REPUBLIC OF LEBANON UPDATE - World Bankdocuments.worldbank.org/curated/en/... · position as a...

32
REPUBLIC OF LEBANON UPDATE The World Bank Group URBAN TRANSPORT DEVELOPMENT PROJECT * Background nificant effort in planning, consensus building, and resource mobilization. Beirut is the core of Lebanon's service-based economy, ac- counting for one-third of the country's population and more C] Mtain Sector Issues than two-thirds of the total value added in the economy. However, the city and its metropolitan area suffer severe traf- There are sevcral key issues that must be addressed to im- fic congestion, which results in high economic losses and a prove the operational and economic efficiency of the GBA deteriorating air quality. Since sustained growth of the ser- urban transport system. These issues could be broadly vice-oriented economy must be underpinned by an efficient grouped into five main categories: infrastructure, Beirut needs to improve the efficiency of its urban transport system. (I) Ineffective Transport Planning and Management. At present, responsibility for urban transport planning and In years past, Beirut had an extensive urban transport system development is fragmented among various ministries, including a well-developed bus system, and even a trolley- agencies, and municipalities, with weak coordination bus system. Due to the prolonged period of conflict, this in- mechanisms existing among them. These institutions frastructure deteriorated. Also, ovcr the last two decades, suffer from acute scarcity of financial and human re- major changes occurred in Lebanon's demography due to sources. urbanization and displacemcnt of residents from thc South and relocation of businesses from Beirut to various locations (2) Severe Traffic Congestion is mainly caused by the lim- along the coast. Thus, significant changes in traffic patterns ited capacity of the existing road network and the em- resulted throughout the Greater Beirut Area (GBA), which, in bryonic and unregulated public transport system. Other turn caused severe congestion both in and around Beirut, factors causing the congestion are: road space obstruc- particularly at its entrances, including the north/south tions created by chaotic and unregulated on-stieet park- connections with the coastal highway. The problem of ing; poor intersection geoinetrics; lack of signalization congestion is exacerbated by a heavy reliance on the use of at most intersections; closely spaced intersections; and private cars, which amounts to approximately 300,000 cars lack of proper traffic management. for a population of some 1.2 million in the GBA (about 250 cars per 1,000 inhabitants). More than 68 percent of total (3) Lack of Parking Management and Shortage of Park- motorized person trips (about 1.75 million daily vehicle trips) ing Spaces. The present situation emerged as a result of are made by private car. Shared taxis account for nearly 15 numerous factors, including: lack of enforcement of the percent of all trips, while just 17 percent of the population are traffic code's provisions regarding improper parking; served by private or public bus services. In addition, latent deficiencies in the building code, which, for a long travel demand is high and would materialize with improving time, effectively did not require developers to incorpo- supply of transport capacity. rate sufficient private parking in new building; lack of enforcement of the existing building code, whereby An efficient transport system would help Beirut regain its position as a competitive regional center for finance, trade, L services, and tourism.. To this end, in 1994, the Government The World Bank in Beirut 5 of Lebanon (GoL) prepared a comprehensive Greater Beirut Bank Group Operations 6 Area Transportation Plan (GBATP). The GBATP addresses Recent Eccnomic Developments 8 the most serious urban transport issues, analyzes needed in- RectEonomic Developmenti vestmentsthrough he year 015, andrecommens a larg Questions and the Bank's Response to Development in the vestments through the year 20l5, and recommends a large (phased) investment program. The prioritization and phasing Mashreg 12 of this program, which will be the largest single investment World Bank Publications 14 need in Lebanon over the next ten years, will require a sig- The World Bank Lebanon Team 16 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized

Transcript of REPUBLIC OF LEBANON UPDATE - World Bankdocuments.worldbank.org/curated/en/... · position as a...

REPUBLIC OFLEBANON UPDATEThe World Bank Group

URBAN TRANSPORT DEVELOPMENT PROJECT

* Background nificant effort in planning, consensus building, and resourcemobilization.

Beirut is the core of Lebanon's service-based economy, ac-counting for one-third of the country's population and more C] Mtain Sector Issuesthan two-thirds of the total value added in the economy.However, the city and its metropolitan area suffer severe traf- There are sevcral key issues that must be addressed to im-fic congestion, which results in high economic losses and a prove the operational and economic efficiency of the GBAdeteriorating air quality. Since sustained growth of the ser- urban transport system. These issues could be broadlyvice-oriented economy must be underpinned by an efficient grouped into five main categories:infrastructure, Beirut needs to improve the efficiency of itsurban transport system. (I) Ineffective Transport Planning and Management. At

present, responsibility for urban transport planning andIn years past, Beirut had an extensive urban transport system development is fragmented among various ministries,including a well-developed bus system, and even a trolley- agencies, and municipalities, with weak coordinationbus system. Due to the prolonged period of conflict, this in- mechanisms existing among them. These institutionsfrastructure deteriorated. Also, ovcr the last two decades, suffer from acute scarcity of financial and human re-major changes occurred in Lebanon's demography due to sources.urbanization and displacemcnt of residents from thc Southand relocation of businesses from Beirut to various locations (2) Severe Traffic Congestion is mainly caused by the lim-along the coast. Thus, significant changes in traffic patterns ited capacity of the existing road network and the em-resulted throughout the Greater Beirut Area (GBA), which, in bryonic and unregulated public transport system. Otherturn caused severe congestion both in and around Beirut, factors causing the congestion are: road space obstruc-particularly at its entrances, including the north/south tions created by chaotic and unregulated on-stieet park-connections with the coastal highway. The problem of ing; poor intersection geoinetrics; lack of signalizationcongestion is exacerbated by a heavy reliance on the use of at most intersections; closely spaced intersections; andprivate cars, which amounts to approximately 300,000 cars lack of proper traffic management.for a population of some 1.2 million in the GBA (about 250cars per 1,000 inhabitants). More than 68 percent of total (3) Lack of Parking Management and Shortage of Park-motorized person trips (about 1.75 million daily vehicle trips) ing Spaces. The present situation emerged as a result ofare made by private car. Shared taxis account for nearly 15 numerous factors, including: lack of enforcement of thepercent of all trips, while just 17 percent of the population are traffic code's provisions regarding improper parking;served by private or public bus services. In addition, latent deficiencies in the building code, which, for a longtravel demand is high and would materialize with improving time, effectively did not require developers to incorpo-supply of transport capacity. rate sufficient private parking in new building; lack of

enforcement of the existing building code, wherebyAn efficient transport system would help Beirut regain itsposition as a competitive regional center for finance, trade, L

services, and tourism.. To this end, in 1994, the Government The World Bank in Beirut 5of Lebanon (GoL) prepared a comprehensive Greater Beirut Bank Group Operations 6Area Transportation Plan (GBATP). The GBATP addresses Recent Eccnomic Developments 8the most serious urban transport issues, analyzes needed in- RectEonomic Developmenti

vestmentsthrough he year 015, andrecommens a larg Questions and the Bank's Response to Development in thevestments through the year 20l5, and recommends a large(phased) investment program. The prioritization and phasing Mashreg 12of this program, which will be the largest single investment World Bank Publications 14need in Lebanon over the next ten years, will require a sig- The World Bank Lebanon Team 16

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Repub i k of L.ebanon Update

much of the available parking was converted to other 200,000 vehicles/day have been observed. A key componentuses (shops, warehouses, etc.), and restrictions placed of the future network is the Beirut Peripherique, which willon parking charges that have been hcld at non- constitute an important north-south spine with several alter-remunerative rates. natives for entering Beirut. However, that project continues

to seek private financing after a failed initial attempt in 1995(4) Unregulated Public Transport Systems. Beirut has for private sector participation. Consequently, the GoL is

very fragmented public transport markets, with the ma- now giving priority to improving the capacity of the existingjority of small vehicles (taxis and microbuses) operated road infrastructure.by single-vehicle owners. There are only two urban buscompanies in Beirut, both serving the GBA and com- With respect to public transport services, the GoL embarkedpeting with service-taxis on many of the same routes. on a program for "re-starting" bus services in 1996 as part ofThe GoL's desire to see economic activity resume in an immediate action plan to improve public transport. Sincethe country led to an implicit policy of laissez-faire, al- then, the development of public bus transport services in Bei-lowing public transport providers to operate wherever rut has reached a critical juncture. While the existence of aand whenever they wished, and subject to few, if any, large, subsidized public operator further exacerbates the needsafety or quality standards. This absence of regulation for private operators to cut their costs to unsustainable levels,has created a situation of utter chaos, with all vehicles the entry of a very active private sector and a congested roadoperating on the "hail and ride" principle, and no reli- infrastructure have rendered the future viability of publicable bus schedules or published route networks. The sector bus operations increasingly doubtful. Also, the publicsharp increase in licenses issued in 1996 has resulted in transport sector suffers from a lack of enforced rules thatan excess supply of transport services, so that operators ensure a minimum level of service quality and safety. En-now forgo vehicle maintenance and insurance, and ag- hancing public transport must be an integral part of any plangressively solicit passengers to preserve increasingly to improve the urban transport system since public transportthin margins. not only provides the poor with access to job opportunities,

but also reduces the reliance on private cars and the resulting(5) Integration of Environmental and Social Issues. The congestion in city streets. Recognizing the critical impor-

large scale of proposed activities under the GBATP tance of public transport, the Council of Ministers requestedmandates integration of environmental and social is- the Minister of Transport and Public Works (MOTPW) tosues, including involuntary resettlement and land acqui- develop a reform plan. A Transport Regulatory Unit (TRU)sition, into the planning and management process used has been established in the MOTPW to regulate and organizefor the transport sector. This requires the adoption of public transport, civil aviation, and maritime transport sub-environmental assessment as a tool in planning and de- sectors. For public transport, the TRU will develop the regu-cision making, which should be complemented by the latory and legal framework, along with a comprehensiveuse of social assessments and resettlement action plans. plan, to organize the sub-sector and prepare for the privatiza-Transport emissions are noticeably worsening the air tion of the Office des Chemins de Fer et des Transport enquality in the Greater Beirut Area. Several estimates Commun (OCFTC) bus operations in order to enhance per-report high concentrations of serious pollutants. Yet, formance and remove the expensive annual subsidy. Thethere are currently no specific policy or management starting point for reform will be the establishment of a func-measures in place to address this issue. tioning regulatory framework. The GoL envisages reform of

the bus service markets in Beirut in three phases: (1) defini-tion and implementation of target service levels (including

E Government Strategy safety standards); (2) definition and implementation of ser-vice areas for all vehicles; and (3) development and tendering

Road Infrastructure. The GoL started implementing its of exclusive concession contracts for bus services. A fourthtransportation plans in early 1994 as part of the GBA Recon- step involving reduction of the total number of licensed vehi-struction Program, which included the rehabilitation of all cles may also be required to decongest city center areas, butmain urban boulevards (now completed) and several planned would only be taken up after the first three elements haveexpressways to access the Beirut Central District (BCD). been implemented, since the redeployment of vehicles im-Most of the road network in the northern and southern sub- plicit in the definition of service areas may be sufficient tourbs of Beirut has been upgraded; the work ranged from decongest the city center areas. The corporatiza-drain cleaning to complete redevelopment, involving major tionlprivatization of the OCFTC would also be pursued as anconstruction to provide storm water drainage and new road integral part of sector reform. To give the company a chancepavement. Many of the expressway projects have also been to compete equally with the private sector, its bus operationscompleted or are well underway, with the exception of the would be carved out of its current structure and corporatizedimprovement of the existing main corridors entering Beirut as a fully commercial, non-subsidized operation.(Beirut Entrances). The main aim of these projects has beento increase access to the CBD and provide connections to two Regarding parking management, Beirut Municipality andmajor planned facilities, namely a bypass for the coastal the Govemorate of Beirut are determined to bring order tohighway, the Beirut Peripherique, and a new toll road along on-street parking and to support other improvements inthe Northern Entrances, where traffic volumes in excess of roadways, traffic, and transit. They regard on-street parking

Republic of Lebanon Update

as one of the necessary first steps to create an overall trans- infrastructure. These investments will provide the founda-portation system that will serve Beirut residents and the peo- tions needed for the future development of an efficient trans-ple who work and visit Beirut regularly. To alleviate the portation system for the city and its metropolitan area. Thesevere parking condition, GBA municipalities implemented Project therefore focuses on establishing key institutions andan urgent program to provide parking spaces on vacant plots providing the most necessary infrastructure investments.of land and, for thc medium-term, are considering under-ground garages on municipal land to be concessionned out to Specifically, the Project will seek to:private developers.

(a) Improve traffic management by supporting: (i) theTraffic management is the first priority in the Immediate establishment of a Traffic Mapagement OrganizationAction Plan approved by the GoL as part of the GBA Trans- (TMO), with intelligent transport system (ITS) capa-portation Plan. However, the implementation of traffic con- bilities, as a metropolitan autonomous agency to moni-trol and other traffic management measures has been delayed tor and control traffic operations within the GBA; (ii)by the lack of institutional capacity and the more urgent re- capacity building for traffic operations; and (iii) the in-construction of the urban road network. Now that most of stallation of traffic signals and layout improvementsthese projects have been completed, the Ministry of Public for all significant intersections in the GBA (about 200Works and Transport, the GBA Traffic Police and CDR are intersections).focusing on implementing a comprehensive traffic manage-ment program to effectively address the metropolitan area (b) Regulate on-street parking in selected zones through:traffic problems and reduce congestion. For such a traffic (i) capacity building in the area of parking manage-management program to succeed, the GoL decided to estab- ment; (ii) the installation of "pay and display" parkinglish a metropolitan Traffic Management Organization (TMO) meters, along with the neccssary parking signage toas an autonomous agency to manage traffic and on-street control about 3,500 on-street parking spaces; and (iii)parking within the Greater Beirut Area and keep parking the development of appropriate regulations, pricingrevenues to cover part of the traffic and parking systems op- and institutional arrangements for on-street parkingeration and maintenance costs. control. The Traffic Management Organization will

agree upon concession arrangements with the GBAmunicipalities for operating their on-street parking

* The Urban Transport Develop- programs.

ment Project (c) Improve traffic flow along seven major corridors(Beinit Entrances) by financing the construction of

In June 2002, the Bank approved an IBRD loan in the grade separation facilities at 16 highly congested inter-amount of US$65 million for Lebanon. The Urban Transport sections.Development Project (UTDP) will be implemented over asix-year period, and is expected to close in December 2008. (d) Improve transport planning and organize publicThe Project is fully consistent with the Bank's Country As- transport services through: (i) transport planning stud-sistance Strategy (CAS) for Lebanon. Specifically, the Pro- ies to formulate an integrated supply and demand ori-ject addresses two of the key objectives of the CAS, namely: ented urban transport development strategy; (ii) capac-rehabilitation and expansion of infrastructure (focusing on ity building in the areas of regulation, and organizationtransport), and institutional development. The Beirut Urban of public transport services; and (iii) support selectedTransport Project -the first to be financed by the Bank in this actions to build environmental and social issues intosector in Lebanon- will help build the urban transport institu- the transport planning and managcmcnt process.tions needed to address the diverse transport issues the cityfaces, and will support selected high priority investmentsrecommended in the GBATP. The Project is intended as the * Key Performance Indicatorsfirst of a series of projects to help Beirut meet the challengesof urban transport in a cost effective, sustainable, and so- The achievement of the Project's objective by the end of thecially sensitive manner. Project will be evaluated against the following performance

indicators: (a) effective traffic control system throughout theGBA, and a well-functioning Traffic Management Organiza-

* Project Development Objective tion; (b) reduced congestion on major corridors; (c) effectiveon-street parking management, and significantly reducedparking violations in areas critical to efficient traffic opera-

Beirut and the GBA with the basic institutional framework, tyons; and (d) approval of an a ntegrated urban transport strat-which it now lacks, and support critical investments needed egy anb acco20panyig transportation plans by the end ofto maximize the efficiency of the existing urban transport

* Project Description Summary (5) Project Management, including: (a) technical assistanceservices; and (b) fees of local individual consultants to

The Project consists of the following five components: staff a Project Management Unit, which will have over-all Project implementation responsibility.

(I) Traffic Management Program: to improve the effectivecapacity and perfornance of existing infrastructurethrough the use of ITS technologies to minimize traffic * Benefits and Target Populationstops and delays, respond to traffic incidents, and pro-vide information to road users. Efficient traffic man- The Project's targets are the 1.2 million inhabitants in theagement systems will reduce congestion, transport emis- GBA, constituting about a third of Lebanon's population.sions, and traffic accidents. The traffic management The Project will help provide much needed roadway capacitycomponent would include: (a) establishment of an improvements for the GBA. Specifically, the Project willautonomous metropolitan organization to manage traffic help reduce the ever-worsening traffic congestion in the GBAwithin the GBA; (b) layout improvement works and in- and increase the mobility of its inhabitants. Direct outputs ofstallation of traffic signals for all significant interscctions the proposed investments will be significant savings both inin the GBA (about 200 intersections); (c) installation of a travel time and costs. An enhanced urban transport systempilot video surveillance system using Closed Circuit and better organized bus services will increase efficiency ofTelevision (CCTV) at about 30 sites along four corridors urban functions affecting the well-being of the GBA popula-to pilot the use of freeway management systems and tion and businesses, and improve the mobility of urban poorprepare plans to cover other corridors in the future; (d) and woman workers.establishment and equipment of a TMC to monitor andcontrol traffic operations through ITS technologies; (e)technical assistance and training services to build capac- * Institutional and Implementa-ity for traffic control operations and use of ITS tech-nologies; and (f) traffic enforcement equipment and train- tion Arrangementsing for the traffic police.

A Steering Committee will be established to ensure effective(2) Parking Improvement Program: to increase capacity, coordination between all concerned agencies, monitor Project

improve access to business, encourage the use of public progress, and assist implementation in a timely manner. Thetransport services, and remove impediments to smooth Steering Committee will be chaired by the Minister of Trans-traffic flow. The On-Street Parking Improvement Pro- port and Public Works, and will include major stakeholdersgram component would consist of: (a) installation of from various ministries and other institutions.about 300 "pay and display" multi-space parking metersto control about 3,500 spaces under concession contracts The Council for Development and Reconstruction (CDR)with GBA municipalities; and (b) technical assistance and will be the main executing agency for the Project, and willtraining services to build capacity for parking management have overall Project implementation responsibility. CDR willoperations and conduct public awareness campaigns. work closely with other responsible agencies and also be

responsible for all procurement activities in accordance with(3) Corridor Improvement Program: to increasc capacity the Bank's procurement guidelines.

along seven highly congested, main corridors enteringBeirut through grade separation at about 16 intersec- A Project Management Unit (PMU) will be established attions. This includes: (a) implementation and monitoring CDR with mandate for overall Project management/of environmental mitigation measures; (b) adoption of monitoring, and to serve as a focal point for all commu-special provisions for management of cultural property nication with the Bank. The PMU will be responsible forthat may be uncovered during construction and imple- financial management of the Project, and also for monitoringmentation of a Resettlement Action Plan covering a lim- progress against agreed-upon performance monitoringited number of households to be resettled; and (c) land indicators.acquisition.

(4) Technical Assistance to Strengthen the Ministry of a Environmental AssessmentPublic Works and Transport Capacity in TransportPlanning and Regulation of Public Transport Services.This will: (a) support engineering, transport economic, In the Project's preparation and implementaton phases, anand environmental studies to assist in the formulation of Integrated approach to environmental assessment mitigationan urban transport strategy for the GBA; (b) assist in up- and monitoring will be used. The Project supports improve-

ments in environmental quality in the urban environmentdating and refining urban transport plans and programs; (intsudn mnagement qof yulthe urban envidesment(c) support transport feasibility studies; (d) help regulate (including management of cultural property), provides forand organize public transport services; (e) assist in de- special studies and institutional strengthening, and has alsoveloping an air quality management program for the introduced the use of public participation as an element of theGBA; and (f) support training activities, environmental assessment process for investments in the

transport sector.

-. * - e

Republic of Lebanon Update

A detailed Environmental Assessment was prepared for the Environmental Management Plan(EMP). An EMP (includ-Project. The Environmental Assessment includes an analysis ing mitigation and monitoring measures) has been preparedof planning and design alternatives, development of an EMP as an element of the Project. Mitigation actions will focus onthat includes environmental mitigation and monitoring meas- environmental supervision of the construction contractorsures, and an extensive public consultation process. and actions to reduce traffic flow problems during the con-

struction phase. In order to provide baseline and trend dataThe Environmental Assessment determined that the Project to support management decisions, the monitoring plan willwould result in overall improvement in urban environmental provide regular, quality-controlled, air quality, noise, andquality in greater Beirut due to reduced traffic congestion in dust measurements. In addition, the Project will include athe vicinity of major intersections and their access routes, and policy study for urban air quality that will review fuel im-complementary improvements in on-street parking, which provements, vehicle emissions testing, and emission relatedwould also improve overall traffic flow. The primary bene- taxes and registration fees. It will also support a program offits would come from reduced noise from vehicles (especially training sessions in environmental monitoring, targeting thehorns), lower emissions from quicker moving vehicles and needs of national and local government officials, consultingreduced light at street level in the evenings. Over the me- firms, construction contractors, and local NGOs.dium-term. the phasing out of leaded gasoline and reduceduse of diesel-fueled trucks would also contribute to im- Cultural Heritage. The Beirut urban area has an extensiveprovements in air quality. history of human settlement, which includes a wide range of

archaeological and historical sites. Such sites may exist bur-Due to demolition and construction activities, the primary ied under the intersections at which grade separation im-adverse environmental impacts will be associated with the provements are planned. In order to address this concem, theconstruction period for grade separation improvements. environmental assessment contains an evaluation of poten-These impacts will include temporary increases in noise, tial impacts to cultural heritage, which includes site specificdust, sedimentation, light and vehicle emissions. In some evaluation of potential risks, provisions for archaeologicalcases, temporary changes will also be made in storm water investigations and monitoring during the construction phase,drainage patterns, and temporary impacts associated with the and use of "archaeological chance find" procedures in casererouting of traffic around the construction areas will occur. significant materials are uncovered.These impacts can be mitigated by careful planning of thestaging used for construction and rerouting of traffic, careful Further Information?supervision of construction activities, and use of environ-mental monitoring to support management decisions by CDR Task Manager: Mohammed Feghouland other parties. World Bank- Washington DC

Email: [email protected]: (202) 473-2313

The World Bank Office in BeirutThe International Bank for Reconstriuction and Developrnent The Bank currently has offices in over 90 member countries(genera llv known as "The World Bank") was established in around the world and is encouraging decentralization in or-1945 anid is an international organization affiliated with the der to provide more effective support on the ground. At theUnited Nations. Lebanon joined the World Bank on April 14, request of the Government of Lebanon, the World Bank1947; currently more than 180 other countries are members opened its Country Office on January 31, 2000. The primaryof the Bank. Today, the World Bank is the world's premier responsibility of the Country Office is to support the imple-development lending institution. Over the years, Lebanon has mentation of the World Bank's Country Assistance Programreceived nearly US$800 million in World Bank loans. that has been agreed upon between the Bank and the Gov-

erminent of Lebanon.The World Bazk 'sfundamnental mission is to alleviate povertyand support sustainable development. It seeks to achieve this The Country Office has an important role in helping to im-objective through partnership with governments (who are the prove the perfortnance of projects financed by the Bank inreal owners of the development projects the Bank finances), Lebanon and in providing policy advice. It is the joint objec-other donors, and civil society. Its assistance program is, tive of the Government and the Bank to improve portfoliotherefore, in the context of a Comprehensive Development performance to a level consistent with the country's devel-Framework (CDF). The World Bank Group includes four opment expectations through improving capacity and closeother institutions: (1) the International Development follow-up. More generally, the Country Office in Beirut pro-Association (IDA), which makes concessional loans to the vides advice and support on a range of strategic themnes andpoorest countries of the world; (2) the International Finiance economic policies. Areas of einphasis include support forCorporation (IFC), which finances private sector privatization and public admini.stration reform, ini accor-invesiments; (3) the Multilateral Investment Guarantee dance with the priorities of the Lebanese authorities.Agency (MIGA), which provides investment guaranteesagainst non-commercial risks; and (4) the International Cen-commercial risks; and (4) the International Center fbr theSettlement of Investment Disputes (ICSID).

_

RapmM ED of Lebanon Up at

through land terracing and development and storage of runoffBANK GROUP OPERATIONS water; (b) improving access to rural areas; and (c) upgrading

institutional capabilities.E 1[BRD Ongoing Projects

Power Sector Restructuring and Transmissiont ExpansionThe current World Bank portfolio in Lebanon consists of 15 Project (PSRTEP). (US$48.5 million.) The objective of thisProjects for a total commitment amount of US$789.69 mil- Project was to improve the management, efficiency, and per-lion, of which US$382.11 million has been disbursed through formance of the electricity sector, while increasing the qual-June 30, 2002. ity of service to consumers. The Project was closed in March

2002.Emergency Reconstruction and Rehabilitation Project(ERRP). (US$225.0 million.) The Project was designed to Vocational and Techinical Education Project (VTEP).help rehabilitate, repair, and reconstruct war-damaged physi- (US$29.0 million.) The Project's objective is to improve thecal and social infrastructure and housing, and to strengthen performance of the VTE System by making it more demand-the Government's institutional capability to implement the driven and responsive to market needs.National Emergency Reconstruction Program. The Projectwas closed on March 1, 2002. _ -Ia

Irrigation Rehabilitation and Moderniza-tion Project (IRMP). (US$57.2 million.) Approval Loan AmountThe Project is designed to help increase Project Name Year Amount Disbursedagricultural production, agriculture-based US$ Millionincome and employment in previously Emergency Reconstruction and Rehabilitation 1993 225.00 212.16neglected rural areas, and achieve im- Irrigation Rehabilitation and Modernization 1994 57.20 40.36proved sustainable management of water Revenue Enhanceinent aind Fiscal Managenment 19 99 43

Techniical Assistance 1994 19.90 14.32resources.Health Sector Rehabilitation 1994 35.70 13.12

Revenue Enhancement and Fiscal Man- Solid Waste/Environmental Management 1995 25.00 6.11agement Technical Assistance Project Administrative Rehabilitation 1995 20.00 16.92(REFMTAP). (US$19.9 million.) The National Roads - 1996 42.00 13.45Project seeks to support Government ef- Agriculture Infrastructure Development 1996 24.00 9.36

forts to enhance revenue and strengthen Power Sector Restructuring and Transmissioni 1996 48.50 46.75

fiscal management. ExpansionVocational and Technical Education 1998 29.00 0.87

Health Sector Rehabilitation Project General Education 2000 56.60 1.29

(HSRP). (US$35.7 million.) The objec- Municipal Inlrastructure- 1 2000 80.00 7.40tive of this Project is to improve Leba- Community Development 2001 20.00 0.00non's health conditions through better Ba'albeck Water and Wastewater 2002 43.50 0.00allocation and use of resources in both the Urban Transport Development 2002 65.00 0.00public and private sectors. TOTAL 789.69 382.11

Solid Waste/Environmental Management Project General Education Project (GEP). (US$56.6 million.) This(SWEMP). (US$25.0 million.) This Project is designed to Project is designed to support the Government's efforts tohelp improve the methods of solid waste collection and dis- enhance the capacity of the Ministry of National Education toposal; improve cost recovery and modernize municipal man- function as an effective manager of the education sector andagement and finance systems; and strengthen the manage- to restore the credibility of the Public Education System.ment capacities of sector institutions.

First Municipal Infrastructure Project (MIP-I). (US$80.0Admrinistrative Rehabilitation Project (ARP). (US$20.0 mil- million.) This Project aims at addressing urgent municipallion.) The Project's primary objective is the rehabilitation of works while setting the stage for the gradual assumption ofthe Lebanese public administration, while launching the responsibility for municipal services at the local level.process of administrative reform and development.

Community Development Project (CDP). (US$20.0 million.)National Roads Project (NRP). (US$42.0 million.) The ob- This Project is designed to raise living standards in targetedjective of this Project is to improve the capacity of the road poorer communities, and to raise economic activity levels inadministration to undertake the rehabilitation of the primary such communities by investing in grass-roots social androad network. small infrastructure activities, and in employment creation.

Agriculture Infrastructure Development Project (AIDP). Urban Transport Project. (US$65.0 million.) The Project's(US$24.0 million.) The Project's objectives are: (a) increas- objectives are to provide the city of Beirut and the Greatering farmers' incomes and conserving the environment

FE61 S§MFA .w~§T . 1-

Republic of Lebanon Update

Beirut Area with thc basic institutional framework that is appropriate sector reforms - particularly the developmentcurrently lacking, and to support critical investments needed and strengthening of the capacity of the existing Ba'albeckto maximize the efficiency of existing urban transport infra- Hermel Water and Irrigation Authority and, once it is estab-

structure. The Project was approved by the Board of Direc- lished, the Bekaa Regional Water Authority; and involving

tors in June 2002. the private sector in the operation and maintenance of waterand wastewater facilities by preparing for a Management

Ba'albeck Water and Wastewater Project. (US$43.5 mil- Contractor (MC) through a lease or concession contract that

lion.) The major development objectives of the Project in- would secure the long-term financial needs for sector invest-

cdude: improving the access of satisfactory water supply and ments. The Project was approved by the Board of Directors

wastewater services to the region's residents, introducing in June 2002.

* IBRD Projects In The Pipeline

Cultural Heritage and Tourism Development Project. assistance to strengtlheni the capacity of the Directorate Gen-

(US$30 million.) The Project will finance site conservation, eral of Antiquities, Ministry of Tourism, and targeted mu-

enhancement investments and associated urban infrastructure nicipalities in cultural heritage preservation and tourism de-

improvements in selected sites, and provide technical velopment.

* IFC Projects in Lebanon Middle East Capital Group (MECG). Thc Project consistsof the establishment of the first regional investment bank in

Uniceramic. The Project supports the modernization of the the Middle East, and is headquartered in Beirut.

company's existing production line and the expansion of theplant's capacity of glazed ceramic floor tiles. Ban que Libano-Fran,caise. The Project offers innovative

residential mortgages to middle income customers.

Bank of Beirut and the Arab Countries (BBAC) CreditLine. The Project offers innovative residential mortgages to Cimenterie Nationale. The Project consists of increasing themiddle income customers, company'.s production capacity by the addition of a new

clinker production line, and the rehabilitation of some exist-

Banque Saradar SAL The Project involves an equity in- ing facilities.

vestment in common shares of the company. Bank of Beirut Lebanon Credit Line. The Project consists of

Byblos Bank Syndicated Credit. The Project aims at provid- credit lines to four Lebanese private sector commercial banks

ing long-term project finiance to small- and medium-sized for on-lending to local small- and medium-sized enterprises

enterprises in Lebanon for infrastructure project finance, and in the private sector, and to middle income families to fi-

lteincrease its housing loan portfolio, nance either the purchase of their first residence or the ex-to increase its housing loan portfolio. pansion of their existing home.

Societe' Generale Libano-Europe'enne de Ban que. IFC extendeda Line of Credit to Societe Generale Libano-Europ6ene de Ban- Idarat, SAL. The Project funds the companys investmentque to be utilized in support of its housing finance program. program in hotels and restaurants and is designed to help

revive the tourism industry, which is a key sector in Lebanon.

Fransabank. IFC extended a credit line to Fransabank tospotits housing finance program. Idarat SHV (Societe' Hoiteliere "de Vinci" SAL). The Pro-

support its houging finance program. ject supported the company's investment in a Green-field, 5-

Agricultural Development Company (ADC). The Project is plus stars 'boutique', all suites hotel, in an up-scale residen-

designed to rehabilitate and expand the existing facilities of tial district of Beirut.ADC, which is involved in the poultry business, into an inte-grated broiler meat production facility. Lebanese Credit Insurance (LCI). LCI provides short- and

medium-term credit insurance. Subsequent to the formation

France Telecom Mobile Lebanon (FTML) Services Cellu- of LCI, IFC and Namur Re (part of the Gerling Credit Insur-

laire Liban. The Project helps finance the expansion of ance Group), sponsors of LCI, established a specialized

FTML's digital GSM cellular network from its current level global credit insurance company, Gerling Credit EmergingMarkets (GCEM), for the purpose of making similar invest-

Lebanon Leasing Company (LLC). The Project involves the estab- ments in credit insurance companies in emerging marketslishment of Lebanon's first leasing company, providing lease fi with initial authorized capital of EUR020 million. LCI wasnance to local small- and medium-size enterprses. It also includes transferred to GCEM as its first investment.two credit lines from IFC to fund LLC's leasing activities.

Republic Of Lebanon Upc1ate

R penses); and (2) the decline in the trade deficit is mainly dueRECENT ECONOMIC to a decline in imports, even though export receipts also in-

DEVELOPMENTS creased during the Second Quarter of 2002.

The Lebanese economy witnessed significant developments The implementation of the VAT may have been at a cost induring the Second Quarter of 2002: first, an increase in the terms of GDP growth in the short run, as it probably loweredprimary budget surplus (public revenue minus non-debt ex- the demand for domestic goods and investment - although no

penditures) compared to the same period in 2001; and sec- indicator can strictly confirm this. But, it is believed to be aond, a further decline in the trade deficit, confirming the measure that will enhance growth potential in Lebanon in thepositive evolution observed during the First Quarter of 2002. long run, as it will reduce the anti-export bias and will pro-

vide the Government with additional means of financing itsFigure 1. Quarterly Primary Surplus expenses. In turn, reducing the fiscal deficit could lower in-

(US Dollars, millions) terest rates and encourage productive investments, all helpful

for growth and poverty alleviation.

250 _____________________________________ Along the same line, the recent signing of the Euro-Mediterranean Association Agreement with the European

200 _ Union in June 2002 will give Lebanon the possibility to in-

150 X_ _ crease its development potential through greater trade inte-Ei 2001 gration within the Mediterranean Basin and technological

100 - upgrading. The Agreement will also help Lebanon in its cus-50 toms reforms, the development of competition rules, intellec-

0 tual property protection, and the liberalization of services.

-50 Ql L_0102 Summer 2002 was a period of noticeable public announce-

ments/decisions, which may have significant repercussionsSource: Ministry of Finance. Includes Treasury operations. over the next months: (i) the agreement reached on the priva-

tization of mobile phone companies; (ii) the electricity priva-tization law that was passed; (iii) the presentation of the

Figure 2. Quarterly Trade Deficit budget for 2003; and (iv) the announcement by France of a(US Dollars, millions) Donors' conference (announced for Fall 2002) to help Leba-

non with its debt management. However, while these an-nouncements constitute important signals to the economic

1550 - community, only their materialization can help mitigate themacro-economic imbalances and create the credibility Leba-

1450 - non needs to convince the international community to sup-

1400 - __ 2001 port its efforts.1350- 0221300- 02002 Using the most recent data available, the following summa-1250 - - rizes economic developments during the period April-June1200 - 2002: Real Sector Indicators; Public Finance and Public

1150 - Debt; and the Financial Sector.01 02

U * ReaD Sector XnodcatorsSource: Customs Administration.

GDP Growth. Strong economic growth remains a criticalcomponent of the recovery program, and should aid the Gov-

This is good news in light of the three main challenges Leba- emient in raising additional tax revenue to reduce its debt.non is currently facing: (I) the reduction in the fiscal deficit The absence of national accounts precludes a rigorous moni-and the need to slow down the growth of public debt; (2) toring of economic activity. This lack of data leads to variousmaintaining confidence in monetary and exchange rate poli- interpretations of developments in the real sector (in contrastcies and Lebanon's financial institutions; and ultimately (3) to the financial sector, which is well covered statistically).the restoration of real sector growth. Most indicators, nevertheless, converged to signal continued

slow GDP growth in the Second Quarter of 2002: inflationThe successful implementation of the Value Added Tax remained at low levels (the Consumer Price Index rose only(VAT) explains to a large extent the following two develop- by 0.3 percent between March and June 2002 despite the factments: (1) the decline in the public deficit is, above all, the that monthly VAT collection rose almost 50 percent duringresult of increased tax revenue (rather than diminishing ex- the same period, most likely due to an increased tax base). In

Republic of Lebanon Update

addition, imports declined, which may indicate depressed Figure 3. Revenue, Expenditures, Deficitdomestic demand. Exports, on the other hand, increased by Budget and Treasury Transactions28 percent in the Second Quarter of 2002 compared to last (Lebanese Pounds, billions)year which, nonetheless, might also signal real and antici- * Customs Rev. and VAT U Debt Service

pated depressed domestic demand, which encourage enter- r Other Receipts A Other Budget Expendituresprises to orient a larger share of their production towards C Deficit []Treasury Payments

external outlets. Available indirect indicators of economic 3s500activity point in the same direction: cement deliveries de- 3.000 ] _ icreased by 20 percent in June 2002 compared to June 2001, 2,500and the value of cleared checks increased 4 percent during 2,000 -= -

the same period, that is, at a lower pace than inflation. ,5 - - . - . lGrowth in broad money (M3) continued its decline during 1.000- br E U l iithe Second Quarter of 2002 (see Figure 3.), reflecting slower 500 -* I u e.demand for money. 0 -

500

Estimates from observers and institutions for 2001 and pro- 000

jections for 2002 of real GDP growth range between -1 and 50+2 percent. However, all these estimates are based on a very 2,000 -limited statistical basis. 2,500 -I

3.000 0 0 _3,500

Public Finance and Public Debt 2Ox >N>:0

The 2002 budget foresees a deficit of LL3.8 trillion (US$2.5 ……l (N( (N

billion), which represents 40.1 percent of total expenditures. Souirce: Ministry of Finance.If realized. this would be a considerable improvement overthe LL5.1 trillion (US$3.4 billion, 50.9 percent of expendi- Public debt continued to grow in the Second Quarter of 2002,tures) budgeted for 2001, and the LL5.9 trillion (US$3.9 bil- the natural result of ongoing deficits. As of end-June 2002,lion, 56.3 percent of expenditures) achieved in 2000. The net public debt reached LL43.7 trillion (US$29 billion), upmajority of the expected improvement (LL800 billion, from LL40.8 trillion in end-December 2001 levels (US$27US$530 million) is expected to come from the introduction billion) and LL42.1 trillion from end-March 2002 (US$27.9of the 10 percent VAT rate, which so far has performed very billion). (Source: Ministry of Finance.)well, and suggests that fiscal targets can be reached in 2002.

Figure 4. Gross Public DebtMonthly fiscal data released by the Ministry of Finance for (Lebanese Pounds, billions)the Second Quarter of 2002 reflect a significant improvement 0 Public Sector Deposs U Lebanese Pound T-Bill |

on the revenue side, thanks to the VAT. Budget revenue wasup 42.2 percent (when compared with Second Quarter of ° Eurobonds E Other Foreign Curr. Debt2001), while budget expenditures increased by 6.6 percent, I -leading to a decrease in the budget deficit (before Treasury 45,000 -° operations) of 30.7 percent during this period. 40,000 -} Ii

35.000 -On the expenditure side, non-interest expenditure increased 30,000 111 1 -by 5 percent, compared with the Second Quarter of 2001, and 30,000 linterest spending increased by 7.7 percent. On the other hand, 25,000

while Treasury receipts modestly increased (by 0.4 percent), 20,000Treasury expenditures went up by 87 percent, compared with 15o000last year. Consequently, the overall quarterly deficit (budget 15,000and Treasury) decreased by LL124 billion (US$82.3 million) 10,000

compared to last year, standing at LL998 billion (US$662 5,000

million). Overall, fiscal targets (in terms of ratio to expendi- 0tures) seemed to remain in line with projected improvements 5h000h,,,u for the year. I p r

O O O Ox Ox - O O O Ox a - Oc Ox O

(N oN N o (N (N (N o ( N (N (N N (N csNI

Sougrce: Ministry of Finanlce.

Republic of Lebanon Update

The Government of Lebanon continued its policy of turning It can be qualified as courageous as well, as its austere natureto Eurobonds to finance its deficit, with US$850 million is- wil] impose an additional tax burden on its population andsued during the Second Quarter of 2002, (Source: Ministry economy. Although the budget is insufficient to stabilize theof Finance), driven partly by choice - reflecting the lower debt over GDP ratio, it is obviously pointing in the right di-interest cost on foreign currency borrowing - and partly by rection, and its efforts should be sustained over the next fewnecessity, given the pressures on the Lebanese Pound ob- years to reach this objective eventually.served over the last Quarters (increasing dollarisation rate).(See below.) As such, non-interest expenditures are to be reduced by

LL475 billion (US$315 million), and interest expenditures byLL500 billion (US$330 million) - the former mainly through

___ * * - * * a cut in capital expenditures (minus LL471 billion); the latter

Month Amount Term Yield through privatization, securitization, and a gradual drop ininterest rates. The latter is expected to occur via improved

May US$350 million 2006 i0-50% debt management and expected greater confidence from po-

June US$500 million 2006 10.50% tential lenders in Lebanon's ability to fulfill its financial

Source: Ministry of Finance. commitments.

As private depositors kept on shifting from Lebanese Pounds Ministries, the Council of Ministers, or the Prime Minister's

to foreign currency accounts (although at a lower pace, see Office (LL290 billion) - and under it, the Council for Devel-Figure 5.), the capacity of the commercial banks to continue opment and Reconstruction, and the Ministry of Public

absorbing increasing amounts of Pound-denominated Gov- Works (LL80 billion) should absorb the largest shares of

emnment paper has grown limited, forcing the Central Bank to total cuts in expenditures.take on significant amounts of T-Bills, thus monetizing partof the public debt. By end-June 2002, the Central Bank held Total revenues are to increase by LL900 billion (US$597LL6.5 billion or 23.2 percent of outstanding T-Bills, up from rnillion), out of which LL275 billion (US$182 million)21.3 percent in March 2002. With limited appetite by com- through improved direct tax collection and LL300 billionmercial banks to take on new Eurobond issues, the May and (US$199 million) through enlarged VAT base. In addition,June 2002 placements in the amount of US$850 million were the Minister of Finance plans a significant increase in non-also subscribed by the Central Bank. tax revenues, including fixed-line charges and other types of

administrative fees.

Figure 5. Lebanese Pound Treasury Bills OutstandingBy Holder * FInanclai Sector

(Lebanese Pounds, billions)Growth in broad money (M3) continued its decline during

* Commercial Banks ENon-Banking System []Central Bank the Second Quarter of 2002, while dollarisation ratios con-

35,000 - tinued to increase, albeit slightly, during the Second Quarter30,000 - of the year, as pressure on the Lebanese Pound grew moder-

25,000 -ately. The annual growth rate of M3 was 3.8 percent in June20,000 - 111 l | l | | | l l n | | | i | S b lUlbill 2002, compared to 5.4 percent in March 2002 and 8.3 percent

15,000 - in June 2001; the share of United States Dollar deposits in10,000 - M3 reached 69.6 percent in June 2002, up from 68.1 percent

5,00 in March 2002.

AAASA I I r III~~~~ SnINTM I . M MI OL L U

A AA 8A 88 8o o8 88 2001e~i (N Cl Cl Cl Cl (N Cl March -2.5% -12.1% 8.3%

Source: Banque du Liban. June -1.9% -16.2% 8.3%September 2.4% -20.9% 7.7%

As of the writing of this issue, the Government had started December -1.0% -11.3% 7.4%discussions at the Cabinet level on its draft budget for 2003. 2002The budget proposal, which was presented at the Cabinet March 4.2% -9.0% 5.4%discussions, can be qualified as highly necessary in light of June 0.8% -5.2% 3.8%the challenges Lebanon is facing as it targets a further de-crease in total deficit (to reach 24 percent of total expendi-tures by end-2003, against 41 percent targeted for end-2002).

Is

Republic of Lebanon Update

Figure 6. Dollarisation Rates: Commercial Bank Figure 8. Commercial Banks' Selected Foreign CurrencyDeposits and Credits Assets and Liabilities

(Lebanese Pounds, billions)

0.9 1 Commercial Banks' Net Foreign Assets'_ Banks' Foreign Currenicy Deposits with BdL

0.85 .~-~-- - Banks' Eurobond HoldingsLoans to Private Sector in Foreign Currency

0.8 ;,--1w:- z 1 _ Customers' Foreign Currency Deposits,Y7-Dep:o d; y

X 0.75 E Crd _ 45000_ __ __ 40,000

c 0.7 *t 350,000

0.o665 w 2°5 ._ _ . _ i- _ l30,000__6 ___25,000

00555 ,Z zo 20,000

0 . O5,0000 .5 ~ - 0 10 ~ 0 ,-,000'

0 0 0 0 5.000~ 00 00 -0

ox o 0 0000…

Source: Banque du Liban. 0 o o ° ° ° ° ° ° c ° ° ° ° o- Cl q C q - I Cl Cl Clr4 r CS

After four consecutive months of slight decline (February, Source: Banque du Liban and World Bank staff calculations.

March, April, May 2002) growth in private sector commer-

cial banks' deposits in Lebanese Pounds resumed in June The Central Bank's net international reserves declined over

2002. Loans to the private sector declined moderately during the Second Quarter of 2002, by US$784 million, reflecting

the Second Quarter of 2002, which is consistent with the as- resumned pressures on the Lebanese Pound. Gold valuation

sumption of depressed demand for investment and final increased by US$143 million during this period, while for-

goods in Lebanon. eign assets declined by US$599 million, and foreign liabili-

ties increased by US$328 million.

Figure 7. Commercial Banks' Selected Lebanese PoundAssets and Liabilities Figure 9. Central Bank Reserves

(Lebanese Pounds, billions) Gold, Foreign Currency Holdings, Foreign Liabilities,Net International Reserves

Banks' Lebanese Pounid Deposits with BdL (US Dollars, millions)Banks' Treasury Bill HoldingsLoans to lrivate Sector in Lebanese PoundsCustomers' Lebanese Pound Deposits Foreign Currencies Gold

25000 - - -~ Foreign Ltabilities - Net Reserves, imecl. Cold

20,000~~~~~~~~~~~~~~I 05,00 10,000

"IO'5000 >'4R'.!!!!1gl! co9 ]IrllU 1000 Il10.000 8,00011111

5.000 6,~~~~~~~~~~~~~~000 '

0 r 0 0 00 )~qC rQo D~ 0…0 2,000000000000000 00~~~~~~~200

-200-2.000 ,,, ,-r,-rr--,-T.n[ -1r-1-1, 1 1 1 1 -n-- g

Source: Banque du Liban and World Bank staff calculations. l 2 Z 0 C O s ot es £, e t e sI C? ° c7 c' o `c c? o~ c: c'c

The ongoing dollarization of the Lebanese economy is also | C l . . . Cl CI Cl C C C l

reflected in commercial banks' assets and liabilities in for-eign currencies. As an illustration, private sector deposits in Source: Banque du Liban.

foreign currencies increased by 8.1 percent in June 2002

compared to March 2002, and by 8.3 percent compared to

June 2001. On the assets side, the share of loans to the pri-vate sector over total assets in foreign currencies declined in

June 2002 to 48.2 percent from 49.6 percent three monthsbefore, and 55.2 percent in June 2001.

Republic of Lebanon Update

- QU E§T!;o*A--S!DN "j s-- i" - § -- IQU ESTl' N :71 ;-MS-___ MDEi*VEjt 0 NS' THSPl

Q: What are the key development issues at a time these countries. Over the past fifty years, the govern-when the entire region is facing great instability? ment has been thought of as the primary creator

of jobs. From a fiscal view, however, the public sectorR: At a time of escalating political crisis, there is a has probably reached its limit and therefore, cannot ex-tendency to blame all past, present, and future problems pand - it just does not have the resources to absorb thison external factors. But, whatever shocks we may ex- demographic bulge. By spending beyond their means,perience in the short-term, a number of issues have the governments have incurred large debts which nowbeen, and will continue to dominate the development burden the economy and further depress the financialagenda. Job creation for a growing population domi- markets for the private sector. In addition, experiencenates our concern, since failure will certainly accelerate tells us that governments are not very efficient in plan-poverty and lead to yet greater social instability. How ning, using, and maintaining certain services. Electric-will job creation occur? This question in turn leads to ity in Lebanon is an excellent example. For economicthe next. What is the role of the government? Should it growth, the country needs more power at a cheapercreate yet more bureaucratic, or non-productive jobs? price. Yet, in Lebanon, we see a very inefficient publicHow can it create the right conditions for private sector sector operation, which has yet to introduce modemjob creation, while also guaranteeing opportunity to all, corporate structures and discipline. The price of elec-including women, provide basic services, and protect tricity in Lebanon is among the highest in the world,the public interest? And this leads to the next issues: and yet, the government loses money, and the privateeducation, and efficient management of resources. sector complains that it cannot expand to be competi-These are the main challenges confronting the region. tive. There are many reasons for all of this, and theThey will not go away, even in times of extreme crisis government is now dealing with some of the problems.and post-conflict reconstruction. To address these chal-lenges, the Bank is prepared to listen and to assist But the remedies do not include creating more "make-through a transfer of resources, information, and practi- work jobs" at the public expense. The public cannotcal know-how. afford it any longer. So, what to do?

With the exception of Lebanon, the Mashreq countriesQ: What should be the priorities, and the sequence have had difficulty in building a vibrant private sector.of confronting these challenges? Of these countries, Jordan has accomplished the great-

est structural reform. But Jordan faces the greatest dif-R: The development issues are interrelated. The coun- ficulties in terms of available resources, markets andtries are quite different in terms of size and profile, but many external shocks beyond its control. Syria, Iran,there are some commonalities. One is a demographic and Iraq have very strong public sectors, and the privatepressure that is rather serious, certainly in Iran, Syria, sector is just beginning to return. After decades of de-and to some extent in Iraq. A baby boom started in the cline, we have a situation where there's a need to de-early 1980s, and the population that comprises this velop human capital for the a modern, private sector.demographic bulge is now coming of age and seeking Which brings us back again to the issue of education.education and jobs, as well as starting to marry andhave children. One huge impact of this demographic Do the Mashreq education systems provide the rightpressure is the heightened need for job creation, which training the private sector needs to grow? Historically,in turn places pressure on the education system to pro- higher education in the Mashreq has provided trainingvide students with relevant skills for employment. In for people who are expected in large part to work foraddition, as more females participate in higher educa- the government.tion in these countries, the need for jobs increases fur-ther. But obviously, training for the private sector is quite

different, and we haven't yet adjusted.Another commonality is the extensive presence of thegovernment in the productive and tradable sectors in

U -S...- 0

Republic of Lebanon Update

Another common problem is resource management. Q: How will the Bank work, practically?Water scarcity is a key constraint for development. Theavailable water resources over the past two decades has R: We are trying to realign our budget to match thebeen declining dramatically. Consumption levels have new strategic thinking. In addition, we are trying to de-been declining. The urban population is facing declin- centralize more. In the Beirut Office we have built uping access to good drinking water, and the sanitation our skill base with two economists and additional localfacilities relative to the proportion of the population staff. We're looking for it to be more of a regional hubgenerally has been declining. At the same time, most of in which there will be some expertise working at thethe water in the region is used for agriculture purposes, same time with other regional offices like Yemen andyet the use of water in agriculture and the method in Cairo. In our region, relations are still very much basedwhich it is priced are no longer efficient. So there's a on oral discussions and personal relationships. There-huge water crisis, and it is not only one of supply but fore, being able to respond relatively quickly with aalso one of management. short visit - one to two days, telephone calls within the

same time zones - actually has a great deal of value-We also see great environmental degradation. Every- added in terms of the dialogue and development of pro-where in our region we see problems of solid waste, grams and projects. So we're trying to decentralize incoastal degradation, and desertification, and these prob- small steps.lems all have a disproportionately negative effect on thepoorest.

Q: Given the current situation, what range of possi-ble scenarios do you envision in terms of Bank assis-

Q: What are the main priorities for assistance to tance to the Mashreq countries, both in the short-these countries at this time? term and in the long-term?

R: With certain exceptions, capital in these countries is R: We tend to get focused on the political crisis at thenot a major factor. Therefore, the Bank offers the great- moment, and right now, that's obviously in the Westest comparative advantage in looking at the major is- Bank and Gaza, and Iraq. Nevertheless, even if the po-sues that relate to poverty - education, water, demogra- litical situation changes - for better or for worse - itphy, jobs, the private sector - and working with the will not change the problems of resource managementcountries to establish cross-sectoral strategies. These and water and the need to provide jobs, the need toshould be based on cross-country experience, and bring identify sources of growth and our challenge to meetto bear not only our own experience but also that of the these needs. One possibly positive event that mightbilaterals and other multilaterals. We're blessed with a come out of these events in terms of economic work isstaff that has enormous talent and expertise. a greater recognition that some of these problems are,

in fact, regional. Some of these countries are relativelyWe need to work with our counterparts to develop a small, and they share a common economic space. Theystrategy based on the countries' priorities, the Bank's share a common river basin, common geographic fac-mission, and the extent to which our resources and our tors, and they are fortunate in having a certain culturalmission match the priorities. From the strategy, we then uniformity and language. We hope that the current dif-can derive what it is we can do in terms of provision of ficulties will prompt us to reach out a little bit more andcapital and expertise, some of which will be projects improve trade and try to solve problems on a more re-and some development dialogue on what is called gional basis. Obviously, we can't separate the political"knowledge transfer". from the economic. If leaders are focused on political

crises, they often do not pay attention to the economicWe have to work closer with the other major bilateral situation. Unfortunately, this has been, historically, aand multilateral partners in our region. We're making a negativc dctcrmining factor in the region: political cri-much better effort with multilaterals and bilaterals, such ses have been the cause of deferring attention awayas the Islamic Development Bank, the Arab Fund, the from economic matters. If deferral of confronting eco-Kuwait Fund, the Saudi Fund, the Europeans, Japan, nomic challenges is the casualty of what is occurringand the Americans. We can still do a much better job. now, then that will be very unfortunate. The economicSo when we go in and look at these themes, whether it problems are not going to go away, no matter how dev-is water or education, we're not working in a redundant astating the political crisis is.way. We hope other donors in the institutions welcomethat approach.

U

Republic of Lebanon Update

Q: How can the Bank work in areas of post conflict didn't say the "most fair" and "impartial rules." Thesesituations? are the ideals, and their realization takes time in any

society. But just as the institutions that we work withR: First, if we are going to work in areas of post- need to have authority to allocate resources, they mustconflict situations, we have to be sure that the authority also do so with a certain economic legality sufficient tothere has the power to allocate sufficient resources to encourage investment. We will watch for these twoaccomplish the realistic goals sought. To take that away conditions more at the outset of our involvement.from the abstract,there has to be enough land and waterand freedom for ideas, and for movement of goods,and people in order to build an economy. The govern- Q: How will the Bank team monitor and evaluateing body must have enough authority to set fiscal and Bank assistance to the Mashreq countries?legal limits and thosee conditions must be transparentand accepted by the population. If there's not an author- R: Our first aim is to achieve "The Millennium Devel-izing environment, then it will be very difficult to build opment Goals", which have objective indicators. Wethe necessary institutions that make the right choices are working now in the country teams to devise morefor allocating resources. objective means of monitoring and evaluating Bank

assistance in each country. Over the past few years,Second, we should work harder for economic legality. these means have improved. However, we need to beWhat we mean by that is: the existence of a body of careful that evaluation is realistic - i.e., takes into ac-rules generally known and accepted, reasonably com- count the countries' context and is not artificially con-patible with similar rules elsewhere, implemented and trived for internal Bank consumption and self-enforced in an equitable manner, with a degree of speed satisfaction.and predictability, in order to create conditions that fa-cilitate investment and private sector development. Wedidn't say the "very best" or "most modern" rules. We

World Bank Repor*tson Lebanon

Health Sector in Lebanon: Issues and Prospects (Re- Reconstruction in Lebanon: Challenges for Macro-port No. 21593) This Report provides an assessment of economic Management (Report No. 20959) This Re-Lebanon's health sector. It contains an analysis of the sys- port sets out to investigate whether the existing macroeco-tem's strengths and weaknesses, and policy recommenda- nomic imbalances in Lebanon should be considered as ations for reforming the system. The most important les- serious threat to the reconstruction process, or as inevita-sons are the need for the Ministry of Health to be the cen- ble, transitory phenomena, and what is the appropriatetral player in a pluralistic system, particularly in defining macroeconomic stance to deal with these imbalances.the areas of public and private sector operations based ona needs assessment, and having the capacity to monitor Trade Policy Developments in the Middle East andand regulate the private sector. In the absence of a policy North Africa (Report No. 20322) Focusing on trade andframework and of a regulation capacity, there is a danger trade policy, this Report reviews recent trends in tradethat health systems based on public and private participa- performance, assesses current trade and investment re-tion will not produce the desired health outcomes, nor gimes, and discusses some of the emerging microeco-provide health services that are equitable, efficient, and of nomic policy challenges.good quality.

Public Expenditure Review: Education Sector (WS No. Bv Phone: (001) 1-800-645-724721567)This Study reviews the allocation and utilization of or (001) 703-661-1580Government resources for education. The discrepancy ByFa: (001) 703-661-1501between the extent of public expenditures for education in On-Lin: h:pio 703b66 r/150eLebanon and their productivity, suggests that these re- On-Line: hftp://publications.worldbankorglecommercesources could be used more efficiently. E-mail: [email protected]

Republic of Lebanon Update

the supply of long-term savings, promote financial deep-ening, and improve financial risk management.

- '1I ; Bridging Troubled Waters: Assessing the World Bank

Globalization and Firm Competitiveness in the Middle Water Resources Strategy (ISBN: 0-8213-5140-0 SKU:East and North Africa Region (ISBN: 0-8213-4989-9 15140). Currently, 166 million people in 18 countries are

affected by water scarcity, and another 270 million peopleSKU: 14989). This Report provmdes a thorough analyst s in 11 countries are "water stressed". It is predicted that byof the competitiveness of firms in the Middle East and 2025, the number of people affected will increase to ap-North Africa (MENA) region. It is organized into four 2025, tel numer of,pop affct wl incens o tp-parts which detail the difterent issues related to firm com- P t , Ppetitiveness from global rules for business, regional busi- world's population. This problem is now considered so

ness evo etcpreoe n a tsevere that it requires a strategic approach that emphasizesness environment, corporate governae ad te kequitable and sustainable management of water resources.

nomic sectors Of small/medium size enteTrises and tour-nom.Thicsts vofume sall/msseskediumsizesforhe e ies an to This Report evaluates the World Bank's implementationism. This volume addresses key issues for the future of the exrineoth 193WerRsucsM agm tregion including the real challenges facing firms' opera-tions and efficiency, the ability of MENA firms to com- Policy to determine the relevance and effectiveness of the

pete in globa marets,heipactfsmlladmeium World Bank's overall water operations for its borrowers.pete in global markets, the impact of small- and medium-

size enterprises on thestinlationofgrowthIt assesses the extent to which the issues identified in thesize enterpnises on the stimulation ro guideline document, "Water Resohrces Management-A

World Bank Policy Paper (1993)' have been implementedby World Bank operations. This Report also makes rec-ommendations for improving World Bank policy and

Reducing Vulnerability and Increasing Opportunity: sSocial Protection in Middle East and North Africa gy

(ISBN: 0-8213-5145-1 SKU: 15145). The economies inthe Middle East and North Africa (MENA) region are di- World Bank Atlas 2002 (ISBN: 0-8213-5087-0 SKU.verse in many ways, making it difficult to develop a 15087). The Atlas provides easy-to-read colorful worldcommon social protection strategy. Countries differ in size maps, tables, and graphs highlighting key social, eco-and per capita income. However, the countries of MENA nomic, and environmental data for 206 countries. The At-share key socioeconomic characteristics and their social las parallels the six thematic sections of the World Devel-protection systems also confront similar design and im- opment Indicators: (l) World View; (2) People; (3) En-plementation problems. This Report provides a framework vironment; (4) Economy; (5) States and Markets; and (6)for an integrated approach to social protection. It also pro- Global Links. This Atlas has become the internationalposes general recommendations to guide the reform of standard in statistical compilations, and is idcal for use insocial protection systems in MENA. The Report is organ- the library, classroom, or office.ized into four chapters which cover highlighting socialrisks and policy challenges, evaluating formal and infor-mal social protection systemns in MENA; strategic direc- Developmen4 Trade, and the WTO h A Handbooktions for enhancing these social protection systems; and (lSBN: 0-8213-4997-X SKU: 14997). This Handbookthe World Bank's contribution to social protection in offers guidance on the design of trade policy reform; sur-MENA. The aim of this Report is to contributc to a better- veys key disciplines and the functioning of the Worldinformed and more focused debate on social protection at Trade Organization (WTO); and discusses numerous is-the national, regional, and international levels, sues and options that confront developing countries in

using international cooperation to improve domestic pol-icy and obtain access to export markets. Many of the is-sues discussed are also relevant in the context of regional

CIa Socto (Re t WPS2841)i Co utrie ith small integration agreements. The Handbook also summarizescial ecto (Reort PS281). ounties ith mall what constitutes sound trade policy; the major aspects offinancial systems are generally small economies with a the WTO from a development perspective; policy issues in

reduced dimension of institutional relationships, a greater the area of merchandise trade and the liberalization of in-concentration of wealth, and a relatively less independent temational transactions in services; protection of intellec-

civil service. These characteristics facilitate concentration tual property rights and economic development; new regu-of functions and, more generally, weak governance. Only

snall .ecnme wit a reaivl hig lee opeca Itlatory subjects that are emerging in the agenda of tradesmall economies wit arelatively highlevelofpercap talks; and enhancing participation of developing countries

income, a minimum core of sound banks and insurancecompanies, sound and credible macroeconomic policies,and open capital accounts can benefit from the develop-ment of contractual savings. This can increase the optionsto obtain sound coverage against contingencies, increase

Republic of Lebanon Update

S I -- -I I I I I MS I L:

Joseph Saba, Country Director Sabah Moussa, Executive AssistantTel. (202) 473-2992 Tel. (202) 473-9019Fax (202) 477-1482 Fax (202) 477-1482E-mail: [email protected] E-mail: [email protected]

Osman Ahmed, Lead Operations Officer Sereen Juma, Communications AssociateTel. (202) 473-7063 Tel. (202) 473-7199Fax (202) 477-1482 Fax (202) 522-0003E-mail: [email protected] E-mail: [email protected]

Carlos Silva-Jauregui, Senior EconomistTel. (202) 473-1859 The World BankFax (202) 477-0432 1818 H Street, NWE-mail: [email protected] Washington DC 20433

Sophie Warlop, Operations Analyst WW.worldbank.orgTel. (202) 473-7255Fax. (202) 477-1482

E-mail: [email protected] To Order World Bank Publications:

http://publications.worldbank.org/ecommerce

With special thanks to Mary Saba For Information on World Bank Programs in Lebanon:www.worldbank.org/mna/lebanon

SInJ X- i *

Mohammed Benouahi, Lead Financial Analyst Mouna Couzi, Program AssistantTel. (961-1) 987-800, ext. 229 Tel. (961-1) 987-800, ext. 231Fax (961-1) 986-800 Fax (961-1) 986-800E-mail: [email protected] E-mail: [email protected]

Bassam Ramadan, Lead Operations Officer, Alia Achsien, Program AssistantHuman Development Tel. (961-1) 987-800, ext. 245Tel. (961-1) 987-800, ext. 226 Fax (961-1) 986-800Fax (961-1) 986-800 E-mail: [email protected]: [email protected]

Zeina el Khalil, Program AssistantSebastien Dessus, Senior Economist Tel. (961-1) 987-800, ext. 234Tel. (961-1) 987-800, ext. 225 Fax (961-1) 986-800Fax (961-1) 986-800 E-mail: [email protected]: [email protected]

Robert Bou Jaoude, Senior Financial Manage-ment SpecialistTel. (961-1) 987-800, ext. 230 The World Bank Office in BeirutFax (961-1) 986-800 United Nations House, Sixth FloorE-mail: [email protected] Riad El-Solh 1107-2270

Imad Saleh, Senior Procurement Specialist PO Box 11-8577Tel. (961-1) 987-800, ext. 224 Beirut-LebanonFax (961 -1) 986-800 www.worldbank.org.lbE-mail: [email protected]

3

(0*Y) £VV )ZAY LSU (Y* ) £VV i£AY L:[email protected] wj_'JY .i,JI jsaba(worlbank.org -ju;SYI -

JL4"I ib1 P * , y _ flY oyuX -, Wi~ M S *L~ i

(y - ) i vr v e R : L,iL (T - ) i vr v -Ir :-i;a(' .T) oTy *... r:,T s ('-Y) £VV \£AY :L;

[email protected] : j•_i AJ,g1 [email protected] :Wj_JI -u,J

The World Bank (Y * ) £vr EA o :Z3S1818 H Street, NW ((Y -T) £VV rY* L,SL

Washington DC 20433 [email protected] : jtJ_JI J.pl

,,IjNI O - iRX . JJIjJy.owww.worldbank.org (i.y) ±vr vyoo :.-A$L

L;J,)j I '!. U. Ij ~~~~~~~(T-T) £VV \tAT :,^_li:bJJWI 1 :,1 ,+ elLI swarlop(worldbank.org : .41

http://publications.worldbank.org/ecommerce

:bL:J jj0 LU-1 AJILt. <L oA jlj W 5)1 -o4_JXwww.worldbank.org/mnaAlebanon

Yr i (Vp) 8-RAVA* * :'ZT tYY (RVi) 0-AAVA' * :-.010 ) -IA'IA- : .SU (11)) \-RAIA- - :,-5

[email protected] :j,j_J>I J I mbenouahiewor1dbank.org :;J3Y~'I L,JI

I ,>;c,_ L- 1 D z I ,9 ,:ll-L f A o )

TE0 (RI)) I-RAVA* . :* TYI (VIA) I - AVA' *

(RIO) I-qA-tAx :5GU (R\8) 8-tAAIA ^ :[email protected] :j•j_) yI t JI [email protected]: j WYI -4,JI

YrT (Vt') 1-'AVA* . YTy (Il) q-*AVA :-(tV) )-qAA'I- :,jsL (11) ^-IAIA- :rSU

[email protected] LY:jj_YI J ,AI sdessusgworldbank.org ,;S;JYI -,1

Yr -An r-Z, * AVA :,~->- L5 ) )-.AIA~.- y :LUJ

(VVi) ~-SA.A* *=* - ~s f 1 1 o : - . -. rboujaoude(worldbank.org :pja2> JI

.~k) \ * N .-- , TT£ (VR7) I -RAVA* *

www.wor k org lb ieh-AoVV .ba. o q A- A :,A L, Uwww.worldbank.org.lb isalehWworldbank.org -L-JYIl,J

)k1~~~~~~;l ,11 J1IJ,j- I1o 1S1_ ''w -

193V 3jt k-.~L UY6\ L-4J

(ISBN: 0-8213-4989-9 SKU: 14989) 9 :.

(ISBN: 0-8213-5140-0 SKU: 15140) W \S jIo1sop 2j1

A-;~ jj- , YV L jw- LS< ZuLjl .J1 4,:95A ;JbI Ji WP

J~~~~~~~~~~~ ".U mYI -LZ a1 d, o ((ZzL. i -jI ;j., oui 9 J ;l :Aoll1 j

olL ;r° /£ * J 1U j1 4 L,- v g) ZS,;1 j c Y o CLJI iiLil ,JI-ilSl l:il CLL 3 Z>L-J 4;14S1 < I

L.inU- . L< ;lL l LI e rI 0YI 1 L,.J i ZL<-'l .-~ AWl :, 19. S. i i iA I Z-LL 3 1 .* l l Jai

il; ovLp ZLll jp1i L>X W+18 4>^1SSl p LZY taaI ;l f) .6-LD I olSJI

\ R r , s,Sl .dl:I r I-L J1 lliz J flo s.- U S z - Z _,AIla I1 Zw 31 -T j ; aIJ-YiL J p ,

Lrc 3 d.l:. JI s ;) JI5 I,j)JJ XsJJ I o1 U_ I U-

- WL1 'LUl ,) -11) ,JJJl AJI ~~~~(ISBN: 0-8213-5145-1 SKU: 15145)

>; 8 WN9]\ a 2\ Q>\ S , 4 1Ji_l =O J~~~OLLLi o4jH Lg. Zp 7'j

(lSBN: 8213-5087-0- SKU: 15087) |>0+ -? ,11O4 F ¢?

J JlJYL ¢ - JJ JJ~C LU jW ,1 r, j+I5 1 L>l )i's(5l4 I.. L+j l V o>IZ~~~~L,1~~~~~~1< Z.-i S U:YI41j ls Z J L6 tu -r l 1- CI-t

. ,,SWI~~js (0) .a;wi , ) ( : LJI -v;) 1ir41 aJ63.'J L~,f1 Jl YI

6lIjt)l (co * 3: -YL- sJ (o) *,iI(t) .l (r) 1 oLJIjp L<Y ,ll, J - J

(ISBN: O- 8213-4997-X SKU: 14997) dcAiS ¢P9

L~~~~~~~~~~ L--- IsJI z1a L,JJ O - YIX icY jJL L.* .L -

-NiI L<-Ji ;LiLi-RZ,'Lp-dI UL;- _a,Jl ULa.lea 4. ,+ -a::i ;Ar) i>o~ jll "'Ji dIS OLoLUI E) >

;~J901:u!4I3 a::k-11 4,,;i1 1~~ IP U . JoL , ;) .S,l X J 91> l

L., ; I 3vel ",lj .- C^t:l w)iJ 5Lbj ' n) iS_ J o J<J;,L 5 J I

al ~~15~w) U- J' p} j 1;- j iul o):l -p fL, IL- i t Yl

Li j, JLi L:L6- I UpLj &,;jP L .LAIL % jL u-J2CLJ 4 LO9l~~~~~~~~.j 'Lu L;9 < o s> ¢S J o=9 fJ

I L-Y,i ZWI CJS P C ,A i CA I, , Ju 1 (Jr > NJ UI -Y -J,

o ~ A NJ Y j ; JI , fLJ,lJI ,LYl VP iA .z((;L .,i is;; ,S~'Y X111) Ae Y~ S'~-- ;(l) i bY~

<RJI S JI <Fj2 S;WW,fI,r < , J . al J•Z <5 3 j . i;!B9

.JL J 2 ALL. yQ 9 _ CI - y.tA

ZAL'j I L ,

I L511 Laj 3i J-,, L"",; 31 ac- &!u LIP L,, i_-^\\ :L

uu..i D I iILL - , o LJ - fLl paIJ 1) J1 ql&

- h oIL - - , AA fJi j .L .0ao uLI j J•J i iJ oJj e)i <.:k o l,3j L9J oJliL j rJ5 ei PLuiJk->l UI A L, s Lo iJj -ijL4- .i 1W -

o 4JkIitJI. 9J o )ll cX J ;I ij l il n i3JWJI AUiIl v UU, }I CA - Jl Y a

1 - s; ,sb;£l fl-I Aai;J uL oL;Y -p\5Wl

) L J UiWI (vNJ C.' ~:K,l Y ̂ i2li YIJ

' @S - tU\ oLs0\ \s

_X!R--s_N_~~~~~~~~~~~~~~~rkm -

( )L V * Ln5-o U i 8 JI - LLic WI uLYi ;Y,!J J

http//pul iain.olbn.r/cm ee :iS6L!.>-yIbooks(worldbank.org J L :v~J;S J",

_ _. -Lm

i.; 1 lAb W)1 J.1 iL ;3J . .J l ;I Yio V1 iL-1

~~~~~~~~~~~~~~~~~~~-JPJ lH Y~ ;j :>iUJI 1 f.<I LC- ,X1 4sini291 e J

01 1,-19¢:1) -Jl j.6:L- LaMs -, H ,L-%a

S~ j-di ;1 - x 1,-1 Y-ut ub i - Gsjms u -. 9

Lil~~~* gW L>! ,1, c1 j po; t ojX Ji,;-,

' :}l;L .;>Elu i lt3X OI zf 0 i e2jl l-U jail

j. ~~ YI ;2) -o> , QLj ,a

*~~ ~~~~~~~3 -tA -11 J_._ 4,pY <-J HS1 --! -L; I; i dlZJ~~~~~~~~~~~~~~~~~~~__ S J u iSl ° + _Aj1 WJ al,l9

;5 S e>irl ds(i-La" L, >U sjI LrJJ ,4: jp I Oi oiz ;IPJYIj j.s Z- :

,r° ekJ, .;,LJI oiz 1y M~~~~~~~~L4 I -6 'La ji 91D i9, &% JUl o JU i Y.Y;I ,L5 -:

<yj~~~.- L o^s j JIoazi;l ib<vj<; .1!<JJ L-l ; jlc JA xu UJjsii> IJ -J .f(_L> s 1>At!J -1 ;JJUj ,U ;- . --S-IS l J;? .RS1 1 ,

-91 L, J, LY~~~~ ~ ~V L J-;l z o< i -~ L a~;

<:vlsjYI > <>I ojl5ll jSl jl J -7 r w1 > o l.::JL; . J;I 5iIj m 1:JI ;JL-,J- 3 IJlJIz;l j-J_ . iLpfnl- * 5o>l L, U LIU LW L J J>i!, Lo- 6 L>Z -m .lloaeoU

IAS 4 1 <L-jl i : zklI i jL %-Lc ll jlS J;uL., w50 3LJ 55 UJ1 ;' +-o-

JL,I- itS 1IS! . , I )LiI+ sli;Nl Lg,; PI-) <,1. )1

Ii. UL2U 43fj ,LJ 6 ji olii- juJtJ I1 y

,,.UiJ .aiL LJ Ly JljY I os_iy~~~~~~ L;.6L. J7L L5 IS! YiC Y ; i+ oIS <>I b,l L& jol r L_

j-i,>, X> 0b-j Lr'i ?A S y --

1 ,- X); S JL-YI ;L W <AJI) M~~~~U- '~J'1 "S&J ,W A*-L

I . jI _ I j~ I :I X; , I . , ; , I I. ,. . t.

~~~ ~~&-xA ZJu z.1i ,-W-i L~ ~~Ja-,~"l ~I 1I, ~aiV - 5 -~ ~L0_ )., J < _UJI i A I

&~~~~~~~_ YLIJ i,o i,l _,J .US~ J LZ Za.¢_L_JoiS l X{YI J-L1 2;

J, 5 Ik ja; oe ju;N &<Jj J1 L-. I Sl S 1 ;0u 1Sd

'.3 ielS > uA<4-I o I eUJl: .ziI LU 3 .l .Z * ,I JI Jyl 3 L JLW y

4 .La)jj c 1ll o bLIJ 1 e il Ij) -r- 4'J I ps1 f< W::C 45l -I?U2~~JJ >; L

,L .,lJ -6 J1 -i "i 4 b W' j ~- L' L* L1 I f-, J IH r IJl~ ~ ~ ~~ ~ ~~~~~" Y _I.;a ll,>fIS lJj Jz 1 j S l Z-6 -;j_:W,J 1 Il I-L JLiL

. 3 SSfl LUl iOlkYI >1Gg S.cJ l j j l I1 S U Liy 'Ys IJ_ >A ,~

aliill Js aLs l7,oULI iLO L,<.t Ir° P LZ ,i A l J , - F ;i

,> -( ? tS-l LL ,ji

->.ll oLz WSo#U; ,-!;Ll -LJl A _.JI -J Iirl_ ̂ aL jjjz lt;Ul -. J

F~~~~~~~~~~~~~~~~~~~I f J )J Li . ,lil JLa.I LL?la ;6L5 fl'

Oiz .,! 'YI ,S1 S5l oz'YI <1 iS ,pti sYIs Ec~~~~~~~~~~l Z.L.3 l _J l9YIezL

> ki 4w; W~ISLl C. ,*li ,SJ U.11e>,,ioxil

U;L¢ ,s JbauI l L :l,ll sSz

OiZ iL,L iLc ~ L-;iI UJo L -? JS 4r- _;j19 v L3 g

~~~~~~L _ II . s3 i L l - w fJ _ YI;5 \,--L:i~~~~~~~l L l " ,l L , . J, c

Ia i l L,f,11JI gJ O I iL ;Y ,r ; J l r <b l.l 1l9

,LWl+1 <.Llw ;G 15 ,5,,aJ?ll l >4LJI LI-J; ,.Sl Iftkl~j

t9Jl J l Ji Hixi rlin ,<l;s;Y LJ1, tJLll G r) LJ j L --J * lJlil )L.)3 L, oaiJ ; sI .

y;1~~~~~~~~~~~~~~~~~~ -61 ' 1 JI iG .19 Z j

(4u1 o1,X1 o1,) _7~1jt~

.~~~~~: ,K~ . I L.:_- I zd)L~l J 6,ll :I,,t

zu _ isS Y; ' _,>1 e1,, X I _ , ̂~~~~~~~~~~~A

ylAJI_,J.u';Js _ t1Ji1 ~~~~~~~~~~~~~~~~~~~,ASI L _'flI 1ai-.V

YI SL U9 Cl, _____- .Va

___ _ t° _ ,n~~~~~~~~~~~Oa,

T. I 1a; ; '1~~~~~~~~~~~~~~~~~~~~~~~~~~~~l, . ,,, ., ,, .,,,,, ,, . .o ~~~~~~~~~~~~~~~~~~~~~D

wx s- > * < r a w @ < Z 94 t >~~~~~~~~~j -

-"~~~~~~~~~~~~~o l l;.vill LSJ L:Y.6:_- Z,4 l *JI rA_J j 5 } >2 X

L e -NJ.) ,,j-1, VAt j1 Y ' Y jL-J Lkr..aSJ JS J;

,U _ 5JU LLIJI ;w,UL c,Ll C | |

z>)1~~~~~~~~~~~~~~~~~~~~~~~~ALJ iU t1 U91 J iFl Jl,LLI LFlhil ;YI o%JI ,r° ojill ;ill __ z rYo**~~~~~~~~~LJJI;~U jl)l ?b

__ _ __ -- r tt > .j. . .7.

- l~~~~~~~~~J' i' LjL.U ;,--II ; ;)J,-di

'/.A, r _,~ .. Y* *X,I z yJL r *r i ; .s

A, Y J Y Y \ 01_j / , T tuI9/ ,1

>1 zl2U i~--L1 ?,X1 -NY L;L 4;'jl1 j1 tu U:- Yl JI JS -J Z. - dU -l C1 ug<>_ e)l 5^ g _aJI o~LZ 3 i &y3I A w NJY V .i AO I,UYI - ) 9W J. Y

1it:s JD U,$Jl aX ja7ij 4_4JU11i ;,.)LJ aoY1 3ll ZLI\Jg l )jg o5lq~ U Lj Lt1 Lllj (?J ;_J13_9 I~WL ~W jr.i ;&OJlI Wl J- J - L

;o j ( J I JJ L ; ___1 .bgi _ _J__ _'_;_ _ _

ivo u I ,+ -Zl_yj , ,vSl Id js . (ol;l 'ji;l) ().(ojJl J1 L1Z Jj'Yl L+ O JI w' LJ-oa . u;- * * L, ,Ji 0 } oi.Y ( . i. , r ) . J . J

';li~~~~~~~~~~ JUL 4l&L (Lu_ .(. 5• L.•4 AtŽ*) .JJ14 _

AJ~~~~~~ ~~~~~ _il ;,iiJ .1 . -, bYt .li j. u)h, 9iX

I~~~~3 (a. y3-J J L£ ) E*D*Y . . S oL~fl rol * ;~iL

Ct LuJ J. I g J l I - J I oJ 4 -I I L- uLW ' C

o,J jL -( -1 r; > iL " > b)

clJjgJI 9 4_t~;-;g ;lj6JI eAg (.JgJJ 2iJIzg ivy LJ5 JU-) .J role& J>;te )n_Y

.;LJLII 1 A

)J;0 O tv) .~JJ. 'J-~ L~< - * lliI ;-)IJ.)l . > /.1 ..Luwl>O5;51-Z

,LLo r j: 'lil 1,Sl gLx ,3 1 JA~~~~~~~~~ (j-u i, U ')"- '~l J- jl>

/Tv v s la;g . , * - J~_Y I 3 /rS J J

J vJ /L' R ;N r -J I- JJ VI I

:~~~~~~~~~~~~ t Q,.U2 > ,z Lj jJ 1. lgJI C•J T1 *r9 1A~ :j,. rJJAA L.L

J. Jrl.UA /OT-J L-,P )j /2A -

- UlyT -T l WI

Jul t1>"ll . . . 8 ost z; 4A1 , o 9L.j1 -k, 0 (SU1~~~~~~~~~~~~~~~~~~j ;SZU DI,JI JL)A

.6j> tlJ-J jp oj-) ;; 9A51 L, I J-j;f O ,9 J~~~l A11 {l,< ? .¢WI VJ WI 911 JJA IA. I r~~~J-U A WLJ :d

iWI ,3 Q);JI WI J S S .l: Ul ,,91 ,1; 1AJI~~~~~~~ZZ I _ _ L L~ ~ 3Ax J i S l .JYgilL lJpl 4 wEg GY* *rJ< 63 /.r,A 4 4,.L=i i 0 (L -l :.,| I 1 i tlElli -..--

/A, r / 81, T- / \, q_ -.-; Z .a-J L<Jl a

XV,V~~~~~~~~~~~~j~ j.e4 '/.IA CJi,L

'/A r '/.)Tr-/ - 'YJl ljJ 3 2 L w ol l lc _

'/.r,A / -/,Azy J1t O;I J/ L; . 1-i) ,LP^Y ?-JI ,3J.v

zj- (Y Y a> j j. u,L . r fWI > L? fWi

v? 1 t5 i 1 tY >1 ^ < 4Jjigi J , ';L' l o b J L l

. l ,W J lj ,m;

jGJIjil.~Ai~)L. U ~ ~ A~O1 sI,IjY. r 9 XX WI.T LLe/A Lu,1 4;,jLj ZZ~Jljl r3 j9>esflI9-UWIY iI M

(4.1:UI sI,sUi 0I ,) 9 2 jl 01 S13 ~Jk1 o j I 1

j- T irl 0 . J¶ ej - 6YU ii z-1 .

El E l J1 j JI Y S O J•ol 2i;r 41L-'1 j I : i j.L L i_ 1 ,

__r ... . jI I ;_41 J j i L ,,Ull

0 _ 0mr 1 1 .-r Y . t - -. t >l 0 aWI :91 J 1 L 1J J-J

i I | :! i | ! i E il 1;i1 | O 91J*9al?i>/e,J>2~ JI u u I (r L1<ki ,;

;~~~~~~~~~~~~~~~~~~ y a L;-7J L|I C-j J !|; 31 T /r /- , ,LY W 1Tr

__ r T r _ r -r _ r Tr ___ _ r . W >o1 aip, JUI J

. A A A A A A A a 0 A A A A t 4 7 A o+e ~~~r, A _1 al YI r f**J ;.W di 1- :? 9 L4 ji -932RA3q3w*-n2 +O1 /£* (u Lr )e1

.Lu1 cJljJ ) 91Ji tY 5uX ,£ rj_ ° , & SI j,Sl>

r,q) OA,) o*9 ir** fLr, (LUS;NI e L)*, _;_

,.S1~~~~~~~~~~~~W S rroH U SiZ5 tJ14 llL_ ;,1 .. ()S r- 91 (u;j .J. rW A-- ) Ls-,UA 31. Y (e Liu,9 rA JJay£J bI -J l. LuI L_U J;9l LIo

Y. ., IL rv,*) bi(jjj)r 91S jLr J. JA ArE .ri *

~~~-u ~ (aU oJj j* j& J)

iLi.~~~~~~~~~~~ YV)JU -I 0 J.j _g. Ur _9.JLg2I 4,1 iJULMI oL;~ZiL" 9 .

.0 ~~~~4eU ji.91 TV,L1W JFi) /+ra T Jjls ll, .f-l .3-k; t J

1~~~~J &!J ;U- o Il ojJKoi s r vI~ ~~~ ~~~~~~~~~~~~~~~~~~~~~~~ n IoF 11111111111|111111i3g|iE3bgN3 ro * * 11 4jr L1911 I eLYI , 9 kb T*8e I9

LJ I ,ljE ;L .,1 .~'~ .,, Y I ojW L.. 1

I~~~~~~~~~~~~~~~~~~~~~~~~~~~ j L;v -C /. , > ,I<>

1,~~~~~~~~~~~~~~~~~~~~~~~~~~~~j .~; .j , Y, I, ::U 11~| > ^ w ^ >- ] > D > > r, ,_ X > 3 ll~ ~ ["z I 5 I /V,

JS~~~~~~~~~~~~~~~~~~LJ S1 aLlj- I,uW Jar4J JAl,U zdjl jl>U ;sI,,>V

JUjJI " ~I L; 31 iLJ•JI . P. L JJl ojNLJ o1 - -

z.:W\ a3l J> 45}1 iJI ,o ,>1 - sl ;,+WI CAIY)bY jj o 5jS1 :

J j LN NLC , e L6,U .- IS -i 1

91I _j I 1J J1 U. .. ,I II JW I 3l J tY_

? N LDil LI,.a, JJI ,--> Ik1 J-9

abS1UI 4~ot~il ~Ij ILj >Jl y 1 (S c9 X1 31 ji L__ . I

;15 sjyl NI o2WI sl aAiii ZJ1~ oA JK -XL -I J <A

J•JI aI5JI o Li .Lj J yj Ju -LP A

Y Uly-1 -- LU- 5$i ,~ i4.XLS Jli 2 9 i

4 J,. 4,j GUL1 X-. X 31 YA ~J Y.Ll ,Y :

1i) ~L I }I2 Lp'~ +Lc Up~J L U~. 31 ~ I &-5~I~2 J L J LA

> P *> 'V j ~Jl ~ il $31j,O_l L.9 ZRlI ). () PI _ a.

J_9LU &P L.-; X,k,l 1 - duS 1s'i I

ej. 3yJ-I 3W jl ) I LJ ;,is, T 511 , ,(i) :P,WI ,EYI J.~ W°Y .(L.-2l ;iAXil j -- 1 ('V), 1l .~Y ___ _) o.y~ J5.yl

-u1 :.AjLM J< I v i -91 aUL3Q )L4U"I LjJ + ,, * LCL L'1)Sv r fI

., 0,a~ j

JjL>- Y * * : J L,10 > JI ~JYI eL

JJ1 Ca; L -; i f 5 / 4 ,Y S W ;1J' J

e~~~~Ls JEi Ut 4-t -JIJ J r ; ) j J- S1J)I Z'll bi 4-U1 l1s sl -Y 1LU lk A

~~~)EL)~~~~~~~ c.Y JS L-l L; LI I I - '1*9 U1*J o u

S~~~~~~~~~~~li t1 j s :.A (o ;,1l S e , JI ::dl- JL CL)Jl Mj L. >; ,11jJI ( :ie ? : ) g,dl

~p -Jl) I ;=0 (J J.6 1< c,lY 1 I j:ij . 1 i;Y >:,LcllUzi ; -o)Li< (r)) sj,,,Jl

.,1j;> ~~-,Jl ; >L /^,r W sI y12,Wa~~~~~~~~~~~~~~~~~~~ L ll 1 ",1e°~1 ,jIo ,f I js \ , Ji C6.,J- , I

9Y1 . ;13 JJ,~ !L o- ,-; '/O -,L--_J5 LJ I 01;e() :&,JLW -J,sfii>O (>1ocP >z; je OS)Y l ) 4.( U;YI,r I .I)41ollY

t52ti ~~~~~;d 111wl u;1,1 IJ,I,JI- ,J1 9 JL ,,,jI*bul 1,5_

1_~~~~~~~~-~j Lc J- -

-~~~~L,U >te ,,>lj SSp Z.l? L..Jl ;s9 1i iSr u t L5i,J,,to Ja-lI <jii;l ti

J- a1aS1l U J JI d;1JJL 11 u Lill ,s!31 we -61 i1U L+.J

J>il Lj.Z3>J c .(FTML) ,lJ-¢ 1 .y ., ,, ;> tj,' >j:1 ; zJloYl ,-L.SII,(GSM) iJIl L5j-U Z<-J ;LJUI jil 11 =

tAfr, o) aj,, j,,<1- jj.1i oi;ll zdiJi-Lz ts ,!L

1 O ;r11 JJ<II e ; C ol I1 -1 6li, ,1o LI? Ss,11, ;l 1

,.LJ_91 DUZ9JiJJ 9L'l L Jir><~9 si lll <It ;.~L

_~~~p tj_,~~~~~~.U L5 1,X I 3jtS l <9 -L1-& tLk51 L; izi,z

JYo:.r41-J,z oll i1r Lis oJ-.U jp ;-lb

-jl;-UI~ ~ ~~~~* ,- U,.j I39< > :IY

Lg,3- L-2JI ZL6 J #1tI1L14-~~~~~~~~~ J;Al ,9A ;Arjl CLI it2 51'tj1

;L u -II ;ip Ip<11 j, liiLI ;UL-'; J

f~~~~~~~~~~~~~~~~~~~~~~L,~Jl jp :dLL-. wJL;;;j L+PLJ _, ) <l MIjl (;a~~~~~~~~~~~~~~~~~~~~z-. obltI Zjb d y;Lb 8; l < , 1 g 3o>J JI! z)j ) uI,

J,Xfl<S C-,s 2 A tWI,11 iJ 1L-ZS.JGLI rf Jz u (WS aJ9Ss Azgj.el 2 'Lj,

Ju ,3 as,Sl ;,1,>l ,~~~~~~~~~~~~~~~~~~~~~~~~~~j , ,L - , ;1 Oi

i J , . 1 K C o ,? >L j L-L-

s_ociWL;r z u l Z5rJ iSH :.II .-i!ls> ;JIASpl;-~ jic YI q-tl e:11 (HoeUr "de Vic n DsPx<i 3 SL Ls ss !tJ li<

iS L _rfl ;S1 vrl; JE5 3 o illa iS LA

fleJI + (GCEM) i_WI ol ll -I Y t;1, -Jl:e .Lr e * uL1 -ij;Y I ;l: 11 1,lsSM

U1 ;S_-Y Z5Je (:iS U1 o1 W z_lrliSjI

I LL2 ,j>YI ;,S Jl;

j4 _GEM .L-LJ .d-J .~j.' ;.34 IL__)GS

'L L-JI oLi 3 eYI ,@-) Zzl ! JS' Z 1 ii-sl--"

*J.2l o1•2~ r P U) •JI &Ua.1 L t L t t &L tj 5 L J J - I I I L AL Z lLl

, , L ~ Qtl , 9S ,p'I ( i £A, o) L5W H J YP o ) VAA,'I .mq a- JI G 1 -114iI sJA3I n .;JI ;,iJI rAT r L yw , U & r

-j -9~~~J~ZJ.

. *t - Y j8i~l 3 j X1 JIZI -z .1 !J ;i j ai :,L. /i(esSti JY0 +TYo) .9'W _) u631s

(e55S^X j\3 you TR,.X) * 9 j > Lj4la<1 9 b >1 C XIS

Ls*xjl_q s ;41 Ii rW. .Y' L> ,l J9A Z ,-LI Zo1 LA Z•

* 'r*~~ ~ 4JI ~Jl ~5Jl ~ il LLy** ~Jlil (j) )N:1 JyLM

LLj-Jll )4 L)2 r '7, )Sl 44 j 9+P) o5jlLl U- l L L J-'6 'H - "'

* LUi,- ~ ~ L~Jl 1W4-I# 13 J scW JL3 (I) t sJlJ U JI

- *, rL oV, Y E e*e 5 p1 \ u;; >>!J Ujli ) 9 jtl jU;l i -

-~~~u4

r, EY rOev eq*e 1 C^ill uL~~~~~~~~~~~~ov Y

1~~~ ~~~ ME 4z-~ YP ve .,.ZL 051JIua) .;U oI

r1, qo Ma, . 5b- LAqqUJI jj , R) . LII c ; JA1.)v(eSe

4 rl Y f , - Ml A1'I9 1- 3 oojIj 111-

A,A rn Z \*^pi, ;

E rq ol l ~~~Y-- 14-l r-L:Jl TOMv .J sJl 91 t9V, s b A- , Y.. L -L 4..I i'~ >.l I 9J la? 9 I e 5. Y )

V, r r 'jI1 - o t:J J1u1

*, * * l o0, .. Y Y Ls,;- L, I JO J L L gI L- I W

rAY,: 'IM^, Ie R

( ~~~~~~ Z4T LsE IO0 jn -)I. 1 -"-;_ L j2J I J r L >< J + t

> -jI sJljj L;LLl j-z ;; I LU2.0 ; 9JA- I J zlu -LJ j ;JII "\lj ;J al)JD "I 2L

(LsS yi J 9 e)J;c , * ) . w EJI I L: U J 9YIt 9p1 1tJ_,U -l (e _~.;i 1.~ ,+ - T Z, ) e JlJY j,,Wl tjj.

Y L6,11 L~~~.Wl

N S I 91 ? .;J i .L.;;£Y *).oW IJ g

O~~~~~~~~~~~~~~~~~~~~~~~~~~~~j_9J 11 G l JU ; -J:1 .L

* .LI J,- 0 f ~Wl J51AO We Jl ~I Q,u_'~Ij Y J JlI 2-l ,L,2 * 1 - JZ JI b Z

-)~Jl ;,L,3l I L cA J JJ5 &1 -A lCJl z'-1 . I f 'L.S J 1

_*il C- i,-W0aJ 1 J w a "l zu OLr JJ, L s1 L1:. a9-

* J~~~il &L.~~~~, ~~ ~ ~~ ~~ ~~Jj J~ ) LJlJ4 jiLj ) i ~.~

uIA 4 >i . ,,,Y 4Ajlj e - oLy L4RZ oJIJ,L

;'•ZLaJ I J• . j J _-? jp - A) JL J iI

:kz J,WlwJl

olloE;-I U-mail mfgol. wor - s J I dban k.rJ gI j_1I <L5;Jl 1iUAl6JI

Lu)lIZ xJAf rLJ- 43- ~ L A }S 1, PLI uUiu~ l

D 4 JS S A3|; >u1 L3 o S~~~~~~~~~~~~~~~~,;l i >J?WI SF 4 3 >< _YIoi

-9 Lls j,11 Z- j .*L Lc L;.c op2J -1cU 9l 4i J 1 :d JLtJI fl- ;-

LZ- Y2 i J U- L L-~lep lA~ -G '~

1 4 ;~~~~~~~~~~~~~~~~~~~~~~~~~~,JI;ll j ,,a -. §iJI ' jaI ,gL3,-t1 L~L 'l i JIJ>l UKl ( l1 5

I:lE -: '99 -G 1LiI

jus Jl, LJi jA1LJ i zi dl :-,2ioJ ,Lilj (1 1 A > ±U 'I _,I,JLEI YI > ill sLSlL;tU >- AJI H:JI < A ~~~~j.jjILi .19I 1 ls 1 ill J2,l.12II .L

t:LSSij <Y*0 JS ac 1 191U 1J>:~~~~~~~,,'-J 1,,IA ,40 Z't. ;MAl:l-Llciu_pl oLLaJl J~LLIk1js

-o. -~O iSl AI,YIj ,V D9 LJJI Lr-J 1

(Y-Y t )vr-yr)r *:,-z 1l<,- 1oobsiJltl(s 1oly

E-mail: mfeghoulgworldbank.org 9lCLP L X* (LY u?er ?4;X

31. - e LrjS RU _CL S lI fb; UJ 1); L. 3 10 -V- A-; L; -jj U- b

;4ZjLJJI io &A L Lr°jj a-\JJJ l; ¢g -G . * Jw r1 e nL_ E i L3 2 loJI ~U Z-. ly e)LLJ ~l-6- 1 ;--oiI

L;T' *' L aIL J5 r) bU J Ci,! 'LL e1, 1 A - S L- !11 1GoL-l j,s ~ J 1 j. A RtV

L:4;i U- - CA e 5 ^ ;)LJ JY I i-J,o W l w)l 3U-J Gj > ;> JIPcI(°LuLJ l .WoEL10 dD2l vM 4L OLL-YI r 21 dLJ -oloL~~~~~ Lc9J LL F$> N ;

j~ ~ ~ ~ ~~~tJ Jg O9 "I o J1) -i 1 1 dA I -L YI>j

g:ll : L-'d PL)l ;. -Lg o Ll b S L L L ; L~ 0." io ............................... z

IS i>o 1fi fl eL-j t S ^Li, 1 J~l 1 LJ01 og

J)k:; " ;LJ Gt i:I JL-I c eoL- _;II 4aY.I *XL e Uc1 -dX C-U z

<- (\) (s>t ;L_j ;Lj-d <2i5 I L-A JI4gm

Z.a z -IUYI -1 I C<vL, LL JLJ .:Arol_l _,;SJULI OL L .x Q$ i~JjjJ ~J9l i5 Y)

i=64_bL1 il ¢;, 2EJI ¢SvL~~~W 4;bj LS -9 _l5 _I Wj_Y i;;)Jl iJIUSI r j oUI

9~~~~~~~~ -L,I L4j! J2c1L; :;JU L- -l _,,o J

_L Jl ioLcL-1I (.,~6) S Jl t iO

OSS + 3 o l (J) ;9ll,~jj lL 4,Ul YIj)LJ

L. ~ ~ ~ ~ ~ ~ ~ ~ iL I L<1) WI J2Y; c-- - ITS

.a5L OJ1~~~~~~~~. I L<jH I ,5J I OJ ol i, OIJ .,jI ? 6i L2

,>~~~~~zALtjJ1 LJ DLU ., :,Lt l 1;, LlW o I cu;3 GLl

L~;zLZl.lj? _1,Ul :.Upj L-i ().jJ5 55J G v i c b o> 3L< JAq ,1 - J>L1 qi-- eJJI t) e51os?ilAi3a SI

Li LI I d I L; I L1jJUl :dL- Li,.JI as ~wl 'p ,L t- (c

~~-~j jiJij. i,.~.-,JI r - l

jii is 9, L"Lj 9L4 jp -iiiX

.~~~~~~cu 11JL-1,d1 aMJ CLj ( Y )

,,> Jl 1~~~~~~~~(P U , ;v-,,, zjsl. <; J - JL ;;,->3 -JsLI 9>,L1 , 91 eW1 v9 ;l ill lll yI JI J8jf <Wl Jiill ojiJl,

oWI JlzY ,W~~~~~~~jJ 14S2jJ5; U ILl J; z ) A s>¢

L.)U~ ,1 DS L r**,1;O-j jz-#

jp JL:-)>l _1 _ ;3 ) CA Id be iLs,;

zsli ;).I za- I asz; L+. (PMU) J a1 J!iz 3;l ju- , , ,1.,JC

.-)%I 1 ,1 l ;jL9-_51 i:: >JA1 JIj Ll 4p L-1 Hf,S()Li l,I2R.b

LL.-. ~ ~ ~ ~ ~ cl L!7L' fwl Lu.>1 (_) J AI I ;j a- 6 1 JS sIs

:.w1 ,)1 UlFS sJI JJ it415;ZJ 9L; Z- "-1 u SICl lB ZfeSi L;_aJi Lat JI

;LLL i,i,.Jli 11W i; oLj , U :jSl ;\>I ej- -L ox js ,91 1 U1>sY

Ll> -9.6 1 L..b | 1 i, WI i ij *Z JI

LI-,-~~~~~~~~~ ~~~~ ij-l "ws jFl 1;:C, LiS- eS;I I C-o ,!i ii1 LL ; s JL-ITL,Ljl L~ ~~~~~~~~~eL CJx-L ziA iLAl .4 sJY );IlJ ,;

:eN1 ~~~~~~~~i U ,1, , IE 3;B:l-Y , oYI i *

Ljj-Ul NI j1 1 'D _)N I1 tS<X_x11 C,|,Y ;N *u;| ( 0 : rCX _+ t~~~~~~~~~~~45z ,JI cjlJ (i .el9

' Lu-cj- (ITS) LS-U LP:I Ui; a"J-

s>- 5 rjp cJ-.L-% 1jl.,<-b :Aju .N1Y c ,& ati H41;3 <:W>~~~LIS,> JL;l a 1.u i3~ eLls ,:5l 1 Li l-dj_

.(bS-~~~_+_ r**,1 ) ,;Ja, , s f,1 J,Ljj jYI j r

rtIcj(ts11 ciJ Jl:, il-( 8c C;I9 ,1, , b_ 1

N,9l~( U;U-i _>-3 :_-_ ._ Z_1U-yi ?a >,;W ,J '91 , cLjW LD *a l

;JI oLrl Zj9 _5FJI ;jl,3 ;L I ( li-YLOaJ<1 1w j +tIb* ap JL j 1-.j1 9 ))3 6 tjl1

, Fl > Xf ) i A91 ;J1 @9L1 > Li U; (E

? ej r >r * * 5 WI L" Z)I- ,9 1 JI&:I )1

fWI JU l 1zH;- JiiJl JL ,u--1 ( , C) -u Io 4 .; L)L1 a¢;YIs 'I.0Xa1 3:.)l+^ OI; :Cf>Lr, Jl 4r-i jks, -;p ij j is ,,.& -L1 j. Zzu L5-r1 L9Z1 Lr A1 L.J Ir &A WIJjI by s5 ;- ei<Y.,1U :,. J JL, 1S1j- :A -;IJl -1 (CAS) bl-LWI ;-LcL- dL' ll , 41.

:2lflfll X(r fi fLp;I ;LL- :.' U.J -9 J z UViap SL J.JJLI-;F WlJIJulCD, > ); Wls2 _LyP J0; Ll; :L.& bI.LUI oL

.4;J1JLn J2ll < j,-Ul -LcL- J . 11 JI-9 (j2ll jciS;J

z ; ;; J ;&J~~~~L UI - ,p olLJ jij ,JI Ji )JxJ V J

eJ >4 jf0LL-JI d1)sY JvI L:l 5 s<yjg ,S ;.a 5LIl ZLJsJ J!

~ IJY iLt; i L 5 WlJS sesJI e L ;.:4 -jlL 4,b! i) i -l J I1 :

li ;JipJI b3 <:.51L) Ujr ZZ. iLP Jl IJa--1,1 ,> ee8 (J ;4LYI jJI ,;S ,J oWel jL- -,L65 JI- bl

JsYI~~~~~~~~~~~~~~~~tL A-Jl ulH L. 1v11<J JL : so L

je, rkj,9 kl LiA jv. ;JUs Z.;')How< s 114bl 1o414Yl :.,I i;: J1~I 1~-d Cu vi-j- t) LsIw oLL -93'2 sJI1t1oSA

tS ItY84e cI S: S91)1 L-L ui &__j L_~ Y ;f1:1 G1o11oS

.i:JIA~~l s7JI :>1)~J l l- AF (-~J : j)lS otY jIJI)

,3Z5L-; I 911O JL 9I W. CW L)1 I L-1 CLj jLJI :AY L,W 0Yi1i

~~~~~~-j,j,1 Z. i WEJI,S0W 6" YII, U;IDJI f-LI0jIJIdSJ

LJu fL-)`1j 4J2;:Ll jp J t,1 voJ Ls j 1?- > L41 1~" j1 ;t iL-

J 2Jl;L~L.JI fojils ;I Lc Lll:) <tLX ±oGl A1 5 IL ;IJ1 Nw+

,;S- i ~~~~~~lJ , W Jiiltli; i W liJI :,L,l YjlJjIo ; i 1 :,U-LllMc SLii

-) _ 51, lA- -J JoJ yL Lp:JY 'J LI j 'Iv l *iJl :; 9 W Xa1 ,a<JU 3 EJnJL-

yio zoJ ,2iWIJY LJ:ljs r° fWI plll ; p5,-,5J3;1,o L4jil iLji <31 iilllLI

L- I .¢WI LoUl 35Lt i)J.5+1JJJvL oA (1 IiuL7oIIi siJIo

i ZIP s>Yt fWi LW01 1 u-,Y i l oJL ilkjIJ ll 1 J18,Y i ;

i JI<>wiJ Clbl; i 11 IIJI j1L J a LL as- c<:IHl 1~F:nJ1

~+11>>Y fWi @II teJ+ Gll) oWIsil45,) XWillXp>L er ol~I ;v:SkEI L- Z .,SJI,<Y9

l~~~~~~L-~~~~~ ctLI oLI; Lj I Li, I b'Je,.tJ11i

.~~~~~~~~~~j ;JCJ Joj IJ jLo c,~ I- 51l; (r S.- j .i I

' A B4 SSS1 >OLi U l 9U1 (,- YI j.UI t)9 1; diaitLo ? .iJlll 12 j e JI ClJj < SoLi S il - _9 .D J? LL. j,1491,1eA i

X1 ilXc tJ- Sail :S 1 j-5- iJL L is AL J!I , ) J gJ glea niLI jL(iXt ao:St ........oWI :SLo !w1,, .iS .1 yifulJi -j! JJ il J-ZYI e

Y""y ~y~Wl I AASI2 J

J;,l JUX - J 'L t. * _ _

Li a,jSl-l J- l.l ,aLJI I iL-ll I La -JJ I b> I 1 y`1A

~~~~~~~~~.11 L<-i -5b O5:>t1a1 Y

tHe1llj U) z-iw L 1 * J\?2 1J41o L *JIu-t

za a- -s :LU- L, LiLl 0 51 j L y I J-j sX ;

* JXCi; Ubi - A j ~~JI)LJI W ;,bm h ~ (fl_NI jjI L-N 3 MLJ (sL JLAZ1l .

p1•., ~L ~Li ~ iiL~ ~ ~ jUt.'~- y J..Ž~ N , '.J .X,-JI jc y Y5

;.)--LJl ^-YI , Rw sl LJ,' 4iLz ' E:JXl CS 'am fu1~ 4?(XY)o

: L~ ~,JiU JLi.I Oi - U .

A jW'Ji I_~_ I L~~ % -JIIj~ ZLu-I zo•. L 'ci.a Z-J l~l

~AU~lb iu ; -Yv ,-Sl½l .J.Y J~- Y ½ '

O DIJsjg , W; ,SSI (911 ,;~~~~L-j 3j-U VtG1> 0 L l '/.'Iss Al

jp U;LUjG JL: Vjl :, .4-L- jp j > LJ>

0~ ~ ~ ~ ~ ~~~~~,,1 os?i l<) ;t JL , , t

: mc olJlNYI L .ollnlAll +1 ~ ~ L 4>1 iL5-,, 31 Z2z 5, o.- 0AU SXr W 1<

_9,JJI> IL9 1:11_)+ LIA)L t ? @/L

EA 0> 1 ~~~~~CLL1Q ;I0A ,4 JaB J-9-d '-l~l li- J;~' I