on Ukraine’s European path to democratic development, as evidenced by the EU’s comprehensive financial support for the educational needs of Ukrainians (children and students, teachers and researchers) displaced abroad. The features of the support of the organization of the educational process in Ukraine by international partners in the context of different educational levels are analyzed. The paper offers some conclusions and recommendations for further steps to attract international financial assistance to develop Ukrainian education.

Women astronomers in Afghanistan need the world’s support

The return to power of the Taliban in Afghanistan makes women and girls outcasts in society, and their education illegal. However, they are clever and deserve to be taught and learn, and for that international (financial) support is needed.

Reorganizing Hospital Cancer Care In Nepal.

While mortality rates for major common cancers- of the lung, breast, stomach, ovary, and lymphomas-- have declined significantly in high-income countries over the last decade, comparable rates for these malignancies have not fallen in Nepal. The explanations for the high-income country mortality trends are multiple and certainly include incidence reductions, but better treatments are also contributory. How to bring to Nepal the global lessons in achieving better cancer care is uncertain. We need to create an environment of ideas and a powerful vision to meet the needs for better major cancer management for Nepalis. Broadly, the Nepalese challenges are in creating more accessible and affordable care of sufficiently high-quality to make a difference. Hospitals are the major places where these issues have to be considered. To address these challenges, we offer a vision and suggest here strategies of major organizational changes in: Innovative staffing models, emphasizing teamwork, with increases in responsibilities, activities and work force percentages of non-physician health professionals; Increased outpatient care and tele-health; 3.Creating and following evidence-based diagnostic pathway and treatment clinical practice guidelines and checklists; 4. Increased application of information technology tools, particularly electronic medical records; and 5. Service implementation research evaluating quality based on structure, process and outcomes of care. Developing such effective changes requires strong community linkages, local institutional-specific coalition initiatives and experimentation, and national and international collaborations and financial support to effect practical and data-based plans and budgets. Keywords: Guidelines; improving treatment; information technology tools; outpatient services; staffing models; tele-health.

The economic situation in Iraq. Is there a way out in the current crisis?

At present, the Iraqi economy is once again undergoing trials associated with an increase in unemployment, a drop in the standard of living of the population, especially in central and southern Iraq, as well as the almost complete dependence of budgetary revenues on fluctuating oil prices. This dependence on oil has left other important sectors of the country’s economy, such as agriculture and industry, in near collapse. Of course, the real political crisis in Iraq 3 should be viewed through economic indicators, given the country’s lack of a diversified economy. The revenues received from the sale of oil are not invested in the development of the necessary sectors of the economy or in innovations, but are distributed according to articles of domestic expenditures, including the maintenance of a large bureaucratic apparatus. When there is a shortage of income, in the event of an unfavorable price policy in the market, the government resorts to domestic and foreign borrowing. These steps induce the state to completely stop rebuilding what was destroyed during previous wars or to start developing other sectors of the economy.Against the background of the entire political and economic situation, the country’s financial sector is also going through hard times. The main products and services of the banks are focused on payroll projects, and they are also engaged in currency speculation in the auctions arranged by the Central Bank of Iraq. It also negatively affects the investment attractiveness of the country, since the receipt of «easy and fast money» by a financial institution practically eliminates the need for it to invest in the real sector of the economy, the principle of which is the basis, including Islamic financial institutions.In general, the economic picture of Iraq can be described in the following formulations. The country has the fourth proven crude oil reserves in the world, was the second largest producer of OPEC and the fourth largest producer in the world. The country has international financial organizations that provide international financial support (IMF, World Bank), including bilateral loans. There are more negative aspects, including large and almost widespread corruption, direct dependence of government revenues on oil exports, almost complete absence of non'oil sectors in the structure of economic sectors (especially the private sector), and a weak and limited banking sector. Of course, there is some hope that the White Paper for Economic Reforms 4 presented by the government of Mustafa al'Kadhimi, which identifies the main necessary reforms to restore the Iraqi economy, could become a certain benchmark for turning the current economic situation and the beginning of the necessary reforms. But on the eve of the elections, the political forces considered it in their own interests to oppose any reforms. In this regard, Iraq actually lost the opportunity to carry out full'fledged reforms, however, in our opinion, there is still little hope for recovery.

BEIRUT EXPLOSION AND CEDRE IMPLEMENTATION: THE LAST OPPORTUNITY FOR EFFECTIVE CORPORATE AND PUBLIC GOVERNANCE

In any nation across the world, effective governance involves improving the lives of all, providing value for new generations, consistent allocation of duties and functions, accountable decisions, providing quality of information, transparency and responsibility, good performance, a strong legal system, and above all developing sustainability on all levels. Governance is rooted and established based on the collaboration and coordination among nation’s governments, organizations, and people. The sluggishness in setting such governance goals as well as the incapability of many governments, like the Lebanese one, to develop and execute adequate legislative and institutional initiatives coupled with the absence of corporate governance knowledge, given that organizations remain connected to their elderly conventional method to manage their businesses that are based on nepotism, corruption legislation, and sectarian distribution, represent a crucial challenge for any reform and good governance endeavor. This paper aims to approach the need for Lebanon to reconsider new governance strategy and organizational and institutional reforms, especially, in conjunction with the severe economic crisis facing the country, the explosion of the port of Beirut on August 4, 2020, and the awaiting implementation of CEDRE project. The analysis revealed that moving to a new perspective in a complicated social and political environment, like Lebanon, involves multiple aspects. As a result, an in-depth implementation of a New Lebanese Public Governance in Lebanon along with political stabilization must lead to a progressive structural administrative reform and change which will also contribute to boosting confidence with the international community and speed up the international financial donation and support that will help Lebanon to heal its wounds and rise again. The defiance is to figure out if this could be another lost opportunity.

Democratic Republic of São Tomé

The COVID-19 pandemic is having a severe impact on São Tomé and Príncipe’s economy, exacerbating fiscal and external imbalances. Tourism activities and external remittances dropped sharply, while lockdown measures further deepened the recession. The authorities’ swift actions and unprecedented international financial support are helping the country weather the emergency. The economy began to reopen in the fall, but the outlook for 2021 remains challenging and subject to significant uncertainty.

INTERNATIONAL FINANCIAL SUPPORT FOR PUBLIC TRANSPORT AT THE REGIONAL LEVEL

The purpose of the article is to assess the practice of attracting international sources of financial support for public transportation at the regional level, to identify problems with insufficient effectiveness of the implementation of international financial support projects and the formation of solutions at various system levels. It is determined that the main sources of financing of transport entities are self-financing, lending, state and international financial support. The preconditions for the use of credit funds of international financial donors for financing public transport and the conditions for lending to transport entities are described. Peculiarities of public transport lending by way of implementation of the project "Ukraine Urban Public Transport" are analyzed, and it is highlighted that its purpose is to realize the strategic priorities of the transport industry, institutional reforms and informatization. It is clarified that the responsibility for the performance gaps under the project, defined in the assistance agreements, is allocated to the City Councils and / or public transport entities. An assessment of international financial support is made and the reasons for short receipt of funds by transport companies from international financial organizations are specified. The amount of losses on incomplete implementation of the plan of expenditures and provision of credits for the realization of projects in the transport sector of Ukraine is clarified. Inefficiency in finding additional sources of financing of the project "Ukraine Urban Public Transport" is justified due to the impossibility to allocate financial responsibility to a certain project group in case of delay in non-implementation of the project plan at all levels. The organizational and financial mechanism of providing international financing for urban public transport by the European Investment Bank is proposed. It is argued that the mentioned mechanism, in contrast to the existing ones, identifies control points for the flow of financial resources, which provides an opportunity to suggest ways to intensify control activities by observers of the European Investment Bank and the public. The main disadvantage of receiving financing from the European Investment Bank in the framework of the project "Ukraine Urban Public Transport" is identified: obligations to pay VAT to the State budget are allocated to the business entity of the transport sector. The problems of inefficiency of implementation of financing sources of international financial organizations (on the example of the European Investment Bank) are identified and the directions of their solution are offered. The need for coordination of bodies of state supervision at the regional level with the observers' control activity is identified to promote the efficient and meaningful use of international financial sources by economic entities in the transport sector. It is proposed to supplement the state and supranational control with public control functions through the following options for establishing cooperation: 1) interaction of public councils at local self-government bodies with independent observers of international organizations involving auditors of the Accounting Chamber; 2) control of the process of implementation of the credit project of important infrastructure projects, including public transportation, by public organizations of the regional level. Methodology. In accordance with the purpose, the following research methods were used: a systemic approach (in identifying the components of the organizational and financial mechanism of international financial projects and their relationship), methods of comparative and statistical analysis (in assessing the receipt of financial resources from international financial sources). Results. The problems of inefficiency of implementation of financing sources of international financial organizations (on the example of the European Investment Bank) are identified and the directions of their solution are offered. Practical implications. Improving efficiency of using the international sources of financial support at the regional level will contribute to the renewal of the rolling stock of urban public transport, ensure its sustainable operation and development, save jobs at utility enterprises, increase revenues of utility enterprises from the provision of transportation services to the population. Value/originality. The organizational and financial mechanism for providing international financial support for urban public transport by the EIB has been developed, which, unlike the existing ones, identifies control points for grant flows, providing an opportunity to suggest ways to intensify control activities by the EIB observers and the public.