Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized

08ZZ
 The Glosario
World del
Bank Banco
Glossary Mundial

English-Spanish Ingles-Espanol
Spanish-English Espanol-Ingles

The World Bank

Washington, D.C., U.S.A.
Copyright 1996

The International Bank for Reconstruction

and DevelopmentfThe World Bank

Banco Internacional de Reconstrucci6n

y FomentolBanco Mundial

1818 H Street, N.W.

Washington, D.C. 20433, U.S.A.

All rights reserved

Reservados todos los derechos

First printing April 1996

Primera impresi6n: avn1 de 1996

Manufactured in the United States of America

Hecho en los Estados Unidos de America

Library of Congress Cataloging-in-Publication Data

The World Bank glossary: English-Spanish, Spanish-English Glosario

del Banco Mundial : ingles-espanol, espanol-ingles.
p. cm.
ISBN 0-8213-3595-2
1. Economics-Dictionaries. 2. English language-Dictionaries-
Spanish. 3. Economics-Dictionaries~Spanish. 4. Spanish
language-Dictionaries~English. 5. Finance-Dictionaries.
6. Finance-Dictionaries-Spanish. 7. World Bank-Language-
Glossaries, etc. I. World Bank.
HB61.W615 1996
330' .03-dc20 96-10217
CIP
 Table of contentsllndice de materias

Foreword ................................................................................................ iv

Prefacio ................................................................................................... v

English-Spanish Glossary/G/osorio ing/es-espaifo/ ................................... 1

Spanish-English Glossary/G/osorio espaifo/-ing/es ............................... 245

 Wodd Bank Glossary

Foreword
This edition of the World Bank Glossary has been revised and expanded by the
Terminology Unit of the Bank's Translation, Interpretation and Conference Services Division, in
close collaboration with the English and Spanish Translation Sections.

The Glossary is intended to assist the Bank's translators and interpreters, other Bank staff
using Spanish in their work, and free-lance translators and interpreters employed by the Bank. For
this reason, the Glossary contains not only financial and economic terminology and terms relating to
the Bank's procedures and practices, but also terms that frequently occur in Bank documents, and
others for which the Bank has a preferred equivalent. Although many of the terms, relating to such
fields as agriculture, education, environment, housing, law, technology and transportation, could be
found in other sources, they have been assembled here for ease of reference.

Conunents and suggestions from users will be most welcome and should be addressed to:

Terminology Unit
Translation, Interpretation and Conference Services Division
World Bank
1818 H Street, N.W.
Washington, DC 20433
USA
 Glosario del Banco Mundial

Prefacio
Esta ediciOn del Glosario del Banco Mundial ha sido revisada y ampliada por ]a Unidad de Tenninologia
de ]a DivisiOn de Servicios de Traducci6n, Interpretacion y Conferencias del Banco, en esttecha colaboraci6n
con ]as Secciones de Traducciones a1 Espaiiol y a1 Ingles.

El Glosario tiene par objeto seIVir de ayuda a los traductores e inteIpretes del Banco. a otros
funcionarios que utilizan el idioma espaiiol en su trabajo, y a los traductores e interpretes independientes que
el Banco contrata. Por esta raz6n, el Glosario contiene no sOlo tenninos financieros y econ6micos y
expresiones relacionadas con los procedirnientos y pril.cticas del Banco. sino tambien algunos vocablos que
suelen emplearse en sus documentos. asi como otros para los cua1es se prefiere una detenninada traducci6n.
Aunque muchos tenninos -propios de esferas como agricultura, educaci6n, medio ambiente, vivienda.
derecho. tecnologia y tnmsportes- pueden encontrarse en otras :fuentes. se han incluido aqui para &cilitar ]a
consulta.

Se agradece a los usuarios que envien sus comentarios y sugerencias a:

Tenninology Unit
Translation, Interpretation and Conference Services Division
World Bank
1818 H Street, N.W.
Washington, D.C. 20433
BE.UU.
English-Spanish Glossary

Glosario ingles-espaiiol
 Depreciation at a higher than usual rate in the
early years of an asset's life and a lower than usual
rate in the later years of its life.
-A-
accelerated recall [MOV]
reintegro acelerado
"II:' loan
prestamo "A" accelerated recovery
Standard World Bank loan. recuperacion acelerada
Recovery of currency used in lending operations
abatement technologies subject to maintenance or value. Recovery is
teemcas de reduccion de la contaminacion accelerated at the request of the member, provided
Technologies designed to reduce (but not that such recovery does not result in a material
eliminate) the amount of pollutants released into reduction of the sum of repurchases.
the environment, e.g. from a factory.
acceleration of maturity (of a loan) [mRD]
above quota aceleracion, adelanto del vencimiento
por encima de la cuota Declaration by a lender that the outstanding
principal is due and payable immediately, together
above the line (item) with the interest due, following non-compliance
(partida) ordinaria with loan covenants.
A customary balance-sheet or revenue-or-expense
position in a financial statement as compared to a acceptance, accepting house [UK]
below the line item. casa de aceptaciones
Merchant bank in the u.K. specializing in
absolute poor accepting bills or eIchange.
personas, grupos que viven en la pobreza
absoluta acceptance; bank acceptance; banker's acceptance
Those with an average annual per capita income of aceptacion banearia
less than that needed to pay for a minimum A bill or exchange which has been accepted by a
consumption basket, based on the food necesary banker.
for a recommended calorie intake, and for nonfood
needs, consistent with the spending patterms of the acceptance rate (by beneficiaries of a project)
poor. This rate will vary from country to country. tasa de aceptacion

absorptive capacity accession

capacidad de absorcion aceesion; adhesion; introduccion [agricultura]

abstract (of a publication) accommodation type

extracto tipo de alojamiento

academic research accountability

jnvestigacion academica responsabilidad; rendicion de euentas

accelerate a loan accounting see also accrual (basis) accounting;

engir el reembolso anticipado de un prestamo; business accounting; cost accounting; current cost
engir el reembolso de un prenamo utes de su (value) accounting; double entry accounting; full
vencimiento cost accounting; general price level accounting;
inflation accounting; job order accounting;
accelerated depreciation management accounting; managerial accounting;
depreciacion acelerada, decreciente single-entry accounting; social accounting matrix;
standard cost accounting; stock accounting
4

accounting entries~ entries accrual (basis) accounting

uientos (contables) eontabiJidad en valores devengados;
The record of a transaction in a book of accounts. eontabilidad segUn registro de derecbos
adquiridos u obligaciones contraidas
accounting period A form of accounting wherein all transactions are
periodo contable; ejerdcio eontable recognized and recorded at the time income is
earned or expenditures are incurred, irrespective of
accounting practices whether or not casb is paid or received.
prActicu contables
accrual rate
accounting price tasa de acumuladon
precio de cuenta The rate at which interest is accrued. In pensions,
A price used for accounting purposes (i.e. not a the rate at which benefits accrue.
market price). Often used synonymously with
shadow price. accruals
acumuladones [acreencias; obJigaciones]
accounting procedure Revenues and expenditures recognized as earned
me.ooo, procedimiento contable, de or incurred and recorded in the '-mancial
contabilidad statement of the periods to which they relate.

accounting rate of interest - ARI accrued depreciation; accumulated depreciation

tipo de intere. contable - TIC depreciacion acumulada
Discount rate used to convert future values of The total depreciation suffered by an asset or asset
benefits and costs into equivalent present values. group, based on customary or fairly determined
rates or estimates of useful life.
accounting ratio
relatiOn de cuenta accrued income
Ratio of accounting price to market price of a ingresos devengados, acumulados
good. Income earned but neither received nor past due.

accounting unit accrued interest - AI

unidad contable intereses devengados, acumulados
A business enterprise or other economic unit for Interest earned but not yet due and payable.
which a system of accounts is maintained.
accrued liabilities
accounts payable pasivo acumulado
cuenw por pagar An amount of interest, wages or other expenses
Amounts due and payable to third parties for recognized or incurred but not paid.
goods and/or services purchased for which
payments have not been made. accrued loan commissions
comisiones devengadas, acumuladas sobre
accounts receivable~ receivables prestamos
cuenw por eobrar Loan commissions earned but not paid.
Amounts due from others within one year of report
date for goods and/or services sold in the normal accumulated depreciation see accrued depreciation
course of business, but for which payment(s) have
not been receiVed. accumulated profit [accounting]
utiUdades acumuladas
accrual see nonaccrual status; overaccruals
achievement see educational achievements
 5

achievement tests [education] active loan

pl1lebas de aprovecbamiento, de progreso prestamo activo
escolar, de rendimiento; edmenes A loan on which disbursement is still being made.
Test for measuring learner's present ability in a
particular SUbject or skill (as opposed to his activity brief [EDI]
potential ability). resumen de actividades previstas; sinopsis de
actividades (no relacionadas con proyectos
acid deposition especificos)
depositos acidos
actual costs
acid rain cottos efectivos, reales
lIavia acida Amounts determined on the basis of costs incurred
as opposed to forecasted costs.
acid-test ratio; liquid ratio; quick ratio
relacion activo disponible-pasivo corriente actual figures
The standard mRD definition is the ratio of cash cifras efectivas
plus marketable securities plus accounts
receivable plus other amounts readily convertible actuarial lump sum
into cash to current liabilities. Other definitions monto global actuarial
include ratio of current assets less inventories to
current liabilities. ratio of quick assets to ad valorem (customs) duty
current liabilities. ratio of cash plus near-cash derecbo (aduanero) ad valorem
assets to current liabilities, and ratio of cash plus A tax: or duty levied as a given proportion of the
accounts receivable plus the market value of value of a commodity or service. It grows with
selected investments to current liabilities. inflation.

ACP countries [Lome Convention] adaptive research

paises ACP (Mrica, el Caribe y el Pacifico) invcstigacion con fines de adaptacion
European Union countJy classification, consisting Research which adapts to local conditions.
of countries that have established a cooperation
scheme (the Lome Convention) with the European additionality
Union. Consists primarily of the former colonies adicionaUdad
of the European Union members. Used to refer to the provision of extra loan flows to
developing countries.
acquired immune-<ieficiency syndrome - AIDS
sind rome de inmunodeficiencia adquirida - additional facility [ICSID]
SIDA mecanismo complementario

act of state Additional Facility Rules [ICSID]

acto de gobiemo Regiamento del Mecanismo Complementario
Legal theory according to which the courts of one
countJy should abstain from passing judgment ruljective law; procedural law
about the legality of a sovereign act. derecbo procesal, adjetivo, de forma

action plan see mitigation plan adjustable peg [foreign exchange]

vinculo ajustable
active borrower
prestatario activo
CountJy that still receives World Bank loans.
6

adjustment advance deposit requirements (on imports)

ajuSle; reajuste requisito de depOsito previo, anticipado (a la
[see also agricultural sector adjustment loan; importacion)
exchange adjustment; export adjustment loan;
financial adjustment; industrial and trade policy advance payment
adjustment; industrial and trade policy adjustment pago anticipado
loan; price adjustment clause; sector adjustment
loan; self-adjustment; Structural Adjustment advance payment bond
Facility within the Special Disbursement Account; fianza, garantia por pago anticipado
structural adjustment lending; translation A bank bond guaranteeing the advance payment
adjustment1 made by the employer to the contractor in case of
bankruptcy or other cause.
adjustment aid
asistenda para fines de ajuste advance payment security
prantia por pago anticipado
admeasurement contract see unit price contract A bank security guaranteeing the advance
payment made by the employer to the contractor
administered arbitration system [ICSID] in case of bankruptcy or other cause.
sistema de arbitraje administrado por una
institncion advance procurement action
licitacion antlcipada
administered price Initiating and processing the procurement, up to
precio administrado, control ado, impuesto the point where bids have been received and
The price per unit of commodity where the amount evaluated and an award decided upon. It stops
to be paid or received is directly established or short of entering into a contract, to avoid
substantially influenced by a controlling agent. committing the borrower before the Bank funding
Such a price is ordinarily the result of planned for the operation is assured.
control. Includes ceiling prices, support prices
and fixed rates (government) and base prices, advance repayment
computed prices and millnet or netback prices reembolso anticipado
(industry).
advanced export payments
administrative machinery pagos anticlpados de exportaciones, por
sistema, mecanismo administrativo concepto de exportaciones

advance account advanced fanner

cuenta de anticipos agricultor innovador

advance contracting advanced studies

contrataci6n anticipada estndios avanzados, superiores, de
In World Bank loans, procedure whereby the perfeccionamiento
borrower enters into a contract before the signing
of the relevant loan agreement. advanced training
formacion avanzada, especializada;
advance contribution scheme (for IDA-lO) especializacion
plan de acceso antidpado a las aportaciones
(correspondientes ala decima reposicion de los adverse selection [MIGA]
recursos de la AIF) antiseleccion de riesgo

advance deposit advocate [ICSID]

deposito previo, anticipado abogado
 7

aeromagnetic survey; airmag survey agglomeration economies

estudlo aeromagnetico; levantamlento eeonom(u de concentracion
aeromagnetico Economies of scale resulting from wban
concentration. Cf. localization eeonomies,
affiliate urbanization economies.
institucion afitiada; afiliada
aggregate
affiliate bank agregado; monto global; suma total
banco arlilado
aggregate demand
affordability demanda agregadB, global
accesibilidad f"manciera; capacidad de pago;
capacidad de acceso a aggregate measure of support - AMS
medida global de la ayuda - MGA
affordability ratio see housing expenses/income A way of measuring domestic agricultural support,
ratio proposed by the European Union, whereby all
government support provided to a specific farm
afforestation product is measured.
forestacion; repoblacion forestal; plantaci6n de
Arboles aggregate model
modelo agregado, global
age-standardized death rate A mathematical model which models a combined
tasa de mortalidad normalizada segUn la edad sample instead of several units in a group, e.g. it
Death rate corrected so as to allow for the dfects takes representative factors for a farm instead of
of the differences in age structure of a population. modeling a number of farms and the interactions
between them.
agency line; credit line on a agency basis [IFC]
linea de credito a traves de un agente aggregativeplanning
planificacion global, agreptiva
agency (line) subprojects
subproyectos gestionados a traves de agentes aging schedule [accounts receivable]
estado, imorme de cuentu por cobrar segUn
agency securities, obligations [U. S.] fecba de vencimiento
titulos de organismos federates; emisiones de Classification of accounts receivable according to
organismos federales whether they are current or past due. If past due
they are classified into categories based. upon the
agent see also billing agent; buying agent; period when they became due.
extension agent; field agent; fiscal agent;
procurement agent agreed budget plan; contract plan
plan presupuestarlo
agent [bank syndicate] A selective statement of the major tasks and
agente performance indicators - including dates and
anticipated costs - to be used in tracking and
agent [ICSID) evaluating quarterly progress during the budget
apoderado year. A cornerstone of the Bank's budget policy.
Both terms are used, though agreed budget plan is
agent bank the official one.
banco correspons&i; banco agente
I. Bank acting for a foreign bank. agreement to reimburse see irrevocable agreement
2. Bank handling administration of loan in a to reimburse; qualified agreement to reimburse
syndicated credit.
8

agribusiness; agroindustries; agro-based industIy; aid dependency

agroprocessing industries dependencia de la ayuda exterior
agroindustrias Refers to the poorest countries that need foreign
aid merely to maintain their present low quality of
agricultural credit intennediaIy life.
intermediario de credito agricola
air dried ton
agricultural extension tonelada en seco, secada at aire
extension agricola A ton of an agricultural product which has been
dried in the air and will therefore weigh less than
agricultural extension officer ABO the same quantity not dried in the air.
agente de extension agricola; extensionista
ainnag survey; aeromagnetic survey
ilgTiculturall!roduction and ~rt (apex) bank estudio aeromagnetico; levantamiento
banco, caja de credito para la production y las aeromagnetico
exportaciones agropecuarias
airshed
ilgTiculturall!roduction and ~rt (apex) zona atmosferica
cooperative An area with similar air mix and affected by the
cooperativa de production y exportaciones same air pollution sources, thereby having similar
agropecuarias air quality.

agricultural sector adjustment loan . ASAL [World algae, algal bloom

Bank] proliferation de algas
prestamo para ajuste del sector agricola Proliferation of algae due to excessive release of
nitrogen and phosphorus (e.g. from fertilizer
agriculturist runoff or detergents).
agronomo; ttlicnico agricola
all risk insurance
agro-based industIy seguro contra todo riesgo
agroindustrias
alley cropping; strip cropping
agro~nomist cultivo en franjas
agroeconomista Growing two or more crops in alternating strips or
blocks on the same piece of land at the same time.
agroforestIy
agrosilvicultura allocated costs
costos imputados
agroindustries
agroindustrias allocation of loan proceeds
asignation de los fondos del prestamo;
agroprocessing distribution del importe, de los fondos del
elaboracion de productos agropecuarios prestamo

agroprocessing industries allocation of net income

industrias de elaboracion de productos asignacion de los ingresos netos
agricolas; agroindustrias
allocation of profits; appropriation of profits
agrosupport industIy asignacion de las utilidades; distribucion de las
industria de apoyo a la agricultura utilidades
 9

allocation of resources brood sows or boars, five hogs raised to 200

asignacion de los recunos; distribucion de los pounds each or 100 hens.
reeunos
annotated agenda
allotment [budget) temario anotado, comentado
asignacion presupuestaria; credito
presupuestario announcement effect
efecto de anuncio
allowance for contingencies; reserve for The change in market price or other economic
contingencies; contingency allowance condition that occurs upon the mere knowledge of
reserva para imprevistos, para contingencias something later that will cause the change. For
example, if a developer plans to buy land for a
allowance for depreciation see reserve for shopping center, land prices will rise when his
depreciation intentions are known.

alternative [projects) Annual Meeting (ICSID]

variante; opcion [proyectos]; altemativa Reunion Anual

alternative bid [procurement] Annual Meetings (of the Boards of Govemors) of

oferta altemativa the World Bank and the International Monetary
Fund
alternative energy Reuniones Anuales (de las Juntas de
energia sustitutiva Gobemadores) del Banco Mundial y del Fondo
Monetario Intemacional
amendment, amending agreement
convenio modificatorio annualization
computo sobre una base anual; anualizacion
amendments to the Articles of Agreement
enmiendas al Convenio Constitutivo annuity bond
bono perpetuo, de renta vitalicia
American short staple cotton; Arabian cotton; Bond on which interest is paid indefinitely and
herbaceous cotton; Levant cotton which has no maturity date.
algodon herb'ceo
annuity system [debt service)
amortization schedule sistema de pagos iguales de principal e intereses
plan de amortizacion
annuity-type repayment terms
andropogon condiciones de reembolso con palOS iguales de
Andropogon gayanus principal e intereses
Grass used for erosion control.
anthracite; hard coal
animal husbandry antracita; carbon antracitoso
ganadena; cna de ganado, de animales;
zootecnia anticipatory rate setting - ARS
fijacion anticipada del interes
animal unit - AU Similar to deferred rate setting but which allows
unidad de ganado purch&ser to lock in the underlying Treasury yield
Measurement based upon the amount of feed eaten at one or more points in time preceding the date of
and manure produced by an average mature horse the issue.
or cow or the equivalent. The equivalent is taken
to be two heifers over one year, four calves under antidumping duty
one year, seven ewes or bucks, two and a half dereeho antidumping
10

apex bank. cooperative see agricultural production appraisal mission

and export bank. cooperative mislon de evaluacion iBicial, previa, ex ante

apex bank. institution appraisal team [IFC]

banco, inmtucion principal equlpo de evaluacion
Institution receiving money from the World Bank The investment officer, engineer and economist
under an apex loan which it, in turn. onlends to for a project.
other borrowers.
appreciation (in value)
apex loan valorizacion
pristamo en pirUnidet en caseada
Loan whereby 1BRD lends money to an apex approach paper
development financial unit which onlends it to documento eS:p6sitivo sobre. .. ; sintesis sectorial
participating financial institutions which, in turn. Issues paper.
onlend it to industrial companies.
appropriate technology - AT
apex report tecnologia apropiada
informe presupuestario trimestral The application of a technology appropriate for the
Quarterly report issued on the previous quarter's factor endowment that exists. As developing
budget. They show the extent to which agreed countries usually have a large labor force and
budget plans are being implemented and highlight relatively little spare investment capital, labor-
areas where corrective action or resource intensive industries are appropriate for them.
redeployment would be appropriate.
appropriation [budget]
application fee [MIGA] autorizacion presupuestaria; credito
comi.ion de solicitud presupuestario; asignacion presupuestaria
Fee charged for every definitive application for a
guarantee filed with MIGA. appropriation law [US]
ley del presupuesto
application for membership US statute that generally provides authorization
solicitud de ingreso for federal agencies to incur obligations and to
make payments out of the Treasury for specified
application for withdrawal (from loan account or purposes.
credit account)
solidtud de retiro de fondos (de la euenta del appropriation of profits; allocation of profits
pristamo 0 cridito) asignacion de las utilidades; distribuclon de las
utilidades
application of funds
empleot USOt utilizacion de (los) fondos aqua privy
letrina de pozo anegado
applied research Consists essentially of a squatting plate situated
investigacion aplicada immediately above a small septic tank that
discharges its emuent to an adjacent soakaway.
appraisal (technical and economic)
evaluacion inicial (tecnica y econOmica); Arabian cotton; American short staple cotton;
evaluacion previa; evaluacion ex ante Levant cotton; herbaceous cotton
algodon herbaceo
appraisal fee [IFC]
comision inlcial (por evaluacwn) Arabian crude see light Arabian crude
Fee levied under various IFC facilities (APDF,
MLF), payable by borrower at time of signing arbitrage see covered interest arbitrage; tax
relevant loan agreement. arbitrage
 11

arbitrage pricing theory - APr arm's length price

teoria de los precios en operaciones de arbitraje precio de mercado, de plena competenda
An economic theory that determines prices of Price between corporations under fully competitive
assets and the associated risk premia for each kind conditions (the opposite of transfer price).
of pervasive risk assets face, on the assumption
that the expected return of an arbitrage portfolio is arm's length principle
zero. principio del trato entre iguales, entre
compaiiias independientes
Arbitral Tribunal [ICSID; MIGA]
Tribunal de Arbitraje articles of incorporation
escritura de constitucion
arbitration clause
chwsula de arbitraje, compromi80ria ash farming; burn-beating; burning
Clause in contract requiring some or all disputes artiga; roZ8; roce
between the parties to be settled by arbitration, Cutting and burning rougb fallow on land to
usually final, rather than litigation. prepare for tillage.

Arbitration Rules [ICSID] assessed income

Reglas de Arbitraje renta presunta; ingre80 imponibJe
[see Rules of Procedure for Arbitration
Proceedings] assessment for tax; tax assessment
avaluo, tasacion para fines impositivos;
arbitrator [ICSID] estimacion de la base impositiva
arbitro
asset and liability management
area development administracion de activos y pasivos
desarrollo subregional [see also liability management]

area of operational emphasis - AOE asset price inflation

campo de atencion especial de las operaciones inflacion de los precios de los activos
Sectors which the Bank wishes to give specific Steep increase in equity and property prices.
focus to. They include poverty reduction and food
security; debt, financial intermediation, and asset quality ratios
adjustment; human-resource development; private- coeficientes de calidad de los activos
sector development and public-sector Ratios that measure the quality of assets of a
management; and environment and natural- lending institution. They include ratio of
resource management. undisbursed loans to disbursements, reserves to
disbursed loans and loans to rescheduling
area specific project countries to total loans outstanding.
proyecto en un sector especifico
asset stripping
arm's length contract liquidacion de activos
contrato entre iguales, entre compaiiias When a company takes over another company and
independientes sells off for profit the valuable assets of the
Contract negotiated on an equal basis between two company taken over, usually because these assets
parties, excluding favoritism or irregularity. have been undervalued by the stock market.

arm's length negotiation

negociacion en pie de igualdad, entre iguales
12

assets attrition rate

aetivo(s); bienes tua de desgute, de eliminacion, de atricion
Physical objects or rights which have economic
value. audit see also energy audit; internal audit; pass-
[see also capital assets; contingent asset; current through audit; project audit; project performance
assets; domestic asset formation; domestic assets; audit, memorandum, report; tax audit
earning assets; fixed assets; foreign assets;
intangible assets; liquid assets; nonperforming audit, to
assets; performing assets; real assets; saleable verifiear, eomprobar euentu; auditar
assets; self-liquidating assets; sight assets; sundry
assets; tangible assets; temporary assets] audit [energy]
estudio de rec:ursos energetic:os [de un pais);
assignee examen del uso de la energia
eesionario
audit [finance]
assi~entagreement auditoria; verifieac:ion de euentu;
ac:uenlo de c:eslon eomprobacion de euentu
Inspection of accounting or other records in order
assignor to provide a basis for third-party evaluation or
eedente appraisal.

associated cost audit [projects]

costo lUJOCiado evaluac:ion de los resultados
The value of goods and services over and above
those goods and services included in the project audit; management audit [management]
costs incurred to make the immediate products or evaluadon administrativa
services of the project available for sale. Used in A review and appraisal of any or all partS of
US Government practice for computing the management activity.
benefit-eost ratio at market prices.
audit mission; evaluation mission
associated crops, cropping mision de evaluacion ex post
eultivo(s) lUJOCiado(s)
Growing two or more different crops on the same audit report see project performance audit report
piece of land.
audited statement of accounts
associated gas estado de c:uentu verific:ado, auditado
go lUJOCiado
Gas deposit capping an oil deposit. auditor
auditor
at the margin [see also management auditor]
en el margen
The last point of production or consumption. authenticated specimen of signature
esp&:imen de firma autentieado; faesimil de
attachment [legal] firma autentieado
embargo preventivo
Act or process of seizing property by virtue of a authority [IDA] see commitment authority
writ or other legal order to satisfy a judgment to be
entered in action subsequent to the attachment. authority [legal]
autorizacion; faeultad
Attitude Survey [IBRD]
eneuesta de ac:titudes authorized bank
baneo autorizado
 13

authorized capital stock [MIGA] average incremental cost - AlC

capital automado costo incremental medio
For MIGA, it equals one billion Special Drawing [see also long-run average incremental cost]
Rights.
average loan life - ALL
authorized officer vigencia media de los prestamos
runcionario automado A composite indicator of how long a loan remains
outstanding. For a specific loan it is calculated by
authorized positions [personnel] dividing the cumulative debt disbursed and
cargos automados outstanding over the total time the loan is
outstanding by the principal amount (net of
authorized share capital cancellations).
capital accionario automado
avoidable cost
autoconsumption of food costo evitable
produccion de alimentos para consumo propio Marginal cost that a corporation can avoid by
adopting one solution rather than another.
automatic resetting mechanism [IFC]
meeanismo de reajuste automatico (del tipo, de avoidance see tax avoidance
la tasa de interes)
In an IFC fixed rate loan, an option under which avoided cost
the interest rate would be reset every five years, eeonomia(s); reduccion de costos
based on current interest rates. As a result, the
initial loan rate would be around I % less than the award [contracts]
normal fixed term rate. adjudicacion

availability [transportation1 award [ICSID]

disponibilidades (de equipo) laudo

availability fee [IFC] awarding committee [contracts]

comision de disponibilidad comite de adjudicacion
Fee set by IFC, initially at 0.25%, which would
guarantee a borrower that the rate set for a loan on
signing would remain in force when the loan
became effective.

average earning assets - AEA

rendimiento medio neto, rentabilidad media
neta de los activos productivos
Average interest return on earning assets less
average rate of borrowing costs.

average effective tax rate - AETR

tasa impositiva ereetiva media
Ratio of total revenues collected through the
company's income tax to the company's economic
profit.
14

of a project by an overall expansion of the

production sectors of the economy).
-B-
backward integration. linkage
integracion, vinculacion regresiva
"B" loan The extent of demand which a development
prestamo"B" project generates for the output of all the
Loan made by the World Bank involving production sectors of the economy, i.e. the push
cofinancing. exercised on the economy by a development
project or group of them.
back value
ganancia neta bad debt
Value of oil or gas taking the price paid deuda incobrable; deuda de pago dudoso
downstream for the product less the transportation
and other costs incurred between the wellhead and badly performing loan
the downstream place of sale. prestamo poco rentable, de escaso rendimiento
Loan with poor prospects for future gains and a
background [educationJ low rate of return.
antecedentes (profesionales); formacion
bag filter; baghouse filter
background noise filtro de tela
ruido de fondo Fabric filter used in industrial operations to
recover valuable matter as well as to control
background paper atmospheric pollution at the source.
documento de antecedentes, de informacion
basica bailout, to
sacar de apuros
backbaul traffic
trafico de regreso bailout loan
Goods carried on a return journey. pristamo, credito de emergencia
Loan made to borrower whose ability to service
backstopping outstanding indebtedness has become doubtful.
apoyo; senicios, mecanismos de apoyo
Provision of technical support. balance, to (an account)
cuadrar (una cuenta)
back-to-back credit
credito con garantfa de otro credito balance carried forward
saldo traspasado
back-to-office report - BTO
informe sobre mision realizada balance of payments see current balance of
payments
backup (underwriting) facility
mecanismo de suscripcion de reserva balance of payments position
situacion, posicion de balanza de pagos
backup (underwriting) facility fee
comision de garantia de compra balance-of-system costs
costos de instalacion y suministros
backward-forward integration. linkage Cost of auxiliary hardware and installation of
integracion, vinculacion vertical electrical systems.
The "push" (i.e. the extent of demand which a
development project generates for the output of all balance of trade see trade balance
the production sectors of the economy) and "pull"
(i.e. the extent of demand generated for the output balance sheet see consolidated balance sheet
 15

balances (cash] "Bank first" principle

saldos en efectivo; fondos en efectivo principio de utilizacion de los fondos del Banco
en primera instancia
balances held on a covered basis Principle according to which the resources of the
saldos retenidos para cubrir operaciones a Bank are drawn down first. Used, for example, in
termino, a plazo reference to allocation of mRD funds to IDA
where the funds made available by the Bank are
balancing equipment used before other funds.
material complementario
Extra equipment (usually small-size) needed to "Bank last" principle
complete a project. principio de utilizatiOn de los fondos del Banco
en ultima instancia
balancing item, entry Principle whereby the funds of the Bank are used
partida compensatoria; contrapartida last. Used, for example, in reference to allocation
An entry having the effect of balancing an of mRD funds to IDA where these funds are
account. drawn down only after all other sources of funds
have been used.
balancing subsidy
subvencion equilibradora bank money
A subsidy given by the central government to help dinero bancario
balance the budget of a local authority. Money on deposit at a bank.

balloon loan bank of issue; issuing bank

prestamo "balloon"; prestamo amortizable en banco emisor, de emision
su mayor parte aI vencimiento
A loan repayment scheme, under which the last Bank performance see performance
repayment is larger than the previous repayments.
In some cases, the term is used to refer to a bank rate [UK]
scheme, under which the whole loan is repaid at tipo, tasa oficial de descuento
maturity.
banker's acceptance; bank acceptance, bill
balloon payment aceptation bancaria
pago final, global A bill of exchange which has been accepted by a
banker.
ballpark figure
cifra aproximada; dato aproximado banker's markup; banker's spread; gross margin;
gross earnings margin (banks]
bank acceptance, bill; banker's acceptance margen (bancario) bruto
aceptacion bancaria A bill of exchange which has been accepted by a
A bill of exchange which has been accepted by a banker.
banker.
bankable assurances
bank examiner seguridades aceptables para los bancos
inspector, superintendente de bancos
bankable project
bank exposure proyecto f'manciable (por el Banco)
monto de los prestamos bancarios vigentes;
monto de los prestamos desembolsados y barchart
pendiente8; riesgo de los bancos grMico, diagrama de barras
The total of all investments made by a bank.
barefoot doctor
medico "descalzo"
16

barrels of oil equivalent - boe base load [electricity]

barriles de equivalente en petroleo - bep carga de base, fundamental
The energy equivalent to a barrel of crude oil, i.e. The minimum load over a given period of time.
5.8 million btus.
base load station [electricity]
barrels per day of oil equivalent - bdoe central de carp de base, fundamental
barriles diarios de equivalente en petroleo - A power station where generation is held constant.
bdep
base year
barriers see tariffbarriers aDo base

barter terms of trade baseline costs; base costs

relacion de mtercambio de trueque costos basicos; costos iniciales [proycetos]
The relationship between the prices of exports and
prices of imports in terms of the value of goods. baseline data
Net barter terms of trade (also known as datos basicos
commodity terms of trade) is the quotient between
an index of expon prices and an index of impon baseline survey
prices. Gross barter terms of trade is the quantity encuesta basica; estudio basico
of imports divided by the quantity of exports. A preliminary survey.
When weighted by the volume of exports the net
barter terms of trade are called income terms of basic account [balance of payments]
trade. cuenta blisica

bartered exports basic education

exportaciones en regimen de trueque educacion basica

basal dressing; bottom dressing basic health care

abono, estercoladura de base atencion basica de salud

base; road base [highways] basic research

capa de base; base investigacion basica
The part of the road structure below the base
course and above the sub-base. basic skills
capacidades basic as; competencia basica;
base convention see establishment convention conocimientos basicos

base costs; baseline costs basic subjects see core subjects

costos basicos; costos iniciales [proyectos)
basin irrigation; level border irrigation
base course [highways] riego por compartimientos
capa intermedia Irrigation by division of the field into small units
The part of a road structure below the wearing so that each has a nearly level smface. Levees are
course and above the road base. constructed around the areas forming the basins,
within which the irrigation water can be
base (lending) program [ffiRD] controlled.
programa (de financiamiento) basico
The lending program of projects that will basis point
definitely be ready for the fiscal year in question. centesimo de punto porcentual (0,01 8/8)
0.01 percent of yield (e.g. ofa security).
 17

basket extractor, exit mechanism [GAIT] Saudi Arabian (gravity API 34 degrees) light
mecanismo de salida de cesta crude oil employed as the standard on which
GAIT mechanism that triggers new quotas in the OPEC price changes have been based.
textile field semiautomatically within existing
restraint agreements. benchmark jobs
empleos de referenda
basket unit
unidad de Ja cesta de monedas; unidad benchmark portfolio
monetaria compuesta cartera modeJo
An assessment of the most efficient passive
basket unit of account portfolio strategy the Bank could adopt for each
unidad de cuenta basada en una cesta de major currency if it decided to abandon its active
monedas trading strategy while keeping an average portfolio
A unit of account linked to a basket of currencies. duration of 12 months.

bear market benchmark price; marker price [oil]

Mercado bajista precio de referencia
A prolonged period of falling prices. The reference price used by OPEC for oil price
changes, based on the price of Saudi Arabian light
bearer bond crude oil.
bono aJ portador
benchmark provisioning rate
"before-and-after" test porcentaje estandar para el establecimiento de
prueba de "antes y despues" reservas para perdidas
An analysis of a country or region before and after The standard percentage of outstanding principal
the completion of a project. balance of non-accrual loans set aside for
provisioning.
beggar-my-neighbor policy
politica de empobrecer aI vecino benchmark spread
Protectionism, usually with the intention of margen estlindar
improving domestic employment but without Standard spread in IFC loans which is added to
concern that any such gain in employment in one six-month LmOR to determine the IFC loan rate.
nation must cause an opposite change in It is based on risk level and is closely aligned with
employment in the trading partner. the market, where available, for the risk and
maturity in question and will, in general, reflect
behest project risk factors related to the particular investment
proyecto emprendido a instandas and any special characteristics of the loan.
gubemamentaJes
beneficial interest
bellwether (of economic trends) beneficio contractual; (derecho de) usufructo
indicador primario de las tendencias Profit, benefit or advantage resulting from a
economicas contract for the ownership of an estate as distinct
from the legal ownership or control.
below the line (item)
(partida) extraordinaria beneficial owner
An out-of-the-ordinary revenue or expense item or usufructuario
a nonrecurrent item requiring a separate entry in a A person who does not have title to property but
balance sheet. Compares to above the line item. has rights in the property which are the normal
incidents of owning the property. Cf. record
benchmark crude; marker crude [oil] owner.
crudo de referenda
18

beneficiary assessment "best effort" project [mRO]

evaluacion con la participacion de los proyecto en que se bara todo 10 posible para
beneficiarios lograr la participacion de la mujer
A regular Bank project where "best efforts" are
beneficiation [minerals] used to involve women.
beneficio
Improvement of the grade of ore by milling, "best efforts" sale
flotation, sintering, gravity concentration or other venta sin compromiso de garaotia de emision
processes. A new issue which is not underwritten and not
purchased as a whole from the issuer, but is sold
benefit-cost ratio [US]; cost-benefit ratio [UK] by securities dealers on a "sell what can be sold"
relacion costos-beneficios basis. Used in the U.S. securities and syndicated
[see also entrepreneurial benefit-cost ratio; private Eurocredit markets.
benefit-cost ratio; social benefit-cost ratio]
best practicable means - BPM see best available
benefit stream technology - BAT
serie de beneficios
A succession of benefits over several years. best practice
practica optima
benefit taxes [ffiRO]
impuestos por beneficios bettennent levy, tax
A recovery of costs and benefits in a project, impuesto de valorizacion; impuesto sobre la
considered necessary beyond those through plulValia
efficiency pricing, if any, or existing general taxes. A tax on bettennent (i.e. an expenditure to extend
the useful life of an existing fixed asset).
benefits [social security]
prestaciones beverage crop
producto agricola para elaboracion de bebidas
berth see multipurpose berth
bias [economy; statistics]
berthing capacity tendencia; inclinacion; sesgo; predisposicion
capacidad de atraque
bid see also alternative bid; examination of bids;
berth throughput invitation to bid; lowest evaluated bid; model bid
capacidad de despacbo de buques documents; takeover bid; unsuccessful bid
The handling of ships in a port.
bid bond, garantee, security
best available technology - BAT; best practicable garaotia, fianza de la oterta
means-BPM Financial or other security supplied by a bidder
tecnologfa optima disponible when the bid is submitted which guarantees that
In the US, in environmental control, used to refer he will not withdraw his bid during the period of
to environmental control standards which are at bid validity specified on the bid form, will execute
least as stringent as the unifonn national the contract fonn, if required, and will supply
technology standards but taking into account cost- performance security. If he fails to do any of
effectiveness. In other countries, e.g. UK, New these the security is forfeit. The security is
Zealand, Norway, the requirements may be more refundable if the bid is unsuccessful.
or less stringent than national standards and are
legislated for individually by group of facilities or bid documents see model bid documents
hazards (e.g. large combustion plants). BAT is the
US tenn, BPM the UK tenn.
 19

bid form bidding conditions

modelo de ofelia bases de licitacion; pUego de condiciones de la
A document submitted by the bidder for a contract Iicitacion
which offers to supply and deliver the goods
and/or services which are the subject of the bid, in bidding documents; tender documents
accordance with the conditions of contract and documentos de IicitaciOn
specifications. In the document the bidder The collection of documents which specifY the
undertakes to commence delivery within a bidding procedures, the technical specification of
specified amount of days and obtain a the goods/works required and contract terms. They
performance security. include the Invitation for Bids, Instruction to
Bidders, General Conditions of Contract,
bid guarantee see bid bond Special Conditions of Contract, Schedule of
Requirements (or Bill of Quantities), Technical
bid opening Specifications, Bid Form, Price Schedules, Bid
apertura de ofelias Security Form, Contract Form and
Examination of all bids submitted for a contract. Performance Security Form.
The Bank requires this to be done in public, i.e. in
the presence of those bidders or their bill of exchange
representatives who choose to attend. letra de cambio

bid package bill of lading

conjunto de bienes (obras, servicios, elementos) conocimiento de embarque
a licitar A contract for the delivery of goods to a buyer. It
Usually refers to bids where there is more than one also represents the title to the goods and a receipt
item involved. that the carrier has received the goods.
[see also through bill oflading]
bid price [contract]
precio de ofelia bill of quantities
The price that a bidder specifies in the bid form estimacion cuantitativa
for the delivery of goods or completion of the The specification of the quantity of materials to be
works. used.
[see also priced bill of quantities]
bid security see bid bond
bill of quantities contract
bid submission; delivery of bids contrato basado en una estimacion cuantitativa
presentacion de ofelias A type of unit price contract, with a detailed bill
The act of a bidder handing over his bid to the of quantities calculated on the basis of the plans
purchaser. of the consultant engineer or architect. The unit
prices are given and the totals worked out. As the
bidder (highestllowest) contract is carried out, the quantities actually used
licitante (que somete la ofelia mas alta, mas are measured by a quantity surveyor and the
baja) contractor is paid on the basis of these amounts.
[see also highest bidder; lowest bidder;
postqualification of bidders; prequalification of billing agent
bidders; qualified bidder; second lowest bidder; organismo agente de cobranza
successful bidder]
binding; bindings
bidding see competitive bidding; competitive consolidaciones arancelarias
bidding in accordance with local procedures; In GAIT, the fixing or freezing of certain trading
component bidding; international competitive advantages for a three year period.
bidding; limited international bidding
20
biochemical oxygen demand BOD black economy see parallel economy
demanda bioquimica de ougeno - DBO
A measure of the amount of pollution by organic black market
substances in water. It is expressed as the number mercado negro, dandestino
of milligrams of oxygen required by the
micro-organisms to oxidize the organics in a liter black money
of water. dinero negro
Money in the economy obtained through illegal
biochemical oxygen demand over five days means, such as money from the drug trade.
BODS; five day biochemical oxygen demand
demanda bioqufmica de ougeno en cinco diu blanket effect
DB05 efecto generalizado
The standard biocbemical oxygen demand test
whereby a sample of the liquid is incubated at 20 blanket purchase order BPO
degrees C for five days. orden de compra general
A purchase of low value goods and services from a
biodiversity single vendor.
diversidad biologica; biodiversidad
blanket release
biogas plant liberacion incondicional, irrestricta
central (productora) de biogas Release by Bank member of its 18% currency for
indefinite lending or relending.
biomass energy
energia de biomasa; energia a partir de blend country
biomasa pais que puede obtener financiamiento
combinado (del BIRF y la AIF)
biomass (power) plant. station Country eligible to receive financing from both
central (generadora) de energia a partir de mRDandIDA.
biomasa; central de biomasa
blend financing; mixed financing
biosphere reserve financiamiento combinado (del BIRF y la AIF)
reserva de biosfera
An idea created by the UNESCO Man and the blending (of flows)
Biosphere Programme, which aimed to establish combinacion de financiamiento
protected core areas with one or two surrounding
buffer zones, with the core areas devoted to blind trust
sustainable development and habitat restoration. fideicomiso cuya composicion es desconocida
por el beneficiario; fideicomiso "ciego"
birth control An arrangement whereby a person places some or
control de la natalidad all financial affairs in trust, beyond his personal
control. Used by public officials to avoid conflict
birth spacing of interest charges. Currently used by the President
espaciamiento de los nacimientos of the World Bank and the President of the United
The deliberate effort of couples to postpone a birth. States.
Also used as a synonym for birth timing.
block release see day release
bisque clause
dumla de modificacion parcial
Clause in loan agreement that entitles a borrower
to postpone payments of interest and princip3I for
limited periods of time in balance of payments
difficulties.
 21

block tariff bond; exit bond; floating rate bond; government

tarifa por bloques bond; indexed bond; noncallable; original issue
A tariff in which the charge is based on a series of discount bond; outstanding bonds; performance
different kilowatt-hour rates applying to successive bond; perpetual bond; publicly issued; registered
kilowatt-hour blocks of given size, supplied during bond; serial bond; straight bond; Treasury bond;
a specified period. warrant bond; zero coupon bond

block trading bonded area; free trade zone - FTZ

negociacion de bloques de acciones zona franca

block train bonded contractor

tren bloque contratista con fianza, afianzado
A pennanently made-up train. Contractor who has taken out a surety bond to
cover any claims against him.
blue chip; blue chip security
accion de primera clue; valor de primera clase bonded goods
mercancias en deposito, en almacen de aduanas
blue projects Taxable goods held in a government-licensed
proyectos azules warehouse pending payment of customs duties and
Projects covering coasta1 and marine resources. other taxes due.
Cf. brown projects, green projects.
bonded industrial estate
blue stained cotton see gray cotton zona industrial en regimen de franquicia
aduanera
blueprint planning
planificacion detallada bonded warehouse
deposito, almacen de aduanas
Board seminar A government-licensed warehouse that holds
reunion informal (del Directorio) taxable goods pending payment of customs duties
and other taxes due.
Board of Directors [IFC, MIGA]
Junta de Directores bondholder
tenedor de bonos
Board of (Executive) Directors; Executive Board
rffiRD, IDA1 bonding [customs]
Directorio Ejecutivo deposito en almacen de aduanas

Board of Governors bonding company

Junta de Gobemadores [Banco, AIF, CFI) compania de fianzas
Company which issues performance bonds,
Boards of the Bank and the Fund payment bonds and other kinds of bonds.
Directorios del Banco y del Fondo
bonus
body corporate; corporate body, institution prima; bonificacion
persona juridica
bonus clause
boilerplate clliusula de bonificacion
chiusula tipo, modelo, estandar Clause in a contract which provides for a bonus to
Standard legal language used in legal documents. be paid to contractors or suppliers for completion
of works or delivery of goods ahead of schedule,
bond see annuity bond; bearer bond; bid bond; when this is beneficial to the contracting agency.
convertible bond; corporate bond; coupon bond;
deep discount bond; development bond; discount
22

bonus issue border irrigation see border check irrigation

dividendo en acciones
border point price see cost, insurance and freight
bonus share port of entrylborder point price
accion recibida como dividendo
A share given as a bonus to purchasers of shares. border price
precio en (Ia) frontera
book value Price of a tradable good at a country's border or
valor contable, en libros port of entry.
The net amount at which an asset appears on the
books of account. border strip irrigation see border check irrigation

boomtown effect see induced development effect border taxes

impuestos frontenzos
booster pump Taxes levied at national frontiers.
bomba de refueno
Pump installed in front of another pump to ensure borrower ownership
satisfactory suction conditions for the main pump adopcion (por el prestatario) de un programa
or to deliver water from a deep well to a second como propio; autoria; identificacion
pump, which develops the final delivery head. In adjustment programs, when the borrower adopts
the Bank program as its own. Criteria for this
booster (pumping) station include launching of economic reforms preceded
estacion (de bombeo) de refueno, de rebombeo or accompanied by productive policy dialogue and
A pumping station in a water distribution system operationally-oriented economic and sector work
that is used to increase the pressure in the mains by the Bank, a timely program tailored to country-
on the discharge side of the pumps. specific circumstances and supported by adequate
external financing and the borrower endeavoring
border bias to build a strong consensus for the program at key
sesgo (por defecto) de margen, de borde points in the administraticn.
In crop evaluations, under-representation of the
crops at the edge of the plot, because of difficulty borrowing capacity
of placing the square used for these estimates. capacidad de endeudamiento

border check irrigation; border ditch irrigation; borrowing cost

border irrigation; border strip irrigation; gravity costo de los emprestitos
check irrigation; ribbon check irrigation; strip
check irrigation; strip irrigation borrowing from the public
riego por tablares, por eras; riego por graved ad oferta publica; emision ofrecida at publico
con retenes
Flood irrigation in which land is divided into borrowing pool [mRD]
border strips and water is delivered into each strip conjunto de emprestitos
from a head or field ditch at its upper end. Pool of mRD funded debt used to determine on a
semi-annual basis the mRD lending rate.
border currency (unit)
(unidad de) moneda fronteriza borrowing rate see depositor rate of interest
In a project, values measured in foreign exchange
but denominated in the local currency. bottleneck
estrangulamiento; a veces: congestion
border ditch irrigation see border check irrigation

border industry
industria fronteriza
 23

bottleneck analysis brand name drug

an81isis de la capacidad Iimitante especifico; especialidad (farmaceutica)
Type of analysis concentrating on bottlenecks in
system, e.g. delivery systems, transportation brand name product
systems. producto de marca registrada

bottom dressing; basal dressing Brazil-Yugoslavia Precedents

abono, estercoladura de base precedente establecido por Brasil y Yugoslavia
Special IBRD share allocations to restore a
bottom line member's shareholding in IBRD parallel to its
conclusion; resultado final IMF quotas. Named after the first two countries to
request this.
bottom out (of a recession)
pasar, superar el punto mas bajo breach of contract
incumplimiento de contrato; violacion de
bottom up (approach) [projects] contrato
de abajo arriba
Planning whicb is decentralized and which takes breach of contract risk [MIGA]
place at the development project level. riesgo de incumplimiento de contrato
Repudiation or breach of a specified commitment
bracket creep, progression [taxation] by the host government to the guarantee bolder in
paso gradual a tasas impositivas mas altas cases where (1) the guarantee holder does not
The situation in which incomes rise due to have recourse to a competent, independent judicial
inflation and that rise puts taxpayers in higher or arbitral forum to determine the claims of
income tax brackets so that a larger percentage of repudiation or breach, or (ii) a decision by such a
their income is automatically paid to the forum is not rendered within a reasonable period
government. of time, as defined in the contract of guarantee, or
(iii) a final decision cannot be enforced.
bracketing
restriccion a la admisibilidad de Iititantes bread grains
Restriction indicating which bidders may submit a cereales panificables
bid, e.g. by stating that only certain bid prices
may apply. The Bank does not allow this breadwinner
procedure in international bidding. sosten de la familia

Brady bond breakbulk

bono Brady carga fraccionada
Bond created when existing developing countty Cargo packed in separate packages or individual
debt is concerted into new debt. The new bond has pieces of cargo, loaded, stowed and unloaded
a smaller face value or a lower nominal interest individually, as distinct from bulk cargo.
rate than the original bond but may be enhanced
through, for example, collateralization of principal break clause; escape clause; jeopardy clause
and/or part of the interest payments. chiusula de salvaguardia, de elusion, de escape
A clause in a Eurocurrency agreement specifYing
brain drain that, if certain events curtail the lender's activity or
fuga de cerebros, exodo de intelectuales the operation of the Euromarkets, other designated
actions will come into effect.
branch ministty
ministerio responsable de una sola industria breakdown
A ministry responsible for just one industry. desglose; distrioucion
24

breakeven analysis bridging facility

anaIisis de punto muerto, de equilibrio mecanismo de financiamiento transitorio;
An analysis of expense and revenue factors, often servicio de financiamiento transitorio
expressed graphically, aimed at detennining at
what cost and price points a product, product line brief [project]
or company break even. datos basicos de un proyecto

breakeven (dollar) depreciation broad money

(tasa de) depreciacion de equilibrio dinero en sentido amplio
Depreciation rate of the dollar such that the Bank's Equivalent to M3, i.e. M2 plus the average of the
headroom is at breakeven point. beginning- and end-of-month deposits of non-bank
thrift institutions.
breakeven point
punto muerto, de equilibrio broadcasting (seed, fertilizer)
The level of product sales at which financial siembra a voleo; aplicacion de fertilizantes a
revenues equal total costs of production. At higher voleo
volumes of production and sales financial profits
are generated. Point where two strategies are broken cross rates
equivalent. tipos cruzados dispares
In foreign exchange, disparity among three or
breed [livestock] more rates, e.g. if DM 1 = 30 cents and FF 1.5
raza while FF 1 = 22 cents a Deutschmark will bring 30
cents if converted directly but 33 if converted first
breeder [agriculture] into francs and then into dollars.
genetista [especies vegetales]; criador;
reproductor [ganaderia] broker
corredor (de cambio, de bolsa); agente (de
breeder seed cambio y bolsa)
semilla de primera reproduccion, del mejorador
brokerage
breeding see plant breeding corretaje

breeding material brown coal

material genctico, de mejora [especies carbon bituminoso; lignito
vegetales) A low-grade coal which commonly retains the
structures of the original wood. It is high in
breeding station [commercial breeding] moisture, low in heat value and checks badly upon
puesto de monta, de cubricion, de reproduccion drying.

breeding stock brown projects

(animates) reproductores; sementales proyectos marrones, pardos
Projects covering the immediate and most critical
breeding unit environmental problems facing cities; they include
centro de genetica ganadera three main areas--energy use and efficiency, urban
and industrial pollution control, and urban
bridge, bridging loan environmental management. Cf. green projects,
prestamo transitorio, de transicion, "puente" blue projects.

bridging arrangement, credit

disposiciones transitorias; financiamiento
transitorio
 25

Bruno ratio budget closure

relacion de Bruno cierre del presupuesto
The present worth of the domestic currency cost Lapsing of authority to incur approved budgetary
of realizing a foreign exchange saving divided by expenses. In the Bank, this is at the end of the
the present worth of the net foreign exchange fiscal year for the regular and reimbursable
saving. A project is accepted if it is less than the budgets and after three years for capital budgets.
official exchange rate in financial analysis or less
than the shadow exchange rate in economic budget cuts
analysis. reducciones presupuestarias
[see also modified Bruno ratio]
budget deficit; budgetary gap
bubble concept deficit presupuestario
criterio de contaminacion total permisible
The concept whereby the total pollution level for budget estimates
an area must be set collectively but the market can proyecto de presupuesto; estimaciones
allocate that total among competing uses by presupuestarias
exchange of emission permits.
budget neutral
bubble-up effect que no afecta aI presupuesto
efecto de capilaridad, ascendente Outputs having no influence on the budget.
The opposite of the trickle-down effect. The
benefits of a project, change in economic policy Budget Planning Framework [ffiRD]
benefiting the lowest paid and gradually rising up parametros de planificacion presupuestaria
the scale.
budget process
bucket latrine proceso presupuestario
letrina de cubo
A latrine where the sullage falls into a bucket budget surplus
which can be removed for disposal of the sullage. superavit presupuestario

budget see also capital budget; cash budget; budgetary aid

current budget; exchange budget; investment ayuda presupuestaria, para el presupuesto
budget; midyear review; operating budget; partial
budget; performance budget; program budget; budgetary gap; budget deficit
special budget; unit activity (crop) budget; whole deficit presupuestario
farm budget
budgeting see full budgeting; planning,
budget amendment [U.S.] programming, budgeting system; zero base
enmienda presupuestaria presidencial budgeting

budget appropriation buffer fund

autorizacion presupuestaria [EE.UU.]; credito fondo de regulacion, de estabilizacion
presupuestario; asignacion presupuestaria Fund set up to regulate buffer stocks.

budget authority buffer stock scheme

facultad presupuestaria plan de existencias reguladoras
26

buffer stocks built-in tendency

existencias reguladoras tendencia intrinseca
Stocks of a commodity held in an attempt to even
out price fluctuations in primary commodities. The bulk, in
operators use the stock to mitigate fluctuations in a granel
prices by selling from the commodity stock when
prices are high and by buying the commodity bulk procurement
when prices are low. compra, adquisicion en grandes cantidades, en
grueso
build-own operate - BOO
construcci6n-propiedad~peraci6n bull market
Type of construction contract whereby a private mercado alcista
firm finances some or all of the initial investment A rising market.
and is remunerated directly from revenues earned
by the project from selling output to a public bullet issue
utility. The project is kept by the private firm and emision, emprestito reembolsable de una sola
not transferred back to the government. vez a so vencimiento

build-operate-transfer; build-operate-tumover - bump integrator [highways]

BOT integrador de irregularidades
construccion~peraci6n-transferencia - COT Type of machine for measuring uneven road
Type of construction contract whereby a private surfaces.
firm finances some or all of the initial investment
and is remunerated directly from revenues earned bunching
by the project from selling output to a public acumulacion; congestion
utility. Ownership is eventually transferred to the [see also debt bunching
state or to private domestic investors.
bunching of maturities
build-own-operate-transfer - BOOT acumulacion de vencimientos
construccion-propiedad~peracion
transferencia - CPOT bund
Type of construction contract whereby a private dique; terraplen
firm finances some or all of the initial investment [see also contour bund]
and is remunerated directly from revenues earned
by the project from selling output to a public bunker [coal]
utility. Ownership is initially held by the firm but carbonera
eventually transferred to the state or to private
domestic investors. bunker; bunker oil
combustible para calderas, barcos
built-in evaluation [projects] A heavy residual fuel oil used by ships, industry
evaluacion incorporada en los proyectos and for large-scale heating installations.

built-in stabilizers bunkering

elementos estabilizadores, automaticos, aprovisionamiento de combustible [barcos]
internos,intrinsecos To fill a ship's bunker with coal or oil.
Relationships which reduce the amplitude of
cyclical fluctuation in the economy without any buoyancy [economics]
direct action by government, firms or individuals, capacidad de reaccion; dinamismo
e.g. a progressive tax which reduces the spending [see also tax buoyancy]
power of consumers in amounts which change
faster than incomes, resulting in contractionary buoyant demand
tendencies during expansionary periods and vice demanda intensa
versa.
 27

buoyant market buying agent [commodities]

mereado activo agente comprador; agente de compras

burden sharing buying rate of exchange

participacion en el financiamiento de los costos, tipo de cambio comprador
gastos [beneficiarios]; participacion en la carga; The rate at which foreign exchange banks and
distribucion de la carga [donantes] brokers agree to buy foreign currency.

burn beating see ash farming bylaws

reglamento; a veces: estatutos
burning [agriculture] see ash farming

bush fallow
barbecbo en maleza
Poor quality land covered with scrubby vegetation.

business accounting
contabilidad de empresa, comereial

business community
medios, esferas, circulos empresariales,
comerciales

business cycle; trade cycle

cicio economico; coyuntura

business cycle policy

politica coyuntural

business expenses
gastos de explotacion, de operacion

business line
actividad comereial; ramo

business plan
plan de actividades (empresariales)

business (profit) tax; corporate income tax [US];

corporation tax [UK]
impuesto sobre las utilidades

buy-back agreement; take-out agreement

acuerdo de recompra

buyer credit; buyers' credit

credito de compradores

buyer's market
mereado de compradores; mercado favorable a
los compradores
28

calling in of a currency
retiro de una moneda de la circulacion;
~C~ desmonetizacion

calorie intake
calendar quarter ingestion de calorias
trimestre del ailo civil
calving rate
call for capital; call of capital tasa de paricion
requerimiento de capital The number of calves born alive in any year
Request for paying in of callable capital. expressed as a percentage of the number of
females let to the bull in the previous year.
call in a loan, to
exigir el reembolso de un prestamo cancellation
condonacion (de una deuda); anulacion;
call loan cancelaci6n
prestamo a la vista Voiding a debt by annulling or paying it.
A loan on a demand basis (Le. which either the
borrower or lender may terminate at will). cancelled debt
deuda anulada
call money; day to day money; demand money;
money at call cap
dinero exigible; dinero a la vista tope; a veces: contrato, prestamo con interes
Money deposited in an interest~bearing account, tope
that can be called by the depositor on a day's A floating rate note with an upper limit on the
notice. Often applied to money lent by banks to interest rate to be paid.
stock exchange brokers, which may be called at
any time. capability {urban development]
capacidad
call of capital see call for capital
capacity see rated capacity
call option
opcion de compra capital see also commercial capital; domestic
Option to purchase designated securities at a capital formation; equilibrating capital flow;
predetermined price within a specified time limit. equity capital; floating capital; foreign capital;
frozen capital; General Capital Increase; gross
call order contract fixed capital formation; incremental capital-output
contrato de servicios ocasionales ratio; loan capital; marginal efficiency of capital;
Contract whereby an entreprise engages staff on a noncash working capital; official capital; overhead
short-term basis but does not know when it needs capital; paid-in (share) capital; paid~up capital;
them so reserves the right to call them when public (capital) expenditure; quasi~uity;
needed. recycling (of capital); return of capital; return on
capital; return to capital; risk capital; seed capital;
callable (capital, subscription) Selective Capital Increase; share capital; social
exigible overhead capital; uncalled capital; unimpaired
That part of capital which is not yet paid up and capital; venture capital; volatile capital; working
on which payments can be called for. capital

called up (share) capital; paid in (share) capital

capital pagado
 29

capital account capital deepening investment

cuenta de capital inversion orientada a aUlDentar la eficiencia de
In balance of payments, it measures the short- and la produccion y reducir los costos
long-tenn financial movements which may be Investment aimed at increasing production
associated with the purchase of physical assets, efficiency and lowering costs.
stocks and shares, or with the placing of money on
a short-tenn basis. capital-deficit oil exporter
exportador de petrileo con deficit de capital
capital adequacy
suficiencia deO) capital capital efficiency
productividad del capital; rentabilidad del
capital assets; fixed assets; pennanent assets; fixed capital
capital [accounting]
activos fijos; capital fijo capital endowment
All tangible assets (movable and immovable) held dotacion de capital
by an entity and used in its normal operations for
the production of goods or services. These assets capital equipment; capital goods
have a normal life longer than one year and are bienes de capital, de equipo
not normally acquired for resale. Production goods, i.e. instruments of production
such as buildings, machinery, equipment, etc.
capital base rather than iterns for immediate consumption.
base de capital
Total capital of an organization, i.e. capital plus capital expenditure; capital outlay
reserves. gasto(s) de capital; inversion en capital fijo

capital budget capital flight; flight of capital

presupuesto de capital fuga de capitales
A budget which is limited to showing planned
expenditures and sources of funds for purchases of capital flow; capital movement
capital goods. In the Bank, one of three budgets, movimiento, tlujo de capital
it is for funds used to incur costs that result in
capital assets being created in the balance sheet. capital formation
Includes computing and office technology formacion de capital
equipment, buildings, building renovation,
furniture and other equipment costing more than capital gain
$50,000. ganancia de capital; plusvalia

capital consumption allowance capital gains tax

reservapara depreciacion impuesto sobre la plusvalia; impuesto sobre
An entry in the national income accounts which ganancias de capital
reflects the depreciation of equipment and
machinery within a given period of time. Usually capital gearing ratio see gearing ratio
based on tax reports of depreciation.
capital goods; capital equipment
capital cost bienes de capital, de equipo
costa de inversion Production goods, i.e. instruments of production
such as buildings, machinery, equipment, etc.
capital deepening rather than iterns for immediate consumption.
aumento del capital con respecto aI trabajo
Action which increases the relative value of capital capital grants
in relation to labor (see capital widening). transferenclas de capital (no reembolsables)
30

capital impairment capital outlay; capital expenditure

reduccion del capital gasto(s) de capital; inversion en capital fijo
The estimated loss in an investment.
capital-output ratio
capital inadequacy relacion capital-producto
insuficiencia de(l) capital The ratio of the amount of capital to the amount of
output produced by that capital.
capital inflow
entrada, afluencia de capital capital position
posicion de capital
capital infrastructure The amount of capital held.
infraestructura (economica); capital social
basico capital recovery factor - CRF
factor de recuperacion del capital
capital intensity The annual payment that will repay a loan of I
intensidad de capital currency unit in x years with compound interest on
the unpaid balance. Also called the "partial
capital-intensive payment factor." The reciprocal of the present
con gran intensidad de capital; con uso worth of an annuity factor. Generally obtained
intensivo de capital; con alto coeficiente de from a set of compounding and discounting tables.
capital This factor permits calculating the equal
installments necessary to repay (amortize) a loan
capital investment over a given period at a stated interest rate. The
inversion (de capital) total payment is a varying combination of both
interest and repayment (amortization) of principal.
capital-labor ratio
relacion capital-trabajo capital-service ratio
The ratio at which labor and capital are combined coeficiente, relacion capital-servicio
within the production process. Generally labor and Contractual service payments on long-term debt
capital are measured as flows per unit of time. plus remitted profits on direct investment divided
by exports of goods and services.
capital loss
perdida de capital capital stock
capital social, acdonario; capital nadonal [para
capital market un pais]
mereado de capital(es)
The market for buying and selling long-term capital structure
loanable funds, in the form of bonds, mortgages estructura de capital
and the like. Unlike the money market, where
short-term funds are traded, the capital market capital subscription [mRD]
tends to center on well-organized institutions such suscripcion al capital, de acciones del capital
as the stock exchange. However, there is no
clearcut distinction between the two other than capital supply
that capital market loans are generally used by oferta de capital
businesses, financial institutions and governments
to buy capital goods whereas money-market loans capital-surplus country
generally fill a temporary need for working pais con supedvit de capital; pais superavitario
capital.
capital transfer
capital movement; capital flow transferencia de capital
movimiento, f1ujo de capital
 31

capital widening carried interest [petroleum industry]

ampliation del capital; aumento del capital participaeion pasiva
Investment that increases the absolute value of A fractional interest in oil and gas property,
capital (see capital deepening). usua1ly a lease, the holder of which has no
personal obligation for operating costs, which are
capital works to be paid by the owner or owners of the remaining
instaladones fisicas fraction, who reimburse themselves, therefore, out
of production receipts.
capitalized expenses
gastos capitalizados; costos capitalizados carrying capacity (of the Earth)
An item of cost usua1ly charged to profit and loss capaeidad de absorcion
but, because related to a period of construction, The ability of Earth to absorb emissions and waste.
added to a capital-asset account.
carrying capacity [pastures]
capitation approach [health financing] eapacidad de carga; capaeidad de sustento;
sistema de capitacion capaeidad ganadera
The amount of feed available from a pasture area,
capitation tax; poll tax; head tax generally stated in animal units.
(impuesto de) eapitacion
carrying capacity [transportation]
capture (e.g. of public services) capacidad de acarreo
captacion
The use of a significant amount, e.g. of public carrying cost (of capital); charge of capital
services or resources by relatively narrow special costo de inactividad del capital
interests. The interest on debit balances.

capture fishery; harvest fishery carrying costs, charges [goods]

pesca costo de mantenimiento en existencia
Fishing for wild fish, normally from a boat, as The cost of carrying commodities held in a
opposed to aquaculture, where the fish are bred in warehouse, such as charges for storage, insurance,
a controlled environment. haulage and loss of interest on the investment.

carbon fixation, sequestration carrying gain

fijacion de carbono diferencia positiva
Conversion, through photosynthesis, of The positive difference between the return on a
atmospheric carbon dioxide into organic form in portfolio and its average cost.
plants.
carrying loss
carbon sink diferencia negativa
zona de absorcion de carbono The negative difference between the return on a
Natural structure, such as a forest, that absorbs portfolio and its average cost.
carbon dioxide and other carbon-based emissions.
carryover loan
carbon tax prestamo a corto plazo para salvar una
impuesto a las emisiones de earbono; recargo 0 dificultad temporal
multa para reducir las emisiones de carbono
A tax levied on products that emit greenhouse carryovers
gases. criditos, saldos que se traspasanj creditos,
saldos traspasados
career development Funds unused during a financial year which are
planmeacion del avance profesional transferred to the budget for the following
financial year.
32

cascade tax cash deficit

impuesto en cascada deficit de caja
A tax levied at several stages of the manufacturing
process. cash economy
economia moneta ria
case study
estudio de un caso practico, de casos practicos cash expenditures
gastos en efectivo
cash advance
anticipo de caja cash flow
flujo de fondos; corriente de fondos; liquidez;
cash balance; cash holdings; cash in hand; cash on flujos de caja
hand A narrow definition for funds flow, restricted to
sal do de, en caja cash or cash equivalents. Sometimes used
Cash in immediate possession represented by coin, synonymously with funds flow.
paper money and negotiable checks and other
paper commonly accepted for immediate credit by cash flow system of taxation
a bank in a deposit of cash. sistema impositivo con deduccion de gastos
efectuados en el mismo aiio
cash-based budget planning System of taxation whereby all expenditures are
planificacion presupuestaria en valores de caja, deducted from the income base in the same year as
en efectivo they are incurred.
Budget planning based on actual cash outlays for
the budget, rather than for a fixed amount of cash forecast
items, with allowances for cost increases. previsiones de caja

cash (basis) accounting cash generation; internal cash generation;

contabilidad segiin registro de caja; internally generated funds
contabilidad en valores de caja recursos propios; recursos provenientes de las
A fonn of accounting wherein transactions are operaciones
recorded only as cash is paid or received. Related
financial statements are usually restricted to a cash grant
summary of receipts and payments. donacion en efectivo

cash basis, on a cash holdings see cash balance

segiin registro de caja
cash income
cash budget ingresos monetarios, en efectivo
presupuesto de caja
An estimate of cash receipts and disbursements for cash inflows
a future period, cash requirements at various afluencia de fondos; entradas de fondos
points within the period, and cash on hand at the
end of the period. cash in hand see cash balance

cash buybacks cash input [accounting]

recompras en efectivo aportacion, aporte en efectivo
The cash component of an investment, as
cash crop compared to the capital, labor, etc. component
cultivo comercial
A crop sold directly on the market as compared to cash input [agricultural projects]
one which is fed to animals or otherwise used but in sumo de fondos en efectivo
not sold. An input into a project used to produce an output
in the fonn of cash.
 33

cash management categorical grant; targeted grant

gestion de caja donacion para fines especificos, para un fin
Control and use of liquid assets. especifico
Grant given by central government for specific
cash market see spot market purposes.

cash on hand see cash balance Categoxy I countries [ffiRD]

paises de la Categoria I
cash payment Industrial member countries.
pago al contado; pago en efectivo
Categoxy IT countries [ffiRD]
cash position paises de la Categoria n
situacion de efectivo, de liquidez Developing member countries.

cash projections cattle on the hoof

proyeccion del flujo de fondos ganado en pie
Live cattle.
casual labor
trabajadores ocasionales; mano de obra cattle unit
ocasional unidad ganadera
Unit for measuring number of animals - cattle 1,
catalytic converter sheep = 1, goat = 0.05, fowl = 0.01, pig = 0.2-0.4.
convertidor catalitico [see also tropical cattle unit]
A device installed in motor vehicle exhaust
systems that reduces the emIssIons of caucus (of countries at Annual Meetings)
hydrocarbons and carbon monoxide. grupo

catalytic role ceiling price

funcion catalizadora precio tope, maximo
The way a project encourages other potential The maximum price which may be charged,
cofinancers to join in the project. regardless of what price would be reached through
the natural forces of supply and demand.
catch basin; catchment area
cuenca de captacion; zona de captacion [riego]; center pivot sprinkle irrigation
zona de captacion, de influencia [educacion, riego por aspersion con pivote central
etc.] Type of irrigation which consists of a central pivot
linked to a water supply and a long arm extending
catch crop from this central pivot which sprays water on
cultivo intercalado, intermedio crops, often with subsidiaxy arms extending from
A quick-growing crop, planted and harvested the major one.
between two regular crops in consecutive seasons
or between two patches of regular crops in the centrally-managed costs
same season. costos, gastos centralizados
Costs which are the responsibility, for budgetary
catchment area; catch basin purposes, of the institution as a whole, as opposed
cuenca de captacion; zona de captacion [riego]; to those that are the responsibility of individual
zona de captacion, de influencia [educacion, units (see unit-tnanaged costs).
etc.]
centrally planned economy (country)
economia de planificacion centralizada; pais
con economia de planificacion centralizada
34

central rate [exchange rates] channel [trade]

tipo de cambio central conducto, cauce, via de comercializacion

central vicepresidencies [ffiRD] channel, river

vicepresidencias centrales caucc, lecho, canal de un rio
Vicepresidencies in ffiRD responsible for the
central research and operations support functions. charge; lien [legal]
cargo; gravamen; embargo preventivo
certificate of deposit
certificado de deposito chargeback
Certificate of an interest-bearing time deposit with cargo al usuario
a bank.
charge number [currency pool]
certificate of payment base de c8lculo de la tasa de interes
recibo; comprobante de pago An intennediate variable used to calculate
currency pool interest, it is determined by
certified seed revaluing each day's current dollar-equivalent
semilla certificada balance to the present using the product of the
The progeny of breeder, select, foundation or duality revaluation factors between that day and
registered seed so handled as to maintain the present, with the sum of these daily revalued
satisfactory genetic purity and identity. balances representing the charge number.

ceylon cotton; tree cotton; Siam cotton; China charge of capital; carrying cost (of capital)
cotton costo de inactividad del capital
algodon arbOreo The interest on debit balances.

chain index charges [utilities]

indice en cadena tarifas; cargos
An index number derived by relating the value at
any given period to the value in the previous chart see bar chart; chart of accounts; construction
period rather than to a fixed base. progress chart; flip chart; flow chart; performance
chart; process chart; progress chart; scatter chart
chair, constituency of an Executive Director
[World Bank] charter (of a company)
pais(es) representado(s) por un Director escritura de constitucion; escritura social
Ejecutivo; a veces: jurisdiccion
charter party - clp
chair representing ... [World Bank Executive contrato de f1etamento
Directors] A contract between shipowner and charterer for
representante de the carriage of goods or hire of vessel for a period
of time.
changes clause [US]
clausula de modificacion unilateral chart of accounts
A clause in a contract giving a contracting officer plan de cuentas
the right to make unilateral changes to a contract, A systematically arranged list of accounts
provided that the changes are within the general applicable to a specific concern giving account
scope of the contract. names and numbers, if any.

changes in working capital statement see cherry picking

statement of changes in financial position seleccion de 10 mejor
 35

chief economist claim (on resources)

economista principal (Olicina Regional) utilizacion de recursos

child mortality c1aused bill of lading; dirty bill of lading

mortalidad en la nioez [uno a cuatro aDos de conocimiento de embarque con reservas,
edad] objeciones
[see also infant mortality] A bill of lading that has been endorsed by the
shipowner as the goods described in the bill do not
China cotton~ Ceylon cotton; Siam cotton; tree conform to what is offered for shipment, e.g.
cotton package missing, goods damaged, etc.
a1godon arbOreo
clawback provision
chlorofluorocarbon - CFC chiusula de suscripcion preferente
clorofluorocarbono - CFC Clause in an underwriting agreement for a security
that restricts the issue to a certain group, e.g.
churn factor domestic buyers, till demand from that group is
oficinas en alquiler temporal satisfied.
Leased space to handle demand surge and space
modifications. clean bill of lading
conocimiento de embarque sin reservas,
cistern flush latrine objeciones
letrina de cisterna y sifon A bill of lading which has no superimposed
Latrine where the water for flushing comes from a clause(s) expressly declaring a defective condition
cistern. of the packaging or goods.

civil commotion clean coal

conmocion civil carbon limpio, libre de impurezas
Events which have all the characteristics of a riot Coal produced by a cleaning process.
but which are more widespread and of longer
duration, without, however, attaining the status of clean fuel
civil war, revolution. rebellion or insurrection. combustible no contaminante
Covered by MIGA under the war and civil Fuel that causes little or no pollution
disturbance category. Cf. riot.
clean-up (environmental)
civil service (tarea de) reparadon de los daDOS ambientales;
administracion publica; cuerpo de funcionarios remediar los daDOS sufridos por el medio
publicos ambiente; limpieza (del medio ambiente)

civil works~ public works clearance

obras civiles autorizacion; compensacion [cbeques];
despacbo aduanero; aprobacioo; espacio libre;
claim luz [entre cuerpos); despeje [transporte]
reclamadon; demanda; exigencia; derecbo; [see also slum clearance; tax clearance]
afirmacion; etc.; acreencia [banca]; (titulo de)
credito [finanzas] clearing [agriculture]
[see also financial claim; financial claims of desmonte; desbroce
government]

claim [mining]
denuncio; concesion
36

clearing house out are divided among a limited group of

cAmara de compensacion [bancos); centro de members, in order to save fees.
intercambio de informacion
An organization set up by financial institutions club loan
agreeing to initiate and receive among themselves prestamo concedido por un club bancario, por
electronic funds transfers authorized by their un consorcio
customers. Loan whereby, instead of one bank being
designated lead bank and others comanagers or
client country underwriters, the various functions these carty
pais solicitante; pais que recurre a los senicios out are divided among the members, in order to
del Banco save fees.

clinker cluster analysis

clinquer; clinker [fabricacion de cemento) anaIisis por conglomerados, grupos
A statistical procedure for arranging a number of
closed--end investment company, fund [US]; objects in homogeneous subgroups based on their
investment trust [UK] mutual similarities and hierarchical relationships.
sociedad de inversion con numero de acciones
fijo cluster audit
Investment company with a fixed number of evaluacion ex post combinada
shares outstanding. The shares represent an OED audit of several operations together in one
interest in the fund's portfolio. New shares may audit in order to analyze critical issues in a wider
not be issued. sector or country context.

closely-held corporation cluster sampling

empresa con pocos accionistas muestreo por conglomerados, grupos
A corporation whose stock is held by a small When the basic sampling unit in the population is
group, usually with an agreement that if a member to be found in groups or clusters (e.g. human
of the group desires to sell any part of the beings in households) the sampling is sometimes
ownership, it must first be offered to the other carried out by selecting a sample of clusters and
members of the group. observing all the members of each selected cluster.

close of business - c.o.b. coal-based fuel

cierre de las actividades combustible denvado del carbOn

closing date coal field

fecha de cierre yacimiento de carbOn

closing stock [livestock] coal fired power station

numero de animales aI final del periodo central electrica de carbOn, que utiliza carbOn
contable como combustible
Number of animals held at the end of an
accounting period. coal gasification
gasificacion del carbOn
closure of the proceeding [ICSID]
conclusion de los procedimientos coal liquefaction
Iicuefaccion del carbOn
club deal
operacion concertada por, con un club coarse grain(s)
bancario, consorcio cereaIes secundarios
Loan whereby, instead of one bank being Cereal grains used to feed livestock.
designated lead bank and others comanagers or
underwriters, the various functions these carty
 37

coastal shipping collateral

eabotaje garantia

coastal state collateral financing

estado ribereilo, costero financiamiento eon garantia

coastal strip country collect call~ transfer charge call; reverse charge
pais de Iranja litoral estrecha call
Country consisting of a small strip of land with an lIamada de eobro revertido
outlet to the sea. Examples include Gambia and
Togo. collection of data
recopilacion de datos
codetermination~ comanagement~ management
participation system collection of taxes
cOgesDon; coadministracion; sistema de recaudacion de impuestos
participadon en la gestion, administracion
System which gives employees the right to be collective self-reliance
represented in the decisions of a corporation. autosuficienda colectiva; confianza de la
colectividad en sf misma
co-exposure [insurance] Term used to describe the economic independence
riesgo conjunto of the developing countries from the industrial
countries and economic cooperation among the
cofinanc(i)er developing countries. Embodied in the Arusha
cofinandador Programme for Collective Self-Reliance, 1979.

cofinancing collegial management

cofinandamiento administraeion eolegiada
Management system based on the manager being
coinsurance supported by an advisory committee (consisting of
coaseguro(s) senior staff) which helps him in his
Insurance where a number of insurers share the decision-making.
risk or where insured and insurer share the risk.
[see also qualitative coinsurance~ quantitative collusive oligopoly
coinsurance] oligopolio eolusorio
Oligopoly where participants act as a cartel.
coke oven gas
gas de homo de coque collusive tendering
licitation eolusoria
coke oven plant
coqueria coloan
prestamo eofinandado
coking coal A coftnanced loan.
earbOn coquificable
Coal which can be converted into useful coke that comanagement; codetermination; management
must be strong enough to withstand handling. participation system
cogestion; coadministradon; sistema de
colead manager participation en la gestion, administradon
(banco) eodirector [emisiones de bonos] System which gives employees the right to be
Lender ranking next to lead manager in a represented in the decisions of a corporation.
Euroloan.
38

combined cycle [energy] commercial energy

cicio combinado energia eomereial
Designation of a power plant that uses two
technologies to generate electricity. Usually commercial, commercialized GDP
applied to gas-turbine and steam-turbine pm eomereial
combinations. The gross domestic product of commercial
activities, i.e. excluding invisibles, services, etc.
combined heat and power - CHP
produceion eombinada de ealor y eleetrieidad commercial lending
prestamos, flnuciamiento en condiciones
command-and-control instrument, regulation eomereiales
meeanismos ofieiales de eontrol Lending not always at market rate but under
Government issued regulations, bans or other normal market conditions (e.g. as regards
control mechanism. maturity, reimbursement) (see market-related
lending).
command area [irrigation]
zona bajo riego control ado commercial paper see commercial bills
An area which could be profitably irrigated or has
effectively been irrigated. commercial production
produeeion a escala eomereial
command economy; controlled economy; directed
economy commission, to
eeonomfa dirigida eneargar; encomendar; poner en servieio
An economy in which a significant amount of end
results is due to the deliberate decision of commissioned company
government bodies rather than to consumer choice empresa comisionista; eompaAia eomisionista
plus forces of supply and demand. [emisiones de bonos]
Agent in Japan which acts for the mRD (or other
commercial bank non-Japanese financial institutions) in the issue of
banco eomereial, privado bonds on the Japanese market.

commercial bills; commercial paper commitment authority; authority [IDA]

efectos eomereiales; papel comercial; papeles de faeultad para eontraer eompromisos
comereio The authority that IDA has to make credit
Promissory notes normally having a maximum commitments based on the amount of resources it
maturity of 270 days sold by companies or institu- has received or had committed from donors.
tions to raise cash for purposes of working
capital. A major borrowing instrument for commitment charge, fee
first-class borrowers in the U.S. and Canada. eomision por eompromiso, por inmovilizacion
defondos
commercial capital A fee paid by a borrower to a lender in the period
capital eomereial, en eondieiones de mereado between approval of a loan and disbursement of
the loan. Intended to reimburse the lender for the
commercial conditions cost associated with meeting a disbursement
eondiciones de mereado request on demand. Usually stated as a percentage
of the loan amount approved and much less than
commercial debt the interest rate charged for the loan commencing
deuda eon los baneos eomereiales, privados with disbursement.

commercial deposit [mining]

yaeimiento rentable
 39

commitment deflator companion crops

deflactor de los compromisos cultivos simbioticos
A deflator which translates Bank commitments A crop sown with another crop on the same land,
into constant dollars. often to increase returns from the first crop, e.g. by
attracting predators of pests of the primary crop.
commodity
producto basico, prima rio; bienes comparatio [staff compensation]
[see also core commodities; international comparatio (la>
commodity agreements; international commodity A statistical measure which shows the relationship
organizations; non-food agricultural commodity; of average salaries of a given population to the
primary commodity; self-targeting (commodity)] midpoint(s) of the applicable salary range(s).

commodity agreement comparative advantage

acuerdo, convenio sobre un producto basico, ventaja comparativa
primario
compensation
commodity assistance indemnization; remuneration; compensation
asistencia en especie
compensatory damages
commodity loan indemnizacion compensatoria
pre.tamo en especie Damages to compensate an injured party for his
actual loss and/or irijury and no more, as opposed
commodity producing countries, sectors to nominal damages and punitive damages.
paises, sedores de pl-oduccilm primaria
competent court or other authority (to enforce
commodity trade awards) [ICSID]
comercio de produdos basicos, primarios tribunales competentes 0 cualquier otra
autoridad (para ejecutar laudos)
common share; common stock; ordinary share;
equity competing claims (on resources)
accion ordinaria competencia por la obtencion de recursos
Units of ownership in a public corporation.
competitive bidding
communication hub Iicitacion publica
centro de comunication
competitive bidding in accordance with local
community facilities; social infrastructure procedures; local competitive bidding - LCB
instalaciones comunitarias; infraestructura licitacion publica segUn procedimientos
social nacionales, anuneiada local mente; Iicitacion
publica nacional
community health services Competitive bidding advertised locally and in
servicios comunitarios de salud accordance with local procedures. Used where
foreign competition is unlikely to be attracted.
community health worker - CHW
trabajador de salud de la comunidad; agente de competitive market
salud comunitaria mereado de competencia, competitivo

commuter complementarity
viajero frecuente 0 cotidiano (por razones de complementacion; aspectos complementarios
trabajo, de negocios) The provision of funds from extra sources. Used to
refer to cofinancing arrangements.
40

complementary financing composite peg [foreign exchange]

financiamiento complementario vinculo compuesto; vinculo a una combinacion
Form of cofinancing whereby the lead agency (e.g. de monedas
the Bank) in addition to making its own loan for
an investment project or program, could composting
participate in a commercial bank loan for the same produccion de abonos a partir de desecbos
project or program with the sales of participations
being pre-arranged (i.e. before the financing is compound [West Africa]
executed). recinto (ocupado por una familia eItensa)

complement control compound fertilizer; mixed fertilizer

control de la dotacion de personal fertilizante compuesto
Management imposed constraints on the number A formula or mixture of fertilizer compounds such
of staff at certain grades. as nitrogen, phosphorus and potassium, in definite
proportions.
completely knocked down - CKD
completamente desmontado compound interest
Components of a piece of machinery that have not interes compuesto
been assembled.
compound rate of growth
completion certificate (of a project) tasa compuesta de crecimiento
certificado de terminacion
compounding factor
completion coefficient factor de interes compuesto
coeficiente de semanas-personal basta la What an initial amount of 1 becomes when
aprobacion del proyecto growing at compound interest.
Staffweeks per project from identification to
approval, excluding dropped projects. comprehensive auditing
evaluacion, auditoria general, integral, a fondo
completion economic rate of return Auditing going beyond financial auditing into
tasa de rentabilidad economica a la terminacion evaluation and examination of other non-financial
The rate of return on completion of a project. aspects of projects.

component (of a project) comprehensive insurance

elemento; componente segura contra todo riesgo

component bidding comprehensive planning

oferta parcial planificacion global, integral
Bidding for part of a contract instead of a whole
contract. comprehensive school
escuela diversificada, polivalente
composite currency unit In the United States, a secondary school that
unidad monetaria compuesta includes both general education courses and
Currency units denominated in a basket of specialized fields of study in its program and thus
currencies. The two main ones are the Special offers academic, commercial, trade and technical
Drawing Right (SDR) and the European subjects. In the United Kingdom, a non-selective
Currency Unit (ECU). secondary school providing all types of education
for all or most of the children in a district.
composite mission
misi6n multidisciplinaria
 41

comptroler concertina reduction

contralor reduccion de las tasas mhimas de cada tramo
An accountant in charge whose technical skills arancelario, del arancel
and professional interests are confined to a single Method of reducing a tariff structure by reducing
organization or organizational group and who has the top rate at each step of the transition to the
been given that title by the management of the next highest level, leaving the lowest rates
organization(s). unchanged.

compulsory saving concessional; concessionary

ahorro forzoso concesionario; en condiciones concesionarias,
muy favorables
computable general equilibrium (CGE) model
modelo computadorizado de equilibrio general concessional, concessionary aid
A mathematical model developed by the World asistencia, ayuda en condiciones concesionarias,
Bank to model national economies. Used in muy favorables
providing projections and aiding policy analysis as
it is able to analyze the effect on a country of concessional, concessionary element
project results, macroeconomic factors, etc. factor, elemento concesionario, de donacion

computer see mainframe computer concessional flow

flujo, corriente (de fondos) en condiciones
computer aided design CAD concesionarias
diseiio con ayuda de computadoras
concessional terms
computer aided manufacture CAM condiciones concesionarias, muy favorables
fabricacion con ayuda de computadoras
concessionary; concessional
computer language concesionario; en condiciones concesionarias,
lenguaje de programacion de computadoras muy favorables

computer virus Conciliation Rules [ICSID]

virus informatico Reglas de Conciliacion
[see Rules of Procedure for Conciliation
computerized Proceedings]
computerizado; informatizado
concurrent indicator
concealed unemployment; covert, disguised, indicador contemporaneo
hidden unemployment A statistic which has no value for predicting
desempleo encubierto, oculto, disfrazado purposes because it changes at the same time as
the economy in general, e.g. many types of sales
concentration ratio will peak out and bottom out simultaneously with
coeficiente de concentracion overall economic conditions.
Percentage of total sales or output accounted for by
largest firms in a country. conditionality
condicionalidad
conceptual design Conditions attached to financing, often used to
diseiio conceptual refer to IMF financing, e.g. upper credit tranche
limits.
42

conditions of effectiveness A balance sheet in which the assets and liabilities

condiciones de entrada en vigor of a controlling company are combined with the
corresponding items of the organizations it owns
condominial sewerage system or controls in such a manner as to disclose the
sistema de alcantarillado "en condominio" financial position of the related companies as
Shallow, small-diameter sewers laid at flat though they were a single financial unit.
gradients run through backyards, receiving flows
from short lengths of house connections before consolidated income statement
making a single, "block" connection to the public estado consolidado de ingresos y gastos
sewer. A statement combining the income statements of
two or more associated enterprises as a single
confinned letter of credit economic unit.
carta de crMito confirmada
Fonn of irrevocable letter of credit whereby the consolidation, land
correspondent bank of the issuing bank gives an concentracion parcelaria
undertaking to the beneficiary that payment will be
made, provided that the beneficiary complies with consolidation (of companies)
the terms of the credit. May be used as fusion (mediante fundacion de una nueva
performance security. empresa)

confonned copy consortium (for a country)

ejemplar autenticado; copia autenticada consorcio (de coordinacion de la ayuda a un
Copy of a legal document which is certified as pais)
authentic.
conspicuous consumption
connection [electricity] consumo suntuario t de ostentacion
conenon de servicio
constant dollar budgeting
consent (to jurisdiction) [ICSID] presupuestacion en dolares constantes
consentimiento (a la jurisdiccion) Budgeting where expenses are adjusted for
changes in the purchasing power of the dollar,
consequential damages caused by price changes. Cf. current dollar
dailos indireetos budgeting.
Damages resulting from a breach which could
have been reasonably foreseen. constant elasticity of substitution - CES
elasticidad constante de sustitucion
conservation see energy conservation Elasticity of substitution which is linearly
homogeneous.
consideration, for a; valuable consideration, for
a titulo oneroso constant energy intensity
intensidad constante de utilizacion de energia
consideration [legal, economic]
contraprestacion; compensacion; bonorario; constant prices
pago precios constantes
Something given, done or forebome in return for
the promise or act of another party. constituency, chair of an Executive Director
paises representado(s) por un Director
consolidate maturities, to Ejecutivo; a veces: jurisdiccion
consolidar los vencimientos
constituent(s) of an Executive Director
consolidated balance sheet pais(es) representado(s) por un Director
balance (general) consolidado Ejecutivo; a veces: jurisdiccion
 43

constituent subdivision or agency (of a Contracting consumer subsidy equivalent - CSE

State) [ICSID] equivalente de subsidio at consumo
subdivision poiftica u organismo publico (de un Measures the implicit aggregate tax on consumers
Estado Contratante) generated by agricultural policy.

constructed value consumer surplus

valor calculado excedente del consumidor

construction allowance consumption bundle

asignacion por construccion consumo
Allowance paid to those subject to involuntary What is consumed by an individual, population.
resettlement under a Bank project for income
foregone while the resettlers build their houses. consumption conversion factor - CCF
factor de conversion basado en el consumo
construction progress chart In evaluating project benefits, a factor used to
grlifico de ejecucion de las obras adjust welfare change in border prices, based on
the expenditures of the average consumer, when
construction sector benefits accrue to consumers.
sector, industria de la construccion
consumption economy
consulting firm economia de con sumo
firma consultora, de consultores
contact farmer [agricultural extension]
consumables agricultor de enlace
bienes fungibles, de con sumo A farmer that has been selected in an agricultural
extension scheme who will assist in spreading new
consumer [telecommunications] practices to most farmers in the area quickly.
usuario; abonado
containerization
consumer credit uso de contenedores; contenedorizacion
credito a los consumidores
contingencies
consumerdenrutnd imprevistos
demanda de los consumidores
contingencies, physical
consumer durables asignacion para exceso de cantidades f'sicas
bienes de consumo duraderos
contingencies, price
consumer goods asignaci6n para alzas de precios
bienes de consumo
contingency allowance; reserve for contingencies;
consumer price allowance for contingencies
precio aI consumidor reserva para imprevistos, contingencias

consumer price index - CPI contingency mechanism [IMFlWorld Bank}

indice de precios aI consumidor mecanismo de emergencia
A joint scheme between the Bank and Fund to
consumer subsidy assist troubled economies initially applied to
subsidio a los consumidores; subvencion a los Mexico.
consumidores
44

contingency plan Continuously Offered Longer-Term Securities -

plan para situaciones impreviltas COLTS
valores a mas largo plazo de oferta continua -
contingent asset COLTS
activo contingente Program of securities issued by the World Bank.
An asset the existence, value or ownership of starting in 1986. Buyers can obtain maturities
which depends upon the occurrence or from 3 to over 30 years as they choose. The
nonoccurrence of a specified event or upon the program is indefinite (hence continuously offered)
perfonnance or nonperformance of a specified act. and of a longer term than the Bank's previous
discount note system. It extends the range of paper
contingent commitment [IFC] available in the medium-term note market
compromiso contingente [CF1] (initially medium-term meant 2-4 years but now
covers up to 30 years or more).
contingent interest
inteRs condicional, contingente contour bund
dique en curva de nivel; terraplen en curva de
contingent liability nivel
pasivo contingente
An obligation which is conditional upon the contour farming
finalization of certain transactions or may arise in cultivo en curvas de nivel
consequence of a future event now considered
possible but not probable. contraceptive prevalence rate - CPR
tasa de uso de anticonceptivos
contingent obligation
obligaci6n contingente contract see arm's-length contract; breach of
Type of mRD "B" loan whereby the loan is contract; breach of contract risk; call order
initially financed entirely by the commercial contract; cost-plus fixed fee contract; cost-plus
lender with mRD having a contingent percentage fee contract; fixed cost contract; fixed
commitment to finance at a given date (Le. at the term contract; lump sum contract; man-month
end of the duration considered "normal" by the contract; open-ended contract; percentage (fee)
commercial markets for the specific borrower) the contract; performance contract; product in hand
remaining balance of principal (if any), if the contract; production-sharing contract; program
commercial lenders choose not to finance this contract; risk contract; schedule contract; schedule
amount. of rates contract; "slice and package" contract;
subcontract; take-and-pay contract; take--or-pay
contingent reserve agreement, contract; time-based contract; turnkey
reserva para imprevistos contract; unit price contract
Retained earnings appropriated in anticipation of
possible future losses or expenses. contract documents
documentos contractuales
continuation rate [contraception]
tau de continuidad de utilizaci6n contract out, to
The rate of continuation of use of contraceptives dar en contrato; contratar
after a certain lapse of time.
contract performance
continuing education; lifelong education; recurrent cumplimiento de contrato
education
educaci6n permanente contract plan see agreed budget plan

continuous cropping contract price

cultivo constante, continuo monto del contrato; precio contractual
 45

Contracting State [ICSID, MIGA] conventional terms

Estado Contratante condiciones corrientes, come rei ales, de mercado

contractioruuy policy Convention on the Settlement ofInvestrnent

politic a de contraccion Disputes between States and Nationals of other
States [ICSID]
contractor see bonded contractor; prime, principal, Convenio sobre Arreglo de Diferencias
main contractor; subcontractor Relativas a Inversiones entre Estados y
Nacionales de Otros Estados
contractual savings institutions
instituciones de ahorro contractual convergent indicator
Institutions dealing with contractual savings, i.e. jndicador coincidente
savings that have to be made such as pensions.
conversion at par
contribution value [MIGA1 conversion a la par
valor de contribucion
The initial value of the resources contributed by conversion forest
the guarantee holder to the investment project. bosque destinado a convertirse en
Forest assigned for conversion to agriculture or
contributory school; feeder school; preparatory other nonforest use.
school
escuela preparatoria convertible adjustable stock
School where students go on to a specific higher- accion ajustable y convertible
level school, for which it is the feeder.
convertible bond
control bono convertible
lucha contra [enfermedades, desastres, etc.]; A bond that, at the option of the holder, may be
control; ordenacion; etc. exchanged for another asset, generally a fixed
number of shares of common stock.
controlled economy see command economy
convertible debenture loan investment [IFC]
controlled flooding prestamo representado por obligaciones
anegamiento control ado convertibles [CFI]

controlled plot; control plot convertible release (of 18% currency) [ffiRD]
parcel a testigo, de control liberacion con autorizacion de convertibilidad
Release by Bank member of its 18% currency for
controlling interest lending or relending, with permission granted to
participacion mayoritaria the Bank to exchange the 18% currency for the
Ownership of a corporation in excess of fIfty currency of any other member.
percent. Can also be used for ownership of less
than fifty percent if the remainder of the stock is cooperative program
distributed among many owners. programa de cooperacion

conurbation core see drill core; dwelling core

conurbacion
core commodities [ffiRD]
conventional energy principales productos basicos, primarios
energia de fuentes convencionaIes This term is used by the Bank to describe the ten
major world commodities as defined by UNCTAD;
UNCTAD, itself, does not use this term.
46

core curriculum core working hours see core hours

eurrieulo, plan de estudios eomun
A curriculum design in which one subject or group corporate body. institution; body corporate
of subjects becomes a center or core to which all persona juridica
the other subjects are subordinated.
corporate bond
core departments see core ministries bono de una empresa privada, de una
compaiUa, de una sociedad anonima
core fund [GEF]
recursos basicos corporate finance
The basic funding for the Global Environment gestion financiera de las sociedades
Facility.
corporate income tax [US]; business (profit) tax;
core hours; core (working) hours corporation tax [UK]
horario (de trabajo) basico impuesto sobre las utilidades

core housing; nuclear housing corporate management

unidad minima de vivienda; vivienda minima gestion, direccion de la institucion, empresa
A basic structure, often just the shell, built for
low-income families. Additional facilities are corporate restructuring
provided by the family themselves, often in reestructuracion empresarial, de empresas
self-help groups.
corporate sector
core inflation sector empresarial
innacion blisica The business sector.
The basic level of inflation over a period of time
(e.g. a decade) as opposed to temporary corporate stocks
fluctuations in the rate. acciones

core ministries, departments corporate structure

ministerios de hacienda y de planificacion estructura social
The key ministries, i.e. planning and finance.
corporate tax
core process [IBRD] impuesto a las sociedades; impuesto a las
actividad basica empresas
Includes country, economic and sector work;
country programs; the project cycle and project corporation tax [UK]; business (profit) tax;
evaluation. corporate income tax [US]
impuesto sobre las utilidades
core project
proyecto basico corporatization
A project based on certain key activities as transformacion (conversion) de empresas
designated by the Government. (publicas) en sociedades comerciales, entidades
previstas en la ley de sociedades
core staffing Conversion of an economy from state-owned
dotacion minima de personal enterprises to joint stock companies.

core subjects; basic subjects [education] correction see monetary correction

materias basicas
A subject that is considered so essential that correspondent bank
everyone must have instruction in it. banco corresponsal
 47

corrugationinigation cost, insurance and freight (CIF) port of

riego por corngacion; riego por sureos entrylborder point price
pequenos y proximos precio c.i.f.lpuerto de entrada
An inigation method whereby water flows down
the slope in small furrows, called corrugations or cost-of-living differential factor
rills. Used for inigating uncultivated close coeficiente de ajuste por diferencias del costo de
growing crops such as small grains or pasture on vida
steep slopes.
cost overrun
cost accounting costos superiores a los previstos; sobrecostos
contabilidad de costos
A specialized field of accounting which deals with cost-plus contract
the ascertainment, classification, recording, contrato al costo mas bonorarios, mas
allocation and summarization of the various poreentaje
elements of cost of production, operation and A contract in which the parties agree that the
maintenance (including overheads) of an entity, contractor will submit bills for payment based on
using accounting and costing principles and costs actually incurred plus either a fixed fee or a
methods and techniques. percentage of those costs.

cost and fee contract see cost-plus (fixed fee) cost-plus (fixed fee) contract - CPFF; cost and fee
contract contract
contrato al costo mas bonorarios (fijos)
cost-benefit analysis A contract in which the parties agree that the
anMisis de costos-beneficios contractor will submit bills for payment based on
costs actually incurred plus a fixed fee.
cost-benefit ratio [UK]; benefit-cost ratio [US]
relaci6n costos-beneficios cost-plus percentage (fee) contract; cost-plus
percentage of cost contract - CPPC
cost center contrato al costo mas un porcentaje
centro de costos (honorarios)
An organizational unit for which accounts are A contract in which the parties agree that the
maintained containing direct costs for which the contractor will submit bills for payment based on
head of the center is accountable. costs actually incurred plus a percentage of those
costs.
cost-effective
eficaz en fund6n de los costos; eficiente y de cost-plus pricing system
costo minimo; eficiente y de costo mas bajo sistema de determinacion de precios en funcion
del costo mas honorarios
cost-effectiveness
eficacia en funci6n de los costos cost price
precio de costo
cost estimate
estimacion de costos; presupuesto cost pricing
determinacion del precio de costo; fijacion de
cost, insurance and freight - CIF precios en funci6n del costo
tosto, seguro y nete - c.i.f.
Applies to goods where the seller must pay the
costs and freight necessary to take the goods to the
named destination and procures any insurance
required.
48

cost-push inflation countermemorial [ICSID]

inflacion provocada por el a1za de los costos contramemorial
A type of inflation caused largely by wage-price In proceedings before ICSID, a response to the
spiral, that consists of upward pressure on the cost memorial submitted by the requesting party which
of production caused by wage increases, followed outlines the basis for the case.
by price increase, then further wage increases and
soon. counterpart agency
organismo de contrapartida
cost recovery
recuperacion de costos counterpart funds
fondos de contrapartida
cost reimbursable contract Local currency payments by the ultimate
contrato con reembolso de costos beneficiaries of a Bank loan or IDA credit that
Contract which provides for payment of allowable accumulate in the hands of the government or an
incurred costs, to the extent provided for in the intermediary, in advance of payments due to the
contract. Cf. cost-plus fixed fee contract, cost- Bank or the Association, as the case may be.
plus percentage fee contract.
counterpart staff
cost sharing personal, funcionarios de contrapartida
participacion en los costos; distribuci6n de los
costos countertrade
comercio compensatorio
cost-sharing fee [APDF] The reciprocal and contingent exchange of goods
comision de participacion en los costos and services specified by contract, with each flow
Set of fees charged by the Africa Project of deliveries being valued and settled in monetary
Development Facility to project promoters in order units.
to have them share in APDFs costs in preparing
the project. countervailing duty
derecbo compensatorio
cost underrun An import duty established specifically to restore
costos inferiores a los previstos; infracostos the competitive position of businesses that are put
at a disadvantage by a tax which raises their costs.
costing
determinacion de costos countries in nonaccrual status
paises excluidos del regimen de contabilidad en
cottage industry valores devengados
industria familiar, casera, artesanal
country assistance management - CAM
Council of Governors (MIGA] administracion de la ayuda a los paises
Consejo de Gobemadores
country economic and sector work - CESW
counsel [ICSID] estudios econ6micos y sectoriales de paises
consejero
country exposure [IBRD)
counterfactual compromisos por paises; prestamos (a un pais)
hipotesis; casu hipotetico desembolsados y pendientes
An economic what if{ Used to imagine what might The extent to which a financial institution has lent
have happened to an economy if some condition money to one country.
was different from actual reality, e.g. if inflation
were only x%, then... country loan [IBRD]
prestamo para programas de un pais, de paises
 49

country study covered interest arbitrage

estudio sobre un pais, paises arbitraje de intereses con cobertura
Investing dollars in an instrument denominated in
country WID action plan a foreign currency and hedging the resulting
plan de accion nacional relacionado con la foreign exchange risk by selling the proceeds of
funcion de la mujer en el proceso de desarrollo the investment forward for dollars.
Plan, at country level, intended to provide an
operational framework, based on sectoral analysis, covering memorandum
for targeting and designing Bank assistance in a memorando de transmision
manner that will effectively reach women and
improve both their contribution to economic covert, concealed, disguised, hidden
development and the benefits they derive from it. unemployment
desempleo encubierto, 04:ulto, disfrazado
country-wide project
proyecto de ambito national crawl [noun]
deslizamiento (de un tipo de cambio dentro de
coupon bond una banda)
bono con cupon
crawling peg [rate of exchange]
coupon equivalent yield vinculo movil; paridad movil; ajuste gradual del
rendimiento equivalente a un interes nominal tipo de cambio
The yield obtained from the difference between the A form of international exchange in which
purchase price and the face value of a short-term monetary authorities make frequent small changes
noninterest-bearing instrument, expressed as a in the rate at which the nation's monetary unit
percentage, determined by the difference divided officially trades with others. In some cases the
by the purchase price. change is triggered when certain conditions are
met.
coupon rate (of a bond)
interes nominal; tasa de emision creative financing
Interest to be paid regularly on the face value of a financiamiento innovador, imaginativo; form as
bond or other long-term debt instrument. novedosas de financiamiento
Financing using unconventional means, e.g.
course see base course special swaps, etc.

course interchange [education] credit see also back-to-back credit; financial credit
curso de elementos intercambiables
In education, a course with interchangeable credit account [IDA]
features. cuenta del credito
Account opened by IDA on its books in the name
covenants [loan agreements] of a borrower to which the amount of a credit is
estipulaciones credited.

cover see plant cover credit arrangements

acuerdos de credito
coverage
cobertura; campo de aplicacion; alcance credit balance see unspent credit balance

cover crop; nurse crop credit ceiling; credit limit

cultivo protector, de cobertura limite, tope de credito
A companion crop grown to protect some other
crop sown with it, as small grain is sometimes credit crunch
seeded with clover. restriction pronunciada del credito
50

credit facilities credit tightening; credit squeeze

sistemas, mecanismos, servicios de credito, restriccion del credito
crediticios
creditworthiness; financial standing
credit-in-kind capacidad crediticia; solvencia
credito en especie The likelihood of a borrower to pay back a debt,
based on past credit performance.
credit limit; credit ceiling
limite, tope de credito creep see grade creep

credit line [IFC] creeping inflation

linea de credito inflacion progresiva
Credit line (also known as equity line or agency
line) set up by IFC in favor of an intermediary critical consumption level - CCL
which would draw on the line to make loan and nivel critico de consumo - NCC
equity investments for IFC's account. Poverty line at which additional consumption
changes are equally valuable to investment.
credit line on an agency basis; agency line [IFC]
linea de credito a traves de un agente critical path method - CPM
metodo del camino critico
credit multiplier Type of planning method which shows the
multiplicador del credito interrelationship in sequence of all the activities
The ratio of change in the volume of lending by a involved in undertaking a project. The network of
group of deposit-taking financial intermediaries activities highlights those operations or activities
(especially banks) to the change in reserve assets which are critical for the successful completion of
which initiated the change. More commonly, it the project within the scheduled time scale.
denotes the ratio of change in bank deposit
liabilities caused by the increased extension of cronyism
credit, to the initiating change in reserve assets. favoritismo; preferencia por los amigos;
amiguismo
credit rating
c1asificaci6n del cridito, de creditos, crediticia cropping intensity
intensidad de cultivo
credit spread trades
transacciones conforme a margenes de riesgo y cropping pattern
rendimiento sistema de cultivo
Investment in higher risk paper on the one hand
(in the case of the Bank this includes agency crop-cut method
securities, Eurobonds and off-the-run securities) metodo de los cuadrados de rendimiento
and current government securities on the other. Method for estimating agricultural production,
The yield spread between the two is monitored. consisting of taking a few small subsamples in the
When the higher risk paper is trading at a higher form of small squares, selected by using a grid,
than normal yield spread, the higher risk security and extrapolating from these results.
is bought and the lower risk security sold; when
the spread narrows, the trade is reversed. crop production
producci6n agricola, de cultivos
credit squeeze; credit tightening
restricci6n del credito crops
cultivos; cosecbas; productos agricolas
credit standing
reputaci6n en materia de credito; credito crop tree
The current creditworthiness of a borrower. 'rbol de cultivo, aprovecbable
 51

crop year cross rate

campana; ano agricola tipo crozado; tasa crozada
The exchange rate between currencies A and C
cross-border; transterritorial which is derived from the rate between A and B
transnacional; transterritorial; transfronterizo; and the rate between B and C.
a veces: internacional [see also broken cross rates]

cross-bred progeny [livestock] cross-reference clause

animales de croza c1ausula de referencia
The results of crossing two different breeds or A clause in a Bank loan document referring to a
varieties. loan by a commercial bank.

cross-classification cross-sectional analysis

doble c1asificacion; c1asificacion crozada anlilisis transversal
An analysis on the basis of a cross section, i.e. the
cross-conditionality clause same things at the same time as opposed to a time
c1ausula de condicionalidad recfproca series, i.e. the same things at a different time.
A clause in a World Bank/IMF loan agreement
that makes action affecting one organization apply cross-sectional data [econometry]
to both organizations. datos transversales
A set of data involving observations taken at one
cross-country studies point in time.
estudios comparados entre paises
cross section(al) survey
cross-default clause encuesta (de seccion) transversal
c1ausula reciproca en caso de incumplimiento Survey which provides a snapshot of an entire
A clause in a loan agreement specifying that population or of a sample population.
default on any other loans to the borrower shall be
regarded as default on this one. cross section sample
muestra representativa
cross-effectiveness clause
chiusula reciproca de entrada en vigor cross subsidization
A clause in a loan agreement that states that the subvencion crozada; subsidio crozado
agreement only comes into effect when the
cofinance loan comes into effect. crosswalk document
documento, matriz de referencia crozada,
cross elasticity comparacion
elasticidad crozada Document that provides cross references between,
A measure of the influence of a price of one good for example, two budgets which use different
on the demand for another. systems of classification. The most common form
consists of a matrix which helps the reader to
crossover discount rate; equalizing discount rate determine where an item in the multiyear planning
tasa de actualizacion de equilibrio budget may be found in the annual budget.
The discount rate that equalizes the net present
value of two streams of benefits and/or costs. crowding in
atraccion; invasion
cross-placements Occurs where government bonds are sufficiently
colocaciones crozadas good money substitutes so that bond issues reduce
demand for money balances, leading to an expan-
cross price elasticity sionary impact via their effect on portfolio
elasticidad-precio crozada composition.
Same as cross elasticity.
52

crowding out currency-hedged transaction

desplazamiento transacdon cubierta contra riesgos cambiarios
Any displacement of private economic activity by A transaction where assets/liabilities are matched
public economic activity. by currency.

crude birth rate - CBR currency liabilities

tasa bruta de natalidad pasivos monetarios
Birth rate for an entire population. In national accounts, the liabilities of a country
denominated in another currency.
crude death rate
tua bruta de mortalidad currency mix
Death rate for an entire population. combination de monedas

culled cow currency option bond see multiple currency option

vaca de desecho bond
A cow that has been eliminated from the herd
because of disease, low quality, etc. currency pool
fondo comnn de monedas
culture fishery A system set up by the World Bank to equalize
piseicultura among all borrowers at any time the risks inherent
Fish breeding in a controlled environment. in fluctuations in the exchange rates of the curren-
cies disbursed and repayable on all Bank loans
cumulative charge number [currency pool] included in the system. Equalization is achieved
base de dlculo de la tasa de interes de los by pooling all currencies disbursed and outstand-
desembolsos acumulados; base de c8lculo ing on participating loans and by expressing the
acumulada outstanding principal amount of each such loan as
The charge number for cumulative a share of the pool. As a result, loan-service
disbursements. obligations on each participating loan are related
to all amounts in various currencies disbursed and
cumulative letter of credit outstanding on all loans in the system.
carta de credito acumulativo; credito
acumulativo currency-specific costs
Form of revolving letter of credit where amounts costos relativos a mooed as especificas
from unused or incompletely used portions may be
carried forward and used in a subsequent period. currency swap
swap, intercambio de monedas
cumulative write offs System whereby an institution with funds in one
anuladones, canceladones acumuladas en libros currency converts them into another and enters
The total amounts written off since operations into a forward exchange contract to recover the
began. currency borrowed.

curb market see over-the-counter market currency transfer risk [MIGA]

riesgo de transferenda de moneda
currency see also border currency; calling in of a One of the covered risks. Defined as "any
currency; composite currency unit; domestic introduction attributable to the host government of
currency; 18% currency; 18% currency out on restrictions on the transfer outside the host
loan; eligible currency; Eurocurrency market; country of its currency into a freely usable
European Currency Unit; foreign currency; gold- currency or another currency acceptable to the
pegged currency; bard currency; intervention holder of the guarantee, including a failure of the
currency; local currency; major currency host government to act within a reasonable period
of time on an application by such holder for such
transfer."
 53

currency translation price index, replacement cost, current entry

traduccion de monedas prices, current exit prices, reproduction cost and
Recording in accounts of assets (or liabilities) in discounted present values. Current cost deals with
one currency when they are actually in another. the effects of changes in prices of resources used
No actual exchange of funds takes place. The by the enterprise and is concerned with values to
World Bank and IFC, for example, translate all the business rather than costs.
their assets and liabilities into U.S. dollar
amounts, regardless of the actual currency in current dollar budgeting
which they are denominated. presupuestacion en dolares corrientes
Budgeting where expenses are not adjusted for
currency unit changes in the purchasing power of the dollar but
unidad monetaria represent actual prices. Cf. constant dollar
budgeting.
current account deficit
deficit en cuenta corriente current (entry) value; replacement value; current
cost [accounting]
current account pattern valor de reposicion
configuracion de las cuentas corrientes The amount of cash (or its equivalent) that would
have to be paid if the same asset - either an
current amount see current insured amount identical asset or an asset with equivalent
productive capacity - were acquired currently,
current assets computed by applying to historical cost one or
activo corriente; activo disponible y realizable a more index numbers (= adjusted historical cost)
corto plazo or by substituting for historical prices prevailing
Unrestricted cash or other asset held for prices of equivalent goods and services.
conversion within a relatively short period into
cash or other readily convertible asset or currently current equity investment see net book value
useful goods or services.
current exit value; exit value; net realizable value
current balance of payments [UK] [accounting]
balanza en wenta corriente valor de realizacion
The estimated selling price in the ordinary course
current blend [IFe) of business less costs of completion and less costs
indice combinado de desempeiio de la cartera necessarily to be incurred in order to make the
A rate used by IFC to assist in determining the sale. It is often used to determine a measurement
performance of its loan portfolio, it is based on of an asset value in terms of the amount of cash or
actual and projected debt-to-equity ratios. its equivalent expected to be derived from the sale
of the asset, net of costs required to be incurred as
current budget a result of the sale.
presupuesto ordinario, corriente
The projection of income and expense at current insured amount; current amount [MIGA]
anticipated levels of activity rather than in terms cantidad asegurada corriente; cantidad
of ideal goals. corriente
The amount of the guarantee. Some countries use
current cost [accounting] see current (entry) value this amount as the basis for compensation.

current cost (value) accounting; current value current international payments

accounting; value based accounting pagos internacionales corrientes
contabilidad segUn el costo (valor) de reposicion
Accounting approach designed to reflect changes
in the value of assets or goods themselves for
changes in specific prices by the use of several
methods. The methods commonly used are specific
54

current liabilities value-added tax or customs duties. The state

pasivo corriente; pasivo exigible a corto plazo draws up a bill for the amount in question which
Liabilities that are to be paid out of current assets the corporation agrees to pay on maturity.
or transferred to income, usually within one year
or less. customs valuation (practices)
(practicas de) avaluo aduanero, de aduana
current maturities
vencimientos a menos de un aDo cutoff date [debt]
That portion of debt falling due for repayment in fecba limite
the accounting year following the date of the
balance sheet (i.e. within twelve months of the cutoff point (for Bank or IDA financing)
balance sheet date). limite (para la concesi6n de financiamiento de
la AIF 0 del Banco)
current prices Point at which a country is no longer eligible for
precios corrientes Bank or IDA financing.

current ratio; working capital ratio cutoff rate (of return) [projects]
relacion corriente [America Latina]; coeficiente tasa de rentabilidad aceptable, de desistimiento;
de soJvencia [Espana] tasa limite de rentabilidad aceptable
Ratio of current assets to current liabilities. It is The rate of interest (commonly the opportunity
the main liquidity ratio. cost of capital or the accounting rate of interest,
Little-Mirrlees method, or the consumption rate
current revenues of interest, UNIDO method) below which capital
ingresos corrientes; ingresos fiscales corrientes investment projects should be rejected. It is often
taken to be the opportunity cost of capital. The
current terms, in cutoff rate would be the minimum acceptable
en terminos, cifras corrientes internal rate of return for a project or the
discount rate used to calculate the net present
current value worth, the net benefit-investment ratio or the
valor actualizado (principal) benefit-cost ratio.

current value see current (entry) value cut-over forest

bosque de segundo crecimiento, bosque talado
current value accounting see current cost (value) Secondary forest that has already been logged but
accounting regrown.

current yield
rendimiento corriente

curriculum
plan de estudios; curriculo
[see also core curriculum]

custom retrofitting
modificacion de productos fabricados en serie

customs duty bill

letra aduanera garantizada
Special type of credit in France granted by the
state to corporations to allow them to pay indirect
taxes or customs duty, with a guarantee provided
by a bank or other financial institution. These
bills allow the corporation to defer payment of
 55

deadwood equities [IFe]

capital improductivo, "Iutre"
-0 - Investments that either have a loss reserve, a
write-off, paid less than half of the portfolio's
average dividend rate the past two years, are
dam see diversion dam; earthfill dam; storage dam presently valued at less than 1.2 times cost, or
whose prospects for future price appreciation are
data collection estimated to be poor.
recopilacion de datos
dealer see securities dealer
dated information
informacion desactualizada dean (of the Board ofOirectors)
decano
day release; block release
Iicencia de tiempo completo debenture (bond)
The system by which a trainee is authorized to be bono sin garantia especifica; debenture
absent from work, usually for one or two complete [EE.UU); bono con garantia de activos [Reino
days a week, with or without pay, in order to Unido1
attend part-time courses of related instruction and l. U.S.: Unsecured bond.
general education constituting part of his training 2. U.K.: Loan secured against specific or general
program. assets of a company.
[see also convertible debenture loan investment]
day-to-day money see call money
debt bunChing
days receivable acumulacion de vencimientos
daas de atraso en el pago de las cuentas por
cobrar debt burden ratio
The average number of days overdue of accounts relacion intereses de la deuda - exportaciones
receivable. It is used as an indicator of the Interest on debt as a percentage of exports.
efficiency of the commercial operations of a
corporation, as it reflects its ability with regard to debt cancellation
collection of bills. The Bank target is around 60 anulacion, condonacion de una deuda
days.
debt carrying capacity
dead storage (capacity) capacidad de endeudamiento
capacidad no utilizable Conversion of debt into equity (see debt-equity
swap).
deadweight (losses)
(perdidas de) peso muerto debt conversion
Loss of consumer surplus incurred by buyers and conversion de la deuda
not captured by producers, which is consequent
upon an initially competitive industry becoming debt -creating
monopolistic and therefore, ceteris paribus, que genera deudas
charging a higher price and selling a lower level of
output. debt distressed country
pais agobiado por la deuda
deadweight tonnage - OWT
toneladas de peso muerto debt due
The weight in long tons that a vessel can carry deuda vencida
when fully laden.
debt enhancements
mejora de las condiciones de la deuda
56

debt~uity conversion; debt~uity swap debt ratio

capitalization de la deuda; conversion de la relacion de endeudamiento
deuda en capital Ratio of total liabilities to total assets.

debt~uity conversion fund [IFC] debt relief

fondo de conversion de la deuda en capital; alivio de la carga de la deuda
fondo de capitalizacion de la deuda
debt rephasing; rescheduling of debt; rephasing of
debt-equity ratio; debt-to-equity ratio; a debt; debt rescheduling
debt-to-capital ratio reprogramacion (de) servicio) de la deuda
relacion deuda-capital; coeficiente de
endeudamiento debt representation letter
Mainly used to describe the ratio of total liabilities carta de declaracion de la deuda externa
to shareholders' equity (net worth). It can also A letter from a member to the Bank outlining the
be used to describe the ratio of long-term debt to country's external debt.
equity, net long-term debt to equity, total or long-
term debt to tangible equity (= equity plus revenue debt rescheduling; rescheduling of debt; debt
plus capital reserves). All these definitions are rephasing; rephasing of a debt
used in the World Bank and IFe, so care should be reprogramacion (del servicio) de la deuda
taken in translation to ensure the correct term is
used. Other definitions are used outside the World Debt Restructuring Facility - DRF
Bank. servicio de reestructuracion de la deuda

debt~uity swap; debt equity conversion debt retirement

capitalizacion de la deuda; conversion de la rescate de la deuda
deuda en capital Paying off a debt.

debt financing debt sales

finaneiacion mediante endeudamiento descuento de instrumentos de deuda

debt forgiveness debt service coverage

condonacion de deudas, de la deuda cobertura de servicio de la deuda
Ratio of net income after taxes plus interest on
debt-for-health swaps long-term debt plus depreciation to debt service.
conversion de deuda en programas de salud
Exchanges of developing country debt for debt-service ratio
assistance for health programs. coeficiente del servicio de la deuda
External public debt-service ratio (Le. interest and
debt funding principal payments) as a percentage of export
financiamiento de la deuda earnings from goods, nonfactor services, and
workers'remittances.
debt outstanding and disbursed - DOD
deuda desembolsada y pendiente debt service requirements
obligaciones relacionadas con el servicio de la
debt overhang deuda
deuda pendiente
1. The total outstanding debt. debt service schedule
2. The total debt that cannot be readily covered calendario del servicio de la deuda
by expected growth.
debt servicing capacity
capacidad para atender el servicio de la deuda
 57

debt strategy deep market

estrategia ante (de) la deuda Mercado muy activo
A very active market.
debt-to-capitaI ratio see debt-equity ratio
deep sea fishing
debt-to-equity ratio see debt-equity ratio pesca de altura

debt workout program [World Bank] deep water port

programa de reestructuracion de la deuda puerto de aguu profundas

Debtor Reporting System [World Bank] deepening see capital deepening; capital
Sistema de notificacion de la deuda aI Banco deepening investment; financial deepening
Mundial
deepening of the industrial structure
decapitalize modernizacion de la estructura industrial
descapitalizar
default [ICSID]
decision-maker rebeldia (unicamente en el sentido del Art.
persona responsable de adoptar decisiones 45[2J del Convenio)

decision-making body default on obligations

organo decisorio, de decision incumplimiento de obligaciones

decision-making power defensive expenditures

facultad decisoria, de decision gastos preventivos
National accounts concept for expenditure to
declining balance method; reducing charge protect the environment and to combat those
method undesirable aspects of economic activity that lead
sistema (de amortizacion, de depreciacion) de to environmental decay, resource degradation and
saldo decreciente depletion and pollution.
In depreciation where the annual charge for
depreciation is the amount obtained (a) by deferrable participating loan
applying a fixed percentage to the diminishing prestamo participatorio con obligacion
balance of the asset account, that is the balance contingente de pago de intereses
after deducting preceding depreciation provisions; A loan used by !FC whereby the interest paid is
or (b) by applying a diminishing rate to the linked to the profits of the company.
original cost of the asset.
deferred charges, expenses
deductible [insurance] cargos diferidos; gastos diferidos
franquicia Expenditures carried forward as an asset until they
become relevant (such as an advance rent payment
deduction see tax deduction of insurance premium).

deed of trust deferred depreciation

escritura de constitucion de deuda; escritura de depreciacion diferida
fideicomiso
deferred rate and currency setting
deep discount bond, note fijacion diferida de la tua de interes y la
bono de descuento intensivo moneda
Bond with relatively low-coupon rate of interest,
offered with a discount in excess of what can nor-
mally be treated as capital gain by the investor.
58

deferred rate setting - DRS deflate, to

fijacion diferida del interes defladar
Method of locking in a spread over a Treasury
benchmark while distributing the rate fixing over deflation
several months. TreasUl)' securities are purchased, deflacion
with the pricing benchmark being the issue at the
time the borrowing was launched and the deflationary gap
securities are sold when the borrower wants to fix brecba deflacionaria
the Treasury yield component of the borrowing
cost. The issue spread is locked in at time of issue deflator
and the Treasuty yield component of the cost is deflador
stripped out. Any decrease in interest rates after An implicit or explicit price index used to
the issue date would mean the Treasury notes distinguish between those changes in the money
could be sold at a profit which would reduce the value of gross national product which result from
borrowing cost of the issue to a level reflecting the a change in prices and those which result from a
original issue spread and the Treasury yield at the change in physical output.
time the Treasury notes were sold. Conversely, [see also commitment deflator; GNP price
any increase in interest rates would mean a loss on deflator; implicit deflator; implicit gross
the sale of the TreasUl)' securities and an increase domestic product deflator)
in the borrowing cost to a level reflecting the
higher TreasUl)' yield. deforestation
[see also anticipatory rate setting] deforestacion

deferred recovery degree of concessionality

recuperacion diferida medida en que la asistencia es concesionaria,
Recovery of currency used in lending operations muy favorable
subject to maintenance of value. Recovery is
deferred for any currency outstanding on loan degressive scale
since June 30, 1987. escala decreciente

deficiency see vitamin deficiency dehusking; husking

descascarar; desbojar
deficit country
pais deficitario delegation of authority
delegacion de atribuciones, facultades
deficit financing
financiacion con, mediante deficit delink, to [foreign exchange)
presupuestario desvincular

definitive application for guarantee delinking [foreign exchange]

solicitud definitiva de garantia desvinculacion (de divisas)
An application for a MIGA guarantee, to be made
once investment plans are established. It provides delinquent taxes
the detailed information with which MIGA will impuestos en mora
determine investor, investment and project
eligibility; the details of the investment to be delivered at frontier - DAF
insured and the types of guarantees desired; the entregado en frontera
economic and developmental effects of the project Applies to goods that the seller must deliver to the
on the host country and the basis for confirming frontier of the country named in the sales contract.
the economic viability of the project enterprise.
See notice of registration, preliminary application
for guarantee.
 59

delivered duty paid DDP demerit goods

entregado con derecbos pagados bienes de escaso interes social
Applies to goods that the seller must deliver to the A merit good in which the merit is negative, e.g.
buyers' premises. alcohol consumption.

delivered energy demonstration activity

energia entregada operacion, actividad de demostracion

delivery (of a contract) demonstration effect

formalizacion; perfeccionamiento efecto de demostracion

delivery of bids see bid submission demonstration plot

parcela de demostracion
delivery system; supply system
sistema de prestacion, de suministro (de un demonstration school; laboratory school; model
semcio); sistema, red de distribucion, de school; practice school
reparto escuela de aplicacion; escuela experimental
A school attached to a teacher-training
demand deposit establishment in order to allow students to observe
deposito a la vista experienced teachers at work and to undertake
Deposits payable within thirty days. teaching practice themselves.

demand management demurrage

gestion, regulacion de la demanda sobrestadia
Influence over the wants of buyers, usually The money payable to the owner for the delay for
consumers, e.g. advertising. which the owner is not responsible in loading
and/or discharging after the laytime has expired.
demand money see call money
dendrothermaI power plant
demand note central eh~ctrica dendrotermica
pagare a la vista
denominated in (dollars, etc.)
demand-pull factors expresado; denominado
fadores de atraccion (dellugar de destino)
relacionados con la demanda departmental forces see force account
Factors that attract migrants into another country.
departmentalization [education]
demand-pull inflation departamentalizacion, division de la enseilanza
innacion producida por la (presion de la)
demanda dependency allowance
A rise in prices brought about by consumers and asignacion por cargas familiares, por persona a
investors with rising incomes as they compete for cargo
a relatively limited supply of valuable goods.
dependency ratio
demand shift relacion de dependencia (por edades)
desplazamiento de la demanda Proportion of children and old people in a
population in comparison with everyone else.
dematerialization of manufactures
aumento del componente de senicios en los dependent
productos manufacturados persona a cargo; carga familiar
The phenomenon whereby the service content of
manufactured goods is increasing.
60

depletion allowance, reserve options, as well as over-the-counter swaps, options

asignacion por agotamiento; reserva por and similar instruments.
agotamiento
An allowance for exhaustion of a natural resource. design
diseiio; idea; creacion; proyecto; plano; modelo;
deposit see geothermal deposit concepto; formulacion; etc.
[see also conceptual design; detailed design;
deposit liabilities engineering design; preliminary design; project
obligaciones en, por concepto de depositos design]

depositor rate of interest; borrowing rate [banks] design capacity

tipo, tasa de interes sobre los depositos; tipo, capacidad nominal, de diseiio
tasa pasivo(a)
The rate of interest paid by banks on deposits. design engineering
ingenieria de diseiio
depository bank
banco deposita rio design speed
A bank that is designated and authorized to accept velocidad de diseiio, nominal
deposits of funds belonging to the federal The highest continuous safe vehicular speed as
government or other government bodies, or funds governed by the design features of a highway.
from other banks which the latter are required by
law to maintain as reserve against deposits. design standards
normas de diseiio
depreciation see accelerated depreciation;
accumulated depreciation; allowance for designated forest
depreciation; deferred depreciation; straight-line bosque reservado
depreciation Forest legally set aside for preservation or
production.
depreciation allowance see reserve for depreciation
Designating Authority (of Panel Members)
depreciation on a straight line; straight line [ICSID]
depreciation autoridad que efecttia la designacion
amortizacion (depreciacion) lineal, constante,
de cuotas fijas designer
proyectista; diseiiador
depressed industry
industria en decadencia, en crisis desk officer
funcionario encargado de un pais
Deputy [Dev. Comm.; IDA]
suplente desk study
estudio documental, de referencia
Deputy Secretary General [ICSID]
Secretario General Adjunto desktop publishing
edicion, publicacion mediante
deregulate microcomputadora
desreglamentar; desregular; Iiberalizar
despatch money; dispatch money
derivative instruments prima, bonificaci6n por descarga rapida
instrumentos derivados The money payable by the owner if the ship
A contract whose value changes as prices move in completes loading or discharging before the
a related or underlying commodity or financial Jaytime has expired.
instrument. The term covers standard futures and
 61

destination taxes development period (of a project, of a company)

impuestos seg1in mere ado final fase. etapa inicial

detailed design, engineering development planner

diseiio detallado; estudios tecnicos detallados; pJanificador del desarrollo
pianos tecnicos detail ados
development planning
deterrent planificacion del desarrollo
factor, elemento de disuasion. disuasivo
deworm
developing island country desparasitar
pais insular en desarrollo
diagnostically related groups - DRG
development grupos homogeneos de diagnostico
desarrollo; fomento; aprovechamiento; Groups of related ailments for which identical fee
evolucion; preparacion; elaboracion; schedules can be prepared.
bonificacion; urbanizacion; expJotacion;
mejoramiento; auge; progreso; adelanto; diesel fuel; diesel oil
acontecimiento; invencion; creacion; avance; (combustible) diesel; gas6leo
nueva circunstancia; nueva situacion; etc.
[see also area development; engineering diesel (fired) power plant
development; Evaluation Capability Development planta electrica diesel; central electrica diesel
Program; land development; letter of development
policy; management development; manpower dietary energy supply - DES
development; site development; skills suministro de energfa alimentaria - SEA
development; staff development; whole farm Kilocalories per capita per day of food
development; World Development Indicators] consumption. A standard measure of food intake.

development area dilution see stock dilution

zona en desarrollo
diminishing returns
development bank rendimientos dec recientes
banco de desarrollo, de fomento [see also law of diminishing returns]

development bond dip [stockbreeding]

bono de desarrollo baiio

development credit agreement [IDA] dipping tank

convenio de credito de fomento tanque de inmersion

development drilling direct contracting [procurement]

perforacion de explotacion contratacion directa
Drilling in a known producing field as opposed to Award of a contract without using competition.
exploratory drilling.
direct costing
development finance company - DFC c81culo de costos directos; determinacion de
institucion financiera de desarrollo costos directos
The process of assigning costs as they are incurred
development finance institution - DFI to products and services.
institucion financiera de desarrollo
direct labour see force account
62

directed credit disclosure information

credito dirigido Iibre acceso a la informacion

directed economy see command economy discontinuance [ICSID]

desistimiento (unicamente en el sentido del Art.
direction of lending 45 del Convenio)
distribucion del financiamiento (entre los
paises) discount
descuento
directly unproductive profit seeking (DUP) [see also exchange discount]
activities
actividades con fines de lucro directamente discount, to [finance]
improductivas descontar; actualizar

direct overhead budget discount bond

presupuesto de gastos generales directos bono descontado
In the World Bank, a budget for those overhead Bond selling at a price less than its par value.
expenses controlled by the manager. Include office
equipment, direct communications, equipment discount factor
depreciation, field office costs, supplies and factor de descuento, actualizacion
materials. How much 1 at a future date is worth today.

direct shopping [procurement] discount note

compra directa pagare descontado
Procurement based on direct comparison of price Note (Le. short- or medium-term bond) issued at a
quotations. No bidding documents are used. discount from its face value. On maturity, the
investor receives the full face value. The discount
direct work see force account from par, thus, corresponds to the return on the
investment.
dirty bill of lading see claused bill of lading
discount rate [central bank]
disadvantaged group tasa, tipo de redescuento
grupo desfavorecido Rate at which a central bank (Federal Reserve
System in the U.S.) (re)discounts certain bills for
disbursement deflator financial institutions.
deflactor de los desembolsos
Coefficient used to convert disbursement amounts discount rate [project appraisal; securities]
into constant dollars. tasa de actualizacion
Annualized rate of discount applied to debt
disbursement letter securities issued below par (e.g. U.S. Treasury
aviso, notificacion de desembolso bills).
[see also shadow discount rate; social rate of
disbursement officer discount]
oficial de desembolsos
discount window [central bank]
disclaimer redescuento
declinacion de responsabilidad
 63

discounted cash flow (DCF) method disguised unemployment; concealed, covert,

metodo de actualizacion de los ftujos de fondos hidden unemployment
A type of analysis based on discounting cash flows desempleo oculto. encubierto. disfrazado
to the present by a given discount rate. It allows
an analyst to take into account the fact that a dishoarding
dollar of benefit received a year from today is not desatesoramiento
as valuable as a dollar of cost incurred today, for Returning an item to either the real flow or the
example, because if the cost had not been incurred, money flow so that it can be circulated, consumed
the dollar could have been invested, and in a year's or otherwise used in its intended function.
time at an interest rate of, say, 10%, the capital
would have grown to $1. 10. Because projects vary disincentive
widely in the pattern of their costs and benefits desincentivo
over time, DCF is necessary to place them on a
common present value basis for comparison. disinflation
desinflacion
discretionary expense budget
presupuesto de gastos discrecionales disinflationary
In the World Bank, a budget for those expenses desinflacionario
directly controlled by the manager. Include
salaries, temporary staff costs, overtime, disintermediation
operational travel, representation, hospitality, desintermediacion
consultants, contractual services, internal 1 Shift of funds away from financial inter-
computing and language services. mediaries (commercial banks, etc.) into
Treasury bills and other securities.
discretionary income 2. Shift by large corporations away from banks
ingreso discrecional to a parallel market, involving other large
Income available after payment of necessaries such corporations.
as housing, taxation, etc.
disinvestment
discretionary liquidity desinversion
liquidez discrecional
The amount of liquidity held by the Bank above dislocated worker
the minimum prescribed. trabajador desplazado

discretionary spending dispatch money see despatch money

gasto discrecional
disposable income
discussion paper ingreso disponible
documento de trabajo
disposal see waste disposal
disease see pest and disease control; vectorborne
disease; water-based disease; waterborne disease; dispose (of) for value, to
water-washed disease enajenar a titulo oneroso

diseconomies disqualification [ICSID]

deseconomias reeusacion
Occurs when, as a firm grows larger, management
becomes less efficient, raw material costs rise dissaver
because local supplies are exhausted or for similar ahorrador negativo
reasons.
dissaving
disestablish, to desahorro; ahorro negativo
suprimir
64

distance learning, teaching documentary

enseiianza a distancia; educacion a distancia credito documental
Teaching by remote media such as radio or An arrangement where a bank, on behalf of a
television. customer, makes payment to a third party or
authorizes such a payment to be made.
distress borrowing
endeudamiento forzoso documentary evidence
Borrowing in a situation of extreme need when pruebas documentales
there is no other alternative.
dollar budgeting
distressed loan presupuesto basado en los costos efec:tivos
prestamo (que se halla) en dificultades Budget planning based on actual cash outlays for
Loan on which repayment of interest and principal the budget, rather than for a fixed amount of
has been severely delayed or completely items, with allowances for cost increases
suspended.
dollar gap
distress price escasez de dolares
precio de necesidad When the inflow of dollars into the US is high,
causing a shortage of dollars on the international
distress sale, selling market.
venta de bienes embargados, secuestrados;
venta a cualquier precio, de urgencia dollarization
dolarizacion
distributional weight
ponderacion distributiva domestic asset formation; domestic capital
formation
disutility formacion interna de capital
desutilidad Gross fixed capital formation plus increase in
stocks.
ditch rider; waterman
canalero domestic content
Person responsible for supervising an irrigation contenido de origen national
area.
domestic currency
diversion darn moneda nacional
presa, represa de derivacion
A barrier across a stream built to turn all or some domestic economy
of the water into a diversion. economia interna, national

divestiture; divestment domestic finance studies

privatizacion; venta (de una empresa); cesion; estudios sobre finanzas nacionales
traspaso de intereses
Disposition of an asset or investment by outright domestic preference; preference margin;
sale, employee purchase, liquidation, etc. preferential margin; margin of preference
[procurement]
divestment see divestiture margen de preferencia a empresas nationales;
preferencia por los productos nation ales
dividend see stock dividend Preference given to certain goods and services of
domestic origin in a bidding procedure.
dockage; wharfage; wharfage charges
muellaje
 65

domestic resource cost - DRe double shift teaching system

costo en recursos intemos ensenanza en doble jomada, de doble tumo
Cost of resources used in products that are not System where, normally because of overcrowding,
imported. one group of pupils is taught in the morning, the
other in the afternoon.
domestic savings
morro intemo double taxation
doble tributation, imposition
domestic value added A term widely used to describe double taxation of
valor agregado, aftadido en el pais corporate earnings, once through corporate income
The value added to a product by local or domestic tax and again through taxation of corporate
activities. dividends paid out of after-tax earnings. Also used
to describe taxation paid on income first in one
donor country country and then another.
pais donante
double-weighted borrowing cost [IBRD]
dose-response relationships costo de los emprestitos con doble ponderation
relacion dosis--efecto When calculating borrowings, the IBRD takes the
The direct relationship between a specific amount amount of the loan, multiplies it by the interest
of environmental pollution and its environmental rate, and obtains a total for the interest. All the
impact. This is the easiest way to cost the effects of loans and all the interest totals are added. The first
pollution but is not always feasible. sum is then divided by the second to obtain the
weighted average interest. This is the
double cropping; sequential cropping single-weighted borrowing cost. Recently, the
cultivos dobles; cultivos sucesivos IBRD has obtained the interest total by
Planting one crop after harvesting another. multiplying the amount of the loan by the interest
and the number of years to maturity, to take into
double~y phenomenon account the fact that it has loans of varying
fenomeno de la doble tarea (de la mujer) maturities. The weighted averaged interest
Phenomenon of women being wage-earners and obtained from this calculation is called the
responsible for children and household tasks. double-weighted borrowing cost.

double digit inflation; two digit inflation doubtful debt

(tasa de) inflation de dos digitos, de 100/00 mas deuda dudosa, de cobro dudoso

double entry accounting down payment (on the budget deficit)

contabilidad por partida doble reducciiin initial
An accounting system in which every transaction
results in corresponding debit and credit entries in down time
the system. All credits equal all debits at all times. tiempo de inactividad

double factorial terms of trade downgrade, to (a loan)

relacion de intercambio de dos facto res rebajar de categoria
Terms of trade where changes in productivity in
both trading partner countries are taken into downloading
account in order to estimate the division of the real transferencia desde el sistema principal
gains from trade. They therefore vary
proportionately with the net barter terms of trade downsize, to
and with productivity in the export sector but reducir de tamafto
inversely with productivity embodied in imports.
66

downstream effect, benefit drift fishing

efecto (0 beneficio, etc.) mediato pesca de deriva

downstream innovations drill core

innovaciones inducidas por el usuario testigo

downstream plant. facilities drilling

planta de elaboracion secundaria [petroleo]; perforacion
instalaciones de elaboration, transporte y
distribucion drilling rig, platform see oil (drilling) rig

downswing drip irrigation; dribble irrigation; trickle irrigation

fase descendente, de contraction; movimiento riego por goteo
descendente The application of water to the soil through small
orifices in plastic pipelines.
downturn (economic)
initiacion de la fase descendente; cambio droppage [IFC]
desfavorable de la coyuntura abandono; renuncia
When a borrower from IFC decides to cancel a
downward trend loan before signature.
tendentia descendente
drop out [education]
drainage system see storm water drainage system desertar; desercion; desertor escolar

draw, to (funds) dropout rate [education]

girar, retirar, utilizar fondos tasa de desercion

drawback [customs] drought stress

reintegro tension debida a la sequfa
An amount of money which is collected as a Stress on a plant due to lack of water.
customs duty on imported goods and then refunded
when the goods are reshipped as exports. drug see brand name drug; generic drug

drawdown dry farming; dryland farming

disminucion; reduction; giro; utilization cultivo de secano
A system of producing crops in arid and semiarid
drawdown of equity regions without the use of irrigation. Frequently
utilizacion dd capital alternate years of fallow and cropping are
practiced.
dressing see basal dressing; surface dressing; top
dressing; window dressing dryland farming see dry farming

dressing section, hall [slaughtering] dryland(s) management

section de evisceracion ordenacion de tierras aridas
Area where excess fat and bone is removed from a The management of arid and semi-arid areas.
meat carcass.
dry process [cement manufacture]
dribble irrigation see drip irrigation elaboracion, fabrication por via seca
Method of manufacturing cement whereby no
water is used in the process. Cf wet process
 67

dual executive director

director ejecutivo con doble funcilm (en el BIRF
y el FMI)
Executive director of both the World Bank and the
International MonetaI)' Fund.

dual-purpose cattle
ganado de doble finalidad
Cattle used both for beef and milk.

dummy variable
variable ficticia, artificial, simulada
A constructed variable used as a means of
including factors that are not naturally quantifiable
in an econometric model. It may assume two and
only two values (usually 1 and 0) used to represent
the presence of a factor and its opposite or
absence.

dumping
dumping

dung cake
torta de esth~rcol

durable goods; durables

bienes duraderos
Any consumer good which has a significant life
and which is not therefore immediately consumed.

dust collector see precipitator

dust separator see precipitator

dutiable
sujeto al cobro, al pago de derechos

duty-free
libre, exento de derechos

duty station
lugar de destino

dwelling core
nueleo habitacional; vivienda minima
The basic shell of a building often constructed to
allow family or self-help groups to have basic
housing and add additional features themselves.

dynamic life index [commodities]

indice de vida dinamica
Index in years of a commodity, assuming a
specified growth in rate of production.
68

earthfill dam
presa, represa de terraplen
-E- Dam constructed of excavated earth material.

earth resources satellite

early intensive adjustment lending (EIAL) country satelite de exploracion de los recunos
pais que recibio financiamiento para fines de terrestres; satelite para el estudio de los
ajuste antes de 1986 recursos terrestres
Country that received two structural adjustment One of a series of satellites designed primarily to
loans or three adjustment operations, with the first measure the natural resources of the earth.
taking place before 1986.
earth road
early (maturing) [crops] camino de tierra
de maduracion temprana, precoz Unsurfaced road made entirely out of earth.

early retirement scheme ease, monetary

plan de jubilation anticipada relajacion moneta ria; flexibilidad monetaria
Policy of reducing restrictions on the availability
early warning system of money, e.g. by easing credit restrictions.
sistema de alerta anticipada
easy money
earmark, to (funds) dinero barato, abundante
consignar, destinar (rondos) para un fin A condition in which a combination of relatively
determinado low interest rates and great credit availability
exists.
earmarked account
cuenta reservada, especial economic and sector work - ESW
estudios economicos y sectoriales
earmarked tax
impuesto para fines especificos economic hardship
dificultades economicas
earned income A reason for delaying Bank or !FC repayments.
ingreso(s) proveniente(s) del trabajo; a veces:
iogreso(s) salarial(es) economic indicator
indicador economico
earned surplus
utitidades no distribuidas economic internal rate of return see economic rate
of return
earning assets
activos productivos economic life
Loans and investments. duracion, vida util

earning power economic man

rentabilidad; capacidad de obtention de homo economicus
ingresos
economic management
earnings gestion economica, de la economia
ingreso(s); ganancia(s); utilidad(es);
remuneration economic performance
comportamiento, desempeiio de la economia;
resultados economicos
 69

economic policy note [EDI] edit (texts for publication)

nota sabre politica economica editar

economic price~ efficiency price edited by

precio economico; precio de eficiencia compilado por
Price reflecting relative value to be assigned to
inputs and outputs if the economy is to produce editor
the maximum value of physical output efficiency. editor (de un teno); compilador (de una
coleccion de textos); coordinador, encargado de
economic rate of return - ERR.; economic internal una edicion; redactor jefe
rate of return - EIRR
tasa de rendimiento economico, de rentabilidad educational achievements
economica resultados escolares; rendimiento escolar
An internal rate of return based on economic
prices. educational background
antecedentes academicol; formacion
economic recovery loan - ERL [World Bank]
prestamo para recuperacion economica educational material
material didactico
economic rent
renta economica effective see cost effective
The return for the use of a factor of production in
excess of the minimum required to provide the effective cut-off see operational cut-off
service of the factor. The surplus remaining to a
project beneficiary after he receives the rewards effective date
necessary to attract physical inputs, labor, fecha de entrada en vigor
entrepreneurship and the willingness to bear risk.
effective exchange rate
economic soundness [MIGA] tipo de cambio efectivo
solvencia economica The domestic market price of a good divided by its
One of the criteria used in assessing a project border price. In effect, the exchange rate actually
before a guarantee is provided. paid for a given good. Serves as an estimate of the
shadow exchange rate for that good.
economics of regress (see also real effective exchange rate]
economia del retroceso; aspectos economicos del
retroceso effective interest rate
The economics of negative growth. The opposite tipo, tasa de interes efectivo(a)
of economics of progress. The true rate of interest paid on an installment
loan.
economies of scale
economfas de escala effective protection coefficient - EPC
coeficiente de protection efectiva
economies of scope A measure of protection through import duties,
economias de diversificacion etc. as related to domestic value added as opposed
Cost advantage of producing different products in to total value of output. Commonly measured as
a single firm. the excess value added. It measures the protection
given to the production process per se, not just to
edge bias the product. Often useful as a partial, quick
sesgo (por exceso) de margen, de borde indicator of economic acceptability.
In crop evaluations, inclusion of a plant on the
edge of the square delineating the area to be effectiveness see conditions of effectiveness; cost
measured, rather than excluding it, leading to an effectiveness
upward bias.
70

effectiveness of an agreement the solids, thereby allowing smaller sewers to be

entrada en vigor de un convenio laid at flatter gradients and with fewer manholes.

effects method [project appraisal] 18% currency [mRD maintenance of value]

metodo de los ereetos monto(s) del 18% (pagado(s) por un miembro
A method of project evaluation originated by en su moneda)
Charles Prou and Marc Chervel, widely used in The capital paid in to the Bank by a member
French-speaking African countries, which involves country in its own currency. Members have to pay
valuing the product and its tradeable inputs at in 20% of their initial shares, of which 2% is in
shadow prices. A comparison is made between the gold and 18% in the national currency. This is the
situation with the project and without the project. 18% currency. Though subsequent capital
increases have required a lower national currency
efficiency cost of taxation; excess burden of payment, this amount is still called 18% currency.
taxation
costo de eficiencia de (los impuestos) la 18% currency out on loan [mRD maintenance of
tributacion; carga excesiva de Ja tributacion value]
The difference between the resources that the montos del 18% en prestamo
government gains and the sacrifice that is made by
taxpayers. Egyptian cotton; kidney cotton; Sea Island cotton;
West Indian cotton
efficiency price see economic price algod6n de las Islas Occidentales; algodon de
Barbados; algodon egipcio
efficiency price; efficient price; long-run marginal
cost - LRMC [electricity] elasticity of demand
costo marginal a largo plazo elasticidad de Ja demanda
The cost of meeting an increase in consumption, The percentage change induced in one factor of
sustained indefinitely into the future, when needed demand divided by a given percentage change in
capacity adjustments are possible. the factor that caused the change. For example, if
the price of a commodity is raised, purchasers tend
efficiency unit to reduce their buying rate.
unidad de eficiencia
elasticity of substitution
efficiency wage elasticidad de sustituci6n
salario de eficiencia A measure of the ease with which one input can
Wages measured in cost per unit output rather be substituted for another when responding to a
than in actual wages received or paid. change in the ratio of the prices of the s. For
instance, given a production function, suppose that
efficient price; efficiency price; long-run marginal the ratio of the return to capital to wages declined
cost - LRMC [electricity] 1%, making labor relatively more expensive than
costo marginal a largo pJazo capital. If the ratio of the amount of capital input
to labor input used increases more than 10/0, the
effluent charges elasticity of substitution is elastic, which implies
cargos por efluentes; descarga de ef1uentes that it is relatively easy to substitute capital for
Payment for direct releases into the environment. labor.
[see also constant elasticity of substitution]
effluent sewerage; solids-free sewerage; small-bore
sewerage elastic money
sistema de alcantarillado (alcantarillado) para dinero ellisticoinput
ef1uentes liquidos The situation occurring in a monetary system in
A hybrid between a septic tank and a conventional which the volume of currency in circulation can be
sewerage system. Its distinctive feature is a solid varied to meet different needs.
interceptor tank located between the house sewer
and the street sewer. The interceptor tank retains
 71

electronic funds transfer - EFf emergency reconstruction loan - ERL

transferencia electrOnica de fondos prestamo para reconstl1lccion de emergencia

eligibility; eligibility conditions emergency recovery loan - ERL

habilitacion; requisitos, condiciones que deben prestamo de emergencia para recuperacion
cumplirse
emerging markets [securities]
eligibility ceiling see formal eligibility threshold mereados emergentes, incipientes

eligibility to bid eminent domain

elegibilidad para participar en una licitaciOn dominio eminente; derecho de expropiacion
The power to take private property for public use
eligibility threshold see formal eligibility threshold by the state, municipalities and private persons or
corporations authorized to exercise functions of a
eligible [procurement] public nature.
elegible
emissions trading
eligible currency intereambio de derechos de emision,
moneda admisible contaminacion
Pollution dischargers who release less pollution
eligible expenses than the officially approved limit may sell or trade
gastos admisibles, aceptables, financiables the difference between its discharges and the
authorized limits to another firm which can then
eligible host country [MIGA] increase its amount of discharge.
pais receptor elegible
A member who is listed as a developing member empower
country in Schedule A to the Convention. dar participacion; dotar de los medios;
responsabilizar; dar poder de decision
eligible investment [MIGA]
inversion admisible empowerment
Investment accepted for coverage under the habilitaciOn; promocion de la autonomia;
Convention. Includes equity interests, including potenciacion
medium- or long-term loans made or guaranteed Giving political power to disadvantaged groups.
by holders of equity in the enterprise concerned. e.g. women, children.
and such forms of direct investment as may be
determined by the Board enabling environment
entomo, ambiente, cUma propicio. favorable;
eligible paper condiciones propicias, favorables
efectos, valores negociables
Paper than can be freely traded on the market enabling legislation
ley(es) que autoriza(n); autorization legislativa
eligible risk
riesgo admisible encashment [IDA]
conversion en efectivo
eligible source country The conversion of notes and other securities paid
pais de origen calificado in by member countries to IDA into cash.

embodiment hypothesis enclave project

hipotesis del progreso teenico incorporado proyecto enclave
Economic theory which states that investments in Project designed and supervised by foreign
new capital equipment embody technical change. consultants, executed by foreign contractors and
suppliers and managed with the help of
expatriates.
72

end-of-mission document energy cropping

in(onne de fin de mision cultivos para fines energeticos
The growth of plants to be used for energy needs
end of pipe pollution control (i.e. wood, oil-bearing plants).
control de la contaminacion en la descarga
Control of pollution where it is discharged rather energy-efficient
than in the production cycle. eficaz en el uso de la energia

end use (of a commodity) energy-intensive

uso final de uso intensivo de energia

end use (energy) efficiency energy lending

eficiencia del uso final de la energia financiamiento para energia

end use tax engender

impuesto seglin uso final considerar (una cuestion) desde el punto de
vista de los roles del homhre y la mujer
energy see also alternative energy; biomass Considering issues from the point of view of
energy; commercial energy; constant energy gender, relations between the sexes.
intensity; conventiona1 energy; net energy ratio
engineered road
energy affiliate camino trazado tecnicamente
organismo de energia afiliado aI Banco; A planned earth road.
organismo afiliado de energia
Proposed organization, subsidiary of the World engineering see also design; design engineering;
Bank, dea1ing with lending for energy. Never detailed design, engineering; environmental
actua1ly set up. engineering; financial engineering; heavy
(engineering) industry; preliminary design,
energy assessment engineering
evaluacion de recursos energeticos
engineering consultant
energy audit ingeniero consultor
estudio de recursos energeticos [de un pais];
namen del uso de la energia; balance de engineering design
energia diseiio tt~cnico
A survey of energy usage in a system or
organization and an examination of how energy engineering development
may be used more economica1ly. desarrollo tecnico

energy cascading engineering industry

utilizaci6n escalon ada de energia industria tecnica, mecaDica, metalmecanica
The utilization of energy, otherwise wasted, in the
performance of work matched to the engineering, preliminary
characteristics of the energy, e.g. the use of waste diseiio tecnico preliminar
heat from an industrial process for a variety of
purposes in sequence, performing work at a lower engineering-related technical assistance; hard
temperature at each stage. The sequence may technical assistance
include air heating, steam raising and water asistencia tecnica relacionada con los
heating. componentes fisicos; asistencia tecnica
relacionada con las inversiones en activos fisicos
energy conservation Technical assistance geared towards engineering
conservacion, ahorro de energia projects as opposed to institution-related
technical assistance.
 73

engineering studies advise on projects involving large dams. Normally

estudios teenicos, de ingenieria required for Bank large dam projects.

enhance new debt, to environmental assessment - EA

mejorar las condiciones de la nueva deuda evaluacion ambiental
An intensive examination that is required for
enhanced recovery [oil] lending operation that have diverse and significant
recuperacion mejorada environmental impacts.
Increased recovery from a reservoir achieved by
artificial means or by the application of energy environmental audit
extrinsic to the reservoir. auditoria ambiental
Detailed study of the environmental problems of
enrollment ratio an area or industrial plant.
tasa de matricula; coeficiente de matricula
Ratio of pupils enrolled to total school age environmental degradation
population. deterioro, degradacion ambiental
[see also gross (primary) enrollment ratio] Deterioration in the environment. Includes
pathogens in the environment, indoor air
enrollments pollution, substandard housing and extensive
matricula; numero de a1umnos matriculados industrialization.

entrepOt trade environmental engineering

comercio de reexportacion ingenieria ambiental, del medio ambiente;
The re-export trade of a country. ingenieria ecologica

entrepreneur environmental enhancement

empresario mejoramiento ambiental
Improvement to the environment. Used by the
entrepreneurial benefit-cost ratio - EBC Bank to refer to improvement to the environment
relacion costos-beneficios empresariales, de las as an indirect effect of a project.
empresas
environmental goods and services
entrepreneurship bienes y servicios ecologicos, para la proteccion
capacidad, espiritu empresarial ambiental
Goods and services provided for environmental
entries see accounting entries protection purposes.

entry level environmental health, sanitation

nivel de ingreso higiene ambiental; saneamiento ambiental

environment satellite accounts environmental hotspot

cuentas subsidiarias del medio ambiente zona de singular riqueza ecologica
Subsidiary national account for the environmental Area on the Earth where there is a considerable
sector. and often unique species diversity.

environmental action plan EAP environmental impact assessment - EIA

plan de proteccion ambiental evaluacion del impacto ambiental; evaluacion
de los efectos ambientales
environmental (advisory) panel Evaluation of the effect of a project on the
grupo de evaluacion ambiental environment.
An advisory panel of independent, internationally
recognized, environmental specialists, formed to environmental management plan see mitigation
plan
74

environmental reconnaissance environmentally adjusted income - EAI

examen (ambiental) sobre el terreno ingreso ajustado conforme a consideraciones
Bank mandated study, carried out by independent, ambientales
recognized experts during project identification, to
ensure that potential environmental effects are environmentally adjusted national income - ENI
identified, ascertain the scope of further ingreso nadonal ajustado conforme a
environmental studies and action needed, assess consideraciones ambientales - JNA
the availability of the borrower to undertake them
and advise on the need for an environmental epidemic disease [livestock]
panel. epizootia

environmental review equalization fund

estudio de los deetos ambientales fondo de igualadon, de equiparadon
The whole process by which the Bank monitors Funds made available by a national government to
the environmental effects of projects. It may subnational or local governments to reduce the
involve fuIlscale environmental assessment or only degree of inequality in the levels of revenue raised
limited analysis. It starts with screening at by the local governments.
identification and continues through evaluation
after the last disbursement. equalizing discount rate see cross-over discount
rate
environmental screening
estudio (ambiental) preliminar equalizing rate of return
tasa de rentabilidad de equilibrio
environmental services The rate of return that equalizes the present
beneficios eeologicos value of two streams of costs. Used to compare two
Functions performed naturally by forests, such as or more different project alternatives.
maintenance of waterflow patterns, protection of
soil, support of economically important living equilibrating capital flow
resources and regulation of climate. corriente de capital equilibradora

environmental stress equilibrium climate change

tension, estres ambiental; perturbaciones del cambio climatico de equilibrio
medio ambiente The change which would occur once all the lags in
the climate system have worked through the
environmental sustainability system, which may take decades or centuries. cr.
sostenibilidad ambiental transient climate change.

environmentalist equilibrium exchange rate

ecologistas; expertos en medio ambiente tipo de cambio de equilibrio
The exchange rate when offer and demand are
environmentally adjusted domestic product - EDP equally balanced.
producto intemo ajustado conforme a
consideraciones ambientales - PIA equilibrium income
ingreso(s) de equilibrio
environmentally adjusted economic accounts -
EEA equilibrium model see computable general
cuentas economicas ajustadas conforme a equilibrium model
consideraciones ambientales
 75

equilibrium real exchange rate equity grant

tipo de cambio real de equilibrio donacion en capital
The price of tradables relative to non-tradables
that, for given long-term equilibrium (or equity-like instrument
sustainable) values of other relevant variables such instrumento financiero con caracteristicas
as trade taxes, international prices, capital and aid patrimoniales
flows and technology, leads to the simultaneous A loan structured in such a way that it can be
attainment of internal and external equilibrium converted into equity. An example is an income
and is compatible with long-term economic note that acts as equity, i.e. it bears interest only if
growth. the project generates interest. This means it has
the form of equity (cr. stocks where income is
equipment generated only if the company pays a dividend).
equipo(s); material (de transporte) An example of the use of this type of instrument is
in high-risk countries where an equity investment
equipment grant would be lost at once but an equity-like
donacion en, para equipos instrument, if dollar-denominated, would
guarantee the capital and ensure income if the
equity project produced income.
capital (social, accionario); patrimonio (neto);
acciones; equidad equity line [IFC]
[see also capital; deadwood equities; debt-equity linea de capital accionario
conversion fund; debt-equity conversion, swap; Credit line (also known as agency line)
quasi-equity; real estate equity; stockholders' established in favor of an intermediary which
equity] would draw on the line to make loan and equity
investments for IFe's account.
equity; common share [stock exchange]
accion ordinaria equity loan
prestamo en forma de participacion en el
equity capital; capital stock (of a corporation) capital
capital social, accionario Loan in the form of equity participation.
The issued share capital which is neither limited
nor preferred in its participation in the distribution equity ownership
of its profits nor in the ultimate distribution of its participacion en el capital social
assets. Equity capital is sometimes used as a An interest in a property.
synonym for stockholders' equity.
equity portfolio fund
equity feature [IFC] fondo de inversiones de cartera
opcion a participar en el capital social;
prestamo convertible en acciones de capital equity ratio
[CFIJ relacion capital-activo
IFe loan which has a feature enabling it to be Ratio of assets to net worth.
converted into an equity participation.
equity security
equity financing, investment certificado de participacion
inversion, participacion en (el) capital social A certificate that designates a proportional
Investment that confers whole or partial ownership ownership in a corporation. Includes rights,
in an enterprise and entitles the investor to share warrants and long call options.
in the profits from its operation.
equity subscription [IFC]
equity fund suscripcion de capital social, de capital
fondo de inversion en acciones accionario
Money market fund investing in equity stocks. The purchase of shares in IFe by member
countries.
76

equity-type loan; sponsored loan estimates of quantities see preliminary estimates of

credito de accionistas, de participacion quantities
Loan made by equity holders of the borrower.
establishment convention; base convention
equity underwriting convenio buico
compromiso de suscripcion de aceiones Basic agreement used in financing a major project.
Underwriting (i.e. finding buyers for a security
issue) a share issue. This technique has been used Eurobonds
by IFC, e.g. for the Korea Fund, a diversified eurobonos
closed-end investment company investing in
Korean securities, that plans to offer its shares in Eurocurrency market
the U.S. and other markets with IFC as one of the mereado de eurodivisas
colead managers.
Euroissues
escalation see price adjustment clause; tariff euroemisiones
escalation
European Currency Unit - ECU
escalation clause [prices] unidad monetaria europea - ECU
c1ausula de reajuste (de los precios) A standard unit of account of European
Clause in a contract which allows for prices to Community member countries.
increase as certain specified items, e.g. labor costs,
increase. European flotations
[see also price adjustment clause] emisiones (de obUgaciones) en Europa

escalator clause [wages] Eurosterling

chiusula de escala movil euroesterlina
Clauses in labor agreements providing for
automatic wage increases based on movements in evacuation road
a specific price index. camino de salida

escape clause; break clause; jeopardy clause evaluated portfolio [IFC]

clausula de salvaguardia, de elusion, de escape valor estimado de la cartera
A clause in a Eurocurrency agreement specifying That part of the disbursed portfolio in companies
that, if certain events curtail the lender's activity or which have a sufficient operating history for a
the operation of the Euromarkets, other designated reasonable review of their creditworthiness or
actions will come into effect. profit potential.

escrow evaluation [projects]

deposito en garaniia, en custodia evaluacion ex post
A writing, deed, money, stock or other property
delivered by the grantor, promisor or obligor into Evaluation Capability Development Program -
the hands of a third person, to be held by the latter ECDP [ffiRD]
until the happening of a contingency or Program a de Desarrollo de la Capacidad de
performance of a condition and then by him Evaluacion Ex Post
delivered to the grantee, promisee or obligee.
evaluation mission; audit mission
escrow account mision de evaluacion ex post
deposito en custodia
Account to set aside a sum of money for a specific evidence [ICSID]
purpose, e.g. loan repayment. prueba; medio de prueba
 77

examination (of witnesses or experts) [ICSID] exchange arbitrage

interrogatorio; examen arbitraje de cambios

examination of bids exchange budget

anaIisis de las ofertas presupuesto de divisas

examiner see bank examiner exchange control regulations

disposiciones de control de cambios
ex ante evaluation
evaluacion previa, ex ante exchange cost
costa en divisas
ex ante financing gap
brecha financiera ex ante exchange discount
Used by the IMF to denote a gap between the descuento cambiario; perdida cambiaria
funds they need and the funds they have available
at the start of a program of financing. exchange equalization account
cuenta de igualacion de tipos de cambio
excellence center [education] An account to stabilize the exchange value of the
centro de excelencia domestic currency by preventing excessive
Training and research institutions for the training depreciation or appreciation. Used primarily in the
of highly qualified personnel and for undertaking United Kingdom.
research in scientific disciplines.
exchange market see foreign exchange market
excepted period
periodo exceptuado exchange premium
Period that does not count as laytime even if prima, ganancia cambiaria
loading or discharging is carried out.
exchange rate differential
excepted risks diferencia(s) de tipos de cambio
riesgos no cubiertos
Risks excluded from insurance under a contract. exchange rate overvaluation
These often include war, revolution and similar sobrevaloracion de las monedas
acts of violence, as well as explosions, damage
caused by radioactivity or aircraft and similar exchange rate policy
damage. politica cambiaria

excess burden of taxation see efficiency cost of exchange risk

taxation riesgo cambiario

excess capacity exchange stabilization fund

excedente de capacidad; capacidad fondo de estabilizacion cambiaria
excedentaria A fund set up to stabilize the value of the domestic
currency. Used primarily in the US.
exchange see foreign currency, exchange
exchange system
exchange adjustment regimen, sistema cambiario
ajuste cambiario
excise tax
exchange allocation impuesto aI consumo
asignacion de divisas
78

exclusive economic zone - EEZ exit bond

zona de soberanfa economica bono de exclusion
The area beyond and adjacent to the territorial sea Instruments issued by a debtor country to a
over which the coastal state has sovereign rights creditor bank in place of a bank credit, that allows
for the purpose of exploring, exploiting, the creditor bank to be exempted from future
conserving and managing the natural resources of requests for new money and restructuring. Used
the bed, subsoil and supeIjacent waters and with by Argentina and the Philippines (with its
regard to other activities for the economic Philippines Investment Notes - PIN).
exploitation and exploration of the zone as well as
jurisdiction with regard to marine scientific exit mechanism
research and the preseIVation of the marine mecanismo de opciones
environment. It should not exceed 200 miles. Procedures to allow users of a seIVice to use
alternative services. In public sector management,
execute an agreement, to these include deregulation, contracting out of
celebrar, firmar un convenio, un acuerdo seIVices to multiple private providers and
competition between the public and private
executing agency [UNDP] sectors. The basic concept was developed by Albert
organismo de ejecucion Hirschman in Exit, Voice and Loyalty and adapted
Organization that implements a project on behalf by Samuel Paul to the issue of accountability.
of another.
exit value see current exit value
Executive Board; Board of (Executive) Directors
[IBRD; IDA] ex-officio [ICSID]
Directorio Ejecutivo ex officio

Executive Director expansionary policy

Director Ejecutivo politica expansionista

executive summary expatriate

resumen expatriado

ex factory price; price ex factory; factory gate price expectation [mathematics] see expected value
precio en fabrica
The manufacturing cost excluding cost of expected value
distribution. valor esperado
The mean value of single obseIVations drawn from
exhaustion of local administrative or juridical a finite or infinite universe in repeated samplings.
remedies [ICSID]
(exigir) el agotamiento previo de las vias expendable equipment
administrativas 0 judiciales (de un Estado) material fungible

existence value expenditure-switching

valor intrinseco; valor de existencia reorientacion del gasto
Value of keeping something (e.g. a species of plant One of the policy alternatives necessary to remove
or animal) even when no benefit is expected to be an international trade imbalance. Examples are
derived from keeping it, now or in the future. devaluation and import restrictions which are
intended to encourage domestic output and also
exit barrier foreign expenditure on domestic output.
obstaculo a la salida del mercado
Legal mechanism that prevents from leaving a expense, to; to write down
market (e.g. liquidating or merging a firm), often castigar; rebajar el valor en Iibros; amortizar
designed to protect workers from unemployment parcialmente
or to conseIVe scarce capital resources.
 79

expert appraisal and the project boundary and the point where the
tasacion, avaluo pericial; peritaje cif or fob price is quoted.

expertise export processing zone - EPZ

conocimientos especializados; pericia; expertos zona franca industrial
An industrial area forming an enclave in the
explanatory variable; predictor; predicated, customs area of a country (generally near a port or
independent variable; fixed variate; regressor airport).
[statistics]
variable independiente, predictiva export rehabilitation project - ERP [mRD]
proyecto de rehabilitacion del sector
(explicitly) collusive oligopoly exportador. de exportacion
oligopolio colusorio expUcito; cartel Project geared towards improving the export
An oligopoly where participants act as a cartel. performance of a country.

export adjustment loan - EAL export shortfall

prestamo para ajuste del sector exportador. de insuficiencia de las exportaciones; insuficiencia
exportacion de los ingresos de exportacion
Loan made by the World Bank to assist a country
to adjust its export sector. export subsidy
subvencion, subsidio a las exportaciones
export credit
credito de exportacion, a la exportacion exports of goods and services - XGS
exportaciones de bienes y servicios
export development fund - EDF
rondo para el fomento de las exportaciones ex post cofinancing
A self-sustaining revolving fund set up to cofinanciamiento ex post
recapture the foreign exchange advanced within a Cofinancing after tbe initial loan has been made,
specific period, typically 120-360 days, for use e.g. by selling part of the loan.
again by eligible beneficiaries. It provides
mechanisms to give access to exporters to foreign ex post evaluation
exchange for the purchase of intermediate inputs. evaluacion ex post, a posteriori
The Bank has made loans for these funds as part The process whereby the Bank, and in some
of its Program of Special Assistance. instances, an agency of the government, shortly
after completion of project implementation and
export earnings. proceeds disbursements of the proceeds of the loan, review
ingresos de exportacion comprehensively the extent to which the objectives
and expectations of the project, on the basis of
export-enclave economy which the Bank loan was approved, have been or
economia dependiente de la exportacion de un show promise of being achieved.
solo producto
Economy which is geared towards the export of ex post real interest rate
one commodity only (e.g. oil). tipo de interes real ex post
The actual real interest rate.
export-oriented
orientado hacia la exportacion exposure
riesgo; prestamos pendientes; participation en
export parity price una inversion; compromisos neros
precio paritario de exportacion Amount of investment made, with the additional
The estimated price at the farm gate or project idea of risk. These translations are proposed. The
boundary derived by adjusting the cif or fob price translation will often depend on the context.
by all the relevant charges between the farm gate [see also bank exposure; co-exposure; country
exposure]
80

exposure diversification external payment position

diversificacion de los riesgos situacion de palOs extemos

ex quay (duties on buyers' account) external review mission

en el muelle (derecbos por cuenta del mision de examen extemo
comprador)
Applies to goods that the seller makes available to external viability
the buyer on the quay at the destination named in viabilidad de la balanza de pagos
the sales contract. The seller bears the full cost and
risk involved in bringing the goods to this externalities [projects]
destination, except for the liability for clearing the dectos extemos; extemalidades {proyectos]
goods for import, which is the responsibility of the Costs and benefits of development projects which
buyer. do not get captured by the market mechanism, e.g.
revulsion caused by bad taste advertising, garbage
extended family dumped on the outskirts of a city and poor
familia extensa performance of sanitary services.

extended payment plan extra long staple cotton

venta a plazos algodon de fibra extra larga
Cotton with fibers of 1 3/8 inches long or more.
extender [gasoline]
aditivo (que aumenta la cantidad) extraordinary budget; special budget
presupuesto extraordinario
extension [agriculture]
extension; divulgacion

extension [building]
ampliacion

extension agent, worker

agente de extension, de divulgacion agricola;
extensionista
Low-level staff providing assistance and advice to
farmers.
[see also field-level extension worker]

extension officer
oficial de extension, de divulgacion agricola
A higher-level staff member providing assistance
and advice to farmers.
[see also agricultural extension officer]

external current account deficit

deficit de la balanza en cuenta corriente

external debt outstanding

deuda extema pendiente

external debt reporting system

sistema de notificacion de la deuda extema
 81

fair price shop

puesto de venta de productos subvencionados
-F-
fallacy of composition
falacia de composicion
face value A wrong conclusion reached by taking a known
valor nominal fact about individuals and projecting it to apply to
the entire population.
facility
mecanismo; servicio; instalacion; medios family planning
planificacion familiar, de la familia
fact sheet
datos basicos farm
explotacion agricola; granja; finca
factor cost, at - f.c.
aI costo de los facto res farm budget
presupuesto de la explotacion agricola
factor income
ingresos de los factores farm forestry
Income derived directly from the current agrosilvicultura
production of goods and services. There are Forestry carried out on private farmlands.
normally four main categories: rent; wages and
salaries; interest and profits. farm gate price
precio a nivel de la explotacion agricola
factor income payments
pagos en concepto de ingresos de los facto res farm income
ingreso(s) agricola(s)
factor price
precio de los factores farmer-pull innovations
The price of a factor of production (e.g. land, labor innovaciones inducidas por eI agricultor
and capital).
farming system
factoring sistema de explotacion agricola
factoraje
The purchase of trade debts, usually without farming systems research - FSR
recourse. investigacion sobre sistemas de produccion
agricola
factory farming
agricultura industrial farming techniques
metodos, tecnicas de cultivo
factory gate price see ex factory price
farming unit
facultative reinsurance unidad agricola, de explotacion agricola
reaseguro facultativo
Reinsurance of a specific risk. Cf. treaty fast disbursing (loan); quick disbursing (loan)
reinsurance. (prestamo) de rapido desembolso

fair market value

valor justo, equitativo de mercado
82

fast -track procedures feed grains

negociaciones por via expedita cereales forrajeros
Procedures designed to facilitate negotiation of
complex trade agreements. They give the president feed unit
authority to conclude such agreements and submit unidad forrajera
them to Congress for approval or disapproval One pound of com or its equivalent in feed value
without amendment. Used by the Bush in other feeds which is fed to cattle under normal
administration in the 1990-1991 Uruguay Round farm conditions.
negotiations.
feedback (of information)
feasibility study retroaccion; informacion obtenida;
estudio de factibilidad, de viabilidad retroinformacion

fecundity feedback loop

fertilidad circuito de informacion

fee see availability fee; backup facility fee; feeder road

commitment charge, fee; cost plus ftxed fee camino de acceso, secundario, vecinal
contract; cost plus percentage fee contract; front-
end fee; guarantee commission, fee; harbor fees; feeder school; contributory school; preparatory
loan origination fee; management fee; percentage school
(fee) contract; service and support fee; stumpage eseuela preparatoria
fee; tuition fees; zero fee policy School where students go on to a speciftc higher-
level school, for which it is the feeder.
fee-based service [!FC]
servicio a cambio del pago de honorarios feedlot
Services provided by IFC for which IFC charges a corral de engorde
fee. Includes such services as technical assistance,
advice on privatization, corporate strategies, feedstock
ftnancial risk management, project structuring, materiales basicos; materiu basicu
setting up capital markets, etc. Substance (e.g. gas) used as raw material for its
chemical properties in creating an end product.
fee for lodging requests [ICSID]
cargo por presentacion de solicitudes fellow [EDI]
ex participante
fee-for-services basis
sistema de honorarios por servicios fertility rate
tasa de fecundidad
feed balance; feed estimate Births per thousand, usually related to individuals
balance forrajero of same sex, age, marital status, etc.

feed conversion ratio ftber crop

andice de aprovechamiento del forraje planta tenil
Ratio which makes it possible to evaluate feed
efficiency. Obtained from the amount of product fteld see coal fteld
obtained per kilo of feed given to the animal (Le.
daily average proftt/feed). fteld agent
agente en el terreno
feed estimate; feed balance
balance forrajero fteld assignment, mission
mision en el terreno, de observation en el
terreno
 83

field crop final design

cultivo; cultivo extensivo pianos definitivos

field-level extension worker final design quantities

agente de extension a nivel de poblado cantidades para los pianos definitivos

field mission, assignment final energy; secondary energy

mision en el terreno, de observacion en el energia final, secunda ria
terreno
finance lease; financial, full payout lease
field office contrato de arrendamiento con opcion de
oficina exterior, fuera de la sede compra; leasing; arrendamiento financiero
A lease involving payment over an obligatory
field seeds period of specified sums sufficient in total to
semillas, simientes de campo amortize the capital outlay of the lessor and give
The seed of field crops, as contrasted with some profit. In other words, the lessee pays the full
vegetable and flower seeds. value of the asset.

field staff finance plan

personal de las ofieinas exteriores, fuera de la plan finaneiero
sede; personal en el terreno
financial adjustment
field trip ajuste, reajuste financiero
viaje de observaeion, estudio, etc.
financial claim
field unit [agricultural extension] titulo de credito; acreencia; activo financiero
unidad de extension (agricola)
financial claims of government
field work uso de recursos por el gobiemo
trabajo en el terreno
financial contingency
field worker imprevistos finaneieros
funcionario destacado en el terreno
financial credit
Fifth Dimension Program credito financiero
programa de "quinta dimensi6n"
World Bank program whereby the Bank provides financial deepening
additional IDA allocations to IDA-ooly countries intensification financiera
that have outstanding mRD debt, are current on Acquisition of financial assets at a faster rate than
their debt service to the Bank and have an IDA- nonfinancial assets.
support adjustment program.
financial distress
filing of claims [MIGA] dificultades financieras graves
presentaeion de reclamacioncs
Submitting appropriate documentation to support a financial engineering
claim for a covered loss. tecnicas financieras; ingenieria finaneiera
[Mexico]
fill ratio [staff] Application of innovative techniques in major
coeficiente de ocupacion de cargos, puestos national and corporate workouts.
Percentage of positions in an organization that are
filled.
84

financial expenses coverage ratio financial replicability

coeficiente de cobertura del gasto financiero posibilidad de repetici6n financiera
Net income plus non-cash charges plus interest Full recovery of the financial costs of the project
payments divided by interest payments plus entity.
current portion of long-term debt.
financial repression
financial flows represion financiera
Aujos financieros; conientes financieras Distortion in the financial system, with negative
interest rates, subsidy interest rates to some privi-
financial futures leged borrowers, selective credit allocation, and
futuros financieros excessive bureaucratic control over the financial
system.
financial intermediary loan - FIL
pristamo a un intermediario financiero financial restraint, stringency
World Bank loan to a financial intermediary, such austeridad, moderacion financiera
as a central bank.
financial spread
financial internal rate of return see financial rate margen financiero
of return Income from loans and investments minus cost of
borrowing.
financial intrinsics
situaci6n financiera financial standing see creditworthiness
An alternative word for financial position.
financial statement
financial lease see finance lease estado financiero
A balance sheet, income statement, funds
financial leverage see leverage statement or any supporting statement or other
presentation of financial data derived from
financial package accounting records.
serie, conjunto de medidas financieras; paquete
financiero financial year; fiscal year
ejercicio (economico)
financial paper
efectos, valores financieros financialization
Commercial paper issued by financial institutions. financializacion
The holding of assets (e.g. savings) in financial
financial pedormance, results form (e.g. bills, bonds, cash) as opposed to in the
actuacion financiera; resultado(s) financiero(s) form of fixed assets (e.g. gold, real property),

financial plan financing gap

plan financiero deficit de financiamento

financial rate of return; internal rate of financial financing package

return; financial internal rate of return - FIRR financiamiento; a veces: plan de financiamiento
tasa de rendimiento financiero, de rentabilidad
financiera financing plan
The internal rate of return based on financial or plan de financiamiento
market prices.
fineness (of a precious metal)
financial ratios ley (de un metal precioso)
relaciones rmancieras
 85

fine tuning (of the economy) 1. Reduction in real income due to the increase
afinamiento (de la economia) in income from inflation, resulting in income
earners being placed in higher tax brackets.
firm bid rule 2. Action by public financial authorities with
nonna de oferta finne regard to economic activity.
Principle that a bid is irrevocable for a reasonable
time after bid opening. fiscal gap
deficit fiscal
first in, first out - FIFO
salida en el orden de adquisicion, fabricacion, fiscal policy
etc. politica fiscal
[see also last in, first out]
fiscal revenue
first-loss deductible [insurance] ingresos fiscales, tributarios
franquicia correspondiente a la primera
perdida fiscal transparency
transparencia fiscal
first ranking security Refers to the situation whereby certain partners
garantla de primer grado and associates in certain companies are deemed to
be the same as the company for taxation purposes.
first refusal right; preemptive right Used in France.
derecho prioritario, preferencial, de
preferencia, de prelacion fiscal year; financial year
Right to have the first opportunity to purchase real ejercicio (economico)
estate when such becomes available, or right to
meet any other offer. fishing by lamplight; lamplight fishing
pesca con luz artificial, aI encandilado
first year rule - FYR [project analysis]
regia del primer aDo five day biochemical oxygen demand see
A method of determining when to start a project. biochemical oxygen demand over five days -
Two time streams of costs and benefits (using one- BOD5
year intervals of discounting) are subtracted. The
project should be delayed by one year if the net fixed assets see capital assets
present value of this figure is negative.
fixed capital see capital assets
fiscal agent
agente financiero fixed cost contract; fixed price contract
A bank appointed by the borrower as its agent for contrato a precio fijo
a new issue of securities when no trustee has been
appointed. Its functions include those of a fixed costs
principal paying agent and a number of the costos, gastos fijos
clerical functions but none of the fiduciary
responsibilities of a trustee. fixed investment
inversion en capital fijo
fiscal balance
equilibrio fiscal, del presupuesto fixed price contract; fixed cost contract
A balance between the receipts and expenditures contrato a precio fijo
of a government (not just taxes).
fixed-rate financing
fiscal drag financiamiento con tipo de interes fijo
lutre fiscal; remora fiscal; freno fiscal
86

fixed rate matched funding loan flexibility quotient

prestamo de contrapartida con tasa fija cociente de flexibilidad
One of two types of fixed rate loans made by the Number of redeployable staff resources as a
Bank to IFC, involving amounts in various percentage of the total workforce.
currencies from which currency-specific tranches
are established to fund new fixed rate IFC loans on flexitime; flextime
a back-to-back basis. borario flexible

fixed term appointment flight capital

nombramiento de plazo fijo capital fugado

fixed term contract flight of capital; capital flight

contrato de plazo fijo fuga de capitales

fixed term staff flip chart

personal contratado a plazo fijo rotafolio

fixed variate; predictor float [banking]

variable independiente, predictiva efectos en cobro, cobraoza
Checks, drafts, etc., in the process of collection.
fixing see price fixing
float a loan, to
flag of convenience; open registry flag obtener un emprestito; lanzar una emision de
bandera de conveniencia, de favor bonos

flagship product floating capital

producto, publicacion estrella capital tirculante, flotante
Used to describe key publications, summarizing That portion of the capital of an enterprise not
Bank policy in a major area, e.g. poverty, invested in fixed or other capital assets but in
adjustment, health in Africa. current and working assets.

flagship project floating cash reserve

proyecto puntero, de punta reserva flotante en efectivo; encaje (ireulante,
Project used to promote development in a key area, flotante
e.g. environment, women in development.
floating rate
flat budget tipo de cambio flotante
presupuesto igual, sin cambio, sin aumento
Budget which shows no increase over previous floating rate bond
budget period. bono con interes variable, flotante
Bond on which the coupon is established
flat rate periodically and calculated with reference to
tasa, tarifa unifonne, a tanto alzado short-term interest rates.

flattening out floating rate note

aplanamiento de una curva; nivelacion pagare con interes variable, flotante
Note issued from five to fifteen years with a fixed
fleet [transportation] spread, usually over the six month London Inter-
flota; parque bank Offered Rate (LIB OR), normally with
provision for a minimum interest rate. Primarily
used by banks to raise dollars for their
Euromarket operations.
 87

floating rice floor return

arroz flotante rendimiento minimo
The amount of annual investment income
flock management~ herd management projected at the beginning of the fiscal year for the
manejo de rebaiios Bank.

flood control irrigation flotation [bonds]

riego por anegacion controlada emision

flooded rice flotation costs [bonds]

arroz acuatico gastos de emision

flood irrigation; spate irrigation flow see capital flow; capital inflow; cash flow;
riego por inundacion cash inflows; concessional flow; discounted cash
A method of irrigation in which water is made to flow; equilibrating capital flow; financial flows;
cover the surface of the land to a considerable funds flows; inflow of capital; nonconcessional
depth and remains for a considerable period, after flows; official flows; other official flows; student
which so much of it as has not soaked in is drawn flow
off, leaving the land ready for the growing of
crops. flow chart; process chart
grafico de circulacion; diagrama de
flooding see controlled flooding movimiento, de flujo, de produccion, de
secuencia, de procedimiento
floodplain A graph or chart that illustrates the movement of
lIanura inundada, de inundacion; terreno money, credit, goods or some other economic
aluvial, de a1uvion element through various stages. In computer
terminology it is a diagram of the processing of a
floodplain agriculture, cultivation problem in a computer by means of symbols and
agricultura, cultivo en tierras de aluvion lines to show either the logic and sequence of
specific program operations or a system of
flood recession crop processing to achieve certain objectives.
cultivo de decrecida
Crop planted on land which has recently been flow meter; flowmeter
flooded. caudalimetro
A meter that indicates the rate of flow of water.
floodway; high-flow diversion
canal de derivacion flow of funds see funds flow
Natural or man-made bypass channels or conduits
that redirect flood waters around or away from fluidized bed combustion
urban centers or area of high population density. combustion en lecho fluidizado
A method of burning particulate fuel such as coal
floor price in which the amount of air required for
precio minimo combustion far exceeds that found in conventional
Usually established by the government, the burners. The fuel particles are continually fed into
smallest price that a seller is allowed to charge. a bed of mineral ash in the proportions of 1 part
fuel to 200 parts ash, while a flow of air passes up
floor rate of exchange through the bed, causing it to act like a turbulent
tipo de cambio minimo fluid.
The minimum rate of exchange.
focus group
reuniones de grupos de representantes de los
interesados; grupo muestra elegido
88

focusing effect food production

efedo de concentracion produccion alimentaria, de alimentos
In crop estimations, the effect of selecting one
specific part of a field over another. In most cases, food security
the tendency is to select the center part of the field, seguridad alimentaria
where crop density is likely to be higher, thereby The availability of adequate food supplies for a
leading to an upward bias in the estimates. target population.

follow-up foodstuffs
seguimiento; complemento; etc. productos alimentarios

follow-up financing footloose industry

financiamiento complementario industria no localizada, sin vinculacion
permanente
follow-up project Industry not bound to particular location by
proyecto complementario specific locational requirements and thus can
effectively locate anywhere.
food crop
cultivo alimentario forage tree
arbol forrajero
food demand program A tree whose leaves are used for forage.
programa de demanda de alimentos
forage unit
food-for-work programme unidad forrajera
programa de alimentos por trabajo Unit of measurement of the energy input of
A programme set up under the World Food feedstuffs based on the net energy value of lkg of
Programme where food is provided as barley.
part-payment to men and women engaged in
community improvement programmes. force account, by/on [US]; direct labour [UK];
direct work; departmental forces
food grains por administracion
cereales, granos alimentarios Used to describe a situation whereby the owner of
a project uses his own labor force to undertake the
food import dependency ratio project, rather than hiring contractors.
coeficiente de dependencia de la importacion de
aUmentos forced investment
The ratio of food imports to the food available for inversion forzosa
internal distribution, i.e. the sum of food A requirement placed on a commercial bank
production, plus food imports, minus food exports. (usually in a developing country) that it make
specific investments (e.g. x % of its portfolio must
food intake be agricultural investments), sometimes at a
ingesta, ingestion de alimentos; alimentos specific rate.
ingeridos
forced sale value see liquidation value
food plant
planta alimentaria forced savings
ahorro forzoso
Food Price Index [IBRD]
Indice de precios de los alimentos foreclosure
ejecucion (de una bipoteca); juicio bipotecario
food processing industry
industria de elaboration de alimentos foregone output see forgone output
 89

foreign assets foreign tax credit

activos en el exterior, activos sobre el exterior cn!dito por pago de impuestos en el extranjero

foreign borrowing foreign trade

emprestitos en el exterior comercio exterior

foreign capital (official, private) forest canopy

capital extranjero, externo (oficial, privado) cubierta, dosel forestal

foreign currency, exchange forest fallow

divisas; moneda extranjera barbecbo forestal
All complexes of woody vegetation derived from
foreign currency issue the clearing of natural forest for shifting
emision en divisas agriculture. It consists of a mosaic of various
reconstitution phases and includes patches of
foreign exchange auction uncleared forests and agriculture fields which
subasta de divisas cannot be realistically segregated and accounted
Auction of foreign currency, as used in some area-wise, especially from satellite imagery. Forest
developing countries, whereby the price obtained fallow is an intermediate class between forest and
for the foreign currency at the auction is the rate of non-forest land uses. Part of the area which is not
exchange applied till the next auction. under cultivation may have the appearance of a
secondary forest. Even the part currently under
foreign exchange component cultivation sometimes has the appearance of forest,
elemento, componente en divisas due to presence of tree cover. Accurate separation
between forest and forest fallow may not always be
foreign exchange cost possible.
costo en divisas
forest mining see tree mining
foreign exchange coverage fund
fondo de cobertura del riesgo cambiario forfaiting
forfetizacion
foreign exchange market The business of discounting medium-term
mercado de divisas, de cambios promissory notes or drafts related to an
international trade transaction. Repayments are
foreign exchange position semiannual and discounting is at a fixed rate.
situacion en materia de reservas de divisas
forgiveness (of a debt)
foreign exchange reserves condonacion
reservas de divisas
forgone output; foregone output
foreign exchange resources production a que se renuncia
recursos en divisas The use of an input (e.g. labor) in a project which
is thereby prevented from being used elsewhere.
foreign exchange risk
riesgo cambiario form ofbid, tender
modelo de (presentacion de) ofertas
foreign-owned
de propiedad extranjera form of contract
modelo de contrato
foreign price
precio en el exterior
90

formal adherence process of transforming raw materials into final

adhesion oficial goods.

formal credit forward linkage of an industry

credito institucional eslabonamiento descendente de una industria
The relationship between an industry or firm and
formal education other industries or firms which use its output as an
educacion formal, academica input. A change in output or price will be
transmitted forwards to users of its product.
formal eligibility threshold; eligibility threshold;
eligibility ceiling forward-looking
limite oficial para recibir financiamiento de la de vision bacia el futuro; con vision bacia el
AIF futuro
The maximum limit above which a country is no
longer eligible for IDA financing. In practice, only foundation seed
countries below the operational cut-off, with the semilla basica
exception of a few small island economies, receive The progeny of breeder, select or foundation seed
IDA financing. handled to maintain specific genetic purity and
identity.
formal sector
sector estructurado founder's share
participacion de fundador
formal suspension of disbursements [IBRD] Shares subscribed by original owners of a business.
suspension oficial de los desembolsos
frame agreement [IBRD]
formal vote [ICSID] acuerdo basico
votacion formal An agreement between the World Bank and a
member country on cofinancing.
formation expenses; organization expenses
gastos (iniciales) de constitucion framework cooperative arrangement [MIGA]
acuerdo de cooperacion general
forward budgeting
presupuesto multianual franchise
Planning tool to determine government concesioo; licencia; franquicia; etc.
expenditures for the next few years.
franchising agreement
forward cover acuerdo de concesion
entrega futura, a plazo Agreement where the franchiser provides the
The arrangement of a forward foreign exchange franchisee with a package of resources such as
contract to protect a buyer or seller of foreign trademarks, know-how and management
currency from unexpected fluctuations in the ex- assistance and where his remuneration depends, at
change rate. least in part, on the production, revenues or profits
of the investment project. Considered as a type of
forward exchange market non-equity direct investment for the purposes of
mercado de divisas a termino, a plazo MIGA.

forward exchange rate free alongside ship. F AS

tipo de cambio a termino, a plazo franco al costado del buque - f.a.s.
Applies to goods delivered alongside a specified
forward integration ship at the quay or in lighters.
integracion progresiva
Refers to a firm whose activities extend over more
than one subsequent stage of the production
 91

free carrier (named point) - FRC free of particular average - FPA

franco transportista franco de avena particular
Applies to goods delivered into the custody of the Type of marine insurance which does not cover
carrier at the named point. partial loss and damage.

free-enterprise economy; free market economy free on board - FOB

economia de libre empresa franco a bordo - f.o.b.
Applies to goods delivered and loaded onto a ship
free (foreign) exchange at a port of shipment specified in the sales
divisa(s) de libre convertibilidad contract.
Foreign exchange which is freely convertible.
free on board (FOB) port of shipment price
free funds [IDA] precio f.o.b. puerto de embarque
fondos de libre utilizacion
Funds provided to IDA in a freely convertible free on quay - FOQ; free on wharf - FOW
currency or in a member's currency if available franco en muelle
for financing procurement in the territory of the Same as free alongside ship (F AS)
member, if there is a reasonable expectation that
such resources will be fully used for procurement free on rail - FOR
in such territory during the disbursement period. franco vagon
Applies to goods delivered and loaded to the
free in and out - fio railway.
franco de carga y descarga - f.Lo.
A chartering term by which is meant that the free on wharf see free on quay
owner who charters his ship is responsible for all
the usual costs of ship management with the free port
exception of loading and discharging cargo and of puerto franco, Iibre
putting the vessel in dry dock if required to do so Area sometimes found in large ports where
by the charterer. provision is made for reshipping imported goods
without taking them through customs.
free limit [ffiRD]
limite de aprobacion autonoma free reserves
The limit on a free-limit loan. reservas disponibles
Total reserves held by a bank less reserves
free-limit loan [DFCs] required by authorities.
prestamo de aprobacion autonoma
A loan which does not exceed the amount above free resource ratio see gearing ratio
which onlending is subject to official approval.
free rider [economics]
free limit ofloan [DFCs] que se beneficia sin asumir carga algona
limite maximo de los prestamos de aprobacion In banking, a bank that collects full interest due on
autonoma outstanding loans without contributing to the new
money loans which provide, in part, the resources
free-limit subloan to pay future interest. In other contexts, any party
subprestamo de aprobacion autonoma that benefits from the activities of others without
A subloan which does not exceed the limit above making any contribution.
which onlending is subject to Bank review.
free-standing; self-contained
free market economy; free-enterprise economy independiente; autonomo
economia de libre empresa
free-standing loan
prestamo independiente, autonomo
92

free-standing project front-end fee

proyecto iodepeodieote, autooomo comision ioicial
Fee levied on borrower when a loan is first made.
free-standing technical assistance - FSTA The World Bank used to levy a front-end fee on its
asisteocia tecoica iodepeodieote loans but no longer does.
Technical assistance independent of a loan.
frontier technology
free trade tecnologia avanzada, de vanguardia
Iibre comercio; libre iotercambio
front-loaded spending
free trade area gasto concentrado al comieozo de uo periodo
zooa de libre comercio
front loading
free trade zone - FTZ; bonded area desembolsos, gastos, reembolsos, etc.,
zooa fra~ca coocentrados al comienzo de uo periodo

freely convertible currency front loading of the subscription [ffiRD]

mooed a de Iibre coovertibilidad mayor pago inicial de la porcion pagada de las
suscripciones de capital
freely usable currency
moneda de libre uso front office
1. Any currency designated as such by the direcci6n
International MonetaJy Fund from time to time.
2. Any other freely available and effectively frozen capital
usable currency which the Board of Directors may capital congelado, bloqueado
designate for the purposes of the Convention after
consultation with the International Monetary Fund fruit vegetable
and with the approval of the country of such hortaliza de frota
currency. Will normally apply to the United States
dollars, Japanese yen, Deutsche marks, French fuel cell
francs and pound sterling. celula energetica; pita de combustible

freeze (of salaries, prices, etc.) fuel efficiency

coogelacioo eficiencia eo la utilizaci6n del combustible
[see also price freeze]
fuel oil
freeze drying petroleo residual, combustible; fuel oil
deshidratacion por congelacion; liofilizacioo
full budgeting
fresh fruit bunch - FFB presupuestacion completa
racimo de frotas frescas
full cost accounting
frictional unemployment contabilidad de costo total
desempleo fricciooal A method of accounting in the oil and gas industry
in which costs of unsuccessful acquisition and
fringe benefits exploration activities are initially recorded as
prestaciooes suplemeotarias assets and then amortized as expenses as the total
reserves in the cost center are produced.
front-end cost
costo inicial
 93

(full cost) nominal budget planning, budgeting funding pro rata

planificaci6n presupuestaria nominal participati6n proporcional
Budget planning based on a fixed overall sum for Type of mRD "B" loan, whereby mRD takes a
the budget, rather than for a fixed amount of pro rata share of about 10 percent in each maturity
items, with allowances for cost increases. of the commercial loan.

full cost pricing funds flow; flow of funds

valoraci6n a costo total flujo de fondos; corriente de fondos
The flow of purchasing power into and out of an
full member organization. Inward flows include sales revenue,
miembro de pleno derecho sales of fixed assets and investments, and issues of
debentures, loans, and shares. Outward flows
full development, at [project] include purchases of fixed assets and investments,
en pleno funcionamiento repayment of debt, payment of dividends, and
taxation on profits.
full mission
mision general funds flow statement see statement of changes in
financial position
full payout lease see finance lease
funds-in-trust
fully allocated cost fondos fidutiarios
costo total mente imputado Funds held by one agency on behalf of another
Cost derived from the apportionment of the total when the first agency is implementing a project on
costs of operating an enterprise by distributing this behalf of the other agency.
total among the various units or classes or service
in such a manner that the sum of the costs imputed funds statement see statement of changes in
to each unit or class is made to equal the total financial position
costs.
fungible funds
fully funded system fondos intercambiables, transferibles
sistema financiado con fondos propios
fungible goods
fully paid stock see paid-up stock bienes fungibles

functional literacy funk money [UK] see hot money

alfabetizaci6n funtional
furrow irrigation
funded debt riego por surtos
deuda consoIidada
The debt of a business or government in the form futures
of outstanding bonds and other long-term notes. futuros
An agreement to take or make delivery of a
funding gap specific commodity or instrument on a particular
breeha, deficit de financiamiento date.

funding latter maturities futures market

financiamiento de los ultimos vencimientos mercado de futuros
Type of mRD "B" loan, whereby mRD would Market where futures contracts are bought and
take an initial share of the loan up to about 25 sold.
percent, concentrated in the latter maturities.
94

gender issues
cuestiones que afectan a la mujer; cuestiones
-G- relativas a las desigualdades entre los sexos, a
las diferencias de roles del hombre y la mujer; a
veces: discriminacion sexual
galloping inflation
inftacion galopante gene bank [plants]
banco de genes
game see management game; negative sum game;
plus sum game; zero sum game gene pool
reserva genetica, genic a
gap
brecha; deficit; diferencia General Algebraic Modeling System - GAMS
[IBRD]
gap theory sistema de modelos a1gebraicos generales
teoria de recuperacion de los bosques
The process by which tropical forest regenerates General Capital Increase - GCI
spaces opened by windfalls. aumento general del capital

gas flaring general cargo

quema de gas carga general; carga mixta
The burning of gas in the field as a means of
disposal when there is no market for the gas. general equilibrium analysis
analisis del equilibrio general
gazetted (protected) public forest
bosque publico protegido general equilibrium model see computable general
Woodlots which have been subjected to a formal equilibrium model
act of classification or where the State has carried
out reafforestation. general government [national accounts]
administraciones publicas
gearing [UK]; leverage
nivel de endeudamiento relativo al capital; General Loss Reserve [IFC]
relacion endeudamiento-capital propio Reserva general para perdidas
Loss Reserve set up to replace Unidentified Loss
gearing ratio; free resource ratio; capital gearing Reserve. It broadens the reserve coverage to the
ratio entire disbursed portfolio, excluding the portion on
relacion prestamos desembolsados y which there are specific loss reserves.
pendientes-capital y reservas [Banco Mundial];
relacion pasivo-capital general price level accounting; price level
1. [UK] [= leverage ratio in US] Ratio of accounting
debtlliabilities to equity/assets. Includes debt and contabilidad segUn el nivel general de precios
debt-equity ratios.
2. [IBRD] Ratio of capital plus reserves to loans general procurement notice
outstanding and loans disbursed. anuncio general de adquisiciones
A notice of bidding opportunities in a competitive
gearing ratio [IFC] bid. It should contain information concerning the
relacion pasivo-capital recipient, amount and purpose of the loan,
Ratio of outstanding investments and guarantees to describe the goods and works to be procured,
the capital base. indicate the scheduled date for availability of
documents and specify the Borrower's agency
responsible for procurement. In the case of Bank
loans these are normally published in the United
Nations Development Forum, Business Edition.
 95

General Reserve(s) [IBRD] global commons

Reserva General patrimonio natural de la bumanidad; bienes
comunes de la bumanidad
Generalized System of Preferences - GSP The elements of the Earth and atmosphere,
Sistema Generalizado de Preferencias - SGP comprising the oceans and sea bed, the atmosphere
and outer space, which are not the property of any
generated traffic one nation or individual and are therefore deemed
trlflco generado to the property of all.

generic drug global depositaIy receipt - GDR

producto fannadutico generico; medicamento cenificado internadonal de deposito
generico Instrument that allows trading of stocks on foreign
exchanges when the country concerned will not
geothermal deposit allow foreign ownership of the stock of domestic
yacimiento geotennico firms. The shares are deposited with a bank in the
country of incorporation and an affiliate or
germplasm correspondent bank in other countries issues
germoplasma depositaIy receipts for the securities. They can
then be traded on stock exchanges in the same way
ghost fishing as other securities. Used, for example, in Korea.
pesca fantasma
Fish killed by being caught in lost or discarded Global Swap Authority [IFC]
fishing nets, traps and other fishing gear. facultad para efectuar swaps
Authority given to IFe by the Board to borrow
ghost worker from the markets up to a level of US$2S0 million
empleado "fantasma" equivalent through private placements and direct
Worker who is drawing pay but is not actually institutional loans.
doing any work, e.g. because he is dead, does not
exist or is doing another job. global warming
recalentamiento atmosferico, de la Tierra;
gill fishing calentamiento de la Tierra; aumento de la
pesca por enmalle temperatura mundial
Fishing using a flat net suspended vertically in the The predicted excessive warming of the
water with meshes that allow the head of a fish to atmosphere, as a result of the accumulation of
pass but entangles its gill covers as it seeks to atmospheric carbon-based and other heat
withdraw. absorbing gases.

gilt-edged securities global warming potential - GWP

valores de primer orden; bonos del gobierno potencial de recalentamiento atmosferico, de la
britinico Tierra
The extent to which individual emissions
ginning [cotton] contribute to global warming.
desmotado
globalization
Global Cap Authority [IFC] g1obalizacion
facoltad de adquisidon de contratos con inteRS
tope glued-together household
Authority given by the Board to IFe to purchase unidad familiar con intereses en comu
contracts with interest rate ceilings (caps) and
then sell to its borrowers. It reflects the total GNP price deflator
amount of caps, in dollars, that IFe is authorized dell actor de precios del PNB
to make.
96

going concern goodwill clause

empresa en plena actividad y crecimiento chiusula de buena voluntad
A clause in a Paris Club loan agreement that
going price commits the creditors to consider debt relief after
precio corriente, vigente the end of the stipulated consolidation period. In
return, creditor countries ask the debtor country to
gold content (e.g. of US dollar) meet two conditions. Firstly, the debtor country
contenido de oro must have secured debt relief from creditors not
The amount of gold formally maintained in the covered by the Paris Club agreement and secondly
legal tender of a currency. From January 1934 to at the time the creditors agree to review the need
May 1972, the gold content of the United States for further debt relief, the country remains eligible
dollar was 0.888671 gram of tine gold. This dollar for use of upper credit tranche IMF resources.
was used as the common denominator of the value
of capital subscriptions for the Bank and Fund. governance
Because the US changed the value of the US gobiemo; buen gobiemo; buen ejercicio del
dollar, partially because of the abolition of the poder; buena gestion de la cosa pUblica;
official price of gold, the Fund (in 1978) and the direccion; conduccion
Bank (in 1986) ceased to used the US dollar for The exercise of political power to manage a
this purpose and adopted the Special Drawing nation's affairs. Public service that is efficient, a
Right in its place. judicial system that is reliable and an
administration that is accountable to its public.
gold holdings
tenencias en oro; reservas de oro governing law
derecho, ley aplicable
gold-pegged currency
moneda vinculada at oro government
gobiemo; autoridades; Estado
gold value
valor oro government bond
bono publico, del Estado
golden share
accion con derecho de veto government expenditure
Single share in a privatized company which gives gasto(s) publico(s)
the holder (usually the government) the right to
block certain key decisions. government-owned programs
programas preparados por el gobiemo mismo
good practice project
proyecto modelo government paper
Project using good project design and a good efectos publicos
approach to a special operational emphasis area,
such as women in development. government receipts, revenues
ingresos publicos; rentas publicas
goods and services
bienes y servicios government securities
efectos, valores publicos, del Estado
goodwill
fondo de comercio; a veces: "derecho de lIave" government services
administracion publica
 97

grace period grant-in-aid

periodo de gracia donation; subvencion
The period allowed in a loan schedule during
which repayments of loan principal need not be grant-like contribution
made. aportacion con caracteristicas de donacion

grade creep graphical user interface - GUI

tendencia hacia categorias mas altas de interfaz grMica para el usuario
clasificacion del personal
Tendency for the employees of an organization to grass root plant; greenfield plant
be in a higher average classification as people rise planta totalmente nueva
up the scale but do not leave the organization.
grass root(s) level, at the
grade ratio; retention rate (education] a nivel popular, comunitario, local; de base
tasa de retencion
Ratio between enrolment in a given grade and grass roots organization
enrolment in the previous grade the previous organizacion de base, comunitaria
school year.
graveling; regraveling
grading see land grading recubrimiento, aplicacion de grava

graduate, to [Bank, IDA] gravel road

"graduarse"; pasar de las condiciones de camino de grava
asistencia de la AIF a Jas del Banco; dejar de
reunir las condiciones para recibir gravity check irrigation see bordercheck irrigation
financiamiento del Banco
gravity irrigation
graduated tax riego por gravedad
impuesto progresivo
gray cotton; light gray cotton; blue stained cotton
graduation (ffiRD] algodon gris claro
graduacion (paso de Jas condiciones de Ja AIF a A discolored cotton which has been stained to a
las del Banco; terminacion del derecho a gray color by exposure.
financiamiento del Banco)
gray market see grey market
graduation mission (ffiRD]
mision de finalizacion (previa a la terminacion green projects
de un proyecto) proyectos verdes
Projects concerned with the promotion of
grandfather clause sustainable natural-resource management and the
clausula de exencion por derechos adquiridos reduction of resource degradation, including
agriculture and land management, forest
grant basis, on a management, water-resource and watershed man-
a titulo de donacion agement, marine and coastal-zone management,
and biodiversity conservation. Cf. blue projects,
grant element brown projects.
factor, elemento concesionario, de donacion
greenfield investment
grant equivalent inversion de tipo totalmente nuevo
equivalente en donacion
98

greenfield plant; grass root plant gross domestic income - GDY

planta totalmente nueva ingreso interno bl1lto - YIB
Gross income from domestic as opposed to foreign
greenfield project sources.
proyecto totalmente nuevo
gross domestic investment - GDI
greenhouse effect inversion intern a bl1lta - DB
efecto de invernadero Outlays for additions to the fixed assets of the
Increased retention of heat energy by the Earth's economy plus the net value of inventory changes.
atmosphere as a result of increased emissions of
carbon-based and other heat absorbing gases, gross domestic product GDP
including chlorofluorocarbon and carbon dioxide. producto interno bl1lto - PIB; producto
geografico bl1lto - PGB [Chile]; producto
greenhouse gas - GHG territorial bl1lto [peru]
gas que produce el efecto de invernadero [see also commercial, commercialized GDP;
Gas that helps cause the greenhouse effect. monetized GDP]
Includes carbon dioxide, methane and
chlorofluorocarbons. gross domestic product at factor cost
producto interno bl1lto at costo de los factores
greenhouse index The gross domestic product at market prices
indice de invernadero minus the difference between indirect taxes and
Net emissions of three major greenhouse gases subsidies.
(carbon dioxide, methane and chloro-
fluorocarbons), with each gas weighted according gross domestic product at market prices
to its heat trapping quality, in carbon dioxide producto interno bl1lto a precios de mercado
equivalents and expressed in metric tons of carbon The sum of the income accruing from production,
per capita. i.e. the provision for consumption of fixed assets,
compensation of employees, operating surplus and
green labeling the excess of indirect taxes over subsidies.
etiquetas verdes
Labeling goods that are considered gross earnings margin [banks]; gross margin;
environmentally sound. Has been proposed for banker's spread; banker's markup
wood grown under sustainable conditions. margen (bancario) bl1lto
Interest received on loans less interest paid on
green manure deposits plus other income (interest received on
abono verde investments, gains or losses in foreign exchange
operations and commissions and fees received and
grey market~ gray market paid).
mercado gris
Market in bonds that have not been given a firm gross enrollment ratio see gross (primary)
price. enrollment ratio

gross budget gross fixed capital expenditure; gross fixed

presupuesto bl1lto investment
Bank budget including nonBank resources (e.g. inversion bl1lta en capital fijo; gasto bl1lto de
from Trust funds and reimbursable programs). capital fijo
The addition during a period of time - usually a
gross calorific value GCV; gross heating value - year - to a country's stock of fixed capital without
GHV; higher heating value making any allowance for the depreciation of the
poder calorifico bl1lto - PCB existing fixed capital.
Total amount of heat produced by combustion.
 99

gross fixed capital formation - GFCF gross national product - GNP

formacion bruta de capital fijo producto nacional bruto - PNB
The outlays of industries, producers of government
services and producers of private non-profit gross operating profit
services to households, on additions of new utilidad bruta de operacion, de explotaeion
durable goods to their stocks of fixed assets less Difference between total output per period and the
their net sales of similar second-hand and costs of goods and services purchased to produce
scrapped goods. Excludes government outlays on this output less cost of labor and taxes (excluding
military goods. income tax). The English term is invented as the
concept does not exist in US and UK accounting.
gross fixed investment; gross fixed capital
expenditure gross (primary) enrollment ratio - GER
inversion bruta en capital fijo; gasto bruto de tasa bruta de matricula (primaria)
capital fijo Total number of children enrolled in school as a
The addition during a period of time - usually a percentage of the school-age population.
year - to a country's stock of fixed capital without
making any allowance for the depreciation of the gross (register) tonnage - GRT [shipping]
existing fixed capitaL tonelaje (de registro) bruto
A measure of the total space of a vessel in terms of
gross heating value - GHV; gross calorific value- 100 cubic feet (equivalent tons) including mid-
GCV; higher heating value deck, between deck and the closed-in spaces above
poder calorifico bruto - PCB the upper deck, less certain exemptions.
Total amount of heat produced by combustion.
gross value product - GVP
gross margin; banker's spread; banker's markup; producto agricola bruto
gross earnings margin [banks] The total value of all agricultural production for a
margen (baneario) bruto given country in a given year, expressed in
Interest received on loans less interest paid on constant dollars.
deposits plus other income (interest received on
investments, gains or losses in foreign exchange groundwater table
operations and commissions and fees received and nivel freatico; eapa freatica
paid).
group credit
gross material product - GMP crMito colectivo
producto material bruto - PMB
Corresponds to gross domestic product less output Group of Fifteen
of certain services, such as public administration, Grupo de los Quince
defense, education, health and social insurance. Created in September 1989 to promote South-
Used instead of GNP in state-trading countries. South cooperation, it consists of Algeria,
Argentina, Brazil, Egypt, India, Indonesia,
gross national income - GNY Jamaica, Malaysia, Mexico, Nigeria, Peru,
ingreso nacional bruto - YNB Senegal, Venezuela, the former Yugoslavia and
Gross national product and a terms of trade Zimbabwe. Chile joined in 1993.
adjustment. The terms of trade adjustment
reflects changes in the capacity of exports to buy Group of Five
imports. Grupo de los Cinco
Informal meeting of senior officials (usually
gross national investment - GNI ministers of finance or heads of state) of the five
inversion nacional bruta - INB most industrialized nations (France, Germany,
The total of new capital goods built with allowing Japan, UK, US).
for wear and tear on existing capital.
100

Group of Seven growing period

Gnapo de 108 Siete periodo vegetativo, de crecimiento
Informal meetings of senior officials (usually Period during the year roughly between spring and
ministers offinance or heads of state) of the seven autumn when crops grow, usually from seed to full
most industrialized countries (Canada, France, maturity and ripen for harvesting. It corresponds
Germany, Italy, Japan, UK. US). Cf Group of to the period when mean daily temperatures are
Five. above 6 degrees C.

Group of Seventy-Seven growth accounting [econometry]

Gnapo de los 77 analisis del crecimiento
Set up in 1967, it is an informal meeting of senior Decomposition of the observed rate of economic
officialslministerslheads of state of the developing growth of a given country into components
countries. It currently has 128 members plus the corresponding to factors of production responsible
PLO. for growth.

Group ofTen guarantee authority

Gnapo de 108 Diez facultad de otorgar garantias
Also known as the Paris Club, it consists of the
wealthiest members of the IMF that provide most guarantee capacity [MIGA]
of the money for lending. It currently has eleven capacidad de garantia
members: Belgium, Canada, France, Germany,
Italy, Japan, Netherlands, Sweden, Switzerland, guarantee commission, fee [ffiRD]
UK, US. comision de garantia
Commission payable periodically (e.g. to mRD) as
Group of Twenty-Four compensation for the risk in guaranteeing a loan.
Gnapo de 108 Veinticuatro
Set up in 1972, it exists to promote the interests of guarantee currency
developing countries in the IMF. Current moneda de la garantia
membership: Algeria, Argentina. Brazil, The currency designated as the currency for the
Colombia, cate d'Ivoire, Egypt, Ethiopia. Gabon, guarantee in the contract.
Ghana, Guatemala. India. Iran. Lebanon. Mexico,
Nigeria, Pakistan, Peru, Philippines, Sri Lanka, guarantee holder [MIGA]
Syria, Trinidad and Tobago, Venezuela, former tenedor de la garantia
Yugoslavia, Zaire. Holder of a guarantee issued by MIGA.

group travel [World Bank] guarantee leverage

viaje en gnapo capacidad de endeudamiento en, por concepto
Travel by Executive Directors to member countries de garantias
outside their constituencies.
guaranteed percentage
growing concern porcentaje garantizado
empresa en plena actividad y crecimiento The percentage of each loss for which the
guarantee holder is entitled to compensation
under the contract.
 101

Guaranteed Recovery oflnvestment Principal

GRIP [IFC]
Recuperacion Garantizada del Principal de las
Inversiones - GRIP
A financial service offered by IFe, involving the
structuring of IFe and co-investor equity
exposures in such a way as to take advantage of
differences in their risk-preferences and
perceptions, generating benefits which can be
shared by both. An investor making an investment
in the equity of a developing country enterprise,
instead of making the investment directly, gives
the money to IFe in return for a U.S. dollar debt
instrument. IFe makes the investment in its own
name but has a contractual agreement with the
investor regarding voting of shares, management
and long-term strategy for the enterprise.

guidance see vocational guidance

guidelines
directrices; pautas, normas generales

guiding price
precio indicativo
102

hard loan window

senicio, entidad de prestamos en condiciones
-H- ordinarias, no concesionarias

hard technical assistance see engineering-related

hairy cotton; upland cotton technical assistance
algodon velloso; algodon upland; algodon
americano hardening of loan terms
tendencia a condiciones de prestamo mas
halfway country gravosas
pais medianamente industrializado; pais
pareialmente industrializado hardship allowance
A country that is on the way to being subsidio por lugar de destino dificit
industrialized but is not yet fully industrialized.
hardware
handles see tax handles componentes fisicos; equipo de computacion

handling charges harmonic mean [statistics]

cargos por manipulacion, tramitacion, etc. media armonica
A special kind of mean which is determined by
harbor dues, fees; port dues calculating the mean of the reciprocals of the
derechos portuarios values concerned and then calculating the
Charged for the use of the port by the ship and its reciprocal of this quantity.
cargo.
harnessing
hard-blend countries captacion; movilizacion; aprovecbamiento; etc.
paises que reciben financiamiento en
condiciones predominantemente gravosas harvest fishery see capture fishery
Country receiving more loans from ffiRD than
credits from IDA. hardwood forest
bosque de especies frondosas, no coniferas
hard coal; anthracite
antradta; carbon antracitoso head gate structure [irrigation)
estructura de cabecera
hard component [projects]
componente fisico head hunting
busqueda de personal calificado
hard copy
copia impresa; salida impresa head tax; poll tax; capitation tax
impuesto de capitacion
hard core [projects]
nudeo; base; basico; minimo headcount index (measure) of poverty; headcount
ratio-HCR
hard currency; strong currency indice de recuento de la pobreza
moneda fuem A useful way to measure poverty by expressing the
number of poor as a proportion of the population
hard loan although it ignores the extent to which the poor
prestamo en condiciones ordinarias, de mereado fall below the poverty line.
 103

headroom [World Bank] heavy fuel oil

margen de maniobra petr6leo combustible pesado
The difference between the statutory lending
limit and the value of loans that are disbursed and heavy industry
outstanding. industria pesada

health delivery system heavy oil

sistema de prestacion de servicios de salud aceite, petr6leo pesado

health maintenance organization - HMO hedge [securities market]

organizacion de medicina preventiva; centro valor de protection
integral de salud Security acquired to cover possible loss on
An organized health care delivery system where speculative investments.
participants pay a fixed, regular sum and receive
an agreed range of health services from an hedge clause
approved set of health care providers. Health c1ausula de salvaguardia
system where medical care is provided directly by
salaried employees in facilities owned by the hedging
HMO. operaciones de cobertura, de proteccion
cambiaria
health post
puesto de salud; dispensario hedonic price analysis
anilisis del valor hedonico; anilisis hedonico de
health screening los precios
reconocimiento, examen medico Economic analysis technique which takes into
account the implicit prices of specific
heating oil characteristics of properties. For example, in the
petrnleo, combustible para calefaccion environment field, it places value on
improvements or deterioration in environmental
heat rate quality.
rendimiento tcrmico; consumo calorifico
herbaceous cotton; Levant cotton; American short
heat trapping staple cotton; Arabian cotton
retention termica algodon herbaceo
The ability of a gas to prevent heat escaping from
the Earth's atmosphere. hidden hunger
hambre oculta, encubierta
heat trapping gas
gas que produce retention tcrmica hidden inflation
Gases, such as carbon dioxide and methane, that inOacion latente, oculia
trap heat in the ozone layer.
hidden reserves
heat value reservas ocultas
poder calorifico
hidden unemployment; concealed, covert,
heavy commodities disguised unemployment
productos pesados desempleo oculto, encubierto, disfrazado

heavy engineering industry

industria metalmecanica
104

high absorber [oil exporter] highly leveraged

pais de elevada absorci6n, de gran capacidad de con alto coeficiente de endeudamiento; con gran
absorci6n endeudamiento
Oil exporting capital surplus country which is a
net importer of capital and has been able to make Highways Design and Maintenance Model - HDM
full use of revenues from oil production for [ffiRD]
domestic development. Includes Algeria, Ecuador, modelo de normas de diseilo y mantenimiento
Gabon, Indonesia, Nigeria and Venezuela. de carreteras
A mathematical model based on two earlier
high-flow diversion see floodway models developed by the Massachusetts Institute of
Technology and the Transport and Road Research
high fructose corn syrup - FlFCS Laboratory, UK, used to determine the total life-
sirope, jarabe de mm de alto contenido en cycle transportation cost, provide economic
fructosa comparisons for large numbers of alternative
designs and maintenance policies and search for
high income countries the lowest total cost alternative,
paises de ingreso alto
hillside farming
high performing economy cultivo en pendiente
pais de gran crecimiento econ6mico
hire purchase [UK]
high school see junior high school compra a plazos

high-power(ed) money historical cost

dinero de alta potencia [teoria monetarista); valor inicial; precio de compra, de adquisicion
base monetaria; dinero primario; dinero de la
Reserva Federal de los EE.UU. para uso de los historically valued assets
bancos comerciales activos a su valor de adquisici6n

higher heating value; gross heating value - GHV; hit-and-run project

gross calorific value - GCV proyecto de muy corto plazo, rei amp ago
poder calorffico bruto - PCB Project where an investor takes advantage of local
Total amount of heat produced by combustion, tax laws to operate a project (e,g. mining, textiles)
under a tax-free regime and then withdraws as
higher income brackets soon as he is liable for taxation, often leaving
grupos de ingresos mas elevados severely depreciated equipment or exhausted
mineral reserves,
higher level staff
personal, funcionarios de nivel profesional holding company
sociedad de cartera, de inversiones
higher training
estudios avanzados holdings [foreign exchange, gold]
tenencias [en, de divisas, oro]
highest bidder
licitante que presenta la oferta mas alta home country [MIGA]
pais de origen
highland rice; upland rice; mountain rice The country or countries whose membership in
arroz de montaiia, de tierras altas, de secano MIGA made the Guarantee Holder eligible under
Article 12 of the Convention Establishing MIGA
highly indebted country to receive the guarantee provided for in a contract.
pais muy endeudado, sumamente endeudado,
fuertemente endeudado home leave allowance [World Bank]
asignacion para vacaciones en el pais de origen
 105

hoof see cattle on the hoof housing stock

disponibilidades de viviendas
horizontal equity
equidad horizontal hub and spoke system
Treating taxpayers with the same amount of sistema radial
income equally irrespective of the source of
income. human immunodeficiency virus - HIV
virus de la inmunodeficiencia humana - VIH
horizontal integration
integraci6n horizontal human resource development
perfeccionamiento de los recursos humanos
host country [MIGA]
pais receptor [inversiones]; pais beneficia rio, human settlements
anfitrion asentamientos humanos
A member, its government or any public authority
of a member in whose territories, as defined in hurdle rate
article 66 of the Convention, an investment which tasa critica de rentabilidad
has been guaranteed or reinsured, or is considered A somewhat arbitrary rate of return, related to
for guarantee or reinsurance by MIGA is to be the current cost of borrowing money, set by a
located. government or company to guide investment
decisions. Below this limit, investment is normally
Host Organization [ICSID] considered inadvisable.
Organismo Anfitrion
husbandry see animal husbandry
hot money; funk: money [UK]
capitales itinerantes husk, to; dehusk, to
Short-term international capital movements, descascarar; deshojar
motivated by interest rate differentials or
revaluation hopes/devaluation fears. hybrid capital base [IFC]
base de capital hibrida
house connection Capital base consisting of current paid-in capital
conexion domiciliaria and retained earnings to support growth in
operations with the debt-equity ratio not exceeding
household expenditure survey - RES 2.5:1, combined with new callable capital to
encuesta de gastos familiares support investment growth in a 1: 1 gearing ratio.

household goods hydrant; standpipe; standpost

enseres domesticos toma de agua

household survey hydrocracking

encuesta por, de hogares hidrocraqueo

household waste collection charge hydrodevelopment

tarifa de recoleccion de basura(s) aprovechamiento de la energia hidroelectrica
Charge levied for removal of household waste.
hydroelectric power; hydropower
housing expenses/income ratio; affordability ratio energia hidroelectrica
relacion gastos de vivienda-ingresos
The ratio of expenditure on housing to total hydrofluoroalkane - HFA
income. hidrofluoroalcano - BFA
An alternative name for chlorofluorocarbons,
thought up by the wily manufacturers of
chlorofluorocarbons, to avoid the bad press.
106

hydrochiorotluorocaIbon HCFC
hidrocloronuorocarbono - HCFC
A substitute for chlorofluorocarbons.

hydrofluorocarbon - HFC
hidronuorocarbono - mc
A substitute for chlorofluorocarbons.

hydropower, hydroelectric power

energia bidroelktrica
 107

index on the basis of three criteria: market capit-

alization, liquidity, and industry classification.
-1-
IFC Investable Indexes (IFCI Indexes)
Indices de la CFI de Valores para Inversion
ICSID clauses (Indices IFCI)
chi.usulas contractuales que estipulan someter These Indexes are calculated using the same
las diferencias aI CIADI; chiusulas del CIADI factors as the IFC Global Indexes but also take
into account the extent to which national laws,
IDA-eligible country regulations, or company statutes prohibit or limit
pais que puede recibir creditos, financiamiento foreign ownership. They thus provide global
de la AIF; pais babilitado para recibir creditos investors with a definitive benchmark of the
de la AIF perfonnance of stocks in emerging markets in
Developing country which is entitled to receive which they can invest.
IDA credits because its per capita income is below
the IDA nonn. IFC risk assets-equity ratio
relacion activos de riesgo-patrimonio
IDA management fee Ratio calculated by measuring the risk content of
comision por administracion de la AIF IFe's assets in relation to the sum of paid-in
capital and retained earnings.
IDA recipient
pais prestatario de la AIF; receptor de creditos illegal housing
de laAIF vivienda ilegal

IDAreflows illegality clause

reembolsos de los creditos de la AIF; reflujos de e1ausula de i1egalidad
los creditos de la AIF Clause in a loan agreement which allows the
Payments received by IDA in the fonn of lender to ask for repayment of his funds if a
reimbursements for credits made. change in national legislation obliges him to
withdraw from the loan.
IDA's "free-funds"
fondos de Iibre utilizacion de la AIF illiteracy rate
Funds provided to IDA in a freely convertible tasa de analfabetismo
currency or in a member's currency if available Proportion of population 15 years and older who
for financing procurement in the territory of the cannot, with understanding, both read and write a
member, if there is a reasonable expectation that short simple statement on every day life.
such resources will be fully used for procurement
in such territory during the disbursement period. immunity from taxation
inmunidad tributaria
idle cash
dinero inactivo impact (evaluation) report
informe de evaluacion de los efectos; informe
IFC Global Indexes (IFCG Indexes) sobre las repercusiones (de un proyecto)
Indices de Cobertura AmpUa de la CFI (Indices
IFCG) Implementation Completion Report - ICR
The IFCG Indexes are neutral and reliable informe final de ejecucion - IFE
benchmarks of emerging markets' perfonnance,
calculated in a unifonn manner. They include implementing agency
price and total return indexes for 20 emerging organismo de ejecucion
markets, as well as a composite index for those 20
markets and regional indexes for Latin America implementing agreement
and Asia. Stocks are selected for inclusion in each acuerdo de ejecucion
108

implicit deflator and the project boundary and the point where the
denactor implicito cif or fob price is quoted.
Obtained by taking each component of gross
national product in as fine detail as possible and import quota
deflating it from current data. Once deflated the cuota, cupo de importacion
components are again aggregated to obtain GNP in
constant dollars. import subsidy
subvencion, subsidio a las importaciones
implicit gross domestic product deflator
denactor implicito del producto interno bruto import substitution
A deflator calculated by dividing, for each year of sustitucion de importaciones
the period, the value of GDP in current market
prices by the value of GDP in constant market import surcharge
prices, both in national currency. recargo a la(s) importacion(es)

implied money control theory importing power of exports

teoria del control del dinero implicito capacidad de importacion derivada de las
exportaciones
import coefficient
coeficiente de importaciones imprest account, fund
(importacioneslproduccion total) cuenta de anticipos; fondo de anticipos
An account or fund maintained for payments made
import component in cash, commonly used as a petty cash fund. A
componente importado, de importacion fixed maximum sum is kept in the fund and, as the
fund is depleted, this sum is periodically brought
import coverage index up to the maximum.
indice de cobertura de las importaciones
imputed costs
import coverage ratio costos imputados
coeficiente, relacion de cobertura de las Generally used to mean costs that do not involve at
importaciones any time actual cash outlay and which do not,
The rate at which imports are covered by exports. therefore, appear in the accounting records but are
relevant to the decision at hand.
import growth rate
tasa de aumento, crecimiento de las imputed value
importaciones valor imputado

import-intensive inactive borrower, nonactive borrower

con gran intensidad de importaciones; con alto prestatario inactivo
contenido de importaciones Country that is not currently seeking new
borrowings from the Bank.
import levy
gravamen a las importaciones inactive loan
prestamo in activo
import licensing A loan which is in force but not being disbursed.
sistema, regimen de licencias de importacion
Inaugural Meeting [ICSID]
import parity price Reunion Inaugural
precio paritario de importacion
The estimated price at the farm gate or project in-bond industries
boundary derived by adjusting the cif or fob prices empresas, industrias maquiladoras; industrias
by all the relevant charges between the fann gate de zona franca
 109

incentive income elasticity of demand

incentivo; estimulo elasticidad-ingreso de la demanda; elasticidad
de la demanda en funcion del ingreso
incentive payment A measure of the percentage change in the
incentivo en dinero; prima; bonificacion demand for a commodity or service as induced by
a given percentage change in the income of the
incentive price individual.
precio de incentivo
income note
inception report bono, pagare participatorio
informe inicial Note where the income is wholly or partially
dependent on the earnings of the issuing
incidence [medicine] corporation.
incidencia
income shortfall
incidental services insuficiencia de ingresos
servicios conexos [see also poverty gap]
Additional services required of the supplier as
specified in the Special Conditions of Contract, income statement [US]; profit and loss account
including on-site assembly, startup, provision of [UK]
tools required for assembly, provision of manuals, estado de ingresos y gastos, de perdidas y
etc. ganancias
[see also consolidated income statement]
income
ingreso(s); renta income tax
impuesto sobre, a la renta
income (and expenditure) account
cuenta de ingresos y gastos, de perdidas y income tax [corporations]
ganancias impuesto sobre, a las utilidades, los beneficios

income and outlay accounts [national accounts] income tax return

cuentas de ingresos y gastos declaracion del impuesto sobre la renta
Accounts showing the receipt and disbursement of
incomes by resident institutional units. income terms of trade
relacion de intercambio de ingresos
income bracket The net barter terms of trade weighted by the
grupo, categoria, nivel de ingreso(s) volume of exports. It gives an indication of the
purchasing power of exports.
income effect
efecto de ingreso, de renta incremental benefits
beneficios adicionales
income elasticity
elasticidad-ingreso; elasticidad con respecto al incremental budgeting
ingreso presupuestacion incremental
A measure of the change in supply and/or demand A budget process in which justification is
as income changes. generally required only for increments (or
decrements) to previous budgeting levels.

incremental building, housing

construccion progresiva de viviendas
Building, usually from a core where additional
features are gradually added.
110

incremental capital-output ratio - ICOR A graphical representation of different bundles of,

relacion incremental capital-producto say, two commodities, from the consumption of
Ratio of the change in capital investment (net of which the individual derives the same amount of
gross investment minus capital consumption total utility. If we assume an individual obtains the
allowances) to the change in output. If a certain same utility from a bundle of 5 bananas and 6
industry adds $2.5 million net to its capital mangoes or 4 bananas and 8 mangoes or 3
equipment and its yearly output increases by $1 bananas and 11 mangoes, we can plot a graph with
million then its ICOR is 2.5:l. bananas as the x-axis and mangoes as the y-axis.
We get three points for the three different bundles.
incremental cost The curve we obtain by joining these points is the
costo incremental indifference curve, so called because the individual
[see also average incremental cost] is indifferent about his choice as regards total
utility.
incremental housing, building
construccion progresiva de viviendas indigenization
Building, usually from a core where additional reemplazo de personal extranjero por personal
features are gradually added. nacional

incremental rate of return indigenous NGO

tasa diferencial de rentabilidad ONG autoctona
The discount rate which equalizes the present
value of incremental costs with the incremental indirect costs; on-costs [UK]
benefits of the project. costos indirectos

indefinite quantity contract induced-by benefit

contrato por cantidades indeterminadas beneficio inducido indirecto
Contract which provides for the provision of an A form of indirect benefit that accrues to suppliers
indefinite quantity of specific goods or services, of project inputs. Includes the direct and indirect
within stated limits and during a specified period. value added to national income generated by the
investment and recurrent expenditures of a project.
independent variable; predictor Equivalent to using a shadow price for a project
variable independiente, predictiva input for which an adjustment is made for
opportunity cost in the estimates of direct and
indexed, index-linked bond indirect value added. Sometimes estimated using
bono ajustable, indizado specialized forms of input-output multipliers.
Bond where the coupon rate or redemption value
is indexed (to other currencies, gold, or fuel induced development effect; boomtown effect
prices). efecto secundario de urbanizacion
The secondary growth of settlements and
indexed, index-linked, index-tied loan infrastructure, resulting from a project.
prestamo indizado, reajustado segim un indice
industrial and trade policy adjustment - ITP A
Indicative Planning Figures - IPF [UNDP] ajuste de la(s) politica(s) industrial y comercial
cifras indicativas de planificacion - CIP
UNDP target expenditures for technical industrial and trade policy adjustment loan -
cooperation. ITPAL [World Bank]
prestamo para ajuste de la(s) politica(s)
indicator see concurrent indicator; convergent industrial y comercial
indicator; economic indicator; lagging indicator; World Bank loan made to assist adjustment of a
leading indicator; performance indicators country's industrial and trade policy.

indifference curve
curva de indiferencia
 111

industrial deepening inflationary expectations

intensificacion industrial expectativas, previsiones inflacionarias
Increasing the amount of the industrial sector
compared with other sectors. inflationary gap
brecba inflacionaria
industrial estate [UK]. park (USA] A condition of excess aggregate spending (for
zona, parque, poligono industrial consumer. investment and government goods and
services) relative to the spending that would be
industrial goods consistent with a full-employment stable economy.
bienes, productos industriales The gap is actually the amount of change in
spending which would lead to stability.
industrial market economy
pais industrial con economia de mercado inflation premium
prima de inflation
industrial park (USA], estate [UK] A premium added to a security to allow for
zona, parque, poligono industrial inflation.

industrial relations; labor-management relations; inflation tax

labor relations impuesto de la inflacion; impuesto que significa
relaciones entre empleados y empleadores; la inflacion
relaciones obrero-patronales Increased income tax paid as wages rise with
inflation but tax thresholds remain constant.
ineligible
inadmisible; carente de derecho a; no inflow see capital inflow; cash inflows; flow
habilitado; que no cumple los requisitos
inflow of capital
inertial inflation entrada, atluencia de capital
inflation inercial
Inflation caused by spiraling wage and price informal credit
increases. credito no institutional

infant industry informal education

industria naciente, incipiente educacion informal

infant mortality informal meeting

mortalidad infantil; mortalidad de ninos reunion oficiosa
menores de un ano
[see also child mortality] informal sector
sector no estructurado; sector informal
infected area The sector of the economy which is not organized
zona infestada, de infestacion and which, therefore, does not appear in official
economic statistics. Sometimes used for the
inflation accounting underground economy.
contabilidad en periodos de inflacion
Accounting for dealing with the impact of informal suspension of disbursements [ffiRD]
inflation. Includes the current purchasing power suspension no oficial de los desembolsos
method whereby accounts are expressed in terms
of purchasing units employing a retail price index; infrastructure developer
value accounting whereby assets are measured by empresa de obras y servicios de infraestructura
reference to their value and not cost; replacement
cost accounting whereby assets are revalued from in-house training
historic to current costs. capacitacion, formacion en la empresa
112

initial expenses input subsidy

gastos iniciales, de instalacion subvencion para insumos

initial operation input switching

actividades iniciales; explotacion inicial reasignacion de fondos presupuestarios
Budget term whicli means managers can change
initial subscription [IDA] budget allocations as a result of changing cost
suscripcion inicial pressures over the range of expense accounts.

initiating memorandum - 1M [World Bank] in-service training

primer memorando oficial capacitacion, formacion, adiestramiento en el
servicio
in-kind costs
costos de, en servicios insider dealer, trader
especulador (en la Bolsa) que aprovecba
inland fisheries, fishing informacion intern a
pesca en agoas interiores
insider dealing, trading
input especulacion (en la Bolsa) aprovecbando
insumo; aportacion informacion interna
[see also cash input; noncash input]
instability index
input mix indice de variacion
combinacion de insumos An index which measures the variability of world
prices for selected agricultural commodities.
input-output coefficient
coeficiente de insumo-producto installed capacity [electricity]
capacidad instalada
input-output model The maximum runoff of a hydroelectricity facility
modelo de insumo-producto that can be constantly maintained and utilized by
A mathematical model of inputs and outputs to a equipment.
system. In econometrics it refers to a model
representation of an input-output table. institutional framework
marco, estructura institucional
input-output ratio
relacion insumo-producto institutional investors
instituciones inversionistas
input-output table
tabla de insumo-producto institutional performance
A matrix which shows the way in which industries desempeiio de las instituciones; actuacion de las
or sectors interact. It generally shows, for each instituciones
industry, the amount of that industry's output that
goes to each other industry as input (as raw institutional programs [ffiRD]
materials or as semifinished products), as well as programas de fortalecimiento institucional
the amount that goes to the final markets of the Programs undertaken that are required to further
economy. the institution itself, as opposed to being part of its
operations. These would include production of the
input shifting Annual Report, Annual Meetings and the like.
sustitucion de recursos para reducir costO!
Reducing costs by using lower priced inputs, e.g.
using contractors instead of permanent staff,
communications instead of travel.
 113

institutional ratio integrated conservation-development project -

coeficiente interinstitucional ICDP
The ratio between Bank subscriptions authorized proyecto integrado de consen'acion y desarrollo
solely in general capital increases and IMF A new type of experimental project that attempts
quotas obtained solely from general quota to link the conservation of biological diversity in
increases. Used to determine the initial share protected areas with local economic and social
allocation of countries joining the Bank during the development.
period of the 1979 General Capital Increase.
integrated management training program
institution building programa integrado de capacitacion y
desarrollo, fortalecimiento institucional perfeccionamiento de funcionarios que ocupan
cargos de direccion
instructional aid
material didactico, pedagogico integrated pest management - IPM
lucha integrada contra las plagas
institution-related technical assistance; soft Growing farm crops with fewer chemical
technical assistance pesticides and more natural pest controls.
asistencia tecnica relacionada con los Monitoring for pests and rotating plantings, the
componentes no fisicos 0 de servicios; asistencia use of pesticides can be virtually eliminated on
tecnica para desarrollo institucional crops such as potatoes, com and apples.
Technical assistance geared towards institutional
development as opposed to engineering-related integrated rural development project
technical assistance. proyecto de desarrollo rural integrado

Institution Rules [ICSID] integration see backward-forward integration;

Reglas de Iniciacion backward integration
[see Rules of Procedure for the Institution of
Conciliation and Arbitration Proceedings] interchange see course interchange

instrument [ICSID] intercompany pricing

instrumento (oficial) fijacion de precios de transferencia entre
empresas
instrument of acceptance
instrumento de aceptacion intercropping
A legal document indicating that a state has cultivo intercalado
accepted the rules and regulations of an Growing two or more crops simultaneously as in
organization it is joining. alternate rows in the same field or single tract of
land.
insurance see social insurance
interest see beneficial interest; controlling interest;
intake covered interest arbitrage; depositor rate of
toma (de agua); ingesta; ingestion; admision; interest; effective interest rate; working interest
contingente; entrada
[see also calorie intake] interest bearing note
pagare que devenga intereses
intangible assets, property
activos, bienes intangibles, inmateriales interest charges
Items or rights lacking physical existence, their intereses (cobrados, pagados)
value being mainly in their income generation
potential and the rights and benefits that
possession confers.
114

interest coverage ratio - ICR; times interest earned interest (rate) sensitivity
ratio sensibilidad a las tasas de interes
relacion de eobertura de intereses Rate-sensitive assets as a percentage of rate-
Net income before interest expenses divided by sensitive liabilities
interest expenses. IFC's definition is "The number
of times income, after deducting all expenses interest (rate) swap
except borrowing charges and provision for losses, intereambio, swap de tipos de interes
covers borrowing charges." An agreement to exchange floating rate payments
for fixed-rate payments in the same currency.
interest during construction - IDC
intereses durante la constl1lccion interest rebate
Interest payable on long-term or short-term debt rebaja de intereses
incurred to finance capital works (e.g. plant or
road construction in progress) in a fiscal year. interest service ratio
Financing charges, including commitment fees, coefieiente del servicio de los intereses
should also be included. IDC is frequently Ratio of payment of interest on debt to exports of
capitalized (or charged to the project cost) until goods and services.
the asset is commissioned or as a capital
expenditure item it is transferred to a deferred interest subsidy, subsidization
charges or deferred capital expenditure account. subvencion de intereses
For Bank projects IDC should be computed as part
of project costs to determine total financing Interest Subsidy Fund [= Third Window]
requirements. Fondo de Subvencion de Intereses [= Tercera
Ventanilla]
interest earnings, income A lending facility to extend loans to the
ingresos por intereses developing countries on terms intermediate
between those charged by the Bank and IDA. Now
interest equalization tax discontinued.
impuesto de igualacion, de equiparaeion de
intereses interest support
A tax on foreign investments for the purpose of apoyo de los intereses
curtailing the outflow of private funds.
interfuel substitution
interest income, earnings sustitucion de combustibles
ingresos por intereses
Interim Committee [IMF]
interest leakage Comite Provisional
fluctuacion de los tipos de intem debida a la
fuga de capitales interim financial statement
Changes in U.S. interest rates due to movement of estado financiero intermedio
funds from the U.S. to the Eurodollar markets.
interindustry linkages
interest rate cap [ffiRD] eslabonamientos interindustriales, entre
tope de los tipos de interes industrias
A limit on the amount of interest that can be levied
on a variable rate loan. Proposed for ffiRD. interlocking debt
deuda(s) reciproca(s)
interest-rate differential
margen, diferencia entre tipos, tasas de interes

interest rate risk

riesgo de perdida en, por coneepto de intereses
Risk due to difference in interest rates.
 115

intermediate goods internal rate of return - IRR

bienes intermedios tasa de rentabilidad intema
Those goods used as an input for further The rate of retum on an asset investment. It is
transformation by some other production activity, the discount rate that equates the present value
not for consumption or as an addition to the stock of future net revenue streams (over the economic
of fixed capital. life of the asset) to the cost of the investment.
[see also economic rate of return; financial rate of
intermediation return]
intermediacion
Process whereby a financial institution interposes internally generated funds; cash generation;
its names and trustworthiness between a lender internal cash generation
and a borrower. For example, instead of buying an recursos propios; recursos provenientes de las
issue directly from a corporation, an investor may operaciones
deposit funds with a bank which, in tum, invests
in the issue. international agricultural research centers - IARC
[see also market intermediation] centros intemacionales de investigaciones
agrieoJas
intermediation rate
tasa de intermediacion international banking facility - IBF
senicio baneario intemacional
intermediative borrowing International branch of a bank in a kind of internal
prestamos obtenidos de intermediarios free trade zone in the U.S., which allows banks to
financieros engage in international banking without some of
Borrowing from financial intermediaries. the usual restrictions facing domestic banks.
Those restrictions from which IBFs are exempt
internal audit include reserve requirements, payment of certain
auditoria intema; control intemo insurance premiums, and special relief from state
tax.
internal cash generation; internally generated
funds; cash generation international commodity agreements,
recursos propios; recursos provenientes de las arrangements
operaciones eonvenios, aeuerdos intemacionales sobre
The gross income from all sources less all productos basieos
operating and administrative expenses, excluding Any intergovernmental agreement or arrangement
depreciation, interest, other non-cash charges and to promote international cooperation in a
other charges on debt, and taxes. commodity, the parties to which include produces
and consumers covering the bulk of world trade in
internal cross subsidy the commodity concerned.
subvencion, subsidio cruzada(o) intema(o)
international commodity bodies - ICBs
internal exchange rate; modified Bruno ratio organismos intemacionales de produetos
tipo de cambio intemo; coeficiente modificado basieos
de Bruno An international body concerned on a continuiing
As for the Bruno ratio but using for the entire basis with the trade, production and consumption
project life instead offor just one year. aspects of a commodity.

internal importing costs international commodity organizations - ICOs

costos intemos de importacion organizaciones intemacionales de produetos
basieos
internal rate of financial return see financial rate An organization established by an international
of return commodity agreement to implement the provisions
of the agreement.
116

International Comparison Project, Programme - internship

ICP pasantia; intern ado; practica(s)
Proyecto, Programa de Comparacion
Internadonal - PCI intervention currency
A project supported by the World Bank and the moneda de inten'endon
United Nations which enables incomes to be Currency used by central bank for official
compared in terms of the prices of a common set intervention in the foreign exchange market. This
of consumer goods, which reflect real purchasing currency is often not the same as the home
power. When outside financing dried up in 1987, currency, which may not be a convertible currency.
the Project became a Programme, which is what it
is now. intervention price
precio de inten'encion
international competitive bidding - ICB The minimum price set by an agency at which a
lidtadon publica internadonal producer is guaranteed to sell his product.
Bidding open to all eligible suppliers and
contractors. intra-day settlement
pago en el dia
international competitiveness margin - ICM Trading settlement within less than one day.
margen de competitividad internadonal
The percentage by which the BanklFund payline inventory; inventories
should exceed the combined French/German existencias; inventario(s)
market paylines to provide adequate international Raw materials and supplies, goods finished and
competitiveness. being manufactured and stock on hand, in transit,
in storage or consigned to others at the end of the
International Compilers Working Group on accounting period.
External Debt Statistics
[WBIIMFIBIS/OECDlBerne Union] inventory control
Grupo de Trabajo Internadonal de control de existendas, inventario(s)
Compiladores de Estadisticas sabre la Deuda
Externa inventory investment
inversion en existendas
international credit guarantee fund
fondo internadonal de garantias de credito inventory turnover
movimiento, rotacion del inventario, de las
international credit guarantee system existencias
sistema internadonal de garantias de crMito
inverted rates [electricity tariffs]
international financial institutions - IFIs tarifas progresivas
instituciones finanderas internacionales Rate where the lowest block is the cheapest, in
order to subsidize low income groups.
international liquidity
Uquidez internadonal investment agreement [IFC]
convenio de inversion [CFI]
international payments position
situadon de pagos internadonales investment bank [US]; merchant bank [UK]
banco de inversiones
international reserves Institution that accepts new issues of stocks from a
resen'as internacionales corporation and attempts to sell them to the public
at a profit In the US., they have a separate legal
international shopping status from commercial banks.
comparadon internadonal de precios
Procurement based on comparing price quotations investment budget
from at least three foreign suppliers. presupuesto de inversiones
 117

investment center [accounting] investment review mission [ffiRD]

centro de inversion mision de estudio de oportunidades de inversion
A responsibility unit whose performance is
measured in terms of resources committed (capital investment tax credit
invested) relative to monetary costs and returns. credito impositivo por inversione5

investment commitment [IFC] investment trust see closed-end investment

compromiso de inversion [CFI] company, fund

investment company, fund invisible transactions

compaiiia de inversiones; sociedad de operaciones, transacciones invisibles
inversiones; rondo de inversiones Exports and imports of services. Includes
Company that uses its capital to invest in other insurance, shipping charges aIld tourist
companies. The two kinds are open-end expenditures.
investment company and closed-end investment [see also surplus on invisibles]
company, the former being by far the most
frequent. invitation to bid, to tender
[see also closed end investment company, fund; lIamada a Iicitacion
open end investment company, fund] A notice issued under competitive bidding
procedures calling on bidders to submit bids for
investment gap contracts.
deficit de inversiones
invitation to prequalify [contracts]
investment goods invitacion a la precalificacion
bienes de inversion, de equipo, de capita] A notice issued under competitive bidding
procedures calling on bidders to prequalify prior
investment grant to bidding on a contract.
subveocion para inversion
involuntary lending
investment incentives prestamos no voluntarios
incentivos para la inversion Lending by banks as long as the resulting
reduction in probability of default, multiplied by
investment income the existing exposure, exceeds the amount of new
ingresos por (concepto de) inversiones, money multiplied by the remaining probability of
derivados de inversiones default even after the new assistance.

investment insurance involuntary resettlement

seguro de inversion reasentamiento involuntario
[see also multilateral investment insurance] Movement of peoples away from their normal
place of abode against their will.
investment loan
prestamo para proyecto de inversion inward-looking; inward-oriented [country; policy]
orientado hacia el interior; aislacionist.
investment portfolio
cartera de inversiones (a largo plazo) irrevocable agreement to reimburse
Portfolio of longer-term investments. cr. trading garantia irrevocable de reembolso
portfolio. An agreement given e.g. by the Bank to a
commercial Bank that it will reimburse any part of
investment project a cofinancing loan on which a borrower defaults.
proyecto de inversi6n

investment return, yield

rentabilidad, rendimiento de la inversi6n
118

irrevocable letter of credit

carta de credito irrevocable
Form of letter of credit whereby the issuing bank
gives an undertaking to the beneficiary that
payment will be made, provided that the
beneficiary complies with the terms of the credit.
Sometimes used as performance security.

irrigation see basin irrigation; border check

irrigation; border ditch irrigation; border
irrigation; center pivot sprinkle irrigation;
corrugation irrigation; drip irrigation; flood
control irrigation; flood irrigation; gravity
irrigation; micro-sprayer irrigation; runoff
irrigation; small-scale irrigation; sprinkle
irrigation; strip irrigation; subirrigation; surface
irrigation; trickle irrigation; wild flooding

island developing country

pais insular en desarrollo

issued share capital

capital accionario emitido

issues on tap; tap issue

emision continua
An issue of a security made available on an as
required basis. Used primarily in the British
market, where the British Government issues
Treasury stock and seeks subscriptions. As the
stock is rarely fully subscribed, the remainder is
sold to Stock Exchange jobbers as demand
requires

issues paper
documento de exposicion de problemas; Temas
del Banco Mundial [mRD]

issuing bank; bank of issue

banco emisor, de emision

item [budget]
partida
[see also tariff item]
 119

joint venture
soeiedad en participacion; empresa, operacion
-J- conjunta

jumbo borrowiog(s)
jeopardy clause; escape clause; break clause (obtenci6n de) emprestitos gigantescos
clausula de salvaguardia, de elusion, de escape Borrowing or lending in large quantities; usually
A clause in a Eurocurrency agreement specifying refers to amounts in excess of US $250,000.
that, if certain events curtail the lender's activity or
the operation of the Euromarkets, other designated junior creditor
actions will come into effect. acreedor no prioritario

jeopardy loan junior debt; subordinated debt

prestamo con riesgo de posibles perdidas deuda subordinada
Term used by IFe to indicate that a loan has Debt which, in case of liquidation, cannot be paid
serious problems. IFe expects to make a loss till payments on other obligations have been made.
(though not necessarily a 100% loss) on a jeopardy Opposite of senior debt.
loan.
junior high school
jitney escuela secundaria de primer cicio
colectivo
juridical personality; legal existence
jobbing personalidad juridica
trabajo a destajo
justification
job description documentos justificativos; documentacion de
descripcion de cargo, puesto apoyo

job order accounting just in time (liT) manufacturing

contabilidad por ordenes de trabajo, por fabricacion "justo a tiempo"
pedidos Production and inventory control systems
A cost accounting method which accumulates the designed to produce small lots and to produce the
costs of doing a separately identifiable job. right items in the quantities needed by subsequent
production processes at the right time.
job-related training
formacion, capacitacion para el puesto, cargo

joint and several

mancomunado y solidario

joint committee
comite conjunto; comision conjunta

joint monitoring committees

comites conjuntos de fiscalizacion

joint stock company

soeiedad en comandita por acciones
120

-K-

key data
datos clave, basicos

key interest rates

tipos, tasas de interes clave
The main market interest rates - includes LIB OR,
U.S. prime rate, U.S. federal funds rate and
certain others, depending on where it is used.

key money rate; central rate

tipo, tasa central
The term used to describe the main interest rate set
by the central bank (or equivalent) and which
effectively governs other market interest rates. In
the U.S., it is the federal funds rate.

keynote address, speech

discurso principal

keynote speaker; keynoter

orador principal

key species
especies esenciales
Species that have a more profound impact on their
ecosystem than other species. They are organisms
which provide critical support through webs of
interactions to the existence of other species.

kidney cotton; West Indian cotton; Sea Island

cotton; Egyptian cotton;
algodon de las Indias Occidentales; algodon de
Barbados; aIgodon egipcio

knapsack spraying
rociado, fumigacion con tanque lIevado a la
espalda

know-how
conocimientos tecnicos, tecnologicos
 121

lagging indicator
indicador retrospectivo
A statistic that does not change till after the
economy in general has changed, e.g. the value of
construction completed.
labor costs
costos de mano de obra; costos del (actor lamplight fishing; fishing by lamplight
trabajo; costos laborales pesca con luz (artificial), aI encandilado

labor force land betterment tax

(uena de trauajo, laboral; mano de obra; a impuesto de valorizacion, sobre la plusvalia
veces: poblacion activa
land consolidation
labor force penetration; labor force participation concentracion parcelaria
rate
tasa de actividad land development
The extent to which those of working age are aprovechamiento, habilitacion,
actually working. acondicionamiento de tierras; urbanizacion

labor-intensive land equivalent, equivalency ratio - LER

con gran intensidad de mano de obra; de uso coeficiente de la tierra de cultivo equivalente
intensivo de mano de obra; de alto coeficiente Area needed under sole cropping to give as much
de mano de obra produce as 1 hectare of intercropping or mixed
cropping at the same management level, expressed
labor-intensive industry as a ratio.
industria con gran intensidad de mano de obra
landfill
labor-management relations; labor relations; vertedero
industrial relations
relaciones entre empleados y empleadores; land improvement
relaciones obrero-patronales mejoramiento de tierras

labor market landlocked country

mercado de trabajo, laboral pais sin Iitoral, mediterraneo

labor relations; industrial relations; labor- land reclamation

management relations bonificacion, recuperacion, saneamiento de
relaciones entre empleados y empleadores; tierras
relaciones obrero-patronales
land reform
labor shed re(orma de la tenencia de la tierra
zona de contratacion de mano de obra
land register
laboratory school see demonstration school registro catastral; catastro

lag; slippage land resilience

retraso; demora; desfase capacidad de recuperacion de la tierra
A delayed climatic effect. A measure of the ability of the land to withstand
and recover from shock, i.e. a sudden impact such
lagged inflation as drought, overgrazing, change in specified land
inflacion desfasada use.
122

settlement law of diminishing marginal utility

asentamiento; colonizacion ley de utilidad marginal decreciente
Law which states that although total utility
land tax increases, the marginal utility received from
contribudon, impuesto territorial consuming each additional unit of a commodity
decreases.
land tenure rights
derecho de tenencia de la tierra law of diminishing returns
ley de rendimientos dec recientes
land tenure system
regimen de tenencia de la tierra laydays; laytime
estadia
land use plan The period of time agreed between the parties
plan de utilizacion de tierras during which the owner shall make and keep the
ship available for loading/discharging without
land use planning payment additional to the freight.
planificadon de tierras
layout
land use ratio diseiio; pianos generales (de un proyecto);
coeficiente de utilizacion de tierras distribucion

landed price layout plan

precio aI desembarque plan de distribucion
The quoted or invoiced price of a commodity,
including costs of loading, shipping and unloading laytime see laydays
at destination.
lead agency
lapse-of-time decision organismo director, principal
decision tacita por vencimiento de un plazo
A decision which is deemed to be approved if no lead bank; lead manager
objection is received by a specific date. banco director
Bank with main responsibility for arranging a
last in, first out - LIFO bond issue or international Eurocredit. Lead
salida en orden inverso aI de adquisicion, manager is also used in the sense of agent bank.
fabricacion, etc.
lead donor
late bid donante principal
oferta fuera de plazo, tardia
Bid submitted after the deadline specified for bid lead economist
submission. economista principal (de un departamento
geogrifico)
late maturing [crop]
de maduracion tardia lead manager see lead bank

latrine see bucket latrine; cistern flush latrine; pit lead time of a project
latrine; pour flush latrine; vault toilet; ventilated periodo de gestacion de un proyecto
improved pit latrine
 123

leading indicator leaseback

indicador anticipado retroarriendo; retrocesion en arrendamiento
A statistic valued for predicting purposes because
its movement is generally followed by a certain leasing
movement of the economy in general, e.g. building arrendamiento; arrendamiento financiero;
permits, average weekly work hours, a veces: leasing financiero
unemployment claims and corporate profits.
least cost analysis
leads and lags anlilisis de costo minimo
adelantos y atrasos A type of analysis commonly used to compare
A term referring to changes in the pattern of alternative projects or project designs when value
international payments terms. At anyone time a of output (benefits) cannot be measured adequately
country is extending and receiving trade credit via (e.g. certain transport projects). If it can be
its exporters and imports. If a devaluation of its assumed that the (unquantifiable) benefits exceed
currency is feared, its importers with foreign the cost and if appropriate adjustments are made
currency obligations may hurry to pay, otherwise for any differences in benefits among the
their debts will be greater after devaluation, i.e. alternatives, the task is then to minimize the cost
they "lead" payments. Conversely, exporters will of obtaining them through least-cost analysis.
benefit by not hurrying to convert export receipts
in foreign currency - they "lag" payments. least developed countries - LLDCs
paises (en desarrollo) menos adelantados - PMA
leakage
utilidades encubiertas least squares method
In investment, benefits to selected parterns by metodo de minimos cuadrados
means other than declared financial returns, such An econometric estimation technique involving
as distorted transfer pricing, non-arms length minimizing the sum of the squares of the vertical
royalties or management fees and inflated distance between the observed data points and the
equipment costs. regression line.

learning by doing legal authority

aprender sobre la marcha; aprender con la autorizacion legal; facultad legal
practica
A method of learning involving practical legal entity, person
experience. persona juridica

learning curve legal existence; juridical personality

cUn'a de aprendizaje personalidad juridica
An imaginary graph which describes the rate at
which people learn something new. Initially, they legal force
will normally pick up a lot of infonnation quickly fuerza de ley
but then will gradually take more time to learn
less. legal instruments [agreements, etc.]
instrumentos juridicos, legales
learning materials
materiales didacticos legal opinion
dictamen juridico; opinion juridica
learning rate
tasa de asimilacion de conocimientos legal person, entity
persona juridica
lease see finance lease; operating lease; true lease
124

legal remedy lengthman [highway maintenance]

recurso (legal) peon caminero
A man appointed to maintain a certain length of
legal reserve road.
reserva obligatoria; encaje legal
less developed country - LDC
legal status pais en desarrollo; pais menos desarrollado -
condicion juridica PMD

legal tender less than carload freight - LCL

moneda de curso legal trafico, mercancias de detalle
A shipment that occupies less than a full railroad
lender of last resort car, that may moved from car to car as economy of
prestamista en ultima instancia shipment dictates and on which higher rates than
One of the functions and a major raison d'etre of a full carload lot rates apply.
modern central bank whereby the bank has to
provide liquid assets to the banking system when letter of acceptance
the existing liquid assets of the banking system carta de aceptacion
threaten to deplete. Written notification by the employer to the
contractor of acceptance of his bid.
lending agency, institution
organismo de credito, crediticio; institucion de letter of comfort
credito, crediticia carta de seguridades
A written instrument issued by A, where A agrees
lending authority to make every effort to assure B's compliance with
facultad para conceder prestamos the terms of a contract, but without committing A
The amount of money that the Bank can lend, to perform B's obligation in the event that B is
based on its paid-in capital. unable to fulfil his obligation. Usually issued by a
parent company on behalf of a subsidiary in
lending commitment another country.
compromiso de prestamo
letter of credit (LIC)
lending limit carta de credito
limite de credito, de prestamos Form of documentary credit whereby a bank
promises to honor drafts payable to one party,
lending pipeline; pipeline of projects drawn on it by another party.
proyectos en tramitacion, en reserva
Projects which have advanced beyond the stage of letter of development policy - LDP [ffiRD]
appraisal mission departure, i.e. which are carta de intenciones sobre la politica de
expected to be in the forthcoming year's lending desarrollo
program. Letter from the Government of a country receiving
a structural adjustment loan to the President of the
lending program Bank, setting out the Government's medium-term
programa de operaciones crediticias; programa objectives for structural change and the range of
de financiamiento measures that it intends to take over several years
to achieve these objectives.
lending rate
tipo, tasa de interes sobre los prestamos; tipo, letter of intent - LOI
tasa activo(a) carta, declaracion de intencion, de intenciones
Used to put in writing a preliminary understanding
of parties who intend to enter into a contract.
 125

letter of no objection - LNO [imports] leverage, to

consulta sobre posibles objeciones ejercer inOuencia; ejercer, producir efecto
In some countries, a letter sent by the Government multiplicador [finanzas] [diferentes contextos
to a domestic company, asking that company if it pueden requerir distintas traducciones)
has any objection to specific items being imported. [See also highly leveraged; underleveraged]
The company may make an objection, thereby
preventing the goods from being imported. leveraged buyout - LBO
compra de una empresa con fondos tomados en
letter of sectoral policy [IBRO] prestamo
carta de intenciones sobre la politica sectorial Purchase of a company by a small group of
Letter from the Government of a country receiving investors, often including management, mostly
a sectoral adjustment loan to the President of the with borrowed funds. The debt is usually repaid
Bank, setting out the Government's medium-term from the company's cash flow or from the sale of
objectives for sectoral change and the range of assets.
measures that it intends to take over several years
to achieve these objectives. levy
gravamen (tributario)
letter of understanding [see also betterment levy]
carta de entendimiento
liabilities
Levantcotton;hetbaceouscotton;AJnericanshort pasivo; obJigaciones
staple cotton; Arabian cotton The credit half of a balance sheet.
algodon herbaceo [see also accrued liabilities; contingent liability;
currency liabilities; current liabilities; deposit
leveling off liabilities; long-term liabiliaties; sight liabilities;
nivelacion; estabilizacion sundry liabilities; tax liability; temporary
liabilities; unfunded liabilities]
level annuity system
sistema de pagos totales iguales (de principal e liability management
intereses) gestion de pasivos
The level annuity system entails equal aggregate [see also asset and liability management1
payments of principal and interest (i.e. with
principal repayments made in gradually ascending LmOR [London interbank offered rate1
amounts). This system was used by the World LmOR [tipo, tasa de orerta interbancaria de
Bank prior to 1975. Londres1
The interest rate at which banks in London are
level border irrigation see basin irrigation prepared to lend funds to first-class banks. It is
used to determine the interest rate payable on most
level repayment Eurocredits.
reembolso en cuotas iguales
Repayment scheme where repayments are at a licensing agreement
fixed level, even though the interest rate may acuerdo, convenio de licencia, de concesion de
change. Jicencia

leverage (ratio) [US]; gearing (ratio) [UK] lien; charge [legal]

nivel de endeudamiento relativo aI capital; gravamen; embargo preventivo; cargo
relacion endeudamiento-capital propio; relacion
pasivo-capital life (of a project)
Ratio of debtlliabiIities to equity/assets. Includes duracion, vida atiI
debt and debt-equity ratios. [See also guarantee
leverage]
126

life cycle cost evaluation Sea, where the lenders had no recourse to BP if
evaluacion de los costos durante la vida litil (de there was insufficient oil).
equipos)
Evaluation of equipment over its whole life, line breeding
including initial purchase, maintenance and cruzamiento continuo; cruzamiento absorbente
operation. Special form of inbreeding to maintain a high
genetic relationship to a desirable ancestor.
life expectancy
esperaoza de vida line department
departamento ejecutivo, de ejecucion, de
lifeline tariff operaciones
tarifa minima, vital [see also line ministry]
A special low tariff for a commodity (e.g. gas or
electricity) made available to disadvantaged line-haul [transportation]
groups (e.g. poor or elderly) or to all consumers transporte, acarreo entre term inales
but only up to a certain amount.
line item [budget]
lifelong education; continuing education; recurrent partida (presupuestaria)
education A specific revenue or expenditure separately
educacion permanente detailed in a budget.

life of a loan line kilometer [surveying]

vigencia de un prestamo kiJometro lineal
A kilometer as measured by the line of flight of an
light Arabian crude; Saudi Arabian light crude aircraft. Used to measure the distance covered by
(petroleo) crudo liviano, Iigero de Arabia an aircraft when taking remote sensing images.
Saudita
The world's most prolific crude oil, frequently used line management
as a marker crude in establishing the prices of direccion; supervision
other crudes.
line management position
light gray cotton see gray cotton cargo ejecutivo, de direccion, de supervision

light industry line manager

industria ligera, liviana supervisor directo, inmediato

light spotted cotton line ministry, department

algodon Iigeramente manchado ministerio, departamento de operaciones,
sectorial, de ejecucion
limited international bidding - Lm A Government ministry responsible for
Iicitacion internacional Iimitada implementing a program or group of programs as
International competitive bidding by direct opposed to one responsible for general planning
invitation without open advertisement. and administration, e.g. would include
Agriculture, Social Security but exclude Finance,
limited liability company Planning.
sociedad de responsabilidad Iimitada
line position
limited recourse finance cargo, puesto ejecutivo, de operaciones
financiamiento con recurso Iimitado
Finance arranged on the basis of the lender having line staff
recourse to the borrower only in certain persooal ejecutivo, de operaciones
circumstances (e.g. the loan to British Petroleum
(BP) to finance the Forties oil field in the North
 127

linear programming liquidity management; liquidity portfolio

programacion lineal management
A mathematical procedure to obtain an optimal gestion de la Iiquidez
answer to a series of equations that usually specify
resources available; technological relationships of liquidity portfolio [IFC]; liquid assets portfolio
the production process; goals of the society; cartera de activos Ifquidos
relevant constraints to any solution that is found.
liquidity position
liner (shipping) conference situacion de Iiquidez
conferencia maritima
A combination of shipping companies or owners liquidity ratio
which sets common liner freight rates on a coeficiente de Iiquidez
particular route and which regulates the provision The ratio of the actual level of liquidity to
of services. projected three year net cash requirements.

link see UHF link; VHF link liquidity shortage

insuficiencia de Iiquidez
linkage see backward-forward integration,
linkage; backward integration, linkage liquidity squeeze
crisis de Iiquidez
liquefied natural gas - LNG
gas naturallicuado - GNL listing (of securities)
cotizacion (de val ores en la bolsa)
liquefied petroleum gas - LPG The process of public quotation on a Stock
gas de petroleo licuado - GPL Exchange of a share or bond.

liquid assets; quick assets literacy; literacy education

activos Iiquidos, disponibles; disponibilidades alfabetizacion
Cash in banks and on hand and marketable
securities. literacy level
nivel de alfabetizacion
liquid assets portofolio; liquidity portfolio [IFC]
cartera de aenvos Uquidos live fencing
setos,cercosvivos
liquid ratio see acid test ratio The use of live trees as boundary markers for the
production of fruit, fodder or other products,
liquidated damages instead of wooden fences.
clausulas penales; penalidades; multa; dafios y
perjuicios previstos en un contrato live storage, capacity
A sum of damages agreed upon in advance capacidad util
between parties to a contract, to be paid by the
party who breaches the contract, as opposed to living area
unliquidated damages, which are not fixed in area, superficie habitable
advance, and are liable to be overturned by the
courts. load see peak load

liquidation value; forced sale value load, base

valor de venta formsa carga de base, fundamental
The price obtainable from an immediate sale,
where the seller is under either legal or voluntary load bearing capacity; traffic bearing capacity
compulsion to sell. eapacidad de trafieo
128

load factor [electricity] loan portfolio

factor de carga cartera de prestamos
The ratio of the average load over a designated The unpaid loans of a lending organization.
period of time to the peak load occurring in that
period. loan pricing, costing
[see also system load factor] fijacion, determinacion del costo de un
prestamo
load fund Establishing the interest rate of a loan.
fonda mutuo que cobra comision
Mutual fund which charges a handling fee. loan processing
tramitacion del (de un) prestamo
loan account
cuenta del prestamo loan proceeds see allocation of loan proceeds

loan agreement loan recovery

convenio de prestamo recuperacion de un prestamo, de prestamos

loan application local area network - LAN

solicitud de prestamo red de area local - LAN

loan assumption agreement local authority; local government

convenio de asuncion de prestamo administracion local; autoridades municipales,
provinciales, etc.
loan capital
capital en prestamo; emprestito local competitive bidding - LeB see competitive
bidding in accordance with local procedures
loan commitment
compromiso de prestamo local cost; onshore cost
costo en moneda nacional
loan costing see loan pricing
local currency
loan equivalency pricing moneda nacional
fijacion de precios equivalentes en operaciones
de cofinanciamiento local employee [IBRD]
Pricing procedure adopted in Bank cofinancing, funcionario, empleado contratado localmente
whereby credit alternatives offered by the Bank,
such as loans and guarantees, are all priced local government; local authority
comparably and do not compete among administracion local; autoridades municipales,
themselves. provinciales, etc.

loan investment local shopping

inversion en forma de prestamo comparacion nacional de precios
Procurement based on comparing price quotations
loan officer obtained from several local suppliers.
oficial del prestamo, de prestamos
localization
loan origination fee autoctonizacion
comision por tramitacion de solicitud Use of local staff.
The fee typically charged by a DFI to recover the
cost of investigating and granting a request by a
borrower for a loan.
 129

localization economies long staple cotton

econom(as de ubicacion aJgodon de fibra larga
Agglomeration economies which are external to a Cotton with fibers of 1 1/8 inches long or more.
specific company but internal to a specific
industIy. They commonly result from the long-term blended cost rate - LTB [IFC]
increased demand for goods and services from coeficiente de costos combinados a largo plazo
specific industries. Increased demand leads to A rate used by IFC to assist in determining the
increased competition and efficiencies among performance of its loan ponfolio, it is based on
firms intending to provide inputs to production. It three parts of average costs of borrowed funds and
also includes venical and horizontal integration of one pan capital resources.
specific industries. where ancillary industries
within the same area provide inputs or long-term debt ratio
complementary services to other industries and relacion de endeudamiento a largo plazo
firms. Cf. urbanization economies. Ratio oflong-term debt to total assets.

locked in capital gains Long-term Facility for Financing Purchases of

ganancias de capital realizadas Capital Goods by Developing Countries [ffiRD]
Servicio de financiamiento a largo plazo para la
locked in interest rate compra de bienes de capitaJ por los paises en
tipo, tasa de interes inmodificable desarrollo

locked-up capital long-term liabilities

capital inmovilizado pasivos a largo plazo
Capital that is unavailable as it is committed to Liabilities that will become due in the future,
other uses. usually more than one year.

lock gate price; sluice price; sluice gate price long-term prime rate - LTPR
precio de compuerta tipo, tasa preferenciaJ a largo plazo
A theoretical cif price used in calculating Prime rate used in Japan.
European Communities supplementary levies on
impons of pork, poultIy and eggs. longitudinal survey
encuesta longitudinaJ
logging [forestIy] Surveys of limited populations in purposively
corte y extraccion de madera en trozas; selected areas, recording events as they actually
exp]otacion forestal; extraccion de madera occur (as opposed to making estimates).

long form audit repon . loss in weight; waste [commerce]

informe largo de auditoria perdida; desperdicio
A detailed repon or letter prepared by an auditor
following an audit. It is addressed to the loss leader
management or directors. articulo de propaganda, de cebo, de reclamo

long-run average incremental cost - LRAIC loss of load probability - LOLP

costo incremental medio a ]argo plazo probabilidad de perdida de carga
A measurement of the probability of power
long-run marginal cost - LRMC; efficiency price; outages.
efficient price [electricity tariffs]
costo marginal a largo p]azo loss payee
The cost of meeting an increase in consumption, beneficiario
sustained indefinitely into the future. when needed In insurance, a third party suffering the actual loss
capacity adjustments are possible. named as beneficiary of the policy.
130

loss provision; provision for losses; reserve for low income country
losses pais de ingreso bajo
reserva para perdidas
low load factor consumer [electricity]
low absorber [country] consumidor de bajo factor de carga
pais de baja capacidad de absorcion A consumer using a low amount of electricity.
Oil exporting capital surplus country that has
been able to make very limited use of oil revenues low standard road
for domestic development. Includes Saudi Arabia camino, carretera de normas reducidas, bajas
and Kuwait.
low voltage consumer [electricity]
lower heating value; net heating value - NHV; net consumidor de bajo voltaje
calorific value - NCV
poder calorifico neto - peN lump sum borrowing [IFC]
emprestito de suma global
lower middle income country - LMIC A currency-specific borrowing made in a lump
pais de ingreso mediano bajo sum by IFC from IBRD for its short-term future
Developing country with a per capita income in needs.
1980 exceeding $600 but below $1200. Include
some Latin American countries, some South-East lump sum contract [consultants]
Asian ones (such as Philippines and Thailand), contrato a suma alzada
Mediterranean countries (such as Morocco and Contract where payments are based on an agreed
Tunisia) and some sub-Saharan African countries lump sum with no matching of inputs to payment
(such as Cote d'Ivoire and Nigeria). being made once the figure has been agreed.

lower quality old debt lump sum loan

deudas anteriores con condiciones menos prestamo de suma global
favorables One of two types of fixed rate loan made by the
Bank to IFC involving currency-specific lump sum
lower secondary education amounts to meet net cash requirements for the
educacion secundaria de primer cicio, de cicio following six to twelve months.
baisico
lump sum price
lowest bidder tanto a1zado; monto global; suma alzada; precio
licitante que presenta la oferta mas baja global
[see also second lowest bidder]

lowest evaluated bid

oferta evaluada como la mas baja
Bid which is considered to have the lowest price,
taking into account factors such as time of
performance, reliability of construction methods or
efficiency of equipment, availability of
maintenance services and other criteria disclosed
to the bidder. The relative factors should be
stated in the bidding documents and should be
expressed in monetary terms or given a relative
weight.

lowest priced bidder

licit ante que presenta la oferta de menor precio
The bidder who offers a bid at the lowest price.
 131

manageable
controlable; manejable; gobemable; etc.
-M-
managed costs
gastos generales directos
macro-level accountability Discretionary and direct overhead expenses for
responsabilidad macroeconomica which budget units are responsible.
Macroeconomic accountability (including financial
accountability and accountability for overall managed economy
economic performance), e.g. congruence between economia dirigida
public policy and actual implementation, the
efficient allocation and use of public resources and management see asset and liability management;
external auditing and follow-up to this auditing. cash management; collegial management;
comanagement; corporate management; country
Enacromanagement assistance management; demand management;
macrogestion economic management; IDA management fee;
labor-management relations; liability
main contractor; prime, principal contractor management; line management; liquidity
contratista principal, primario management; participative management; project
management; range management; risk
mainframe computer management; supply management; water
gran computadora; gran ordenador [Espana] management; watershed management

main power grid [electricity] Management [World Bank]

red principal la administracion

mainstream, to management accounting

incorporar a las actividades habituales (del contabilidad de gestion
Banco) The design, installation and operation of financial
planning, budgeting and financial accounting
maintenance of value - MOV (of mRD capital) systems with the use of appropriate methods and
mantenimiento del valor techniques to monitor and control all aspects of
The provision in the Bank's Articles of Agreement financial operations and the coordination of these
requiring members to maintain the value of that systems, methods and techniques with the primary
portion of their paid-in capital that is subscribed in activities of an entity.
their own currency in terms of the subscription
price (i.e. 100,000 gold dollars). management audit
evaluacion administrativa
maintenance of value settlement; settlement of A review and appraisal of any or all parts of
maintenance of value management activity.
liquidacion por concepto de mantenimiento del
valor management auditor
inspector administrativo
Enajor currency
moneda importante management by objectives - MBO
gestion, administracion por objetivos
malnourished
malnutrido management chart; performance chart; working
table
malnutrition diagrama, grifico de situacion
malnutricion
132

ntiDagementcompany management succession planning

compailia administradora, de administracion, plan de sucesion para cargos de direccion
de gestion
managerial accounting
management consultant contabilidad gerencial
consultor en direccion de empresas, en That portion of accounting which attempts to
administracion de empresas supply management with quantitative information
as a basis for decisions, as opposed to
management contract management accounting which is accounting
contrato de administracion, gestion designed for or adapted to the needs of information
Contract where the contractor assumes and control at the various administrative levels of
responsibility for the management of the an organization.
investment project or a significant part of its
operations and where his remuneration managers
substantially depends on the production, revenues administradorcs; gerentes; directivos; etc.
or profits of the investment project.
managing group
management development consorcio, grupo de direccion, directivo
perfeccionamiento del personal directivo;
perfeccionamiento de la funcion de gestion managing unit
unidad directiva
management fee
comision de administracion; comision de gestion mandatory planning
Fee payable to lead bank for handling bonds. planificacion obligatoria, preceptiva

management game man-day

juego de gestion dia-hombre

management group; managing group man-made capital

consorcio, grupo de direccion, directivo capital creado por el hombre

management information system - MIS man-made disaster

sistema de informacion para la administracion desastre provocado por el hombre
System, usually computerized, designed to provide
the management of a particular organization with man-month contract
the key information needed for decision-making. contrato por meses-hombre
Contract where payment is based on agreed time-
ntiDagement letter [auditing] based rates (usually the man-month rate),
carta a la administraci6n subsistence allowance for staff and reimbursable
A formal letter from auditors to the management items.
concerning the accounts. It will discuss any
deficiencies or weaknesses which the entity should manpower development
remedy for its own protection. perfeccionamiento, formacion de recunos
humanos, de la manu de obra
management participation system;
codetermination; comanagement manpower planning
cogestion; coadministracion; sistema de planificacion de recunos humanos, de la manu
participacion en la gestion; administracion de obra
System which gives employees the right to be
represented in the decisions of a corporation. manufacturing grade [meat]
calidad para elaboracion
 133

Manufacturing Unit Value Index [World Bank] marginal efficiency of capital

indiee del valor unitario de las manufacturas eficiencia, productividad marginal del capital
VUM In popular terms, the expected rate of profit. More
Industrial countries' indices of US dollar unit rigourously, it is a discount rate at which the
values of manufactured exports to developing perpetual annual yields of an asset are expressed in
countries. There are two indices the cif index present value terms. The present value is
which combines a 9()01o weight of FOB export obtained such that it is equal to the replacement
prices with a 10% weight of transport costs and a cost of the asset or its supply price. For example if
FOB index. the supply or replacement cost of an asset is $ 80
and it yields a perpetual annuity of $5 then the
mapping see school mapping present value of the perpetual annuity is equal to
$80 if the rate of discount applied is .0625 or
marginal benefit 6.25%. This 6.25% is the marginal efficiency of
benefieio marginal capital.

marginal capacity cost - MCC marginal national savings rate

costo marginal de mantenimiento de la tasa marginal de ahorro nadonal
eapacidad
Present worth of the least-cost investment stream marginal propensity (to consume, to save, etc.)
divided by present worth of the stream of propension marginal (a1 con sumo, aI ahorro,
incremental output resulting from the investment. etc,)
An induced increase (in consumption or saving) as
marginal cost a proportion of the increase in income. If income
eosto marginal increases by $10 and consumption or saving by $5
[see also long-run marginal cost] then the marginal propensity is 0.5.

marginal cost pricing marginal physical product - MPP

rljacion de precios aI costo marginal produeto fisico marginal
A policy used to minimize selling price or to lower The change in total product that results from
costs to keep a business operating during a period employing one additional unit of a variable
of poor sales, by which the firm charges for each resource together with other fixed resources.
unit sold only the addition to total costs which
results from manufacturing that unit, usually just marginal reserve requirement
material and direct labor. encaje legal adicional; reserva obligatoria
marginal
marginal disutility Additional deposits that by law depositoI)'
desutilidad marginal institutions (e.g. banks) must set aside in their
The extra disutility resulting from a small change vaults or with the central bank. In the U.S., this
in some variable. applies to additional reserve requirementc on
increased managed liabilities imposed by the
marginal effective tax rate - METR Federal Reserve, in order to curtail the expansion
tasa impositiva efectiva marginal of bank lending.
A measurement of the effect of taxes on investors'
rate of return for an incremental addition to their marginal revenue product - MRP
activities. ingreso marginal
The change in the firm's total revenue from selling
the marginal physical product that results from
employing one additional unit of a resource
together with other fixed resources.

marginal soil(s)
suelo(s) de fertilidad marginal, de baja
fertilidad
134

marginal utility "market-in-hand" agreement

utilidad marginal eontrato "mereado en muo"
The utility derived by an individual from his Turnkey contract requiring contractor to assist
consumption of an additional unit of a commodity in sales.
or service at a given time. It may also be regarded
as the utility of a unit of the commodity or service market intermediation
the consumption of which an individual may intermediacion del mereado
decide to forego. Acting on the market (i.e. buying and/or selling of
securities) on behalf of someone else.
marginal value product
valor del producto marginal market power
influencia en el mercado
margin of preference; preference, preferential
margin market-related lending
preferencia; margen de preferencia financiamiento eo condiciones de mereado
[see also domestic preference] Lending at market rate and under market
conditions (Cf. eommereiallending).
marker crude; benchmark crude [oil]
crudo de refereneia market timing
Saudi Arabian light crude oil (gravity API 34 distribucion optima de los vencimientos
degrees) employed as the standard on which Taking advantage of securities of different
OPEC price changes have been based. maturities.

marker price; benchmark price [oil] market value

precio de referencia valor comereial, de mereado
The reference price used by OPEC for oil price
changes, based on the price of Saudi Arabiao marketable securities
light crude oil. valores negociables
Equity securities or debt securities that are
market-clearing prices actively traded or which can be otherwise bought
precios de equilibrio del mereado or sold.
A price for an item which attracts just enough
buyers as there are buyers. If prices are lower marketability
demand will be too high; if higher demand will be posibilidad de comereializacion, de eolocacion;
too low. comereiabilidad

market-clearing quotations marketing

eotizaciones de precios de equilibrio del eomereializacion [productos); colocacion
mereado [valores)

market-clearing returns marketing arrangement

rentabilidad de equilibrio del mereado acuerdo de eomereializacion

market-eligible countries marketing board

paises que tienen aeceso aI mereado finaoeiero junta de eomereializacion
Countries that have access to financial markets.
mark-up
market -friendly margen de utilidad; aumento de precio
en armonia coo, que armoniee con el mereado;
de conformidad coo las leyes del mercado marshal evidence, to [ICSID]
presentar y ofrecer pruebas
 135

marshalling yard maturation (of borrowers from IDA to IBRD

patio de maniobra, de c1asificacion loans)
maduracion
mass media
medios de informacion, difusion, comunicacion mature investments [IFC]
inversiones que han alcanzado su madurez, su
mass production fase productiva
produccion en gran escala, en serie Investments which are just at the beginning of the
stage at which they will start to become profitable.
master plan
plan maestro mature markets [securities]
mercados bien establecidos
Master Loan Agreement
convenio de prestamo entre el Banco y la eFI mature project
Agreement between the Bank and IFe on Bank proyecto en avanzado estado de ejecucion,
lending to IFe. First issued 1971 and periodically proximo a termioarse
updated as the Bank makes further loans to IFe.
maturity (of a loan, bond, etc.)
matched funding [IFC]; matching funds vencimiento (de un prestamo, obligacion, etc.);
financiamiento, fondos de contrapartida plazo de vencimiento
Funding needed by the IFe to commit a loan. It
must match the loan in terms of amount and maturity mismatch
maturity. discordancia entre los vencimientos
Having borrowings and loans with different
matching contribution maturities. This could mean, for example in the
contribucion de contrapartida case of the Bank. that borrowings the Bank had
A contribution that is conditional on a similar made on the capital market to finance certain
amount of funds being contributed by another loans it had made were due before it had received
party. the money from the loans.

matching credit maturity transformation

credito de contrapartida modificacion de los vencimientos
[see also tax sparing] Reborrowing, in order to extend the maturity of a
loan.
matching funds see matched funding
maximum aggregate liability [MIGA]
matching grant responsabilidad global maxima
donacion de cootrapartida The maximum liability of MIGA for all claims
A grant given when an equal sum is provided by arising from coverage for one project enterprise.
the recipient or a third party.
maximum amount of guarantee
matching payment monto mliximo de garantia
pago de contrapartida The maximum amount of guarantee coverage
provided under all forms of coverage.
mathematical expectation [mathematics]
esperaoza matematica
The mean value of single observations drawn from
a finite or infinite universe in repeated samplings.

matrix reporting
respoosabilidad ante mas de una autoridad,
entidad, jefe
Staff or offices reporting to more than one agency.
136

maximum likelihood method membership application

metodo de mhima verosimilitud solieitud de ingreso
An econometric estimation technique which
involves the maximization of the likelihood membership shares [World Bank]
function of the sample observations with respect to acciones de adhesion
the values of the parameters of the equation(s) These were introduced in connection with the
being estimated. It chooses those values of the 1979 General Capital Increase in order to ensure
parameters which are "most likely" to have that the voting power of small members was not
generated the sample observations. eroded by the Capital Increase. A special
allocation of 250 shares, known as membership
McNamara Fellow shares, was made to each member in addition to
becario McNamara the pro rata allocation. No payment was required
for these shares nor were they included in the
McNamara Fellowship Bank's lending authority.
beca McNamara
membership votes
mean annual increment - MAl [forestry] votos de adhesion
incremento anual medio
The total growth of a stand of trees divided by the memo item; memorandum entry, item
total age. partida de memorando; partida pro memoria
An explanatory notation in a book of accounts
means-tested pension plan which does not change the balance in any account.
plan de pensiones seglin, conforme a las
necesidades, con comprobacion previa de memorandum account
medios de vida cuenta de orden
A temporary account used to store accounting data
measured production prior to actual receipt or disbursement of the sums
produccion medida, efectiva concerned.
The actual production of a farmer as measured, as
opposed to the estimated production. memorandum entry, item; memo item
partida de memorando; partida pro memoria;
meat processing partida informativa
elaboracion de carne An explanatory notation in a book of accounts
which does not change the balance in any account.
mechanical completion [projects]
termination de las instalaciones Memorandum of Administrative Arrangements
The final stage of a project where the actual [ICSID]
physical equipment has been installed. Memorando sobre Arreglos Administrativos

medium absorber [oil exporter] memorandum of law

pais de mediana capacidad de absorcion memorando juridico; dictamen legal
Oil exporting capital surplus country which has A legal opinion signed by a legal officer of a
only been able to make some use of oil revenues government authorized to give legal opinions on
for domestic development. Includes Iran, Iraq and his Government's behalf.
Libya.
memorandum of understanding
medium staple cotton memorando de acuerdo
algodon de fibra mediana A written document detailing the points upon
Cotton with fibers of 1 to 1 1/8 inches long. which two or more parties agree.

membership [IFC] memorial [ICSID]

calidad de miembro; a veces: ingreso; miembros memorial
 137

menu approach mezzanine financing

metodo de la lista de opciones financiamiento "mezzanine"
Financing using medium-risk capital, as opposed
merchandise balance see trade balance to pure debt financing. The risk is intermediate -
between secured or senior debt and equity. It
merchandising differs from venture capital lending in that owners
comercializacion; ventas surrender only a low amount of equity.

merchant bank [UK] see investment bank [US] MlBOR [= Madrid Interbank Offered Rate1
MIBOR (tipo, tasa de oferta interbancaria de
merger Madrid)
fusion
microdata
merit goods microdatos; datos detallados
bienes preferentes, deseables; bienes de interes
social micro-level accountability
Goods the consumption of which is deemed to be responsabilidad microeconomica
intrinsically desirable. In the case of such goods it Microeconomic accountability, e.g. ensuring
is argued that consumer sovereignty does not hold efficiency in investment and in the production and
and that if consumers are unwilling to purchase delivery of goods and services.
adequate quantities of such goods they should be
compelled or encouraged to do so. Examples are micromanagement
education and health services. microgestion

merit increase micro-sprayer irrigation

aumento por merito riego por microaspersion

merit point system microteaching

sistema de puntos microensenanza
In procurement, a system whereby points are given Scaled-down version of teaching, planned to
to each bid in respect to a number of factors. develop new teaching skills and analyse existing
These points are then correlated with the bid price ones. The technique provides teaching practice in
and the contract awarded on the basis of the best a situation in which the complexities of the
points/price combination. classroom are minimized by restricting the number
of pupils and length of lesson and by focusing on
message front -end system specific teaching skills.
sistema multiple de mensajes financieros
middle income country
messages [agricultural extension] pais de ingreso mediano
contenido tecnico Developing country with per capita income of
The basic information that an agricultural $400 or more.
extension scheme wishes to impart to farmers.
midterm project review mission [World Bank]
metal works mision de supervision general del proyecto a
estructuras metaIicas mediados del periodo de ejecucion

Metals and Minerals Price Index [ffiRD] Midterm Review - MTR [IDA]
indice de precios de los metales y minerales examen de mediados del periodo (de una
reposicion)
meter rent [electricity] Review of IDA resources in the middle of a
cargo por medidor, por contador replenishment period.
The income received from electricity metering.
138

midyear review misallocation of resources

exameo de mitad del ejercicio, de mitad de aDo asignacioo desacertada de los recursos

milling yield misprocurement [ffiRD]

rendimiento en la fabricacion, la molienda, el adquisicioo no conforme coo los procedimieotos
maquioado reglameotarios
Procurement not in accordance with agreed
millions of barrels per day oil equivalent - mbdoe procedures.
millones de barriles diarios de equivalente en
petroleo - mbdep mission see appraisal mission; audit mission;
composite mission; end-of-mission document;
minehead price external review mission; field mission; full
valor en boca de mina mission; investment review mission; midterm
The price of a mineral as it comes out of the mine, project review mission; post appraisal mission;
i.e. excluding transportation aod processing. preappraisal mission; review mission; supervision
mission
mineral lick; salt lick
salegar mission statement [EDI]
declaracioo de objetivos
mine run coal; run-of-mine coal
carbOn sio cluificar, tal como sale, en bruto mitigation plao; environmental maoagement plao;
Ungraded coal of various sizes as it comes from action plao
the mine. plao preveotivo; plao de ordenaci6n ambiental
Part of a formal project environmental assessment,
minimum cash ratio this plao outlines feasible aod cost-effective
encaje legal; coeficiente mfnimo de encaje measures which may reduce potentially significant
adverse environmental impacts to acceptable
minimum cash requirement levels. It should provide details of proposed work
(porcentaje de) reserva minima obligatoria; programs aod schedules to ensure that the
encaje legal proposed environmental actions are in phase with
engineering activities throughout preparation.
minimum package project The Bank uses all three terms.
proyecto de contenido minimo
mixed enterprise
minimum tillage empresa mina
labranza minima
Plaoting crops through a sod of dead weeds or mixed farming project
stubble. proyecto agropecuario; a veces: proyecto de
cultivos multiples
minority threshold [ffiRD]
umbral de veto de una minoria mixed fertilizer see compound fertilizer
Situation whereby a minority has ao effective veto
because a certain majority is required to effect a mixed financing; blend financing
change aod the minority holds enough votes to fioaociamieoto combinado (del BIRF y la AIF)
prevent this majority being obtained, e.g. in the
World Bank. the US could block changes mixed forest
requiring 80% majority when it had a 20% bosque mino
shareholding. Type of temperate forest, consisting of trees of
different species.
misalignment (of rates of exchange)
desajuste, divergencia eotre tipos de cambio
 139

mixed-use forest Policy of reducing restrictions on the availability

bosque de usos multiples of money, e.g. by easing credit restrictions.
Forest which has uses other than timber
production. monetary expansion
expansion moneta ria; expansion de la masa
mobile training unit monetaria
unidad movil de formacion, de capacitacion
monetary restraint
mobilization advance [contracts} austeridad monetaria
anticipo para movilizacion Holding down the rate of growth of the money
Advance payment to a contractor to enable him to supply.
start work.
monetary stringency
mobilization costs constriccion moneta ria
costos de movilizacion
In a construction project, the initial costs needed to monetization
get a project under way, including advance monetizacion
payments, bonds, etc.
monetized GOP
mobilization ratio [IFC] pm monetizado
coeficiente de movilizacion
Ratio of project cost net of IFC financing to IFC money at call see call money
financing.
money center banks
model bid documents bancos establecidos en las principales plazas
modelos de documentos de Iicitacion financieras
Bank based in a large financial center (e.g. New
model school see demonstration school York or London).

modified Bruno ratio; internal exchange rate money income

coeficiente modificado de Bruno; tipo de cambio ingreso monetario
interno
As for the Bruno ratio but using for the entire money-losing operation
project life instead offor just one year. operacion deficitaria

moisture stress money market

estres por falta de bumedad mercado monetario, de dinero
The market for short-term debt instruments, such
monetary aggregates as certificates of deposit, commercial paper,
agregados monetarios bankers' acceptances, Treasury bills, discount
The main indicators of the monetary status. notes and others. These instruments are all liquid
Include such features as monetary base and money and tend to be safe. [see note to capital market,
supply. financial market].

monetary correction money market (mutual) fund - MMF; mutual fund

correccion monetaria fondo comon de inversiones; fondo mutuo
Macroeconomic changes to the money supply, e.g. A mutual fund specializing in high yield short-
by adjusting interest rates or altering the amount term instruments of credit such as Treasury Bills,
of money in circulation. certificates of deposit, commercial paper,
bankers' acceptances and repurchase
monetary ease agreements. For the difference between FCP and
relajacion monetaria; flexibilidad monetaria SICAV, see mutual fund.
140

money market paper mortgage bank

titulos, valores dd mereado monetario banco bipotecario

money market rate mortgage financing

tasa del mereado monetario; tasa de los fondos prestamos, creditos bipoteearios
comunes de inversiones
The rate of interest in the money market. In the most-favored-nation clause
U.S., there is no single rate but a series of rates, clliumla de la nadon mas favorecida
including the prime rate, the Federal Reserve A clause in an international trade agreement
discount rate, the Federal Funds rate, the 1 which states that contracting parties to an
month commereial paper rate and the 3 and 6 agreement are bound to grant to each other
month Treasury Bill rate. treatment as favorable as they extend to any other
country regarding the application of import and
money stock. supply export duties and other trade regulations. First put
oferta monetaria; medio cireulante forward at Geneva Trade Conference, 1947 and
became a part of GAIT regulations.
money wage
salario monetario, nominal most immediately impacted (MIl) countries
paises inmediatamente afeetados
moneyness
liquidez most seriously affected countries - MSA
Closeness to being money; ease with which an paises mas gravemente afectados
asset can be spent; liquidity.
mother and child health (MCH) center
monitoring centro de salud maternoinfantil
observacion; verificacion; seguimiento;
vigilancia; supervision motivator [family planning]
promotor
monitoring and evaluation - M & E
seguimiento y evaluacion motor octane number - MON
indice de octano; octanaje
monoculture; sole cropping A measurement of the octane quality of gasoline
monocultivo relating to part throttle operation.

monocyclic management mountain forest

ordenacion monocfclica bosque de altura
Forest management sYstem whicb provides for the
removal of all merchantable trees down to a mountain rice; upland rice; highland rice
specific diameter at breast height in a single arroz de montana, de tierras a1tas, de secano
operation, followed by a poison - girdling of
remammg large noncommercial stems. moving average see running average
Silvicultural treatment is continued at intervals to
promote the growth of desirable species. multiattribute decision analysis
tecnica de aniJisis de deeisiones tomando en
monopoly rent cuenta multiples atributos
renta de monopolio Technique of decision analysis which allows
tradeoffs between objectives to be analysed.
moral hazard
riesgo moral multicropping; multiple cropping
Irresponsible conduct by the insured which is cultivos multiples
likely to increase the possibility of loss.
 141

multicurrency clause [loan contract] multiplier see credit multiplier

chiusula de, sobre multiples monedas
A clause in a loan agreement stating that more multiproduct agency credit line [IFC]
than one currency may be used in paying or linea de credito para productos multiples a
redeeming the loan. traves de agentes

multidwelling houses multipurpose berth

viviendas multifamiliares puesto de atraque de fines multiples

Multifibre Arrangement multipurpose project

Acuerdo Multifibras proyecto de fines multiples

multigrade teaching multi sectoral general equilibrium model

enseoanza simultanea de varios grados modelo multisectorial de equilibrio general
Teaching where more than one grade is taught in A computable general equilibrium model which
the same class due to shortage of teachers and/or covers several sectors.
low amount of pupils.
multishift teaching
multilateral investment insurance enseoanza en multiples tumos, jomadas
seguro multilateral de inversiones
multistory farming; multilevel farming
multilateral trade negotiations - MIN cultivos minos silvoagropecuarios
negodaciones comerciales multilaterales Intercropping trees, shrubs and crops of various
heights for total ground cover.
multilevel farming see multistory farming
multivariate technique
multimedia training modules [EDI] tecnica de variables multiples
modulos audiovisuales de capacitacion A technique of analysis (normally of a statistical
nature) which involves more than two variables.
multimodai transport
transporte multimodal multiyear rescheduling arrangement; multiyear
restructuring agreement - MYRA
multiple cropping; multicropping acuerdo de reprogramacion multianual de la
cultivos multiples deuda
Growing two or more crops in the same year on Agreement in commercial bank negotiations
the same field. which allowed for restructuring over a period of
years rather than annually, to reduce the burden
(multiple) (currency) option bond imposed by annual restructurings.
bono con opcion de cambio de divisas
Bond (usually Eurobond) which gives the lender mutual fund; money market (mutual) fund
the right to opt to receive interest and/or capital in fondo comun de inversiones; fondo mutuo
a currency other than that in which the bond is
denominated. mutually offsetting entries
partidas que se compensan mutuamente
multiple stage tax In accounts, two entries which cancel each other
impuesto por etapas, en cascada out.
A tax which has more than one rate such as
income tax in most countries.

multiple trading approaches

sistema de multiples procedimientos para las
transacciones
142

due and commence reducing the principal

outstanding.
-N -
negative pledge clause
chiusula de obligacion negativa, de abstencion
narrow money Clause in loan agreement obligating the borrower
dinero en el sentido estricto not to grant security without equally securing the
Easily available money, i.e. cash, checking ac- loan in question.
counts, very short-tenn liquid funds, etc. Equiva-
lent toM!. negative rate of interest
tipo de interes negativo; tasa de interes negativa
national agricultural research system - NARS
sistema nacional de investigaciones agronomicas negative sum game
juego de suma negativa
national environmental action plan - NEAP
plan nacional de proteccion ambiental - PNPA net beneficial product
Environmental action plan at the level of an producto util neto
individual country. They are intended to ensure
that decision-makers take environmental issues net benefit investment ratio
into consideration in policy fonnulation and are relacion beneficio neto-inversion
closely linked to World Bank projects. The ratio between the present worth of net
benefits and the present worth of an investment;
natural capital alternatively, the sum of present worths after the
capital natural incremental net benefit stream has become
The natural environment. Includes land, positive, divided by the sum of present worths in
watercourses, the oceans, the air, etc. the earlier years of the project.

natural gas liquids - NGL net book value; current equity investment; net
Iiquidos de gas natural investment
valor contable neto; inversion en capital social
near cash instruments corrientej inversion neta
instrumentos cuasimonetarios The contribution value plus covered retained
Instrument that can be converted to cash in a very earnings, less remitted earnings, less depreciation
short time. of assets or other commercial losses. Used by
some countries as a basis for computing the
near money; quasi-money amount of compensation.
cuasidinero
Assets which have properties resembling those of net calorific value - NCV; lower heating value; net
money in the strict sense. Includes savings heating value - NHV
deposits, time deposits, certificates of deposits, poder calorifico neto - peN
deposits in thrift institutions, etc. Total amount of heat produced by combustion less
the latent heat of evaporation of any water present
negative amortization loan in fuel before combustion.
prestamo de amortizacion negativa
Installment loan having the annuity principal as a net cash requirements - NCR
basis for computation, whose fixed periodic necesidades netas de efectivo
payments increase from time to time, e.g. Gross disbursements plus outstanding debts due to
annually, bi-annually. Iuitial installments mature, less repayments and sales of loans, less net
typically are insufficient to meet the interest income adjusted for non-cash items, less the in-
accruing on the loan principal and unpaid crease in usable capital.
balances of interest are added to the principal
outstanding. As the periodic installments increase
in value they become sufficient to meet the interest
 143

net discounted value net present worth, value - NPW, NPV

valor neto actualizado valor neto actual, actualizado
The net value or net benefit of a project when all
net energy ratio - NER costs have been discounted to the present at the
relacion de energia neta - REN accounting rate of interest. May be positive or
Ratio between delivered net energy demand and negative but for project to be acceptable must be
GOP. either zero or positive.
[see also social net present value]
net factor service income
ingreso neto por servicios de los factores net profits interest [oil]
Net income derived directly from the provision of participacion en las ganancias, utilidades net as
services. A share of gross production from a property,
measured by net profits from operation of the
net heating value - NHV; net calorific value - property. It is carved out of the working interest.
NCV; lower heating value
poder calorifico neto - peN net realizable value see current exit value
Total amount of heat produced by combustion less
the latent heat of evaporation of any water present net register tonnage - NRT
in fuel before combustion. tonelaje de registro neto
The gross register tonnage of a ship (calculated
net income on cubic capacity at 100 cu ft per ton) less engine
ingresos netos [BIRF); utilidades netas room, navigation, light, air, locker room spaces,
[sociedades] etc. It represents the actual carrying capacity of the
Revenues less operatIng costs. ship.

net interest margin on average earning assets net reproduction rate - NRR
margen neto de interes sobre el promedio de tasa de reproduccion neta - TRN
activos productivos Number of daughters a newborn girl is projected to
Average interest return on loans and investments bear during her lifetime, assuming fixed age-
less average rate of debt interest expenses. Return specific fertility rates and a fixed set of mortality
on investments includes realized capital gains and rates.
losses.
net unrealized gain
net investment see net book value ganancia neta no realizada
The difference between unrealized gain and
net material product - NMP specific reserves in the equity portfolio.
producto material neto - PMN
The total amount of material goods and services net worth [individuals, private corporations]
associated with production supplied by the patrimonio neto
national economy. Used in the national accounting The excess of all assets over liabilities. In a
of the socialist countries. company this represents the net interests of the
owners, i.e. stockholders' equity.
net of taxes
deducidos los impuestos net worth see stockholders' equity [corporations]

net out netback value [energy]

expresar en cifras netas; obtener cifras netas valor residual neto; ganancia neta
Value of oil or gas taking the price paid
net present value in efficiency prices - ENVP downstream for the product less the transportation
valor actual neto a precios econ6micos and other costs incurred between the wellbead and
The present value of net benefits measured in the downstream place of sale.
efficiency prices.
144

network analysis NIMBY (not-in-my-backyard)

anaHsis de redes "ecologia, si; en mi barrio, no"; "si, muy bien,
pero no en mi barrio"
network diagram The idea that people favor, e.g. waste disposal
diagrama de red(es) sites, anywhere but in their immediate
environment.
newly agro-industrialized economy - NAE
pais de desarrollo agroindustrial reciente nitrogen, nitrogenous fertilizer
fertilizante nitrogenado
newly industrialized country - NIC
pais recientemente industrializado nitrogen oxides (NOx)
Used in OECD classifications, this refers to those oxidos de nitrogeno
countries at a relatively advanced level of Compounds which affect the human respiratory
economic development with a substantial and system and plant growth. In combination with
dynamic industrial sector and with close links to SOx, one of the causes of acid rain.
the international trade, finance and investment
system (Argentina, Brazil, Greece, Hong Kong, nitrous oxide
Korea, Mexico, Portugal, Singapore, Spain, oxido nitroso
Taiwan and Yugoslavia). A greenhouse gas.

newly industrializing country - NIC no load fund

pais de reciente industrializacion, en vias de fondo de inversion que no cobra comision
industrializacion Money market fund that does not charge a fixed
A general term, often used synonymously with fee commission to investors.
newly industrialized country, used by the Bank
but not as one of their official classifications. nominal effective exchange rate
tipo de cambio efectivo nominal
new money packages An effective exchange rate which is not adjusted
cantidades de dinero nuevo for relative inflation differentials.

"new style" project [IBRD] nominal price

proyecto de "nuevo estilo" precio nominal, simbOlico
Project geared less toward large infrastructure
construction (often carried out almost entirely by nominal protection coefficient - NPC
foreign contractors) and more toward smaller coeficiente de proteccion nominal
efforts using local staff, emphasizing appropriate A coefficient that takes into account tariffs, quotas
technology and low-cost design, using and/or and nontariff barriers that protect farmers as well
strengthening local institutions, having a built-in as the impact of export taxes or restrictions that
monitoring and evaluation system and paying penalize farmers and the over- or undervaluation
attention to cost recovery from beneficiaries. of the exchange rate, when determining the
incentives or disincentives farmers face in
next-in-line manager different countries.
supervisor inmediato
nominal service
niche market servicio minimo
mercado especializado, para productos
especificos nominated subcontractor
subcontratista propuesto
night soil Subcontractor approved by the employer or
excretas; abono de cloaca, de letrina engineer.
 145

nomination Bond or other instrument that cannot be recalled

propuesta de candidatura or redeemed prior to maturity.

nonaccelerating-wages rate of unemployment - noncash expenses

NAWRU gastos, costos no monetarios
tasa de desempleo que no modifica el nivel Depreciation and amortization for the year and
salarial other expenses appearing in an income statement
The level of unemployment at which wage growth which are not subject to cash drawn down, and
might be kept stable. which should be added to net income in preparing
a sources and applications of funds statement.
nonaccrual rate [World Bank]
porcentaje de prestamos excluidos del regimen noncash input
de contabilidad en valores devengados insumo no moneta rio
Percentage of loans in nonaccrual status. Agricultural input not in the form of cash.

nonaccrual status noncash item

exclusion del regimen de contabilidad en partida de transaccion no monetaria
valores devengados
When a borrower is placed in nonaccrual status, noncash working capital
accrued interest is eliminated from the financial capital de trabajo, de explotacion no disponible
statement receivable balances and interest income inmediatamente
is correspondingly reduced. During the time the Working capital not in cash form, i.e.
borrower remains in nonaccrual status, interest receivables and inventories.
income is reflected in the financial statement only
to the extent actually received in cash. Placing a nonconcessional, nonconcessionary flows
borrower in nonaccrual status in no way affects the movimientos, flujos de callital cn condidOl"'~s no
interest payment obligations to the borrower; concesionarias
interest continues to be billed on the original terms
of the loan. noncore project
proyecto no basico
nonaccrual trigger point, date Opposite of a core project, i.e. a project not in one
periodo previo a la exclusion del regimen de of the key designated by the Government.
contabilidad en valores devengados
Period, usually six months, before a loan or credit non-18% currency
is put into nonaccrual status. moneda distinta del monto del 18%
Protected 18% currency recovered by the Bank
nonaccruing loan see nonperforming loan under the accelerated recall procedure and
exchanged for an equivalent amount of currency
nonactive borrower see inactive borrower freely convertible and usable by the Bank.

nonassociated gas nonequity direct investment

gas no asociado inversion directa distinta de las contribuciones
Free gas not in contact with crude oil in the al capital social
reservoir. Any of the following forms of investment which
have terms of at least three years and the other
nonbulk traffic characteristics individually specified. Investments
trans porte de productos empacados such as: production-sharing contracts, profit-
Carriage of small items, not in bu1k form. sharing contracts, management contracts,
franchising agreements, licensing agreements,
noncallable [bond] turnkey contracts, operating leasing agreements
no rescatable, no redimible antes del and subordinated debentures.
vencimiento
146

nonexcludable, nonexcludible goods Services that do not have a commercial aim.

bienes no exclusivos, no excluyentes Usually used for the services provided by local and
A good is said to be non-excludable if its provision national government and other official bodies.
to anyone person automatically makes it available
to others. nonnegotiable note
pagare no negociable
nonexpendable equipment
material no fungible nonoil developing country
Used in UNDP to cover all items for which pais en desarrollo no petrolero
inventory records are maintained at Agency HQ,
Le. valued at more than $100 with a normal life nonoperating income
expectancy of more than 5 years. ingresos no provenientes de las operaciones
The revenue of an enterprise derived from sources
nonfactor services - n.h. other than its regular activities.
senicios no atribuibles a facto res
In balance of payments, all services except for nonoriginal member [MIGA]
interest payments and other income from capital miembro no fundador
and wages, salaries and other income from labor. Full member, i.e. has signed and ratified the
Convention and paid initial capital subscription as
non-food agricultural commodity required by Resolution No. 12. of the Council of
producto basico agricola no alimentario Governors, adopted on March 1989, since
adoption of this Resolution.
Non-Food Agricultural Price Index [ffiRD]
Indice de precios de los productos agricolas no non-pension retiree medical costs
alimentarios gastos medicos del personal retirado no
eubiertos por el sistema de pension
nonformal education
edueacion no formal non performing assets
Education taking place outside of schools, colleges activos no redituables, i~productlvog
and universities and aiming to develop knowledge, Assets which have no financial return.
skills and attitudes that are not normally given
prominence in formal educational institutions. nonperforming debt
aereencias no redituables, improductivas
nonfuel minerals A debt which has no financial return (i.e. no inter-
minerales no combustibles est is paid on it).

nongovernmental organization - NGO nonperformingloan;nonaccntingloan

organizacion no gubemamental - ONG prestamo no redituable, improductivo
Loan where payment of interest has been delayed
noninterest bearing note for more than 90 days.
pagan! sin intereses
nonpoint source
noninterest current account deficit fuente (de contaminacion) no identificable
deficit en cuenta corriente (excluidos los Discharge of pollutants from a non-specific source.
ingresos por coneepto de intereses) Includes runoff from city streets, parking lots,
agricultural land and construction sites.
noninterest deficit see primary deficit
nonportfolio project [IFC]
nonmarket economy proyecto no incluido en la cartera
economia no de mercado Project carried out by IFC that does not form part
of its loan portfolio, e.g. providing technical
nonmarket services [national accounts] assistance.
senicios no comerciales
 147

nonpricecompetition nontuUfbarrier-~
competencia no relacionada con los precios barrera no arancelaria
Factors other than tariffs inhibiting international
nonprofit organization; not-for-profit organization trade. Include advance deposits on import
organizaci6n sin fines de lucro payments, customs and administrative procedures
and similar practices.
nonproject aid
asistencia, ayuda no destinada a proyectos nontradable [noun]
especificos, para fines generales bien no comerciable, no comercializable; no
exportable 0 importable
nonproprietary name A good that cannot be exported because its
nombre generico; denominaci6n comun domestic cost of production is higher than the
export (fob) price but lower than the import (cit)
nonpurpose loan price.
prestamo sin finalidad especifica
nontraded goods
nonrecourse finance bienes no comerciados, no comercializados, no
financiamiento sin posibilidad de recurso exportados 0 importados
A loan where the lenders look solely to the cash Tradable goods that for economic or policy
flow generated by the project being financed for reasons are neither imported nor exported, or
repayment. There is no recourse to the sponsor of inherently non-tradable goods.
the project, so that the lenders assume all the
commercial and political risks of the project. nontraded tradable; tradable but nontraded (good,
item)
nonrecourse participation bien comerciable no comerciado (etc.)
participacion sin posibilidad de recurso Goods which would usually be imported were it
Sales of participation in a company where the sale not for an import quota or outright ban enforced
is on a "nonrecourse" basis, i.e. the buyer has no against them.
recourse against the seller if the project fails to
generate money. "no objection" (procedure)
(procedimiento de) aprobaci6n tacita
nonrecurring expenses Procedure whereby a proposal is deemed approved
gastol euraordinariol if no objection is formally received by a specified
date.
nonregular staff - NRS
personal no permanente no recourse sale
venta sin recurso de rescision, irrevocable
nonreporting nonmember country Sale where the buyer has no legal recourse against
pais no miembro y no declarante the seller.

nonresponsive no-return equity

que no Ie ajusta (a las estipulaciones, normas, capital improductivo
etc.)
normal financing
nonrevenue water financiamiento contra factura
agoa que no produce ingresos
Water that is supplied but for which no revenue is not applicable - n.a.
collected (e.g. illegal extraction, leakages). no se aplica - n.a.

nonstock corporation not available - n.a.

sociedad no accionaria no disponible - n.d.
148

notebook computer nucleus estate

computadora portitil plantadon nudeo
A central unit in the form of a processing plant or
not elsewhere specified - n.e.s. plantation that provides technical assistance,
no especificado en otra parte - n.e.p. inputs and marketing services to its associated
outgrowers who;m~~return, sell their products
not-for-profit organization; nonprofit organization through the unit.
organizacion sin fines de lucro
nuisance tariff
not included elsewhere - nj.e. araneel de "puro estorbo"
no indicado separadamente - n.i... Very low tariff established merely to cause a
nuisance.
not-in-my-backyard see NIMBY
numeracy
note [capital markets] conocimientos bisicos de aritmetica
pagare
A bond with short- or medium-term maturity. numeraire
[see also deep discount note; demand note; unidad de cuenta; numerario
discount note; floating rate note; interest bearing
note; noninterest bearing note; nonnegotiable note; nurse crop; cover crop
promissory note; Treasury note] cultivo protector, de cobertura

note deposit [IDA] nurse see practical nurse; registered nurse

depOsito de pagares
nutrients
note issuance facility - NIF see revolving nutrientes; elementos, sustandas nutritivos(as)
underwriting facility
nutritional dwarfing see stunting
note issue
emision fiduciaria

notice of registration
notification de registro
Notice sent to applicant on receipt of preliminary
application for guarantee to show that the
investment has been registered by MIGA.

notice to proceed [contracts]

orden de proceder
A letter sent to a vendor prior to the issuance of a
contract to ensure that certain basic agreements
are clearly understood by both parties. When
signed by both parties, this document establishes a
contractual relationship and is legally binding.

nuclear housing see core housing

nuclearization [education]
Dudearizadon
 149

official development assistance - ODA

asistencia oficial para el desarroUo - AOD
-0-
official export credit
credito oficial a la exportacion
objection to jurisdiction [lCSID]
eIcepcion de incompetencia official flows [development]
nujos oficiales; corrientes oficiales
objective function [economic analysis]
funtion objetivo official holdings
A function relating the objective (the variable to be tenendas oficiales
optimized) to the choice variable in an
optimization problem. officialization (of debt)
oficializaci6n de la deuda
object-oriented programming system - OOPS Shifting of the composition of debt holdings from
sistema de programacion orientado a objetos commercial banks to official creditors.
Type of computer programming where each object
carries out specific tasks and the information off-market~on
passed between objects is in a standardized way. It transaction fuera de mercado
is an extension of structured programming.
off-season, out-of-season crop
occasional earnings cultivos de fuera de estation, de temporada
ganandas ocasionales, eventuales
offset agreements
ocean freight rate index acuerdos compensatorios
indice de netes maritimos Countertrade in which a company agrees to buy
An index oftrans-oceanic freight rates. For grains, products unrelated to its normal business to
the Bank uses US/Canada (S1. Lawrence) to complete a sale.
AntwerplRotterdamlAmsterdam; for sugar
Queensland., Australia to UK or Japan. offset borrowings
emprestitos compensatorios, contra depOsitos
octane booster Borrowings of funds by Bank from institutions
aditivo que aumenta el octanaje where deposits are held., prior to the maturity of
Fuel additive used to boost octane level. Lead has the deposits.
been the main octane booster till recently but now
other, more environmentally friendly substances, offshore assembly, processing
such as ether, are being Used. elaboracion, montaje de material fabricado en
otropais
office automation Production activity in a developing country
automatizacion de ofieinas; ofimatica involving assembling materials produced in a
foreign country.
office occupancy fee - ooF
cargo por usa de ofieinas offshore bank
The fee paid by IFC to the Bank for occupying the banco extraterritorial
I Building. Bank located outside the country in question.

official capital offshore cost

capital ofitial, publico costa extranacional
Assembly costs outside the host country.
official debt
deuda publica offshore drilling
perforation submarina, mar adentro
150

offshore field (drilling) rig, platform

yacimiento submarino, mar adentro equipo, torre de perforacion petrolera;
plataforma de perforacion petrolera [mar.]
offshore market
mereado extraterritorial oil sands
A non-domestic market, e.g. there is a domestic arenas petroliferas, asf8lticas; arenas
(US) and offshore market in US dollars. impregnadas de brea

offshore processing, assembly oil shale

elaboracion, montaje de material fabricado en lutita bituminosa; esquisto bituminoso
otro pais
Production activity in a developing country oil shock
involving assembling materials produced in a crisis, conmocion petrolera, producida por los
foreign country. precios del petroleo

offtake [livestock] oilcake

extraccion torta (de semillas) oleaginosa(s)
Livestock which can be taken out of a herd (flock,
etc.) and for marketing. onchocerciasis; river blindness
oncJ",p~c!".!I!.'1;
ceguera de las rios
offtake rate [livestock]
tasa de extraccion on-costs [UK]; indirect costs
The rate at which livestock is withdrawn from a costos indirectos
herd (flock, etc.) for marketing. A cost not attributed to the production of a
specified good or service but to an activity
off-the-shelf associated with production generally.
en existencia
on demand guarantee
off-the-shelf goods garantia pagadera a la vista
bienes, mercancias en existencia Guarantee, such as a performance guarantee,
Goods that are available ready made, i.e. that do where the bank issuing the guarantee must pay the
not have to be custom made. person or organization to whom the guarantee is
given the sum guaranteed, on demand, without
off-the-shelf purchases any reason being given.
compra de bienes en existencia en el mercado
one parent family
off-the-shelf price familia monoparental
precio en almacen
The price of goods obtained off the shelf. one-shot survey
encuesta puntual
off-the-shelf technology
tecnicas disponibles one-stop agency, shop
ofieina, organismo de centralizacion de tramites
oil see heating oil; heavy oil; heavy fuel oil System whereby several bureaucratic procedures
are combined into one.
oil bill [national]
gastos en petroleo; costo del petrol eo on-farm consumption
consumo en la explotacion agricola
oil fired power station
central electrica de petroleo on-farm developments, improvements
mejoras en las explotaciones agricolas; a veces:
adecuacion predial
 151

on-fann research - OFR open general licence - OGL

investigacion(es) en las explotaciones agricolas Iicencia general de importacion
System where, for a previously approved list of
onlend, to commodities, qualified importers can
represtar; prestar de nuevo (el importe de un automatically obtain licenses and unlimited
prestamo) foreign exchange from the authorities.

onlending; onward lending open-hearth steelmaking

represtamo fabricacion de acero en hogar abierto, en homo
Equivalent to relending in connection with new Martin-Siemens
money loans. The funds are recorded as a deposit
in the central bank but the foreign bank and the open market
contractual borrower (usually the Central Bank) mercado abierto; mereado financiero
agree that the loan proceeds will be made available 1. The market maintained by government
to a third party within the country of the borrower. securities dealers. As regards U.S. Treasury
borrowing operations, the open market is the
onshore cost; local cost money market in the case of short-term
costo en moneda nacional obligations or the capital market in the case of
long-term obligations.
on-the-job training 2. The general financial market.
capacitacion, formr.cion, adiestramitnto en el
empleo, trabajo open pit, open cast, open cut, strip mining
explotacion a cielo abierto, a tajo abierto
onward lending see onlending [Chile]

open cast, cut, pit, strip mining open registry flag; flag of convenience
explotacion a cielo abierto, a tajo abierto bandera de conveniencia, de favor
[Chile]
open tender; public tender
open economy licitacion publica
economia abierta
An economy which engages in international trade. open unemployment
desempleo evidente, manifiesto
open-ended commitment
compromiso sin plazo 0 volumen definidos operating account
cuenta de explotacion, operacion
open-ended contract; open-end contract Revenue and expense account.
contrato de duracion indefinida
A contract providing an unspecified amount of operating budget
goods or services over a period of time, which may presupuesto de explotacion, operacion
or may not be specified. A budget covering recurrent revenue and expense.

open-ended group operating deficit

grupo abierto; grupo de participacion abierta deficit de explotacion, operacion

open-end (investment) fund; unit trust [UK] operating department

sociedad de inversiones con numero de acciones departamento de operaciones
variable A department in an organization which is
An investment company that sells and reclaims responsible for the basic operating functions of the
its capital stock continuously, selling it at book organization (as opposed to support department).
value, adding a sales charge, and redeeming it at a
slight discount or at book value.
152

operating expenses, costs operating surplus

gastos, costos de explotacion, operacion, supenivit de explotacion, operacion
funcionamiento
The expense, other than financing, of carrying on Operational Assistance - OPAS [UNDP]
the normal activities of an enterprise. asistencia operacional - ASOP

operating income, profit operational cut-off; effective cut-off; operational

ingresos, utilidades de explotacion, de operacion threshold
limite practico para recibir financiamiento de
operating lease laAIF
contrato de arrendamiento operativo The maximum limit above which a country
A lease where the asset is not wholly amortized normally does not receive IDA financing. In
during the obligatory period (if any) of the lease, theory, countries below the formal eligibility
and where the lessor does not rely for his profit on threshold can receive IDA financing but, with the
the rentals in the obligatory period. In other words, exception of a few small island economies, do not.
the payments received under the lease do not
necessarily cover the purchase price, and the lessor operational department [IBRD]
expects to take the asset back and re-lease it or departamento de operaciones
resell it. Operating leases are often offered by
equipment manufacturers rather than finance Operational Manual Statement - OMS
houses. documento del Manual de Operaciones

operating leasing agreement operational, operations research

acuerdo de arrendamiento de equipo para investigacion operativa, de operaciones
operaciones
Agreement with terms of at least three years where operational review
the lessor leases capital goods to a lessee and estudios operacionales
where rental payments are at least in part
dependent on the production, revenues or profits of operational threshold see operational cut-off
the investment project. Considered as a type of
non-equity direct investment for the purposes of operational travel
MIGA viajes oficiales relacionados con operaciones

operating losses Operations & Maintenance - 0 & M

perdidas de explotacion, de operacion funcionamiento y mantenimiento

operating profit, income opportunity cost

ingresos, utilidades de explotacion, de operacion costo de oportunidad, de sustitucion
The value of something forgone. For example, the
operating program [IBRD] direct opportunity cost of a man-day of labor is
programa de operaciones what the man would otherwise have produced had
he not been taken away from his usual occupation
operating ratio to be employed in a project.
coeficiente de operacion; coeficiente neto de [see also social opportunity cost]
explotacion
The operating costs before debt service, option bond see multiple currency option bond
depreciation and other financing charges, divided
by operating revenues. option value
valor de opcion
operating subsidy The value given to keeping an asset (particularly
subsidio, subvencion de explotacion, de an environmental one) for possible future use.
operacion, de funcionamiento
 153

oral procedure [ICSID] official development assistance. This concept

actuation, procedimiento oral used by the OECD to measure flows from DAC
countries to developing countries and to
oral rehydration therapy - ORT multilateral organizations.
terapia de rehidratacion oral
A method of treating victims of acute diarrhoea by outage [electricity]
given them, orally, fluids containing oral interrupcion del servicio; apagon
rehydration salts which contain special substances
to combat rehydration, such as sodium chloride, outgrower
glucose, trisodium citrate or potassium chloride. agricultor con pequena(s) explotacion(es)
satelite(s)
orderly marketing arrangements * OMA Smallholder who manages his own crops but is
disposiciones de comercializacion orden ada linked to a nucleus estate in the form of either a
In international trade, a market*sharing pact that processing plant or a plantation. The central unit
restricts competition and preserves shares in provides technical assistance, inputs and
national markets for local manufacturers who marketing services and the outgrowers sell their
would otherwise lose out to cheaper or better products through this unit.
products from abroad.
outlay account see income and outlay account
ordinary share see common share
outlier
organizational fine tuning valor atipico
ajuste institucional Datum that is greater than five standard deviations
from the mean.
organizational structure
estructura organica outlier project
proyecto aislado
organization expenses; formation expenses A one-ofI project.
gastos (iniciales) de constitution
Any cost incurred in establishing a corporation or out-of-school education
other form of organization, such as incorporation, educacion extraescolar
legal and accounting fees, promotional costs, etc. Education taking place outside of schools, colleges
These constitute an intangible asset. and universities and aiming to develop knowledge,
skills and attitudes that are not normally given
original issue discount (OID) bond prominence in formal educational institutions.
bono emitido con descuento
Bond with a rate of interest below that demanded out-of*season crop; off-season crop
by the market place and sold at a price at a cultivos de (uera de estacion, de temporada
significant discount to par.
outpatient treatment
original member [MIGA] tratamiento ambulatorio
miembro fundador
Full member, i.e. has signed and ratified the outplacement
Convention and paid initial capital subscription reubicacion; recolocacion
prior to adoption of Resolution No. 12.
output
origin tax producto; production; egresados
impuesto de origen
outreach activities
other official flows - OOF actividades de extension, de divulgacion
otras corrientes oficiales; otros flujos oficiales Activities by a central authority (government,
The transfer of resources from donor governments World Bank) to establish contact with and assist
to developing countries which are not classified as people or small business in provincial areas.
154

outreach post overage loan

centro fuera de la sede prestamo para cubrir posibles excesos de costos
Local representative for an outreach program. A special loan issued to cover excess costs on a
project.
outreach program
program a de alcance exterior, de extension, de overdesign
divulgacion diseiio demasiado ambicioso; disdo excesivo
Program by a central authority (central para las necesidades
government, World Bank) to establish contact with
and assist people or small business in rural areas. overdraft facilities
servicio de sobregiro
outreach worker
trabajador, funcionario de extension, de overemployment
divulgacion; promotor sobreempleo; hiperempleo; exceso de empleo
Worker engaged in an outreach program.
overexpenditures
outright sale gastos superiores a los previstos
venta simple, al contado
overexposure
outsourcing; sourcing concentracion excesiva de riesgos de
contratacion de uno 0 varios servicios, financiamiento
adquisicion de bienes, etc., fuera de la empresa,
etc. overflow basin
The process whereby an institution, corporation, cuenca de rebalse
etc. has an entire service carried out by an external Swampy area between river levees and valley
company or purchases its entire needs in a specific sides, set aside for the diversion of floodwater.
area from an outside company.
overgeared
outstanding bonds, securities, shares, stock endeudado en exceso
honos, valores, acciones en cireulacion
Capital stock in the hands of the public. overgrazing
pastoreo excesivo
outstanding drawings [IMP]
giros pendientes de reembolso; total, monto neto overhang
de los giros exceso de oferta; excedente; sobrante; saldos
In the International MonetaI)' Fund, the total pendientes
amount of credit outstanding under the different Excess, normally of supply over demand.
Fund policies and facilities. [see also debt overhang]

outstanding external debt overhaul [equipment]

deuda extern a pendiente reparacion general de equipo

outstanding loans overhead capital

prestamos pendientes capital social fijo; capital nacional fijo
[see also social overhead capital]
outward-looking, outward-oriented country
pais orientado hacia el exterior overhead costs; overheads
gastos generales
overaccruals An actual cost of doing business that cannot be
cargos contables excesivos associated directly with the production of a certain
Recording more money than was actually spent in product.
a set of accounts, for an item.
 155

overinvestment owners' equity see stockholders' equity

exceso de inversiones; inversion excesiva
ownership (of a corporation)
overlay [highways] los propietarios de las acciones; control
recubrimiento; revestimiento mayoritario
[see also equity ownership]
overnight funds
fondos de un dia para otro ownership (of programs)
Short-teon funds borrowed to be returned by the autoria; identificacion
following business day.
ownership structure (of a company)
overnight maturity estructura, composicion del capital social
vencimiento de un dia para otro
own price elasticity; price elasticity
overrun see cost overrun; time overrun elasticidad-precio; elasticidad con respecto aI
precio
overseas allowance The change in quantity (demanded or supplied)
bonificacion, prima por trabajo en el exterior which results from a given change in price.

overshoot ozone-depleting potential - ODP

exceder el objetivo potencial de agotamiento de la capa de ozono -
PAO
overshooting A measurement of the potential harm of the ozone
ajuste excesivo layer of each Chlorofluorocarbon, based on the
life span of the CFC and the number of chlorine
overstaffed atoms it contains.
con exceso de personal
ozone-depleting substance - ODS
oversubscription [capital markets] sustancia que agota la capa de ozono
suscripcion en exceso de la emision Substance that contributes to destruction of the
ozone layer. Cf greenhouse gas; ozone
oversupply depletion.
oferta excesiva
ozone depletion
over-the-counter market; curb market agotamiento de la capa de ozono
mercado extrabursatil, fuera de bolsa The destruction of ozone molecules in the ozone
Market for securities not listed in any of the layer by chemical reaction with materials released
exchanges (about 80 percent of total securities in from human activities, including chlorofluoro-
the U.S.). In the U.S. includes U.S. Government carbons and halons.
and agency issues, state and local government
bonds, railroad bonds and shares, many public ozone hole
utility bonds and shares, and most corporation and agujero en la capa de ozono; adelgazamiento de
bank shares. la capa de ozono
A large area over Antarctica discovered to have a
over-the-counter securities seasonal reduction of some 50% in stratospheric
valores extrabursatiles, fuera de bolsa ozone as a result of the release of ozone-depleting
substances. Subsequent discoveries suggest an
own, to ozone hole may be forming in the Northern
asumir como propio Hemisphere.
E.g. the Government must own the program.
156

ozone layer
capa de ozono
An area of the stratospheric ozone about 12 to 30
miles in altitude where the intensity of short
wavelength ultraviolet light from the sun is high
enough to convert normal oxygen (02) to ozone
(0 3).

ozone sink
pozo de ozono
Atmospheric zone where ozone reacts with nitric
oxide to form nitrogen dioxide and oxygen.
 157

Panel member [ICSID]

integrante de la Lista (de Conciliadores 0 de
-P- Arbitros)

Panel of Conciliators, Arbitrators [lCSID]

Pacific Rim countries Lista de Conciliadores, de Arbitros
paises del areo del Pacifico
panel of experts
package grupo de expertos
conjunto, serie de disposiciones, equipos,
proyedos, actividades, financiamiento; paper [financial]
programa de medidu, etc. efectos; valores
[see also bid package; financial package; [see also commercial paper; eligible paper;
minimum package project; new money packages; financial paper; government paper; money market
policy package; rescue package; slice and package] paper]

package coverage [MIGA] paper profit

cobertura global utilidades en libros
Coverage of a combination of types of risk.
parallel economy; black economy; underground
package deal contract economy; submerged economy
contrato global economia subterranea, paralela
A variant of the turnkey contract. Transactions for goods and services not declared to
the tax authorities and not appearing in the gross
paid-in (share) capital; called up (share) capital national product.
capital pagado
The total amount of cash, property and services parallel financing
contributed to a corporation by its stockholders financiamiento paralelo
and constituting a major balance-sheet item. Cofinancing, but with the partners financing
different parts of the project.
paid-in capital subscriptions [mRD]
monto pagado de lu suscripciones de capital parastatal [noun]
[BIRF] entidad, institucion, organismo, servicio
paraestatal
paid-up capital
capital pagado, totalmente pagado parchment coffee
That part of the issued capital of a company which cafe pergamino
the subscribers have been required to pay. Coffee which is dried but unhulled.

paid-up stock; fully paid stock parent body

acciones pagadas organo, organismo principal
Stock fully paid for (i.e. upon which no further
subscription installments are due). parent company
sociedad, empresa matriz
panel data set
tabla de conexiones de datos
Set of survey respondent data, obtained from the
same group of respondents over a period of time.
158

Pareto optimum participative management

optimo de Pareto administracion, gestion participatoria
A state of the economy in which all economic
resources are allocated and used efficiently, such participatory development
that it is impossible to make anyone economically desarrollo participatorio, con participacion
better off without making someone else Development where people influence development
economically worse off. decisions that affect them.

pari passu clause participatory poverty assessment - PP A

chiusula pari passu evaluacion de la pobreza con la participacion de
Clause in loan agreement precluding los afeetados
subordination of the loan to other debt. In the
issue of new shares, it states that the new shares participatory rural appraisal, analysis - PRA
will rank equally for dividend with an existing evaluacion con la participacion de los
similar issue. habit antes de las zonas rurales

parity price particulate matter - PM

precio de paridad particulas
A price which is sought or maintained. For an In water, solid matter, in either solid or dissolved
agricultural product, quantity of the goods and states. In air pollution, solid particles or drops of
services which could have been purchased with the liquid carried by air or other gases.
proceeds of a given amount of the product in a
reference period is determined. Parity exists today partly knocked down - PKD
if the proceeds from the same amount of that parcial mente montado
product can purchase the same goods and services. Components of a piece of machinery that have
only been partially assembled.
Part I countries [mRD]
paises de la Parte I partner countries
In the World Bank, those member countries who paises asociados, que mantienen reladones
are considered as developed countries and no comerciales
longer entitled to Bank lending.
partnership
Part II countries [mRD] sociedad simple, colectiva; asociacion
paises de la Parte II
In the World Bank, those member countries that party (to proceeding or to the dispute) [ICSID]
are considered as developing and therefore entitled parte (en el procedimiento 0 en la diferencia)
to borrow from the Bank.
par value
partial budget paridad; valor a la par (monedas); valor
presupuesto parcial nominal (valores)
A budget that addresses itself to only part of an When applied to capital stock, a stated amount of
enterprise. money by which the stock is known for accounting
and tax purposes. The market value of the stock
participation certificate; pass-through certificate seldom bears any relationship to its par value.
certificado de transferencia de prestamos When applied to bonds sometimes used
Certificate representing an interest in a pool of interchangeably with maturity value.
funds or in other instruments.
pass rate; promotion rate [education}
participation rate; labor force penetration tasa de promocion
tasa de actividad
The extent to which those of working age are
actually working.
 159

pass-through audit [ffiRD] payline

evaluacion ex post abreviada de un proyecto curva salarial
The line connecting the midpoints of a given
pass-through certificate see participation salary structure. Also used for the line connecting
certificate market pay data for several grades, at a given
level.
pass-through effect
efecto secundario payload
carga 6til
pastoral association - PA
asociacion de pastoreo comunitario payment arrears
A legally recognized, voluntary association of atraso(s) en los pagos; pagos en mora
pastoral livestock owners who use a common area
for grazing and frequent the same water points for payment basis, on a
the purpose of managing natural resources (water, a titulo oneroso
graze and other vegetation), for the procurement of
inputs and services and the selling of products. payment bond [US]
fianza de pago
pastoralist A bond executed in connection with a contract to
pastor nomad a assure payment as required by law of all persons
supplying labor and material under the contract.
patching; spot improvement, patching; road,
surface patching [highways] payment-in-kind - PIK
bacheo; reparacion de baches pago en especie

pattern farm plan payment guarantee

plan modelo de presupuesto de finca garantla de palO
A guarantee executed in connection with a
payable on demand contract to assure payment as required by law of
pagadero a la vista, contra presentacion all persons supplying labor and material under the
contract.
pay-as-you-eam - PAYE; pay-as-you-go [taxation]
retencion (de impuestos) en la Fuente payment schedule
plan de pagos
pay-as-you-go system [social security) Timetable for payment by the purchaser to the
sistema (0 planes) de reparto; regimen de pagos supplier/contractor.
con cargo a los ingresos corrientes
A method of accounting for an unfunded pension payments position (ofa country)
plan in which payments to the pension plan situacion de pagos (de un pais)
beneficiaries are made from current receipts and
not from previous contributions. payout date
fecha de desembolso
payback period Date on which a due periodic payment, such as
pJazo de amortizacion, de reembolso; pJazo de payment on a bond or a stock dividend, is made.
recuperacion (de inversiones)
payout price
paying agency fee precio neto
comision del agente pagador Difference between the face value of a bond and
Fee paid by borrower in the financial markets, the net value received by the bondholder, after
representing costs incurred in having the deducting commission.
borrowing serviced by an agent.
160

payroll construction costs is paid and, once approved, no

nomina matching of inputs to payment is required.

payroll contributions percentage point

aportes punto (porcentual)

payroll tax perfect competition; pure competition

impuesto sobre nominas competencia perfecta

peak load perfection (of security)

carga de punta inscripci6n; registro (de valores)
Registration of a security.
peak (load) shaving [electricity]
recorte de la demanda de punta performance
actuacion; desempeiio; resultados;
peer monitoring comportamiento; rendimiento; eficacia; etc.
fiscalizacion por los pares [see also economic performance; financial
Having neighbors who are in a good position to performance; institutional performance; project
monitor the borrower be required to pay a penalty performance (audit) report; tax performance ratio]
if the borrower goes bankrupt.
performance audit
peg, to (prices, interest rates) evaluacion de resultados
vincular; fijar
performance bond
peg out, to [swveying] fianza de cumplimiento
marcar; trazar; piquetear A bond put up by a contractor to protect the
employer from any breach of contract. This
penalty clause practice is particularly prevalent in the United
chiusula penal, punitiva States, where performance bonds are provided by
A clause in a legal instrument providing for the insurance companies. The bond usually gives the
assessment of a penalty under certain stated guarantor the option of remedying a specific
conditions. default by the contractor, performing the contract
in his place or paying the beneficiary what it costs
penstock [hydroelectricity] to have the contract performed, up to a certain
tubena, canal de presion, de carga limit of money.
A closed conduit which supplies water under
pressure to a turbine. performance budget
presupuesto por funciones
pent-up demand A budget of outputs, as in a planning,
demanda reprimida programming, budgeting system (PPBS) but
often without the accompanying relations to longer
PIE ratio; price/earning ratio range accomplishments that form an integral part
relacion p recio-utilidades of most PPBS budgets.

per capita income performance chart; working table; management

ingreso, renta per capita, por habitante chart
diagrama, grMico de situacion
percentage (fee) contract (consultants] A chart comprising numerical data which
contrato a porcentaje, de honorario porcentual indicates the current performance of an
A contract where the cost of consulting services organization or part of an organization or an
are directly related to project construction costs or individual.
a ceiling thereof. A percentage of the approved
 161

perfonnance contract performance security [contracts]

contrato-plan; contrato con fines especificos garantia de cumplimiento, contra el riesgo de
celebrado entre el gobierno y el sector privado incumplimiento
A security in the fonn of a performance bond or
perfonnance evaluation [personnel] bank guarantee at an amount specified in the
evaluacion; calificaci6n bidding documents required in a contract to
protect the owner in case of breach of contract by
perfonnance guarantee [consultants] the contractor.
garantia de cumplimiento
A security in the fonn of a performance bond, perfonnance specifications
bank guarantee, cashier's check, certified check or especificaciones de funcionamiento
cash at an amount specified in the bidding
documents required in a contract to protect the perfonnance work statement - PWS
owner in case of breach of contract by the (documento de) especificacion de servicios
contractor. laborales
Statement defining the contractual perfonnance
perfonnance indicators required of a vendor providing labor service
indicadores del desempeiio, de la actuacion requirements such as custodial services,
construction trades, etc.
Perfonnance Management Process - PMP
proceso de evaluacion del desempeiio (del performing assets
funcionario) activos redituables, productivos
World Bank personnel evaluation system.
periodic health assessment - PHA
perfonnance monitoring evaluacion medica periodica
fiscalizacion, seguimiento, observacion del
desempeiio, de los resultados (periodic) review clause
chiusula de examen (periodico)
perfonnance period A clause in a loan agreement, particularly
periodo de cumplimiento de obligaciones policy-based lending, which gives the lender the
During a workout program for a country with right to determine periodically whether the stated
protracted arrears, the period prior to clearance of objectives are being met and whether any problems
arrears when the country's perfonnance, including have been encountered. If problems occur, further
compliance with a Bank-approved structural disbursement may be withheld.
adjustment program, is monitored by the Bank.
This perfonnance period must be satisfactorily permanent assets see capital assets
completed before the country is eligible for regular
Bank lending. perpetual bond
bono perpetuo
Perfonnance Planning and Review - PPR [ffiRD] A bond which pays agreed-upon interest
(sistema de) pJanificacion y evaluacion del indefinitely. It has no maturity date.
desempeiio (del funcionario)
System set up by the Bank for evaluating staff personal history [medicine]
perfonnance. An individual perfonnance plan is historia clinica
set up every year and reviewed at the end of that
year. Now replaced by the Performance personal stock see registered share, stock
Management Process (PMP).
Personnel Manual Statement
perfonnance requirements [contracts] documento del Manual del Personal
requisitos de desempeilo, cumplimiento,
funcionamiento pest and disease control
lucba contra plagas y enfermedades
162

phase out, to piggyback financing

eliminar, suspender por etapas, financiamiento concatenado
progresivamente Financing studies for a future project as part of a
loan to finance another project usually in the same
phase out period [mRD] sector.
periodo de eliminacion gradual de los prestamos
del Banco piggyback project
Gradual period by which a country is graduated proyecto concatenado
from the Bank.
pioneer industry
phase out program [mRD] industria pionera, de vangoardia
programa de eliminKion gradual de los
prestamos del Banco pioneering research
Gradual program by which a country is graduated investigKion inicial, de avanzada
from the Bank.
piped water
Philippines formula [MOy] agoa corriente, por tuberia
formula de Filipinas
A formula (named after the first country to use it) pipeline loan, credit
whereby under the maintenance of value system a prestamo, credito en tramitacion
country may repurchase the local currency value of
its capital subscription with a currency acceptable pipeline of projects; lending pipeline; project
to the Bank. pipeline
proyectos en tramitacion, en reserva
phosphate rock; rock phosphate Projects which have advanced beyond the stage of
fosforita; roca fosfatada appraisal mission departure, i.e which are
expected to be in the forthcoming year's lending
physical contingencies program.
asignacion para excesos de cantidades fisicas
pipeline project
physical facilities proyecto en tramitacion, en reserva
instalaciones Project in pipeline of projects.

physical infrastructure pipeline ratio, lending

infraestructura fisica coeficiente de proyectos en reserva
Projects past appraisal as a percentage of next
physical investment year's lending program.
inversion en activos fijos
pit latrine
physical planner letrina de pozo
planificador de obras, de instalaciones
pit privy
physical planning letrina de pozo
planificacion del espacio fisico
pithead power plant
Physical Quality of Life Index - PQLI central electrica en la zona de una hocamina
indice de la cali dad material de la vida
Indexes which attempts to evaluate quality of life planning see aggregative planning; blueprint
by combining life expectancy at age one, infant planning; comprehensive planning; development
mortality rate and literacy rate, each with equal planning; family planning; indicative planning
weight. figures; land use planning; mandatory planning;
manpower planning; Performance Planning and
Review; physical planning; planning forecasts
 163

planning forecasts plus sum game; positive sum game

previsiones para fines de planificacion juego de suma positiva

planning, programming, budgeting system - PPBS point see basis point

sistema de planificacion, programacion y
presupuestacion - Sppp point source [environment]
A budget, usually for a government agency, in fuente puntual
which the budget items are grouped under various An identifiable and confined source of discharge
programs. of pollutants.

plant see base load station; biogas plant; biomass policy-based assistance
(power) plant; coal fired power station; diesel (medidas de) politica; politicas; asistencia en
(fired) power plant; oil fired power station; pithead apoyo de politicas
power plant; steam plant; step-down power
station; step-up power station policy-based lending; policy loans [mRD]
prestamos, financiamiento en apoyo de
plant and equipment reformas de politicas
instalaciones y bienes de equipo Loans made in support of policy and institutional
changes, rather than for specific projects.
plant breeder see breeder Normally given under the structural adjustment
and sector adjustment lending programs.
plant breeding
fitogenetica policy framework
marco normativo; marco de politic as;
plant cover normativa
cubierta vegetal
policy package
plant population conjunto de medidas de politica
densidad de siembra
policy paper
planting material documento de politica (sectorial, financiera,
material vegetativo; material de propagacion etc.)

pleadings [ICSID] political entrepreneurship

presentaciones [demandas, a1egatos, etc.] iniciativa, motivacion (politica)
Having a "political entrepreneur" who motivates
pledge (of shares) [IFC] others, engenders trust, and mobilizes tangible
promesa de participacion en el capital benefits to cooperation in the interest of collective
accionario action. It is a key element in common property
management.
pledging
promesa de contribuciones poll tax; head tax; capitation tax
(impuesto de) capitacion
plot servicing
instalation de senicios en los lotes; polluter
urbanizacion de lotes contaminadores (personas, industrias)

plowed-back profits polluter-pays principle - PPP

utilidades reinvertidas principio de quien contamina paga
Principle whereby a polluter has to pay to clean up
the damage his pollution causes.
164

pollution haven pool unit

pais que pennite la contaminacion sin numerario del fondo comun de monedas
restricciones A synthetic currency unit used as the nurneraire
Countty which allows companies to pollute with for the currency pool. In practice, it is the
few or no restrictions. constant 1980 dollar.

polychlorinated biphenyl - PCB port authority

bifenilo policiorinado - BPC direcci6n, administration, autoridad portuaria
Aromatic compounds used as insulating and
cooling agents, plasticizers and in paper and ink port charges, tariffs
manufacture. They are very stable and are found tarifas portuarias
extensively in the environment.
port dues; harbor dues, fees
polycyclic aromatic hydrocarbons - PAH derechos portuarios
hidrocarburos aromaticos policiciicos - HAP Charges for the use of the port by the ship and its
Aromatic ring compounds found in coal, tar and cargo.
petroleum. They are emitted by combustion-
related activities, including cigarette smoking. port of entty price see cost, insurance and freight
port of enttylborder point price
polycyclic management
ordenacion policiciica port of shipment price see free on board port of
Forest management system which is designed to shipment price
limit the damage to advanced regeneration of
commercial species that will become the final port tariffs, charges
timber crop after 20-30 years. It relies on efficient tarifas portuarias
monitoring of stand development, with thinning Specific charges for port services such as berth
where necessary to favor the growth of promising occupancy, aids to navigation, pilotage, towage,
individual timber trees. cargo handling, power and water supply, etc.

pool see also borrowing pool; currency pool portfolio cleanup

saneamiento de la cartera
Pool-Based Lending Rate System [ffiRD]
sistema de tipos de interes basados en una testa portfolio equity
de emprestitos pendientes inversiones de cartera
Lending rate system using the pool-based
variable lending rate. portfolio equity investments
inversiones de cartera en capital social,
pool-based variable lending rate [ffiRD] accionario
tipo de interes variable basado en una cesta de Investment in money market funds, depository
emprestitos pendientes receipts, and direct purchases of shares by foreign
ffiRD lending rate where the lending rate on all investors.
outstanding balances is adjusted every six months
to achieve a given spread above the average cost of portfolio income
outstanding borrowings. ingreso(s) de los valores en cartera

pooled loan portfolio sale

prestamo incluido en el sistema de fondo comun venta de valores en cartera
demonedas
A loan included in the currency pooling system. portfolio securities
valores en cartera
pooling
nnion; centralizacion
 165

positive list power system

Iista positiva red de energia electrica
List of imports defined as critical to a specific
program. power takeoff - PTO
toma de fuerza
positive sum game; plus sum game An attachment, usually consisting of a shaft and
Juego de suma positiva two or more universal joints, which is used to
transmit power from a tractor to an attached unit
post appraisal mission such as a combine or hay baler.
mision de evaluacion complementaria
practical nurse
posted price [oil] enfermero(a} auxiliar, no dipJomado(a)
precio de lista, cotizado, de cotizacion
A written statement of crude petroleum prices practice school see demonstration school
circulated publicly among sellers and buyers of
crude petroleum in a particular field in accordance preamble to an agreement; recital of an agreement
with historic practices and generally known by preambuJo de un convenio
sellers and buyers within the field.
preappraisal
posted values evaluacion preliminar
precios en plaza Qista de)
preappraisal mission
postgraduate studies mision de evaluacion preliminar
estudios de posgrado; estudios posteriores aI
primer titulo universitario precedent conditions [legal]
condiciones previas
postqualification ofbidders Conditions which must occur for a subsequent
posealificacion de licitantes event to take place. Frequently found in
Determination of capability and financial international contracts.
resources of a successful bidder who has not been
prequalified. precipitator; dust collector; dust separator
precipitador
pour flush latrine An air pollution control device usually using
letrina de sifon mechanical/electrical means to collect particulates
from an emission.
poverty gap
brec:ha de pobreza predatory price
It measures the transfer that would bring the precio desleal
income of every poor person exactly up to the
poverty line, thereby eliminating poverty. predevelopment work [oil]
actividades previas a la explotacion
poverty income threshold; poverty line
linea de pobreza; umbral de pobreza predicated variable; predictor
The minimum acceptable level of standard of variable independiente, predictiva
living in a given country or region.
predictor; predicated, independent, explanatory
power plant, station see base load station; biogas variable; fixed variate; regressor [statistics]
plant; biomass (power) plant; coal fired power variable independieote, predictiva
station; dendrothermal power plant; diesel (fired) If a relationship between two variables x and y is
power plant; oil fired power station; pithead power interpreted in a causal way such that changes in y
plant; steam plant; step-down power station; step- are said to be caused or explained by changes in X,
up power station then x is the predictor.
166

preemptive rights see first refusal rights prematuring

anticipacion del vencimiento
preference, preferential margin; margin of
preference premier borrower see prime borrower
preferencia; margen de preferencia
Preference given to certain goods and services of premium
local origin in a contract. (see also inflation premium; price premium;
[see also domestic preference] quality premium; standby premium]

preferred provider organization (PPO) system premium

sistema de prestador preferido - Spp recargo; bonificacion
Health care system where care is provided by
allowing participants to choose among premium, at a
participating professional, who are paid on either a con recargo
fee for service or capitation (fixed amount per
participant per year) basis. premium [MIGA]
prima
preferred stock Sum charged by MIGA for each guarantee,
acciones preferenciales, preferentes, preferidas calculated on an annual basis as a percentage of
Stock which has a claim upon the earnings (and the amount of guarantee.
sometimes upon the assets and control) of a corpo-
ration prior to the common or other class stock. premium [securities]
prima; agio
prefinancing The difference between the par value and the
prefinanciamiento; financiamiento previo higher market value of a security expressed as a
percentage of the par value.
pre investment study, survey
estudio de preinversion premium [stocks]
prima de emision
preliminary application for guarantee [MIGA] Difference between the face value and the selling
solicitud preliminar de garantia price of the share when the selling price is higher.
An initial application for a MIGA guarantee, to be
made before the investment is made or irrevocably premium on prepayment (mRD]
committed. It sets forth the information MIGA prima por reembolso anticipado
needs to make a provisional determination that the
investor and the investment appear eligible for premium sale
MIGA guarantees. See notice of registration, vents con prima
definitive application for guarantee.
preparatory school; feeder school; contributory
preliminary design, engineering school
pianos preliminares; estudios tecnicos escuela preparatoria
preliminares
prepayment [lBRD]
preliminary estimates of quantities reembolso anticipado
estimaciones cuantitativas preliminares
prepoolloan
preliminary question [ICSID] prestamo anterior aI sistema del fondo comun
cuesti6n previa demonedas
Loan made before the introduction of the currency
prematured loan pool (prior to 1980).
prestamo cuyo vencimiento se ha anticipado
Loan that matures before time initially specified.
 167

prequalification documents were not and could not have been fully anticipated
documentos de precalificacion at the time of budget preparation.

prequalification of bidders presumptive taxation

precalificacion de licitantes impuestos sobre la renta presuntiva, premnta
In procurement, determination of the technical and Lump sum taxation paid in advance.
financial capacity of potential bidders to perform
the contract. prevailing market rate
tipo, tasa vigente en el mereado
pre-reading
prelectura prevalence [disease]
Learning about the nature and function of print, prevalencia
reading commons signs and labels, learning letters
and some sounds and writing one's name. price adjustment clause; price escalation clause;
escalation clause
present value, worth clausula de ajuste de precios
valor actual, actualizado Clause in a contract that states that price
An amount which, taking into account the earning adjustments will be made in the event changes
power of capital over time and the difference in occur in major cost components of the contract
time between the present and some future date, such as fuel, labor, equipment and materials.
would be equivalent today to an expenditure or
receipt at such a future date; the result of price contingencies
discounting a future value to the present by the asignacion para mas de precios
appropriate discount rate.
price differential, spread
present worth of an annuity factor margen, diferencia entre los precios
valor actual de una anualidad constante
How much 1 received or paid annually is worth price-earning ratio; PIE ratio - PER
today. relacion precio-utilidades
Market price per ordiruuy share divided by
preseIVation forest earnings per ordiruuy share after tax. It expresses
bosque totalmente protegido the market value placed on the expectation of
Forest designated for total protection of future earnings.
representative forest ecosystems in which all forms
of extraction are prohibited. price effect
efecto en, sobre los precios
pre-shipment inspection
inspeccion previa aI embarque price elasticity; own price elasticity
Inspection of procured goods before they are elasticidad-precio; elasticidad con respecto aI
shipped. precio
The change in quantity (demanded or supplied)
pre-shipment price inspection which results from a given change in price.
verificacion de precios previo aI embarque
A new Bank requirement in international price escalation clause see price adjustment clause
competitive bidding, whereby prices are checked,
prior to shipping, by a third party inspection price ex factory see ex factory price
company, to ensure that they are accurate and
competitive. price fixing
fijacion de precios; fijacion ilicita de precios
President's Contingency (entre productores)
resenta del Presidente
A fund, usually one percent of the Budget, used to
meet resource demands during the budget year that
168

price freeze price taker

congelacion de precios pais que no influye en los precios
intern acion ales
price incentives A party to a transaction in which the price was
incentivos de precios determined by natural forces of competition. The
seller wanted a higher price, while the buyer
price inelasticity wanted a lower price; neither could influence the
inelasticidad con respecto aI precio price because it was determined by the market.
When there is no change in quantity (demanded or
supplied) as a result of a change in price. price to factory
precio puesto en fabrica
price leader, setter, maker
que impone los precios priced bill of quantities
estimacion cuantitativa con precios
price level accounting; general price level Detailed list of the work to be done, as priced by
accounting the contractor, based on quantities estimated by
contabilidad seg6n el nivel general de precios employer and engineer.

price maintenance see resale price maintenance pricing policy

politica de precios; politica tarifaria
price maker, setter, leader
que impone los precios pricing system [financial markets]
A seller who dominates to the extent that when it sistema de fijacion de tipos, tasas de interts
changes prices, its competitors make similar
changes. primal city
ciudad principal
price premium
sobreprecio primary commodity, product
producto primario, basico
price quotations [contracts] A commodity which has not yet undergone any
cotizaciones significant degree of processing, e.g. natural
rubber, raw wool, etc.
price range
escala, gama de precios primary deficit; noninterest deficit
dtficit primario; deficit excluido el pago de
price schedule [procurement] intereses
lista de precios Deficit which excludes all interest payments and
A document containing an itemized breakdown of which therefore only measures current deficit
the goods or services to be provided with a rather than current and past deficits.
statement of the unit prices applicable.
primary exporting country
price setter, maker, leader pais exportador de productos primarios
que impone los precios
primary health care
price spread, differential atencion primaria de (la) salud
margen, diferencia entre los precios Health care based on practical, scientifically sound
and socially acceptable methods and technology,
price support made universally accessible to individuals and
sosttn, apoyo de precios families in the community through their full
participation and at a cost that the community and
price swing the country can afford to maintain.
fluctuacion, oscilacion de precios
 169

primary producing country prisoner's dilemma [economics]

pais de produccion primaria dilema del prisionero
Theory which compares naked self-interest with
primary product, commodity cooperation.
producto primario, buico
private benefit-cost ratio - PBC
primary reserves relacion costos-beneficios privados
resen'as primarias
Funds which a bank keeps for immediate use as private final consumption expenditure - PFCE
opposed to secondary reserves which are not for gasto de consumo final privado
immediate use but can be quickly converted to Discretionary expenditure by individuals.
money.
private sector assessment - PSA
prime bill estudio (de evaluacion) del sector privado
valor, efecto de primera cJase Assessment carried out by the Bank to identify
A bill of excbange in which the parties have high opportunities and obstacles facing private sector
credit ratings. development.

prime borrower; premier borrower private voluntary organization - PVO

prestatario preferencial, preferente, de primera organizaci6n privada de voluntarios
clase
The most creditworthy type of borrower. privatization vouchers
cupones para la privatizacion
prime contractor; principal, main contractor Vouchers used in the voucber privatization
contratista principal, primario system.

prime rate privy see aqua privy; pit privy

tipo preferencial; tasa preferencial
privity [legal]
prime underwriting facility (PUF) see revolving relacion contractual (bipartita)
underwriting facility The principle whereby only the two parties to a
contract have a contractual relationship and no
principal third party is involved in this relationship.
principal; capital (de un prestamo)
problem loan [IFC]
principal contractor; prime, main contractor prestamo problematico
contratista principal, primario
procedural law; adjective law
principal (income) earner derecbo procesal, adjetivo, de forma
principal sosten economico The bodies of principles and rules of law other
than the substantive law dealing not with the
principal economist rights and duties of persons but with the means
economista principal whereby those rights and duties may be declared,
vindicated or enforced, or remedies for their
principal exchange rate linked securities notes infraction ensured. Includes court procedure, rules
pagans con pago del principal vinculado a los relating to the jurisdiction of different courts,
tipos de cambio de diversas monedas pleading, evidence, appeal, execution of
judgements, legal aid, conveyancing, costs, etc.
Principles of StafIEmployment [World Bank]
principios relativos al empleo del personal procedural orders [ICSID]
disposiciones procesales
printout
impresi6n, impreso (de computadora)
170

proceedings through the manufacturing stream and are not

deliberaciones, acta de sesion(es); actoaciones used directly by consumers.
(juridicas)
producer price
proceeds precio al productor; precio recibido por el
importe, fondos de un prestamo 0 credito; productor
producto The price of a unit of output of some commodity as
it leaves the establishment of the producer. It
process chart see flow chart includes any indirect tax or subsidy levied on that
output before it leaves the establishment.
process control
control de proce80s industriales producer price equivalent - PPE
equivalente de subvencion de precios al
process engineering productor
ingenieria de procesos The value of transfers to farmers generated by
agricultural policy. These are paid either by
processed consumers in the fonn of market price support or
multicopiado by taxpayers via direct payments and other
Refers to a document that has been distributed in support. Measures the aggregate assistance to
an unpublished fonn. producers before deduction of farm feed
adjustment.
processing of a loan
tramitacion del (de un) prestamo producers' values [national accounts]
valor a precio de productor
processing The value in the market of the gross output on
elaboracion; transformacion; tramitacion; commodities, industries, etc at the establishment
tratamiento; etc. of the producers; or the sum of the values of direct
inputs, intennediate inputs at purchasen' values
procurement see bulk procurement and indirect taxes less subsidies in respect of the
commodities, industries, etc.
procurement agent
agente de adquisiciones product in hand contract
Finn which specializes in handling international contrato "producto en mano"
procurement and acts on behalf of contract Turnkey contract which detennines the
awarding authority in a bid. characteristics of the final product to be
manufactured.
Procurement Manual Statement - PMS
documento del Manual de Adquisiciones production build up
aumento de la produccion
procurement (procedures)
procedimientos de adquisicion production forest
bosque de produccion
producer gas Forest designated for sustainable production of
gas pobre forest products.
A low-energy gaseous fuel, generally produced
from coal, whose principal combustible production possibility curve; transfonnation curve
components (carbon monoxide and hydrogen) are curva de posibilidades de produccion; curva de
generally diluted by air. transformacion
A graphic representation of the various output
producer goods combinations of two commodities which can be
bienes de produccion produced from a given quantity of resources.
Goods manufactured for use in making other
goods but which do not themselves continue
 171

production-sharing contract profit squeeze

contrato de participacion en la produccion reduccion de los margenes de utilidad
Contract where the contractor makes contributions
to the investment project and his remuneration profits tax
substantially (but not necessarily wholly) depends impuesto sobre las utilidades, los beneficios
on a share of the production of the investment
project, including his right to purchase such share program aid
at a predetermined price or a price to be asistencia, ayuda para programas
determined under an agreed formula. Considered
as a type of nonequity direct investment for the program budget
purposes of MIGA. presupuesto por programas
A PPBS budget which emphasizes long-range
productive capacity planning and associated accomplishments and
capacidad de produccion resource requirements.

product mix program contract

combinacion de productos; composicion de la plan contractual
produccion; estructura de la produccion A concept developed in France and now used in
Senegal, Cameroon and other former French
product wage colonies. They are performance contracts
salario-producto between Government and companies generally
covering a period of three years, which set annual
profit and loss account [UK]; income statement targets for the company (covering physical
[US] production, operating efficiency, billing recovery,
estado de ingresos y gastos, de perdidas y employee training, etc.) and establish reciprocal
ganancias commitments by the Government (e.g. agreement
on tariff levels, investment support, increased
profit center [accounting] managerial autonomy, etc.). They are indicative
centro de uolidades rather than legally binding.
A responsibility center which accumulates
revenues as well as costs. program evaluation and review technique - PERT
ticnica de evaluacion y revision de programas -
profit making PERT
con fines de lucro A tool of managerial economics used both in
planning a project and in monitoring it. A PERT
profit margin chart shows each task to be performed, the time
margen de utili dad, de beneficios each will require, the prerequisites and other
information.
profit on sales of investments
utilidad sobre la venta de inversiones program loan, lending
prestamo, financiamiento para programas
profit sharing Bank loan given not for a specific project but to
participacion en las utilidades help a country overcome unforeseen temporary
difficulties which would otherwise result in
profit-sharing contract [MIGA1 inappropriate long-term policy adjustments to
contrato de participacion en las utilidades correct short-term balance of payments problems.
Contract where the contractor makes contributions
to the investment project and his remuneration
substantially depends on the revenues or profits of
the investment project.
172

program objective category - POC project appraisal

categorias prlncipales del programa de evaluacion (inicial) de un proyedo, de proyedos
operaciones
The main areas covered by the Bank's operation project area
program. Currently they are poverty reduction, zona del proyedo
adjustment and debt, human resources
development, private and public sector project audit, evaluation
development, environment and forestry, financial evaluacion ex post de un proyecto, de proyectos
intermediation, natural resources, infrastructure
and urban development and economic project brief
management. datos basicos de un proyecto
In Bank projects, the basic issues-oriented
program of special emphasis - PSE operational document relating to the early part of
program a de atencion especial the project cycle. It is short (2-6 pages) and
Program that the Bank is giving special priority to, focuses on a project's development objectives,
covering such areas as debt management, human policy or other issues and the preparation work
resources, women in development, environment, required.
food security, poverty alleviation and private sector
development. project completion report - peR
informe de terminacion del proyecto, de
Program of Targeted Interventions - PTI proyectos - ITP
Program a de intervenciones dirlgidas A report prepared within six months of the
completion of loan/credit disbursements which
progress certificate [IBRD] highlights strengths and weaknesses of the project
estado de pagos (certificado) and draws appropriate lessons for the Bank for
future projects.
progress chart
grftfico de ejecucion project cycle
[see also construction progress chart] cicio del proyedo, de los proyectos
The sequence of analytical phases through which a
progress payment project passes.
pago parcial; pago a cuenta
Payment made as work progresses under a contract project design
on the basis of costs incurred, percentage of diseno, formulacion, preparacion de un
completion or a particular stage of completion. proyecto, de proyectos

progress report~ status report project enterprise [MIGA]

informe sobre la marcha (de un proyedo), sobre empresa del proyedo; empresa receptora del
la labor realizada, sobre las actividades proyedo
A corporation, association, partnership or any
project advance account other entity which holds title to, or the power to
cuenta de anticipos para la preparacion de un dispose of, the assets contributed to the Investment
proyecto Project.

project agency project evaluation, audit

organismo del proyecto; organismo responsable evaluacion ex post de un proyedo, de proyedOS
del proyecto
project fund agreement
project agreement convenio sobre financiamiento para el proyecto
convenio sobre el proyedo Agreement whereby a lender agrees to lend funds
for a specific project.
project aid
asistencia, ayuda para proyedos
 173

project identification project rent

identification, determinacion de un proyecto, de utilidades netas derivadas de un proyecto
proyectos Income derived from a project.

project implementation review - PIR project supervision

examen de la ejecucion del (de un) proyecto supenrision de un proyecto, de proyectos
Semi-annual Bank-wide report on how projects
have been implemented. project unit
unidad del proyecto
Project Information Brief - PIB
documento de informacion sobre el proyecto promissory note
pagare
project life An unconditional promise in writing made by one
duracion, vida util, de un proyecto person to another signed by the maker, engaging
to pay, on demand or at a fixed or determinable
project loan, lending future time, a sum of money to or to the order of a
prestamo, financiamiento para un proyecto, specified person, or to bearer.
para proyectos
promotion rate; pass rate [education]
project management tasa de promocion
administracion de proyectos Rate at which students pass to the next higher
grade.
project management unit - PMU [IBRDJ
unidad de administracion del proyecto property income [government]
ingreso(s), renta(s) proveniente(s) de
project manager propiedades publicas
director, administrador del proyecto
property income [individuals, corporations]
project officer ingreso(s) de la propiedad, del patrimonio
oficial del proyecto, de proyectos
proprietary good, item
project performance audit memorandum - PP AM articulo patentado 0 de marca registrada
memorando de evaluacion ex post de un
proyecto proprietary interest
interes mayoritario
project performance audit report - PP AR An ownership interest, as in the interest held by an
informe de evaluacion ex post de un proyecto equity holder in a company or a patent holder who
A report which provides a preliminary review and licenses use of the patent by others.
evaluation of a project at the end of the execution
phase. proprietary rights
derechos de propiedad
project pipeline; pipeline of projects; lending
pipeline proprietary training
proyectos en tramitacion, en resenra enseiianza privada con metodo(s) patentado(s)
Training offered by private, for-profit firms.
project preparation
preparacion, elaboracion de un proyecto, de pro rata commitment authority limitations
proyectos limites a la facultad para contraer compromisos
impuestos por el principio de proporcionalidad
174

pro rata recall prudential supervision and regulation

reintegro a pro rata, proportional normas de distiplina y control; supervision y
Currency recalls for outstanding loans whereby regiamentation
major cWTencies would be recalled in proportion
to the amounts that remain outstanding on each of prudent man rule
these loans (as opposed to the previous system norm as de prudente discretion
where the order of the currency recalled was In a trust arrangement, one of the frequent
determined by the Bank). This new system was limitations of the trustee's actions; it states that the
introduced in January 1990. trustee may make investments "only in such
securities as would be acquired by prudent men of
pro rata rules [IDA] discretion and intelligence in such matters who are
printipio de proportionalidad seeking a reasonable income and the preservation
Rules which state that other donors may maintain of their capital."
proportionality vis-a-vis the US in the amount of
contribution released for commitment. prudent shopping
comparacion de precios; obtention de
prospectus [financial markets] cotizationes
prospecto
A document containing all the pertinent public borrowing, offering
information about a public offering of securities oferta publica; emision ofrecida al publico
and about the borrower. It is made available to the
appropriate legal authorities, stock exchanges, and public (capital) expenditure
the prospective investors by the lead manager. gastos publicos de capital

protected forest public corporation

bosque protegido; bosque de protection empresa, sociedad publica

provision [accounting1 public debt

resen'a; asignation deuda publica

provision for losses; reserve for losses; loss public economics

provision economia del sector publico
resen'a para perdidas
public enterprise rationalization loan - PERL
provisional measure [ICSID] prestamo para racionalizacion de empresas
medida provisional publicas
World Bank loan to help rationalize the finances
proxy of a public enterprise.
sustituto; sustitutivo; representativo; poder
(juridico) public enterprise reform loan - PERL
prestamo para reforma de empresas publicas
proxy [ffiRD lending rates] World Bank loan to help reform the finances of a
cantidad representativa (de los emprestitos del public enterprise.
BIRF contraidos antes del initio del sistema de
tipos de interes basados en una cesta de public enterprise rehabilitation loan - PERL
emprestitos pendientes) prestamo para rehabilitacion de empresas
publica,
prudential constraints World Bank loan to help rehabilitate the finances
limitationes por razones de prudencia of a public enterprise.

public offering, borrowing

oferta publica; emision ofrecida aI publico
 175

public sector borrowing requirement - PSBR purchasing power parity - PPP

necesidades de financiamiento del sector paridad del poder adquisitivo
publico An exchange rate adjustment that changes a
The total excess of expenditure over revenue for currency's foreign purchasing power after there
all government entities, which must be financed by has been a change in that currency's domestic
new borrowing net of repayment of previous debts. purchasing power.

public tender; open tender purchasers' values [national accounts]

licitacion publica valor a precio de comprador
The cost of goods and services in the market to the
public utilities point of delivery to the purchaser. Equals
senicios publicos producers' values plus the trade and transport
margins appropriate to the purchaser in question.
public utility corporation
empresa de senicios publicos pure competition; perfect competition
competencia perfecta
public works; civil works
obras civiles pure IDA countries
paises que sOlo reciben financiamiento de la AD
publicly guaranteed debt
deuda con garantia publica pure stand
cultivo unico, de un solo tipo 0 especie
publicly held government debt A stand of trees in which at least 80 percent of the
deuda publica del Estado, en poder de trees in the main crown canopy are of a single
particulares species.

publicly issued (bonds, etc.) pure time preference see rate of pure time
(bonos, etc.) emitidos mediante oferta publica preference

publicly traded company pure variety; true to type variety [agriculture]

sociedad cuyas acciones se cotizan en bolsa variedad pura
A variety that is like the parental type, without
pull-down menu change.
menu desplegable
push inflation see cost-push inflation
pull inflation see demand-pull inflation
put option
pump priming policy [economics] opcion de venta
politica de reactivacion A contract which entitles one party to it, at his
Government policy of spending during a recession option, to sell a specified amount of securities or
in order to put money into the economic stream so commodities to the other party, at the price fixed
that spending power will continue and economic in the contract, during the life of the contract.
expansion will follow.
"put right" guarantee
pumping station see booster pumping station garantia de funcionamiento de acuerdo con las
especificaciones garantizadas
pupil-teacher ratio - PTR.; student-teacher ratio -
STR; teacher-pupil ratio
relacion, coeficiente alumnos-profesor, alumnos
por profesor
Total students enrolled in primary and secondary
levels divided by number of teachers in the
corresponding levels.
176

qualified opinion {auditing]

dictamen con reservas
-Q- An auditor's opinion that indicates that the auditor
has found deficiencies in the financial statements,
as regards the accounting (e.g. reservations on
qualified agreement to reimburse acceptability of the accounting policies and their
acuerdo, convenio condicional de reembolso consistent application) or auditing (e.g. timing of
Agreement given by the Bank to a commercial appointment after valuation of inventories or
bank to enable a borrower to make purchases other assets) or there is significant uncertainty due,
under a loan agreement prior to disbursement of e.g. to the outcome of major lawsuits or other
the funds. The guarantee is qualified and the Bank contingent liabilities.
has the right to cancel its guarantee should the
loan be suspended or cancelled. qualifying shares
[See also irrevocable agreement to reimburse.] acciones habilitantes
Stock, possession of which enables the holder to
qualified bidder buy further stock at a predetermined (reduced)
Iicitante calificado price.
A bidder for a contract who has prequalified, i.e.
who has been deemed capable of performing a qualitative coinsurance
particular contract satisfactorily based on past coaseguro cualitativo
performance, quality of staff and equipment and Insurance involving two or more underwriters
financial position. with the different underwriters underwriting
different risks pertaining to the same project.
qualified borrowing(s) [currency pool]
emprestitos calificados quality loan [mRD]
Originally, borrowings by mRD after July 1, 1982 prtstamo de cali dad
(i.e. based on the pool-based variable lending A Bank loan which has been carefully prepared
rate), using proxy borrowings. Under the current and is financially viable.
system (May 1989), they are defined to exclude
borrowings that are determined by the Bank to quality premium
fund investments and any new differentiated loan prima de, por calidad
product should the Bank wish to offer one in the
future. The extraction of borrowings that fund quantitative coinsurance
investments would be made separately for each coaseguro cuantitativo
currency. The term Qualified Borrowings 1982 is Insurance involving two or more underwriters
used to describe the old system. with the different underwriters underwriting
separate tranches of a single large risk.
qualified guarantee
garantia condicional quantity surveyor
estimador, medidor de materiales
qualified instrument of commitment
instrumento de compromiso condicionado quantity theory of money
Agreement by a member country to pay its teoria cuantitativa del dinero
subscription and contribution in part, with the Theory holding that the overall level of prices is
remainder subject to enactment by its legislature of proportional to the size of the money supply. A
the necessary legislation. key monetarist theory.

qualified majority quantum index

mayoria calificada in dice de volumen
 177

quasi-equity
cuasicapital
Includes equity-like instruments and other forms
of loans that have the form of equity or equity that
has the form of loans. An example is equity with a
put agreement, i.e. unlike normal equity, the
investor requires return of the equity, for example,
in five years at ten percent interest.

quasi-money see near money

quayage; wharfage; wharfage charges; dockage

mueUaje

queuing theory, problem

teoria, problema de las colas
Mathematical techniques including probability
theory used in operations research to identifY,
illustrate and, it is hoped, influence the
characteristics of queues, whether of people,
materials, work-in-progress, etc.

quick assets see liquid assets

quick disbursing (loan); fast disbursing (loan)

(prestamo) de rapido desembolso

quick ratio see acid-test ratio

quick yielding project [ffiRD]

proyecto de rapido rendimiento
A project which brings a more rapid return than
usual, i.e. after only a few years, and often means
faster disbursements.

quiet emergency see sLow onset emergency

178

rate basis conversion

conversion de la clase de interes
-R- Option in IFC loan that allows the borrower to
convert from a variable rate to a fixed rate loan or
vice versa.
radial reductions
reducciones arancelarias radiales rate contract
Method of reducing a tariff structure whereby at contrato a precios unitarios
each stage all tariffs are reduced to an equal A contract for the supply of goods at specified
fraction of their previous levels. rates during the period of the contract.

radiative forcing rate of exchange see buying rate of exchange

forzamiento radiativo; variaciones climaticas
inducidas por la radiacion solar rate of pure time preference
Changes in the climate due to changes in solar tasa de preferencia pura en el tiempo
radiation. Solar sunspots and the greenhouse The interest rate at which consumers are willing to
effect are examples. forgo present consumption in order to save,
presumably for future consumption.
rainfed
de secano; de temporal [Mexico]; de rulo rate of return
[Chile] tasa de rentabilidad, de rendimiento
[see also economic rate of return; equalizing rate
rain forest of return; financial rate of return; incremental rate
bosque hiimedo, pluvial; selva pluvial of return; internal rate of return; required rate of
[see also tropical rain forest] return; social rate of return]

raise, to (funds, etc.) rated capacity

obtener, movilizar (fondos, etc.) capacidad de disei'io, nominal, de regimen

random sample rating agency

muestra aleatoria, aI azar organismo de clasificacion de valores
Organization that evaluates the credit rating of
rangeland prospective borrowers on the securities markets.
tierra de pastoreo
ratio see accounting ratio; acid-test ratio;
range management affordability ratio; Bruno ratio; capital-labor ratio;
ordenacion de tierras de pastoreo capital-output ratio; capital-service ratio; cost-
benefit ratio; current ratio; debt-equity ratio; debt-
rank correlation coefficient see Spearman's rank to-capital ratio; debt-to-equity ratio; debt ratio;
correlation coefficient debt-service ratio; dependency ratio; enrollment
ratio; entrepreneurial benefit-cost ratio; equity
ratchet effect ratio; feed conversion ratio; fill ratio; financial
efecto de trinquete ratios; gearing ratio; grade ratio; gross (primary)
The idea that at the beginning of a recession enrollment ratio; housing expenses/income ratio;
consumers try to maintain the same level of import coverage ratio; incremental capital-output
spending and investment. ratio; input-output ratio; interest coverage ratio;
interest service ratio; land equivalent, equiValency
ratcheting up ratio; land use ratio; leverage (ratio); liquidity
atza, subida por efecto de trinquete ratio; liquid ratio; long-term debt ratio; minimum
cash ratio; modified Bruno ratio; net energy ratio;
 179

operating ratio; price-eaming ratio; private real terms, in

benefit-cost ratio; pupil-teacher ratio; quick ratio; en terminos, cifras reales
reserve ratio; risk asset ratio; smoothness ratio;
staffing ratio; stripping ratio; taxlGDP ratio; tax realized price [oil]
performance ratio; tax ratio; teacher-pupil ratio; precio efectivo, de realizacion
volatility ratio; working capital ratio; working The price actually obtained on the world market
ratio for sales concluded.

rational expectations rebar [= reinforcing bar]

expedativas racionales barra de refuerzo
A theory based, first, on the assumption that indi- Bar used for reinforcing concrete.
viduals and companies will try to maximize their
own welfare -- that is, they will try to make their recall [MOV]
own economic and other circumstances as reintegro
desirable as possible -- and, second, that, as
individuals and companies make economic recall installments [MOV]
decisions in their own interest, they do so in such a pagos parciales por concepto de reintegro
way that markets move towards equilibrium,
easing inflation. recall under loans [MOV]
reintegro de los montos en prestamo
raw data
datos brutos, sin elaborar recapture clause
c1ausula de recuperacion
raw water Clause in a loan agreement that allows a lender to
agua bruta, cruda, sin tratar recover part or all of his previously lent assets if
economic circumstances improve.
rea:fforestation; reforestation
reforestacion; repoblacion forestal receivables; accounts receivables
cuentas por cobrar
real assets
bienes inmuebles, raices; activos reales received energy
energia recibida
real effective exchange rate
tipo de cambio efectivo real recession
Nominal effective foreign exchange value of the recesion
dollar (a trade-weighted exchange rate) multiplied
by the ratio of the US consumer price index to the recession crop
foreign consumer price index. Below 100 the cultivo de decrecida
dollar depreciates in real terms; above 100 it Crop planted on land which has recently been
appreciates in real terms. flooded.

real estate developer recession, recessive cultivation

promotor inmobiliario; urbanizador cultivo en recesion
Cultivation in an area where the amount of land
real estate equity available for cultivations is being reduced due, e.g.
participacion en inversiones inmobiliarias to desertification.

real sectors recipient country

sectores productivos pais receptor, beneficiario
The nonfinancial sector.
180

reciprocal debt recovery

deuda recfproc:a recuperacion; reactivacion

recital of an agreement; preamble to an agreement recurrent costs, expenditures

preaimbulo de un convenio gastos, costos ordinarios (en presupuestos);
gaslos periOdicos
reclaim Costs for items consumed immediately or used up
bonU!acar;recuperar;sanear in a comparatively short period, usually a year.

reclamation see land reclamation recurrent education; lifelong education; continuing

edcation
recognition and enforcement (of award) [ICSID] educacion permanente
reconocimiento y ejecucion (de un laudo)
recycling (of capital)
recommendation domain reciclaje; recirculacion (de capital)
aimbito de aplicacion de las recomendaciones
redeemable
reconciliation account rescatable; redimible; amortizable
cuenta de recollciliacion
Account which shows any difference between two redemption
or more accounts. rescate; redencion; amortizaeion

reconciliation item [accounting] redeployment cost

partida de reconciliacion costo de conversion, de modificacion
Item in account that reconciles the differences The cost of switching one type of loan to another,
between two or more accounts. e.g. from a fixed rate loan to a variable rate loan.

reconcile redeployment cost [IFC]

conciliar; reconeiliar cargo por reinversion
The cost levied by IFC and representing its cost of
reconnaissance survey reinvesting a prepaid loan at a lower interest rate.
estudio preliminar
redeployment (of funds)
reconstitution reasignacion, redistribueion (de fondos)
conversion inmediata
Immediate conversion of interest payments red herring issue
received in a currency other than a pool currency emision exploratoria
into a pool currency. An issue of bonds made on an experimental basis.

reconstruction import credit - RIC rediscount

credito para importaeione! con fines de redescontar; redescuento
reconstruction Resale of instruments such as banker's
acceptances already discounted by lender, usually
record owner with central bank or discount house, at a price less
propietario registrado than the face value.
A person who has title to a property, though not
necessarily beneficial use of it. Cf. beneficial rediscount ceiling
owner. limite de redescuento

recoupment [insurance] reducing charge method see declining balance

resarcimiento method
 181

redundancy [staffing]
exceso de personal; reduction de personal; reembolso; refinanciacion
prescindencia; supresion de puestos
regional integration arrangements
reference rate of exchange [MIGA] acuerdos regionales de integraeion
tipo de cambio de referenda
The effective average rate of exchange applied by register see land register
the central bank or other foreign exchange
regulatory authority of the host country for the Register [ICSID]
exchange rate category concerned on the date of Registro
loss to conversion of the local currency into
guarantee currency. registered [vehicle]
matrieulado; inscrito
reference zone; target zone [foreign exchange]
zona de referenda registered (e.g. tradesmen)
A wide zone of exchange rates, perhaps plus or inscrito; registrado; automado
minus 10 per cent, within which a currency can
freely move against other currencies. Suggested at registered bond
the New York Plaza Agreement at the Group of bono nominativo
Five meeting, 9/85 and proposed by the French A bond whose ownership is recorded by the issuer.
Treasury 2/86, as a way to reduce major currency
swings. registered capital; share capital
capital social, accionario, en accionel
referral
remision; envio registered nurse
enfermero(a) diplomado(a)
refinancing
refinanciacion; refinanciamiento registered security
valor, titulo nominativo
reflation A security whose ownership is determined by the
reflacion name in which it is registered as opposed to a
bearer security whose ownership is determined by
reflecting pool who possesses it.
fondo indicativo [fondo comun de monedas]
Concept of movements in the currency pool registered seed
reflecting movements in the three main currencies semilla registrada
constituting the pool (US dollar, yen, mark). This The progeny of foundation or registered seed.
concept enables borrowers to predict changes in
the currency pool by watching changes in these registered share. stock; personal stock
three currencies on the world markets. acciones nominativas
Stock which cannot be transferred without placing
reforestation; reafforestation the signature of the owner upon the books of the
reforestacion; repoblacion forestal issuing corporation and delivery of the certificate.
Establishment of trees on ground that has been
cleared of trees. registrar [ICSID]
registrador
reform see land reform
registration [Stock Exchange]
refresher course inscripdon
corso de repaso; curso de adualizadon (para
refrescar los eonocimientos) regrading [highways]
renivelacion
182

regrading [personnel] rehabilitation import credit, loan - RIC, RIL

reclasificacion credito, prestamo para importaciones con fines
de rehabilitacion
regraveling; graveling Loan, credit to support policies to stabilize the
recubrimiento, aplicacion de grava economy and reactivate growth, following a period
of economic decline caused inter alia by
regress see economics of regress inappropriate policies.

regression equation reimbursable budget

ecuacion de regresion presupuesto para programas reembolsables
An equation expressing average relationships One of three Bank budgets, it is for funds used to
between two or more variables. cover costs on behalf of outside agencies under
biJIing agreements.
regressor; predictor
variable independiente, predictiva reinforcing bar; rebar
An independent variable in a regression analysis. barra de refuerzo
Bar used for reinforcing concrete.
regrowth
reb rote reinsurance
reaseguros
regular appointment [ffiRD] Form of insurance used by insurance companies
nombramiento ordinario, permanente for their own protection, whereby they share
insurance risk with other insurance companies.
regular budget The risk they share may either be in the form of an
presupuesto ordinario individual risk (facultative reinsurance) or a
One of three Bank budgets, it is for funds used to large number of risks (treaty reinsurance).
cover the administrative expenses of the Bank.
release see block release
regular lending program [ffiRD]
programa ordinario de financiamiento release [ICSID]
The Bank lending program that includes the base fasdculo
lending program and the standby program.
release, to [capital]
regular share entregar; Iiberar
acdon ordinaria
Share of IBRD capital stock other than those relend, to
allocated as membership shares. represtar; prestar de nuevo (el importe de un
prestamo)
regular staff
personal permanente relief
socorro; auxilio; alivio; etc.; desgravacion
Regulations and Rules (of the Centre) [ICSID] (fiscal)
Reglamento y Reglas (del Centro)
relocation grant
regulatory agency asignacion, subsidio por traslado
organismo regulador
remeasurement contract see unit price contract
rehabilitation
rehabintacion; reorganizacion; modernizacion; remedy see legal remedy
etc.
 183

remittances repeat financing

transferencias [empresas]; remesas financiamiento complementario
[see also workers' remittance]
rephasing of a debt; debt rephasing; rescheduling
remote sensing of debt
teledeteccion; teleobservacion reprogramacion (del servicio) de la deuda

renewable energy replacement cost

energia, energeticos renovable(s); energia, costo de reposicion, de sustitucion
eoergeticos de fuentes renovables
replacement level [population]
rent see economic rent; project rent nivel de reemplazo, de renovacion

rent recovery index [projects] replacement value see current (entry) value
Indice de recuperacion de la renta economica
The proportion of the economic rent created by a replenish (an account), to
project that accrues to project beneficiaries and is reponer; reconstituir
recovered from them.
replenishment of resources
rent-seeking reposicion de los recursos [AD]; reconstitucion
(sistema de) captacion de rentas de los recursos
The addition of funds to IDA. The Eleventh
repayment bond Replenishment starts fiscal year 1997.
fianza de reembolso
Form of performance bond issued by a bank as a replicability
repayment guarantee. posibilidad de repeticion, de duplicacion

repayment guarantee report (of Commission) [ICSID]

garantia de reembolso acta (de la Comision)
Form of guarantee whereby the guarantor
undertakes, in the event of default by the principal, reported debt
to pay the beneficiary an amount advanced or paid deuda notificada
by the beneficiary to the principal in accordance
with the contract between them. They are reporting country
generally issued by banks. pais declarante, informante

repayment schedule reporting requirement(s)

plan de amortizacion requisito(s) en materia de informes

repeater loan reporting system [projects]

prestamo complementario sistema de preseotacioo de informes

repeater project representations

proyecto complementario declaraciooes
Project in the same sector and same country as a
previous project. representative office [bank]
representacioo
repeater rate [education]
tasa de repeticion repression see financial repression
The rate at which students repeat a grade.
184

repurchase agreement reservation salary, wage

acuerdo de recompra saJario de reserva
Arrangement by banks and other institutions to The minimum wage at which a worker will accept
borrow short-term (usually one day) money by work.
transferring securities to the lender, with the
agreement that they will buy them back. reserve see legal reserve

request for proposal - RFP reserve against losses

solicitud de propuestas reserva para perdidas

Requesting Organization [ICSID] reserve asset

organismo solicitante activo de reserva
Those funds which constitute reserves in a bank.
required rate of return - RRR
tasa de rentabilidad requerida, exigida reserve center
centro de reserva
requited transfer Country or area where significant financial
transferencia con, de contrapartida reserves are held.
Transfer of resource or financial item between two
countries that is counterbalanced with a similar reserve currency
transfer in the other direction. moneda, divisa de reserva
The name given to a foreign currency which a
resale price maintenance - RPM government is prepared to hold as part of its
imposicion de precios por el fabricante foreign exchange reserves. This is used tor
Agreement whereby manufacturers independently financing international trade.
or collectively specify minimum prices at which
their products could be resold by wholesalers and reserve for contingencies; allowance for
retailers. contingencies; contingency allowance
reserva para imprevistos, contingencias
rescheduling of debt; rephasing of a debt; debt An amount of retained earnings earmarked for
rephasing; debt rescheduling general undetermined contingencies or for any
reprogramacion (del servicio) de Ja deuda indefinite possible future losses.

rescue package reserve for depreciation; allowance for

programa, conjunto de medidas de rescate, de depreciation; depreciation allowance
salvamento asignacion, reserva para depreciacion
A valuation account set up to allow for the
resealing [highways] depreciation in an asset.
reseHado
reserve for losses; provision for losses; loss
research and development - R&D provision
investigacion y desarrollo reserva para perdidas
An amount of retained earnings earmarked for
research-push innovations; upstream innovations any indefinite future losses.
innovaciones inducidas por Ja investigacion
reserve money; base money
reservation price (of labor) base monetaria; dinero primario
precio de reserva
The minimum price at which an individual is reserve operations [lending program]
willing to offer a good or service. Often applied to operaciones "en reserva"
labor, it is the lowest wage at which an individual Lending operations on which initial preparation is
is willing to offer his or her services. being undertaken but which have not been
appraised.
 185

reserve position resource( s) gap

posicion de reserva(s); situacion de las reservas deficit, insuficiencia, brecba de recursos
Imports of goods and nonfactor services minus
reserve ratio [banking] exports of goods and nonfactor services, or the
coeficiente de reservas, de Iiquidez resource balance with the opposite sign.
The fraction of demand deposit money which a
commercial bank must keep in its reserve resource-neutral
account. This ratio determines the maximum sin efecto sobre los recursos
amount of money a bank may loan out. In the
United States, the legal reserve requirement is responsibility center [accounting]
imposed by the Federal Reserve on depository centro de responsabilidad
institutions. The reserves (cash maintained in a Any organizational unit accountable to higher
bank's own vault or claims on cash on deposit with authority for performance of assigned functions,
compulsory or optional depositories) for usually including its incurrence of specific costs
transaction accounts are 3% on $25 million or less under budget limitations and control.
and 12% for larger sums.
responsive
reserve requirement ... que se ajusta (a las estipulaciones), normas,
encaje legal; reserva obligatoria etc.; que tiene en cuenta. ..

reserved procurement restocking

adquisicion reservada (a proveedores, reposicion de existencias
contratistas nacionales)
Under the Bank's procurement guidelines, restraint policy
procurement that the client wishes to reserve for politica de austeridad
local suppliers or contractors, where it would
have been attractive to international competition. restricted currency
moneda de uso restringido
resettlement grant The portion of capital subscriptions paid in the
asignacion, subsidio por reasentamiento, por currencies of members and usable by IBRD in its
reinstalacion lending operations only with the consent of the
respective members.
resident mission
mision residente restricted distribution
distribucion reservada
resident office
ofieina del representante residente restricted release (of 18% currency)
Iiberacion restringida (de los montos del 18%)
resource balance Release by Bank member of its 18% currency for
balanza de recursos lending or relending, with some restrictions, such
The difference between exports of goods and as the requirement that the funds only be used in
nonfactor services and imports of goods and the currency concerned without being converted or
nonfactor services. are only used for initial lending and not indefinite
lending and rei ending.
resource based industries
industria basada en recursos naturales Restricted Toxic Materials List - RTML
Lista de Sustancias Toxicas Probibidas
resource envelope A list of toxic materials that may not be used in
presupuesto Bank projects.
In budgeting, an overall expenditure limit for a
unit. The unit can then decide how it allocates restrictive trade policy
individual expenditures within this envelope. politica comercial restrictiva
186

resubmission [ICSID) retirement of outstanding debt

resometimiento (en el senti do del Art. 52[6] del reembolso, rescate (anticipado) de la deuda
Convenio) [see also debt retirement)

resurfacing [highways) retraining

renovacion de la superficie readiestramiento

retail banking retrieval

servicios bancarios para consumidores recuperacion
Traditional banking operations conducted with the
general public. retroactive financing; retrofinancing
financiamiento retroactivo
retail training Reimbursement by the Bank of expenditures made
formacion en el propio pais by the borrower before the date of signing a loan
Training of officials directly in the country by their agreement, as an exception to normal financing.
compatriots rather than abroad by ED! or others. It is subject to a fixed cutoff date, before which
expenditures are not eligible for Bank financing.
ret:tined earnings
utindades no distribuidas retrofinancing see retroactive financing
Accumulated net income, less distributions to
stockholders and transfers to paidin capital ac- retrofitting
counts. renovacion; reconversion industrial
[see also custom retrofitting)
retainer
honorario anticipado return of capital
recuperacion del capital
retention money The return to the investor of part or all of the
retencion en, como garantia; montos retenidos initial investment of capital in a project.
en garantia
Percentage of each payment retained until the return of investment
contract has been completed and the contractor recuperacion de la inversion
has fulfilled his performance (and maintenance)
obligations. return of labor
(lista de) efectivos laborales
retention rate; grade ratio [education) A detailed list of the staff and labor employed.
tasa de retencion
Percentage of students that pass from one grade to return on, to capital
next grade. rentabilidad, rendimiento del capital
1. The internal rate of return of the
retired debt incremental net benefit after financing.
deuda amortizada 2. Net income divided by equity.
A debt that has been paid off.
return on, to investment
retirement (ofa fixed asset) rentabilidad, rendimiento de la inversion
baja (de activos fijos)
Removal of an asset from service, following its returns; revenues
sale or the end of its productive life, accompanied ingresos; rentas; entradas
by the necessary adjustment of fixed asset and
depreciation-reserve accounts. returns to scale
rendimiento a escala; rendimiento en funcion de
retirement benefits la escala
pension; jubilacion
 187

revaluation revenues; returns

revaluation; revalorization ingresos; rentas; entradas

revaluation factor [currency pool] reverse charge call; collect call; transfer charge
factor de revaluacion call
A ratio establishing the appreciation or lIamada de cobro revertido
depreciation due to exchange rate changes in the
U.S. dollar value of currencies in the pool from reverse transfer of technology
one date to another. It is calculated by dividing, as transferencia inversa de tecnologia
of any day, the total U.S. dollar value at the Transfer of technology from the developing to the
exchange rates of that day of the balances of developed countries.
currencies in the pool brought forward from the
previous day, by their total U.S. dollar value at the review clause; (periodic) review clause
exchange rates of the previous day. clliumla de examen (periodico)
Clause in a loan agreement which allows the
revealed comparative advantage - RCA lender to determine periodically whether stated
ventaja comparativa manifiesta, expllcita, objectives are being met.
evidente, etc.
Concept developed by Bela Balassa, it is measured review mission
by an item's share in the country's exports relative mision de exam en
to its share in world trade. If the share of the item
in the country's exports is more than the revised minimum standard model - RMSM
corresponding world share, then the country has a modelo estandar minimo modificado
revealed comparative advantage; if less, it has a An IBRD mathematical model of monetary
revealed comparative disadvantage. aggregates, covering a few basic economic
factors.
revenue see current revenues; fiscal revenue;
government revenues revolving credit
credito renovable, rotatorio, refinanciable
revenue account [national accounts] Any line of credit that be borrowed against up to a
cuenta de ingresos stated credit limit and into which repayments go
for crediting.
revenue-earning enterprise
empresa productiva, que produce ingresos revolving fund
fondo rotatorio
revenue recognition A fund for project-related expenditure.
registro de ingresos
In accounting, when income is deemed to have revolving underwriting facility - RUF; note
been received. IFC records dividends, profit issuance facility - NIF; prime underwriting facility
participations and fees (other than commitment -PUF
fees) as income when received. Income and servicio de emision de pagares - SEP
commitment fees are recorded as income on an A medium-term arrangement under which a bor-
accrual basis. It does not recognize income on rower can issue short-term paper (Euronotes)
loans where collectibility is in doubt and payments backed up by commercial bank underwriting
of principal or interest are past due more than commitments.
sixty days.
rhizomes; rootstock crops
revenue sharing rizomas; cultivos de rizomas
participacion en los ingresos (fiscales)
ribbon check irrigation see border check irrigation
revenue stamp
timbre fiscal rice see floating rice; floded rice; upland rice
188

rig see oil (drilling) rig risk of expropriation [MIGA]

riesgo de expropiacion
right of first refusal see first refusal right
risk pooling [MIGA]
right of way cobertura conjunta de riesgos
derecho de via; zona expropiada; servidumbre Sharing of risks among members of an insurance
de paso pool.

rights issue, offering risk posture

emision, oferta de acciones (con derecbo posicion de riesgo
preferencial de suscripcion) The degree of risk of an investment.

riot [MIGA] risk spread

modn margen
An assemblage of individuals who commit public
acts of violence in defiance of local authority. risk transformation guarantees
Covered by MIGA under the war and civil garantias relativas a la transformacion de
disturbance category. Cf. civil commotion. riesgos

ripple price effects river blindness; onchocerciasis

repercusiones de las alzas de precios ceguera de los rios; oncocercosis

risk allowance [projects] river channel

margen (de precio) en concepto de riesgos cauce, lecbo, canal de un rio
An allowance made when funding a project for
risks that might occur. ro/ro [= roll-oniroll-ofI]
autotransbordo; embarque, desembarque por
risk-asset ratio propulsion propia
relacion riesgo-activos
Ratio between assets held and amount of risk. road base see base [highways]
MIGA's risk-asset ratio may not exceed one-to-
five. road, surface patching; spot improvement,
patching; patching [highways]
risk capital; venture capital bacbco; reparacion de baches
capital de riesgo
Capital invested in high-risk or relatively road pricing
high-risk securities and enterprises, in expectation fijaci6n de cargos por el uso de las carreteras
of commensurately high returns. It is sometimes
used of equities or ordinary stock, the dividend of road user charges
which varies with the profits earned by the cargos a los usuarios de las carreteras
corporation.
rock phosphate; phosphate rock
risk contract [oil] roca fosfatada, fosforita
contrato de riesgo
Contract that typically places all risk and rollback
investment on the contractor, who provides desmantelamiento
capital for exploration and production. In GATT, the progressive dismantling of all trade
restrictions which are inconsistent with GATT.
risk management
gestion de (los) riesgos rolled (costs)
(costos) promediados
 189

rOiling back Rules of Procedure for Arbitration Proceedings

reducci6n (Arbitration Rules) [ICSID]
Reglas Procesales Aplicables a los
rolling plan Procedimientos de Arbitraje (Reglas de
plan renovable Arbitraje)

roll-onlroll-off - rolro Rules of Procedure for Conciliation Proceedings

autotransbordo; embarque, desembarque por (Conciliation Rules) [ICSID]
propulsion propia Reglas Procesales Aplicables a los
Procedimientos de Conciliaci6n (Reglas de
rollover Conciliacion)
refinanciamiento continuo; renovaci6n
1. Reinvestment of money received from a Rules of Procedure for the Institution of
maturing security in a similar security. Conciliation and Arbitration Proceedings
2. Term used for a delay allowed by a lender to (Institution Rules) [ICSID]
borrower in making a principal payment on a loan. Reglas Procesales Aplicables a la Iniciacion de
With governments, rollovers in the form of los Procedimientos de Conciliaci6n y Arbitraje
refundings or refinancings are routine. (Reglas de Iniciacion)

rollover credit see revolving credit Rules of Procedure for Meetings of the Executive
Directors
rollover of gains Reglamento Interno para las Reuniones del
reutilizacion de las ganancias Directorio

rollover project, program runaway inflation

repeticion de un proyecto, programa innacion desenfrenada, galopante

root crops running average; moving average

rakes alimentarias; cultivos de raices media, promedio movil
alimentarias; tuberculos alimentarios The average rate of interest applied to an
outstanding loan, based on the rates applied on all
rootstock crops; rhizomes previous disbursements, weighted, where
rizomas; cultivos de rizomas necessary, to allow for different levels of
disbursement.
rotating savings and credit association - ROSCA
asociacion de ahorro y credito rotatorio running contract
Type of savings institution whereby each member contrato por cantidades aproximadas
contributes a certain sum each month and the A contract for the supply of an approximate
entire proceeds for that month are given to one quantity over or below the approximate quantity
individual. Each member takes it in tum to be the mentioned in the contract. This reduces the
recipient. holding cost and is normally applied to goods for
which prices are not subject to appreciable market
roundwood fluctuations.
madera redonda
running costs
routine maintenance gastos de explotacion
mantenimiento de rutina, rutinario
run-of-mine coal; mine run coal
row crops carbOn sin c1asificar, tal como sale, en bruto
cultivos en hileras Ungraded coal of various sizes as it comes from
the mine.
190

run-of-the-river hydroelectric power plant

central hidroeltttrica de agua corriente
Hydroelectric power plant that uses water flow as
it comes in the river, with little or no storage to
allow for modifications in demand or water flow.

runoff [water]
escorrentia; escurrimiento

runoff irrigation
riego por escorrentia, por escurrimiento
 191

sample survey [statistics]

encuesta muestral, por muestreo
- S-
sanitation
saneamiento
safe drinking water see safe water
Saudi Arabian light (crude oil); light Arabian
Safe Motherhood Fund [ffiRDIWHO] crude
Fondo para la Maternidad sin Riesgos (petroleo) crudo liviano; ligero de Arabia
Saudita
Safe Motherhood Initiative [ffiRDIWHO] The world's most prolific crude oil, frequently used
Program a para la Maternidad sin Riesgos as a marker crude in establishing the prices of
other crudes.
safe water; drinking water; safe drinking water
agua potable savings and loan association
Drinking water. The terms drinking water, safe sociedad de ahorro y crMito; sociedad de
water and safe drinking water are used ahorro y prestamo
interchangeably.
scarcity value
safety net valor en razon de la escasez
medidas de proteccion social
[see also social safety net] scatter chart, diagram; scattergram
diagrama de dispersion
salaries and wages
sueldos y salarios scattered plotting
grlifico de dispersion
saleability [securities]
posibilidad de colocacion schedular tax; scheduled tax
impuesto cedular
saleable assets
activos vendibles schedule
anexo [convenios de prestamo 0 credito];
sale from portfolio cuadro; programa; calendario; etc.
venta de valores en cartera
schedule contract
sale of loan maturities contrato con base en una lista oficial de precios
venta de vencimientos de prestamos
schedule of rates contract
sales tax contrato basado en una lista de tarifas
impuesto sobre, a la(s) venta(s) A type of unit price contract, paid on the basis of
a schedule of rates. It is similar to a bill of
salt lick; mineral lick quantities contract but used where the quantity of
salegar work to be performed is difficult or impossible to
estimate in advance, such as maintenance, drilling
salt water intrusion or dredging.
intrusion de agua salada
Salt water entering fresh water, thereby destroying scheduled tax; schedular tax
freshwater sources. impuesto celular

salvage value school mapping

valor de recuperacion, de rescate levantamiento del mapa escolar, de mapas
escolares
192

scrap, to second tier bank

desechar; dar de baja; desguazar 1. banco de segunda instancia
2. banco de importancia secundaria
scrap value 1. Bank used as secondary source for funds.
valor residual, de desecho 2. Smaller lenders, i.e. banks other than the
main commercial banks. Used particularly in
SDR currencies Latin America.
monedas que integran la cesta del DEG
second tier country
Sea Island cotton; West Indian cotton; Egyptian pais de nivel intermedio
cotton; kidney cotton A classification proposed by OECD which covers
algodon de Barbados; algodon de las Indias those countries below the newly industrialized
Occidendales; algodon egipcio countries but above other developing countries.
They are exporters of between $100 million and $2
seasonal credit billion worth of manufactured goods. Include
credito estacional Chile, Cyprus, Haiti, Indonesia, Jordan, Macau,
Malaysia, Malta, Mauritius, Morocco" Peru,
seasonally adjusted Philippines, Sri Lanka, Thailand, Tunisia and
ajustado para tomar en cuenta las variaciones Uruguay.
estacionales; desestacionalizado
secondary education see lower secondary
seasonal movements education; upper secondary education
variaciones estacionales
secondary energy; final energy
seasonal peak energia secundaria, final
maxima estacional; punto maximo estacional
secondary market
seasoned securities mercado secundario
valores acreditados
secondary market mortgage institution
second-best optimum institucion de transferencia de hipotecas
subOptimo; segunda alternativa
If one of the conditions for Pareto optimality secondary recovery
cannot be fulfilled, then the best attainable recuperacion secundaria
situation (the second-best optimum) can, in
general, only be achieved by departing from all the secondary reserves
other Paretian conditions. segunda linea de reservas

second-best policy secondary securities

politica subOptima valores de segundo orden

second generation special account - SGSA secondary transmission line; subtransmission line
cuenta especial secundaria linea de transmision secundaria, subtransmision
Special account set up for use by a specific Transmission line in a subtransmission system, i.e.
implementation unit that cannot readily access the one which supplies distribution substations from
special account to meet eligible expenditures as bulk power sources, such as large transmission
they occur. substations or generating stations.

second lowest bidder secondment

licitante que presenta la orerta c1asificada en adscripcion; envio en comision de servicio
segundo lugar
[see also lowest bidder]
 193

sector adjustment loan - SECAL; packaging and selling of a pool of creditor in

prestamo para (fines de) ajuste sectorial the form of a security".
A loan aiming at major policy improvements in a 2. The tendency on financial markets to make
sector. greater use of securities, Le. firms issue securities
rather than borrow directly from banks.
sector GDP
PIB sectorial security
The contribution to GDP generated by a particular seguridad; titulo; valor; garantia
sector. 1. Document giving title to property or claim on
income.
sector implementation review - SIR 2. Income-yielding paper traded on the stock ex-
examen de la ejecucion de proyectos sectoriales change or secondary market.
[see also bid security; blue chip security; gilt-
sector investment and maintenance loan - SIM edged secuntIes; government securities;
prestamo para inversion y mantenimiento marketable securities; outstanding securities; over-
sectoriales the-counter secuntIes; performance security;
Loan aimed at investing in a particular sector portfolio securities; seasoned securities; secondary
maintaining the level of activity in that sector. securities; social security]

sector loan security agreement

prestamo sectorial, para un sector acuerdo de garantia
A loan geared towards a particular sector.
security lending
secular trend prestamo en valores; financiamiento en valores
tendencia a muy largo plazo Lending of securities which the lERD owns (typi-
Long-term average of a statistical series, usually cally a U.S. Government obligation) against
understood to cover at least three or four receipt of cash or similar securities as collateral in
generations. amounts equal to or higher than the market value
of the security lent.
secure a loan, to
garantizar un prestamo; obtener un prestamo security of tenure
seguridad de tenencia; seguridad en el cargo;
secured loan inamovilidad
prestamo garantizado
sedimentation ponds
securities (custody) account estanques de sedimentacion
cuenta de valores (en custodia) Pond where waste water is temporarily stored to
allow the solids to settle out.
securities dealer; securities firm
corredor de valores; sociedad de valores seed see breeder seed; certified seed; field seeds;
Firm acting as a principal rather than an agent in foundation seed; registered seed
the securities market.
seed capital; seed money
securities market capital simiente, generador
mercado de valores
The primary and secondary market for negotiable seed farm
equity (stocks) and long-term debt instruments finca, granja (de produccion) de semillas
(bonds).
seed garden
securitization buerta (de produccion) de semillas
conversion de activos financieros en valores
1. Issue of securities in exchange for debt. The
Bank has used it to specifically refer to "the
194

seed money; seed capital self-financing

capital simiente, generador autofinanciamiento

seed plant self-financing-ratio - SFR.

planta de simiente; planta para semilla coeficiente de autofinanciamiento
The rate at which a project is financed from
seedling internal resources.
phintula; pJanton (de arboles); pJanta de
semillero, vivero self-help
autoayuda; esfuerzo propio
seine fishing
pesca (con redes) de tiro self-help housing scheme
plan de vivienda por el sistema de esfuerzo
seismic survey propio y ayuda mutua
estudio, reconocimiento sismico
self-insurance
seizure [legal] autoaseguro
secuestro
Act or process of seizing property by virtue of a self-liquidating assets
writ or other legal order to satisfy a judgment activos autoliquidables, autoamortizables
made by a court under the authority of a legal Assets that will pay for themselves over a period of
order. time.

selection felling, cutting self-liquidating project

tala select iva proyecto que se autofinancia
Harvesting of only a small proportion of the Credit reimbursed by the income from the
standing crop. operation for which it was lent.

Selective Capital Increase - SCI self-reliance

aumento selectivo del capital confianza en si mismo; capacidad para valerse
An increase in the Bank's capital which does not por si mismo
apply equally to all shareholders. The most recent [see also collective self-reliance]
one was in 1984. Though always referred to as
Selective Capital Increase, the legal document self-restraint
calls it Special Capital Increase. autolimitacion; moderacion; autocontrol

self-adjustment self-sufficiency
autocorreccion; autorregolacion autosuficiencia; autonomia; autoabastecimiento

self-care; self-treatment self-sustaining growth

autotratamiento; autoterapia crecimiento autosostenido

self-contained; free standing self-sustaining state

independiente; autonomo situacion de autosostenimiento

self-determination self-targeting (commodity)

autodeterminacion; fibre determinacion (producto) destinado por so propia indole a
determinados grupos de la poblacion
self-employed person Basic foodstuffs that are mainly consumed by the
trabajador por cuenta propia, independiente, poor. So-called because their target is obvious.
autonomo
 195

self-treatment; self-care senior debt, loan

autotratamiento; autoterapia deuda prioritaria; prestamo prioritario
Debt for which claims on the assets of the
self-weighting sample borrower rank ahead of other debts in case of
muestra autoponderada liquidation.

sell down senior economist

venta de un credito fuera del consorcio economista superior
The transfer of a credit from a bank within a
syndicate to a bank outside the syndicate. senior level staff
funcionarios superiores
seller's market
mercado de vendedores; mercado favorable aI senior management
vendedor administracion superior

selling consortium, group, syndicate senior manager

consorcio (bancario); grupo de colocacion; directivo principal; alto (uncionario;
grupo vendedor funcionario superior
A group of bank or securities dealers involved in
placing a security as sellers. Senior Policy Seminar [EOI]
Seminario de politicas generales
selling rate
precio vendedor; precio de venta Senior Policy Seminar on... [EDI]
Price proposed (for a security). Seminario de politicas de.

selling value sensitive product

valor, precio de liquidacion, de realizacion producto sensible a la coyuntura

semiannual coupon equivalent basis, on a [bonds] sensitivity analysis

sobre una base semestral anailisis de sensibilidad
A study of the impact that changes in costs and
semiknocked down - SKD benefits would have on the profitability or present
semimontado value of a project.

seminar see Board seminar separation [employment]

separacion del servicio
seminar paper
documento para un seminario septic tank
tan que septico; foso septico
semipermanent housing
vivienda semipermanente sequential cropping see double cropping

semipublic company serial bond, loan

empresa mixta, semipiiblica, paraestatal bono, prestamo de vencimiento escalonado;
bono, prestamo con vencimiento elegido a la
semiskilled manpower suerte
mano de obra semicalificada 1. Bond issues split into a series of maturities.
2. Special type of serial bonds where
semiskilled worker reimbursement is decided by drawing in lots (used
trabajador semicalificado in France).
196

service see debt service; fee-for-services basis settlement (of a dispute) [ICSID]
arreglo (de una diferencia)
service; selvice line; supply line; connection
[electricity] settlement date
conexion de senicio fecha de cierre, de liquidacion
The date on which payment for a transaction must
service a loan, to be made.
atender el servicio de un prestamo
settlement of maintenance of value; maintenance
service and support fee [IFC] of value settlement
cargo por senicios liquidacion por concepto de mantenimiento del
Fee paid by IFC to the World Bank for the services valor
it receives from the Bank.
settling-in grant [IBRD]
service charge subsidio, asignacion para instalacion
cargo, comision por senicios Grant provided to assist new staff members in
meeting additional expenses (electrical appliances,
service industry furniture, car, etc.) associated with relocation to
industria de senicios the Greater Washington Metropolitan Area.

service line; service; supply line; connection severance pay

[electricity] indemnizacion por despido; prestacion, pago de
conexion de senicio cesantia

service road sewage disposal

via, calzada de senicio eliminacion de aguas negras, senidas

service station [livestock] sewage (treatment) plant

puesto de monta planta de tratamiento de aguas negras, senidas

serviceable [highways] sewerage project

transitable proyecto de alcantarillado

serviced area, lot, site shadow discount rate

zona urbanizada; lote con servicios tipo, tasa de descuento sombra, de cuenta
Site having essential services. The opportunity cost of capital.

servicing [plots] shadow exchange rate - SER; shadow pricing of

instalacion de senicios en los lotes; the exchange rate
urbanizacion de lotes tipo de cambio sombra; tipo de cambio de
cuenta
serving chairman The exchange rate that reflects the value of an
presidente en funciones additional unit of foreign exchange in terms of the
domestic currency as used for domestic
session [lCSID] consumption.
periodo de sesiones
shadow price
set aside agreement precio sombra; precio de cuenta
acuerdo, convenio de destinacion especial The value used in economic analysis for a cost or a
Agreement for payment receipts from a project to benefit when the market price is felt to be a poor
be designated for a specific purpose. estimate of economic value.
 197

shadow pricing of the exchange rate see shadow share retention agreement [IFC]
exchange rate acuerdo de retencion de acciones
Agreement, under which a company agrees not to
shadow project sell the stock of another company in which IFC
proyecto compensatorio has an interest, until the loan has been reimbursed.
Project that would provide substitute
environmental services to compensate for the loss sharecropping
of the original assets. aparceria; medieria

shadow rate of interest shareholders' equity see stockholders' equity

tipo, tasa de interes sombra; tipo, tasa de
interes de cuenta sharing clause
Rate of interest used as the discount rate in chiusula en que se estipula que se ban de
project analysis. Include consumption rate of com partir los reembolsos
interest and accounting rate of interest. Clause in loan agreement that states that if one
participant fails to receive payment, the others will
shadow wages share receipts with the participant(s) not receiving
salario sombra; salario de cuenta payments.
A wage rate that is used for measuring the
opportunity cost of labor in project analysis. shell (of a building)
Three components are used to establish it: forgone obra gruesa
marginal product, changes in consumption and
savings and changes in leisure. shell company
sociedad ficticia; compaiiia de papel
shakeout (of the market) Company which exists on paper but does not
asentamiento; sacudimiento apparently trade or operate, possibly being used as
1. A moderate stock market or business a cover for illegal or unethical activities.
recession, usually corrective of an inflationary
condition. shifting cultivation
2. Any movement in the market prices of cultivo migratorio
securities that forces speculators to sell their
holdings. shifting of tax
traslacion del impuesto
share see also bonus share; common share; Changing the tax burden so that someone other
founder's share; membership shares; outstanding than the person or firm on whom the tax is levied
shares; publicly traded share; qualifying shares; pays all or part of it.
registered share; stock
shift parameter
share capital; registered capital parametro de cambio
capital social, accionario, en acciones Parameter leading to a movement to the left or
Capital represented by shares of capital stock. right of a curve, e.g. a demand curve.
[see also authorized share capital]
shipping
share capital, to supply transPorte maritimo; embarque; envio; etc.
participar en eJ capital social
shipping conference see liner (shipping)
share premium account [IFC] conference
cuenta de primas de emision
Account of a corporation, in which IFC has a
holding and in which the premiums obtained on
new shares are deposited.
198

shopping [procurement] sight assets

comparacion de precios activos a la vista
A procurement method based on comparing price
quotations obtained from several foreign or local sight deposit
suppliers, usually at least three, to ensure deposito a la vista
competitive prices. It requires no formal bidding Deposits held in banks and similar deposit-taking
documents and is an appropriate method for institutions which are transferable by check or
procuring readily available off-the-shelf goods or withdrawable in cash without notice.
standard specification commodities that are small
in value. sight liabilities
obligaciones a la vista
shortfall
deficiencia; disminucion; insuficiencia; deficit simplified sewerage
sistemas simplificados de alcantarillado
short form audit report A modified design of sewer so that the sewers are
informe corto de auditoria smaller, shallower and flatter, with fewer
A succinct report or letter prepared by an auditor manholes, with no decline in performance but with
following an audit. It is addressed to the cost savings of about 30 percent over the costs of
management or directors. The short form is conventional sewerage.
standard. Cf. long form audit report.
single-crop economy
short list economia de monocultivo
lista final de seleccion
single currency loans, [ffiRD]
short season (crop) prestamos en moneda unica; prestamo en una
(cultivo de) temporada corta sola moneda
mRD program where selected borrowers are
short staple cotton offered a choice of currencies on their loans as an
algodon de fibra corta alternative to the existing standard multicurrency
Cotton with fibers of 3/8 to 1 inches long. loan product. The program offers United States
dollars, yen, deutschmarks, French francs, and
Short Term Economic Monitor [mRD] pounds sterling. Its interest rate will be tied to six-
indicadores de las perspectivas economic as a month LIBOR in each loan currency (pmOR in
corto plazo the case of French francs).

showcase project single-entry accounting

proyecto de exposicion contabilidad por partida simple
Project designed for prestige, with high unit andlor A system of accounting in which only records of
recurrent costs. The Bank does not normally cash and of personal accounts are maintained.
support such projects.
single factorial terms of trade
Siam cotton; tree cotton; Ceylon cotton; China relacion de intercambio de un solo factor
cotton Terms of trade incorporating productivity
algodon arbOreo changes in the exporting country. Provides a
useful indicator of changes in the amount of real
smOR [= Singapore Interbank Offered Rate] resources, in the form of capital and labor services,
SIBOR (tasa de oferta interbancaria de which a country must give up in order to purchase
Singapur) a given volume of imports.

side letter; supplemental letter

carta complementaria
 199

single fertilizer site plan

fertilizante, abono lIimple plano del emplazamiento, del lugar
A fertilizer containing only one nutrient.
sites and services
single parent family, household lotell y servicioll
familia monoparental The provision of land and basic public services, to
enable housing projects to get off the ground.
sink: (e.g. of greenhouse gases)
lIumidero; medio receptor; zona de abllorcion, sitting [ICSID]
de disipacion sellion
Receptacle, or receiving area, for materials
translocated through a system (e.g. the oceans are sketch plan [architecture]
the sink: into which many water-borne pollutants boceto; croquill
are drained; the seed of a plant is the sink: in
which nutrients are stored). skidding
arrastre, deillizamiento de troncoll
sinking fund
fondo de amortizacion skilled manpower
A fund created by a borrower for the purpose of mano de obra calificada
redeeming bonds. The borrower is obliged to
redeem specified amounts of the bond within skilled worker
specified periods. trabajador calificado

sinking fund factor skills

factor de fondo de amortizacion conocimientoll; experiencia; competencia
The level deposit required each year to reach 1 by
a given year. The reciprocal of the compounding skills development
factor for 1 per annum. Generally obtained from a capacitacion; adiestramiento; formacion
set of compounding and discounting tables. This
factor permits calculating the equal installment skills mix
that must be set aside each year, to be invested at combinacion de especialidadell
compound interest, in order to have a
predetermined sum at a given time. It is primarily skill training center
used to determine how much must be put into a centro de dellarrollo de aptitudes; centro de
fund in order to have recovered the amount of an capacitacion especializada; centro de
investment at the end of its useful life. perfeccionamiento

sister companies slack [economy] [noun]

emprellall allociadas, pertenecientell aI millmo capacidad no utilizada
grupo; afiliadas
slash-and-bum cultivation
site metodo de roza y quema
lugar, emplazamiento (de un proyecto) Agricultural method involving slashing
undergrowth at ground level and felling trees with
site coverage axes at any convenient height. The area is then
terreno comprendido, cubierto thoroughly burned and crops planted.

site development slice [contracts]

preparacion del terreno; trabajoll de porcion; componente; etc.
urbanizacion In contracts, an individual contract for which a
contractor or a manufacturer may bid, rather than
having to bid for the whole project.
200

slice and package [procurement] small and medium enterprises - SME; small- and
fraccionamiento de adquisiciones medium-scale enterprises - SMSE
Project where contractors and manufacturers may pequeiia y mediana empresa - PYME
bid for an individual contract (slice) or group of
similar contracts (package) rather than the whole small and medium industries - SMl; small- and
project. medium-scale industries - SMSI
pequena y mediana industria
"slice and package" contract
contrato fraccionado small-bore sewerage see effiuent sewerage
Contract allowing use of slice and package
technique. smallholder
pequeno agricultor
sliding-scale clause
chiusula de escala movil smallholding
pequeiia explotacion agricola
slippage; lag
retraso; demora; desfase small-scale enterprise - SSE
pequeiia empresa
slow onset emergency; quiet emergency
situacion de emergencia latente small-scale industry - SSI
Emergency which occurs over a period of time, pequeiia industria
such as a drought, and which rarely causes much
destruction of physical assets. small-scale irrigation
pequefia zona, pequeno proyecto de riego
sluggish growth
crecimiento lento smoothness ratio
coeficiente de uniformidad
sluice price; sluice gate price; lock gate
precio de compuerta [avicultura] snatching effect
A theoretical cif price used in calculating efecto de captacion incidental de beneficiarios
European Communities supplementary levies on The effect of creating incidental beneficiaries to a
imports of pork, poultry and eggs. project as well as those intended.

slum social accounting matrix - SAM

barrio de tugurios matriz de contabilidad social
A system of accounts in which the various
slum clearance incomings of each and every account are
eliminacion de tugurios, de zonas de tugurios represented by an ordered row and the
corresponding outgoings by a similarly ordered
slump column. They describe the financial flows that take
contraccion; recesion place within and among various institutions and
sectors of the economy, each of which is
slumpflation disaggregated according to local conditions and
recesion con inflacion policy relevance. They integrate data on income
Harsh economic conditions created by a distribution and production and are suitable
combination of simultaneous recession and vehicles for studying the impact of macroeconomic
growing unemployment as well as rapid price policy action on the level of living of different
inflation. household groups.

slum upgrading
mejoramiento de zonas, barrios de tugurios
 201

social accounts have been weighted to reflect social

cuentas sociales; contabilidad social income~stribution priorities.
The systematized treatment of social indicators
which represent quality of life conditions in a social opportunity cost
country, region or other geographical unit. costo de oportunidad social
The opportunity cost to society of diverting
social advantages resources from marginal private sector projects to
ventajas sociales, colectivas public sector ones.

social benefit-cost ratio ~ SBC social overhead capital

relaci6n costos~beneficios sociales infraestmctura social

social benefits social overhead investment

prestaciones sociales inversion en infraestmetura social
Investment in social facilities.
social costs
costos sociales, colectivos social price
precio social
social dimensions of adjustment ~ SDA The price that reflects the value to the country of
aspectos sociales del ajuste inputs and outputs and takes into consideration
"non~fficiency" but socially important goals such
social discount rate; social rate of discount as reduction of consumption of alcohol, tobacco
tasa de actualizaci6n social and fancy cars or expanded production of goods to
meet basic needs, etc.
social forestry
plantacion de bosques comunitarios social pricing
Forestry used for community use as opposed to fijacion, determinacion, cileulo de precios
private sector forestry. sociales
A method of economic analysis which takes into
social impact assessment - SIA account savings and consumption.
evaluacion de los efectos sociales
A kind of ex ante evaluation of a project, where a social rate of discount; social discount rate
sociologist examines a development project tasa de actualizacion social
prepared by a group of other experts and is asked
to make an assessment about whether or not it will social rate of return - SRR
have positive or adverse social repercussions. tasa de rentabilidad social
The economic rate of return in social prices.
social infrastructure; community facilities Social prices are shadow prices which incorporate
infraestmctura social; instalaciones social factors such as scarcity of savings, income
comunitarias inequality and poverty.

social insurance social returns [projects1

seguro, prevision social; seguridad social beneficios sociales

social marketing program [population] social safety net

programa de ventas subvencionadas red de seguridad social; medidas de protecci6n
A program of sales of goods with reduced prices social
for special groups.
social security benefits
social net present value - SNPV prestaciones de (la) seguridad social
valor social neto actual, actualizado
The net present value of a project after
incremental income flows generated by the project
202

social security fund soft loan window

fondo, caja de seguridad social senicio, ventanilla para prestamos
concesionarios
social security scheme
plan, sistema de seguridad social soft project
proyecto de caracter social
social shadow wage rate - SSWR A project of a social nature.
salario de cuenta social
Shadow wage rate (= shadow price for labor, soft technical assistance see institution-related
generally set by estimating the marginal value technical assistance
product of labor) in social prices.
software
social time preference rate componentes logicos; programas; instrucciones;
tasa de preferencia social en el tiempo elementos no fisicos
A rate, usually expressed in the form of a
percentage. that expresses the preference of a softwood forest
society as a whole for present returns rather than bosque de coniferas
future returns and that sometimes is proposed as a
discount rate for project analysis. soil conservation
conservacion del suelo
social wants
necesidades sociales soil study, survey
estudio de suelos, edafologico
social welfare
bienestar, asistencia social sole cropping; monoculture
monocultivo
social welfare function Cultivation of a single crop as wheat or cotton to
funcion de bienestar social the exclusion of other possible uses of the land.

socioeconomic status - SES sole source procurement

situacion socioeconomica; condiciones adquisicion de un solo proveedor
socioeconomicas Procurement from a single vendor, without benefit
of competitive bidding.
soft component [projects]
componente no fisico, de senicios solids-free sewerage see effluent sewerage

soft currency solid state technology

moneda debit tecnologia de estado solido, de semiconductores,
A currency with a falling exchange rate due to de transistores
continuing balance of payments deficits.
sound loan
soft loan prestamo sOlido, seguro
prestamo en condiciones concesionarias, blando,
liberal sour gas discharge
A loan with no rate of interest or a rate of interest descarga de gases acid os, ricos en productos
below the cost of the capital being lent. azufrados

soft loan affiliate source and use of funds statement see statement of
institucion afiliada que otorga el financiamiento changes in financial position
en condiciones concesionarias
 203

sources and application of funds statement see special budget; extraordinary budget
statement of changes in financial position presupuesto extraordinario

sourcing; outsourcing Special Joint Financing

contratacion de uno 0 varios servicios, financiamiento conjunto especial
adquisicion de bienes, etc., fuera de la empresa, Special financing made by several countries
etc. (Germany, Japan, Switzerland and the United
The process whereby an institution, corporation, Kingdom initially) in addition to contributions
etc. has an entire service carried out by an external made directly to the Special Facility for
company or purchases its entire needs in a specific Sub-Saharan Africa using arrangements
area from an outside company. negotiated directly between IDA and the
contributors to be used in countries meeting the
Southern Cone eligibility requirements of the Facility with
ConoSur repayment terms at least equivalent to IDA terms
and with procurement open at least to those
sovereign act doctrine countries under the Facility.
acto de gobiemo
Legal theory according to which the courts of one special majority
country should abstain from passing judgment mayo ria especial
about the legality of a sovereign act by a foreign
state. special operational emphasis - SOE
campo de atencion especial de las operaciones
sovereign credit, loan Concept introduced in FY88 which provided for
credito garantizado por el Estado attention to be focused on priority development
A borrowing guaranteed by the state. objectives. Currently includes such areas as the
environment, debt and adjustment, poverty
sovereign creditor reduction, food security and private sector
Estado acreedor development.

sovereign risk Special Reserve [World Bank]

riesgo soberano; riesgo que plantea el Estado reserva especial
prestatario A reserve set aside by the Bank to meet liabilities
The risk of changes in a borrowing country's such as defaulting loans, liabilities on borrowings
overall foreign exchange position, which might or guarantees, contractual payments of interest,
affect its ability to repay a loan. other charges or amortization on the Bank's own
borrowings or similar payments on loans
sovereign risk loan guaranteed by the Bank.
prestamo que entrai'ia un riesgo soberano
Loan to a State or loan where the State takes the specialized agency [UN]
responsibility for the loan. organismo especializado

spate irrigation see flood irrigation specific (customs) duty

derecbo (aduanero) especifico
Spearman's rank correlation coefficient
coeficiente de correlacion por rangos de specific investment loan - SIL [ffiRD]
Spearman prestamo para una inversion especifica
A measure of the degree to which two variables World Bank loan for a specific investment project.
are associated with each other, not necessarily in
value but in rank. The coefficient will be between specific petformance
+1 (high association) and -1. ejecucion de un contrato seg6n sus terminos
204

specimen of signature see authenticated specimen split degree

of signature titulo otorgado por dos universidades
Higher education degree split between a local
spending ministIy university and top-rated international university or
ministerio que efectUa gastos; ministerio de other educational institution.
ejecucion
sponsor
spillover effect, impact; spinoff effect patrocinador; promotor
efecto secundario, derivado
An effect that occurs when an economic unit not spontaneous lending see voluntary lending
directly involved benefits from a transaction,
project, etc. spot exchange rate
tipo de cambio al contado
spillover exports The exchange rate prevailing under a spot
exportaciones de excedentes del mercado contract, i.e. delivery in one or two business days
intemo or less.
Goods nonnally consumed by the domestic market
but available for export because of low domestic spot improvement, patching; road, surface
demand. patching; patching [highways]
bacheo; reparacion de baches
spillway chute; tailrace
canal de descarga spot market; cash market [foreign exchange]
mercado aI contado
spinning reserve [electricity] Foreign exchange market where currency is sold
capacidad de reserva inmediatamente for immediate delivery. See futures market.
disponible
That reserve generating capacity connected to the spot market [commodities]
bus and ready to take load. mercado de productos disponibles, de entrega
inmediata
spinoff [financial market] Market where goods are sold for cash, for immedi-
cesion, transferencia de adivos (de una ate delivery.
sociedad) a cambio de acciones (de otra
sociedad nueva) spot patching, improvement; road, surface
The transfer by a corporation of a portion of its patching; patching [highways]
assets to a newly formed corporation in exchange bacheo, reparacion de baches
for the latter's capital stock, which is thereupon
distributed as a dividend to the stockholders of the spot price
first corporation. precio al contado, para entrega inmediata
The price of a commodity available for immediate
spinoff effect; spillover effect, impact sale and delivery, the commodity being referred to
efedo secundario, derivado as a "spot" commodity.
An effect that occurs when an economic unit not
directly involved benefits from a transaction, spot quotation
project, etc. cotizacion aI contado

splicing spotted cotton

empalme; enlace algodon manchado
Linking different series of data based on slightly Cotton that has been changed in color to a brown,
different definitions into a single series. ecru or yellow cast by unfavorable weather, wet
bolls, stems, leaves or rainstorms. The spots affect
the grading.
 205

spray irrigation stabilization fund

riego por aspersi6n fondo de estabilizaci6n
Sprinkling water over land to be used for crops.
Often used to dispose of wastewater from sewage stabilizers see built-in stabilizers
treatment plants.
staff
spraying see knapsack spraying personal; funcionarios
[see also counterpart staff; field staff; fixed term
spread (e.g. between borrowing cost and lending staff; higher level staff; line staff; overstaffed;
rates) Principles of Staff Employment; supervisory staff;
margen (p.ej., entre el costo de los emprestitos y support staff]
el interes sobre los prestamos)
Difference between rate at which bank borrows staff, to
money and rate at which it onlends funds to its dotar de personal
customers.
staff appraisal report SAR
spread (between spot and forward quotations) informe de evaluaci6n inicial preparado por el
margen (entre las cotizaciones aI contado y a personal
termino)
staff assistant
spread of spreads auxiliar especial
diferencia entre los margenes
staff audit
spreadsheet evaluacion de funciones directivas
planUla de calculo electronica; boja electr6nica Check by Personnel on staff management
de calculo functions, e.g. performance reviews to see that
they are being carried out properly.
sprinkle irrigation
riego por aspersion staff department
A method of irrigation in which water (under departamento de servicio, de asesoramiento
adequate pressure) is sprinkled over the land
through nozzle lines, perforated pipes or staff development
sprinklers. perieccionamiento del personal

squat, to staff house

ocupar terrenos i1egalmente, sin tener derecbo a1ojamiento para el personal

squatter staff-month
ocupante sin titulo, i1egal, precario mes-funcionario

squatter area, settlement staff rule

zona de ocupantes ilegales, sin titulo norma (del Manual de Personal)

squeeze see credit squeeze Staff Rules [IBRD]

Reglamento del Personal
Stabex (System for the stabilization of ACP and
OCT mining products) [European Communities] staffing
STABEX (Sistema de estabilizaci6n de los dotacion de personal
ingresos de exportaci6n de los Estados ACP y
PTUM)
206

staffing ratio standard deduction [taxation]

relacion personal-poblacion; coeficiente de deduccion estandar
ocupacion de cargos [administracion de
personal] standard deviation
desviacion estandar
staffyear equivalent - SYE A commonly used measure of the degree to which
equivalente en au os-personal a variable is dispersed around its mean value.

stagflation Standard International Trade Classification - SITC

estanflacion Clasificacion Unifonne para el Comercio
Internacional- CUCI
stagnation (of the economy)
estancamiento standard of living
niver de vida
stakeholders
partes interesadas; interesados standard rate (of interest)
tipo, tasa (de interes) vigente
stall feeding
engorde en establo standard recovery
recuperacion estandar
stand [forest] Recovery of currency used in lending operations
rodal subject to maintenance of value. Recovery takes
place on the first recall date of the Bank's fiscal
stand-alone project year following the ninth anniversary of the
proyecto independiente disbursement of the currency by the Bank and
every ten years thereafter.
standard charge section
seccion estandar (del presupuesto) standard values [trade]
The basis of the Bank's budgetary system, it valores nonnales, corrientes, estandar
comprises five basic attributes of all administrative
expenditures (managing unit, source of funds, standardized occupational streams
expense category (type of goods or services), task perfiles ocupacionales nonnalizados
category (Bank function) and product. All
administrative commitments and expenditures are standby agreement [IFC]
related to the standard charge section. acuerdo de compromiso contingente

standard conversion factor - SCF standby amount of guarantee

factor de conversion estandar monto de la garantia contingente
A number, usually less than 1 that can be The amount of guarantee provided under standby
multiplied by the domestic market price, coverage. Cf. maximum amount of guarantee.
opportunity cost, or value in use of a nontraded
item to convert it to an equivalent border price standby arrangement [IMF]
that reflects the effect of trade distortions on acuerdo de derecho de giro
domestic prices of that good or service. A standard
conversion factor is the reciprocal of 1 plus the standby commitment [IFC]
foreign exchange premium stated in decimal form. operacion de compromiso de compra

standard cost accounting

contabilidad de costos estandar
A method of accounting whereby standard costs
(i.e. forecast costs under projected conditions) are
the basis for credits to work-in-process accounts
 207

standby coverage [MIGA] standstill agreement

cobertura contingente acuerdo de mantenimiento de la situacion
An option to obtain coverage for additional existente
contributions to the investment project. Under
MIGA rules, this standby coverage may not exceed staple (food)
fifty percent of the initial amount of the guarantee alimento basico
and shall in no case exceed one hundred percent.
staple (food crop)
standby equity [investment] cultivo alimentario basico
compromiso contingente de participacion en el
capital social staple (good)
In investment an agreement that is conditional on articulo basico
stock purchase.
starchy root crop
standby loan tuberculo feculento, raiz feculenta
prestamo contingente
Loan which is not part of the current schedule but start-up cost
which can be presented to the Board if other costo de puesta en marcba
projects slip.
State eligible to sign (the Convention) [ICSID]
standby (lending) program [IBRD] Estado que puede adberirse
programa (de financiamiento) de reserva
Lending operations that are under preparation and statement
are likely to be ready for the fiscal year following declaracion; intervencion; exposicion
the fiscal year in question but may be ready sooner [see also financial statement; income statement;
and which could substitute for projects in the fiscal summary statement]
year in question.
statement of account
standby premium [MIGA] estado de cuenta; extracto de cuenta
prima contingente
Additional premium charged for standby statement of changes in financial position; sources
coverage. and application of funds statement; funds
statement; working capital statement; source and
standby underwriting commitment [IFC] use of funds statement; funds flow statement;
compromiso contingente de garantia de changes in working capital statement; statement of
suscripcion sources and applications of funds; statement of
cash flows [World Bank]
standing, financial see creditworthiness estado de flujo de fondos; estado de fuentes y
utilizacion de fondos
standing instructions, orders A statement used in conventional accounting
instrucciones permanentes which summarizes the financing and investing
activities of an entity, including the extent to
standpipe; standpost; hydrant which the enterprise has generated funds from
toma de agua operations during the period and for completing
the disclosure of changes in financial position
standstill during the period. The first English term is the
statu quo one recommended by the U.S. Accounting
In GATT, means no new trade restrictions Principles Board (APB) since 1971; the second
inconsistent with GATT, no new trade restrictions and last terms are the ones found most frequently
which go further than necessary to remedy specific in the World Bank and IFC; and the third is the
situations provided for in GATT and no trade most common one used in the U. S. prior to the
measures taken to improve negotiating positions. APB recommendation. The other terms are also
found.
208

statement of condition [IDA] Lending position whereby the total amount

estado de situacion financiera disbursed and outstanding equals the sum of the
A statement of IDA's financial situation. annual amounts disbursed and outstanding.

statement of expenditure - SOE steam coal

declaracion, estado, relacion de gastos carbOn de alto poder calorifico; carbOn termico
Coal intermediate in rank between bituminous coal
statement of sources and applications of funds see and anthracite. Typical steam coals have a
statement of changes in financial position carbon/hydrogen ratio of about 20% (more =
anthracite less = bituminous coals). Some steam
state-owned enterprise - SOE coals are used for smelting and coke making while
empresa estatal others are specifically suitable for steam
generation.
state-trading countries
paises de comercio estatal steam plant
central de vapor
static efficiency
eficiencia estatica steelmaking see open-hearth steelmaking
The efficiency with which current outputs are
produced. steepness (of a curve)
grado de inclinacion; pendiente (de una curva)
Static Life Index [commodities]
indice estatico de las reservas (aiios) stemming-from benefit
Index in years of reserves of a commodity beneficio derivado indirecto
assuming no growth in rate of production. A form of indirect benefit that accrues to
purchasers of project outputs that are themselves
status intermediate products. The direct and indirect
estado; situacion; categoria; condicion social value added generated in forward-linked
industries. For example, cotton that is produced by
status report; progress report an agricultural project and that would be used in
informe sobre la marcha (de un proyecto), sobre existing cotton gins having unused production
la labor realizada, sobre las actividades capacity might allow those gins to create
additional value added that would not exist
statutory body without the project. Stemming-from benefits
organismo de derecho publico sometimes are calculated using specialized input-
output multipliers. Would not normally exist
statutory ceiling where project outputs are traded, since the same
limite estatutario, legal, reglamentario stemming-from benefits could be had by
increasing imports of the intermediate product or
statutory lending limit - SLL by diverting exports to local use.
limite estatutario de los prestamos
The maximum amount of total outstanding step-down power station
guarantees, participations in loans and direct estacion reductora
loans, equal to one hundred percent of the Power station where the outgoing power from the
unimpaired subscribed capital, reserves and transformers is at a lower voltage than the
surplus of the Bank. incoming power.

stay of enforcement [ICSID] step-down, step-up interest rates

suspension de la ejecucion (dellaudo) tasas de interes crecientes
Interest rates which are below market rates in the
steady state lending early period of the loan and above market rate in
nivel estable de prestamos the latter part of the loan.
 209

stepped tariff structure slants to these terms in certain circumstances, so

estnu:tura tarifaria escalonada they may, on occasion, have slightly different
meanings.
step-up power station
estacion elevadora stocking rate [livestoc.k]
tasa, densidad de carga; carga ganadera
stock see capital stock; closing stock; common The relative number of livestock per unit area for a
stock; corporate stocks; outstanding stocks; paid- specific time.
up stock; preferred stock; publicly traded stock;
registered stock; share; volatile stock; voting stock stockpiling
acumulacion de existencias
stock accounting; stores accounting
contabilidad de existencias stop and go growth
crecimiento intermitente
stock carrying capacity [livestock]
capacidad de carga stopgap measure
medida temporal, de transicion; recurso
stock corporation provisional
sociedad anonima
stop-go, stop and go policy
stock dilution, watering; dilution alternaneia rapida (de medidas) de expansion y
dilucion del capital (accionario) contraccion; politic a de avance intermitente
The lessening of an ownership share's earnings Action on the part of the government to curtail
and assets equity, caused by the issue of more aggregate demand due to, for example, a balance
ownership shares without corresponding increases of payments deficit, soon followed by action with
in earnings and assets. the opposite effect to ameliorate the rise in
unemployment caused by the first action.
stock dividend
dividendo en acciones storage dam
presa, represa de almacenamiento
stock exchange transaction
operacion bursatil store-of-value
reserva de valor
stock option One of the functions of money in that it stores
opcion de compra de acciones wealth or value. An individual can sell a good or a
service and store the money until he needs
stock ownership something and can then use the money to purchase
cartera de acciones what he needs.

stock rights [IFC] stores accounting; stock accounting

derecbos de suscripcion contabilidad de existencias

stock watering see stock dilution storm water drainage system

drenaje de aguas lIuvias, pluviales
stock watering [livestock]
abrevado [ganado] straight bond
bono clasico, ordinario
stockholders' equity; shareholders' equity; owners' Bond with unquestioned right to repayment of
equity; equity; net worth principal at a specified future date, unquestioned
patrimonio; patrimonio neto; activo neto right to fixed interest payments on stated dates,
The value of assets less liabilities of a corporation. and no right to any additional interest, principal,
All the terms given here are generally or conversion privilege.
synonymous, but accountants tend to give different
210

straight-line depreciation; depreciation on a strip irrigation see border check irrigation

straight line
amortizacion (depredacion) lineal, constante, strip mining; open pit, open cast, open cut mining
de cuotas fijas explotacion a cielo abierto, a tajo abierto
Assignment of the service cost of any item to the [Chile]
benefits to be yielded by the item. In practice, a
period charge for depreciation is usually strip of maturities
substituted for a more exact measurement of porcion de cada uno de los vencimientos de un
benefits yielded. prestamo
A time portion of each of the maturities of a
strategic investors multi-maturity loan.
inversionistas que se estimen adecuados,
apropiados; inversionistas estrategicos strip participation
Major investors who have a significant equity participacion en cada uno de los vencimientos
investment in a company and, by virtue of their (de un prestamo)
specialized knowledge, play an active role in the Participation in each of the maturities of a
management of the company. multimaturity loan.

stratospheric ozone strip planting

ozono estratosferico plantacion en franjas

stream, to go on stripping see asset stripping

entrar en produccion; iniciar (sus) actividades
stripping ratio [mining]
streamed school relacion de desmonte
escuela organizada por secciooes Unit amount of spoil or waste that must be
removed to gain access to a similar unit amount of
streamlined project procedure ore or mineral material.
procedimiento simplificado (para proyectos...)
A procedure adopted by IFC for more rapid review strong currency; hard currency
of investment projects. Projects must be for less moneda fuerte
than $25 million in loans or $10 million in equity,
have no novel features and must be to countries in Structural Adjustment Facility (SAP) within the
which IFC has invested in the last five years. Special Disbursement Account [IMP]
servicio financiero de ajuste estructural (SAE)
streamlining dentro del marco de la Cuenta Especial de
agilizacion; simplificacion; racionalizacion Desembolso
Facility created by the International Monetary
streams of costs and benefits Fund in March 1986 to provide balance of
comentes, f1ujos de costos y beneficios payments assistance on concessional terms to low
income developing countries. The resources will
strength charge consist of assets received in the Special
cargo (apUcado) segUn la concentracion de los Disbursement Account as a result of the
contaminantes termination of the Trust Fund.
Charge levied for water pollution. based on
concentration of pollutants in the water, rather structural adjustment lending - SAL
than on volume of wastewater discharged. Cf. prestamos para (fines de) ajuste estructural
volumetric charge.
structural unemployment
strip check irrigation see border check irrigation desempleo estructural

strip cropping see alley cropping

 211

structural work subborrower

estl1lctura; obra gl1lesa subprestatario
A smaller loan which is a part of a larger loan,
structured financing often one provided for onlending.
financiamiento estl1lcturado
Financing using stl1lctured securities. subcontract
subcontrato
structured security
titulo, valor hibrido, estl1lcturado subcontractor
Security that is a combination of derivatives and subcontratista
standard cash securities, with its reimbursement
and risk terms structured according to the client's subgrade [highways]
needs. subrasante

stubble mulch farming subirrigation; subsoil irrigation

abonado con rastrojo riego subterraneo

student flow subject matter [education]

movimiento, flujo de estudiantes, alumnos materia; asignatura

student placement subject matter specialist - SMS [agricultural

orientacion extension]
tecnico especializado
student-teacher ratio - S1R; pupil-teacher ratio -
PTR; teacher-pupil ratio subloan
relacion, coeficiente profesor-alumnos; alumnos subprestamo
por profesor A loan that has been onlent.

stumpage fee submerged bridge

canon, derecho por pie vado pavimentado; baden

stumpage price submerged economy see parallel economy

precio por pie
subordinated debt see junior debt
stunting; nutritional dwarfing
enanismo nutricional; cortedad de talla; subordinated loan
crecimiento insuficiente prestamo subordinado
Being smaller than the standard height based on a A loan where repayment is made subject to other
height-for-age formula, as developed by WHO. conditions being met, normally repayment of other
Below minus two standard deviations from median loans which are deemed to be "senior" (often
weight for height for age of reference population. because they are secured).

stylized fact subordinate lender

hecho estilizado, de oeurrencia frecuente; prestamista subordinado
generalizacion Lender holding a subordinated loan.
A generalization about economic trends
extrapolated from data or an individual or group of subordination fee
individual countries. cargo por subordinacion
A fee IFe receives because its debt is subordinated
to other debts.
212

subproject How much one user's consumption of a good or

subproyecto service subtracts from the ability of others to
consume the good or service.
subscriber trunk dialing - sm
selection automatica intenlrbana subtransmission line; secondary transmission line
linea de subtransmision, de transmision
subsidiarity secundaria
subsidiariedad; complementariedad Transmission line in a subtransmission system, i.e.
Principle according to which the higher levels of one which supplies distribution substations from
government should be as limited as possible and bulk power sources, such as large transmission
should be subsidiaI)' to those of lower levels. substations or genemting stations.

subsidiaI)' account subunderwriter [IFC]

cuenta subsidiaria, aunliar subgarante [CFI)
An account maintained in a separate record and
controlled by an account in the general ledger. success fee
comision por captacion de fondos
SubsidiaI)' Agreement [IBRO] Fee paid that is proportional to amount of funds
convenio de pristamo subsidiario obtained.

subsidiaI)' loan successful bidder

pristamo subsidiario licit ante cuya oferta ha sido aceptada;
adjudicatario; licitante favorecido
subsistence allowance
dieta; viatico summaty account
cuenta de resumen; cuenta de cierre
subsistence economy
economia de subsistencia summaI)' of project information
sintesis informativa sobre un (el) proyeeto
subsistence farming
agricultura de subsistencia SummaI)' Proceedings
Aetas Resumidas
subsoil irigation; subirrigation
riego 8ubterraneo summaI)' statement
estado resumido
substantive law
dereeho sustantivo, de fondo sundty assets
The major part of any legal system, concerned activos varios
with the legal rights attributed to and legal duties
imposed on particular legal persons in particular sundty cash accounts
circumstances. Includes both primaI)' or cuentas diversas de caja
antecedent rights.
sundty liabilities
substitution effect pasivos varios
efecto de sustitucion
The effect on the demand for a good of a change in sunk cost
price of that good assuming real income is held costo no recurrente de capital, no reeuperable
constant. A cost incurred in the past that cannot be retrieved
as a residual value from an earlier investment.
subtractability
posibilidad de extraccion sunset clause
chiusuJa con fecha de expiracion
 213

superannuation supply line; setvice; setvice line; connection

Jubilacion [electricity]
conexion de servicio
superintendency (of banks)
superintendencia bancaria, de bancos supply management
regulaeion de la ofem
supetvision mission
million de supervision supplypush factors
factores de rechazo (dellugar de origen)
supervisory grades relacionados con la oferta
niveles, categorias de supervision; niveles Factors that encourage migrants to leave their own
medios country.

supetvisorystaff supply side economics

personal de supervision economia de la oferta, basada en la oferta
Economic policies and actions that will have
supplemental letter, side letter longterm benefits even though they may be
carta complementaria contractionary in the short-term. Supports the
theory that money injected anywhere into the
Supplemental Reserve against Losses on Loans financial system expands the entire economy.
and from Currency Devaluations (Supplemental
Reserve) supply side politics
Resenra Suplementaria para perdidas en politica favorable a la economia de la oferta
prestamos y por devaluaciones de monedas Political point of view favoring supply side
(Kellenra Suplementaria) economics.
A reserve established by the Bank in 1950, into
which the Bank maintained a policy of supply system; delivery system
automatically allocating all of its net income until sistema de prestacion, de suministro (de un
FY64. It was renamed General Resenre in FY76. servieio); sistema, red de distribucion, de
reparto
supplementary contributions [IDA]
aportaeiones suplementarias support department [IBRD]
departamento de (servicios de) apoyo
supplier industry
industria auxiliar, abastecedora support price
preeio de sosten, de apoyo, de sustentacion
supplier credit; supplier's credit
credito de proveedores surface course; wearing course [highways]
Export finance made available to the supplier of capa superficial, de rodadura
the goods (as distinct from credits to the overseas
buyer under buyer's credits. surface dressing [highways]
sellado superficial, de superficie; tratamiento
supply curve superficial
cunra de la ofem
A graphical representation of the relationship surface irrigation
between the supply of a commodity and its price riego superficial, de superficie
(usually with price on the vertical axis and
quantity supplied measured along the horizontal surface, road patching; spot improvement.
axis). The positive relationship between these two patching; patching [highways]
variables is reflected by the fact that the supply bacheo; reparacion de bacbes
curve slopes upwards from left to right.
214

surfacing [highways] sustainability

revestimiento continuidad; mantenimiento; sostenibiIidad
[see also resurfacing]
sustainable development
surplus country desarrollo sostenible
pais superavitario Economic growth conducted in an environment"
ally responsible manner.
surplus dividend
dividendo extraordinario sustainable forestry
Dividend paid over and above statutorily required silvicultura sostenible; ordenacion forestal
dividend. sostenible
Forestry which aims at replacing trees that have
surplus on invisibles been cut down.
supedvit de las transacciones invisibles
sustainable level of lending " SLL
surrogate market nivel sostenible de prestamos
mercado sustitutivo
Similar markets to the target market that can be sustainable net national product - SNNP
used for study purposes. For example, in assessing producto nacional neto sostenible - PNNS
environmental damage, the property value of the A measure of a country's economic perfonnance, it
target and similar, surrogate markets can be differs from GNP and GDP in that investments to
assessed to determine how much property values maintain the integrity of the environment are
have been reduced as a result of environmental excluded from the computation as is income
degradation. generated from harvesting a resource stock over
and beyond its capacity to be replenished. It
survey therefore differs from GNP in that it can be used to
estudio; encuesta; levantamiento topogrMico demonstrate to poJicymakers the monetaI)' value
[see also reconnaissance survey; soil survey) (loss) associated with policies that allow
unsustainable use of a country's resources.
survey mission
mision de estudio sustained growth
crecimiento (economico) sostenido
survey of resources
inventario de recursos swap
swap; intercambio de monedas; crMito
survival rate [education) reciproco [FMI]; operaciones de pase
tasa de supervivencia escolar [Argentina]
The percentage of pupils enrolled in the first grade A spot purchase of foreign exchange (currency
who reach subsequent grades. swaps), fixed or floating rate funds (interest rate
swaps) or assets (asset swaps) with simultaneous
suspended matter forward sale or vice versa. Pase financiero is an
solidos en suspension Argentinian system, related to the swap system,
whereby persons or institutions making capital
suspended particulate matter" SPM investments are given an "exchange guarantee,"
partieulas en suspension which guarantees that the funds can be
Particulate matter suspended in a fluid. reexchanged at a predetermined exchange rate on
a specific date.
suspense account [see also currency swap; debt~quity swap; debt"
euenta transitoria for-health swaps; Global Swap Authority; interest
A temporaty account for funds which have not yet (rate) swap]
been identified.
 215

swap, to [finance] syndicate [banking]

efectuar una operacion de swap, de intercambio consorcio (bancario, de financiamiento)
de monedas, de crMito reciproco A group of bankers and/or brokers who underwrite
To carry out a swap transaction. and distnbute a new issue of securities or a large
block of an outstanding issue. By extension, can
swap market also refer to a group of banks or securities firms
Mercado de swaps who are involved in a Eurocredit or Eurobond
[see also currency swap; interest (rate) swap] issue.

sweat equity syndicate a loan, to

aportacion en manu de obra propia concertar un prestamo a traves de un consorcio
A share or interest in a building obtained as a (bancario, de financiamiento)
result of contributing labor to its construction To arrange for a loan using a syndicate.
and/or maintenance.
syndicated loan
swing producer prestamo de un consorcio, concedido por un
productor compensador, de compensacion consorcio
In oil production, a countl}' that varies its Loan made by a syndicate.
production to ensure that a previously agreed
cartel price remains fixed. In practice, OPEC uses synfuel; synthetic fuel
Saudi Arabia as the swing producer to keep a combustible sintetico
certain fixed price.
Sysmin (= Special financing facility for ACP and
swing space OCT mining products) [European Communities]
oficinas provisionales Sysmin (Servicio especial de financiamiento
Temporal}' space used to provide office space for para productos mineros de los paises ACP y
staff whose current offices are being remodeled or PTUM)
demolished but for whom new office space is not
yet available. system load factor [electricity]
coeficiente de carga de la red
switching equipment [telephone]
equipo de conmutacion Systemic Transformation Facility [IMF]
servicio para la transformacion sistemica
switching policies Temporal}' facility to help member countries
poUticas de reasignaci6n de recursos facing balance of payment difficulties.

switching value [sensitivity analysis]

valor critico
The value that reverses the ranking of two alterna-
tive projects. For example, Farm A will produce
beef with high technology equipment and few
workers, while Farm B will consist of a
low-technology operation employing many farm
workers. Up to a weight of 1. 5 on income going to
the poor, Farm A has a higher rate of return.
However, if a weight greater than 1.5 is given,
Farm B will have a higher rate of return. The
switching value, therefore, is 1.5.
216

take-up problems (of means-tested pension plans)

problemas de cobertura efectiva, de
-T- incorporacion al plan, de participacion en el
plan

tailing pond tangible assets, property

deposito de decantacion de residuos bienes materiales, tangibles, corporeos
Pond containing waste matter from metal ore Material property that can be seen and touched as
extraction. opposed to intangible property such as a patent.

tailrace; spillway chute [hydroelectricity] tanker

canal de descarga buque cisterna; buque tanque; camion cisterna;
camion tanque
take a straight equity position, to
(hacer) inversiones en acciones comunes tap issue
Investment in a standard, low-risk security. emision continua
An issue of a security made available on an as
take-and-pay contract required basis. Used primarily in the British mar-
contrato de compra contra entrega ket, where the British Government issues Treasury
A guarantee to buY an agreed amount of a product stock and seeks subscriptions. As the stock is
or service provided it is delivered. rarely fully subscribed, the remainder is sold to
Stock Exchange jobbers as demand requires.
take-home pay
salario neto; remuneracion neta target, to
orientar a grupos especificos; usar un enfoque
taken over by selectivo; etc.
absorbido(a) por
target contract
take-off contrato sobre la base de un presupuesto meta
arranque; despegue; impulso
[see also power take-oft] target group
grupo beneficiario; grupo objeto de ; grupo
take-or-pay agreement, contract escogido (como meta); grupo previsto
acuerdo, contrato firme de compra (sin derecbo
de rescision) target price
An unconditional guarantee to buy an agreed precio indicativo
amount of a product or service whether or not it is
delivered. target zone; reference zone
zona de referencia
take-out agreement; buy-back agreement A wide zone of exchange rates, perhaps plus or
acuerdo de recompra minus 10 per cent, within which a currency can
freely move against other currencies. Suggested at
takeover bid the New York Plaza Agreement at the Group of
oferta publica de compra - OPT Five meeting, 9/85 and proposed by the French
An offer to acquire a controlling interest in a Treasury 2/86, as a way to reduce major currency
corporation. swings.

take over, to targeted beneficiaries

hacerse cargo; absorber; asumir beneficiarios design ados, escogidos, especificos,
seleccionados
 217

targeted grant see categorical grant controlling the volume of imports. All the revenue
thus obtained accrues the producer instead of the
targeted interventions government (in the form of tariffs).
intervenciones dirigidas
tariff quota
targeted programs cuota arancelaria; cupo, contingente
programas focalizados, dirigidos a grupos arancelario
especificos Specified volume (quota) of imports ofa good for a
given period defining the application of different
targeting rates of duty (tariffs), the lower are applying until
focalizaci6n the specified volume is reached, the higher rate
thereafter.
tariff
arancel; derecbo arancelario; derecbo de tariff rates
aduana, de importacion; tarifa tasas, derecbos arancelarios
[ see also also lifeline tarifl]
tariff round, negotiations
tariff barriers negociaciones arancelarias, sobre aranceles
barreras arancelarias
tariff schedule
tariff escalation arancel; tarifa [precios]
progresividad arancelaria; escalada, a1za de
tarifas tariff wedges
diferencias arancelarias
tariff item Difference between the tariff at a particular stage
partida arancelaria of processing and at the preceding stage.

tariff jumping tariffication

elusion del pago de aranceles (mediante el conversion en arancel
establecimiento de una empresa en el pais) The conversion of quotas or other non tariff
barriers to tariffs.
tariff line
rengl6n arancelario tar sands
The most disaggregated level of classification of arenas impregnadas de brea; arenas asfMticas
international trade flows. It is the production level
where the tariff is applied. task force
grupo de estudio; grupo de trabajo
tariff negotiations, round
negociaciones arancelarias, sobre aranceles tax see also benefit taxes; betterment levy, tax;
border taxes; business (profit) tax; capital gains
tariff peak tax; cascade tax; corporate tax; delinquent taxes;
cresta arancelaria destination tax; earmarked tax; end use tax;
foreign tax credit; income tax; inflation tax;
tariff position interest equalization tax; investment tax credit;
partida arancelaria land betterment tax; land tax; multiple stage tax;
net of taxes; origin tax; pay-as-you-earn; payroll
tariff privatization tax; poll tax; presumptive taxation; profits tax;
control empresarial del arancel sales tax; schedular tax; shifting of tax; turnover
Situation where the main domestic producer in a tax; value-added tax; withholding tax
given market is also the main importer (or bas
very close links to the main foreign producer) and
is therefore able to shield itself from import
competition and obtain considerable profits by
218

tax allowance tax clearance

exencion tributaria; desgravacion; deduccion certificado de pago de impuestos
Amount deducted from gross income to arrive at
taxable income. tax credit
descuento, credito impositivo, tributario
tax amnesty A 100% offset against tax liability.
amnistia tributaria
tax deduction
tax arbitrage deduccion tributaria, de impuestos
arbitraje impositivo An expenditure that may legally be deducted from
taxable income by taxpayers
tax assessment; assessment for tax
avaloo, tasacion para fines impositivos; tax deferral
estimacion de la base impositiva aplazamiento, diferimiento impositivo;
moratoria
tax audit
auditoria impositiva, tributaria tax demand, bill
liquidacion, notificacion de impuestos
tax avoidance
evitacion, elusion, evasion legal de impuestos tax effort
The. legal minimization of taxes due government esfuerzo tributario
by application of tax planning devices. The total amount of tax due from a country, sector,
enterprise, etc.
tax base
base imponible tax elasticity
The amount that forms the basis for calculating a elasticidad del impuesto
taxpayers' liability. In income tax it is a person's
earnings while in property tax, the value of the tax evasion
property. evasion (iJegal) tributaria, fiscal, de impuestos
Avoidance of taxes by illegal means.
tax bill, demand
Iiquidacion, notificacion de impuestos tax exemption
A document sent to a taxpayer, telling himlher exeocion de impuestos
how much s/he owes in taxes. A specific sum that a taxpayer may deduct from
taxable income for him- or herself and for each
tax bracket dependent. Also refers to certain kinds of income
grupo, nivel, tramo impositivo not subject to tax such as social security payments,
monies received by certain diplomats, etc.
tax buoyancy
elasticidad tributaria global tax expenditures
Total elasticity of the tax system (built-in elasticity gastos fisc ales
plus elasticity due to discretionary changes in the
tax system). Measured by the annual mean growth taxJGDP ratio
in receipts divided by the annual mean growth in relacion impuestos-PIB
gross domestic product (GDP). Ratio of tax receipts to gross domestic product.

tax burden
carga impositiva, tributaria, fiscal; presion
fiscal
The actual effect of a tax. For example, the tax
burden of income tax falls on the income-earner;
however, the burden of indirect taxes such as sales
taxes is generally passed on to the consumer.
 219

tax bandies tax-paying capacity

sujeros (potenciaies) del impuesto capacidad tributaria
The means by which the tax authorities can raise
(or lower) revenues through taxation. For example, tax performance ratio
in an economy where income is typically derived relacion, coeficiente de recaudacion de
from self-employment and the wage income that impuestos
does exist is from small establishments, the
government has only a limited tax handle on tax ratio
income compared with a modem economy where relacion impuestos-ingresos; coeficiente
earned income is largely in the form of wages and tributario
salaries from large organizations. The ratio of income tax expense to net income
before taxes.
tax haven
paralso tributario tax rebate
A country which offers permanent tax incentives desgravadon tributaria; reduccion de impuestos
in order to attract multinational enterprises. A partial refund to taxpayers of taxes already paid.

tax holiday tax refund

tregua tributaria; exoneracion temporal reembolso, devolucion, reintegro de impuestos
(parcial 0 total) de impuestos
Tax relief or exemption granted temporarily, e.g. tax relief
to encourage industrial development. desgravacion fiscal

tax incentive tax reference price [oil]

incentivo tributario precio de referenda para fines tributarios
[petroleo]
tax incidence analysis An arbitrary posted price for hydrocarbons utilized
analisis de la incidencia fiscal in a number of countries for the purpose of
Analysis of the redistributive effects of taxation. calculating taxes and other payments due the State
from an operator.
tax liability
obligacion tributaria tax return
declaracion de ingresos; declaracion de
tax loophole impuestos
escapatoria, Jaguna tributaria; resquicio
tributario tax sharing
participacion en los impuestos
tax mitigation The practice of a state or central government
atenuacion, reduccion de los impuestos levying a tax and sharing its proceeds with a local
government.
tax net
sujetos, bienes y actividades imponibles tax shelter
refugio tributario
tax office Any of a number of investments which generate
oficina, direccion, administracion de impuestos losses, usually due to noncash deductions such as
depreciation or depletion, or due to accelerated
tax on value added; value added tax - VAT payments which flow through to individual
impuesto ai, sobre el valor agregado, anadido- taxpayers and can be used to offset other income,
IVA thereby lowering the individual taxable income.

tax-paid cost - TPC tax sparing

costo incluidos los impuestos descuento del impuesto potencial
220

tax surcharge technical assistance loan - TAL

recargo tributario; sobretasa prestamo para asistencia tecnica
World Bank loan for technical assistance purposes.
tax technology
teenicas de administracion tributaria technical assistant
The tools used to administrate tax policy, e.g. funcionario de asistencia tecniea; asistente
management information systems. teenieo

tax wedge technical background

discrepancia impositiva formadon tccnica; preparadon tecnica
The difference between wages or labor income and
the same wages or income plus government taxes technical cooperation among developing countries
on them. It is called a wedge because it is like a -TCDC
wedge which the tax drives between the value of a cooperation teeniea entre paises en desarrollo -
worker to the firm and the amount received by the CTPD
worker for working one more hour. A Bank
document defined it as "the difference between a technical-efficiency index - TEl
given (arbitrary) after-tax rate of return to an indice de eficiencia teenica
individual investor and the pre-tax real rate of
return on investment that the firm would need to technical note
generate in order to fund the investment." nota teeniea

tax withholding technical package

retencion del impuesto conjunto de medidas practieas

tax write off teething problems

deduccion tributaria (por perdida, etc.) problemas initiales

tax yield temperate hardwood forest

reeaudacion tributaria bosque de especies frondosas

teacher-pupil ratio; pupil-teacher ratio - PTR; temporary assets

student-teacher ratio - STR activos transitorios
relacion, coeficiente profesor-alumnos, alumnos
por profesor temporary liabilities
pasivos transitorios
teacher's guide
guia del maestro; libro del maestro; manual del tender
instructor oferta; propuesta

teacher's kit tender documents see bidding documents

material pedagogico baisico
tenure see land tenure; security oftenure
teaching aids
materiales didacticos; auxiliares de enseiianza tenure [education]
permanencia (en el cargo)
teaching load
earga docente term deposit
deposito a plazo
Technical Advisory Committee - T AC [CGIAR]
Comite Asesor Teenico - CAT term financing
financiamiento a mediano 0 largo plazo
 221

tenn loan test plot

pftstamo a mediano 0 largo plazo lote, parcela de prueba

tenn sheet thematic team

hoja de plazos y condiciones grupo de expertos
Team of technical specialists working in a specific
tenninate area of the Bank's activities, which monitors
terminar; dar por terminado; rescindir Bankwide activities in a specific area, e.g.
[nomhramiento] technical assistance.

tennination theory of public choice

terminacion; rescision; cese de funciones; teoria de la eleccion social
despitio Study of the problems involved in decision-making
by governments and the factors that influence their
tennination grant decision-making.
indemnizacion por terminacion, rescision, cesc
de funciones, despido thinktank
grupo de expertos
tenns and conditions (of a contract)
condiciones Third Window
Tercera Ventanilla
tenns ofreference [e.g. consultants]
terminos de referencia; mandato 33-Commodity Aggregate Price Index [IBRD]
indice global de precios de JJ productos basicos
tenns of reference [study]
terminos de referencia, parametros (de un threshold countries
estudio) paises que se encuentran "en el umbral"
Countries on the threshold between IDA and
tenns of trade IBRD status or between IBRD and graduation
relacion, terminos de intercamhio status.
A relationship between the prices of exports and
the prices of imports. When the concept is not threshold limit value - 1LV
further qualified, reference is being made to the concentracion maxima admisible
net barter terms of trade, which is the quotient The maximum allowed amount of exposure to a
between an index of export prices and an index of given hazard in a given time frame.
import prices.
[see also barter terms of trade; double factorial threshold price
tenns of trade; income terms of trade; single precio umbral
factorial terms of trade]
through bill of lading
tertiary (oil) recovery conocimiento de embarque directo
recuperacion terciana Bill of lading for cargo shipped between two
Enhanced recovery methods for the production of specified ports plus inland portion of transit.
crude oil or natural gas. It requires a means for
displacing oil from the reservoir rock, modifying throughput
the properties of the fluids in the reservoir and/or volumen de material elaborado [manufacturo];
the reservoir rock to cause movement of crude oil numero de estudiantes que pasan por el sistema
in an efficient manner, and providing the energy escolar [educacion]
and drive mechanism to force its flow to a [see also berth throughput]
production well.
through traffic
test check [accounting] tr8fico en transito; tr8fico directo
verificacion de prueba
222

tied aid time-of-use (TOU) rates [electricity tariffs]

ayuda condicionada, vinculada tarifas segUn bora de consumo

tied currency time overrun

moneda vinculada demora respecto del plazo previsto

tied resources time pattern

recursos reservados (para un determinado pauta cronologica; cronologia
proyecto)
time series
tight credit policy serle cronologica
politica de restriccion crediticia; politica
crediticia restrictiva time sharing [computers]
tiempo compartido; multipropiedad
tightening of credit
restricciones crediticias; contraccion del credito time sheet
hoja de asistencia
tight money
dinero escaso, caro time-slice loan
Contractionary monetary policy. In taking steps to prestamo por etapas
decrease the rate of growth of the money supply, Loan where the lender only finances the loan a
monetary authorities are said to be following a part of the time.
tight money policy.
time underrun
timber adelanto respecto del plazo previsto
madera; madera en pie
time value of money
time-adjusted [project analysis] valor temporal del dinero
actualizado a partir del segundo aDo An expression referring to the concept that values
An accounting convention in which the first year received earlier are worth more than values
of an investment analysis is used solely for received later. The concept underlying
investment and in which incremental benefits discounting.
appear only from year 2 or later.
times interest earned ratio see interest coverage
time-based contract [consultants] ratio - ICR
contrato por tiempo
A contract for consultants where payment is made tinged cotton
according to time expended. algodon tintado
A discolored cotton graded between spotted and
time deposit stained cotton.
deposito a plazo, a termino
tissue culture
time frame cultivo de tejidos
marco temporal, cronologico
titling (land)
time lag adjudication (de titulos de propiedad) de la
desfase (cronologico); retraso; intervalo tierra

time limit [ICSID] Tokyo Round Agreement

plazo Acuerdo de la Ronda de Tokio
 223

tombstone total external debt - EDT

anuncio de emision efectuada; esquela deuda e:dema total
Advertisement which announces that a credit has
been arranged or a bond issue made. total factor productivity - TFP
productividad total de los facto res
ton of coal equivalent - tee A measurement of changes in outputs per unit of
tonelada de equivalente en carbOn - tee all inputs combined.
A common accounting unit used to define energy
usage. Actual definitions differ. The European total fertility rate - TFR
Communities, for example, define it as yielding 7 tasa de fecundidad total
Gcal net calorific value while the United Kingdom The average number of children that would be
defines it as the average gross calorific of all born live to a woman (or group of women) during
grades of coal and the UN as the gross calorific her lifetime if she were to pass through her
value. childbearing years conforming to the age-specific
fertility rates of a given year.
ton of oil equivalent - toe
tonelada de equivalente en petroleo - tep total loss cover
A common accounting unit for energy usage. cobertura contra perdida total
Definitions differ. OECD/IEA define it as having a Insurance against all losses.
net calorific value of 10 Gcal (= 41.9 GJ) while the
United Kingdom defines it as the weighted Total Return Index [IFC]
average gross calorific value of all petroleum indice de rendimiento total; indice de
products. rentabilidad total
Index devised by IFC to measure the US dollar
top-down (approach) [projects] return on developing country equity markets,
vertical taking into account both domestic price changes
and exchange rate fluctuations.
top dressing [agriculture]
abono, estercoladura, fertilizante de superficie total suspended particulates - TSP
total de particulas en suspension
top-rated bank loan Any solid or liquid particles dispersed in the
prestamo bancario de primera categoria atmosphere, such as dust, pollen, ash, soot, metals
and various chemicals.
top-up scheme; minimum pension guarantee
plan de jubilacion minima total suspended solids - TSS
System whereby the government brings up a total de solidos en suspension
pension to a specified minimum level. The amount of particulate matter suspended in a
water sample.
Toronto terms
condiciones de Toronto tracer study [education]
Terms for debt relief (rescheduling for low-income estudio de seguimiento de egresados
countries) agreed upon at the Group of Seven A follow-up study of students after they have left
meeting in Toronto in 1988. school to see what they have become.

total dissolved solids - IDS tradable [adj.]

total de solidos disueltos - tsd comerciable; exportable 0 importable;
Total weight of dissolved mineral constituents in comercializable
water per unit volume or weight of water in the
sample.
224

tradable [noun] trade-off

bien comerciable, comercializable, exportable 0 compensacion (de factores, de ventajas y
importable desventajas); ventaja relativa; solucion de
A good that could be traded internationally in the compromiso; transaccion; concesion reciproca;
absence of restrictive trade policies. Depending on disyuntiva; opcion; alternativa, etc.
national and world costs of production and
transport, tradables may be importables, trade organization
exportables or, in some cases, both. organizacion gremial, pat ronal

tradable but nontraded (good, item); nontraded trade pattern

tradable estructura, modalidad del comercio
bien comerciable no comerciado (etc.)
trade promotion
tradable emissions permit fomento, promocion del comercio
permiso negociable de contaminacion
Permit to emit a specified quantity of a pollutant. trade publication
This permit may be traded. Cf. emissions publicacion especializada para determinada
trading, bubble concept. industria, negocio 0 profesion

trade adjustment trade receivables

ajuste del regimen comercial efectos de comercio por cobrar
Adjustment of terms of trade, e.g. by reducing
import tariffs. trade-related investment measures - TRIMS
medidas en materia de inversiones relacionadas
trade adjustment loan con el comercio
prestamo (para fines de) ajuste de la politica de
comercio exterior traded goods
Loan to assist a country in liberalization of its bienes comerciados, comercializados,
trade policy. exportados 0 importados

trade balance; balance of trade; merchandise trading see block trading

balance
balanza comercial trading currency
The difference in a given time period between a moneda de intercambio
country's imports and exports of goods and
services valued in current monetary units. trading partners
puses que mantienen relaciones comerciales
trade coverage ratio
proporcion de importaciones sujetas a barreras trading portfolio
no arancelarias; tasa de importaciones cartera de inversiones a corto plazo
afectadas Portfolio of short-term investments. Cf. invest-
The amount of imports affected by para-tariff, ment portfolio.
price and volume control measures expressed as a
percentage of total imports of the same product trading ticket [capital market]
group. orden de compra; orden de venta
Purchase/sales order for a security.
trade cycle; business cycle
cicio economico; coyuntura traffic-bearing capacity; load-bearing capacity
capacidad de trMico
trade deficit
deficit comercial
 225

traffic count transfer payments

cuenta, con teo, recuento de tratico pagos de transferencia

train see block train; unit trains transfer price

precio de transferencia
trainability [EDI-World Bank] Price between a corporation and its subsidiary or
susceptibilidad. posibilidad de capacitacion within a corporation (opposite of arm's lengtb
price).
trainee
persona que recibe adiestramiento; participante transformation curve; production possibility curve
en un curso 0 programa de capacitacion; curva de transformacion; curva de posibilidades
principiante de produccion
A graphic representation of the various output
trainer combinations of two commodities which can be
instructor produced from a given quantity of resources.

training see advanced training; higher training; transient climate change

in-house training; in-service training; job-related cambio climatico circunstancial
training; mobile training unit; multimedia training The path of realized climate change which takes
module; on-the-job training; retail training; into account the lags in the climate system, as
retraining; skill training center; vocational opposed to equilibrium cbange.
training; wholesale training
translation (of currency)
training and visit [T & V] system traduccion de monedas; conversion contable de
sistema de capacitacion y visitas monedas
System of agricultural extension which involves Recording in accounts of assets (or liabilities) in
training village-level workers so that they can, one currency when they are actually in another.
through contact farmers, pass on new agricultural No actual exchange of funds takes place. The
techniques. World Bank and IFe, for example, translate all
their assets and liabilities into U.S. doIlar
training production unit amounts, regardless of the actual currency in
unidad de capacitacion practica which they are denominated.

trammel fishing translation adjustment [accounting]

pesca con trasmallos ajuste de traduccion (de monedas)
Type of fishing using a set net, where the fish Adjustment in accounts to reflect movements in
entangle themselves in net pockets, which are the rate of exchange between the currency of the
made by the pushing movement of the fish through accounts and the currency of the transaction.
the three - occasionally two - walls of the net.
transparency
tranching [loans] diafanidad; transparencia
reparticion en porciones, tramos [see also fiscal transparency]
Division of a loan (specifically adjustment loans)
into several tranches. Release of tranches is transterritorial; cross-border
conditional on specific agreed actions being transnacional; transterritorial fronterizo; a
carried out. veces: internacional

transfer charge caIl; collect call; reverse charge trashy farming

call laboreo con abrigo vegetal
lIamada de cobro revertido Tillage which leaves the major portion of crop
residues on the soil surface
226

trawl fishing triage

pesca de arrastre triaje; seleccion

Treasury bill tribal peoples

pagare del Tesoro a corto plazo pueblos tribales; poblaciones indigenas
Bill issued by U.S. Treasury with short maturity
(less than one year). trickle-down effect
efecto de (la) filtracion; cborreo
Treasury bond The idea that stimulants applied to a lagging
bono del Tesoro economy are best given to business to induce
Long-term (more than ten years) fixed coupon economic growth that will benefit citizens directly
paper issued by the Federal Reserve on behalf of rather than being given directly to consumers to
the U.S. Treasury. spur purchasing power.

Treasury note trickle irrigation see drip irrigation

pagare del Tesoro
A medium-term (normally from two to ten years) trigger clause
coupon security issued by the U.S. Treasury. chiusula de revision, de activacion
Clause in mRO loan agreement requiring review
treaty reinsurance after a certain number of years to determine
reaseguro contractual whether changes in the country's economic
Form of reinsurance, whereby an insurance condition warrant harder or softer loans.
company shares a large number of risks with other
insurance companies. trigger date [IBRO)
fecha de activacion
tree cotton; Ceylon cotton; Siam cotton; China Date on which a loan is placed in nonaccrual
cotton status. This is normally when service payments
algodon arboreo are overdue by more than six months.

tree crop Trigger Price Mechanism - TPM [US]

cultivo arboreo mecanismo de predos de intenrencion
System set up by the US to prevent unfair
tree farming competition for steel imports. Costs of production
arboricultura in the world's lowest cost producer, Japan, would
be determined and publicly announced. These
tree fodder would be the trigger prices. 1fthe price charged for
forraje arbOreo an import shipment were below the trigger price,
the US Government would launch an antidumping
tree mining; forest mining investigation against the foreign supplier.
extraccion excesiva de arboles
Clear-felling of large wooded areas. Trinidad terms
condiciones de Trinidad
tree tenure Terms for debt relief to replace the Toronto
tenencia comunitaria de bosques terms, proposed by the United Kingdom at a
Ownership of a wood, forest or other collection of conference in Trinidad. They propose writing off
trees, usually by a group. The term is used in $18 billion of the debt of the world's nineteen
social forestry. poorest countries (mainly Sub-Saharan African
countries plus Bolivia and Guyana), extending
trend rate repayment periods to 25 years and capitalizing
tasa tendencial interest.
 227

triple superphosphate - TSP [fertilizer] tubewell

superfosfato triple pozo entubado
A commercial fertilizer which contains 2.5 to 3 Strictly speaking a circular well consisting of tubes
times as much available phosphoric acid as or pipes bored into the ground but often used
superphosphate. The phosphate rock is treated synonymously with drilled well.
with phosphoric acid and, in the manufacturing
process, the gypsum is removed. tuition fees
derechos de matncula
tropical cattle unit - TeU; tropical animal unit-
TAU; tropical livestock unit - TLU turnaround (time)
unidad de ganado tropical tiempo de rotacion, del viaje de ida y welta;
A standard unit of measurement, equivalent to 250 tiempo necesario para un servicio
kg, the weight of a standard cow, for calculating
the impact of animals on the land. turnkey contract, project
contrato, proyecto lIave en mano
tropical rain forest A contract where a firm will undertake all the
bosque (humedo) tropical; selva (pluvial) activities to deliver a complete project, including
tropical the provision of professional services, the supply of
[see also rain forest] goods and civil works construction.

truCking industry turnover

industria del transporte por carretera movimiento; rotacion; volumen de negocios
[see also inventory turnover]
true lease
contrato de arrendamiento verdadero turnover tax
Lease where the lessee bas no right to a share of impuesto sobre el volumen, la cifra de negocios
the proceeds of the sale of the leased asset to third
parties at the end of the non-<.:ancelable lease twenty equivalent units - TEU [containers]
period and no bargain renewal option. unidades de 20 pies (de contenedores) - TEU
Standard unit for counting (equivalent) containers
true to type variety; pure variety [agriculture] of various dimensions.
variedad pura
A variety which is like the parental type, without twinning arrangements
change. acuerdos de "hermanamiento"
Arrangement whereby two organizations (or a
trunk infrastructnre group of organizations) work jointly on a project.
infraestructura primaria In the Bank, it is generally used to refer to a
situation where an organization (or a group of
trunk network organizations) from an industrial country works
red interurbana with an organization (or a group of organizations)
from a developing country, providing assistance as'
trunk roads well as being involved in the project.
carreteras troncales, principales
two digit inflation; double digit inflation
trunk sewer (tasa de) inRacion de dos digitos, de 10% 0 mas
alcantarilla colectora, maestra
two-envelope procedure [consultants]
trust fund procedimiento de dOl sobres
fondo fiduciario; fideicomiso A procedure for selecting bids whereby each
bidder is required to submit simultaneously his
Trustee [GEF] qualifications in one envelope and his bid in a
Depositario second.
228

twogap model
modelo de las dos brecbas
A mathematical model of the economy of a
country using twogap analysis, i.e. adjustments in
accumulation and trade in response to a unit
change in the available supply of foreign
resources.

2% currency [IBRDJ
monto del 2%
The portion of capital subscriptions payable in US
dollars.

twostage, twostep procedure [IBRDJ

tratamiento por separado; procedimientos
separados
Procedure whereby technical and financial
proposals are submitted and evaluated separately.

twotier market
mercado de dos niveles
An exchange rate regime which normally insulates
a country from the balance of payments effects of
capital flows while it maintains a stable exchange
rate for current account transactions. Capital
transactions are normally required to pass through
a "financial" market while current transactions go
through an "official" market, though other
arrangements are possible. Examples are found in
Belgium and the United Kingdom, though France
and Italy have experimented with such systems.

twotier meeting
reunion en dos niveles
Meeting arranged for public officials, where one
meeting is for toplevel officials and another,
overlapping meeting, for middle-level officials.

two-track development
dos ritmos, trayectorias de desarrollo
Development where one group develops at a much
faster rate than another, e.g. the Asian countries
develop more rapidly than Latin America and Sub-
Saharan Africa.

two-year trigger rule

regia de los dos alios
Rule whereby provisions are made against
countries placed by the Bank in Donaccroal status
that do not resume loan payments within two
years.
 229

unappropriated (earned) surplus

utilidades no distribuidas y no asignadas
-u- That part of retained earnings which has not been
transferred to a subordinate account or otherwise
earmarked for any specific purpose, thus
UHF link [telecommunications] remaining available for the absorption of
enlace UHF, en frecuencia ultraalta dividends.

ultimate model unbundling

modelo emaustivo desagregacion; desglose; descomposicion
A model which contains all the information
needed for its operation. unbundling of financial risks
desagregacion, separacion de riesgos
ultimate recoverable reserves - URR financieros
reservas recuperables definitivas - RRD The separation and separate evaluation of financial
The total amount of oil and gas recovered and risks.
believed to be recoverable from both discovered
and undiscovered reservoirs, in the light of uncalled capital
probable improvements in technology and based capital suscrito y no desembolsado
on a geological evaluation of a particular area or The amount of capital by which the total capital
territory. authorized by the stockholders exceeds the paid-up
capital.
ultra low volume (ULV) spraying
meiado de muy bajo volumen uncovered interest rate parity model
modelo de paridad de los tipos de interes sin
umbrella (agreement) cobertura
acuerdo global; a veces: acuerdo marco
Agreement whereby MIGA and a member underaccruals
government provide the framework for MIGA's suma, diferencia por la cuallas cantidades
cooperation with the public and private insurers of devengadas son inferiores a las previstas
that member.
undercapitalized
umbrella project subcapitalizado
proyecto que sirve de marco para otros;
proyecto global undercollection [taxation]
A UNDP project under which an allocation from a deficiencia de reeaudacion
country's indicative planning figures funding is
provided for a specific period of time to finance a underemployment
flexible package of preinvestment studies or other subempleo; subocupacion
technical assistance activities, all of which may
not be identified before approval by UNDP. undergraduate
estudiante (que no ba recibido el primer titulo
umpire [legal] universitario)
arbitro dirimente
undergraduate studies
unaccounted [e.g. water, electricity] estudios universitarios para obtener el primer
no contabilizado; perdido titulo

unallocatable expenditure underground economy see parallel economy

gasto no asignable
230

underinvestment underwriting costs

subinversion; inversion insuficiente costos de garantia de emision

underinsurance underwriting syndicate

infraseguro consorcio garante
Failure to maintain adequate coverage for a
specific loss or damage. undeveloped plot
lote sin semcios, no urbanizado
underinvoicing of exports
subfactoracion de exportaciones; subvaloracion undrawn balance
de las factoras de exportacion saldo no utilizado

underleveraged undrawn borrowings

con bajo coeficiente de endeudamiento emprestitos pendientes de utilizacion

underlying costs unearned income

costos implicitos ingreso(s) no proveniente(s) del trabajo; a veces:
ingreso(s) no salarial(es)
underlying inflation
inflacion subyacente unearned interest
intereses cobrados antieipadamente
undernourished Interest on a loan that has already been collected
desnutrido but has not yet been earned because the principal
has not been outstanding long enough.
undernutrition
desnutricioo uneconomic production
produccion antieconomica
underprivileged
desfavorecido; margin ado unemployment compensation, benefit
seguro de desempleo
underrun cost
costos ioferiores a los previstos; infracostos unfunded interest
interes no financiado
underwriter [securities]
suscriptor; asegurador; garante unfunded liabilities
The middleman for selling and distributing obligaciones sin financiamiento previsto
securities to investors or the public. Any short-term liabilities as opposed to long-term
obligations such as bonds.
underwriting see also equity underwriting
unfunded system [insurance; social security}
underwriting authority [MIGA] sistema finaneiado con aportaciones
autoridad emisora
The President or any official or officials of MIGA unified cross rates
designated by the President to make the decision tipos de cambio concord antes
on the issuance of a guarantee and on related
matters. uniform votes [ffiRD]
votos bisicos mu votos de adhesion
underwriting commitment [IFC] Basic votes plus votes derived from membership
operacion de garantia de emision shares.
 231

unimpaired capital unit of output

capitallibre de gravamenes unidad de produccion
Capital which has no liens against it. MIGA's
unimpaired capital is used as a basis for unit price contract; admeasurement contract;
calculating its guarantee capacity. remeasurement contract
contrato a, de precio(s) unitario{s)
unit activity (crop) budget A contract based on unit prices. Includes a bill of
presupuesto por unidad de actividad quantities, which is a statement of all the items of
In farm investment analysis, a farm budget based work included in the contract together with the
on an easily segregated activity such as planting a estimated quantity of each item. See bill of
single hectare of a crop or raising a particular quantities contract, schedule of rates contract.
group of animals. It is difficult to prepare a unit
activity budget on a with and without basis; rather, unit trains
it is generally prepared on an incremental basis, trenes unidades
with all costs and all benefits included at the A complete train loaded with one product or
incremental value. For both financial analysis and material (such as coal) that is shipped from one
economic analysis, this means that for some specific point to another on a closely scheduled
elements the opportunity cost must be estimated and controlled basis.
directly, often especially difficult for land and for
family labor. As a result, unit activity budgets are unit trust see open end (investment) fund
most appropriate in project analyses where the
opportunity cost of land and family labor can be unit value
taken to be zero. valor unitario

unit budget envelope unit value export index

presupuesto (de una unidad del Banco) indice del valor unitario de las exportaciones
The budget for a specific unit in the Bank. An index of the exports for the developing
countries and the industrial market economies
unit cost based on amount and value of total exports,
costo unitario; precio unitario calculated on an annual basis. Used to show
changes over a period of time.
unit(ary) elasticity
elasticidad igual a la unidad unlocated worker
A schedule in which the coefficient of elasticity is trabajador ambulante
1, that is, a change of x percent in the price will Worker not employed in one place.
cause a change of x percent in the quantity
demanded or supplied. unorganized worker
trabajador no sindicado
unit-managed costs
costos, gastos descentralizados unpeg (a rate), to
Costs which are the responsibility, for budgetary desvincular (el tipo)
purposes, of individual units, as opposed to those
that are centrally-managed. unrealized gains
ganancias no realizadas
unit of account - UA Profits that have not become actual. The gains are
unidad de cuenta realized when the security or other instrument on
An artificial concept designed to provide a which there has been a gain is sold for a profit.
consistent reference value against varying
exchange rates, e.g. European Currency Unit, unregulated housing
Special Drawing Rights (construction de) viviendas no sujeta(s) a
reglamentaciones
232

unreleased funds untied aid

fondos no disponibles para prestamos ayuda no condicionada, desvinculada

unrequited transfer untying of aid

transferencia sin contrapartida [cuentas desvinculacion de la ayuda
nacionales]; transferencia unilateral [balanza
de pagos] upgrade, to [oil]
Transfer of income that does not a involve a quid refinar
pro quo and which is non-contractual in character,
for example, direct taxes, social security benefits upgrading of skills
and contributions, social assistance grants and perfeccionamiento
grants between governments to finance the
military or other consumption expenditure or upkeep costs
budgetary deficit of a government. gastos de mantenimiento, consen-acion

unrestricted currency upland cotton; hairy cotton

moneda de libre uso algodon upland; algodon americano; aJgodon
The portion of capital subscriptions paid in gold or velloso
US dollars and freely usable by IBRD in its
lending operations. upland crops
cultivos de montana, de tierras altas
unrestricted subscription [IDA]
suscripcion no sujeta a restricciones upland rice; mountain rice; highland rice
arroz de montana, de tierras altas, de secano
unseasoned investment
inversion que no ba alcanzado su pleno uploading [computers]
rendimiento transferencia bacia el sistema principal
An investment that is not yet fully producing.
upper secondary education
unsecured (note, loan, etc.) educacion secundaria de cicio superior
sin garantia; no garantizado
upstream innovations; research-push innovations
unskilled labor innovaciones inducidas por la investigacion
mano de obra no calificada
upstream process
unsmoothed data primeros procesos
datos antes del amilisis de regresion
Data which has not been subject to regression upswing
analysis. movimiento ascendente; fase ascendente, de
expansion
unspent credit balance
saldo acreedor no utilizado upturn (economic)
cambio favorable de la coyuntura; iniciacion de
unsubdivided plot la fase ascendente; recuperacion; reactivacion
terreno no parcelado
upward trend
unsuccessful bid tendencia alcista, ascendente
oferta no favorecida (con la adjudicacion)

untapped resources
recursos inexplotados
 233

urbanization economies
economias de urbanizacion
Economies of scale external to both individual
firms and industries. They reflect the sum of
private and public investments in specific
locations, as well as the pools of labor and capital
and financial, legal and public services.

urban sprawl
crecimiento urbano (no planificado)

urban sprinkling
proliferacion de asentamientos urbanos
Development of small but swiftly growing urban
areas in a generally undeveloped region.

Uruguay Round [GATf]

Ronda Uruguay

useful life
vida util

useful farm space - UFS

superficie agricola util
The total area of a farm less the woods and
nonagricultural area.

user friendly
de usofacil

utilities
(empresas de) servicios publicos
[see also public utilities]

utility function see welfare function

234

value recovery clause

chiusula de recuperacion economica
- V- In debt rescheduling agreement, clause which
states that if economic conditions improve beyond
a predefined threshold, creditors will be entitled to
vaccination yard increased reimbursement.
corral de vacunacion
variety trial
valuable consideration pmeba, ensayo de variedad(es)
a titulo oneroso
A right, interest, profit or benefit accruing to one vault toilet
party or some forebearance, detriment, loss or letrina de pozo negro
responsibility given, suffered or undertaken by the
other. See consideration. Vectorborne disease
enfermedad de transmision vectorial
valuations for customs purposes
aforo; valoracion aduanera vehicle currency
moneda "vehiculo"
valuable consideration, for; for a consideration Currency used in a swap or similar transaction,
a titulo oneroso even though it may not be the target currency.

value-added tax - VAT; tax on value added ventilated improved pit (VIP) latrine; VIP latrine
impuesto ai, sobre el valor agregado, anadido - letrina de pozo mejorada con ventilacion
IVA A pit latrine (i.e. a latrine consisting of a pit, a
squatting plate (or seat and riser) and foundation,
value based accounting see current cost (value) and a superstructure) where the pit is slightly
accounting offset to make room for an external vent pipe,
painted black and located on the sunny side of the
value date latrine superstructure so that the air in the vent
fecha de valor pipe will heat up and create an updraft with a
The calendar date on which a transaction takes corresponding down draft through the squatting
place. plate.

value engineering venture [IFCJ

anaIisis, ingenieria del valor operacion
An objective appraisal of all the elements of the
design, construction, procurement, installation and venture capital see risk capital
maintenance of equipment, including the
specifications, to achieve the necessary functions, venture capital company
maintainability and reliability at the lowest cost. It compaiiia de capital de riesgo
entails a detailed review of product designs and Company specializing in providing venture
specifications, placing a total dollar value on the capital finance.
costs of production and maintenance and relating
these costs to the functional value of each part and vertical cofinancing
assembly. cofinanciamiento vertical

value for money vertical equity

optimizacion de los recursos equidad vertical
Distributing the tax burden among the nonpoor in
line with their ability to pay.
 235

vetiver vocational guidance

vetiver orientation profesional
Type of fodder grass, common in Africa. Also
used for erosion control. vocational training
formacion profesional
VHF link [telecommunications]
enlace VHF, en frecuencia muy alta voice mechanism
mecanismo de participacion
village extension worker - YEW Procedures to allow users to comment on the
agente de extension de poblado - AEP volume or quality of a service. In public sector
The same as a village level worker. management, these include dissemination of
information about services, periodic evaluation,
village level operation and maintenance (VLOM) complaints procedures, participation of public
pump representatives in decision-making or regulatory
bomba de operation y mantenimiento a nivel bodies and legal action by consumer action groups.
del poblado - BOMPO This concept was developed by Albert Hirschman
Pump for use in small villages. It is used in areas in Exit. Voice and Loyalty and adapted by Samuel
where there is no power so it is a hand pump and Paul to the issue of accountability.
must be maintained by villagers with no
mechanical skills. It must also be cheap. volatile capital
capital fugaz, inestable
village level worker - VLW
trabajador a nivel de poblado volatile organic compounds - VOC
A worker with comparatively low-level education compuestos organicos volatiles
who has received training in production methods Organic compounds which are capable of
which he disseminates through selected fanners producing photo-chemical oxidants by sunlight-
and others who adopt the new methods and driven reactions in the presence of nitrogen
compare the results with that part of their fields oxides. Include emissions such as hydrocarbon
cultivated by normal practices. vapor emissions.

village woodlot volatile stock

bosque comunal actiones de valor inestable
A stock that changes in a manner inconsistent
VIP latrine; ventilated improved pit (VIP) latrine with changes in the rest of the market.
letrina de pozo mejorada con ventilation
A pit latrine (i.e. a latrine consisting of a pit, a volatility
squatting plate (or seat and riser) and foundation, inestabilidad
and a superstructure) where the pit is slightly
offset to make room for an external vent pipe, volatility ratio [stocks]
painted black and located on the sunny side of the relacion, coefitiente de inestabilidad
latrine superstructure so that the air in the vent The ratio by which overall changes in the stock
pipe will heat up and create an updraft with a market influence changes in a specific stock.
corresponding down draft through the squatting
plate. volume driven program
programa cuya magnitud depende del volumen
vital statistics de actividad
estadisticas del estado civil, vitales

vitamin deficiency
avitaminosis
236

volumetric charge
cargo (aplicado) seglin volumen de descarga
Charge levied for water pollution, based on
volume of wastewater discharged rather than on
concentration of pollutants in the water. Cf.
strength charge.

voluntary export restraints - VER

Iimitacion voluntaria de las exportaciones
An agreement by a country not to export certain
goods to another country or to limit those exports
to prevent them from gaining too large a share of
the domestic market.

voluntary lending; spontaneous lending

prestamos voluntarios
Lending that is made willingly, as opposed to
lending where the lender has some sort of obliga-
tion to lend or else the borrower will not reimburse
previous loans.

voluntary restraints (on trade)

limitacion voluntaria (del comercio)

vote without meeting

votacion sin convocar a reunion

voting power
derechos de voto

voting right
derecho de voto

voting stock
acciones que confieren derecho de voto

voucher privatization
privatizacioo mediante cupones
Method of privatization used primarily in the
former Soviet Union whereby, prior to
privatization, vouchers are distributed to eligible
parties (e.g. employees, local residents). Voucher-
holders exchange their vouchers for stock in the
corporation, shares in an investment fund (which
invests in one or more corporations to be
privatized) or sell them on the open market for
cash.
 237

wage restraint
restriccion, austeridad salarial
-w-
waive, to
renunciar (a un derecho); dispensar, eximir (de
wage agreement una obligacion)
convenio salarial
waiver
wage bill renuncia (a un derecho); dispensa, exencion (de
costos salariales; masa salarial una obligacion); a veces: exendon parcial

wage claim waiver (of a right) [ICSID]

reivindicacion, reclamacion salarial renuncia

wage control waiver (of immunity) [ICSID]

ordenacion, regulacion salarial renunda

wage costs war and civil disturbance [MIGA]

costos salariales guerra y disturbios civiles
One of the MIGA covered risks. Defined as "any
wage drift military action or civil disturbance in any territory
desviacion de los salarios of the host country to which the Convention shall
An increase in the effective rate of pay per unit of be applicable as provided in Article 66." Cf. riot
labor input by arrangements that lie outside the and civil commotion.
control of the recognized procedures for
scheduling rates. In practice this is frequently warehousing (of financial assets)
interpreted to mean a rise in standard weekly inmovilizacion de activos
earnings in excess of the rise in nationally Keeping financial assets in an investment for
negotiated wage rates. purposes other than making an immediate
profitable investment. IFC does this to encourage
wage goods other investors to invest in the project, while
bienes salariales commercial banks are doing it with developing
Goods normally bought out of current salary. country assets in order to keep a presence in the
country concerned.
wage pressure
presion de los salarios warning signal
seilal de a1erta, de prevencion
wage-price indexing
vinculacion de los salarios con los precios warrant [finance]
System whereby wage and salary increases are certificado para la compra de acciones, bonos
indexed to price increases. Option to purchase ordinary share or bond of a
particular company, usually purchased by
wage-price spiral bondholder wanting to participate in profit
espiral salarios-precios growth of that company. Often attached to new
bond issue as inducement for investors to take up
wage pull inflation the bond.
innacion producida por los salarios
warrant bond
wage rate bono con certificado
salario Bond with warrant attached. This may be a bond
with bond warrant or a bond with equity
warrant.
238

wastage; waste [education) waterlogging

volumen, tasa de desercion anegamiento

waste; loss in weight [commerce] waterman see ditch rider

desperdicio; perdida
water management
waste disposal ordenacion de las agoas
eliminacion de desechos
waterspreading
wastewater distribucion de agoas
ago as residuales, de desecho, servidas, negras Diverting water from gullies onto cultivated fields
for irrigation purposes.
water balance
balance hid rico water supply
Balance of input and output of water within a abastecimiento, suministro de agoa
given defined hydrological area such as a basin,
lake, etc., taking into account net changes of water-washed disease
storage. enfermedad vinculada con la falta de higiene
Disease caused by lack of water, poor personal
water-based disease hygiene and lack of proper human waste disposal.
enfermedad con base en el agoa Includes scabies, skin sepsis, yaws, leprosy,
Disease where a necessary part of the life cycle of trachoma and conjunctivitis.
the infecting agent takes place in an aquatic
animal. Includes urinary schistosomiasis and watering see stock watering
dracunculosis.
watering place
waterborne disease agoadajagoadero;abrevadero
enfermedad transmitida por el agoa
Disease where water acts only as a passive vehicle watershed management
for the infecting agent. Includes cholera. typhoid ordenacion de cuencas hidrograificas. de
and infectious hepatitis. vertientes

waterborne sewage system waterway

alcantarillado de arrastre hidraulico via navegable

water charges ways and means

tarifas de agoa medios y arbitrios

water control weaning foods

regolacion de Oas) agoas a1imentos para el periodo de destete
Foods for weaning babies.
water emuent charges
cargo por contaminacion del agoa wear and tear (fair)
Charges to users for polluting water. desgaste (normal 0 natural)

water engineer wearing course; surface course [highways1

ingeniero hidrologo, hidraulico capa superficial, de rodadura

water harvesting weighbridge

aprovechamiento de agoas puente-bascula
Directing runoff from a broad area by earth or
stone bunds and canals onto smaller areas growing
crops or trees.
 239

weighted average The minimum structure for sanitaIy facilities on a

media ponderada; promedio ponderado lot.

weighted average tariff rate - W ATR wet gas

tasa arancelaria media ponderada gas humedo
The average of all tariffs paid on imported goods Natural gas containing liquid hydrocarbons in
and all subsidies paid on exported goods, each solution, which may be removed by a reduction of
weighted by the proportion that the good temperature and pressure or by a relatively simple
represents in the value of total trade of the country. extraction process.

weighted voting system wetlands

sistema de votacion ponderada tierras humedas
Estuaries, lakes, mangroves, marshes and swamps.
welfare costs of protectionism
costos economicos del proteccionismo wet process [cement manufacture]
Amount of money that exporters would need to elaboracion, fabricacion por via hUrneda
receive to be as well off with protectionism against Process of manufacturing cement used when the
them in industrial countries as they would be raw material contains a quantity of water. It is
without protectionism against them. mixed in water and the paste obtained is treated.
See also dry and semidry process.
welfare economy
economia del bienestar wharfage; wharfage charges; dockage; quayage
muelJaje
welfare function; utility function
funcion bienestar; funcion utilidad wheeling
For an individual, the relationship between his servicio de transmision
level of wellbeing, welfare or utility and the things Energy transported by an intervening party
that contribute to it. For society, the relationship between a supplier and a receiver.
between the welfare of society as a whole and all
the variables affecting the state of the economy wheeling charge
and quality of life. cargo por transmision
Charges levied by an intennediary who allows the
welfare State producer to use his equipment to transmit
Estado benefactor, providente electricity to the consumer.

welfare payments whole farm budget

subsidios de asistencia social presupuesto global de la explotacion agricola
A budget for activities on a farm.
'vellhead
boca de(l) pozo; cabeza de(l) pozo whole farm development
desarrollo integral de la explotacion agricola
wellhead price
precio en la boca, en la cabeza del pozo wholesale banking
The price paid at the wellhead for gas or oil transacciones entre grandes bancos y entre
produced. estos y otras instituciones financieras;
transacciones interbancarias
West Indian cotton; Sea Island cotton; Egyptian 1. Large-scale dealings in money deposits
cotton; kidney cotton centered in the closely-interrelated group of
algodon de las Indias Occidentales; algodon de money markets which have developed strongly
Barbados; algodon egipcio since the mid-1960s.
2. Banking facilities offering a limited number
wetcore of services to select clients (generally large
instalacion sanitaria minima corporations). See retail banking.
240

wholesale mechanism; wholesaling The amount consumers are prepared to pay for a
mecanismo de pdstamos a intermediarios final good or service. An estimate of the value in
Bank procedure whereby loans are made to an use.
intermediary, which in tum onlends them to the
beneficiaries. wind pump
bomba eolica
wholesale training
capacitacion, formacion de instroctores windbreak
Training trainers for subsequent training. (plantacion) cortavientos; barrera contra
vientos
wholly owned subsidiary
subsidiaria en propiedad absoluta windfall profit
utilidad imprevista, euraordinaria
widening see capital widening
window [computers]
wildcat (drilling) ventana
perforacion exploratoria
Exploratory drilling for oil and/or gas on a window (in a market)
geologic feature not yet proven to be productive, in resquicio
an unproven territory or in a zone that has never Short-lived opportunity to issue securities that
produced or is not known to productive in the may be taken up by any of a significant number of
general area. highly rated borrowers.
[see also discount window; Third Window]
wildcat well
pozo exploratorio window dressing
alteracion del balance; manipulacion de la
wild flooding contabilidad (para aparentar una mejor
riego por desbordamiento natural situacion)
Method of irrigation which consists of spilling Financial actions such as stock market trading,
water at frequent intervals from a grade ditch whose purpose is to make a corporation's financial
constructed along the high edge of a sloping field. situation seem better than it really is, just before
The water is allowed to flow freely down the slope, the publication of a balance sheet or other
irrigating the soils the water moves across. financial statement.
Interceptor ditches are placed at intervals down the
slopes to collect the water. Used primarily for window guidance [central bank]
irrigating low-income crops un steep lands where restriccion oficiosa del credito
uniformity of water distribution is not a major Unofficial control of interest rates by central bank.
consideration.
"with-and-without" test [projects]
wildland management area - WMA proeba, metodo de "con y sin"
zonas siIvestres administradas A test of the net benefit with and without the
Area where wildlands are protected and managed project.
to retain a relatively unmodified state.
withholding tax
wildland management unit - WMU impuesto retenido en la fuente
zona silvestre protegida
women in development - WID
wildlands participacion de la mujer en el proceso de
zonas silvestres desarrollo

willingness to pay - WTP woodfuel

voluntad de pagar; disposicion para pagar lena; combustible de biomasa lenosa
 241

word processor working ratio

operador(a) de tratamiento de tenos; maquina coeficiente de explotacion
de tratamiento de tenos Cash working expenses divided by operating
revenues, expressed as a percentage.
workers' remittances
remesas de los trabajadores (emigrados t working table; performance chart; management
expatriados) chart
diagram at grafico de situacion
working account
cuenta de explotacion workmen's compensation
A normal revenue and expense account. indemnizacion por accidentes de trabajo

working age population workout [financial]

poblacion en edad de trabajar reestructuracion financiera
Arrangements between borrowers and debtors
working agreement (usually at international level) to extend repayment
acuerdo provisional (para facilitar ulteriores schedules and provide new credit at reduced
labores) interest rates.

working capital workout arrangements; workouts [IFe]

capital de trabajot de explotacion arreglos
The capital necessary to purchase goods and Arrangements between borrowers and debtors
services that are used for the production activities (usually at international level) to extend repayment
of an enterprise and that are turned over during schedules and provide new credit at reduced
the production cycle. interest rates.
[see also noncash working capital]
workshop [training]
working capital loan cursillo
prestamo para capital de trabajo; credito de
avio World Bank's Bank
Banco del Banco Mundial
working capital ratio see current ratio Proposed organization to help raise and channel
additional money for use in developing countries.
working capital statement see statement of Would probably had a greater lending-to-assets
changes in financial position ratio than one-to-one as observed by the Bank
itself Would have had more flexibility in raising
working funds money than the Bank. The project has been
fondos de explotacion abandoned.

working interest [oils, minerals] World Bank Group

participacion del concesionario; interes Grupo del Banco Mundial
economico directo
The fractional interest of the lessee of a tract of (World Bank) Manufacturing Unit Value (MUV)
land in the production of crude oil and gas from Index
the tract. Costs are borne at the same rate as the in dice del valor unitario de las manufacturas-
interest held. VUM
Industrial countries' indices of US dollar unit
working population values of manufactured exports to developing
poblacion activa countries. There are two indices - the Cll index
which combines a 90% weight of FOB export
prices with a 10% weight of transport costs and a
FOB index.
242

World Development Indicators - WDls

Indicadores del desarrollo mundial
List of key economic indicators (e.g. population,
labor force, urbanization, health-related
indicators) given in the Annex to the World
Development Report

"wrap-up" insurance arrangement

plan de seguro global

wrap-up insurance policy

poliza de seguro global
Insurance policy covering several contractors all
working on the same project.

wrap-up meeting
reunion de conclusiones

write down, to; expense, to

castigar; rebajar el valor en libros; amortizar
parcialmente en libros
To transfer a portion of the balance of an account
previously regarded as an asset to an expense
account or to profit and loss.

write off [noun]

anulacion, cancelacion en libros
When an asset or a portion of an asset is
recognized as worthless, it is removed from the
books of a corporation and a corresponding loss in
the corporation's capital is recognized.
[see also cumulative write-offs; tax write-oft]

write off, to
anular; eliminar en libros; amortizar
total mente en Iibros

writing down
castigo, reduccion del valor en libros;
amortizacion en (ibros

write up [USA]
aumento del valor en libros
 243

zero coupon bond

bono sin cupon
-x- Bond that pays no interest but is sold at a steep
discount and paid off at par.

x-efficiency zero fee policy

eficiencia x politica de servicios gratuitos
A situation in which a firm's to~'" costs are not
minimized. because the actual output from given zero population growth - ZPG
inputs is less than the maximum feasible level. crecimiento cero de la poblacion

xenocurrencies zero sum game

xenomonedas; xenodivisas juego de suma cero, nula
A deposit or loan denominated. in a currency other
than that of the country in which the bank is zero tillage system
located.. sistema de cultivo sin laboreo, de cero labranza
Cultivation involving zero plowing, i.e. by
planting directly on the soil surface, usually using
-y- manure, hay or some other substance to aid
growing.

yellow stained. cotton zone extension officer - ZEO [agricultural

algodon amarillento extension]
Cotton almost entirely discolored to a slightly oridal de eJ:tension de zona - OEZ
mottled. tan color. Senior extension officer, at the highest level.

yield curve
curva de rendimiento
Graph relating rates of return to maturity.

yield rate
t&sa de rendimiento

yield test of projects

pl1leba del rendimiento de los proyectos

yield to maturity - TIM

rendimiento aI veneimiento
The return a security earns assuming that it is
held until a certain date and put to the borrower at
the specified. put price.

-z-

zero base budgeting - ZBB

presupuestacion a partir de cero
A budget process which requires managers to
justifY each requested. budgetaIy expenditure anew
each year.
Spanish-English Glossary

Glosario espaiiol-ingles
 247

a granel absorber
bulk, in take over, to

a nivel popular, comunitario, local absorbido(a) por

grass root(s) level, at the taken over by

a titulo de donadon acarreo entre terminales

grant basis, on a line-baul [transportation]

a titulo oneroso accesibilidad fmandera

consideration, for a; valuable consideration, for affordability

a titulo oneroso accesion

payment basis, on a accession

abandono accion ajustable y convertible

droppage [IFC] convertible adjustable stock

abastetimiento de agoa action con derecho de veto

water supply golden share

abogado action de primera clase

advocate [lCSID] blue chip; blue chip security

abonado action ordinaria

consumer [telecommunications] common share; common stock; ordinary share;
equity
abonado con rastrojo
stubble mulch farming action ordinaria
equity; common share; regular share [stock
abono de base exchange]
basal dressing; bottom dressing
action recibida como dividendo
abono de cloaca, de letrina bonus share
night soil
actiones
abono de superfitie corporate stocks; equity
top dressing [agriculture]
actiones de adhesion
abono simple membership shares [World Bank]
single fertilizer
acciones de valor inmable
abonoverde volatile stock
green manure
actiones en cireulacion
abrevadero outstanding shares, stock
watering place
actiones habilitantes
abrevado [ganado] qualifying shares
stock watering [livestock]
248

acciones nominativas actividad comercial

registered share, stock; personal stock business line

acciones pagadas actividad de demostracion

paid-up stock; fully paid stock demonstration activity

acciones preferenciales, preferentes, preferidas actividades con fines de lucro directamente

preferred stock improductivas
directly unproductive profit seeking (DUP)
acciones que confieren derecho de voto activities
voting stock
actividades de extension, de divulgacion
aceite pesado outreach activities
heavy oil
actividades iniciales
aceleracion del vencimiento initial operation
acceleration of maturity (ofa loan) [ffiRD]
actividades previas a la explotacion
aceptacion bancaria predevelopment work [oil]
acceptance; bank acceptance; banker's acceptance
activo(s)
acondicionamiento de tierras assets
land development
activo contingente
acontecimiento contingent asset
development
activo corriente
acreedor no prioritario current assets
junior creditor
activo de reserva
acreencia reserve asset
financial claim
activo disponible y realizable a corto plazo
acreencia [banca] current assets
claim
activo financiero
acreencias no redituables, improductivas financial claim
nonperforming debt
activo neto
acta (de la Comision) stockholders' equity; shareholders' equity; owners'.
report (of Commission) [ICSID] equity; equity; net worth

acta de sesion(es) activos a la vista

proceedings sight assets

Actas Resumidas activos a su valor de adquisici6n

Summruy Proceedings historically valued assets

actividad basica activos autoliquidables, autoamortizables

core process [ffiRD] self-liquidating assets
 249

activos en el exterior actuaciones (juridicas)

foreign assets proceedings

activos fijos actualizado a partir del segundo aDo

capital assets; fixed assets; permanent assets; fixed time-adjusted [project analysis]
capital [accounting]
actualizar
activos intangibles, inmateriales discount, to [finance]
intangible assets, property
acuerdo basico
activos liquidos, disponibles frame agreement [IBRO]
liquid assets; quick assets
acuerdo condicional de reembolso
activos no redituables, improductivos qualified agreement to reimburse
nonperforming assets
acuerdo de arrendamiento de equipo para
activos productivos operaciones
earning assets operating leasing agreement

activos reales acuerdo de cesion

real assets assignment agreement

activos redituables, productivos acuerdo de comercializacion

performing assets marketing arrangement

activos sobre el exterior acuerdo de compromiso contingente

foreign assets standby agreement [IFC]

activos transitorios acuerdo de concesion

temporary assets franchising agreement

activos varios acuerdo de cooperacion general

sundty assets framework cooperative arrangement [MIGA]

activos vendibles acuerdo de derecbo de giro

saleable assets standby arrangement [IMF]

acto de gobiemo acuerdo de destinacion especial

act of state; sovereign act doctrine set aside agreement

actuacion acuerdo de ejecucion

performance implementing agreement

actuacion de las instituciones acuerdo de garantia

institutional performance security agreement

actuaci6n rmanciera Acuerdo de la Ronda de Tokio

financial performance, results Tokyo Round Agreement

actuacion oral acuerdo de licencia, de concesion de Iicencia

oral procedure [ICSID] licensing agreement
250

acuerdo de mantenimiento de la situacion acumulacion

existente bunching
standstill agreement
acumulacion de existencias
acuerdo de recompra stockpiling
buy-back agreement; take-out agreement;
repurchase agreement acumulacion de vencimientos
bunching of maturities
acuerdo de reprogramacion multianual de la
deuda acumulacion de vencimientos
multiyear rescheduling arrangement; multiyear debt bunching
restructuring agreement - MYRA
acumulaciones
acuerdo de retencion de acciones accruals
share retention agreement [IFC]
adelanto
acuerdo firme de compra (sin dei'echo de development
rescision)
take-or-pay agreement, contract adelanto del vencimiento
acceleration of maturity (of a loan) [IBRD]
acuerdo global; acuerdo marco
umbrella (agreement) adelanto respecto del plazo previsto
time underrun
Acuerdo Multifibras
Multifibre Arrangement adelantos y atrasos
leads and lags
acuerdo provisional (para facilitar ulteriores
labores) adelgazamiento de la capa de ozono
working agreement ozone hole

acuerdo sobre un producto basico, primario adhesion

commodity agreement accession

acuerdos compensatorios adhesion oficial

offset agreements formal adherence

acuerdos de credito adicionalidad

credit arrangements additionality

acuerdos de "hermanamiento" adiestramiento

twinning arrangements skills development

acuerdos intemacionales sobre productos adiestramiento en el empleo, trabajo

basicos on-the-job training
international commodity agreements,
arrangements adiestramiento en el servicio
in-service training
acuerdos regionales de integracion
regional integration arrangements aditivo que aumenta el octanaje
octane booster
 251

aditivo (que aumenta la cantidad) administrador del proyecto

extender [gasoline] project manager

adjudicacion administradores
award [contracts] managers

adjudicacion (de titulos de propiedad) de la admision

tierra intake
titling (land)
adoption (por el prestatario) de un programa
adjudicatario comopropio
successful bidder borrower ownership

administracion, la adquisicion de un solo proveedor

Management [World Bank] sole source procurement

administracion colegiada adquisicion en grandes cantidades, en grueso

collegial management bulk procurement

administration de activos y pasivos adquisicion no conforme con los procedimientos

asset and liability management reglamentarios
misprocurement [lBRD]
administracion de impuestos
tax office adquisicion reservada (a proveedores,
contratistas nacionales)
administracion de la ayuda a los paises reserved procurement
counuy assistance management - CAM
adscripcion
administracion de proyectos secondment
project management
afiliada
administracion local affiliate
local authority; local government
afiIiadas
administracion participatoria sister companies
participative management
afinamiento (de la economia)
administracion por objetivos fine tuning (of the economy)
management by objectives - MBO
afirmacion
administracion portuaria claim
port authority
afluencia de capital
administracion publica capital inflow
civil service; government services
afluencia de fondos
administracion superior cash inflows
senior management
aCoro
administraciones pUblicas valuations for customs purposes
general government [national accounts]
252

agente agregado
agent [bank syndicate] aggregate

agente (de cambio y bolsa) agregados monetarios

broker monetary aggregates

agente comprador agricultor con pequefta(s) explotacion(es)

buying agent [commodities] satelite(s)
outgrower
agente de adquisiciones
procurement agent agricultor de enlace
contact farmer [agricultural extension]
agente de compras
buying agent [commodities] agricultor innovador
advanced farmer
agente de extension, de divulgacion agricola
extension agent, worker agricultura de subsistencia
subsistence farming
agente de extension a nivel de poblado
field-level extension worker agricultura en tierras de aluvion
floodplain agriculture, cultivation
agente de extension agricola
agricultural extension officer - ABO agricultura industrial
factoty farming
agente de extension de poblado - AEP
village extension worker - VEW agroeconomista
agro-economist
agente de salud comunitaria
community health worker - CHW agroindustrias
agribusiness; agroindustries; agro-based industty;
agente en el terreno agroprocessing industries
field agent
agronomo
agente financiero agriculturist
fiscal agent
agrosilvicultura
agilizacion agroforestty; farm forestty
streamlining
agua brota, cruda, sin tratar
agio raw water
premium [securities]
agua corriente, por tuberia
agotamiento de la capa de ozono piped water
ozone depletion
agua potable
agotamiento previo de las vias administrativas 0 safe water; drinking water; safe drinking water
judiciales (de un Estado)
exhaustion of local administrative or juridical agua que no produce ingresos
remedies [ICSID] nomevenue water
 253

aguada ajuste financiero

watering place financial adjustment

aguadero ajuste gradual del tipo de eambio

watering place crawling peg [rate of exchange]

aguas residuales, de desho, seJ'Vidas, negras ajuste institudonal

wastewater organizational fine tuning

agujero en la capa de ozono aI eosto de los faetores

ozone hole factor cost, at - i.c.

ahorrador negativo aleanee

dissaver coverage

ahorro de energia aleantarilla colectora, maestra

energy conservation trunk sewer

ahorro forzoso aleantarillado de arrastre hiddulieo

compulsory saving; forced savings waterborne sewage system

ahorro interno alfabetizadon

domestic savings literacy; literacy education

ahorro negativo alfabetizadon fundonal

dissaving functional literacy

aisladonista algodon amarillento

inward-looking; inward-oriented [country; policy] yellow stained cotton

ajustado para tomar en euenta las variaeiones algodon amerieano

estaeionales hairy cotton; upland cotton
seasonally adjusted
algodon arboreo
ajuste tree cotton; Ceylon cotton; Siam cotton; China
adjustment cotton

ajuste eambiario algodon de Barbados

exchange adjustment kidney cotton; West Indian cotton; Sea Island
cotton; Egyptian cotton;
ajuste de la(s) politiea(s) industrial y eomereial
industrial and trade policy adjustment - ITPA algodon de fibra eorta
short staple cotton
ajuste de traduedon (de monedas)
translation adjustment [accounting] algodon de fibra eItra larga
extra long staple cotton
ajuste del dgimen eomereial
trade adjustment algodon de fibra larga
long staple cotton
ajuste exeesivo
overshooting
254
algodoo de libra mediana almaceo de aduanas
medium staple cotton bonded warehouse

algodoo de las Indias Occideodales alojamiento para el persooal

Sea Island cotton; west Iodian cotton; Egyptian staff house
cotton; kidney cotton
alteracioo del balance
algodoo de las Islas Occideotales window dressing
Egyptian cotton; kidney cotton; Sea Island cotton;
West Indian cotton alteroancia rapida (de medidas) de expansion y
cootraccion
algodoo egipcio stop-go, stop and go policy
West Indian cotton; Sea Island cotton; Egyptian
cotton; kidney cotton alteroativa
alternative [projects]; trade-off
algodoo gris claro
gray cotton; light gray cotton; blue stained cotton alto fuocionario
senior manager
algodoo herbaceo
American short staple cotton; Arabian cotton; alumnos por profesor
herbaceous cotton; Levant cotton student-teacher ratio - STR; pupil-teacher ratio -
PTR.; teacher-pupil ratio
algodoo ligerameote manchado
light spotted cotton alza de tarifas
tariff escalation
algodoo manchado
spotted cotton alza por efecto de trioquete
ratcheting up
algodoo tintado
tinged cotton ambieote propicio, favorable
enabling environment
algodoo upland
upland cotton; haity cotton ambito de aplicacion de las recomeodaciones
recommendation domain
algodoo velloso
haity cotton; upland cotton amiguismo
cronyism
alimento basico
staple (food) amoistia tributaria
tax amnesty
alimeotos iogeridos
food intake amortizable
redeemable
alimentos para el periodo de destete
weaning foods amortizacion
redemption
alivio
relief amortizaci6n (depreciacioo) lioeal, coostante,
de cuotas liju
alivio de la carga de Ia deuda depreciation on a straight line; straight line
debt relief depreciation
 255

amortizacion en libros analisis hedoRico de los precios

writing down hedonic price analysis

amortizar pareiaimente en libros an41isis por conglomerados, grupos

write down, to~ expense, to cluster analysis

amortizar totalmente en libros an41isis transversal

write off, to cross-sectional analysis

ampliacion Andropogon gayanus

extension [building] andropogon

ampliacion del capital anegamiento

capital widening waterlogging

am\lisis de costo minimo anegamiento controlado

least cost analysis controlled flooding

an41isis de costos-beneficios anexo [convenios de prestamo 0 credito]

cost-benefit analysis schedule

anaIisis de la capacidad limitante animales de cruza

bottleneck analysis cross-bred progeny [livestock]

an41isis de la inddencia fiscal animales reproductores

tax incidence analysis breeding stock

anaIisis de las ofertas antecedentes (profesionales)

examination of bids background [education]

anaIisis de punto muerto, de equilibrio antecedentes academicos

breakeven analysis educational background

anaIisis de redes anticipacion del vencimiento

network analysis prematuring

anlilisis de 8ensibilidad anticipo de caja

sensitivity analysis cash advance

anaIisis del crecimiento anticipo para movilizacion

growth accounting [econometry] mobilization advance [contracts]

an4lisis del equilibrio general antiseleccion de riesgo

general equilibrium analysis adverse selection [MIGA]

anaIisis del valor antradta

value engineering anthracite; hard coal

an41isis del valor hedonico antradta

hedonic price analysis hard coal; anthracite
256

anualizacion apoderado
annualization agent [ICSID]

anulacion aportacion
cancellation input

anulacion de una deuda aportacion con caracteristicas de donacion

debt cancellation grant-like contribution

anulacion en libros aportadon en efectivo

write off [noun] cash input [accounting]

anuladones acumuladas en Iibros aportadon en mano de obra propia

cumulative write offs sweat equity

anular aportadones suplementarias

write off, to supplementary contributions [IDA]

anundo de emision efectuada aporte en efectivo

tombstone cash input [accounting]

anundo general de adquisiciones aportes

general procurement notice payroll contributions

aDo agricola apoyo

crop year backstopping

aDo base apoyo de los intereses

base year interest support

apagon apoyo de precios

outage [electricity] price support

aparceria aprender con la practica

sharecropping learning by doing

apertura de ofertas aprender sobre la marcha

bid opening learning by doing

aplanamiento de una curva aprobacion

flattening out clearance

aplazamiento impositivo aprobacion tacita

tax deferral "no objection" (procedure)

aillicatiim de fcrtilizantcs a v(deo aprovechamiento

blOad..:a'ilfl)! (,.:;\,;d rcrtdll<.:r) development; harnessing

allrovechamicnto de aguas
water harvesting
 257

aprovechamieoto de la eoergia hidroelectrica arranque

hydrodevelopment take-off

aprovechamiento de tierras arrastre de troncos

land development skidding

aprovisionamiento de combustible [barcos] arreglo (de una diferencia)

bunkering settlement (of a dispute) [ICSID]

arancel arregios
tariff; tariff schedule work-out arrangements; work-outs [IFC]

araneel de "puro estorbo" arrendamiento

nuisance tariff leasing

arbitraje de cambios arrendamiento fmanciero

exchange aroitrage finance lease; financial, full payout lease; leasing

arbitraje de intereses con cobertura arroz acuatieo

covered interest arbitrage flooded rice

arbitraje impositivo arroz de montana, de tierras altas, de secano

tax aroitrage upland rice; mountain rice; highland rice

arbitro arroz flotante

aroitrator [ICSID] floating rice

arbitro dirimente articulo basico

umpire [legal] staple (good)

arbol de cultivo, aprovechable articulo de propaganda, de eebo, de reclamo

crop tree loss leader

arbol forrajero articulo patentado 0 de marca registrada

forage tree proprietary good, item

arboricultura artiga
tree farming ash farming; burn-beating; burning

area habitable asegurador

living area underwriter [securities]

arenas asfaIticas asentamiento

tar sands land settlement; shakeout (of the market)

arenas impregnadas de brea asentamientos humanos

oil sands; tar sands human settlements

arenas petroliferas, asfaIticas asientos (contables)

oil sands accounting entries; entries
258

asignaci6n asignaci6n por trwado

provision [accounting) relocation grant

asignaci6n de divisas asignaci6n presupuestaria

exchange allocation allotmen; appropriation [budget]; budget
appropriation
asignaci6n de las utilidades
allocation of profits; appropriation of profits asignatora
subject matter [education]
asignaci6n de los fondos del preaamo
allocation of loan proceeds asistencia en apoyo de politicas
poUcy-based assistance
asignaci6n de 108 ingresos netos
allocation of net income asistencia en condiciones concesionarias, muy
favorables
asignaci6n de los recursos concessional, concessionary aid
allocation of resources
asistencia en especie
asignaci6n desacertada de 108 recursos commodity assistance
misallocation of resources
asistencia no destinada a proyectos especificos,
asignaci6n para mas de precios para fines generales
price contingencies nonproject aid

asignaci6n para depreciaci6n asistencia oficial para el desarrollo - AOD

reserve for depreciation; allowance for official development assistance - ODA
depreciation; depreciation allowance
asistencia operacional - ASOP
asignaci6n para excesos de cantidades fisicas Operational Assistance - OPAS [UNDP]
physical contingencies
asistencia para fines de ajuste
asignaci6n para instalaci6n adjustment aid
settling-in grant [IBRD]
asistencia para programas
asignaci6n para vacaciones en el pais de origen program aid
home leave allowance [World Bank]
asistencia para proyectos
asignaci6n por agotamiento project aid
depletion allowance, reserve
asistencia social
asignaci6n ,or cargas familiares, ,or persona a social welfare
cargo
dependency allowance asistencia tknica independiente
free-standing technical assistance - FSTA
asignaci6n ,or construcci6n
construction allowance asistencia tknica para desarrollo institucional
institution-related technical assistance; soft
asignaci6n por reasentamiento, por technical assistance
reinstalaci6n
resettlement grant
 259

asistencia '&eeniea relacionada con las atenuaci6n de los impuestos

inversiones en adiv08 fisie08 tax mitigation
engineering-related technical assistance; hard
technical assistance atraeci6n
crowding in
asistencia '&eeniea reladonada con los
componentes fisie08 atraso(s) en los pagos
engineering-related technical assistance; hard payment arrears
technical assistance
auditar
asistenda teeniea relaclonada con los audit, to
eomponentes no fisicos 0 de servidos
institution-related technical assistance; soft auditor
technical assistance auditor

asistente teenieo auditoria

technical assistant audit [finance]

asociad6n auditoria ambiental

partnership environmental audit

asoeiaei6n de ahorro y eredito rotatorio auditoria general, integral, a fondo

rotating savings and credit association - ROSCA comprehensive auditing

asoeiaei6n de pastoreo eomunitario auditoria impositiva, tributaria

pastoral association - PA tax audit

aspectos eomplementarios auditoria interna

complementarity internal audit

aspectos econ6mie08 del retroeeso auge

economics of regress development

aspeetos soeiales del ajuste aumento de la produeci6n

social dimensions of adjustment - SDA production build up

asumir aumento de la temperatura mundial

take over. to global warming

asumir eomo propio aumento de preeio

own, to mark-up

atenci6n basica de salud aumento del capital

basic health care capital widening

ateneiOn primaria de (la) salud aumento del capital eon respeeto aI trabajo
prinwy health care capital deepening

atender el servido de un p.-estamo aumento del eomponente de servicios en los

service a loan. to produet08 manufaeturad08
dematerialization of manufactures
260

aumento del valor en Iibl'08 autonomia

write up [USA] self-sufficiency

aumento general del capital autonomo

General Capital Increase - Gel free-standing; self-contained

aumento por merito autoria

merit increase borrower ownership; ownership (of programs)

aumento selectivo del capital autoridad emisora

Selective Capital Increase - SCI underwriting authority [MIGA]

austeridad financiera autoridad portuaria

:financial restraint, stringency port authority

austeridad monetaria autoridad que efectUa la designacion

monetary restraint Designating Authority (of Panel Members)
[ICSID]
austeridad salarial
wage restraint autoridades
government
autoabastecimiento
self-sufficiency autoridades municipales, provinciales, etc.
local authority; local government
autoaseguro
self-insurance autoridades municipales, provinciales, etc.
local government; local authority
autoayuda
self-help autorizacion
authority [legal]; clearance
autocontrol
self-restraint autorizacion legal
legal authority
autocorreccion
self-adjustment autorizacion legislativa
enabling legislation
autoctonizacion
localization autorizacion presupuestaria
appropriation [budget]
autodeterminacion
self-detennination autorizado
registered (e.g. tradesmen)
autofinanciamiento
self-financing autorregulacion
self-adjustment
autolimitacion
self-restraint autosnficiencia
self-sufficiency
automatizacion de oficinu
office automation autosnficiencia colectiva
collective self-reliance
 261

autoterapia ayuda para programas

self-care; self-treatment program aid

autotransbordo ayuda para pro)'ectos

roll-onlroll-off - ro/ro project aid

autotratamiento ayuda presupuestaria, para el presupuesto

seIf-care; self-treatment budgetary aid

auxiliar apedal bacheo

staff assistant patching; spot improvement, patching; road,
swface patching [highways]
auxiliara de enseilanza
teaching aids bacheo de bacha
spot patching, improvement; road, swface
auxiUo patching; patching [highways]
relief
baden
avaliio aduanero, de aduana submerged bridge
customs valuation (practices)
baja (de adivos rljos)
avaliio para rmes impositivos retirement (of a fixed asset)
tax assessment; assessment for tax
balance (general) consolidado
avaliio pericial consolidated balance sheet
expert appraisal
balance de energia
avance energy audit
development
balance forrajero
aviso de desembolso feed balance; feed estimate
disbursement letter
balance hid rico
avitaminosis water balance
vitamin deficiency
balanza comercial
ayuda condicionada, vincuIada trade balance; balance of trade; merchandise
tied aid balance

ayuda en condiciones concesionarias, mu)' balanza de recUr80S

favorables resource balance
concessional, concessioruu:y aid
balanza en cuenta corriente
ayuda no condicionada, desvinculada current balance of payments
untied aid
banco afitiado
ayuda no destinada a pro),ectos especificos, affiliate bank
para fines generales
nonproject aid banco agente
agent bank
262

banco autorizado bancos estableeidos en las principales plazas

authorized bank financieras
money center banks
banco codirector [emisiona de bonos]
colead manager bandera de conveniencia, de favor
flag of convenience; open registry flag
banco comercial, privado
commercial bank bailo
dip {stockbreeding]
banco cOrrelponsal
agent bank; correspondent bank barbecho en maleza
bush fallow
banco de credito para la producci6n y las
exportaciones agropecuarias barbecho forestal
,!gricultural n.roduction and ~rt (apex) bank forest fallow

banco de desarrollo, de fomento barn de refuerm

development bank reinforcing bar; rebar

banco de genes barrera contra vientos

gene bank [plants] windbreak

banco de importancia secundaria barrera no arancelaria

second tier bank nontariffbarrier - NTB

banco de inversiones barreras arancelarias

investment bank [US]; merchant bank [UK] tariff barriers

banco de segunda instancia barrila de equivalente en petr61eo - bep

second tier bank barrels of oil equivalent - boo

Banco del Banco Mundial barrila diarios de equivalente en petr61eo -

World Bank's Bank bdep
barrels per day of oil equivalent - bdoe
banco depositario
depository bank barrio de tugurios
slum
banco director
lead bank; lead manager base
base; road base [highways]; hard core [projects]
banco emisor, de emisi6n
issuing bank; bank of issue base de dlculo &cumulada
cumulative charge number [currency pool]
banco extraterritorial
offshore bank base de dlculo de la tasa de intera
charge number [currency pool]
banco hipotecario
mortgage bank base de dlculo de la tasa de interes de los
desembolsos acumulados
banco principal cumulative charge number [currency pool]
apex bank, institution
 263

bue de capital beneficlol ecol6gicol

capital base environmental services

bue de capitalln1Jrida beneficlos soclales

hybrid capital base [IFC] social returns [projects]

bue imponible bien comerciable no comerclado

tax base tradable but nontraded (good. item); nontraded
tradable
bue monetaria
reserve money; base money; high-power(ed) bien comerciable, comerclalizable, exportable 0
money importable
tradable [noun]
bues de licltaci6n
bidding conditions bien no comerciable, no comerclalizable
nontradable [noun1
buico
hard core [projects] bienes
assets
beea McNamara
McNamara Fellowship blenes comerciad08, comerclalizados,
exportados 0 importados
beeario McNamara traded goods
McNamara Fellow
bienes comunes de la humanidad
beneficlario global commons
loss payee
bienes de capital, de equipo
beneficlari08 designados, esoogidos, espeeificos, capital equipment; capital goods
seleecionad08
targeted beneficiaries bienes de consumo
consumer goods
beneficio
beneficiation [minerals] bienes de consumo duraderos
consumer durables
beneficio contractual
beneficial interest bienes de escaso intem social
demerit goods
beneficio derivado indireeto
stemming-from benefit bienes de intem social
merit goods
beneficio inducido indireeto
induced-by benefit blenes de inveni6n, de equipo, de capital
investment goods
beneficlo marginal
marginal benefit brenes de produccl6n
producer goods
beneficlos adiclonales
incremental benefits bienes duraderos
durable goods; durables
264

bienes en existencia biodiversidad

off-the-shelf goods biodiversity

bienes fungibles boca de(l) pozo

fungible goods wellhead

bienes fungibles, de eonsumo boceto

consumables sketch plan [architecture]

bienes industriales bomba de operacion y mantenimiento a nivel

industrial goods del poblado - BOMPO
village level operation and maintenance (VLOM)
bienes inmuebles, raices pump
real assets
bomb a de refuerzo
bienes intangibles, inmateriales booster pump
intangible assets, property
bomba ec'ilica
bienes intermedios wind pump
intermediate goods
bonificacion
bienes materiales, tangibles, corporeos bonus; development; incentive payment
tangible assets, property
bonificacion de tierra
bienes no eomerciados, no comercializados, no land reclamation
exportados 0 importados
nontraded goods bonificacion por desearga rapida
despatch money; dispatch money
bienes no exclusivos, no excluyentes
nonexcludable, nonexcludible goods bonification por trabajo en el exterior
overseas allowance
bienes preferentes, deseables
merit goods bonificar
reclaim
bienes salariales
wage goods bono ajustable, indizado
indexed, index-linked bond
bienes y servicios
goods and services bono aI portador
bearer bond
bienes y servicios eeologicos, para la proteccion
ambiental bono Brady
environmental goods and services Brady bond

bienestar sodaI bono clasico, ordinario

social welfare straight bond

bifenilo policlorinado - BPC bono con certificado

polychlorinated biphenyl - PCB warrant bond
 265

bono con cup6n bono perpetuo, de renta vitalicia

coupon bond annuity bond

bono con garantfa de activ08 [Reino Unido] bono publico, del Estado
debenture (bond) government bond

bono con interis variable, flotante bono sin cup6n

floating rate bond zero coupon bond

bono con opci6n de cambio de divisas bono sin garantia especifica

(multiple) (currency) option bond debenture (bond)

bono con vencimiento degido a la suerte bonos del gobiemo britlinico

serial bond gilt-edged securities

bono convertible bonos en circulaci6n

convertible bond outstanding bonds

bono de desarrollo bonos, etc. emitidos mediante oferta publica

development bond publicly issued (bonds, etc.)

bono de descuento intensivo bosque (humedo) tropical

deep discount bond, note tropical rain forest

bono de exclusi6n bosque comunal

exit bond village woodlot

bono de una empresa privada, de una bosque de altura

compadia, de una sociedad an6nima mountain forest
corporate bond
bosque de coniferas
bono de vencimiento escalonado softwood forest
serial bond
bosque de especies frondosas
bono del Tesoro temperate hardwood forest
Treasury bond
bosque de especies frondosas, no coniferas
bono descontado hardwood forest
discount bond
bosque de producci6n
bono emitido con descuento production forest
original issue discount (DID) bond
bosque de protecci6n
bono nominativo protected forest
registered bond
bosque de segundo crecimiento, bosque talado
bono participatorio cut-over forest
income note
bosque de usos multiples
bono perpetuo mixed-use forest
perpetual bond
266

bosque destinado a convertine en. buque eisterna

conversion forest tanker

bosque bUmedo, pluvial buquetanque

rainforest tanker

bosque mixto bnsqueda de personal calificado

mixed forest head hunting

bosque protegido cabeza de(I) pozo

protected forest wellhead

bosque publico protegido cabotaje

gazetted (protected) public forest coastal shipping

bosque reservado cafe pergamino

designated forest parchment coffee

bosque totalmente protegido caja de credito para la produccion y las

preservation forest exportaeiones agropecuariu
griculturalllroduction and ~rt (apex) bank
brecba
gap caja de seguridad social
social security fund
brecba de rmaneiamiento
funding gap dlculo de costos directos
direct costing
brecba de pobreza
poverty gap dlculo de precios sociales
social pricing
brecbaderecursos
resource(s) gap calendario
schedule
brecba deftadonaria
deflationary gap calendario del servicio de la deuda
debt service schedule
brecba finandera ex ante
ex ante financing gap calentamiento de la Tierra
global warming
brecba inflacionaria
inflationary gap calidad de miembro; ingreso
membership [IFC]
buen ejercicio del poder
governance caUdad para elaboracion
manufacturing grade [meat]
buen gobierno
governance calificacion
performance evaluation [personnel]
buena gestion de la cosa publica
governance calzada de servicio
service road
 267

camara de compensation [bancos] canal de descarga

clearing house spillway chute; tailrace

cambio dimatico circunstandal canal de presion, de carga

transient climate change penstock [hydroelectricity]

cambio dimaifico de equilibrio canal de un rio

equilibrium. climate change river channel

cambio desfavorable de la coyuntura canalero

downturn (economic) ditch rider; waterman

cambio favorable de la coyuntura cancelacion

upturn (economic) cancellation

camino de acceso, secundario, vecinal cancelacion en libros

feeder road write off [noun]

camino de grava canceladones acumuladas en libros

gravel road cumulative write offs

camino de normas reducldas, bajas canon por pie

low standard road stumpage fee

camino de salida cantidad asegurada corriente

evacuation road current insured amount; current amount [MIGA]

camino de tierra cantidad corriente

earth road current insured amount; current amount [MIGA]

camino trazado tec:nicamente cantidad representativa (de los emprestitos del

engineered road BIRF contraidos antes del inido del sistema de
tipos de interes basados en una cesta de
camion dsterna emprestitos pendientes)
tanker proxy [ffiRD lending rates]

camion tanque cantidades de dinero nuevo

tanker new money packages

campana cantidades para los pianos definitiv05

crop year final design quantities

campo de aplicacion capa de base

coverage base; road base [highways]

campo de atendon especial de las operaciones capa de ozono

area of operational emphasis - AOE; special ozone layer
operationalemphasis-SOE
capa freatica
canal de derivacion groundwater table
floodway; high-flow diversion
268

capa intermedia capacidad de palO

base course [highways] aft'ordability

capa superficial, de rodadura capacidad de produccion

surface course; wearing course [highways] productive capacity

capaddad capacidad de reaccion

capability [urban development] buoyancy [economics]

capacidad crediticia capacidad de recuperacion de la tierra

creditworthiness; financial standing land resilience

capacidad de absorcion capacidad de reserva inmediatamente

absorptive capacity; carrying capacity (of the disponible
Earth) spinning reserve [electricity]

capacidad de acarreo capacidad de sostento

carrying capacity [transportation] carrying capacity [pastures]

capacidad de acceso a capacidad de tratico

aft'ordability load bearing capacity; traffic bearing capacity

capacidad de atraque capacidad empresarial

bertbing capacity entrepreneurship

capacidad de carga capacidad excedentaria

carrying capacity [pastures]; stock carrying excess capacity
capacity [livestock]
capacidad ganadera
capacidad de despacbo de buques carrying capacity [pastures]
berth throughput
capacidad instalada
capacidad de diseiio, nominal, de regimen installed capacity [electricity1
rated capacity
capacidad no utilizable
capacidad de endeudamiento dead storage (capacity)
borrowing capacity; debt carrying capacity
capacidad no utilizada
capacidad de endeudamiento en, por concepto slack [economy1 [noun1
de garantias
guarantee leverage capacidad nominal, de diseiio
design capacity
capacidad de garantia
guarantee capacity [MIGA] capacidad para atender el servicio de la deuda
debt servicing capacity
capacidad de importacion derivada de las
exportaciones capacidad para valerse por si mismo
importing power of exports self-reliance

capacidad de obtencion de ingresos capacidad tributaria

earning power tax-paying capacity
 269

capacidad Dill capital creado por el hombre

live storage, capacity man-made capital

capacidades buicas capital de riesgo

basic skills risk capital; venture capital

capacitacion capital de trabajo, de explotacion

skills development working capital

capacitacion de instl1lctores capital de trabajo, de explotacion no disponible

wholesale training inmediatamente
noncash working capital
capacitacion en d empleo, trabajo
on-the-job training capital en prestamo
loan capital
capacitacion en el servicio
in-service training capital extranjero, extemo (oficial, privado)
foreign capital (official, private)
capacitacion en la empresa
in-house training capital fijo
capital assets; fixed assets; permanent assets; fixed
capacitacion para el puesto, cargo capital. [accounting]
job-related training
capital fugado
capitacion flight capital
capitation tax; poll tax; head tax
capital fugaz, inestable
capital (de un prestamo) volatile capital
principal
capital improductivo
capital (social, accionario) no-return equity
equity
capital improductivo, "lastre"
capital accionario autorizado deadwood equities [IFC]
authorized share capital
capital inmovilizado
capital accionario emitido locked-up capital
issued share capital
capitallibre de gravamenes
capital autorizado unimpaired capital
authorized capital stock [MIGA]
capital nacional [para un pais]
capital cireulante, tlotante capital stock
floating capital
capital nacional fijo
capital comereial, en condiciones de mereado overhead capital
commercial capital
capital natural
capital congelado, bloqueado natural capital
frozen capital
270

capital oficial, publico carbon de alto poder calorifico

official capital steam coal

capital pagado carb6n limpio, libre de impurezu

called up (share) capital; paid in (share) capital clean coal

capital pagado, totalmente pagado carb6n sin duificar, tal como sale, en bruto
paid-up capital mine run coal; run-of-mine coal
capital simiente, generador
seed money; seed capital carb6n termico
steam coal
capital soclal buico
capital infrastructure carbonera
bunker [coal]
capital social fijo
overhead capital carente de derecho a
ineligtole
capital social, accionario
equity capital; capital stock (of a corporation) carga de bue, fundamental
base load [electricity]
capital social, accionario, en acciones
registered capital; share capital carga de punta
peak load
capital suscrito y no desembolsado
uncalled capital carga docente
teaching load
capitales itinerantes
hot money; funk: money [UK] carga excesiva de la tributacion
efficiency cost of taxation; excess burden of
capitalizacion de la deuda taxation
debt-equity conversion; debt-equity swap
carga familiar
capitalizaci6n de la deada dependent
debt-equity swap; debt equity conversion
carga fraccionada
captacion breakbuIk
capture (e.g. ofpublic services); harnessing
carp ganadera
captacion de renias stocking rate [livestock]
rent -seeking
carga general
carb6n antracitoso general cargo
anthracite; hard coal
carga impositiva, tributaria, fISCal
carbon bituminoso tax burden
brown coal
carga milta
carbon coquificable general cargo
coking coal
carga util
payload
 271

cargo cargos autorizados

charge; lien [legal] authorized positions [personnel]

cargo cargos contables excesivos

lien; charge [legal] overaccruals

cargo (aplicado) segUn la concentracion de 1011 cargoll diferidOI

contaminantes deferred charges, expenses
strength charge
cargos por efluentes
cargo (aplicado) segUn volumen de descarga effluent charges
volumetric charge
cargos por manipulacion, tramitacion, etc.
cargo at usuario handling charges
chargeback
carretera de normas reducidas, bajas
cargo ejecutivo, de direccion, de supervillion low standard road
line management position
carreteras troncates, principatell
cargo ejecutivo, de operacionell trunk roads
line position
carta a la adminilltracion
cargo por contaminacion del agua management letter [auditing]
water effiuent charges
carta complementaria
cargo por medidor, por contador side letter; supplemental letter
meter rent [electricity]
carta complementaria
cargo por presentacion de solicitudell supplemental letter; side letter
fee for lodging requests [ICSID]
carta de aceptacion
cargo por reinversion letter of acceptance
redeployment cost [IFC]
carta de credito
cargo por servicioll letter of credit (UC)
service and support fee [IFC]; service charge
carta de credito acumulativo
cargo por subordinacion cumulative letter of credit
subordination fee
carta de cr~dito confirmada
cargo por transmillion confUlned letter of credit
wheeling charge
carta de credito irrevocable
cargo por uso de oficinas irrevocable letter of credit
office occupancy fee - OOF
carta de declaracion de la deuda externa
cargoll debt representation letter
charges [utilities]
carta de entendimiento
cargoll a 1011 usuarios de las carreteras letter of understanding
road user charges
272

carta de intenti6n, de intentiones categoria de ingreso(s)

letter of intent - LOI income bracket

carta de intentiones sobre la politica de categorias de supervisi6n

desarrollo supervisory grades
letter of development policy - LDP [IBRD]
categorias principales del programa de
carta de intentiones sobre la politica sectorial operaciones
letter of sectoral policy [IBRD] program objective category - POe

carta de seguridades cauce de comercializad6n

letter of comfort channel [trade]

cartel cauce de un rio

(explicitly) collusive oligopoly river channel

cartera de actiones caudalimetro

stock ownership flow meter; flowmeter

cartera de activos liquidos cedente

liquidity portfolio []FC]; liquid assets portfolio assignor

cartera de inveniones (a largo plazo) ceguera de los rios

investment portfolio onchocerciasis; river blindness

cartera de invenioBes a torto plazo celebrar un convenio, un acuerdo

trading portfolio execute an agreement, to

cartera de pristamos dlula energetica

loan portfolio fuel cell

cartera modelo centesimo de punto porcentual (0,01%)

benchmark portfolio basis point

casa de aceptaciones central (generadora) de energia a partir de

acceptance, accepting house [UK] biomasa
biomass (power) plant, station
caso hipotetico
counterfactual central (productora) de biog"
biogas plant
castigar
write down, to; expense, to central de biomass
biomass (power) plant, station
castigo del valor en libros
writing down central de carga de base, fundamental
base load station [electricity]
catastro
land register central de vapor
steam plant
categoria
status
 273

central electrica de carbon, que utiliza carbon centro de responsabilidad

como combustible responsibility center [accounting1
coal fired power station
centro de salud maternoinfantil
central electrica de petroleo mother and child health (MCH) center
oil fired power station
centro de utilidades
central electrica dendrotermica profit center [accounting1
dendrothennal power plant
centro fuera de ]a sede
central electrica diesel outreach post
diesel (fired) power plant
centro integral de salud
central electric a en la zona de una bocamina health maintenance organization - HMO
pithead power plant
centros internacionales de investigaciones
central hidroelectrica de agoa corrlente agricolas
run-of-the-river hydroelectric power plant international agricultural research centers - IARC

centralizacion cercos vivos

pooling live fencing

centro de capacitacion especializada cereales alimentarios

skill training center food grains

centro de comunicacion cereales forrajeros

communication hub feed grains

centro de cosms cereales panificables

cost center bread grains

centro de desarrollo de aptitudes cereales secundarios

skill training center coarse grain(s)

centro de excelencia certificado de deposito

excellence center [education] certificate of deposit

centro de genetica ganaden certificado de pago de impuestos

breeding unit tax clearance

centro de intercambio de informacion certificado de participacion

clearing house equity security

centro de inversion certificado de terminacion

investment center [accounting] completion certificate (of a project)

centro de perfeccionamiento certificado de transrerencia de prestamos

skill training center participation certificate; pass-through certificate

centro de reserva certificado internadonal de deposito

reserve center global depositary receipt - GDR
274

certificado para Ia compra de aceiones, bonos clasificacion cruzada

warrant [finance] cross-classification

Celiede funeiones clasificacion del cridito, de creditOR, crediticia

tennination credit rating

cesion Clasificacion Uniforme para el Comerclo

divestiture; divestment Internacional- CUCI
Standard International Trade Classification - SITC
cesion de activo. (de una 1I0eiedad) a cambio de
actiones (de otra sociedad nueva) clausula con fecha de e:spiracion
spinoff [financial market] sunset clause

ceslonario c1ausula de ajuste de precio.

assignee price adjustment clause; price escalation clause;
escalation clause
chorreo
trickle-down effect c1ausula de arbitraje, compromisoria
arbitration clause
cicio combinado
combined cycle [energy] clausula de bonificacion
bonus clause
cicio del proyecto, de los proyectos
project cycle c1ausula de buena voluntad
goodwill clause
cicio economico
business cycle; trade cycle clausula de condidonalidad reciproca
cross-conditionality clause
cierre de las actividades
close of business c.o.b. c1ausula de escala movil
escalator clause [wages]; slidingscale clause
cierre del presupuesto
budget closure clliusula de examen (periodico)
(periodic) review clause
citra apro:Omada
ballpark figure c1ausula de exencion por derechos adquiridos
grandfather clause
cifras efectivas
actual figures c1ausula de i1egalidad
illegality clause
cifras indicativas de planificacion - CIP
Indicative Planning Figures - IPF [UNDP] clausula de la nadon mas favorecida
most-favored-natlon clause
drcuito de informacion
feedback loop clausula de modification parcial
bisque clause
circulos empresariales, comerciales
business community clausula de modificadon unilateral
changes clause [US]
ciudad principal
primal city
 275

clausala de obJigaci6n neptiv&, de abstenci6n c1aulUlas contractuales que estipulan 80meter

negative pledge clause las diferencias aI ClADI
ICSID clauses
clausala de reajuste (de los preciol)
escalation clause {prices) daulUlas del CIADI
ICSID clauses
clausala de recuperacl6n
recapture clause claulUlas penales
liquidated damages
clausula de recuperaci6n econ6mica
value recovery clause clima propicio, favorable
enabling environment
claulUla de referencia
cross-reference clause clinker [fabricaci6n de cemento]
clinker
claulUla de revisi6n, de activaci6n
trigger clause cUnquer
clinker
claulUla de salvaguardia
hedge clause clorofluorocarbono - CFC
chlorofluorocarbon - CFC
claulUla de salvaguardia, de eluli6n, de escape
jeopardy clause; escape clause; break clause coadministraci6n
codetermination; comanagement; management
claulUla de IUscripci6n preferente participation system
clawback provision
coueguro cualitativo
claulUla de, 80bre multiples monedas qualitative coinsurance
multicurrency clause [loan contract]
coueguro cuantitativo
claulUla en que se estipula que se han de quantitative coinsurance
compartir los reembol108
sharing clause coueguro(s)
coinsurance
claulula pari passu
pari passu clause cobertura
coverage
claulUla penal, punitiva
penalty clause cobertura conjunta de rielgos
risk pooling [MIGA]
claulUla reciproca de entrada en vigor
cross-effectiveness clause cobertura contingente
standby coverage [MIGA]
claulUla reciproca en caso de incumplimiento
cross-default clause cobertura contra .,erdida total
total loss cover
claulUla tipo, modelo, estandar
boilerplate cobertura de servicio de la deuda
debt service coverage
276

mbertura global ~oeficiente de explotaclon

package coverage [MIGA] working ratio

mdente de ftaibilidad coeficiente de importaciones

flexibility quotient (importacioneslprodu~cion total)
import coefficient
mdirector lemisioDel de bono8]
colead manager c:oeficiente de inestabilidad
volatility ratio [stocks]
eoefidente alUlDD08-profesor, alumno8 por
profesor ooeficiente de insumo-produdo
pupil-teacher ratio - PTR; student-teacher ratio - input-output coefficient
Sm; teacher-pupil ratio
coeficiente de la tierra de cultivo equivalente
eoef'lclente ~apital-servicio land equivalent. equivalency ratio - LER
capital-service ratio
meficiente de liquidez
~oeficiente de ajuste por diferencias del costo de liquidity ratio
vida
cost-of-living differential factor ~oeficiente de matricula
enrollment ratio
~oeficlente de autof"manciamiento
self-:financing-ratio - SFR coeficiente de movilizacion
mobilization ratio [IFC]
meficiente de urp de la red
system load factor [electricity] coeficiente de ocupacion de Urg08
ladministracion de personal]
~ciente de mbertura de las importaciones staffing ratio
import coverage ratio
coeficiente de oeupacion de ~argos, puestos
~oeficiente de mbertura del gasto fmanciero fill ratio [stafi]
financial expenses coverage ratio
eoeficiente de operaci6n
~clente de mncentracion operating ratio
concentration ratio
coeficiente de proteccion efectiva
~ciente de mrrelacion por rangos de effective protection coefficient - EPC
Spearman
Spearman's rank correlation coefficient coeficiente de proteccion nominal
nominal protection coefficient - NPC
~ciente de ~ost08 mmbinado8 a largo plazo
long-term blended cost rate - LTB [IFC] meficiente de proyect08 en rest"a
pipeline ratio, lending
meficiente de dependencia de la importacion de
alimento8 meficiente de recaudacion de impuesto8
food import dependency ratio tax performance ratio

c:oeficiente de endeudamiento meficiente de rest"as, de liquidez

debt-equity ratio; debt-to-equity ratio; reserve ratio [banking]
debt-to-<:apital ratio
 277

coeficlente de 8elDuu-personai basta la cofinueiamiento vertical

aprobaclon del pro)'ecto vertical cofinancing
completion coefficient
cogesti6n
coeficlente de IOlvencla [Espafta] comanagement; codetermination; management
current ratio; working capital ratio participation system

coeficiente de uniformidad colectivo

smoothness ratio jitney

coeficlente de utilizaclon de tierras colocacion [valores]

land use ratio marketing

coeficiente del serriclo de la deuda colocaclones cruzadas

debt-service ratio cross-placements

coeficiente del serviclo de 101 intereses colonizaclon

interest service ratio land settlement

coeficlente interinstitucional combinaclon de especialidades

institutional ratio skills mix

coeficlente minimo de encaje combinaclon de flDuclamiento

minimum cash ratio blending (of flows)

coeficlente modificado de Bmno combinacion de insum08

modified Bruno ratio; internal exchange rate input mix

coeficiente neto de explotadon combinadon de monedas

operating ratio currency mix

coeficlente profesor-alulDD08 combination de produd08

student-teacher ratio - STR.; pupil-teacher ratio - product mix
PTR; teacher-pupil ratio
combustible de biomasa IdOla
coeficiente tributario woodfuel
tax ratio
combustible derivado del carbOn
coeficlentes de caJidad de los activol coal-based fuel
asset quality ratios
combustible diesel
cofinudador diesel fuel; diesel oil
cofinanc(i)er
combustible no contammute
cofinuciamiento clean fuel
cofinancing
combustible para calderas, barco.
cofinuclamiento ex post bunker; bunker oil
ex post cofinancing
combustible para calelaccion
heating oil
278

combustible sintetico comision de participacion en los costos

synfuel; synthetic fuel cost-sharing fee [APDF]

combustion en lecho fluidizado comision de solicitud

fluidized bed combustion application fee [MIGA]

comerciabilidad comision del agente pagador

marketability paying agency fee

comerciable comision inicial

tradable [adj.] front-end fee

comerciales comision inicial (por evaluacion)

bigh-power(ed) money appraisal fee [IFC]

comercializable comision ,or administracion de la AIF

tradable [adj.] IDA management fee

comercializacion comision por captacion de fondos

merchandising; marketing success fee

comercio compensatorio comision por compromiso, por inmovilizacion

countertrade defondos
commitment charge. fee
comercio de productos basicos, primarios
commodity trade comision por servicios
service charge
comercio de reexportacion
entrepot trade comision ,or tramitacion de soHcitud
loan origination fee
comercio exterior
foreign trade comisiones devengadas, acumuladas sobre
prestamos
comision conjunta accrued loan commissions
joint committee
Comite Asesor Tecnico - CAT
comisi6n de administracion Technical AdvisoI)' Committee - TAC [CGIAR]
management fee
comite conjunto
comisi6n de disponibilidad joint committee
availability fee [IFC]
comite de adjudicacion
comisi6n de garantia awarding committee [contracts]
guarantee commission, fee [IBRD]
Comite Provisional
comision de garantia de compra Interim Committee [IMF]
backup (underwriting) facility fee
comites conjuntos de fiscalizacion
comisi6n de gestion joint monitoring committees
management fee
 279

eompaftia administradora, de administration, eompeteneia por la obtention de recUI'8OS

de gemon competing claims (on resources)
management company
compilado por
eompailia comisionista [emisiones de bonos1 edited by
commissioned company
eompilador (de una eoleeeion de textos)
eompailia de eapital de riesgo editor
venture capital company
eomplementaeion
eompailia de fianzas complementarity
bonding company
eomplementariedad
compailia de inversiones subsidiarity
investment company, fund
eomplemento
eompailia de papel follow-up
shell company
eompletamente desmontado
eomparaeion de preci08 completely knocked down - CKD
prudent shopping; shopping [procurement]
eomponente
eomparation internaeional de precios component (of a project); slice [contracts]
international shopping
eomponente en divisas
eomparaeion national de preci08 foreign exchange component
local shopping
eomponente fisieo
eomparatio (la) hard component [projects}
comparatio [staff compensation}
eomponente importado, de importaeion
eompensadon import component
clearance; compensation; consideration [legal,
economic] eomponente no fisieo, de serviei08
soft component [projects]
eompensaeion (de 'adores, de ventajas y
desventajas) componentes fisie08
trade-off hardware

eompeteneia eomponentes logie08

skills software

eompeteneia basiea componamiento

basic skills performance

eompeteneia no reladonada con los preci08 eomponamiento de la economia

nonprice competition economic performance

eompeteneia perfecta eomposieion de la produeeion

perfect competition; pure competition product mix
280

composicion del capital social compromisos netos

ownership structure (of a company) exposure

compra a plazos compromisos por paises

hire purchase [UK] country exposure [ffiRD]

compra de bienes en existencia en el mercado compuestos organicos volatiles

off-the-shelf purchases volatile organic compounds - VOC

compra de una empresa con rondos tomados en computadora portitiI

prestamo notebook computer
leveraged buyout - LBO
computerizado
compra directa computerized
direct shopping [procurement]
computo sobre una base anual
compra en gran des cantidades, en grueso annualization
bulk procurement
con alto coeficiente de capital
comprobacion de cuentas capital-intensive
audit [finance]
con alto coeficiente de endeudamiento
comprobante de pago highly leveraged
certificate of payment
con alto contenido de importaciones
comprobar cuentas import-intensive
audit, to
con bajo coeficiente de endeudamiento
compromiso contingente [CFI] underleveraged
contingent commitment [IFC]
con exceso de personal
compromiso contingente de garantia de overstaffed
suscripcion
standby underwriting commitment [IFC] con fines de lucro
profit making
compromiso contingente de participacion en el
capital social con gran endeudamiento
standby equity [investment] highly leveraged

compromiso de inversion [CFI] con gran intensidad de capital

investment commitment [IFC] capital-intensive

compromiso de prestamo con gran intensidad de importaciones

lending commitment; loan commitment import-intensive

compromiso de suscripcion de acciones con gran intensidad de mano de obra

equity underwriting labor-intensive

compromiso sin plazo 0 volumen definidos con recargo

open-ended commitment premium. at a
 281

con uso intensivo de capital condiciones

capital-intensive socioeconomic status - SES; terms and conditions
(of a contract)
con vision bacia eI futuro
forward-looking condiciones concesionarias, muy favorables
concessional terms
concentracion excesiva de riesgos de
financiamiento condiciones concesionarias, muy favorables, en
overexposure concessional; concessionary

concentracion mmma admisible condiciones corrientes, comereiales, de mercado

threshold limit value - TLV conventionaltenms

concentracion pareelaria condiciones de entrada en vigor

land consolidation conditions of effectiveness

concepto condiciones de mereado

design commercial conditions

conceliar un prestamo a travis de un consorcio condiciones de reembolso con pagos iguales de

(bancario, de financiamiento) principal e intereses
syndicate a loan, to annuity-type repayment tenms

concesion condiciones de Toronto

claim [mining]; franchise Toronto tenms

concesion reciproca condiciones de Trinidad

trade-off Trinidad tenms

concesionario condiciones previas

concessional~ concessionary precedent conditions [legal]

conciliar condiciones propicias, favorables

reconcile enabling environment

conclusion condiciones que deben cumplirse

bottom line eligibility; eligibility conditions

conclusion de los procedimientos condonacion

closure of the proceeding [ICSID] forgiveness (of a debt)

condicion juridica condonacion (de una deuda)

legal status cancellation

condicion social condonacion de deudas, de Ja deuda

status debt forgiveness

condicionalidad condonacion de una deuda

conditionality debt cancellation
282

cooduccioo coojuoto de medidas de rescate, de salvameoto

governance rescue package

cooducto de comercializacioo conjunto de medidas financieras

cbaooel [trade] financial package

cooe:.doo de servicio conjuoto de medidas practicas

service lioe; service; supply lioe; connectioo technical package
[electricity]
coomocioo civil
cooe:.doo domiciliaria civil commotioo
house coonectioo
coomocion petrolera, producida por los precios
coofereocia maritima del petroleo
lioer (shipping) conference oil shock

coofiaoza de la colectividad eo si misma ConoSur

collective selfreliance Southern CoDe

coofianza en si mismo cooocimiento de embarque

selfreliance bill of ladiog

configuracion de las cueotas corrientes cooocimiento de embarque coo raenras,

curreot accouot pattern objeclooes
claused bill of lading; dirty bill of ladiog
congelacion
freeze (of salaries, prices, etc.) cooocimieoto de embarque directo
through bill oflading
congelacion de precios
price freeze cooocimieoto de embarque siD resenras,
objeciones
congestion clean bill of lading
bottleneck
cooocimieotos
congestion skills
buoching
conocimieotos basicos
conjuoto de bienes (obras, servicios, elemeotos) basic skills
a Iicitar
bid package cooocimieotos basicos de aritmetica
oumeracy
conjuoto de disposiciones, equipos, proyectos,
actividades, financiamiento cooocimientos especializados
package expertise

conjunto de empristitos cooocimieotos tecoicos, tecnologicos

borrowing pool [ffiRD] koowhow

conjunto de medidas de poUtica consejero

policy package counsel [ICSID]
 283

Consejo de Gobernadores construccion-operacion-transferencia - COT

Council of Governors [MIGA] build~perate-transfer; build~perate-turnover -
BOT
consentimiento (a la jurisdiccion)
consent (to jurisdiction) [ICSID] construccion-propiedad-operacion
build~wn operate - BOO
conservacion de energia
energy conservation construccion-propiedad-operacion-
transferencia - CPOT
conservation del suelo build~wn~perate-transfer - BOOT
soil conservation
consulta sobre posibles objeciones
considerar (una cuestion) desde el punto de letter of no objection - LNO [imports]
vista de los roles del homhre y la mujer
engender consultor en direccion de empresas, en
administration de empresas
consignar (fondos) para un rm detenninado management consultant
earmark. to (funds)
consumidor de bajo factor de carga
consolidaciones arancelarias low load factor consumer [electricity]
binding; bindings
consumidor de bajo voltaje
consolidar los vencimientos low voltage consumer [electricity]
consolidate maturities, to
consumo
consorcio (bancario) consumption bundle
selling consortium, group, syndicate
consumo calorifico
c()nsorcio (bancario, de financiamiento) heat rate
syndicate [banking]
consumo en la explotacion agricola
consorcio (de coordinacion de la ayuda a un on-farm consumption
pais)
consortium (for a country) consumo suntuario, de ostentation
conspicuous consumption
consorcio de direccion, directivo
management group; managing group contabilidad de costo total
full cost accounting
consorcio garante
underwriting syndicate contabilidad de costos
cost accounting
constriction monetaria
monetary stringency contabilidad de costos estindar
standard cost accounting
construccion de viviendas no sujeta(s) a
reglamentaciones contabilidad de empresa, comercial
unregulated housing business accounting

construccion progresiva de viviendas contabilidad de existentias

incremental building. housing stock accounting; stores accounting
284

cootabilidad de gestioo cooteoido de oro

management accounting gold content (e.g. of US dollar)

cootabilidad eo perlodos de ioflacioo cootemdo teemco

inflation accounting messages [agricultural extension]

cootabilidad eo valores de caja cooteo de trMico

cash (basis) accounting traffic count

cootabilidad eo valores deveogados cootiogeote

accrual (basis) accounting intake

cootabilidad gereoclal cootingeote arancelario

managerial accounting tariff quota

cootabilidad por ordeoes de trabajo, ,or cootinuidad

pedidos sustainability
job order accounting
cootraccloo
cootabilidad por partida doble slump
double entry accounting
cootracdoo del credito
cootabilidad por partida simple tightening of credit
single~ntry accounting
cootralor
cootabilidad 8egUo el cOsto (valor) de reposidoo comptroler
current cost (value) accounting; current value
accounting; value based accounting cootramemorial
countermemorial [lCSID]
cootabilidad 8egUo el oivel geoeral de predos
general price level accounting; price level cootrapartida
accounting balancing item. entry

contabilidad 8egUo registro de caja cootraprestadoo

cash (basis) accounting consideration [legal, economic]

cootabilidad 8egUo registro de derechos cootratadoo aotidpada

adquiridos u obligadooes cootraidas advance contracting
accrual (basis) accounting
cootratadoo de uoo 0 varios 8ervicios,
cootabilidad sodal adquisidoo de bieoes, etc., fuera de la empresa,
social accounts etc.
outsourcing; sourcing
contamioadores (persooas, industrias)
polluter cootratadoo de uno 0 varios servicios,
adquisidoo de bienes, etc., fuera de la empresa,
cooteoedorizacioo etc.
containerization sourcing; outsourcing

cooteoido de origeo oadooal cootratacioo directa

domestic content direct contracting [procurement]
 285

contratar contrato con interes tope

contract out. to cap

contratista con rumza, afianzado contrato con reembolso de costos

bonded contractor cost reimbursable contract

contratista principal, primario contrato de administracion, gestion

main contractor; prime. principal contractor management contract

contrato a porcentaje, de honorario porcentual contrato de arrendamiento con opeion de

percentage (fee) contract [consultants] compra
finance lease; financial. full pay out lease
contrato a predo fijo
fixed cost contract; fixed price contract contrato de arrendamiento operativo
operating lease
contrato a precios unitarios
rate contract contrato de arrendamiento verdadero
true lease
contrato a suma alzada
lump sum contract [consultants] contrato de compra contra entrega
take-and-pay contract
contrato a, de precio(s) unitario(s)
unit price contract; admeasurement contract; contrato de duracion indefinida
remeasurement contract open-ended contract; open-end contract

contrato aI costo mas honorarios (fijos) contrato de fietamento

cost-plus (fixed fee) contract - CPFF; cost and fee charter party - c/p
contract
contrato de participacion en la produccion
contrato aI costo mas honorarios, mas production-sharing contract
porcentaje
cost-plus contract contrato de participacion en las utilidades
profit-sharing contract [MIGA]
contrato aI costo mas un porcentaje
(honorarios) contrato de plazo fijo
cost-plus percentage (fee) contract; cost-plus fixed term contract
percentage of cost contract - CPPC
contrato de riesgo
contrato basado en una estimacion cuantitativa risk contract [oil]
bill of quantities contract
contrato de servicios ocasionales
contrato basado en una lista de tamas call order contract
schedule of rates contract
contrato entre iguales, entre compai1ias
contrato con base en una lista oficial de precios independientes
schedule contract arm's length contract

contrato con rmes especlficos celebrado entre el contrato firme de compra (sin derecho de
gobierno y el sector privado rescision)
perfonnance contract take-or-pay agreement. contract
286

contrato fraccionado control de la natalidad

"slice and package" contract birth control

contrato global control de procesos industriales

package deal contract process control

contrato Have en mano control empresarial del araneel

turnkey contract, project tariff privatization

contrato "mertado en mano" control interno

"market-in-band" agreement internal audit

contrato--plan control mayoritario

performance contract ownership (of a corporation)

contrato por cantidades aproximadas controlable

running contract manageable

contrato por cantidades indeterminadas conurbacion

indefInite quantity contract conurbation

contrato por meses-hombre convenio basico

man-month contract establishment convention; base convention

contrato por tiempo convenio condicional de reembolso

time-based contract [consultants] qualifIed agreement to reimburse
[See also irrevocable agreement to reimburse.]
contrato "producto en mano"
product in band contract convenio de asuncion de pristamo
loan assumption agreement
contrato sobre la base de un presupuesto meta
target contract convenio de credito de fomento
development credit agreement [IDA]
contribution de contrapartida
matching contribution convenio de destinacion especial
set aside agreement
contribucion territorial
land tax convenio de inversion [CFl]
investment agreement [lFC]
control
control convenio de Iieencia, de concesion de Iicencia
licensing agreement
control de existencias, inventario(s)
inventoty control convenio de pristamo
loan agreement
control de la contaminacion en la descarga
end of pipe pollution control convenio de pristamo entre d Banco y la eFI
Master Loan Agreement
control de la dotacion de personal
complement control convenio de pristamo subsidiario
Subsidiaty Agreement [IBRDJ
 287

convenio modificatorio conversion de la deuda en capital

amendment, amending agreement debt-equity swap; debt equity conversion

convenio Ialarial conversion en arancel

wage agreement tariffication

Convenio sobre Arreglo de Difereneias conversion en efectivo

Relativas a Inversiones entre Estadol y encashment [IDA]
Nacionalel de Otros Estadol
Convention on the Settlement of Investment conversion inmediata
Disputes between States and Nationals of other reconstitution
States [ICSID]
convertidor catalitico
convenio sobre el proyecto catalytic converter
project agreement
cooperacion teenica entre paises en desarrollo -
convenio sobre imanciamiento para el proyecto CTPD
project fund agreement technical cooperation among developing countries
-TCDC
convenio sobre un producto bbko, primario
commodity agreement cooperativa de produceion y exportaeionel
agropecuarias
convenios intemaeionales sobre product08 pcultural nroduction and gport (apex)
bbicos cooperative
international commodity agreements,
arrangements coordinador de una edieion
editor
conversion a la par
conversion at par copia autenticada
conformed copy
conversion contable de monedas
translation (of currency) copia impresa
hardcopy
conversion de activos finaneieros en valorel
securitization coqueria
coke oven plant
conversion de deuda en program as de salud
debt-for-health swaps corral de engorde
feedlot
conversion de empresas (publicas) en sociedades
comerciales, entidades previstas en la ley de corral de vacunacion
sociedadel vaccination yard
corporatization
correccion monetaria
conversion de la c1ase de inteRS monetary correction
rate basis conversion
corredor (de cambio, de bolsa)
conversion de la deuda broker
debt conversion
corredor de valores
securities dealer; securities firm
288

corretaje costo de los empristitos

brokerage borrowing cost

corriente (de fondos) en condiciones costo de los empristitos con doble ponderacion
concesionarias doubleweighted borrowing cost [IBRO]
concessional flow
costo de los factores, al
corriente de capital equilibradora factor cost. at f.e.
equilibrating capital flow
costo de mantenimiento en existenda
corriente de fondos carrying costs, charges [goods]
cash flow; funds flow; flow of funds
costo de oportunidad, de sustitucion
corrientes de costos y benefidos opportunity cost
streams of costs and benefits
costo de oportunidad social
corrientes financieras social opportunity cost
financial flows
costo de pueata en marcha
corrientes oficiales startup cost
official flows [development]
costo de reposidon, de sustitudon
cortavientos replacement cost
windbreak
costo del petriileo
corte y extracdon de madera en trozas oil bill [national]
logging [foresUy]
costo en divisas
cortedad de talla exchange cost
stunting; nutritional dwarfing
costo en divisas
cosechas foreign exchange cost
crops
costo en moneda nacional
costo asociado local cost; onshore cost
associated cost
costo en recursos intemos
costo de conversion, de modification domestic resource cost - DRC
redeployment cost
costo evitable
costo de eficiencia de (los impuestos) la avoidable cost
tributacion
efficiency cost of taxation; excess burden of costo extranacional
taxation offshore cost

costo de inactividad del capital costo incluidos los impuestos

canying cost (of capital); charge of capital tax-paid cost - TPC

costo de inversion costo incremental

capital cost incremental cost
 289

costo incremental medio costos de mano de obra

average incremental cost - AlC labor costs

costo incremental medio a largo plaze costos de movilizacion

long-run average incremental cost - LRAIC mobilization costs

costo inidal costos de, en serviclos

front-end cost in-kind costs

costo marginal oostos del factor trabajo

marginal cost labor costs

costo marginal a largo plaze cosios descentralizados

long-run marginal cost - LRMC; efficiency price; unit -managed costs
efficient price [electricity tariffs]
costos economicos del proteccionismo
costo marginal de mantenimiento de la welfare costs of protectionism
capaddad
marginal capacity cost - MCC costos efectivos, reales
actual costs
costo no recurrente de capital, no recuperable
sunk cost costos fijos
fixed costs
costo, seguro y fiete - c.i.f.
cost, insurance and freight - CIF costos implicitos
underlying costs
oosto totalmente imputado
fully allocated cost oostos imputados
allocated costs
costo unitario
unit cost costos imputados
imputed costs
costos blisicos
baseline costs; base costs costos indirectos
indirect costs; on-costs [UK]
oostos capitalizados
capitalized expenses costos inferiores a los previstos
cost underrun; underrun cost
costos centralizados
centrally-managed costs costos iniclales [proyectos]
baseline costs; base costs
costos de explotacion, operacion,
funcionamiento costos internos de importacion
operating expenses, costs internal importing costs

costos de garantia de emision oostos laborales

undeIWriting costs labor costs

oostos de instalacl6n y suministros costos no monetarios

balance-of-system costs noncash expenses
290

oostos ordinarios (en praupuestos) crec:imiento lento

recurrent costs, expenditures sluggish growth

costos promediados crec:imiento urbano (no planificado)

rolled (costs) urban sprawl

costos relativ08 a monedas especi'ficas credito

currency-specific costs credit standing

costos salariales credito [finanzas]

wage bill; wage costs claim

costos sociales, COlectiV08 credito a los consumidores

social costs consumer credit

costos IUperiores a los previst08 credito acumulativo

cost overrun cumulative letter of credit

cotizaeion (de valores en la bolo) credito colectivo

listing (of securities) group credit

cotizacion al contado credito oon garantia de otro credito

spot quotation back-to-back credit

comaeiones credito de aceionistas, de participaeion

price quotations [contracts] equity-type loan; sponsored loan

cotizaeiones de prec:ios de equilibrio del credito de am

mereado working capita1loan
market-clearing quotations
credito de compradores
coyuntura buyer credit; buyers' credit
business cycle; trade cycle
credito de contrapal1ida
creacion matching credit
design; development
credito de emergencia
crec:imiento (eoonomioo) sostenido bailout loan
sustained growth
credito de exportacion, a la exportacion
crecimiento autosostenido export credit
self-sustaining growth
credito de proveedores
crec:imiento cero de la ,oblacion supplier credit; supplier's credit
zero population growth ZPG
credito dirigido
crecimiento inlUficiente directed credit
stunting; nutritional dwarfing
credito documental
crecimiento intermitente documentary credit
stop and go growth
 291

cridito eo. esp~ie creditos bip~arios

credit-in-kind mortgage financing

credito eo. tr&mitaclon creditos que se traspasan

pipeline credit carryovers

cridito estational creditus traspasados

seasonal credit canyovers

credito finaoclero cresta araneelaria

financial credit tariff peak

credito garantizado pOl' el Estado cria de gaoado, de aoimales

sovereign credit, loan animal husbandty

credito impositivo, tributario criador

tax credit breeder [agriculture]

credito impositivo POI' inversioues crisis de liquidez

investment tax credit liquidity squeeze

credito instituclonal crisis petrolera, produtida pOI' los p~ios del

formal credit petroleo
oil shock
credito no institucional
informal credit criterio de contamination total permisible
bubble concept
credito oficial a la exportacion
official export credit cronologia
timepattem
credito para importationes con fines de
~ODstl1lction croquis
reconstruction import credit - RIC sketch plan [architecture]

credito para importaciones con "mes de cl1ldo de referenda

rehabilitation benchmark crude; marker crude [oil]
rehabilitation import credit
cl1ldo liviaoo, ligero de Arabia Saudita
credito pOI' pago de impuestos en eI extranjero light Arabian crude; Saudi Arabian light crude
foreign tax credit
cl1lZamiento absorbente
credito presupuestario line breeding
allotment; appropriation [budget]
cl1lZamiento continuo
credito ~iproeo [FMI] line breeding
swap
cuadraI' (una cuenta)
credito renovable, rotatorio, ref"mantiable balance, to (an account)
revolving credit
cuadro
schedule
292

cuasicapital cuenta de ingresos y gastos, de perdidas y

quasi-equity ganancias
income (and expenditure) account
cuasidinero
near money; quasi-money cuenta de orden
memorandum account
cubierta forestal
forest canopy cuenta de primas de emisi6n
share premium account [lFC]
cubierta vegetal
plant cover cuenta de reconciliaci6n
reconciliation account
cuenca de captaci6n
catch basin; catchment area cuenta de resumen
summary account
cuenca de captaci6n
catchment area; catch basin cuenta de trMico
traffic count
cuenca de rebalse
overflow basin cuenta de valores (en custodia)
securities (custody) account
cuenta basica
basic account [balance of payments] cuenta del crMito
credit account [IDA1
cuenta de anticipos
advance account; imprest account, fund cuenta del prestamo
loan account
cuenta de anticipos para la preparacl6n de un
proyedo cuenta especial secundaria
project advance account second generation special account - SGSA

cuenta de capital cuenta reservada, especial

capital account eannarked account

cuenta de cierre cuenta subsidiaria, aunliar

summary account subsidiary account

cuenta de explotaci6n cuenta transitoria

working account suspense account

cuenta de explotaci6n, operaci6n cuentas de ingresos y gastos

operating account income and outlay accounts [national accounts]

cuenta de igualaci6n de tipOi de cambio cuentas diversas de caja

exchange equalization account sundry cash accounts

cuenta de ingresos cuentas econ6micas ajustadas conforme a

revenue account [national accounts] consideraclones ambientales
environmentally adjusted economic accounts -
EEA
 293

cueatu ,or eobrar eultivo de decreclda

accounts receivable; receivables recession crop

cuentas ,or pagar eultlvo de secano

accounts payable dIy farming; dIyland farming

cuentas lOclala cultivo de tejidos

social accounts tissue culture

cuenta subsidiarias del medio ambiente cultivo de temporada eona

environment satellite accounts short season (crop)

cuerpo de fundonarios publicos eultlvo en curvas de nivel

civil service contour fanning

euesti6n previa cultivo en franjas

preliminaly question [ICSID] alley cropping; strip cropping

cuestiones a las diferencias de roles del hombre cultivo en pendiente

ylamujer hillside farming
gender issues
eultivo en recesi6n
cuestiones que afectan a la mujer recession. recessive cultivation
gender issues
cultivo en tierras de aluvi6n
cuestiones relativas a las desigualdades entre los floodplain agriculture, cultivation
sexos
gender issues eultivo extensivo
field crop
cultivo
field crop eultivo intercalado
intercropping
eultivo alimentario
food crop eultivo interealado, intermedio
catch crop
cultivo alimentario basieo
staple (food crop) cultlvo migratorio
shifting cultivation
eultivo arb6reo
tree crop eultivo protector, de cobertura
cover crop; nurse crop
cultivo comerclal
cash crop eultivo Unico, de un solo tipo 0 apede
pure stand
eultivo constante, continuo
continuous cropping cultivo(s) asoclado(s)
associated crops, cropping
eultivo de decreclda
flood recession crop cultivos
crops
294
cultivos de luera de estacion, de temporada cupones para la privatization
out-of-season crop; off-season crop privatmWon vouchers

cultivos de montaila, de tierru alto curriculo

upland crops curriculum

cultivos de rakes a1imentariu curriculo de estudios comun

root crops core curriculum

cultivos de rizomu cursillo

rhizomes; rootstock crops workshop [training]

cultivos dobles curso de actualization (para refrescar los

double cropping; sequential cropping conocimientos)
refresher course
cultivos en hileru
row crops curso de elementos intercambiables
course interchange [education]
cultivos minos silvoagropeeuarios
multistory farming; multilevel farming curso de repaso
refresher course
cultivos multiples
multicropping; multiple cropping curva de aprendizaje
learning curve
cultivos multiples
multiple cropping; multicropping corva de indiferentia
indifference curve
cultivos para fines energeticos
energy cropping curva de la ofena
supply curve
cultivos simbioticos
companion crops curva de posibilidades de production
production possibility curve; transformation curve
cultivos sucesivos
double cropping; sequential cropping curva de rendimiento
yield curve
cumplimiento de contrato
contract performance curva de transformacion
transformation curve; production possibility curve
cuota arancelaria
tariff quota curva salarial
payline
cuota de importation
import quota daios indirectos
consequential damages
cupo arancelario
tariff quota daios y perjuitios previstos en un contrato
liquidated damages
cupo de importacion
import quota dar de baja
scrap. to
 295

dar en contrato de maduracion temprana, precoz

contract out, to early (maturing) [crops}

dar particlpadon de propiedad mranjera

empower foreign-owned

dar poder de decision de rulo [Chile}

empower rainfed

dar por tenninado de IleCaDO

terminate rainfed

dato aproximado de temporal [MUlco]

ballpark figure rainfed

datos antes del anilisis de regresion deusof4eil

unsmoothed data user friendly

datos buicos de uso intensivo de energfa

baseline data; fact sheet energy-intensive

datos buicos de un proyecto de uso intensivo de mano de obra

project brief labor-intensive

datos brutos, sin elaborar de vision hacia eI futuro

raw data forward-looking

datos clave, buicos debenture [IE.UU]

key data debenture (bond)

datos detallados decano

microdata dean (of the Board of Directors)

datos transversala decision t4eita por vencimiento de un plazo

cross-sectional data [econometty] lapse-of-time decision

de abajo arriba decJaraclon

bottom up (approach) [projects} statement

de alto coeficiente de mano de obra declaraclon de gmos

labor-intensive statement of expenditure - SOE

debase declaradon de impuatos

grass root(s) level, at the taxretum

de conformidad con las leya del mereado declaraclon de ingresos

market-friendly taxretum

de maduraclon tardia declaracion de intendon, de intenclones

late maturing [crop] letter of intent - LOI
296

declaracion de objetivos deficit de la balnza en cuenta corriente

mission statement [EDIJ external current account deficit

declaracion del impuesto sobre la renta deficit de recursos

income tax return resource(s) gap

declaraciones deficit en cuenta corriente

representations current account deficit

declinacion de responsabilidad deficit en cuenta corriente (excluidoslos

disclaimer ingresos por concepto de intereses)
noninterest current account deficit
deduccion
tax allowance deficit euluido eI pago de intereses
primary deficit; noninterest deficit
deduccion estandar
standard deduction [taxation] deficit fiscal
fiscal gap
deduccion tributaria (por perdida, etc.)
tax write off deficit presupuestario
budget deficit; budgetary gap
deduccion tributaria, de impuestos
tax deduction deficit primario
primary deficit; noninterest deficit
deducidos los impuestos
net of taxes deflacion
deflation
deficiencia
shortfall deflactar
deflate, to
deficiencia de recaudacion
undercollection [taxation] deflactor
deflator
deficit
gap; shortfall deflactor de los compromisos
commitment deflator
deficit comercial
trade deficit deflactor de los desembolsos
disbursement deflator
deficit de caja
cash deficit deflactor de precios del PNB
GNP price deflator
deficit de explotacion, operacion
operating deficit deflactor implicito
implicit deflator
deficit de rmanciamento
financing gap; funding gap deflactor implicito del producto intemo bruto
implicit gross domestic product deflator
deficit de inversiones
investment gap deforestacion
deforestation
 297

degradacion ambiental densidad de siembra

environmental degradation plant population

dejar de reunir las condiciones para recibir denuncio

financiamiento del Banco claim [mining]
graduate, to [Bank, IDA]
departamentalizacion de la enseianza
delegacion de atribuciones, facultades departmentalization [education]
delegation of authority
departamento de (servicios de) apoyo
deliberaciones de sesion(es) support department [IBRD]
proceedings
departamento de operaclones
demanda operating department; operational department
claim [IBRD]

demanda agregacla, global departamento de operaclones, sectorial, de

aggregate demand ejecucion
line ministry, department
demanda bioquimica de o:dgeno DBO
biochemical oxygen demand - BOD departamento de servicio, de asesoramiento
staff department
demanda bioquimica de o:dgeno en cinco dias -
DBOS departamento ejecutivo, de ejecucion, de
biochemical oxygen demand over five days - operaclones
BOD5~ five day biochemical oxygen demand line department

demanda de los consumidores dependencia de la ayuda exterior

consurnerdemand aid dependency

demanda intensa Depositario

buoyant demand Trustee [GEF}

demanda reprimida deposito a la vista

pent-up demand demand deposit; sight deposit

demora deposito a plazo

lag~
slippage term deposit

demora respecto del plazo previsto deposito a plazo, a termino

time overrun time deposit

denominacion comiin depOsito de aduanas

nonproprietary name bonded warehouse

denominado deposito de decantacion de residuos

denominated in (dollars, etc.) tailing pond

densidad de carga deposito de pagares

stocking rate [livestock] note deposit [IDA]
298

depOsito en almacin de aduanas derecho de expropiacion

bonding [customs] eminent domain

depOsito en custodia derecho de tenencia de la tierra

escrow account land tenure rights

depOsito en garantfa, en custodia derecho de usufructo

escrow beneficial interest

deposito previo, anticipado derecho de via

advance deposit right of way

depOsitos icid08 derecho de voto

acid deposition voting right

depreciacion acelerada, decreciente derecho por pie

accelerated depreciation stumpage fee

depreciation acumulada derecho prioritario, preferential, de

accrued depreciation; accumulated depreciation preferencia, de prelacion
first refusal right; preemptive right
depreciacion de equUibrio
breakeven (dollar) depreciation derecho procesal, adjetivo, de forma
adjective law; procedural law
depreciacion diferida
deferred depreciation derecho procesal, adjetivo, de forma
procedural law; adjective law
derecho
claim derecho sustantivo, de fondo
substantive law
derecbo (aduanero) ad valorem
ad valorem (customs) duty derechos arancelarios
tariff rates
derecho(aduanero)especifico
specific (customs) duty derechos de matricula
tuition fees
derecho antidumping
antidumping duty derechos de propiedad
proprietaIy rights
derecho aplicable
governing law derechos de suscripcion
stock rights [IFC]
derecho arancelario
tariff derechos de voto
voting power
derecho compensatorio
countervailing duty derechos poJ1uarios
haIbor dues, fees; port dues
derecho de aduana, de importacion
tariff desagregaciOn
unbundling
 299

desagregaclon de riesgo8 rmanciel'08 descascarar

unbundling of financial risks husk, to; dehusk, to

desahorro descompoticiOn
dissaving unbundling

desajuRe entre tipos de cambio descontar

misalignment (ofrates of exchange) discount, to [finance}

desarrollo descripcion de cargo, puesto

development job description

desarrollo institucional descuento

institution building discount

desarroUo integral de la explotaciOn agricola descuento cambiario

whole:farm development exchange discount

desarrollo participatorio, con participacion descuento de instrumento8 de deuda

participatory development debt sales

desarrollo sostenible descuento del impuesto potencial

sustainable development tax sparing

desarrollo subregional descuento impositivo, tributario

area development tax credit

desarrollo t6cnico desechar

engineering development scrap, to

desastre provocado por el hombre deseconomias

man-made disaster diseconomies

desatesoramiento desembolsos concentrados aI comienzo de un

dishoarding periodo
front loading
desbroce
clearing desempefto
performance
descapitalizar
decapitalize desempefto de la eeonomia
economic performance
descargade efluentes
eftluent charges desempefto de las instituciones
institutional perfonnance
descarga de gases acidos, ricos en productos
azufrados desempleo encubierto, oculto, disfrazado
sour gas discharge concealed unemployment; covert, disguised,
hidden unemployment
descascarar
dehusking; husking
300

desempleo estructurai desbidratacion por conaelacion

structural unemployment freeze dIying

desempleo evidente, manifiesto deshojar

open unemployment husk. to; dehusk, to
desempleo friccional desincentivo
frictional unemployment disincentive

desempleo oculto, encubierto, disfrazado desiDflacion

disguised unemployment; concealed, covert, disinflation
hidden unemployment
desinflacionario
desertion disinfiationary
drop out [education]
desintermediacion
desertar disintermediation
drop out [education]
desinversi6n
desertor esco)ar disinvestment
drop out [education]
desistiDliento (w.icamente en elsentido del Art.
desestacionalizado 45 del Convenio)
seasonally adjusted discontinuance [ICSID]

desf'ase deslizamiento (de un tipo de cambio dentro de

lag; slippage una banda)
crawl [noun]
desfase (cronologico)
time lag deslizamiento de troncos
skidding
desf'avoreddo
underprivileged desmantelamiento
rollback
desaaste (normal 0 natural)
wear and tear (fair) desmonetizacion
calling in of a currency
desaIose
breakdown; unbundling desmonte
clearing
desgravacion
tax allowance desmotado
ginning [cotton]
desgravacion fiscal
tax relief desnutricion
undernutrition
desgravacion tributsria
tax rebate desDutrido
undernourished
desguazar
scrap. to
 301

despadlo aduanero desvinc::ulacion de la ayuda

clearance untying of aid

desparasitar desvincular
deworm delink, to [foreign exchange]

despegue desvincular (el tipo)

take-off unpeg (a rate), to

despeje deterioro ambiental

clearance environmental degradation

desperdicio determinacion de costos

waste; loss in weight [commerce] costing

despido determinacion de costos directos

termination direct costing

desplazamiento determinacion de precios sociales

crowding out social pricing

desplazamiento de la demanda determinacion de un proyecto, de proyectos

demand shift project identification

desreglamentar determinacion del costo de un preuamo

deregulate loan pricing, costing

desregular determinacion del precio de costo

deregulate cost pricing

destinado por so propia indole a determinados deuda amortizada

grupos de la poblacion retired debt
self-targeting (commodity)
deuda anulada
destinar (fondos) para un fm determinado cancelled debt
earmark, to (funds)
deuda con garantia publica
desutilidad publicly gua:ranteed debt
disutility
deuda con los bancos comerciales, privados
desutilidad marginal commercial debt
marginal disutility
deuda consolidada
desviacion de los salarios funded debt
wage drift
deuda de pago dudoso
desviacion estandar bad debt
standard deviation
deuda desembolsada y pendiente
desvinculacion (de divisas) debt outstanding and disbursed - DOD
delinking [foreign exchange]
302

deuda dudosa, de cobl'O dudoso devolucion de impuestos

doubtful debt tax refund

deuda externa pendiente dia-hombre

external debt outstanding man-day

deuda externa pendiente dialanidad

outstanding external debt transparency

deuda externa total diagrama de banas

total external debt - EDT barchart

deuda incobrable diagrama de dispersion

bad debt scatter chart, diagram; scattergram

deuda notificada diagrama de movimiento, de flujo, de

reported debt produccioo, de secuencia, de procedimiento
flow chart; process chart
deuda pendiente
debt overhang diagrama de red(es)
network diagram
deuda prioritaria
senior debt, loan diagrama de situacion
working table; performance chart; management
deuda publica chart
official debt
diu de atraso en el pago de las cuentas por
deuda publica cobrar
public debt days receivable

deuda publica del Estado, en poder de dictamen con reservas

particulares qualified opinion [auditing]
publicly held government debt
dictamen juridico
deuda reciproca legal opinion
reciprocal debt
dictamen legal
deuda subordinada memorandum of law
junior debt; subordinated debt
diesel
deuda vencida diesel fuel; diesel oil
debt due
dieta
deuda(s) reciproca(s) subsistence allowance
interlocking debt
diferencia
deudu anteriores con condiciones menos gap
favorables
lower quality old debt diferencia entre los margenes
spread of spreads
 303

diferencia entre 101 preciOl dinero de alta potencia [teoria monetarista]

price differential, spread high-power(ed) money

diferenda entre tipos, tasas de interis dinero de la R.esen'a Federal de 101 EE.UU.
interest-rate differential para UIO de 101 banco.
high-power(ed) money
diferenda negativa
carrying loss dinero e1astico
elastic money
diferencia por la cuallas cantidades devengadas
son inferiores a las previstas dinero en eI sentido estrido
underaccruals narrow money

difereneia positiva dinero en sentido amplio

carrying gain broad money

difereneia(s) de tipos de cambio dinero eseuo, caro

exchange rate differential tight money

difereneias aranedarias dinero exigible

tariff wedges call money; day to day money; demand money;
money at call
diferimiento impositivo
tax deferral dinero inactivo
idle cash
dificultades eeonomicas
economic hardship dinero negro
black money
dificultades finaneieras graves
:financial distress dinero primario
reserve money; base money; high-power(ed)
dilema del prisionero money
prisoner's dilemma
dique
dilueion del capital (accionario) bund
stock dilution, watering; dilution
dique en CUn'a de nivel
dinamismo contour bund
buoyancy [economics]
direction
dinero a la vista front office; governance; line management
call money; day to day money; demand money;
money at call direction de impuestOl
tax office
dinero bancario
bank money direction de la institution, empresa
corporate management
dinero barato, abundante
easy money direccion portoaria
port authority
304

directivoprincipal disefto de un proyecto, de proyectos

senior manager project design

directiV08 disefto demasiado ambicio80

managers overdesign

director dd proyedo disefto detallado

project manager detailed design, engineering

Director Ejecutivo disefto excesivo para las necesidades

Executive Director overdesign

director ejecutivo con doble funci6n (en el BIRF disefto tecnico

yelFMI) engineering design
dual executive director
disefto tecnico preliminar
Directorio Ejecutivo engineering, preliminary
Board of (Executive) Directors; Executive Board
[IBRD, IDA] disminuci6n
drawdown; shortfall
Directori08 del Banco y del Fondo
Boards of the Bank and the Fund dispensa (de una obligaci6n)
waiver
directrices
guidelines dispensar (de una obligaci6n)
waive, to
discordancia entre los vencimient08
maturity mismatch dispensario
health post
discrepancia impositiva
tax wedge disponibilidades
liquid assets; quick assets
discriminacl6n sexual
gender issues disponibilidades (de equipo)
availability [transportation]
discurso principal
keynote address, speech disponibilidades de viviendas
housing stock
diseftador
designer disposici6n para pagar
willingness to pay - WTP
disefto
design; layout disp08iciones de comercializaci6n ordenada
orderly marketing arrangements - OMA
disefto con ayoda de computadoras
computer aided design - CAD disposiciones de control de cambios
exchange control regulations
disefto conceptual
conceptual design disposiciones pracesales
procedural orders [ICSID]
 305

disposiciones transitorias dividendo enraordinario

bridging arrangement, credit surplus dividend

distribucion divisa de reserva

breakdo~; layout reserve currency

distribucion de aguas divisa(s) de libre convertibilidad

waterspreading free (foreign) exchange

distribucion de la carga [donantes] divisas

burden sharing foreign currency, exchange

distribucion de las utilidades division de la enseilanza

allocation of profits; appropriation of profits departmentalization [education]

distribucion de los costos divulgacion

cost sharing extension [agriculture]

distribucion de los recursos doble clasificacion

allocation of resources cross-classification

distribucion del financiamiento (entre los doble tributacion, imposicion

paises) double taxation
direction of lending
documentacion de apoyo
distribucion del importe, de los fondos del justification
prestamo
allocation of loan proceeds documento de antecedentes, de informacion
blisica
distribucion optima de los vencimientos background paper
market timing
documento de especificacion de servicios
distribucion reservada laborales
restricted distribution performance work statement - PWS

disyuntiva documento de exposicion de problemas

trade-off issues paper

divergencia entre tipos de cambio documento de informacion sobre el proyecto

misalignment (of rates of exchange) Project Information Brief - PIB

diversidad biologica documento de politica (sectorial, financiera,

biodiversity etc.)
policy paper
diversificacion de los riesgos
exposure diversification documento de referencia cruzada, comparacion
crosswalk document
dividendo en acciones
bonus issue; stock dividend documento de trabajo
discussion paper
306

documento del Manual de Adquisiclones donante principal

Procurement Manual Statement - PMS lead donor

documento del Manual de Operaeiones dOl ritmos, trayeetori.. de desarrollo

Operational Manual Statement - OMS two-tmck development

documento del Manual del Personal dosel forestal

Personnel Manual Statement forest canopy

documento expositivo 5Obre. dotaclon de capital

approach paper capital endowment

documento para un seminario dotaclon de personal

seminar paper staffing

documentos contraetuales dotacion minima de personal

contract documents core staffing

documentOl de licitacion dotar de los medios

bidding documents; tender documents empower

documentOl de precalificacion dotar de personal

prequalification documents staff, to

documentos justificativos drenaje de ago.. Duvi.., pluviales

justification storm water drainage system

dolarizacion dumping
dollarization dumping

dominio eminente duraeion

eminent domain life (of a project)

donacion duraeion de un proyecto

grant-in-aid project life

donacion de contrapartida duration util

matching grant economic life

donacion en capital ecolog{a, si en mi barrio, no

equity grant NIMBY (not-in-my-backyard)

donacion en efectivo ecologistu

cash grant environmentalist

donacion en, para equipos economia abierta

equipment grant open economy

donacion para imes especfficos, para un im economia de consumo

especffico consumption economy
categorical grant; targeted grant
 307

economia de la oferta, basada en la oferta economfas de diversificaci6n

supply side economics economies of scope

economia de Iibre empresa economias de escala

free market economy; free-enterprise economy economies of scale

economfa de monocultivo economfas de ubicaci6n

single-crop economy localization economies

economfa de planificaci6n centralizada economias de urbanizaci6n

centrally planned economy (country) wbanization economies

economfa de subsistencia economista principal

subsistence economy principal economist

economia del bienestar economista principal (de un departamento

welfare economy geogrMico)
lead economist
economia del retroceso
economics of regress economista principal (Oficina Regional)
chief economist
economia del sector publico
public economics economista superior
senior economist
economfa dependiente de la exportaci6n de un
solo producto ecuaci6n de regresi6n
export-enclave economy regression equation

economia dirigida edici6n mediante microcomputadora

command economy; controlled economy; directed desktop publishing
economy; managed economy
editar
economia interna, nacional edit (texts for publication)
domestic economy
editor (de un texto)
economia monetaria editor
cash economy
educaci6n a distancia
economia no de mere ado distancel~n&t~ching
nonmarketeconomy
educaci6n blisica
economia subterranea, paralela basic education
parallel economy; black economy; underground
economy; submerged economy educaci6n extraescolar
out-of-school education
economia(s)
avoided cost educaci6n formal, academica
formal education
economias de concentraci6n
agglomeration economies educaci6n informal
informal education
308

edu.cad.cSn no formal efecto en, IObre 101 predol

nonformal edu<.:ation price effect

educadcSn permanente efecto generalizado

continuing education; lifelong education; recurrent blanket effect
edu<.:ation
efecto (0 beneficio, etc.) mediato
edu.cacicSn JeCUIldaria de dclo superior downstream effect. benefit
upper secondary edu<.:ation
efedo IeCUDdario
educaci6n JeCUIldaria de primer dclo, de dclo pass-tbrough effect
bWco
lower secondary edu<.:ation efecto IeCUDdario, derivado
spinoff effect; spillover effect. impact
efectivOllaborales
return of labor efecto IeCUDdario de urbanizaclcSn
induced development effect; boomtown effect
efedo de anuncio
announcement effect efectos
paper [financial]
efecto de eapUaridad, aseendente
bubble-up effect efectos comerdales
commercial bills; commercial paper
efecto de eaptacl6n Inddental de benefidarios
snatching effect efectos de comerdo por cobrar
trade receivables
efedo de concentracicSn
focusing effect efectos en eobro, cobranza
float [banking]
efecto de demostrad6n
demonstration effect efedos eDemos
externalities [projects]
efecto de Oa) rattradcSn
trickle-down effect efectos financieros
financial paper
efecto de Ingrao, de renta
Income effect efedos negociables
eligible paper
efedo de Invemadero
greenhouse effect efectos publicos
government paper
efecto de primera clue
prime bill efectos publlcos, del Estado
government securities
efecto de sustitucicSn
substitution effect efectuar una operadcSn de swap, de Intercambio
de mooeda, de credito redproco
efecto de trinquete swap, to [finance]
ratchet effect
eficada
performance
 309

ef"Kacia en fundon de 101 c:ostoI ejerdcio (eeonOmico)

cost-effectiveness fiscal year; financial year

ef"aaz en el UIO de la energfa ejerddo contable

energy-efficient accounting period

eficaz en fundOn de 101 COROI elaboraclon

cost-effective development; processing

efidencia del UIO f'mal de la energia elaboracion de came

end use (energy) efficiency meat processing

eficiencia en la utilizacion del combustible elaboraciOn de material fabricado en otro pais

fuel efficiency offshore assembly. processing

efidencia estatica elaboracion de produdol agropecuariOi

static efficiency agroprocessing

efidenda marginal del capital elaboracion de un proyedo, de proyedol

marginal efficiency of capital project preparation

efidencia x elaboracion por via hUrneda

x-efficiency wet process [cement manufacture]

efidente y de costo mM bajo elaboradon por via aeca

cost-effective my process [cement manufacture]
eficiente y de costo minimo elasticidad-ingreso
cost-effective income elasticity

egresadOi elastiddad-ingreso de la demanda

output income elasticity of demand

ejecudon (de una hipoteca) elasticidad-precio

foreclosure own price elasticity; price elasticity

ejecucion de un contrato leeUn SUI termiOOI elasticidad-precio cruzada

specific perl'onnance cross price elasticity

ejemplar autenticado elasticldad con re.specto al ingreso

conformed copy income elasticity

ejercer efecto multipllcador [finanzas] elastiddad con respedo al precto

leverage, to price elasticity; own price elasticity

ejercer inftuenda elastiddad coBstante de snstitucion

leverage, to constant elasticity of substitution - CBS

ejerciclo (eeonomico) elasticidad cruzada

:financial year; fiscal year cross elasticity
310

elasticidad de la demanda eliminacion de aguas negras, senidas

elasticity of demand sewage disposal

elasticidad de la demanda en funcion del eliminacion de desechos

ingreso waste disposal
income elasticity of demand
eliminacion de tugurios, de zonas de tugurios
elasticidad de sustitucion slum clearance
elasticity of substitution
eliminar en Iibros
elasticidad del impuesto write off, to
tax elasticity
eliminar por etapas, progresivamente
elasticidad igual a la unidad phase out, to
unit(ary) elasticity
elusion del pago de aranceles (mediante el
elasticidad tributaria global establecimiento de una empresa en el pais)
tax buoyancy tariff jumping

elegibilidad para participar en una Iicitacion elusion legal de impuestos

eligibility to bid tax avoidance

elegible embargo preventivo

eligible [procurement] attachment pegal]; charge; lien pegal]

elemento embarque
component (of a project) shipping

elemento concesionario, de donacion embarque, desembarque ,or propulsion propia

concessional, concessionary element ro/ro [= roll-onlroll-off]

elemento concesionario, de donacion embarque, desembarque por propulsion propia

grant element roll-onlroll-off - mlro

elemento de disuasion, disuasivo emision

deterrent flotation [bonds]

elemento en divisas emision continua

foreign exchange component issues on tap; tap issue

elementos estabilizadores, automaticos, emision de acciones (con derecho preferencial

intemos, intrinsecos de suscripcion)
built-in stabilizers rights issue, offering

elementos no fisieos emision en divisas

software foreign currency issue

elementos nutritivos(as) emision exploratoria

nutrients red herring issue
 311

emisi6n fidudaria empresa en plena aetividad y crecimiento

note issue going concern; growing concern

emisi6n ofredda aI publico empresa estatal

public offering. borrowing state-owned enterprise - SOE

emisiones (de obligadones) en Europa empresa matriz

European flotations parent company

emisiones de organismos federales empresa mhta

agency securities, obligations [u.S.1 mixed enterprise

emitidos mediante ofen. publica empresa mixta, semipublic&, p&ramatal

publicly issued (bonds, etc.) semipublic company

empalme empresa produetiv&, que produce ingresos

splicing revenue-eaming enterprise

emplazamiento (de un proyecto) empresa publica

site public corporation

empleado "fantasma" empresa receptora del proyecto

ghost worker project enterprise [MIGA1

empleado contratado localmente empresarlo

local employee [IBRD] entrepreneur

empleo de (los) fondos empresas asocia. pertenecientes aI mismo

application of funds gmpo
sister companies
empleos de referenda
benchmark jobs empresas de servicios publicos
utilities
empresa comisionista
commissioned company empresas maquiladoras
in-bond industries
empresa con pocos ac:eionistas
closely-held corporation emprestito
loan capital
empresa conjonta
joint venture emprestito de suma global
lump sum borrowing [IFC]
empresa de obras y servidos de infraestructura
infrastructure developer emprestito reembolsable de una sola vez a su
vencimiento
empresa de servicios publico. bullet issue
public utility corporation
emprestito reembolsable de una sola vez a su
empresa del proyeeto vendmiento
project enterprise [MIGA] bullet issue
312

emprestitos ealifieados eneaje legal

qualified borrowing(s) [currency pool] legal reserve; minimum cash ratio; minimum cash
requirement; reserve requirement
emprestitos eompensatorios, contra depositos
offset borrowings encaje legal adicional
marginal reserve requirement
emprestitos en el exterior
foreign borrowing encargado de una edicion
editor
emprestitos giganteseos
jumbo borrowing(s) encargar
commission. to
emprestitos pendientes de utilizacion
undrawn borrowings encomendar
commission. to
en armonfa con, que armonice con el mere ado
market-friendly encuesta
survey
en condiciones concesionarias, muy favorables
concessional; concessionary encuesta (de seecion) transversal
cross section(al) survey
en el margen
at the margin encuesta basica
baseline survey
en el muelle (derecbos por euenta del
comprador) encuesta de actitudes
ex quay (duties on buyers' account) Attitude Survey [IBRO]

en existencia encuesta de gastos familiares

off-the-shelf household expenditure survey - HES

en pleno funcionamiento encuesta longitudinal

full development;, at [project] longitudinal survey

en terminos, cifras corrientes encuesta muestral, por muestreo

current terms, in sample survey [statistics]

en terminos, cifras reales encuesta por, de bogares

real terms, in household survey

enajenar a titulo oneroso encuesta puntual

dispose (of) for value, to one-shot survey

enanismo nutricional endeudado en exceso

stunting; nutritional dwarfing overgeared

encaje circulante, notante endeudamiento formso

floating cash reserve distress borrowing

energeticos de fuentes renovables

renewable energy
 313

energeticos renovable(s) eofermero(a) auiliar, no diplomado(a)

renewable energy practical nurse

energia a partir de biomasa eofermero(a) diplomado(a)

biomass energy registered nurse

energia comereial engorde en establo

conunercial energy stall feeding

energia de biomasa enlace

biomass energy splicing

energia de fuentes convenclonales enlace UHF, en freeuencia ultraalta

conventional energy UHF link [telecommunications]

energia de fuentes renovables enlace VHF, en freeuencla muy alta

renewable energy VHF link [telecommunications]

energia entregada enmienda presupuestaria presidential

delivered energy budget amendment [U.S.]

energia final, secundaria enmiendas aI Convenio Constitutivo

final energy; secondary energy amendments to the Articles of Agreement

energia hidroeleetriea ensayo de variedad(es)

hydroelectric power; hydropower variety trial

energia reeibida enseianza a distancia

received energy distance learning, teaching

energia renovable(s) enseianza en doble jomada, de doble tumo

renewable energy double shift teaching system

energia secundaria, final enseianza en multiples tumos, jomadas

secondary energy; final energy multishift teaching

energia sustitutiva enseianza privada con memdo(s) patentado(s)

alternative energy proprietary training

enfermedad con base en el agua enseianza simult4nea de varios grados

water-based disease multigrade teaching

enfermedad de transmisi6n vedorial enseres domesticos

vectorborne disease household goods

enfermedad transmitida ,or el agua entidad de pristamos en condiciones ordinarias,

waterborne disease no concesionarias
hard loan window
eufermedad vineulada con la falta de higiene
water-washed disease entidad paraestatal
parastatal [noun]
314

entomo propiclo, favorable equilibrio fiscal, del presupuesto

enabling environment fiscal balance

entrada equipo de computaciiin

intake bardware

entrada de capital equipo de conmutaciiin

capital inflow switching equipment [telephone]

entrada en vigor de un convenio equipo de evaluaci6n

effectiveness of an agreement appraisal team [IFC]

entrada equipo de perforadiin petrolera

returns; revenues oil (drilling) rig. platfonn

entrada de fondos equipo(s)

cash inflows equipment

entrar en producdiin equivalente de subsidio aI consumo

stream, to go on consumer subsidy equivalent - CSE

entrega futura, a plazo equivalente de subvendiin de precios aI

forward cover productor
producer price equivalent - PPE
entregado con derechos pagados
delivered duty paid - DDP equivalente en ailos-personal
staffyear equivalent - SYE
entregado en frontera
delivered at frontier - DAF equivalente en donadiin
grant equivalent
entregar
release. to [capital] escala de precios
price range
envio
referral; shipping escala decreciente
degressive scale
envio en comisiiin de servido
secondment escalada de tarifa
tariff escalation
epizootia
epidemic disease [livestock] escapatoria tributaria
tax loophole
equidad
equity escasez de diilares
dollar gap
equidad horizontal
horizontal equity escorrentia
runoff [water]
equidad vertical
vertical equity escritura de constituciiin
articles of incorporation; charter (of a company)
 315

escritura de constitucion de deuda espado libre

deed of trust clearance

escritura de fideicomiso especialidad (farmaceutica)

deed of trust brand name drug

escritura social especializacion

charter (of a company) advanced training

escuela de aplicacion especies esenciales

demonstration school~ laboratory school~ model key species
school~ practice school
especificacion de servicios laborales
escuela diversificada, polivalente performance work statement - PWS
comprehensive school
especificaciones de funcionamiento
escuela experimental performance specifications
demonstration school; laboratory school~ model
school; practice school especifico
brand name drug
escueJa organizada por seeciones
streamed school especimen de firma autenticado
authenticated specimen of signature
escuela preparatoria
contributory school; feeder school; preparatory especuJacion (en la Bolsa) aprovecbando
school informacion interna
insider dealing, trading
escueJa secundaria de primer cicio
junior high school especulador (en la Bolsa) que aprovecba
informacion interna
escurrimiento insider dealer, trader
runoff [water]
esperanza de vida
esferas empresariales, comerciales life expectancy
business community
esperanza matematica
esfueno propio mathematical expectation [mathematics]
self-help
espiral salarios-precios
esfueno tributario wage-price spiral
tax effort
espiritu empresarial
eslabonamiento descendente de una industria entrepreneurship
forward linkage of an industry
esquela
eslabooamientos interindustriales, entre tombstone
industrias
interindustry linkages esquisto bituminoso
oil shale
espaciamiento de los nacimientos
birth spacing
316

estabilizacion estado de Bujo de fondos

leveling off statement of changes in financial position; sources
and application offunds statement~ funds
estacion (de bombeo) de refuer.zo, de rebombeo statement; working capital statement; source and
booster (pumping) station use of funds statement; funds flow statement;
changes in working capital statement; statement of
estacion elevadora sources and applications of funds; statement of
step-up power station cash flows [World Bank]

estacion reductora estado de fuentes y utilizacion de fondos

step-down power station statement of changes in financial position; sources
and application offunds statement; funds
estadaa statement; working capital statement; source and
laydays~ Jaytime use offunds statement; funds flow statement;
changes in working capital statement; statement of
estadastieas del estado civil, vitales sources and applications of funds; statement of
vital statistics cash flows [World Bank]

Estado estado de gastos

government statement of expenditure - SOE

estado estado de ingresos y gastos, de perdidas y

status ganancias
income statement [US]; profit and loss account
Estado aereedor [UK]
sovereign creditor
estado de pagos (eertifieado)
Estado benefactor, providente progress certificate [IBRD1
welfare State
estado de situacion financiera
estado eonsolidado de ingresos y gastos statement of condition [IDA]
consolidated income statement
estado financiero
Estado Contratante financial statement
Contracting State [ICSID, MIGA1
estado finaneiero intermedio
estado de cuenta interim financial statement
statement of account
Estado que puede adherirse
estado de euentas por eobrar seg6n fecha de State eligible to sign (the Convention) [ICSID1
vencimiento
aging schedule [accounts receivable1 estado resumido
summary statement
estado de euentas verifieado, auditado
audited statement of accounts estado ribereno, eostero
coastal state

estaneamiento
stagnation (of the economy)
 317

estanflaci6n estructura
stagflation structural work

estanques de sedimentaci6n estructura de cabecera

sedimentation ponds head gate structure [irrigation]

estercoladura de base estructura de capital

basal dressing; bottom dressing capital structure

estercoladura de superficie estructura de la producci6n

top dressing [agriculture] product mix

estimaci6n cuantitativa estructura del capital social

bill of quantities ownership structure (of a company)

estimaci6n cuantitativa con precios estructura del comercio

priced bill of quantities trade pattern

estimaci6n de costos estructura iostituciooal

cost estimate institutional framework

estimaci6n de la base impositiva estructura organica

tax assessment; assessment for tax organizational structure

estimaciones cuantitativas preIimioares estructura social

preliminary estimates of quantities corporate structure

estimaciones presupuestarias estructura tarifaria escalonada

budget estimates stepped tariff structure

estimador de materiales estructuras met8Jicas

quantity surveyor metal works

estimulo estudiante (que no ha recibido eI primer titulo

incentive universitario)
undergraduate
estipulaciones
covenants [loan agreements] estudio
survey
estrangulamiento
bottleneck estudio (ambiental) preIiminar
environmental screening
estrategia ante (de) la deada
debt strategy estudio (de evaluaci6n) del sector privado
private sector assessment - PSA
estres ambiental
environmental stress estudio aeromagnetico
aeromagnetic survey; airmag survey
estres por falta de humedad
moisture stress estudio aeromagnetico
airmag survey; aeromagnetic survey
318

estudio basil estudiOl econ6mieo1 y Iectoriala

baseline survey economic and sector work ESW

estudio de factibilidad, de viabilidad estudiOl econOmicos y tectoriala de paises

feasibility study country economic and sector work CESW

estudio de los efecto& ambientales estudiOl operacionales

environmental review operational review

estudio de preinvenion estudios posteriOrel al primer titulo

preinvestment study, survey univenitario
postgraduate studies
estudio de recunos energetieOl [de un pais]
audit [energy] estudios 80bre finanzu naeionales
domestic finance studies
estudio de reeursos energetieos [de un pais]
energy audit estudios tec:nieos detallados
detailed design. engineering
estudio de seguimiento de egresados
tracer study [education] estudios tec:nieos preliminares
preliminary design. en~ring
estudio de suelos, edafologico
soil study, survey estudiol tec:nieos, de ingenieria
engineering studies
estudio de un easo pnimeo, de easos pr8.etieos
case study estudios univenitarios para obtener eI primer
titulo
estudio documental, de referenda undergraduate studies
desk study
etapa inidal
estudio preliminar development period (of a project, of a company)
reconnaissance survey
etiquetas verdes
estudio sismieo green labeling
seismic survey
eurobonOl
estudio 80bre un pais, paises Eurobonds
country study
euroemisiones
estudios avanzados Euroissues
bigher training
euroesterlina
estudios avanzados, superiores, de Eurosterling
perfeceionamiento
advanced studies evaluacion
perfonnance evaluation [personnel]
atudios eomparados entre paises
cross-country studies evaluaei6n (inidal) de un proyedo, de proyectos
project appraisal
estudios de posgrado
postgraduate studies
 319

evaluaciOn administrativa evaluaciOn ex post comblnada

audit; management audit [management] cluster audit

evaluacion ambiental evaluacion ex post de un proyecto, de proyectos

environmental assessment - EA project evaluation, audit

evaluaciOn con la participacion de los evaluacion ex post, a posteriori

beneficiarios ex. post evaluation
beneficiary assessment
evaluacion general, integral, a fondo
evaluaciOn con la participacion de los comprehensive auditing
babitantes de las zonas I1lrales
participatory rural appraisal, analysis - PRA evaluaclon Incorporada en los proyectos
built-in evaluation [projects]
evaluaclon de funciones diredivas
staff audit evaluacion inicial (tb.:nica y economica)
appraisal (technical and economic)
evaluacion de la pobreza COD la participacion de
los afectados evaluacion medica periodica
participatory poverty assessment - PPA periodic health assessment - PHA

evaluacion de los coslos durante la vida util (de evaluacion preliminar

equipos) preappraisal
life cycle cost evaluation
evaluacion previa
evaluacion de los efectos ambientales appraisal (technical and economic)
environmental impact assessment - EIA
evaluacion previa, ex ante
evaluacion de los efectos sociales ex. ante evaluation
social impact assessment - SIA
evasion (iJegal) tributaria, rISeal, de impuestos
evaluacion de los resultados tax. evasion
audit [projects]
evasion legal de impueRoS
evaluacion de recursos energeticos tax. avoidance
energy assessment
evolucion
evaluacion de resultados development
performance audit
ex officio
evaluacion del imp ado ambiental ex.-officio [ICSID]
environmental impact assessment - EIA
ex participante
evaluacion ex ante fellow [EDI]
appraisal (technical and economic)
examen
evaluacion ex post examination (of witnesses or experts) [ICSID]
evaluation [projects]
examen (ambiental) sabre el terreno
evaluacion ex post abreviada de un proyecto environmental reconnaissance
pass-through audit [IBRD]
320

examen de Ia ej~ucion de proy~tos sectoriales exclusion del rigimen de contabilidad en

sector implementation review - SIR valores devengados
nonaccrual status
enmen de la ej~ucion del (de un) proy~to
project implementation review - PIR excretas
night soil
examen de mediados del periodo (de una
reposicion) exencion (de una obligacion)
Midterm Review - MTR [IDA] waiver

enmen de mitad del ejercicio, de mitad de aDo exencion de impuestos

midyear review tax exemption

examen del uso de la energi'a exencion parcial

energy audit waiver

exam en medico exencion tributaria

health screening tax allowance

edmenes exento de derechos

achievement tests [education] duty-free

excedente exigencia
overhang claim

excedente de capacidad exigible

excess capacity callable (capital, subscription)

excedente del consumidor exigir el agotamiento previo de las vias

consumer surplus administrativas 0 judiciales (de un Estado)
exhaustion of local administrative or juridical
exceder el objetivo remedies [ICSID]
overshoot
exigir el reembolso anticipado de un prestamo
excepcion de incompetencia accelerate a loan
objection to jurisdiction [ICSID]
exigir el reembolso de un pristamo
exceso de empleo call in a loan, to
overemployment
exigir el reembolso de un pristamo antes de su
exceso de inversiones vencimiento
overinvestment accelerate a loan

exceso de olerta eximir (de una obligacion)

overhang waive, to

exceso de personal existencias

redundancy [staffing] inventory; inventories

existencias reguladoras
buffer stocks
 321

exoneradon temporal (pardal 0 total) de exportaciones de excedentes del mereado

impuestos interno
tax holiday spillover exports

expansion de la masa monetaria exportaciones en regimen de trueque

monetary expansion bartered exports

expansion monetaria exportador de petroleo con deficit de capital

monetary expansion capital-deficit oil exporter

expatriado exposicion
expatriate statement

expectativas inOacionarias expresado

inflationary expectations denominated in (dollars, etc.)

expectativas racionales expresar en cifras netas

rational expectations net out

experiencia extension
skills extension [agriculture)

expertos extension agricola

expertise agricultural extension

expertos en medio ambiente extensionista

environmentalist agricultural extension officer - ABO; extension
agent, worker
explotacion
development externalidades [proyectos)
externalities [projects)
explotacion a cielo abierto, a tajo abierto
[Chile) extracci6n
strip mining; open pit, open cast, open cut mining offi:ak:e [livestock]

explotacion agricola extraccion de madera

farm logging [forestry}

explotacion forestal extraccion exeesiva de irbcles

logging [forestry) tree mining; forest mining

explotacion inicial extracto

initial operation abstract (of a publication)

exportable 0 importable extraeto de euenta

tradable [adj.] statement of account

exportaciones de bienes y servicios extraordinaria

exports of goods and services - XGS below the line (item)
322

fabrieadon "Justo a tiempo" factoraje

just in time (JI1) manufacturing factoring

fabric:adon con ayuda de c:omputadoras fadores de atrac:don (dellugar de destino)

computer aided manufacture - CAM relac:ionados c:on la demand a
demand-pull factors
fabric:ac:ion de ac:ero en hogar abierto, en homo
Martin-Siemenl fadores de redlazo (dellugar de origen)
open-hearth steelmaking reiadonados con la oferta
supply-push factors
fabric:adon por via hOmeda
wet process [cement manufacture] fac:ultad
authority [legal]
fabric:adon por via seca
dIy process [cement manufacture] fac:ultad de adquisidon de c:ontratos con intere.
tope
faaimO de firma autentic:ado Global Cap Authority [IFC]
authenticated specimen of signature
fac:ultad de otorgar garantias
factor conc:esionario, de donadon guarantee authority
concessional, concessionary element; grant
element fac:ultad dedsoria, de decision
decision-making power
factor de c:arga
load factor [electricity] fac:ultad legal
legal authority
fador de conversion basado en eI c:onsumo
consumption conversion factor - CCF fac:ultad para c:onceder pristamos
lending authority
fac:tor de c:onvenion estAndar
standard conversion factor - SCF fac:ultad para c:ontraer c:ompromisos
commitment authority; authority [IDA]
fador de desc:uento, ac:tualizadon
discount factor fac:ultad para efectuar BWtIpS
Global Swap Authority [IFC]
fador de disuasion, disuasivo
deterrent fac:ultad presupuestaria
budget authority
fador de fondo de amortizadon
sinking fund factor falada de composidon
fallacy of composition
factor de intere. compuesto
compounding factor familia e:densa
extended family
factor de reeuperac:iOn del c:apital
capital recovery factor - CRF familia monoparental
one parent family; single parent family, household
fac:tor de revaluac:iOn
revaluation factor [currency pool] fudc:ulo
release [ICSID]
 323

lase ascendente, de expansion fianza de cumplimiento

upswing performance bond

lase descendente, de contraccion fianza de la olerta

downswing bid bond. garantee, security

lase inicial fianza de pago

development period (of a project, of a company) payment bond [US]

lavoritismo fianza de reembolso

cronyism repayment bond

lecha de activacion fianza por pago anticipado

trigger date [mRD] advance payment bond

lecha de cierre fideicomiso

closing date trust fund

lecha de cierre, de Iiquidacion fideicomiso "ciego"

settlement date blind trust

lecha de desembolso fideicomiso cuya composicion es desconocida

payout date por el beneficiario
blind trust
lecha de entrada en vigor
effective date fijacion anticipada del interes
anticipatoIY rate setting ARS
lecha de valor
value date fijacion dlculo de precios sociales
social pricing
lecha limite
cutoff date [debt] fijacion de carbono
caIbon fixation, sequestration
lenomeno de la doble tarea (de la mujer)
double-day phenomenon fijacion de cargos por el uso de las carreteras
road pricing
lertilidad
fecundity fijacion de precios
price fixing
lertilizante compuesto
compound fertilizer; mixed fertilizer fijacion de precios al cosio marginal
marginal cost pricing
lertilizante de superficie
top dressing [agriculture] f"ljacion de precios de transferencia entre
empresas
lertilizante nitrogenado intercompany pricing
nitrogen, nitrogenous fertilizer
fijacion de precios en funtion del costo
lertilizante simple cost pricing
single fertilizer
324

fijacion de preci08 equivalentes en operaciones fmanciamiento concatenado

de cofinanciamiento piggyback financing
loan equivalency pricing
financiamiento conjunto espedal
fijacion del costo de un pristamo S~JointFinancing
loan pricing, costing
financiamiento contra (actura
fijacion diferida de la tasa de intem y la normal financing
moneda
deferred rate and currency setting financiamiento de contrapartida
matched funding [IFC]; matching funds
fIjacion diferida del inteRS
deferred rate setting - DRS financiamiento de la deuda
debt funding
fijacion iUcita de precios (entre productores)
price fixing financiamiento de los iiltim08 venc:imient08
funding latter maturities
fijar
peg. to (prices, interest rates) financiamiento en apoyo de reformu de
politicas
filtro de tela policy-based lending; policy loans [IBRD]
bag filter; baghouse filter
financiamiento en condiciones comerdales
financiacion con, mediante deficit commercia1lending
presupuestario
deficit financing financiamiento en condiciones de Mercado
market-related lending
financiaci6n mediante endeudamiento
debt financing fmanciamiento en valores
security lending
financializaci6n
financialization financiamiento estructurado
structured financing
financiamiento a mediano 0 largo plazo
term financing financiamiento innovador, Imaginativo
creative financing
financiamiento combinado (del BIRF y la AIF)
blend financing; mixed financing financiamiento "mezzanine"
mezzanine financing
financiamiento complementario
complementary financing; follow-up financing; financiamiento para energia
repeat financing energy lending

financiamiento con garantla fmanciamiento para programu

collateral financing program loan, lending

financiamiento con recurso limitado financiamiento para un proyecto, para

limited recourse finance proyectos
project loan, lending
fmancjamiento con tipo de interis fijo
fixed-rate financing
 325

ftnod-mlento paralelo lIujo de capital

parallel financiDl capital flow; capital movement

IiDaDdamieato prerio lIujo de estudiantes, alumnos

prefinancing student flow

f'mandamiento retroactivo lIujo de fondos

retroactive filUlDC\ng; retrofinancing cash floW; funds floW; flow of funds

linanciuniento sin posibilidad de Reuno flujos de caja

nonrec:ourse :finance cash flow

finaDcbmiento transitorio lIujos de capital en condidones no

bridging arrangement, credit concesionariu
nonconcessional, nonconcessioruuy flows
flnanciuniento; pJan de f'manciamiento
financing package lIuJos de costos y beneficios
streams of costs and benefits
f'mca
farm lIuJo (de fondos) en condidones concesionarias
concessional flow
finea (de produedOn) de semiUu
seed farm lIujos f'manderos
financial flows
Ii...a eonsultora, de eonsultores
consulting firm lIujos oficiales
official flows [development]
Ii...ar un eonvenio, un acuerdo
execute an agreement, to focalizaci6n
targeting
rlBCalizacl.6n del desempe60, de los resultados
performance monitoring fomento
development
f'ucalizad6n ,or los pares
peer monitoring fomento dd comercio
trade promotion
ftto&enetiea
plant breediDl fondo comun de inversiones
money market (mutual) fund - MMF~ mutual fund
lIaibUidad monetaria
monetary ease fondo comu de monedas
currency pool
lIota
fleet [transpOrtation] fondo de amortizaci6n
sinking fund
fluctaaci6n de los ti,os de interes debida a la
fuga de eapitale8 fondo de anticipos
interest leakage imprest account, fund

lIuctuacl6n de predos fondo de capitalizaci6n de la deuda

price swing debt..equity conversion fund [IFC]
326

fondo de cobertura del riesgo cambiario fondo Olutuo que tobra comisi6n
foreign exchange coverage fund load fund

fondo de tomercio; "derecho de Dave" fondo para eI fomento de las exportaeiones

goodwill export developDlent fund - EDF

fondo de converd6n de Ia deuda en capital Fondo para la Maternldad sin Riesgos

debt-equity conversion fund [IFC] Safe Motherhood Fund [IBRDIWHO]

fondo de estabilizaci6n fondo rotatorio

stabilization fund revolving fund

fondo de estabilizaci6n cambiaria fondos de tontrapartida

exchange stabilization fund counterpart funds

fondo de igualaci6n, de equiparaci6n fondos de contrapartida

equalization fund IIUltched funding [IFC]; IIUltching funds

fondo de inversi6n en acciones fondos de explotaci6n

equity fund working funds

fondo de inversi6n que no cobra comisi6n fondos de Ifbre utilizaci6n

no load fund free funds [IDA]

fondo de inversiones fondos de Ifbre utilizaci6n de la AD

invesbnentcoDlpany.fund IDA's "free-funds"

fondo de inverdones de cartera fondos de un elia para otro

equity portfolio fund overnight funds

fondo de regulaci6n, de estabilizaci6n fondos de un prestamo 0 cridito

buffer fund proceeds

fondo de seguridad social fondos en efectivo

social security fund balances [cash]

Fondo de Subvenci6n de Intereses [= Tercera fondos fiduciarios

VentanilIa] funds-in-trust
Interest Subsidy Fund [= Third Window]
fondos intercambiables, transferibles
fondo fiduciario fungible funds
trust fund
fondos no disponibles para pristamos
fondo indicativo [fondo tomun de Olonedu] unreleased funds
reflecting pool
forestaci6n
fondo internacional de garantiu de credito afforestation
international credit guarantee fund
forfetizaci6n
fondomutuo forfaiting
Dloney market (DlUtual) fund - MMF; mutual fund
 327

formacl6n f6rmula de J'ilipinas

educational badcground; skills development Philippines formula [MOV]

formaci6n avanzada, especl.aJizada formulad6n

advanced training design

formacl6n bnata de c:apital rajo formulad6n de un proyecto, de proyectol

gross fixed capital formation - GFCF project design

formacl6n de c:apital forraje arb6reo

capital formation tree fodder

formad6n de instnadores fortaledmiento institudonal

wholesale training imtitution building

formacl6n de recul'808 humanos, de la mano de forzamiento radiativo

obra radiative forcing
manpower development
foscilad6n de precios
formac:i6n en el empleo, trabajo price swing
on-the-job training
fostonta
formacl6n en el propio pail phosphate rock; rock phosphate
retail training
foso IICptic:o
formac:i6n en el servido septic tank
in-servicetraining
frac:donamiento de adquisidones
formac:i6n en la empresa slice and package [procurement]
in-house training
franc:o a bordo - f.o.b.
formad6n interna de c:apital free on board - FOB
domestic asset formation; domestic capital
formation franc:o al c:oRado del buque - f.Ls.
free alongside ship - F AS
formad6n para el puelto, c:argo
job-related training franc:o de averla partic:uiar
free of particular average - FPA
formacl6n profesional
vocational training franc:o de c:arga y desc:arga - f.to.
free in and out - flo
formad6n teenica
technical background franco en muelle
free on quay - FOQ; free on wharf - FOW
formalizaci6n
delivery (of a contract) franc:o transportiRa
free carrier (named point) - PRe
formu novedosas de rmandamiento
creative financing franc:o vag6n
free on rail - FOR
328

franquicia funcionamiento y mantenimiento

deductIble [insurance] Operations & Maintenance - 0 & M

franquicia funcionario autorlzado

franchise authorized officer

franquicia correspondiente a la primera funcionario contratado localmente

perdida local employee [IBRD]
first-loss deductible [insurance]
fundonario de uistencia tUnica
freno fiscal technical assistant
fiscal drag
funcionario de extension, de divulgaciOn
fuel 00 outreach worker
fuel oil
funcionario denacado en el terreno
fuente (de contaminacion) no identificable field worker
nonpoint source
funcionario encargado de un pais
fuente puntual desk officer
point source [environment]
funcionario superior
fuena de ley senior manager
legal force
fundonarios
fuens de trabajo, laboral staff
labor force
funcionarios de contrapartida
fuga de capitales counterpart staff
capital flight; :flight of capital
funcionarios de nivel profesional
fuga de cerebros, mdo de intelectuales higher level staff
brain drain
fundonari08 superiores
fumigacion con tuque Uevado a la espalda senior level staff
knapsack spraying
fusion
funcion bienestar merger
welfare function; utility function
fusion (mediante fundacion de una nueva
funcion cataliza.dora empresa)
catalytic role consolidation (of companies)

funcion de bienestar social futuros

social welfare function futures

funcion objetivo futuros financieros

objective function [economic analysis] financial futures

funcion utilidad gama de precios

welfare function; utility function price range
 329

pnaderia prantia de fundonandento de acuerdo con las

animal husbandry espec:ificaciones garantizadas
"put right" guarantee
lanado de doble f'malidad
dual-purpose cattle garantia de la olerta
bid bond, garantee, security
ganado en pie
cattle on the hoof garantia de pago
payment guarantee
ganancia eambiaria
exchange premium guantia de primer grado
first ranking security
ganancia de capital
capital gain larantia de reembolllO
repayment guarantee
lananda neta
back value; netback value [energy] garantia irrevocable de reembolllO
irrevocable agreement to reimburse
gananda neta no reaJizada
net unrealized gain garantia pagadera a la vista
on demand guarantee
ganancia(s)
earnings larantia por pago antidpado
advance payment bond; advance payment security
ganancias de capital reaJizadas
locked in capital gains larandas relativas a la transformaciOn de
riesgos
ganandas no reaJizadas risk transformation guarantees
unrealized gains
garantizar un p.-estamo
ganancias ocasionales, eventuaJes secure a loan. to
occasional earnings
gas asociado
garante associated gas
underwriter [securities]
las de homo de coque
guanda coke oven gas
collateral; security
gas de petroleo licuado - GPL
garanda condicionaJ liquefied petroleum gas - LPG
qualified guarantee
gashomedo
garanda de cumplimiento wet gas
perfonnance guarantee [consultants]
gas naturallicuado - GNL
garantia de cumplimiento, contra el riesgo de liquefied natural gas - LNG
incumplimiento
perfonnance security [contracts] las no asociado
nonassociated gas
330

Plpobre gutos de emision

producer gas flotation costs [bonds]

PI que procbtce eI efecto de invemadero gutol de explotac:ion

greenhouse gas - GHG running costs

PI que produce retenclon termica gatos de explotadon, de operadon

heat trapping gas business expenses

gasif'lCac:i6n del carbOn gatos de explotac:ion, operac:ion,

coal gasification funclonamiento
operating expenses, costs
gas61eo
diesel fuel; diesel oil gutos de mantenimiento, conservac:ion
upkeep costs
gasto bnato de capital fiJo
gross fixed capital expenditure; gross fixed gatos descentralizados
investment unit-managed costs

guto concentrado aI comienzo de un periodo gatos diferidos

front-loaded spending deferred charges, expenses

gasto(s) de capital gados en efectivo

capital expenditure; capital outlay cash expenditures

gasto de eonllUlDO final privado gatol en petrOleo

private final consumption expenditure - PFeE oil bill [national]

guto discrecional gatos extraordinari08

discretionary spending nonrecurring expenses

gato no asignable gutolfijos

unallocatable expenditure :fixed costs

gasto(l) pliblico(l) gutosfiscales

government expenditure tax expenditures

gutos admisibles, ac:eptables, rmanaables gutos generales

eligible expenses overhead costs; overheads

gatos capitalizados gatos generales dired08

capitalized expenses managed costs

gatos centralizados gutos inidales, de instaIaaon

centrally-managed costs initial expenses

gutol eoncentrados aI comienzo de un periodo gatos medicos del personal retirado no

front loading cubiertos por eI sistema de pension
non-pension retiree medical costs
gutol fmiciales) de eoDBtitucl6n
formation expenses; organi7.ation expenses
 331

pstos ao monetarios gatiOn fmanciera de lu socledadea

nonc:ash expenses corporate finaDce

pstos ordinariOl (en pre&upu.eltOI) gesti6n participatoria

recurrent costs, expenditures participative management

pstos peri6ditol gesti6n ,or objetivos

recurrent costs, expenditures management by objectives - MBO

pstos preventiVOI girar rondos

defensive expenditures draw, to (funds)

pstos publitol de capital giro

public (capital) expenditure drawdown

pstosllUperiores a 101 previJtol giros pendientel de reembolso

overexpenditures outstanding drawings [1Mf]

generalizad6n globalizacl6n
stylized fact globalization

genetiIta [apedel vegetalea] gobenable

breeder [agriculture] manageable

gerentel gobierno
managers governance; government

gennoplasma grado de indinaci6n

gennplasm steepness (of a curve)

gesti6n de (los) rieagos graduaci6n (paso de las eondicionel de la AIF a

risk management ludel Baneo
graduation [IBRD]
geati6n de caja
cash management graduarse
graduate. to [Bank, IDA]
gesti6n de la demanda
demand management grMico de barril
barchart
gesti6n de Ia inltitucl6nt empresa
corporate management grMito de clrtuIaci6n
flow chart; process chart
gesti6n de la liquidez
liquidity management; liquidity portfolio grMitO de dilpeni6n
management scattered plotting

gesti6n de puiVOl grMieo de ejetud6n

liability management progress chart

gesti6n eeon6mica, de la eeoaomia grMito de ejetuti6n de Iu obras

economic management construction progress chart
332

grMico de sltuada. grupo de lngreso(s)

working table; peIformance chart; management income bracket
chart
Gl1IPO de los Cinco
gran computadora Group of Five
mainframe computer
Gl1IPO de los Diez
gran ordenador IEspda] Group ofTen
mainframe computer
Gl1IPO de los Quince
granja Group of Fifteen
farm
Gl1IPO de los 77
granja (de producclon) de semillas Group of Seventy-Seven
seed farm
Gl1IPO de los Side
granos albnentarlos Group of Seven
food grains
Gl1IPO de los Ve1nticuatro
gravamen Group of Twenty-Four
lien; charge [legal1
grupo de participacion abierta
gravamen (tributarlo) open-ended group
levy
grupo de trabajo
gravamen a las importaciones task force
import levy
Gl1IPO de Trabajo Intemacional de
grupo Compiladores de Estadisticas 80bre la Deuda
caucus (of countries at Annual Meetings) Extema
International Compilers Working Group on
grupo abierto External Debt Statistics
open-ended group
Gl1IPO del Banco Mundial
grupo beneficiario World Bank Group
target group
grupo desfavorecido
grupo de colocaciOn disadvantaged group
selling consortium, group, syndicate
grupo escogido (como meta)
grupo de direcci6n, directivo target group
management group; managing group
grupo impositivo
grupo de estudio tax bracket
task force
grupo muestra elegido
grupo de evaluadOD ambiental focus group
environmental (advisory) panel
gruPO objeto de
grupo de 9pertos target group
panel of experts; thematic team; think tank
 333

grupo previsto bidrofluorocarbono - HFC

target group hydrofluorocarbon - HFC

grupo vendedor bigiene ambiental

selling consortium, group, syndicate environmental health, sanitation

grupos de ingresos mb devados biperempleo

higher income brackets overemployment

grupos bomogeneos de diagn6stico bip6tesis

diagnostically related groups - DRG counterfactual

grupos que viven en la pobreza absoluta bip6tesis dd progreso tecnico incorporado

absolute poor embodiment hypothesis

guerra y disturbios civiles bistoria clinica

war and civil disturbance [MIGA] personal history [medicine]

guia del maestro hoja de asistencia

teacher's guide time sheet

babilitaci6n boja de plazos y condiciones

eligibility; eligibility conditions; empowerment tenn sheet

babilitaci6n de tierras boja electronica de cailculo

land development spreadsheet

bacer inveniones en acciones comunes bomo economicus

take a straight equity position, to economic man

bacerse cargo bonorario

take over, to consideration pegal, economic]

hambre oculta, encubierta bonorario anticipado

hidden hunger retainer

becho estilizado, de ocurrencia frecuente borario (de trabajo) bbico

stylized fact core hours; core (working) hours

bidrocarburos aromaticos policiclicos - HAP borario flexible

polycyclic aromatic hydrocarbons - P AlI flexitime; flextime

bidroclorofluorocarbono - HCFC bortaliza de fruta

hydrochiorofluorocarbon - HCFC fruit vegetable

hidrocraqueo buerta (de producci6n) de semillas

hydrocracking seed garden

bidrofluoroalcano - BFA idea

hydrofluoroalkane - HFA design
334

identificadon impuesto de la inflation

borrower ownership; ownership (of programs) inflation tax

identificacion de un proyecto, de proyectos impuesto de origen

project identification origin tax

importe de un prestamo 0 cridito impuesto de valorizaclon

proceeds betterment levy, tax

imposidon de pred08 por eI fabricante impuesto de valorizacion, sobre la plusvalia

resale price maintenance RPM land betterment tax

impresion (de computadora) impuesto en cucada

printout cascade tax

impreso (de computadora) impuesto para fines especif'lCos

printout earmarked tax

imprevistos impuesto por etapu, en caseada

contingencies multiple stage tax

imprevistos financieros impuesto progresivo

financial contingency graduated tax

impuesto a lu emislones de carbono impuesto que significa la inflacion

caI'bon tax inflation tax

impuesto a lu empresu impuesto retenido en la fuente

corporate tax withholding tax

impuesto a lu socIedades impuesto seglin uso rmal

corporate tax end use tax

impuesto aI conswno impuesto sobre el volumen, la cifra de negodos

excise tax turnover tax

impuesto at, sobre eI valor agregado, ailadido impuesto sobre gananciu de capital
IVA capital gains tax
value-added tax - VAT; tax on value added
impuesto sobre Ia plusvalia
impuesto cedular betterment levy, tax
schedular tax; scheduled tax
impuesto sobre la plusvalia
impuesto de capitation capital gains tax
poll tax; head tax; capitation tax
impuesto sobre lu utilidades
impuesto de iguaiadOn, de equiparadOn de corporate income tax [US1; business (profit) tax;
intereses corporation tax [UK]
interest equalization tax
impuesto sobre lu utiUdades, los beneficios
profits tax
 335

impuesto 80bre nOmin., incentivol para Ia inversion

payroll tax investment incentives

impuesto 1Obre, a la renta incidencia

income tax incidence [medicine]

impuesto 8Obre, a la(l) venta(l) indinacion

sales tax bias [economy; statistics]

impuesto 8Obre, a I., utilidades, los benef"lCios incorporar a I., actividades habituales (del
income tax [corporations] Banco)
mainstream. to
impuesto territorial
land tax incremento anual medio
mean annual increment - MAl [forestIy]
impuestos en mora
delinquent taxes incumplimiento de contrato
breach of contract
impuestos fronterizos
border taxes incumplimiento de obligaciones
default on obligations
impuestos ,or beneficios
benefit taxes [IBRO] indemnizacion
compensation
impuestos scpn mereado rlDai
destination taxes indemnizaciOn compensatoria
compensatory damages
imPUestOI 80bre la renta pre.suntiva, presunta
presumptive taxation indemnizaclon por accldentes de trabajo
workmen's compensation
impul80
tak.e-01I indemnizaclon por despido
severance pay
inadmisible
ineligible indemnizadon ,or terminaclon, resclsion, cese
de fundones, despido
inamovilidad tennination grant
security of tenure
independiente
incentivo free-standing; self-contained
incentive
indicador anticlpado
incentivo en dinero leading indicator
incentive payment
indicador coincldente
incentivo tributario convergent indicator
tax incentive
indicador contemporineo
incentivos de preei08 concurrent indicator
price incentives
336

indicador economic:o fndice de preciOi de 101 metalea y mineralea

economic indicator Metals and MineIals Price Index [IBRD]

indicador primario de las tendendas fndice de preciOi de 101 produdos agricolas no

economicas alimentariOi
bellwether (of economic trends) Non-Food Agricultural Price Index [IBRD]

indicador retrospectivo indice de recuento de la pobreza

lagging indicator headcount index (measure) ofpoverty; headcount
ratio-HCR
indicadores de las perspectivas econOmicu a
corm plazo fndice de recuperacion de la renta economica
Short Term Economic Monitor [IBRD] rent recovery index [projects]

Indicadores del desarroUo mundial indice de rendimiento total

World Development Indicators - WDIs Total Return Index [IFC]

indicadores del deaempefto, de la actuacion indice de rentabilidad total

perfonnance indicators Total Return Index [IFC]

fndice combinado de desempefto de la cartera indice de variaciOn

current blend [IFC] instability index

indice de aprovechamiento del forraje fndice de vida dinamica

feed conversion ratio dynamic life index [commodities]

indice de cobertura de las importadonea fndice de volumen

import coverage index quantum index

indice de eficiencia tecnica fndice del valor unitario de las exportaciones

technical-efficiency index - TEl unit value export index

indice de netel maritimos indice del valor unitario de las manufacturas -

ocean freight rate index VUM
(World Bank) Manufacturing Unit Value (MUV)
Indice de invemadero Index
greenhouse index
Indice del valor unitario de las manufacluras -
Indice de la calidad material de la vida VUM
Physical Quality of Life Index - PQU Manufacturing Unit Value Index [World Bank]

indice de octano indice en cadena

motor octane number - MON chain index

Indice de precios al consumidor fndice matico de las reservas (dos)

~nsumer price index - CPI Static Life Index [commodities]

Indice de precios de los alimentOi indice global de preciOi de 33 productos baisicos

Food Price Index [IBRD1 33-Commodity Aggregate Price htdex [IBRD1
 337

Indices de Cobenura Amplia de la CFI (Indices industria no localizada, sin vinculacion

IFCG) permanente
IFC Global Indexes (lFCG Indexes) footloose industIy

Indicet de la CFI de Valores para Invenion industria petada

(Indices IFC)) heavy industIy
IFC Investable Indexes (lFCI Indexes)
industria pionera, de van guardia
industria auiliar, abastecedora pioneer industIy
supplier industIy
industria tecnica, mednica, metalmecanica
industria basada en recursos naturales engineering industIy
resource based industries
industrias de elaboracion de productos agricolas
industria con gran intensidad de mano de obra agroprocessing industries
labor-intensive industIy
industrias de zona franca
industria de apoyo a Ia agricultura in-bond industries
agrosupport industIy
industrias maquiladoras
industria de elaboracion de alimentos in-bond industries
food processing industIy
inelasticidad con respecto aI precio
industria de la construction price inelasticity
construction sector
inestabilidad
industria de servicios volatility
service industIy
inflaciOn basica
industria del transporte por carretera core inflation
ttucldng industIy
inflacion de dos digitos, de 10% 0 mas
industria en decadencia, en crisis double digit inflation; two digit inflation
depressed industIy
inflacion de los precios de los activos
industria familiar, cssera, artetanal asset price inflation
cottage industIy
inflacion desenfrenada, galopante
industria fronteriza runaway inflation
border industIy
inflacion desfasada
industria tigera, Uviana lagged inflation
light industIy
inflacion galopante
industria metalmednica galloping inflation
heavy engineering industIy
inflacion inertial
industria naciente, incipiente inertial inflation
infant industIy
inflacion latente, oculta
hidden inflation
338

inflation producida ,or la (presion de la) informe f'lDai de ejecudoa - lEE

demanda Implementation Completion Report - ICR
demand-pull inflation
informe inidal
inflacion produdda ,or 101 warioa inception report
wage pull inflation
informe largo de auditoria
inflaclon progresiva long form audit report
creeping inflation
informe presupuestario trimestral
inflation provoeada ,or eI aIza de los costos apex report
cost-push inflation
informe IObre la marcha (de un proyedo), IObre
iDfladon SUbyaceDte la labor realizada, IObre lu actividades
underlying inflation progress report; status report

iDfluenda en eI mereado informe IObre lu repereusionel (de un

market power proyedo)
impact (evaluation) report
informacion desactualizada
dated information informe IObre miaion realizada
back-to-oflice report - BTO
informacion obtenida
feedback (of information) infracostos
cost underrun; underrun cost
informatizado
computerized infraestl1ldura (economica)
capital infrastructure
informe corto de auditoria
short form audit report infraestl1ldura rlSica
physical infrastructure
informe de cuentu ,or cobrar segUn fecha de
vendmiento infraestl1ldura primaria
aging schedule [accounts receivable] trunk infrastructure

informe de evaluacion de los efedos infraestl1ldura social

impact (evaluation) report community facilities; social infrastructure; social
overhead capital
informe de evaluacl6n ex post de un proyedo
project performance audit report - PPAR infrueguro
underinsurance
informe de evaluacl6n iniclal preparado ,or eI
personal ingenieria ambiental, del medio ambiente
staff appraisal report - SAR environmental engineering

informe de fin de miBlon ingenieria de dildo

end-of-mission document design engineering

informe de termination del proyedo, de ingenieria de procesos

proyectos -1TP process engineering
project completion report - PCR
 339

ingenieria del valor ingrao nadonal aJUItado eonfonne a

valueengineering conslderaeionel aDlblentalet - INA
environmentally adjusted national income - ENl
ingenieria ecol6gica
environmental engineering ingrao nadonal bnlto - YNB
gross national income - GNY
ingenleria linanelera [MUIeo)
financial engineering ingrao neto ,or senieios de 108 fadores
net factor service income
ingeniero eon_tor
engineering consultant ingrao per eApita, ,or babitante
per capita income
ingeniero hidrOlogo, hidrAulico
water engineer ingre80(S)
earnings; income
ingesta
intake ingreso(s) proveniente(s) de propiedades
public..
ingesta de alimentos property income [government]
food intake
ingreso(s) apicola(s)
ingesti6n farm income
intake
ingreso(s) de equUibrio
ingesti6n de alimentos equilibrium income
food intake
ingreso(s) de la propiedad, del patrimonio
ingestion de ealoriu property income [individuals, corporations]
calorie intake
ingreso(s) de los valores en eartera
ingrao aJustado eonfonne a eonsideradones portfolio income
aDlbientales
environmentally adjusted income - EAI ingreso(.) no proveniente(s) del trabajo;
ingreso(s) no salarial(es)
ingrao disereeional unearned income
discretionary income
ingreso(s) proveniente(.) del trabajo
ingrao disponible earned income
disposable income
ingrao(s) salarial(es)
ingrao imponible earned income
assessed. income
ingresos
ingrao interno bnlto - YIB returns~ revenues
gross domestic income - GOY
ingresos
ingrao marainal revenues; returns
marginal revenue product - MRP
ingresos corrientes
ingrao monetario current revenues
money income
340

ingrelOl de uplotacl6n, de operaci6n inmovilizaci6n de activo.

opemting income, profit warehousing (of financial assets)

ingrelOl de uportaci6n inmunidad tributaria

export earnings. proceeds immunity from taxation

ingrelOl de 101 ladores innovaciones inducidas por el agricultor

factor income farmerppull innovations

ingrelOl devengadOl, acumuladol innovaciones inducidas por eI usuario

accrued income do~ewninnovations

ingrelOl fiseales conientes innovaciones inducidas por la investigaci6n

current revenues upstrewn innovations; researchppush innovations

ingrelOl fiseales, tributarios inseripci6n

fiscal revenue perfection (of security); registration [Stock
Exchange]
ingrelOl monetarios, en efedivo
cash income inserito
registered
ingraol netos [BIRF)
net income inspecci6n previa aI embarque
pre-shipment inspection
ingraol no provenientes de las operacionel
nonoperating income inspector administrativo
management auditor
ingraol por (concepto de) inveniones,
derivados de inveniones inspector de bancol
investment income bank examiner

ingrelOl por intereses instalaci6n

interest earnings, income facility

ingraos por intereses instalaci6n de senicios en los lotes

interest income, earnings plot servicing

ingraos publico. instalaci6n sanitaria minima

government receipts, revenues wetcore

iniciaci6n de la lase ascendente instaladones

upturn (economic) physical facilities

iniciad6n de fa lase descendente instalaciones comunitarias

downturn (economic) social infrastructure; community facilities

inidar (sus) actividades instalaciones de elaboraci6n, transporte y

strewn, to go on distribuci6n
do~ewn plant. facilities
inidativa (politica)
political entrepreneurship
 341

instalaciones fisicu instnamento de aceptacion

capital works instrument of acceptance

instalaciones y bienel de equipo instrumento de compromiso condicionado

plant and equipment qualified instrument of commitment

institucion aliliada instrumento rmanciero con caracteristicu

affiliate patrimoniales
equity-like instrument
institucion afiliada que otorga el financiamiento
en condiciones concesionarias instrumentos cuasimonetarios
soft loan affiliate near cash instruments

institucion de credito, crediticia instrumentos derivado.

lending agency, institution derivative instruments

institucion de transferencia de hipotecas instrumentos juridicos, legales

secondary market mortgage institution legal instruments [agreements, etc.]

institucion financiera de desarrollo insuficiencia

development :finance company - DFC; shortfall
development :finance institution - DFI
insuficiencia de ingreso.
institucion paraeltatal income shortfall
parastatal [noun]
insuficiencia de las exportaciones
institucion principal export shortfall
apex bank, institution
insuficiencia de Iiquidez
instituciones de ahorro contractual liquidity shortage
contractual savings institutions
insuficiencia de los ingrelOs de exportacion
instituciones financieras intemacionales export shortfall
international :financial institutions -lFIs
insuficiencia de recursos
instituciones inversionistas resource(s) gap
institutional investors
insuficiencia de(l) capital
instrucciones capital inadequacy
software
insumo
instrucciones pennanentes input
standing instructions, orders
insumo de fondos en efectivo
instructor cash input [agricultural projects]
trainer
insumo no monetario
instrumento (oficial) noncash input
instrument [ICSIO]
integracion horizontal
horizontal integration
342

integradon progresiva intem lDayoritario

forward integration proprietary interest

integradOn regresiva intem no finandado

backward integration unfunded interest

integraeion vertical intem nOlDinal

backward-forward integration coupon rate (of a bond)

integrador de irregularidades interesadOi

bump integrator [highways] stakeholders

integrante de la Lista (de Condliadores 0 de interesea (cobrados, pagadOl)

Arbitros) interest charges
Panel member [ICSID]
interesea cobradol anticipad&IDente
intensidad constante de utilizadOn de energia unearned interest
constant energy intensity
interesel devengados, acumuladol
intensidad de capital accrued interest - AI
capital intensity
interesea durante Ia construcdOn
intensidad de cultivo interest during construction - IDC
cropping intensity
intenaz grifica para el uuario
intensificacion financiera graphical user interface - GUI
financial deepening
intermediation
intensificacion industrial intermediation
industrial deepening
intermediadOn dellDereado
intere&IDbio de derechOi de eJDision, market intermediation
cont&IDinacion
emissions trading intermediario de cridito agricola
agricultural credit intermediary
interC&IDbio de monedas
currency swap internaeional
cross..oorder; transterritorial
intere&IDbio de tipos de intem
interest (rate) swap internado
internship
interes compuesto
compound interest interrogatorio
examination (of witnesses or experts) [ICSlD]
interes conditional, contingente
contingent interest interrupcion delserviclo
outage [electricity]
interes economico directo
working interest [oils. minerals] intervalo
time lag
 343

interveneion inversion en eapital social eorrlente

statement net book value; current equity investment; net
investment
interveneiones dirigidu
targeted interventions inversion en msteneias
inventory investment
introdueeion (agrieultura]
accession inversion en forma de prestamo
loan investment
intrusion de agua salada
salt water intrusion inversion en infraestruetura social
social overhead investment
invasion
crowding in inversion exeesiva
overinvestment
invendon
development inversion fon:osa
forced investment
inventario de reeursos
survey of resources inversion insufieiente
underinvestment
inventario(s)
inventory; inventories inversion interna bruta * lIB
gross domestic investment - GDI
inversion (de eapital)
capital investment inversion naeional bruta - INB
gross national investment - GNI
inversion admisible
eligible investment [MlGA] inversion neta
net book value; current equity investment; net
inversion bruta en eapital fijo investment
gross fixed capital expenditure; gross fixed
investment inversion orientada a aumentar la efieieneia de
la produeeion y redueir los eoatos
inversion de tipo totalmente nuevo capital deepening investment
greenfield investment
inversion que no ba akanzado so pleno
inversion direeta distinta de las eontribueiones rendimiento
aI eapital social unseasoned investment
nonequity direct investment
inversiones de eartera
inversion en (el) eapital social portfolio equity
equity financing. investment
inversiones de eartera en eapital social,
inversion en activOi fljOi sedonario
physical investment portfolio equity investments

inversion en eapital fijo inversiones en aeeiones eomunes, haeer

capital expenditure; capital outlay; fixed take a straight equity position, to
investment
344

inversiones que han a1canzado su madurez, so juego de suma cero, nula

lase productiva zero sum game
mature investments [IFC]
juego de suma negativa
inversionistas estrategicol negative sum game
strategic investors
juego de suma positiva
inversionistas que Ie estimen adecuados, plus sum game; positive sum game
apropiadol
strategic investors juicio hipotecario
foreclosure
investigacion academica
academic research junta de comerclalizacion
marketing board
investigacion aplicada
applied research Junta de Directores
Board of Directors [IFC, MIGA]
investigacion basica
basic research Junta de Gobemadores [Banco, AIF, CFI]
Board of Governors
investigacion con finel de adaptacion
adaptive research jurisdiccion
chair, constituency of an Executive Director
investigacion inicial, de avanzada [World Bank]
pioneering research
jurisdiccion
investigacion operativa, de operaciones constituent(s) of an Executive Director
operational, operations research
kilometro lineal
investigacion sobre sistemas de produccion line kilometer [surveying]
agricola
farming systems research - FSR laboreo con abrigo vegetal
trashy farming
investigation y desarrollo
research and development - R&D labranza minima
minimum tillage
investigacion(es) en las explotaciones agricolas
on-farm research - OFR laguna tributaria
tax loophole
invitacion a la precalificacion
invitation to prequalify [contracts] lanzar una emision de bonos
float a loan, to
jarabe de mm de alto contenido en lructosa
high fructose com syrup - HFCS lastre fiscal
fiscal drag
jubilacion
retirement benefits; superannuation laudo
award [ICSID]
juego de gestion
management game leasing
finance lease; financial, full payout lease
 345

lecho de un rio ley de rendimient08 decrecientes

river channel law of diminishing returns

lenguaje de programacion de computadoras ley de utili dad marginal decreciente

computer language law of diminishing marginal utility

leila ley del presupuesto

woodfuel appropriation law [US]

letra aduanera garantizada ley(es) que autoriza(n)

customs duty bill enabling legislation

letra de cambio liberacion con autorizacion de convertibilidad

bill of exchange convertible release (of 18% currency) [IBRD]

letrina de cisterna y sifon liberation incondicional, irrestricta

cistern flush latrine blanket release

letrina de cubo liberacion restringida (de 108 montos del 18%)

bucket latrine restricted release (of 18% currency)

letrina de pozo liberalizar

pit latrine; pit privy deregulate

letrina de pozo anegado liberar

aqua privy release. to [capital]

letrina de pozo mejorada con ventilacion LIB OR [tipo, tasa de oferta interbancaria de
ventilated improved pit (VIP) latrine; VIP latrine Londres)
LmOR [London interbank offered rate]
letrina de pozo negro
vault toilet Iibre acceso a la informacion
disclosure of information
letrina de sifon
pour flush latrine libre comercio
free trade
levantamiento aeromagnetico
aeromagnetic survey~ airmag survey libre de derech08
duty-free
levantamiento del mapa escolar, de mapas
escolares Iibre determinacion
school mapping self-determination

levantamiento topogrifico libre intercambio

survey free trade

ley (de un metal precioso) libro del maestro

fineness (of a precious metal) teacher's guide

leyaplicable licencia
governing law franchise
346

liceneia de tiempo completo licitante que praenta la ofelia mas alta

day release; block release highest bidder

licencia general de importacion lidtante que praenta la oferta mas baja

open general licence - OOL lowest bidder

Iicitacion anticipada licuefaccion del carbOn

advance procurement action coal liquefaction

Iicitacion colusoria Iigero de Arabia Saudita

collusive tendering Saudi Arabian light (crude oil); light Arabian
crude
licitacion intemacionallimitada
limited international bidding - LIB lignito
brown coal
Iicitacion publica
competitive bidding; public tender; open tender Iimitacion voluntaria (del comereio)
voluntaly restraints (on trade)
licitacion publica intemacional
international competitive bidding - ICB Iimitacion voluntaria de las aportaciones
voluntaly export restraints - VER
licitacion publica nacional
competitive bidding in accordance with local limitadones por razones de prudencia
procedures; local competitive bidding - LCB prudential constraints

Iicitacion publica seg'lin procedimientos limite (para la concesion de financiamiento de

nacionales, anunciada localmente la AD 0 del Banco)
competitive bidding in accordance with local cutoff point (for Bank or IDA financing)
procedures; local competitive bidding - LCB
limite de aprobaciOn autonoma
licitante (que somete la oferta mas alta, mas free limit [IBRD]
baja)
bidder (highest/lowest) limite de credito
credit ceiling; credit limit
licitante calificado
qualified bidder limite de credito, de prestamos
lending limit
licitante cuya oferta ha sido aceptada
successful bidder limite de redescuento
rediscount ceiling
licitante favorecido
successful bidder limite estatutario de los presum08
statutory lending limit - SLL
Iicitante que presenta la oferta clasificada en
segundo lugar limite estatutario, legal, regiamentario
second lowest bidder statutoI)' ceiling

lieitante que presenta la oferta de menor precio limite mhimo de los presumos de aprobacion
lowest priced bidder autonoma
free limit of loan [DFCs]
 347

Umite ofieial para redbir financiamiento de la liquidaci6n por concepto de mantenimiento del
AIr valor
formal eligibility threshold; eligibility threshold; maintenance ofvalue settlement; settlement of
eligibility ceiling maintenance of value

Umite practico para redbir rmanciamiento de liquidez

laAIr cash :Dow; moneyness
operational cut-off; effective cut-off; operational
threshold liquidez discrecional
discretionary liquidity
limites a la facultad para contraer compromisos
impuestos por el priDcipio de proporcionalidad liquidez internacional
pro rata commitment authority limitations international liquidity

limpieza (del medio ambiente) liquidos de gas natural

clean-up (environmental) natural gas liquids - NGL

linea de capital accionario Lista de Conciliadores, de Arbitros

equity line [lFC] Panel of Conciliators, Arbitrators [ICSID]

linea de credito lista de efectivos laborales

credit line [lFC] return of labor

linea de credito a traves de un agente lista de precios

agency line; credit line on a agency basis [lFC] price schedule procurement]

linea de credito a traves de un agente Lista de Sustancias T6xicas Prohibidas

credit line on an agency basis; agency line [lFC] Restricted Toxic Materials List - RTML

linea de credito para productos multiples a lista final de selecci6n

traves de agentes short list
multiproduct agency credit line [IFC]
lista positiva
linea de pobreza positive list
poverty income threshold; poverty line
lIamada a licitaci6n
linea de subtransmisi6n, de transmisi6n invitation to bid, to tender
secundaria
subtransmission line; secondary transmission line llamada de cobro revertido
collect call; transfer charge call; reverse charge
linea de transmisi6n secundaria, subtransmisi6n call
secondary transmission line; subtransmission line
llamada de cobro revertido
liordizaci6n transfer charge call; collect call; reverse charge
fteeze dIying call

liquidacl6n de activos llanura inundada, de inundaci6n

asset stripping :Doodplain

liquidaci6n de impuestos lluvia acida

tax bill. demand acid rain
348

lote con servicios malnutrido

serviced area, lot, site malnourished

lote de prueba mancomunado y solidario

test plot joint and several

lote sin servicios, no urbanizado Mandato

undeveloped plot tenns of reference [e.g. consultants]

lotes y servicios manejable

sites and services manageable

lucba contra (enfermedades, desastres, etc.] manejo de rebaiios

control flock management; herd management

lucba contra plagas y enfermedades manipulacion de la contabilidad (para

pest and disease control aparentar una mejor situacion)
window dressing
lucba integrada contra las plagas
integrated pest management - IPM mano de obra calificada
skilled manpower
lugar (de un proyecto)
site mano de obra no calificada
unskilled labor
lugar de destino
duty station mano de obra ocasional
casual labor
lutita bituminosa
oil shale mano de obra semicalificada
semiskilled manpower
loz [entre cuerpos]
clearance mano de obra; poblacion activa
labor force
macrogestion
macromanagement mantenimiento
sustainability
madera
timber mantenimiento de rutina, rutinario
routine maintenance
madera en pie
timber mantenimiento del valor
maintenance of value - MOV (ofIBRD capital)
madera redonda
roundwood manual del instructor
teacher's guide
maduracion
maturation (of borrowers from IDA to IBRD maquioa de tratamiento de textos
loans) word processor

malnutricion marcar
malnutrition peg out, to [surveying]
 349

marco de politicas margen entre los precios

policy framework price spread. differential

marco institucionai margen entre tipos, tasas de interes

institutional framework interest-rate differential

marco nonnatwo margen estudar

policy framework benchmark spread

marco temporal, cronologico margen financiero

time frame financial spread

margen margen neto de interes sabre el promedio de

risk spread activos productivos
net interest margin on average earning assets
margen (bancario) bruto
gross margin; banker's spread; banker's markup; marginado
gross earnings margin [banks] underprivileged

margen (de precio) en concepto de riesgos masa salarial

risk allowance (projects] wage bill

margen (entre las cotizaciones aI contado y a materia

tennino) subject matter [education]
spread (between spot and forward quotations)
material (de transporte)
margen (p.ej., entre el costo de los emprestitos y equipment
el interes sabre los prestamos)
spread (e.g. between borrowing cost and lending material complementario
rates) balancing equipment

margen de competitividad intemacional material de propagacion

international competitiveness margin - ICM planting material

margen de maniobra material didactico

headroom [World Bank] educational material

margen de preferencia material didactico, pedagogico

margin of preference; preference, preferential instructional aid
margin
material fungible
margen de preferencia a empresas nacionales expendable equipment
domestic preference; preference margin;
preferential margin; margin of preference material genetico, de mejora [especies
(procurement] vegetaies]
breeding material
margen de utilidad
mark-up material no fungible
nonexpendable equipment
margen de utilidad, de beneficios
profit margin
350

material pedagogico buico mecanismo de financiamiento transitorio

teacher's kit bridging facility

material vegetativo mecanismo de opciones

planting material exit mechanism

materiales buicos mecanismo de participacion

feedstock voice mechanism

materiales didacticos mecanismo de precios de intervencion

learning materials; teaching aids Trigger Price Mechanism - 1PM [US]

materia buicas mecanismo de prestamos a intermediari08

core subjects; basic subjects [education]; feedstock wholesale mechanism; wholesaling

matricula mecanismo de reajuste automatico (del tipo, de

enrollments la tasa de interes)
automatic resetting mechanism [IFC]
matriculado
registered [vehicle] mecanismo de salida de cata
baskete~o~ exitmechanism[(J~1lI1
matm de contabilidad social
social accounting matrix - SAM mecanismo de suscripcion de reserva
backup (underwriting) facility
matm de referencia cruzada, comparacion
crosswalk document mecanismos de apoyo
backstopping
maxima estacional
seasonal peak mecanismos de credito, creditici08
credit facilities
mayor pago inicial de la pOl"Cion pagada de las
suscripciones de capital mecanismos oficiales de control
front loading of the subscription [lBRD] command-and-control instrument. regulation

mayoria calificada media armonica

qualified majority harmonic mean [statistics]

mayoria especial mediamovil

special majority running average; moving average

mecanismo media ponderada

facility weighted average

mecanismo administrativo medicamento generico

administrative machinety generic drug

mecanismo complementario medico "descalzo"

additional facility [ICSID] barefoot doctor

mecanismo de emergencia
contingency mechanism [IMFlWorld Bank]
 351

medida a que la uiJtenda es concesionaria, mejora de las condidones de la deuda

muy favorable debt enhancements
degree of concessionaJity
mejoramiento
medida global de la ayuda - MGA development
aggregate measure of support - AMS
mejoramiento ambiatal
medida provisional environmental enhancement
provisional measure [ICSID]
mejoramiento de tiems
medida temporal, de transidon land improvement
stopgap measure
mejoramiento de zonas, barrios de tugurios
medidas de politica slum upgrading
policy-based assistance
mejorar las condiciones de la nueva deuda
medidas de proteccion social enhance new debt, to
safety net; social safety net
mejoras a las explotaciones agricolas;
medidas a materia de iDversiones reladonadas adecuacion predial
con el comereio on-farm developments. improvements
trade-related. investment measures - TRIMS
memorando de acuerdo
medidor de materiales memorandum of understanding
quantity surveyor
memoranda de evaluaciOn a: poat de un
medieria proyecto
sharecropping project pedonnance audit memorandum - PP AM

medio dreulante memorando de transmision

money stock, supply covering memorandum

medio de pl1leba memorando juridico

evidence [ICSID] memorandum of law

medio receptor Memorando sobre Arreglol AdmiDistrativos

sink (e.g. of greenhouse gases) Memorandum of Administrative Arrangements
[ICSID]
mediol
facility memorial
memorial [ICSID]
medios de informacion, difusion, comunicacion
mass media menu desplegable
pull-down menu
mediol empresariala, comereiales
business community mereado abierto
open market
m.edios y arbitrios
ways and means mereado activo
buoyant market
352

mereado aI eontado merudo especializado, para productos

spot market; cash market [foreign exchange] especifieos
niche market
mereado aldsta
bull market mereado enrabunatil, fuera de bolsa
over-t;he-(;ounter market; curb market
mereado bajista
bear market mereado e:ltraterritoriaI
offshore market
mereado de capitaI(es)
capital market mereado favorable a los eompradores
buyer's market
mereado de eompeteneia, eompetitivo
competitive market mereado favorable al vendedor
seller's market
mere ado de eompradores
buyer's market mereado finandero
open market
mereado de divisas a termino, a plazo
forward exchange market mereado gris
grey market; gray market
mereado de divisas, de eambios
foreign exchange market mereado monetario, de dinero
money market
mereado de dos niveles
two-tier market mereado muy activo
deep market
mereado de eurodivisas
Eurocurrency market mereado negro, clandestino
black market
mereado de futuros
futures market mereado secundario
secondary market
mereado de produetos disponibles, de entrega
inmediata mereado sustitutivo
spot market [commodities] surrogate market

mereado de swaps mereadol bien establecidos

swap market mature markets [securities]

mereado de trabajo, laboraI mereados emergentes, incipientes

labor market emerging markets [securities]

mereado de vaIores mereaneias de detaIle

securities market less than carload freight - LCL

mereado de vendedores mereancias en deposito, en aImaeen de aduanas

seller's market bonded goods

mereancias en existencia
off-the-shelf goods
 353

mes-funcionario miembro no fundador

staff-month nonoriginal member [MIGA]

metodo eontable, de eontabllidad miemb1'08

accounting procedure membership [lFC]

metodo de aetualizacion de los flujos de fondos millones de barriles diario. de equivalente en

discounted cash flow (DCF) method petrileo - mbdep
millions of barreis per day oil equivalent - mbdoe
metodo de "eon y sin"
"with-and-without" test [projectsJ minerales no combustibles
nonfuel minerals
metodo de la lista de opciones
menu approach minimo
hard core [projectsJ
metodo de los euadrados de rendimiento
crop-cut method ministerio de ejeeucion
spending ministry
metodo de los efeetos
effects method [project appraisal] ministerio de operaciones, sectorial, de
ejeeueion
metodo de maxima verosimiUtud line ministry, department
maximum likelihood method
ministerio que efeetUa gastos
metodo de mfnimos eoadrados spending ministry
least squares method
ministerio responsable de una sola industria
metodo de roza y quema branch ministry
slash-and-bum cultivation
ministerios de hacienda y de planificacion
metodo dd camino eritieo core ministries, departments
critical path method - CPM
mision de estudio
MIBOK (tipo, tasa de oferta interbanearia de survey mission
Madrid)
MlBOR [= Madrid Interbank Offered Rate] mision de estudio de oportunidades de inversion
investment review mission [ffiRD]
microdatos
microdata mision de evaluacion eomplementaria
post appraisal mission
mieroenseilanza
microteaching mision de evaluaeion ex post
audit mission; evaluation mission
mierogestion
micromanagement mision de evaluacion ex post
evaluation mission; audit mission
miembro de pleno dereeho
full member mision de evaluaeion inicial, previa, ex ante
appraisal mission
miembro fundador
original member [MIGA]
354

mision de evaluaeion preliminar moddo de iDsumo-producto

preappraisal mission input-output model

mision de eu.men modelo de las dOl brechas

review mission two-gap model

mision de eumen extemo modelo de normas de diseiio y mantenimiento

external review mission de carreteru
Highways Design and Maintenance Model - HDM
mision de rmalizaclon (previa ala terminacion [IBRD]
de un proyecto)
graduation mission [IBRD] moddo de oferta
bid form
mision de supervision
supervision mission modelo de paridad de los tipos de interes sin
cobertura
mision de supervision general dd proyecto a uncovered interest rate parity model
mediados del periodo de ejecuclon
midterm project review mission [World Bank] modelo estandar mfnimo modificado
revised minimum standard model - RMSM
mision en el terreno, de observacion en el
terreno moddo emaustivo
field mission, assignment ultimate model

mision general moddo multisectorial de equilibrio general

full mission multisectoral general equilibrium model

mision multidisclplinaria moddos de documentos de licitacion

composite mission model bid documents

mision residente moderaciOn

resident mission self-restraint

modalidad del comercio moderacion financiera

trade pattern financial restraint, stringency

modelo modernizacion
design rehabilitation

modelo agregado, global modemizacion de la estructura industrial

aggregate model deepening of the industrial structure

modelo computadorizado de equilibrio general modificacion de los vencimientos

computable general equilibrium (CGE) model maturity transformation

modelo de (presentacion de) ofertas modificacion de producto8 fabricados en serie

form of bid, tender custom retrofitting

moddo de contrato mOdulos audiovisuales de capacitacion

form of contract multimedia training modules [EDI]
 355

moneda admisible moneda vincuJada

eligible currency tied currency

moneda de cuno legal moneda vinculada al oro

legal tender gold-pegged currency

moneda de intereambio monedas que integran la cesta del BEG

trading currency SOR currencies

moneda de intervention monetization

intervention currency monetization

moneda de la garantia monoeultivo

guarantee currency monoculture; sole cropping

moneda de libre convertibilidad montaje de material fabricado en otro pais

freely convertible currency offshore assembly, processing

moneda de libre uso monto de la garantta contingente

freely usable currency; unrestricted currency standby amount of guarantee

moneda de reserva monto de los prestamos bancarios vigentes

reserve currency bank exposure

moneda de uso restringido monto de los prestamos desembolsados y

restricted currency pendientes
bank exposure
moneda debil
soft currency monto del 1%
2% currency [IBRD]
moneda distinta del monto del 18%
oon-18% currency monto dd contrato
contract price
moneda extranjera
foreign currency, exchange monto global
aggregate; lump sum price
moneda fronteriza
border currency (unit) monto global actuarial
actuarial lump sum
moneda fuerte
hard currency; strong currency monto mUbno de garantia
maximum amount of guarantee
moneda importante
major currency monto neto de los giros
outstanding drawings [IMF]
moneda national
domestic currency; local currency monto pagado de las suscripciones de capital
(BIRF]
moneda "vehiculo" paid-in capital subscriptions [IBRD]
vehicle currency
356

monto(s) del 18% (pagado(s) por un miembro movimiento descendente

en so moneda) downswing
18% currency [IBRD maintenance of value]
movimientos de capital en condiciones no
montos del 18% en prestamo concesionarias
18% currency out on loan [IBRD maintenance of nonconcessional, nonconcessioruuy flows
value]
muellaje
montos retenid08 en prantfa dockage; wharfage; wharfage charges
retention money
muestra aleatoria, al azar
moratoria random sample
tax deferral
muestra autoponderada
mortalidad de nii'los menores de un aDo self-weighting sample
infant mortality
muestra representativa
mortalidad en la niila [uno a coatro aios de cross section sample
edad]
child mortality muestreo por conglomerados, grupos
cluster sampling
mortalidad infantil
infant mortality multa
liquidated damages
modn
riot [MIGA] multicopiado
processed
motivaci6n (politic a)
political entrepreneurship multiplicador del credito
credit multiplier
movilizaci6n
harnessing multipropiedad
time sharing [computers1
movilizar (fondos, etc.)
raise, to (funds, etc.) necesidades de financiamiento del sector
publico
movimiento public sector borrowing requirement - PSBR
turnover
necesidades netas de efectivo
movimiento ascendente net cash requirements - NCR
upswing
necesidades sociales
movimiento de capital social wants
capital flow; capital movement
negociaci6n de bloques de acciones
movimiento de estudiantes, a1umnos block trading
student flow
negociaci6n en pie de igualdad, entre iguales
movimiento del inventario, de las existentias arm's length negotiation
inventory turnover
 357

negodadones araneelarias, sobre aranceles no contabilizado

tariff negotiations, round unaccounted. [e.g. water, electricity]

negoc:iaciones COJDerdales multilaterales no disponible - n.d.

multilateral trade negotiations - MTN not available - n.a.

negociadones por via eIpedita no especificado en otra parte - n.e.p.

fast-track procedures not elsewhere specified. - n.e.s.

Divel critico de COIlBUlDO - NCC no exportable 0 importable

critical consumption level - CCL nontradable [noun1

Divel de aJfabetizacion no garantizado

literacy level unsecured. (note, loan, etc.)

Divel de endeudamiento reiativo al capital no babilitado

leverage (ratio) [US]; gearing (ratio) [UK] ineligible

Divel de ingreso no indieado separadamente - n.La.

enttylevel not included. elsewhere - nj.e.

Divel de ingreso(s) no redimible antes del vencimiento

income bracket noncallable [bond]

Divel de reemplazo, de renovacion no rescatable antes del vencimiento

replacement level [population] noncallable [bond]

Divel de vida no se aplica - n.a.

standard of living not applicable - n.a.

Divel estable de premunos nombramiento de plazo fijo

steady state lending fixed. term appointment

Divel freineo nombramiento ordinario, permanente

groundwater table regular appointment [IBRD]

Divel impositivo nombre generico

tax bracket nonproprietary name

Divel sostenible de prestamol nomina

sustainable level of lending - SLL payroll

Divelacion norma (del Manual de Personal)

:flattening out; leveling off stafIrule

Diveles de supervision norma de ofena firme

supervisory grades firm bid rule

Diveles mediol normas de disciplina y control

supervisory grades prudential supervision and regulation
358

nonnas de diseilo naero de animales al final del periodo

design standards contable
closing stock [livestock]
nonnas de prudente discredon
prudent man rule naero de estudiantes que pasan ,or el sistema
escolar [educaclon]
nonnas generales throughput
guidelines
nutrientes
nonnativa nutrients
policy framework
obUgacion contingente
nota sobre politica economica contingent obligation
economic policy note [ED!]
obUgacion tributaria
nota teenica tax liability
technical note
obligaclones
notificacion de desembolso liabilities
disbursement letter
obligaeiones a la vista
notificacion de impuestos sight liabilities
tax bin. demand
obligaciones en, ,or concepto de depositos
notificacion de registro deposit liabilities
notice of registration
obligaclones relaclonadas eon el serviclo de la
nuclearizacion deuda
nuclearization [education] debt service requirements

nucleo obligaclones sin rmanclamiento previsto

bard core [projects] unfunded liabilities

nucleo habitaclonal obragruesa

dwelling core shell (of a building); structural work

nueva cireunstancia obras civiles

development civil works; public works

nueva situaclOn observaeion

development monitoring

numerario observacion del desempeilo, de los resultados

numeraire performance monitoring

numerario del fondo comu de monedas obstaculo a Ia salida del mereado

pool unit exit barrier

nilmero de alumnos matriculados obtencion de cotizaciones

enrollments prudent shopping
 359

obteneion de eDlPristitoi gipntelco8 oferta pardal

jumbo borrowing(s) component bidding

obtener (fondos, etc.) oferta publiea

raise, to (funds, etc.) borrowing from the public

obtener df.... neW oferta publiea

net out public borrowing. offering

obtener un eDlPristito ofelia publiea de eompra - OPT

float a loan, to takeover bid

obtener un prestamo ofieial de desembolsos

secure a loan, to disbursement officer

octanaje ofieial de extension de zona - OEZ

motor octane number - MON zone extension officer - ZEO [agricultural
extension]
oeupante sin titulo, Hegal, preeario
squatter ofieial de extension, de divulgadon agrioola
extension officer
oeupar terrenos Hegalmente, sin tener dereeho
squat, to ofidal del p..estamo, de p..estamos
loan officer
oferta
tender ofieial del proyedo, de proyedos
project officer
ofelia a1ternativa
alternative bid [procurement] ofieializadon de la deuda
officia1ization (of debt)
oferta de aedones (eon dereeho preferendal de
suseripeion) ofieina de eentralizadon de tramites
rights issue, offering one-stop agency, shop

oferta de eapital ofieina de impuestos

capital supply tax office

oferta evaluada eomo la mas baja ofieina del representante residente

lowest evaluated bid resident office

oferta exeesiva ofieina exterior, fuera de la sede

oversupply field office

ofelia fuera de plazo, tardfa ofieinas en a1quiler temporal

late bid chum :factor

oferta monetaria ofieinas provisionales

money stock. supply swing space

ofelia no favoreeida (eon la adjudieadon) ofun atiea

unsuccessful bid office automation
360

olilOPolio C01U80rio operacion de laranda de emision

collusive oligopoly underwriting commitment [IFC]

OlilOPolio C01U80riO opHcito operacion deficitaria

(explicitly) collusive oligopoly money-losing operation

oncocercosis operaciones "en reserva"

onchocerciasis; river blindness reserve operations [lending program]

oncocercosis operaciones de cobertura, de proteccion

river blindness; onchocerciasis cambiaria
hedging
ONG aut6ctona
indigenous NGO operaciones de pase [Argentina]
swap
opcion
trade-off operadones invisibles
invisible transactions
opdon [proyectos]
alternative [projects} operador(a) de tratamiento de tenos
word processor
opcion a participar en el capital social
equity feature [IFC) opinion juridica
legal opinion
opcion de compra
call option optimization de los recUr80S
value for money
opcion de compra de acciones
stock option optimo de Pareto
Pareto optimum
opcion de venta
put option orador principal
keynote speaker; keynoter
operacion
venture [IFC] orden de compra
trading ticket [capital :m.arket]
operacion bursatil
stock exchange transaction orden de compra general
blanket purchase order - BPO
operacion concertada por, con un club
bancario, consorcio orden de proceder
club deal notice to proceed [contracts]

operacion conjunta orden de venta

joint venture trading ticket [capital market]

operacion de compromi80 de compra ordenacion

standby commitment [IFC] control

operacion de demostracion
demonstration activity
 361

ordenadon de cuencas hidrogrMicas, de organismo de ejecudon

vertiente. executing agency [UNDP]; implementing agency
watershed management
organismo de energia afiUado al Baneo
ordenadon de las aguas energy affiliate
water management
organismo del proyedo
ordenaclon de tierras lridu project agency
dryland(s) management
organismo director, prindpal
ordenacion de tierras de pastoreo lead agency
range management
organismo espedalizado
ordenacion forettal sostenible specialized agency [UN]
sustainable forestIy
organismo paraestatal
ordenadon monocfdiea parastatal [noun]
monocyclic management
organismo prindpal
ordenaeion poliddka parent body
polycyclic management
organismo regulador
ordenadon salarial regulatory agency
wage control
organismo responsable del proyedo
ordinaria, (partida) project agency
above the line (item)
organismo IOUcitante
organismo &filiado de energfa Requesting Organization [ICSID]
energy afiU.iate
organismos intemaeionales de produetos
organismo agente de cobranza bAlkos
billing agent international commodity bodies - lCBs

Organismo Anfitrion organization de base, eomunitaria

Host Organization [lCSID] grass roots organization

organismo de centralization de trAmites organization de meditina preventiva

one-stop agency, shop health maintenance organization - HMO

organismo de duificadon de valores organizacion gremial, patronal

rating agency trade organization

organismo de eontrapartida organization no gubemamental - ONG

counterpart agency nongovernmental organization - NGO

organismo de erMito, ereditido organization privada de voluntarios

lending agency, institution private voluntary organization - PVO

organismo de derecbo publico organizadon sin fines de luero

statutory body nonprofit organization; not-for-profit organization
362

organ_iones internadonales de produdol pagare del Tesoro

bUieol Treasury note
international commodity organizations - leOs
pagare del Tesoro a corto plazo
6rgano dedsorio, de dedsi6n Treaswy bill
decision-making body
pagare descontado
6rgano prindpal discount note
parent body
pagare no negociable
orlentaci6n nonnegotiable note
student placement
pagare participatorio
orientad6n profesional income note
vocational guidance
pagare que devenga intereses
orientado bacia eI interior interest bearing note
inward-looking; inward-oriented [country; policy]
pagare sin intereses
orientado bacia )a exportad6n noninterest bearing note
export-oriented
pagares con pago del principal vinculado a los
orientar a gmpos espedficos tipos de cambio de diversas monedas
1arget, to principal exchange rate linked securities notes

otru corrienta ofidales pago

other official flows - OOF consideration [legal, economic]

otros flujos ofidales pago a cuenta

other official flows - OOF progress payment

6xido nitroso pago al contado

nitrous oxide cash payment

6:ddos de nitr6geno pago anticipado

nitrogen oxides (NOJ advance payment

amno estratosferico pago de cesantia

stratospheric ozone severance pay

pagadero a la vista, contra presentad6n pago de contrapartida

payable on demand matching payment

pagare pago en efectivo

note [capital markets]; pronllssoty note cash payment

pagare a la vista pago en el dia

demand note intra-day settlement

papre con interes variable, ftotante pago en espede

floating rate note payment-in-kind - PIK
 363

pago final, global pais de gran crecimiento economico

balloon payment high performing economy

pago parcial pais de ingreso bajo

progress payment low income country

pagos anticlpados de exportaciones, por pais de ingreso mediano

concepto de exportaciones middle income country
advanced export payments
pais de ingre80 mediano bajo
pagos de transferencla lower middle income country - LMIC
transfer payments
pais de mediana capacidad de ab80rcion
pagos en concepto de ingresos de los factores medium absorber [oil exporter]
factor income payments
pais de nivel intermedio
pagos en mora second tier country
payment arrears
pais de origen
pagos internacionales corrientes home country [MIGA]
current international payments
pais de origen calificado
pagos parciales por concepto de reintegro eligible source country
recall installments [MOY]
pais de produccion primaria
pais agobiado por la deuda primary producing country
debt distressed country
pais de reciente industrializacion, en via.~ de
pais beneficiario, anfitrion industrializacion
host country [MIGA] newly industrializing country - NIC

pais con economia de planificacion centralizada pais declarante, informante

centrally planned economy (country) reporting country

pais con superavit de capital pais deficitario

capital-surplus country deficit country

pais de baja capacidad de ab80rcion pais donante

low absorber [country] donor country

pais de desarrollo agroindustrial reciente pais en desarrollo

newly agro-industrialized economy - NAB less developed country - LDC

pais de elevada ab80rcion, de gran capacidad de pais en desarrollo no petrolero

ab80rcion nonoil developing country
high absorber [oil exporter]
pais exportador de productos primarios
pais de franja Jitoral estrecha primary exporting country
coastal strip country
pais habilitado para recibir creditos de la AIF
IDA-eligible country
364
pais industrial eon economfa de Dlen:ado pais receptor [inversiones]
industrial market economy host countly [MIGA]

pais insular en desarrollo pais receptor, beneficiario

developing island countly; island developing recipient countly
countly
pais receptor elegible
pais medianamente industrializado eligible host counUy [MIGA]
halfway countly
pais recientemente industrializado
pais menos desarrollado - PMD newly industrialized countly - NIC
less developed countly !DC
pais(es) representado(s) por un Director
pais muy endeudado, sumamente endeudado, Ejecutivo
fuertemente endeudado chair, constituency of an Executive Director
highly indebted countly [World Bank]

pais no miembro y no de<:larante pais(es) representado(s) por un Director

nonreporting nonmember countly Ejecutivo
constituent(s) of an Executive Director
pais orientado hacia eI exterior
outward-looking, outward-oriented countly pais sin Utoral, mediterraneo
landlocked countly
pais pan:ialmente industrializado
halfway countly pais solidtante
client countly
pais prestatarlo de la AIF
IDA recipient pais superavitario
capital-surplus countly
pais que no influye en los precios
intemacionales pais superavitarlo
price taker surplus countly

pais que pennite Ja contaminacion sin paises ACP (Mrica, el Caribe y el Pacifico)
restricciones ACP countries [Lome Convention]
pollution haven
paises asociados, que mantienen relaciones
pais que puede obtener finandamiento comen:iales
combinado (del BIRF y la AIF) partner countries
blend countly
paises de comercio estatal
pais que puede recibir creditos, financiamiento state-trading countries
delaAIF
IDA-eligible countly paises de ingreso alto
high income countries
pais que recibio f'manciamiento para fines de
ajuste antes de 1'86 paises de la Categoria I
early intensive adjustment lending (EIAL) countly Category I countries [IBRD]

pais que recurre a los servicios del Banco paises de la Categoria n

client countly Category II countries [IBRD]
 365

paises de la Parte I paquete financiero

Part I countries [lBRDJ financial package

palses de la Parte n paraiso tributario

Part n countries [lBRDJ tax haven

paises de produccion primaria parametro de cambio

commodity producing countries shift parameter

paises del areo del Pacifico parametros de planificacion presupuestaria

Pacific Rim countries Budget Planning Framework [lBRD]

paises excluidos del regimen de contabiIidad en pareela de demostracion

valores devengados demonstration plot
countries in nonaccrual status
parcela de prueba
paises inmediatamente afeetados test plot
most immediately impacted (MIl) countries
pareela testigo, de control
paises mas gravemente afectados controlled plot; control plot
most seriously affected countries MSA
parclalmente montado
paises (en desarrollo) menos adelantados PMA partly knocked down - PKD
least developed countries LLDCs
paridad
paises que mantienen relaciones comerciales par value
trading partners
paridad del poder adquisitivo
paises que reciben financiamiento en purchasing power parity - PPP
condiciones predominantemente gravosas
hard-blend countries paridad mom
crawling peg [rate of exchange]
paises que se encuentran "en el umbral"
threshold countries parque
fleet [transportation]
paises que 11610 reciben financiamiento de la AD'
pure IDA countries parque industrial
industrial estate [UK], park [USA]
paises que tienen acceso al mereado rmanciero
market-eligible countries parte (en el procedimiento 0 en la diferencia)
party (to proceeding or to the dispute) [ICSID]
paises representado(s) ,or un Director
Ejecutivo; jurisdiccion partes interesadas
constituency, chair of an Executive Director stakeholders

papel comercial participacion de fundador

commercial bills; commercial paper founder's share

papeles de comercio participacion de la mujer en el proceso de

commercial bills; commercial paper desarrollo
women in development WID
366

participacion del concesionario participacion sin posibilidad de recurso

working interest [oils, minerals] nonrecourse participation

participacion en (el) capital social participante en un curso 0 program a de

equity financing, investment capacitacion
trainee
participacion en cada uno de los vencimientos
(de un prestamo) participar en el capital social
strip participation share capital, to supply

participacion en el capital social particulas

equity ownership particulate matter - PM

participacion en el financiamiento de los costos, particulas en suspension

gastos [beneficiarios] suspended particulate matter - SPM
burden sharing
partida
participacion en inversiones inmobiliarias item [budget]
real estate equity
partida (presupuestaria)
participacion en la carga line item [budget]
burden sharing
partida arancelaria
participacion en las ganancias, utilidades netas tariff item; tariff position
net profits interest [oil]
partida compensatoria
participacion en las utilidades balancing item, entry
profit sharing
partida de memorando
participacion en los costos memorandum entry, item; memo item
cost sharing
partida de reconciliacion
participacion en los impuestos reconciliation item [accounting]
tax sharing
partida de transaccion no moneta ria
participacion en los ingresos (fisc ales) noncash item
revenue sharing
partida extraordinaria
participacion en una inversion below the line (item)
exposure
partida informativa
participacion mayoritaria memorandum entry, item; memo item
controlling interest
partida ordinaria
participacion pasiva above the line (item)
carried interest (petroleum industry]
partida pro memoria
participacion proporcional memorandum entry, item; memo item
funding pro rata
partidas que se compensan mutuamente
mutually offsetting entries
 367

pasantia patrimonio
internship stockholders' equity; shareholders' equity; owners'
equity; equity; net worth
pasar de las condieiones de asistencla de la AD
a las del Banco patrimonio (neto)
graduate, to [Bank. IDA] equity

pasar eI punto mU hajo patrimonio natural de la humanidad

bottom out (of a rea:ssion) global commons

pasivo patrimonio neto

liabilities stockholders' equity; shareholders' equity; owners'
equity; equity; net worth
pasivo acumulado
accrued liabilities patrocinador
sponsor
pasivo contingente
contingent liability pauta cronol6gica
timepaUem
pasivo corriente
current liabilities pautas generales
guidelines
pasivo exigihle a corto plam
current liabilities penalidades
liquidated damages
pasivos a largo plam
long~teIDlliabilities pendiente (de una curva)
steepness (of a curve)
pasivos monetarios
currency liabilities pensi6n
retirement benefits
pasivos transitorios
temporary liabilities pe6n caminero
lengthman [highway maintenance]
pasivos varios
sundry liabilities pequena empresa
smallscale enterprise ~ SSE
paso gradual a tIIas impositivas mU altas
bracket creep, progression [taxation] pequefta explotaei6n agricola
smallholding
pastor n6mada
pastoralist pequefta industria
small-scale industIy - SSI
pastoreo excesivo
overgrazing pequefta y mediana empresa - PYME
small and medium enterprises - SME; small- and
patio de maniohra, de clasificacl6n medium-scale enterprises - SMSE
marshalling yard
pequefta y mediana industria
small and medium industries - SMI; small- and
medium-scale industries - SMSI
368

pequeila zona, pequeilo proyecto de riego perforaclon de explotacion

small-scale irrigation development drilling

pequeilo agricultor perforacion es:ploratoria

smallholder wildcat (drilling)

,erdida perforac:ion submarina, mar adentro

loss in weight; waste [commerce] offshore drilling

,erdida pericia
waste; loss in weight [commerce] expertise

perdida cambiaria periodo contable

exchange discount accounting period

,erdida de capital periodo de cumplimiento de obligaciones

capital loss performance period

perdidas de explotacion, de operacion periodo de eliminacion gradual de los prestamos

operating losses del Banco
phase out period [IBRD]
perdidas de peso muerto
deadweight (losses) periodo de gestac:ion de un proyecto
lead time of a project
perdido
unaccounted [e.g. water, electricity] periodo de gracia
grace period
perfeccionamiento
delivery (of a contract); upgrading of skills perfodo de 5esiones
session [ICSID]
perfeccionamiento de la funcion de gestion
management development periodo es:ceptuado
excepted period
perfeccionarniento de 101 recursos human08
human resource development periodo previo a la exclusion del regimen de
eontabilidad en valores devengados
perfeccionamiento de recursos humanol, de la nonaccrual trigger point, date
manodeobra
manpower development periodo vegetativo, de erecimiento
growing period
perfeccionamiento del personal
staff development peritaje
expert appraisal
perfeccionamiento del personal directivo
management development permanencia (en el cargo)
tenure [education]
perfiles ocupacionales normalizadol
standardized occupational streams permiso negociable de eontarninacion
tradable emissions permit
perforacion
drilling
 369

persona a cargo perturbaciones del medio ambiente

dependent environmental stress

persona juridica pesca

corporate body, institution; body corporate; legal capture fishery; harvest fishery
entity, person
pesca con luz (artificial), aI encandilado
persona que reclbe adiestramiento lamplight fishing; fishing by lamplight
trainee
pesca con luz artificial, aI encandilado
persona responsable de adoptar decisiones fishing by lamplight; lamplight fishing
decision-maker
pesca con trasmallos
personal trammel fishing
staff
pesca de altura
personal contratado a plazo fijo deep sea fishing
fixed term staff
pesca de arrastre
personal de contrapartida trawl fishing
counterpart staff
pesca de deriva
personal de las oficinas exteriores, fuera de la drift fishing
sede
field staff pesca (con redes) de tiro
seine fishing
personal de Divel profesional
higher level staff pesca en agoas interiores
inland fisheries, fishing
personal de supervision
supervisory staff pesca fantasm a
ghost fishing
personal ejecutivo, de operaciones
line staff pesca por enmalle
gill fishing
personal en el terreno
field staff peso muerto
deadweight (losses)
personal no permanente
nonregular staff - NRS petr61eo combustible pesado
heavy fuel oil
personal permanente
regular staff petr6leo crudo liviano
Saudi Arabian light (crude oil); light Arabian
personalidad juridica crude
legal existence; juridical personality
petroleo crudo liviano, ligero de Arabia Saudita
personas que viven en la pobreza absoluta light Arabian crude; Saudi Arabian light crude
absolute poor
petroleo para calefaccion
heating oil
370

pet..oleo pesado plan de existenci.. regulador..

heavy oil buffer stock scheme

pet..oleo residual, combustible plan de financiamiento

fuel oil financing plan

PIB comercial plan de jubilaci6n anticipada

commercial. commercialized GOP early retirement scheme

PIB monetizado plan de jubilaci6n minima

monetized GOP top-up scheme; minimum pension guarantee

PIB sectorial plan de ordenaci6n ambiental

sector GOP mitigation plan; environmental management plan;
action plan
pila de combustible
fuel cell plan de pagos
payment schedule
piquetear
peg out, to [surveying] plan de pensiones sep, conforme a las
necesidades, con comprobaci6n previa de
piscicultun medios de vida
culture fishery means-tested pension plan

plan contractual plan de protecci6n ambiental

program contract environmental action plan - EAP

plan de acceso anticipado a I.. aportaciones plan de seguridad social

advance contribution scheme (for IDA-lO) social security scheme

plan de acci6n nadonal reladonado con la plan de seguro global

funci6n de la mujer en eI proceso de desarrollo "wrap-up" insurance arrangement
country WID action plan
plan de sucesi6n para cargos de direcci6n
plan de actividades (empresariales) management succession planning
business plan
plan de utilizaci6n de tierras
plan de amortizaci6n land use plan
amortization schedule; repayment schedule
plan de vivienda por el sistema de esfueno
plan de cuentas propio y ayuda mutua
chart of accounts self-help housing scheme

plan de distribuci6n plan financiero

layout plan finance plan; financial plan

plan de estudiOi plan maestro

curriculum master plan

plan de estudios como plan modelo de presupuesto de fmca

core curriculum pattern farm plan
 371

plan naeional de protecdon ambiental- PNPA planifieacion presupuestaria nominal

national environmental action plan - NEAP (full cost) nominal budget planning, budgeting

plan para situaciona im.previstu planifieaclon y evaluacion del desempeilo (del

contingency plan funeionario)
Perfonnance Planning and Review - PPR [ffiRD]
plan presu.puestario
agreed budget plan; contract plan planificador de obraa, de instalaclones
physical planner
plan preventivo
mitigation plan; environmental management plan; planifieador del desarroUo
action plan development planner

plan renovable planUla de dlculo electronica

rolling plan spreadsheet

planifieacion de recUI'SOl humanos, de la mano plano

de obra design
manpower planning
plano del emplazamiento, dellugar
planifieacion de tieuaa site plan
land use planning
pianos definitivos
planificaclon del avanee profesional final design
career development
pIanos generales (de un proyecto)
planifieacion del desarroUo layout
development planning
pIanos preliminares
plaDifieaciOn del espacio fisico preliminary design, engineering
physical planning
pIanos teenicos detaUados
planifieaeion detaUada detailed design, engineering
blueprint planning
planta a1imentaria
planifieacion familiar, de Ia fllDilia food plant
family planning
planta de elaboracion secundaria [petroleo]
planifieacion global, agreptiva downstream plant, facilities
aggregative planning
planta de semillero, vivero
planifieacion global, integral seedling
comprehensive pJanning
planta de simiente
planificaeion obligatoria, preceptiva seed plant
mandatory pJanning
planta de tratamiento de aguaa negraa, servidaa
planificacion presu.puestaria en valores de caja, sewage (treatment) plant
en efectivo
cash-based budget pJanning planta eleariea diesel
diesel (fired) power plant
372

planta para leIIliIIa poblacion activa

seed plant working population

planta texti.l poblacion en edad de trabajar

fiber crop wor~ngagepopWation

planta totalmente nueva poblaciones indigenas

greenfield plant; grass root plant tribal peoples

plantacion cortavientos poder (juridico)

windbreak proxy

plantadon de arboles poder calorifico

afforestation heat value

plantadon de bosques comunitarios poder calorifico bruto - PCB

social forestry gross heating value - GHV; gross calorific value -
GCV; higher heating value
plantadon en franjas
strip planting poder calorifico neto - PCN
net heating value - NHV; net calorific value -
plantadon nudeo NCV; lower heating value
nucleus estate
poligono industrial
plantOn (de arboles) industrial estate [UK], park [USA]
seedling
polftica
plaintula policy-based assistance
seedling
politica cambiaria
plataforma de perforadon petrolera [mar.] exchange rate policy
oil (drilling) rig. platform
politica comen::ial restrictiva
plazo restrictive trade policy
time limit [ICSID]
politica coyuntural
plazo de amortizacion, de reembolso business cycle policy
payback period
politica crediticia restrictiva
plazo de recuperadon (de inversiones) tight credit policy
payback period
politica de austeridad
plazo de vencimiento restraint policy
maturity (of a loan, bond, etc.)
politica de avance intermitente
pliego de condiciones de la licitacion stop-go, stop and go policy
bidding conditions
politica de contraccion
plusvalia contractioruuy policy
capital gain
 373

politica de empobrecer al vecino porcentaje de prestamos e::s:c1uidos del regimen

beggar-My-neighbor policy de contabllidad en valores devenpdos
nonaccrual rate [World Bank]
politica de predos
pricing policy porcentaje de reserva minima oblilatoria
minimum cash requirement
politica de reactivacion
pump priming policy [economics] porcentaje estandar para el establimiento de
reservas para perdidas
politica de restriCtion crediticia benchmark provisioning rate
tight credit policy
porcentaje larantizado
politica de servicios aratuitos guaranteed percentage
zero fee policy
porcion
politica e::s:pansionista slice [contracts]
expansionary policy
porcion de cada uno de los vencimientos de un
politica favorable a la onomia de la oferta prestamo
supply side politics strip of maturities

politica fiscal poscalificacion de licitantes

fiscal policy postqualification ofbidders

politica suboptima posibllidad de capacitacion

second-best policy trainability [EDI-World Bank]

politica tarifaria posibilidad de colocacion

pricing policy saleability [securities]

politicas posibilidad de comercializacion, de colocacion

policy-based assistance marketability

politicas de reasignacion de recursos posibilidad de extraccion

switching policies subtractability

p61iza de seguro global posibilidad de repeticion financiera

wrap-up insurance policy financial replicability

ponderacion distributiva posibilidad de repeticion, de duplicacion

distributional weight replicability

poner en servicio posicion de balanza de palOS

commission, to balance of payments position

por administracion posicion de capital

force account. by/on [US]; direct labour [UK]; capital position
direct work; departmental forces
posicion de reserva(s)
por enama de la enota reserve position
above quota
374

posicion de riesgo precio administrado, controlado, impuesto

risk posture administered. price

potenciacion precio al consumidor

empowerment consumer price

potencial de agotamiento de la capa de ozono - precio al contado, para entrega inmediata

PAO spot price
ozone-depleting potential - ODP
precio al desembarque
potencial de recalentamiento atmosferico, de la landed price
Tierra
global warming potential - GWP precio al produdor
producer price
pozo de ozono
ozone sink precio c.LfJpuerto de entrada
cost, insurance and freight (elF) port of
pozo entubado entrylborder point price
tubewell
precio contractual
pozo exploratorio contract price
wildcat well
precio corriente, vigente
pradica optima going price
best practice
precio de compra, de adquisicion
practica(s) historical cost
internship
precio de compuerta [avicultura]
pradicas contables lock gate price; sluice price; sluice gate price
accounting practices
precio de costo
practicas de avalllo aduanero, de aduana cost price
customs valuation (practices)
predo de cuenta
preambulo de un convenio accounting price; shadow price
preamble to an agreement; recital of an agreement
precio de eficiencia
preambulo de un convenio economic price; efficiency price
recital of an agreement~ preamble to an agreement
precio de incentivo
precalificacion de licitantes incentive price
prequalification of bidders
precio de intervenci6n
precedente establecido por Brasil y Yugoslavia intervention price
Brazil-Yugoslavia Precedents
predo de lista, cotizado, de cotizaci6n
precio a nivel de la aplotaci6n agricola posted price [oil]
farm gate price
precio de los fadores
factor price
 375

predo de mereado, de plena competenda precio en Ja boca, en Ja cabeza del pozo

arm's length price wellhead price

predo de necesidad precio f.o.b. puerto de embarque

distress price free on board (FOB) port of shipment price

precio de ofena precio global

bid price [contract] lump sum price

precio de paridad precio indicativo

parity price guiding price; target price

precio de referenda predo minimo

benchmark price; marker price [oil] floor price

precio de referenda para fines tributarios precio neto

[petrileo] payout price
tax reference price [oil]
precio nominal, simbOllco
precio de resen'a nominal price
reservation price (oflabar)
precio paritario de exportation
predo de sosten, de apoyo, de sustentadon export parity price
support price
precio paritario de im,onacion
predo de transferenda import parity price
transfer price
precio por pie
precio de venta stumpage price
selling rate
predo puesto en fabrica
precio desleal price to factory
predatory price
precio recibido ,or eI productor
predo economico producer price
economic price; efficiency price
precio social
precio efectivo, de realizadon social price
realized price [oil1
predo sombra
precio en (la) frontera shadow price
border price
predo tope, mbimo
precio en almacen ceiling price
ofl'-the-she1f price
precio umbral
predo en el exterior threshold price
foreign price
precio unitario
precio en fabrica unit cost
ex factory price; price ex factory; factory gate price
376

precio vendedor presa de almacenamiento

selling rate storage dam

precios constantes presa de derivadon

constant prices diversion dam

precios corrientes presa de terraplin

current prices earthfill dam

predos de equilibrio del mercado prescindencia

market-clearing prices redundancy [staffing]

precios en plaza (lista de) presentacion de ofertas

posted values bid submission; delivery of bids

precipitador presentadon de reclamadones

precipitator; dust collector; dust separator filing of claims [MIGA]

predisposidon presentadones [demandas, alegatos, etc.]

bias [economy; statistics] pleadings [ICSID]

preferenda presentar y ofrecer pruebas

margin of preference; preference, preferential marshal evidence, to [ICSID]
margin
presidente en fundones
preferenda por los amigos serving chairman
cronyism
presion de los salarios
preferencia por los productos nacionales wage pressure
domestic preference; preference margin;
preferential margin; margin of preference presion fiscal
[procurement] tax burden

prefinanciamiento prestacion de cesantia

prefinancing severance pay

prelectora prestadones
pre-reading benefits [social security]

preparadon prestadones de (la) seguridad social

development social security benefits

preparadon de un proyecto, de proyectos prestadones sociales

project design; project preparation social benefits

preparacion del terreno prestaciones suplementarias

site development fringe benefits

preparacion tknica prestamilta en ultima instancia

technical background lender of last resort
 377

prestamista subordinado pristamo con riesgo de posibles perdidas

subordinate lender jeopardy loan

prestamo "A" prestamo con vencimiento elegido a la suerte

"A" loan serial loan

prestamo a corto plam para salvar una prestamo concedido por un club bancario, por
dificultad temporal un consorcio
canyover loan club loan

prestamo a la vista prestamo contingente

call loan standby loan

prestamo a mediano 0 largo plam prestamo convertible en acciones de capital

term loan [CFl)
equity feature [!FC]
prestamo a un intermediario rmanciero
financial intermediary loan - FIL prestamo cuyo vencimiento se ba anticipado
prematured loan
prestamo activo
active loan prestamo de amortizaci6n negativa
negative amortization loan
prestamo (para fines de) ajuste de la poHtica de
comercio exterior prestamo de aprobacion autonoma
trade adjustment loan free-limit loan [DFCs]

prestamo amortizable en su mayor parte al prestamo de calidad

vencimiento quality loan [IBRD]
balloon loan
prestamo de contrapartida con tasa fija
prestamo anterior al sistema del rondo comun fixed rate matched funding loan
de monedas
prepoolloan prestamo de emergencia
bailout loan
prestamo "B"
"Bn loan prestamo de emergencia para recuperacion
emergency recovery loan - ERL
prestamo "balloon"
balloon loan prestamo de rapido desembolso
quick disbursing (loan); fast disbursing (loan)
prestamo bancario de primera categoria
top-rated bank loan prestamo de suma global
lump sum loan
prestamo cofinanciado
coloan prestamo de un consorcio, concedido ,or un
consorcio
prestamo complementario syndicated loan
repeater loan
prestamo de vencimiento escalonado
prestamo con interes tope serial loan
cap
378

prestamo en condiciones concesionarias, blando, preltamo para ajulte de la(s) politica(s)

liberal indultrial y comerdal
soft loan industrial and trade policy adjustment loan -
ITPAL [World Bank]
prestamo en condiciones ordinarias, de mereado
hard loan preltamo para ajuste del sector agricola
agricultural sector adjustment loan - ASAL [World
prestamo (que lie halla) en dificnltades Bank]
distressed loan
preltamo para ajuste del sector exportador, de
preltamo en espede exportacion
commodity loan export adjustment loan - EAL

preltamo en forma de participacion en el prestamo para (fines de) ajuste sectorial

capital sector adjustment loan - SECAL; SAD
equity loan
preltamo para asiltencia teenica
pre.tamo en pirimide, en caseada technical assistance loan - TAL
apex loan
prestamo para capital de trabajo
prestamo en tramitadon working capital loan
pipeline loan
prestamo para cubrir posibles RCesos de coltos
pre.tamo en una sola moneda overage loan
single currency loans, [IBRD]
preltamo para importaciones con fines de
preltamo en valores rehabiUtacion
security lending rehabilitation import loan

prestamo garantizado pristamo para inversi6n y mantenimiento

secured loan sectoriales
sector investment and maintenance loan - S1M
prestamo inactivo
inactive loan preltamo para programas
prograInloan,lending
prestamo incluido en elsiltema de fondo comun
demonedas preltamo para programas de un pais, de paises
pooled loan country loan [mRD]

pristamo independiente, aut6nomo preltamo para proyecto de inversion

free-standing loan investment loan

pre.tamo indizado, reajustado IlegUn un indice preltamo para radonalizaci6n de empresas

indexed, index-linked, index-tied loan publicas
public enterprise rationalization loan - PERL
pristamo no redituable, improductivo
nonperforming loan; nonaccruing loan preltamo para reconltnaccion de emeraencia
emergency reconstruction loan - ERL

prestamo para recuperacion economica

economic recoveIY loan - ERL [World Bank]
 379

prestamo para reforma de empresas publicas prestamo transitorio, de transicion, "puente"

public enterprise reform loan - PERL bridge, bridging loan

prestamo para rehabilitacion de empresas prestamos (a un pais) desembolsados y

publicas pendientes
public enterprise rehabilitation loan - PERL country exposure [IBRD]

prestamo para un proyecto, para proyectos prestamos en apoyo de reformas de politic as

project loan, lending policy-based lending; policy loans [IBRD]

prestamo para una inversion especifica prestamos en condiciones comerciales

specific investment loan - SIL [ffiRD] commercial lending

prestamo participatorio con obligacion prestamos en moneda unica

contingente de pago de intereses single currency loans, [ffiRD]
deferrable participating loan
prestamos hipotecarios
prenamo poco rentable, de escaso rendimiento mortgage financing
badly performing loan
prestamos no voluntarios
prestamo por etapas involuntary lending
time-slice loan
prestamos obtenidos de intermediarios
prestamo prioritario financieros
senior debt, loan intermed.iativeborro~ng

prestamo problematico prestamos para (fines de) ajuste estructural

problem loan [!FC] structural adjustment lending - SAL

prestamo que entraDa un riesgo soberano prestamos pendientes

sovereign risk loan exposure; outstanding loans

prestamo representado por obligaciones prestamos voluntarios

convertibles [CFI] voluntary lending; spontaneous lending
convertible debenture loan investment [!FC]
prestar de nuevo (el importe de un prestamo)
prestamo sectorial, para un sector onlend, to
sector loan
prestar de nuevo (el importe de un prestamo)
prestamo sin finalidad especifica relend, to
nonpurpose loan
prestatario activo
prestamo sOlido, seguro active borrower
sound loan
prestatario inactivo
prestamo subordinado inactive borrower, nonactive borrower
subordinated loan
prestatario preferencial, preferente, de primera
prestamo subsidiario clue
subsidiary loan prime borrower; premier borrower
380

presupuestaclon a partir de cero presupuesto extraordinario

zero base budgeting - ZBB extraordinary budget; special budget

presupuestacion completa presupuesto global de la explotacion agricola

full budgeting whole farm budget

presupuestaclon en dol ares constantes presupuesto igual, sin cambio, sin aumento
conmantdoUarbudgeting flat budget

presupuestaclon en dolares corrientes presupuesto multianual

current dollar budgeting forward budgeting

presupuestacion incremental presupuesto ordinario

incremental budgeting regular budget

presupuesto presupuesto ordinario, corriente

cost estimate; resource envelope current budget

presupuesto (de una unidad del Banco) presupuesto para programas reembolsables
unit budget envelope reimbursable budget

presupuesto basado en los costos efedivos presupuesto parcial

dollar budgeting partial budget

presupuesto broto presupuesto por funciones

gross budget performance budget

presupuesto de caja presupuesto por programas

cash budget program budget

presupuesto de capital presupuesto por unidad de actividad

capital budget unit activity (crop) budget

presupuesto de divisas prevalencia

exchange budget prevalence [disease]

presupuesto de explotacion, operacion prevision social

operating budget social insurance

presupuesto de gastos discrecionales previsiones de caja

discretionary expense budget cash forecast

presupuesto de gastos generales directos previsiones inflacionarias

direct overhead budget inflationary expectations

presupuesto de inversiones previsiones para fines de planificacion

investment budget planning forecasts

presupuesto de la explotacion agricola prima

farm budget bonus; incentive payment; premium [MIGA];
premium [securities]
 381

prima cambiaria principio de utilizacion de los fondos del Banco

exchange premium en ultima instancia
"Bank last" principle
prima contingente
standby premium [MIGA] principio del trato entre iguales, entre
compailias independientes
prima de, por caUdad ann's length principle
quality premium
principios relativos aI empleo del personal
prima de emision Principles of Staff Employment [World Bank]
premium [stocks]
privatizacion
prima de innacion divestiture; divestment
inflation premium
privatizacion mediante cupones
prima por descarga rapida voucher privatization
despatch money; dispatch money
probabilidad de perdida de carga
prima por reembolso anticipado loss of load probability - LOLP
premium on prepayment [IBRD]
problema de las colas
prima por trabajo en el exterior queuing theory, problem
overseas allowance
problemas de cobertura efectiva, de
primer memorando oficial incorporacion aI plan, de participacion en el
initiating memorandum - 1M [World Bank] plan
take-up problems (of means-tested pension plans)
primeros procesos
upstream process problemas iniciales
teething problems
principal
principal procedimiento contable, de contabilidad
accounting procedure
principal sorten economico
principal (income) earner procedimiento de aprobacion t'cita
"no objection" (procedure)
principales productos blisicos, primarlos
core commodities [IBRD] procedimiento de dos sobres
two-envelope procedure [consultants]
p.incipiante
trainee procedimiento oral
oral procedure [ICSID]
principio de proporcionalidad
pro rata rules [ID A] procedimiento simplificado (para proyectos.)
streamlined project procedure
principio de quien contamina paga
polluter-pays principle - ppp procedimientos de adquisicion
procurement (procedures)
principio de utilizacion de los fondos del Banco
en primera instancia procedimientos separados
"Bank first" principle two-stage, two-step procedure [IBRD]
382

proceso de evaluacion del desempeilo (del produdo

funcionario) output; proceeds
Perfonnance Management Process - PMP
produdo agricola bruto
proceso presupuestario gross value product - GVP
budget process
produdo agricola para elaboracion de bebidas
produccion beverage crop
output
produdO basico agricola no a1imentario
produccion a escala comereial non-food agricultural commodity
commercial production
produdo basico, primario
produccion a que se renuncia commodity
forgone output; foregone output
producto de marea registrada
produccion agricola, de cultivos brand name product
crop production
produdo destinado por 8U propia indole a
produccion alimentaria, de alimentos determinados grupos de la poblacion
food production self-targeting (commodity)

produccion antieconomica producto estrdla

uneconomic production flagship product

produccion combinada de calor y electricidad produdo (armaceutico generico

combined heat and power - CHP generic drug

produccion de abonos a partir de desechos produdo fisico marginal

composting marginal physical product - MPP

produccion de alimentos para consumo propio producto geogrMico bruto - PGB [Chile]
autoconsumption of food gross domestic product - GDP

produccion en gran escala, en serie produdo intemo ajustado con(orme a

mass production consideradones ambientales - PIA
environmentally adjusted domestic product - EDP
produccion medida, e(ediva
measured production produdo interno bruto - PIB
gross domestic product - GDP
producir efedo multiplicador [finanzas)
leverage, to produdo intemo bruto a precios de mereado
gross domestic product at market prices
productividad del capital
capital efficiency produdo intemo bruto aI costo de los (actores
gross domestic product at factor cost
produdividad marginal dd capital
marginal efficiency of capital produdo material bruto - PMB
gross material product GMP
produdividad total de los (adores
total factor productivity TFP
 383

producto material nete - PMN programa de alcance exterior, de extension, de

net material product - NMP divalgaclon
outreach program
produeto nacional bruto - PNB
gross national product - GNP programa de alimentos ,or trabajo
food-for-work programme
producto nacional neto sosteoible - PNNS
sustainable net national product - SNNP programa de atendon especial
program of special emphasis - PSE
produdo primario, buico
primary product. commodity programa de cooperacion
cooperative program
producto sensible a la coyuntura
sensitive product programa de demanda de aliment08
food demand program
producto territorial bruto [peni]
gross domestic product - GDP Programa de Desarrollo de la Capacidad de
Evaluadon Ex Post
producto ittU neto Evaluation Capability Development Program -
net beneficial product ECDP[IBRD]

productor compensador, de compensacion programa de eliminacion gradual de los

swing producer prestamos del Banco
phase out program [IBRD]
produdos agricolu
crops programa de finaneiamlento
lending program
productos alimentarios
foodstuffs Programa de intervenciones dirigidu
Program of Targeted Interventions
productos industriales
industrial goods programa de medidu, etc.
package
produdOl pesados
heavy commodities programa de medidu de rescate, de salvamento
rescue package
programa
schedule programa de operaeiones
operating program [IBRD]
programa (de financlamiento) buico
base (lending) program [IBRD] programa de operaeiones crediticlu
lending program
programa (de rmandamiento) de raerva
standby (lending) program [WRD] programa de "quinta dimension"
Fifth Dimension Program
programa coya magnltud depende del volumen
de actividad programa de reestructuracion de la deada
volume driven program debt work-out program [World Bank]

programa de ventu subvencionadas

social marketing program [population]
384

programa integrado de capacitadon y promesa de participacion en el capital

perfeccionamiento de fundonarios que ocupan accionario
cargos de direccion pledge (ofshares) []FC]
integrated management training program
promocion de la autonomia
programa ordinario de financiamiento empowerment
regular lending program [IBRD]
promocion del comercio
Programa para la Maternidad sin Riesgos trade promotion
Safe Motherhood Initiative [IBRDIWHO]
promotor
programacion lineal motivator [family planning]; outreach worker;
linear programming sponsor

programas promotor inmobiliario

software real estate developer

programas de fortalecimiento institucional propension marginal (a1 consumo, aI ahorro,

institutional programs [IBRD] etc.)
marginal propensity (to consume, to save, etc.)
programas focalizados, dirigidos a grupos
especfficos propietario registrado
targeted programs record owner

programas preparados por el gobierno mismo proporcion de importadone8 sujetas a barreras

government-owned programs no arancelarias
trade coverage ratio
progresividad arancelaria
tariff escalation propietarios de las accione8
ownership (of a corporation)
progreso
development propuesta
tender
proliferacion de algas
algae, algal bloom propuesta de candidatura
nomination
proliferacion de 8Sentamientos urbanos
utban sprinkling prospecto
prospectus [financial markets]
promediados
rolled (costs) proyeccion del flujo de fondos
cash projections
promedio movil
running average; moving average proyectista
designer
promedio ponderado
weighted average proyecto
design
promesa de contribucione8
pledging
 385

proyecto agropeeuario; proyecto de cultivos proyecto de "nuevo estilo"

multiples "new style" project [ffiRO]
mixed :fanning project
proyecto de presupuesto
proyecto aislado budget estimates
outlier project
proyecto de nipido reodimiento
proyecto bAsico quick yielding project [IBRO]
core project
proyecto de rehabiUtacion del sector
proyecto compeosatorio exportador~ de exportacioo
shadow project export rehabilitation project - ERP [IBRO]

proyecto complementario proyecto empreodido a instaocias

follow-up project gubemameotales
bebest project
proyecto complementario
repeater project proyecto en avanzado estado de ejecucion~
proximo a termioarse
proyecto concatenado mature project
piggyback project
proyecto en que Ie bara todo 10 posible para
proyecto de a1cantarillado lograr la participacion de la mujer
sewerage project "best effort" project [IBRO]

proyecto de ambito nacional proyecto eo tramitacion~ eo reserva

countIy-wide project pipeline project

proyecto de caracter social proyecto eo un sector especifico

soft project area specific project

Proyecto de Comparacion Intemacional - PCI proyecto eoclave

International Comparison Project - ICP enclave project

proyecto de cootenido minimo proyecto financiable (por el Banco)

minimum package project bankable project

proyecto de desarrollo rural integrado proyecto global

integrated rural development project umbrella project

proyecto de exposicion proyecto indepeodiente

showcase project stand-alone project

proyecto de fines multiples proyecto independiente~ autonomo

multipurpose project free-standing project

proyecto de inversion proyecto integrado de conservacion y desarrollo

investment project integrated conservation-development project -
ICDP
proyecto de muy corto plazot relampago
hit-and-run project
386

proyedo Dave en mano prueba de "con y .In"

turnkey contract, project "with-and-without" test [projects]

proyedo modelo prueba de variedad(es)

good practice project variety trial

proyedo no bisico prueba del rendimiento de los proyedos

noncore project yield test of projects

proyedo no Induido en la cartera pruebas de aprovecliamiento, de progreso

nonportfolio project [IFC] eKolar, de rendimiento
achievement tests [education]
proyecto puntero, de punta
flagship project pruebas documentales
documentaly evidence
proyedo que se autofinanda
self-liquidating project publicad6n especializada para determinada
industria, negodo 0 profesion
proyedO que sirve de marco para otros trade publication
umbrella project
publkad6n estreUa
proyecto totalmente nuevo flagsbip product
greenfield project
publicad6n mediante microcomputadora
proyedos azules desktop publishing
blue projects
pueblos tribales
proyedos en tramitacion, en reserva tribal peoples
lending pipeline; pipeline of projects
puente-biscula
proyectos en tramitad6n, en reserva weighbridge
pipeline of projects; lending pipeline; project
pipeline puerto de aguas profundas
deep water port
proyectos en tramitad6n, en reserva
project pipeline; pipeline of projects; lending puerto franco, libre
pipeline free port

proyedos marrones, pardos puesto de atraque de fines multiples

brown projects multipurpose berth

proyectos verdes puesto de monta

green projects service station [livestock]

prueba puesto de monta, de cubridon, de reproduccion

evidence [ICSID] breeding station [commercial breeding]

prueba de "antes y despues" puesto de salud

"before-and-after" test health post
 387

puesto de venta de productollUbvencionadol racionalizaci6n

fair price shop streamlining

PUeRO ejecutivo, de operaciones rafces aUmentarias

line position rooterops

punto (porcentual) ramo

percentage point business line

punto maximo estacional rapido desembolso

seasonal peak quick disbursing (loan); fast disbursing (loan)

punto muerto, de equUibrio rapido desembolso, pristamo de

breakeven point fast disbursing (loan); quick disbursing (loan)

que genera deudas raza

debt -creating breed (livestock]

que impone los precios reactivaci6n

price leader, setter, maker recoveIY; upturn (economic)

que impone los precios readiestramiento

price maker, setter, leader retraining

que impone los precios reajuste

price setter, maker, leader adjustment

que no afecta al presupuesto reajuste financiero

budget neutral financial adjustment

que no cumple 101 requisitos reaseguro contractual

ineligible treaty reinsurance

que no se ajusta (a las estipulaciones, normas, reaseguro facultativo

etc.) facultative reinsurance
nonresponsive
reaseguros
que se ajusta (a las estipulaciones), normas, etc. reinsurance
responsive
reasentamiento involuntario
que se beneficia sin alUmir carp alguna involuntaJ.Y resettlement
free rider [economics]
reasignaci6n (de fondos)
que tiene en cuenta. redeployment (of funds)
responsive
reasignaci6n de fondos presupuestariol
quema de gas input switching
gas flaring
rebaja de intereses
racimo de fnatas freseas interest rebate
fresh fruit bunch - FFB
3SS
rebajar de categoria recirculation (de capital)
downgrade, to (a loan) recycling (of capital)

rebajar el valor en libros reclamacion

write down. to~ expense, to claim

rebeldia (unicamente en el sentido del Art. reclamacion salarial

45[2) del Convenio) wage claim
default [ICSID]
reclasificacion
rebrote regrading [personnel]
regrowth
recolocacion
recalentamiento atmosferico, de la Tierra outplacement
global warming
recompras en efectivo
recargo a la(s) importacion(es) cash buybacks
import surcharge
reconciliar
recargo 0 multa para reducir las emisiones de reconcile
carbono
carbon tax reconocimiento medico
health screening
recargo tributario
tax surcharge reconocimiento sismico
seismic survey
recaudacion de impuestos
collection of taxes reconocimiento yejecucion (de un laudo)
recognition and enforcement (of award) [ICSID]
recaudacion tributaria
tax yield reconstitucion de los recursos
replenishment of resources
receptor de creditos de la AlP
IDA recipient reconstituir
replenish (an account), to
recesion
recession; slump reconversion industrial
retrofitting
recesion con inflacion
slumpflation recopUacion de datos
collection of data
recibo
certificate of payment recopilacion de datos
data collection
reciclaje
recycling (of capital) recorte de la demanda de punta
peak (load) shaving [electricity]
recinto (ocupado por una familia e:rtensa)
compound [West Africa] recubrimiento
overlay [highways]
 389

reeubrimiento de grava recuperar

graveling; regraveling reclaim

reeuento de trafico recuno (legal)

traffic count legal remedy

reeuperaci6n recuno provisional

recovexy stopgap measure

reeuperaci6n reeunos buicos

retrieval; upturn (economic) core fund [GEF]

reeuperaci6n acelerada reeunos en divisas

accelerated recovery foreign exchange resources

reeuperaci6n de cosios reeur80s iDexplotados

cost recovery untapped resources

reeuperaci6n de la iDveni6n recunos propios

return of investment internally generated funds; cash generation;
internal cash generation
reeuperaci6n de tierns
land reclamation recur50s provenientes de las operacione8
internally generated funds; cash generation;
reeuperaci6n de un prestamo, de prestamos internal cash generation
loan recovexy
recunos reservados (para un determiDado
reeuperaci6n del capital proyecto)
return of capital tied resources

reeuperaci6n diferida recusaci6n

deferred recovery disqualification [ICSID]

reeuperaci6n estandar red de area local - LAN

standard recovery local area network - LAN

Recuperaci6n Garantizada del Principal de las red de distribuci6n, de reparto

Inveniones - GRIP delivery system; supply system
Guaranteed Recovery of Investment Principal-
GRIP [JFC) red de energia electrica
power system
recuperaci6n mejorada
enhanced recovery [oil] red de seguridad social
social safety net
reeuperaci6n secundaria
secondary recovery red interurbana
trunk network
reeuperaci6n terciaria
tertiary (oil) recovery red principal
main power grid [electricity]
390

redactor jefe reducciones presupuestarias

editor budget cuts

redencion reducir de tamaAo

redemption downsize, to

redescontar reembolso
rediscount refunding

redescuento reembolso anticipado

discount window [central bank]; rediscount advance repayment; prepayment [IBRD]

redimible reembolso de impuestos

redeemable tax refund

redistribucion (de fondos) reembolso (anticipado) de la deuda

redeployment (offunds) retirement of outstanding debt

reduccion reembolso en cuotas iguales

drawdown; rolling back level repayment

reduccion de costos reembolsos concentrados al comienzo de un

avoided cost periodo
front loading
reduccion de impuestos
tax rebate reembolsos de los creditos de la AD
IDAreflows
reduccion de las tasas mUimas de cada tramo
aranceiario, del araneel reemplazo de personal extranjero por personal
concertina reduction nacional
indigenization
redueeion de los impuestos
tax mitigation reestructuracion empresarial, de empresas
corporate restructuring
reduccion de los margenes de utilidad
profit squeeze reestructuracion f"manciera
workout [financial]
reduccion de personal
redundancy [staffing] refinanciacion
refinancing
reduccion del capital
capital impairment refinanciacion
refunding
reduccion del valor en libros
writing down refinanciamiento
refinancing
reduccion inicial
down payment (on the budget deficit) refinanciamiento continuo
rollover
reducciones arancelarias radiales
radial reductions
 391

ref"mar regia del primer do

upgrade, to [oil] first year rule - FYR [project analysis]

reOacion Reglamento del Mecanismo Complementario

reflation Additional Facility Rules [lCSID]

reOujos de los cftditos de la AD Reglamento dd Personal

IDAreflows Staff Rules [IBRD]

reforestaciOn Reglamento Intemo para las Reuniones del

reforestation~ reafforestation Directorio
Rules of Procedure for Meetings of the Executive
reforma de la tenenda de la tierra Directors
land reform
Reglamento y Reglas (del Centro)
refugio tributario Regulations and Rules (of the Centre) [lCSID]
tax shelter
reglamento~ estatutos
regimen cambiario bylaws
exchange system
Reglas de Arbitraje
regimen de licencias de importation AIbitration Rules [ICSID]
import licensing
Reglas de Conciliacion
regimen de palOS con cargo a los ingresos Conciliation Rules (lCSIP]
corrientes
pay-as-you-go system [social security] Reglas de Iniciacion
Institution Rules [ICSID]
regimen de tenencia de la tierra
land tenure system Reglas ProcesaJes Aplicables a la Iniciacion de
los Procedimientos de Conciliacion y Arbitraje
registrado (Beglas de Initiation)
registered (e.g. tradesmen) Rules of Procedure for the Institution of
Conciliation and AIbitration Proceedings
registrador (Institution Rules) [lCSID]
registrar [lCSID]
Reglas Procesales Aplicables a los
Registro Procedimientos de Arbitraje (Beglas de
Register [lCSID] Arbitraje)
Rules of Procedure for AIbitration Proceedings
registro (de valores) (AIbitration Rules) [ICSID]
perfection (of security)
Reglas Procesales Aplicables a los
registro catastral Procedimientos de Conciliation (Beglas de
land register Conciliacion)
Rules of Procedure for Conciliation Proceedings
registrode iagresos (Conciliation Rules) [ICSID]
revenue recognition
regulacion de (las) aguas
regia de los dos dos water control
two-year trigger rule
392

regulation de la demanda relacion capital~servieio

demand management capital-service ratio

regulaeion de la oferta relacion capital-trabajo

supply management capital-labor ratio

regulacion salarlal relacion contractual (bipamta)

wage control privity [legal]

rehahilltaclon relation eorriente [America Latina)

rehabilitation current ratio; working capital ratio

reintegro relacion costos--heneficios

drawback [customs]; recall [MOV] benefit~ ratio [US]; cost-benefit ratio [UK]

reintegro a pro rata, proporeional relacion costos--henefitios empresarlales, de las

pro rata recall empresas
entrepreneurial benefit-cost ratio - EBC
reintegro acelerado
accelerated recall [MOV] relacion costos--henefieios privados
private benefit-cost ratio - PBC
reintegro de impuestOIL
tax refund reladOn costos--heneficioilloclaies
social benefit-cost ratio - SBC
reintegro de los montos en prestamo
recall under loans [MOV] relacion de Bruno
Bruno ratio
reivindicacion salarial
wage claim relacion de cobertura de intereses
interest coverage ratio - ICR; times interest earned
relacion activo disponih1e-pasivo corriente ratio
acid-test ratio; liquid ratio; quick ratio
relacion de cobertura de las importaclones
relacion activos de riesgo-patrimonio import coverage ratio
IFC risk assets~uity ratio
relaclon de cuenta
relacion alumnos--profesor, alumnoll por accounting ratio
profesor
pupil-teacher ratio - PI'R; student-teacher ratio - relaclon de dependencia (por edades)
STH.; teacher-pupil ratio dependency ratio

relacion heneficio net.inversion relacion de desmonte

net benefit investment ratio stripping ratio [mining]

relaciOn capital-activo relacion de endeudamiento

equity ratio debt ratio

relaclon capital-produeto relaeion de endeudamiento a largo plazo

capital-output ratio long-term debt ratio
 393

relaci6n de energia neta - KEN relaci6n iDsumo-producto

net energy ratio - NER input-output ratio

relaci6n de pstos relaci6n iDtereses de la deuda - exportadona

statement of expenditure - SOE debt burden ratio

relad6n de iDestabilidad relaci6n pasivo-eapital

volatility ratio [stocks] gearing ratio; free resource ratio; capital gearing
ratio; leverage (ratio) [US]; gearing (ratio) [UK];
relaci6n de iDtercambio gearing ratio [!FC]
terms of trade
relaci6n personal-poblaci6n
relaci6n de iDtertambio de dos fadores sta:f:Iing ratio
double factorial terms of trade
relaci6n precio-utilidades
relaci6n de iDtercambio de iDgresos price-earning ratio; PIE ratio - PER
income terms of trade
relaci6n prbtamos desembolsados y
relaci6n de iDtercambio de trueque pendientes-eapital y re8en'as [Banco Mundial]
barter terms of trade gearing ratio; free resource ratio; capital gearing
ratio
relaei6n de iDtercambio de un solo factor
single factorial terms of trade relaci6n profesor-alumnos
student-teacher ratio - STR; pupil-teacher ratio -
relaci6n de recaudaci6n de impuestos PTR; teacher-pupil ratio
tax perfonnance ratio
relaci6n riesgo-activos
relaei6n deuda-capital risk-asset ratio
debt--equity ratio; debt-to--equity ratio;
debt-to-capital ratio relaeiones entre empleados y empleadores
industrial relations; labor-management relations;
relaei6n dosis-efeeto labor relations
dose-response relationships
relaciones financieras
relaci6n endeudamiento-eapital propio ::financial ratios
gearing [UK]; leverage
relaciones obrero-patronales
relaei6n endeudamiento-capital propio labor-management relations; labor relations;
leverage (ratio) [US]; gearing (ratio) [UK] industrial relations

relaci6n gastos de vivienda-iDgresos relajaci6n monetaria

housing expenses/income ratio; affordability ratio monetaIy ease

relaci6n impuestos-iDgresos relajaci6n monetaria

tax ratio monetaIy ease

relaci6n impuestos-pm remediar los daios sufridos por eI medio

taxlGDP ratio ambiente
clean-up (environmental)
relaei6n incremental capital-produdo
incremental capital-output ratio - ICOR
394

rendimieDto esc:olar
educational achievements

reDIeIU de 101 trabajadores (emigrados, reDdimiento medio nete de los actiVOl

apatrladOl) productivos
workers' remittances average earning assets - ABA

remisioD reDdimieDto miDimO

referral tloorreturn

remora fiu reDdimiento termico

:fiscal drag heat rate

remuneracloD reDdimieDtos decredeDtes

compensatioD; earnings diminishing returns

remuneradoD Beta reDgioD arancelario

take-home pay tariff line

renditioD de cuental renivelacioD

accountability regrading [highways]

rendimieDto renovacioD
perf01'ID3DCe retrofitting; rollover

reDdimiento a eKaia reDovacioD de la superfide

returns to scale resurfacing [highways]

rendimiento al venclmieDto renta

yield to maturity - TIM income

rendimiento COrrleDte reDta de mODopolio

current yield monopoly rent

rendimiento de la invenioD reDta econ6mica

investment return. yield; return on, to investment economic rent

rendimiento del capital reDta per capita, POI' habitante

return on, to capital per capita income

rendimieDto en fundoD de la eua reDta presoDta

returns to scale assessed income

rendimiento en la fabricacloD, la molienda, el reDta(s) proveniente(s) de propiedades publicas

maquinado property income [government]
milling yield
rentabilidad
rendimieDto equivalente a UD interes DOminal earning power
coupon equivalent yield
rentabilidad de equilibrio del mercado
market-clearing returns
 395

rentabilldad de la aversion repoblacion forestal

investment return. yield; return on. to investment afforestation; reaft'orestation; reforestation

rentabilldad del capital repoblacion forestal

capital efficiency; return on. to capital reforestation; reafforestation

rentabilldad media neta de los activos reponer

productivos replenish (an account), to
average earning assets - AEA
reposiciOn de eustencias
renw restocking
revenues; returns
reposicion de los recursos [AlF]
rentas publicas replenishment of resources
government receipts, revenues
represa de almacenamiento
renuncia storage dam
droppage []FC]; waiver (of a right) [ICSID];
waiver (of immunity) [ICSID] represa de derivacion
diversion dam
renuncia (a un derecho)
waiver represa de terraplen
earthfill dam
renunciar (a un derecho)
waive, to representacion
representative office [bank]
reorganizaciOn
rehabilitation representante de
chair representing ... [World Bank Executive
reorientacion del gasto Directors]
expenditure-switching
representativo
reparacion de baches proxy
patching; spot improvement, patching; road,
surface patching [highways] represion rmanciera
financial repression
reparacion de los danos ambientales
clean-up (environmental) rep.-estamo
onlending; onward lending
reparaclon general de equipo
overhaul [equipment) represtar
onlend. to; relend. to
reparticion en poreiones, tramos
tranching [loans] reproductor [ganaderia)
breeder [agriculture]
repereusiones de las alzas de precios
ripple price effects reproductores
breeding stock
repeticion de un proyecto, program a
rollover project, program
396

reprogramad6n (dd semclo) de la deada rese"a de biosfera

debt rephasing; rescheduling of debt; rephasing of biosphere reserve
a debt; debt rescheduling
rese"a de valor
repataci6n en materia de credito store-of-value
credit standing
rese"a del Presidente
requerimiento de capital President's Contingency
call for capital; call of capital
rese"a especial
reqaisito de dep6sito previo, anticipado (a la Special Reserve [World Bank]
importaci6n)
advance deposit requirements (on imports) rese"a notante en e(ectivo
floating cash reserve
requisito(s) en materia de in(ormes
reporting requirement(s) Rese"a General
General Reserve(s) [mRD]
requisitos de desempeilo, cumplimiento,
funcionamiento Rese"a general para perdidas
performance requirements [contracts] General Loss Reserve [IFC]

requisitos que deben cumpline rese"a genetic&, genica

eligibility; eligibility conditions gene pool

resarcimiento rese"a minima obligatoria

recoupment [insurance] minimum cash requirement

rescatable rese"a obligatoria

redeemable legal reserve; reserve requirement

rescate rese"a obligatoria marginal

redemption marginal reserve requirement

rescate (anticipado) de la deuda rese"a para depreciacion

retirement of outstanding debt capital consumption allowance; reserve for
depreciation; allowance for depreciation;
rescate de la deuda depreciation allowance
debt retirement
rese"a para imprevistos
rescindir [nombramiento] contingent reserve
terminate
rese"a para imprevistos, para contingencias
resclsi6n allowance for contingencies; reserve for
termination contingencies; contingency allowance

resellado rese"a para perdidas

resealing [highways] loss provision; provision for losses; reserve for
losses; reserve against losses
rese"a
provision [accounting] rese"a por agotamiento
depletion allowance, reserve
 397

Raerva Suplementaria para perdidas en resquicio

pr&tamos y por devaluaciones de monedas window (in a market)
(Reserva Suplementaria)
Supplemental Reserve against Losses on Loans resquido tributario
and from Currency Devaluations (Supplemental tax loophole
ReselVe)
restriccion a la admisibilidad de lidtantes
raervas de divisas bracketing
foreign exchange reserves
restriccion del credito
raervas de oro credit squeeze; credit tightening
gold holdings
restricdon del credito
raervas disponibles credit tightening; credit squeeze
free reserves
restriccion oficiosa del credito
raervas intemacionales window guidance [central bank]
international reserves
restriccion pronundada del credito
raervas ocultas credit crunch
hidden reselVes
restriccion salarial
raervas primarias wage restraint
primary reserves
restricciones crediticias
reservas recuperables dermitivas - RRD tightening of credit
ultimate recoverable reselVes - URR
result ado final
resometimiento (en el sentido del Art. 52[6] del bottom line
Convenio)
resubmission [lCSID] resultado(s) finandero(s)
financial performance, results
responsabilidad
accountability resultados
performance
responsabilidad ante mas de una autoridad,
entidad, jere resultados economicos
matrix reporting economic performance

responsabilidad global maxima resultados esco)ares

maximum aggregate liability [MIGA] educational achievements

responsabilidad macroeconomica resumen

macro-level accountability executive surnnuuy

responsabilidad microeconomica resumen de actividades previstas

micro-level accountability activity brief [EDI]

responsabilizar retendon (de impuestos) en la (uente

empower pay-as-you-eam - PAYE; pay-as-you-go [taxation]
398

retencion del bnpuesto Reuniona ADuala del Banco Mundial y del

tax withholding Fondo Monetario Intemacional
Annual Meetings (of the Boards of Governors) of
retencion en, como pranda the World Bank and the International Monetary
retention money Fund

retencion tennka reuniones de grupos de representantes de los

heat trapping interesados
focus group
retirar fondos
draw, to (funds) reutBizacion de las ganancias
rollover of gains
retiro de una moneda de la circulacion
calling in of a currency revalorizacion
revaluation
retraso
lag; slippage; time lag revaluacion
revaluation
retroaccion
feedback (ofinfonnation) revestimiento
overlay [highways]; surfacing [highways]
retroarriendo
leaseback riego por anegacion controlada
flood control irrigation
retrocesion en arrendamiento
leaseback riego por aspersion
spray irrigation; sprinkle irrigation
retroinformacion
feedback (ofinfonnation) riego por aspersion con pivote central
center pivot sprinkle irrigation
reubicacion
outplacement riego por compartimientos
basin irrigation; level border irrigation
Reunion ADual
Annual Meeting [ICSID] riego por corrugacion
corrugation irrigation
reunion de condusiones
wrap-up meeting riego por desbordamiento natural
wild flooding
reunion en dos niveles
two-tier meeting riego por eseorrentfa, por eseurrimiento
runoff irrigation
Reunion Inaugural
Inaugural Meeting [ICSID] riego por goteo
drip irrigation; dribble irrigation; trickle irrigation
reunion informal (del Diredorio)
Board seminar riego por gravedad
gravity irrigation
reunion oficiosa
informal meeting
 399

riego ,or gravedad eon retenes riesgo de perdida en, ,or eoncepto de intereses
border check irrigation; border ditch irrigation; interest rate risk
border irrigation; border strip irrigation; gravity
check irrigation; nllbon check irrigation; strip riesgo de transf'ereDcia de mooed a
check irrigation; strip irrigation currency transfer risk [MIGA]

riego ,or lnundacion riesgo moral

flood irrigation; spate irrigation moral hazard

riego por microaspersion riesgo que plantea el Estado prestatario

micro-sprayer irrigation sovereign risk

riego,orsureOB riesgo IOberano

furrow irrigation sovereign risk

riego por sureol peque601 y pro:dmOB rielgOB no cubiertol

corrugation irrigation excepted risks

riego por tablares, ,or eras rizomas

border check irrigation; border ditch irrigation; rhizomes; rootstock crops
border irrigation; border strip irrigation; gravity
check irrigation; ribbon check irrigation; strip roca fosf'atadilt fosf'orita
check irrigation; strip irrigation rock phosphate; phosphate rock

riego subterrlineo roce

subirrigation; subsoil irrigation ash farming; bum-beating; burning

riego superficial, de superficie rodado COD tanque Devado a la espalda

surface irrigation knapsack spraying

riesgo rociado de muy bajo volumeD

exposure ultra low volume (ULV) spraying

rielgo admilible rodal

eligible risk stand [forest]

riesgo cambiario Ronda Ul1lguay

exchange risk; foreign exchange risk Uruguay Round [GAIT]

riesgo conjunto rotaci6n

co-exposure [insurance] turnover

riesgo de expropiacion rotacion del inventarlo, de las e:dstencias

risk of expropriation [MIGA] inventory turnover

riesgo de incumplimiento de contrato rotafolio

breach of contract risk [MIGA] flip chart

riesgo de lOB baneos roza

bank exposure ash farming; bum-beating; burning
400

ruido de fondo saldos pendientes

background noise overhang

saear de apuros saldos que Ie traspasan

bail out, to carryovers

saeudiJniento saldol retenidos para cubrir operac:iones a

shakeout (of the market) termino, a plazo
balances held on a covered basis
salario
wage rate saldol traspasados
carryovers
salario-producto
product wage salegar
salt lick~ mineral lick
salario de cuenta
shadow wages salida en el orden de adquisicion, fabricac:ion,
etc.
salario de cuenta social first in, :first out - FIFO
social shadow wage rate SSWR
salida en orden inverso aI de adquisicion,
salario de efieienda fabricacion, etc.
efficiency wage last in, :first out - LIFO

salario de raerva salida impresa

reservation salary, wage hard copy

salario monetarlo, nominal saneamiento

money wage sanitation

salario neto saneamiento ambiental

take-home pay environmental health. sanitation

salario IOmbra saneamiento de la cartera

shadow wages portfolio cleanup

saldo ac:reedor no utilizado saneamiento de tierras

unspent credit balance land reclamation

saldo de, en caja sanear

cash ba1ance~ cash holdings; cash in hand; cash on reclaim
hand
satelite de exploracion de 101 recursos terrestres
saldo no utilizado earth resources satellite
undrawn balance
satelite para e1 estudio de los rec:ursos terrestres
saldo traspasado earth resources satellite
balance canied forward
seccion de evisceracion
saldos en efectivo dressing section, hall [slaughtering]
balances [cash1
 401

sea:ion esdndar (del presupuesto) seguridad alimentaria

standard charge section food security

Secretario Geaeral Adjunto seguridad de tenencia

Deputy SecretaIy General [ICSID] security of tenure

sedor de la construcclon seguridad en el cargo

construction sector security of tenure

sedor empresarial seguridad social

corporate sector social insurance

sector estrueturado seguridades aceptablel para 101 bancos

formal sector bankable assurances

sector informal seguro contra todo rielgo

informal sector all risk insurance; comprehensive insurance

sector no estrudnrado seguro de desempleo

informal sector unemployment compensation, benefit

sectores de producclon primaria seguro de inversion

commodity producing sectors investment insurance

sectores productivos seguro multilateral de inverliones

real sectors multilateral investment insurance

secuestro seguro social

seizure [legal] social insurance

seguimiento selecci6n
followup; monitoring triage

seguimiento del desempeilo, de los resultados selecci6n automatica interurbana

performance monitoring subscriber trunk dialing SID

seguimiento y evaluaclon seleccion de 10 mejor

monitoring and evaluation M & E cheny picking

segUn registro de caja seUado superficial, de superficie

cash basis, on a surface dressing [highways]

segunda alternativa selva (pluvial) tropical

second-best optimum tropical rain forest

segunda linea de reservu selva pluvial

secondary reserves rainforest

seguridad sementales
security breeding stock
402

semUla bUiea senicio a eambio del pago de honorariol

foundation seed. fee-based service [IFC]

semUla certif"lCada senicio baneario internacional

certified seed. international banking facility - IBF

semUla de primera reproducclon, del mejorador senicio de emision de pagarel - SEP

breeder seed. revolving underwriting facility - RUF; note
issuance facility - NIP; prime underwriting facility
semUla regi8trada -PUF
registered seed.
Senicio de financiamiento a largo plazo para la
semillu de campo compra de bienes de capital por los paises en
field seeds desarrollo
Long-term Facility for Financing Purchases of
semimontado Capital Goods by Developing Countries [IBRO]
semiknocked down - SKD
senicio de financiamiento transitorio
Seminario de polfticu de. bridging facility
Senior Policy Seminar on... [EDI]
senicio de pristamos en condiciones ordinarias,
Seminario de polfticu generales no concesionarias
Senior Policy Seminar [EDI] hard loan window

sensibiIidad a las tuas de interel senicio de reestl1leturacion de la deuda

interest (rate) sensitivity Debt Restructuring Facility - DRF

seilal de alert&, de prevenclon senicio de sobregiro

warning signal overdraft facilities

separacl.on de riesgos fmancleros senicio de transmision

unbundling of financial risks wheeling

separacl.on del senicio Senicio especial de fmanciamiento para

separation [employment] productos mineros de los paises ACP y PTUM
Sysmin (= Special :financing facility for ACP and
serle cronologica OCT mining products) [European Communities]
time series
senicio financiero de ajuste estl1lctural (SAE)
serie de beneficiOl dentro del marco de la Cuenta Especial de
benefit stream Desembolso
Structural Adjustment Facility (SAP) within the
serle de dispolicionea, equipos, proyectoR, Special Disbursement Account [IMF]
actividadea, fmanciamiento
package senicio minimo
nominal service
serle de medidas financieras
:financial package senicio para la transformacion sistemica
Systemic Transformation Facility [IMP]
senicio
facility
 403

serviclo para priltamol concesionanos smOR (tua de oferta interbancaria de

soft loan window Singapur)
SmOR [= Singapore Interbank Offered Rate]
serviclo paraestatal
parastata1 (noun] siembra a voleo
broadcasting (seed, fertilizer)
servici08 bancari08 para consumidores
retail banking silvicultura sostenible
sustainable forestry
servicios comunitari08 de 8Ilud
community health services simiente8 de campo
field seeds
serviclos conexos
incidental services simplificaci6n
streamlining
servici08 de apoyo
backstopping sin efecto sobre 108 recunos
resource-neutral
servici08 de credito, credidci08
credit facilities sin garantfa
unsecured (note, loan, etc.)
servici08 no atribuibles a fadores
nonfactor services - n.f.s. sindrome de inmunodeficiencia adquirida -
SIDA
servici08 no comerdales acquired immune-deficiency syndrome - AIDS
nonmarket services [national accounts]
smopsis de acdvidades (no reIacionadas con
servici08 publicos proyect08 especificos)
public utilities; utilities activity brief [EOI]

servidumbre de paso sfote8ls informativa sobre un (el) proyecto

right of way sununa.Iy of project information

sago sintesis sectorial

bias (economy; statistics] approach paper

sago (por defecto) de margen, de borde sirope de maiz de alto contenido en fruetosa
border bias high fructose com syrup - HFeS

sago (por exceso) de margen, de borde sistema (de amortizaci6n, de depreciaci6n) de

edge bias saldo decreciente
declining balance method; reducing charge
sai6n method
sitting [ICSID]
sistema (0 planes) de reparto
set08 viv08 pay-as-you-go system (social security]
live fencing
sistema administrativo
si, muy bien, pero no en mi barrio administrative machinery
NIMBY (not-in-my-backyard)
404

sistema cambiario sistema de licencias de importacion

exchange system import licensing

sistema de alcantarillado "en condominio" sistema de modelos algebraicos generales

condominial sewerage system General Algebraic Modeling System - GAMS
[IBRD]
sistema de alcantarillado (alcantarillado) para
efluentes Iiquidos sistema de multiples procedimientos para las
emuent sewerage; solids-free sewerage; small-bore transacciones
sewerage multiple trading approaches

sistema de alerta anticipada Sistema de notificacion de la deuda aI Banco

early warning system Mundial
Debtor Reporting System [World Bank]
sistema de arbitraje administrado por una
institucion sistema de notificacion de la deuda externa
administered arbitration system [ICSID] external debt reporting system

sistema de capacitacion y visitas sistema de pagos iguales de principal e intereses

rr
training and visit & V] system annuity system [debt service]

sistema de capitacion sistema de pagos tot ales iguales (de principal e

capitation approach [health financing] intereses)
level annuity system
sistema de captacion de rentas
rent-seeking sistema de participacion en la gestion,
administracion
sistema de cultivo comanagement; codetermination; management
cropping pattern participation system

sistema de cultivo sin laboreo, de cero labranza sistema de planificacion y evaluacion del
zero tillage system desempeiio (del funcionario)
Performance Planning and Review - PPR [IBRD]
sistema de determinacion de precios en funcion
del costo mas honorarios sistema de planificacion, programacion y
cost-plus pricing system presupuestacion - Sppp
planning, programming, budgeting system - PPBS
sistema de distribucion, de reparto
delivery system; supply system sistema de presentacion de informes
reporting system [projectsJ
sistema de explotacion agricola
farming system sistema de prestacion de senicios de salud
health delivery system
sistema de fijacion de tipos, tasas de interes
pricing system [financial markets] sistema de prestacion, de suministro (de un
senicio)
sistema de honorarios por senicios delivery system; supply system
fee-for-services basis
sistema de prestador preferido - Spp
sistema de informacion para la administracion preferred provider organization (PPO) system
management information system - MIS
 405

sistema de programacion orientado a objetos situacion de autosostenimiento

object-oriented programming system - OOPS self-sustaining state

sistema de puntos situacion de balanza de pagos

merit point system balance of payments position

sistema de seguridad social situacion de efectivo, de liquidez

social security scheme cash position

sistema de tipos de intens basados en una eesta situacion de emergencia latente

de emprestitos pendientes slow onset emergency; quiet emergency
Pool-Based Lending Rate System [IBRD]
situacion de las reservas
sistema de votacion ponderada reserve position
weighted voting system
situacion de liquidez
sistema financiado con aportaciones liquidity position
unfunded system [insurance; social security]
situacion de pagos (de un pais)
sistema financiado con fondos propios payments position (of a country)
fully funded system
situacion de pagos enemos
Sistema Generalizado de Preferencias - SGP external payment position
Generalized System of Preferences - GSP
situacion de pagos intemacionales
sistema impositivo con deduecion de gastos international payments position
efectuados en el mismo aDo
cash flow system of taxation situacion en materia de reservas de divisas
foreign exchange position
sistema intemacional de garantias de eridito
international credit guarantee system situacion financiera
financial intrinsics
sistema multiple de mensajes financieros
message front-end system situacion sociocconomica
socioeconomic status - SES
sistema nacional de investigaciones agronomicas
national agricultural research system - NARS sobrante
overhang
sistema radial
hub and spoke system sobre una base semestral
semiannual coupon equivalent basis, on a [bonds]
sistemas de eridito, erediticios
credit facilities sobrecostos
cost overrun
sistemas simplificados de aleantarillado
simplified sewerage sobreempleo
overemployment
situacion
status sobreprecio
price premium
406

sobrestadia sociedad matriz

demurrage parent company

sobretasa sociedad no accionaria

tax surcharge nonstock corporation

sobrevaloracion de las monedas sociedad publica

exchange rate overvaluation public corporation

sociedad anonima sociedad simple, colectiva

stock corporation partnership

sociedad cuyas acciones se comu en bolsa socorro

publicly traded company relief

sociedad de ahorro y cridito solicitud de ingreso

savings and loan association application for membership

sociedad de aborro y pristamo solicitud de ingreso

savings and loan association membership application

sociedad de cartera, de inversiones solicitud de pristamo

holding company loan application

sociedad de inversion con numero de actiones solicitud de propuestas

fijo request for proposal. RFP
closed-end investment company, fund [US];
investment trust [UK] solicitud de retiro de fondos (de la cuenta del
pristamo 0 cridito)
sociedad de inversiones application for withdrawal (from loan account or
investment company, fund credit account)

sociedad de inveniones con numero de acciones solicitud defmitiva de garantia

variable definitive application for guarantee
open-end (investment) fund; unit trust [UK]
solicitud preliminar de garantia
sociedad de respunsabilidad limitada preliminary application for guarantee [MIGA]
limited liability company
s6lidos en suspension
sociedad de valores suspended matter
securities dealer; securities firm
solucion de compromiso
sociedad en comudita pur acciones trade.atf
joint stock company
solvencia
sociedad en participacion creditworthiness; financial standing
joint venture
solvencia economica
sociedad ficticia economic soundness [MIGA]
shell company
 407

IOsten de la familia subida ,or efeeto de trinquete

breadwinner ratcheting up

sosten de preaos sub inversion

price support underinvestment

sostenibilidad subocupacion
sustainability underemployment

lOStenibilidad ambiental subOptimo

environmental sustainability second-best optimum

STABEX (Sistema de estabilizaclon de los subprestamo

ingresos de exportaclon de los Estados ACP y subloan
PTUM)
Stabex (System for the stabilization of ACP and subprestamo de aprobatiOn autonoma
OCT mining products) [European Communities] free~limit
subloan

statu quo subprestatario

standstill subborrower

subasta de divisas subproyecto

foreign exchange auction subproject

subcapitalizado subproyectos gestionadoll a trave. de agentes

undercapitalized agency (line) subprojects

subcontratista subrasante
subcontractor subgrade [highways]

subcontratista propuesto subsidiaria en propiedad ablOluta

nominated subcontractor wholly owned subsidiaIy

subcontrato subsidiariedad
subcontract subsidiarity

subdivision politica u organismo publico (de un subsidio a 10 exportaclones

Estado Contratante) export subsidy
constituent subdivision or agency (of a Contracting
State) [ICSID] subsidio a 10 importaclones
import subsidy
subempleo
underemployment subsidio a los consumidores
consumer subsidy
subfacturaclon de exportaclones
underinvoicing of exports subsidio cruzada(o) intema(o)
internal cross subsidy
subgarante (CFI]
subunderwriter [IFe) subsidio cruzado
cross subsidization
408

subsidio de explotacion, de operacion, de subvencion para insumo8

funcionamiento input subsidy
operating subsidy
subvencion para invenion
subsidio para instalacion investment grant
settling-in grant [IBRDJ
sueldos y salarios
subsidio por lugar de destino dificil salaries and wages
hardship allowance
suelo(s) de fertiIidad marginal, de baja
subsidio por reasentamiento, por reinstalacion fertilidad
resettlement grant marginal soil(s)

subsidio por traslado suficiencia de(l) capital

relocation grant capital adequacy

subsidios de asistencia social sujeto aI cobro, aI pago de derec:hos

welfare payments dutiable

subvaloracion de las faduras de exportacion sujetos (potenciales) del impuesto

underinvoicing of exports tax handles

subvencion sujetos, bienes y ac:tividades imponibles

grant-in-aid tax net

subvencion a las exportac:iones suma alzada

export subsidy lump sum price

subvencion a las importac:iones suma por la cuallas cantidades devengadas son

import subsidy inferiores a las previstas
underaccruals
subvencion a los consumidores
consumer subsidy suma total
aggregate
subvencion cruzada
cross subsidization sumidero
sink (e.g. of greenhouse gases)
subvencion cruzada(o) intema(o)
internal cross subsidy suministro de agoa
water supply
subvencion de explotacion, de operacion, de
funcionamiento suministro de energfa a1imentaria - SEA
operating subsidy dietary energy supply - DES

subvencion de intereses superar el punto mas bajo

interest subsidy, subsidization bottom out (ofa recession)

subvencion equilibradora superavit de explotacion, operacion

balancing subsidy operating surplus
 409

superaivit de las transacciones invisibles suscripcion de capital sodal, de capital

surplus on invisibles actionario
equity subscription [IFC]
superaivit presupuestario
budget surplus suscripcion en aceso de la emisitSn
oversubscription [capital markets]
superficie agricola Dtil
useful farm space - UFS suscripcion uncial
initial subscription [IDA]
superficie babitable
living area suscripeion no sujeta a restrictiooes
unrestricted subscription [IDA]
superfosfato triple
triple superpbosphate - TSP [fertilizer] suscriptor
underwriter [securities]
superintendencia bancaria, de bancos
superintendency (of banks) suspender por etapas, progreaivamente
phase out, to
superintendente de bancos
bank examiner suspension de la ejecucion (dellaudo)
stay of enforcement [ICSID]
supervision
line management; monitoring suspension no oficial de los desembolsos
informal suspension of disbursements [IBRO]
supervision de un proyecto, de proyectos
project supervision suspension oficial de los desembolsos
formal suspension of disbursements [IBRO]
supervision y reglamentacion
prudential supervision and regulation sustancia que agota la capa de o:r.ono
ozone-depleting substance - ODS
supervisor directo, inmediato
line manager sustancias nutritivos(as)
nutrients
supervisor inmediato
next-in-line manager sustitucion de combustibles
interfuel substitution
suplente
Deputy [Dev. Comm.; IDA] sustitucion de importaciones
import substitution
supresion de puestol
redundancy [staffing] sustitucion de recursos para redudr costos
input shifting
suprimir
disestablish, to sustitutivo
proxy
susceptibilidad de capacitation
trainability [EDI-World Bank] sustituto
proxy
suscripcion al capital, de acciones dd capital
capital subscription [IBRO] swap de mooedas
currency swap
410

swap de tipos de interil tarifas

interest (rate) swap charges [utilities]

swap; interumbio de monedas tarifas de agoa

swap water charges

Sysmin (Senieio eapeeial de fUUUlciamiento tarifas portuarias

para productos mineros de los paises ACP y port charges, tariffs
ProM)
Sysmin (= Special fiDancing facility for ACP and tarifas progresivas
OCT mining products) !European Communities] inverted rates [electricity tariffs]

tabla de toneDOne8 de datos tarifas seg60. hora de tOnSUDlO

panel data set time-of-use (rOU) rates [electricity tariffs]

tabla de insumo-produtto tasa adivo(a)

input-output table lending rate

tala selectiva tasa arantelaria media ponderada

selection felling. cutting weighted average tariff rate - WATR.

tanque de inmersion tasa bruta de matritula (primaria)

dipping tank gross (primary) enrollment ratio - GER

tanque septito tasa bruta de mortalidad

septic tank crude death rate

tanto alzado tasa bruta de natalidad

lump sum price crude birth rate - CBR

tarea de reparacion de los dailos ambientales tasa tentraJ

clean-up (environmental) key money rate; central rate

tarifa tasa tompuesta de trecimiento

tariff compound rate of growth

tarifa [precios] tasa tritita de rentabllidad

tariff schedule hurdle rate

tarifa de recolecdon de basura(s) tasa truzada

household waste collection charge cross rate

tarifa minima, vital taBa de ateptacion

lifeline tariff acceptance rate (by beneficiaries of a project)

tarifa por bloques tasa de adividad

block tariff labor force penetration; labor force participation
rate
tarifa unifonne, a tanto alzado
flat rate tasa de attuaIizadon
discount rate [project appraisal; securities]
 411

tau de adualizacion de equilibrio tasa de fecundidad total

crossover discount rate; equalizing discount rate total fertility rate - TFR

tau de actualizacion social tasa de importaciones afectadas

social discount rate; social rate of discount trade coverage ratio

tau de acumulacion tasa de inflacion de dos digitos, de 10,4 0 mas

accrual rate double digit inflation; two digit inflation

tasa de analfabetismo tasa de innacion de dOl digitus, de 10% 0 mas

illiteracy rate two digit inflation; double digit inflation

tasa de asimilacion de conocimientos tau de intem de cuenta

learning rate shadow rate of interest

tasa de aumento, crecimiento de las tasa de interes efectivo(a)

importacione8 effective interest rate
import growth rate
tasa de interes inmodificable
tasa de carga locked in interest rate
stocking rate [livestock]
tasa de intem negativa
tasa de continuidad de utilizacion negative rate of interest
continuation rate [contraception]
tasa de intem sobre los depositos
tau de depreciacion de equilibrio depositor rate of interest; borrowing rate [banks]
breakeven (dollar) depreciation
tasa de intem sobre los prestamos
tau de descuento sombra, de cuenta lending rate
shadow discount rate
tasa de intem sombra
tau de desempleo que no modifica el Divel shadow rate of interest
salarial
nonaccelerating-wages rate of unemployment - tasa de intermediacion
NAWRU intermediation rate

tasa de deserdon tasa de los fondos comune8 de inversiones

dropout rate [education]; wastage; waste money market rate
[education]
tasa de matricula
tau de desgaste, de eJiminacion, de atricion enrollment ratio
attrition rate
tasa de mortalidad normalizada segUn la edad
tasa de emision age-standardized death rate
coupon rate (of a bond)
tasa de paricion
tasa de mraccion calving rate
offtake rate [livestock]
tasa de preferencia pura en el tiempo
tasa de fecundidad rate of pure time preference
fertility rate
412

tua de preferencia social en eI tiempo tua de supenivencia escolar

social time preference rate survival rate [education]

tua de promocion tua de uso de anticonceptivos

pass rate; promotion rate [education] contraceptive prevalence rate - CPR

tasa de redescuento tasa del mercado monetario

diSCOWlt rate [central bank] money market rate

tua de rendimiento tua diferencial de rentabilidad

yield rate incremental rate of return

tua de rendimiento economico, de rentabilidad tasa impositiva efectiva marginal

economica marginal effective tax rate - METR
economic rate of return - ERR; economic internal
rate of return - EIRR tasa impositiva efectiva media
average effective tax rate - AETR
tasa de rendimiento financiero, de rentabilidad
financiera tasa limite de rentabiIidad aceptable
financial rate of return; internal rate offinancial cutoff rate (ofreturn) [projects]
return; financial internal rate of return - FIRR
tasa marginal de ahorro nacional
tua de rentabilidad aceptable, de desistimiento marginal national savings rate
cutoff rate (of return) [projects]
tasa oficial de descuento
tua de rentabilidad de equilibrio bank rate [UK]
equalizing rate of return
tasa pasivo(a)
tasa de rentabilidad economica a la terminacion depositor rate of interest; borrowing rate [banks]
completion economic rate of return
tasa preferencial
tasa de rentabilidad intern a prime rate
internal rate of return - IRR
tasa preferential a largo plazo
tua de rentabilidad requerida, exigida long-term prime rate - LTPR
required rate of return - RRR
tasa tendencial
tasa de rentabilidad social trend rate
social rate of return - SRR
tasa uniforme, a tanto a1zado
tasa de rentabilidad, de rendimiento flat rate
rate of return
tasa (de interes) vigente
tua de repeticion standard rate (ofinterest)
repeater rate [education]
tua vigente en el mercado
tasa de reproduccion neta - TRN prevailing market rate
net reproduction rate - NRR
tasacion para fines impositivos
tasa de retencion tax assessment; assessment for tax
retention rate; grade ratio [education]
 413

tuaclon periclal tecnologia optima disponible

expert appraisal best available technology - BAT~ best practicable
means-BPM
taBas arancelariol
tariff rates teledeteccion
remote sensing
tasas de intera dave
key interest rates teleobservacion
remote sensing
tasas de intera crecientel
step-down, step-up interest rates temario anotado, comentado
annotated agenda
tecnica de aUlisil de decisiones tomando en
euenta mUltipla atributos Temas del Banco Mundial (mRD]
multiattnoute decision analysis issues paper

tecnica de evaluacion y revision de programas - temporada corta

PERT short season (crop)
program evaluation and review technique - PERT
tendencia
tecnica de variabla multiples bias [economy; statistics]
multivariate technique
tendencia a condiciones de prestamo mas
tecnieas de administraciOn tributaria gravosas
tax technology hardening ofloan terms

tecnieas de reduction de la contaminacion tendencia a muy largo plazo

abatement technologies secular trend

tecnicas disponibla tendencia alcista, ascendente

off-the-shelf technology upward trend

teenieas financieras tendeneia deseendente

financial engineering downward trend

teenieo agricola tendencia bacia eategorias mas altas de

agriculturist dasificacion del personal
grade creep
tecnico especializado
subject matter specialist - SMS [agricultural tendencia intrinseea
extension] built-in tendency

tecnologia apropiada tenedor de bonos

appropriate technology - AT bondholder

tecnologia avanzada, de vanguardia tenedor de la garantia

frontier technology guarantee holder [MIGA]

tecnologia de estado sOlido, de semiconductores, teneneia comunitaria de bosques

de transistores tree tenure
solid state technology
414

tenencias [en, de divisu, oro] tenninOl de intercambio

holdings [foreign exchange, gold] terms of trade

tenencias en oro tenninOl de referencia

gold holdings terms of reference [e.g. consultants]

tenencias ofidale8 tennino. de referenda, paru.etros (de un

official holdings estudio)
terms of reference [study]
tension ambientaI
environmental stress terraplen
bond
tension debida a la sequia
drought stress terraplea en enrva de Divel
contour bund
teoria cuantitativa del dinero
quantity theory of money terreno aIuviaI, de aluvion
floodplain
teoria de la eleccion social
theory of public choice terreno comprendido, enbierto
site coverage
teo ria de las colas
queuing theory, problem terreno no parcelado
unsubdivided plot
teoria de los precios en operaciones de arbitraje
arbitrage pricing theory - APT testigo
drill core
teoria de recuperacion de los bosques
gap theory tiempo compartido
time sharing [computers]
teoria del control del dinero impIicito
implied money control theory tiempo de inactividad
downtime
terapia de rehidratadon oral
oral rehydration therapy - ORT tiempo de rotacion, del viaje de ida y vuelta
turnaround (time)
Tercera Ventanilla
Third Window tiempo necesario para un serviclo
turnaround (time)
terminacion
tennination tierra de pastoreo
rangeland
terminacion de las instalaciones
mechanical completion [projects] tierras hWoedas
wetlands
terminadon del derecho a financiamiento del
Banco) timbre fiscal
graduation [IBRD] revenue stamp

terminar tipo activo(a)

tenninate lending rate
 415

tipo eentral tipo de eambio sombra

key money rate; central rate shadow exchange rate - SER; shadow pricing of
the exchange rate
tipo enazado
cross rate tipo de deKuento sombra, de euenta
shadow discount rate
tipo de alojamiento
accommodation type tipo de intem eontable - TIC
accounting rate of interest - ARl
tipo de eambio a termino, a plazo
forward exchange rate tipo de intem de euenta
shadow rate of interest
tipo de eambio al eontado
spot exchange rate tipo de intem efeetivo(a)
effective interest rate
tipo de eambio eentral
central rate [exchange rates) tipo de interes inmodifieable
locked in interest rate
tipo de eambio eomprador
buying rate of exchange tipo de intem negativo
negative rate of interest
tipo de eambio de euenta
shadow exchange rate - SER; shadow pricing of tipo de intem real ex post
the exchange rate ex post real interest rate

tipo de eambio de equilibrio tipo de intem sobre los depositos

equilibrium exchange rate depositor rate of interest; borrowing rate [banks]

tipo de eambio de referenda tipo de interes sobre los pristamos

reference rate of exchange [MIGA) lending rate

tipo de eambio efeetivo tipo de intem sombra

effective exchange rate shadow rate of interest

tipo de eambio efeetivo nominal tipo de intem variable basado en una eesta de
nominal effective exchange rate emprestit08 pendientes
pool-based variable lending rate [IBRD]
tipo de eambio efeetivo real
real effective exchange rate tipo de redeKuento
discount rate [central bank)
tipo de eambio flotante
floating rate tipo ofieial de deKuento
bank rate [UK)
tipo de eambio intemo
modified. Bruno ratio; internal exchange rate tipo pasivo(a)
depositor rate of interest; borrowing rate [banks]
tipo de eambio mfnimo
floor rate of exchange tipo preferendal
prime rate
tipo de eambio real de equilibrio
equilibrium real exchange rate
416

tipo preferencial a largo plazo tonelada de equivalente en earbOn - tee

long-term prime rate - LTPR ton of coal equivalent - tce

tipo (de interes) vigente tonelada de equivalente en petrileo - tep

standard rate (ofinterest) ton of oil equivalent - toe

tipo vigente en el mereado tonelada en seeo, secada al aire

prevailing market rate air dried ton

tipos cruzados dispares toneladas de peso muerto

broken cross rates deadweight tonnage - DWT

tipos de cambio eoncordantes tonelaje (de registro) bruto

unified cross rates gross (register) tonnage - GRT (shipping]

tipos de interes clave tonelaje de registro neto

key interest rates net register tonnage - NRT

titulo tope
security cap

titulo de eredito tope de eredito

financial claim credit ceiling; credit limit

titulo de credito [finanzas] tope de los tipos de intera

claim interest rate cap [mRD]

titulo hibrido, estructurado torre de perforacion petrolera

structured security oil (drilling) rig, platform

titulo nominativo torta (de semillas) oleaginosa(s)

registered security oilcake

titulo otorgado por dos universidades torta de estiereol

split degree dung cake

titulos de organismos federales total de particulas en suspension

agency securities, obligations [U.S.] total suspended particulates - TSP

titulos del mereado monetario total de sOlidos disueltos - tsd

money market paper total dissolved solids - IDS

toma (de agoa) total de sOlidos en suspension

intake total suspended solids - TSS

toma deagoa total neto de los giros

standpipe; standpost; hydrant outstanding drawings [IMF]

toma de fuena trabajador a nivel de poblado

power takeoff - PrO village level worker - VLW
 417

trabajador ambulante trMico generado

unlocated worker generated traffic

trabajador calificado tramitacion

skilled worker processing

trabajador de extension, de divulgacion tramitacion del (de un) prestamo

outreach worker loan processing

trabajador de salud de la comunidad tramo impositivo

community health worker - CHW tax bracket

trabajador desplazado transaccion

dislocated worker trade-off

trabajador no sindicado transaccion cubierta contra riesgos cambiarios

unorganized worker currency-hedged transaction

trabajador por cuenta propia, independiente, transaccion mera de mercado

autonomo off-market transaction
self-employed person
transacciones conforme a margenes de riesgo y
trabajador semicalificado rendimiento
semiskilled worker credit spread trades

trabajadores ocasionales transacciones entre grandes bancos y entre

casual labor estos y otras instituciones financieras
wholesale banking
trabajo a destajo
jobbing transacciones interbancarias
wholesale banking
trabajo en el terreno
field work transacciones invisibles
invisible transactions
trabajos de urbanizacion
site development transrerencia con, de contrapartida
requited transfer
traduccion de monedas
currency translation transferencia de activos (de una sociedad) a
cambio de acciones (de otra sociedad nueva)
trMico de detalle spinoff [:financial market]
less than carload freight - LCL
transferencia de capital
trMico de regreso capital transfer
backhaul traffic
transferencia desde el sistema principal
trMico directo downloading
through traffic
transferencia electronica de rondos
trMico en transito electronic funds transfer - EFT
through traffic
418

transferencia hacia eI sistema principal transporte maritimo

uploading [computers] shipping

transferencia inversa de tecnologia transporte multimodal

reverse transfer of technology multimodal transport

transferencia sin contrapartida (cuentas transterritorial

nacionales] cross~rder; ~endtorUU
unrequited transfer
transterritorial fronterizo; internacional
transferencia unilateral [balanza de pagos] ~endtorUU;cross~rder
unrequited transfer
traslacion del impuesto
transferencias [empresas] shifting of tax
remittances
traspaso de intereses
transferencias de capital (no reembolsables) divestiture;div~ent
capital grants
tratamiento
transformacion processing
processing
tratamiento ambulatorio
transformacionde empresas (publicas) en ou~tient~ent
socledades comerciales, entidades previstas en
la ley de sociedades tratamiento por separado
corporatization two-stage. two-step procedure [IBRD]

transfronterizo tratamiento superficial

cross~rder; ~endtorial surface dressing [highways]

transitable trazar
serviceable [highways] peg out. to [surveying]

transnacional tregoa tributaria

cross~rder; transtendtorial tax holiday

transnacional tren bloque

transtendtorial; cross~rder block train

transparencia trenes unidades

transparency unit trains

transparencia fin triaje

fiscal transparency triage

transporte de produdos empacados Tribunal de Arbitraje

nonbulk traffic AIbitral Tribunal [IeSID; MIGA]

transporte entre terminales

line-haul [transportation]
 419

tribunale.s eompeteD.te.s 0 c:aalquier otra unidad de poado

autoridad (para ejecutar laudol) animal unit - AU
competent court or other authority (to enforce
awards) [leSlD] unidad de ganado tropical
tropical cattle unit - TCU; tropical animal unit-
trimeltre del d.o ch1I TAU; tropical livestock unit - nu
calendar quarter
unidad de la eesta de monedU
tubereulo feeulento, rafz fecuIenta basket unit
starchy root crop
unidad de moneda fronteriza
tubereulol aUmentariOi border currency (unit)
root crops
unidad de produecion
tuberia de presion, de earp unit of output
penstock [hydroelectricity1
unidad del proyecto
umbral de pobreza project unit
poverty income threshold; poverty line
unidad directiva
umbral de veto de una minoria managing unit
minority threshold [IBRD1
unidad familiar eon intereses en eomun
unidad agricola, de explotacion agricola glued-together household
farming unit
unidad forrajera
unidad contable feed unit; forage unit
accounting unit
unidad ganadera
unidad de administracion del proyecto cattle unit
project management unit - PMU [IBRD]
unidad minima de vivienda
unidad de capacitacion prictica core housing; nuclear housing
training production unit
unidad monetaria
unidad de cuenta currency unit
numeraire
unidad monetaria eompuesta
unidad de cuenta basket unit; composite currency unit
unit of account - UA
unidad monetaria europea - ECU
unidad de cuenta basada en una cesta de European Currency Unit - ECU
monedu
basket unit of account unidad mOm de formacion, de eapacitaeion
mobile training unit
unidad de eficiencia
efficiency unit unidades de 20 pies (de contenedores) - TEU
twenty equivalent units - TEU [containers]
unidad de extension (agrieola)
field unit [agricultural extension] uniOn
pooling
420

urbanization utiUdad(es)
development earnings

urbanizacion utilidades acumuladas

land development accumulated profit [accounting]

urbanizadon de lotes utilidades en libros

plot servicing paper profit

urbanizador utilidades encubiertas

real estate developer leakage

usar un enfoque seledivo utilidades netas [sociedades)

target, to net income

uso de (los) fondos utilidades netas derivadas de un proyecto

application of funds project rent

uso de contenedores utilidades no distribuidas

containerization earned surplus; retained earnings

uso de recursos por el gobiemo utilidades no distribuidas y no asignadas

financial claims of government unappropriated (earned) surplus

uso final utilidades reinvertidas

end use (of a commodity) plowed-back profits

uso, utilizacion de (los) fondos utilizacion

application of funds drawdown

usnario utilizacion de recursos

consumer [telecommunications] claim (on resources)

usnfructo utilizacion del capital

beneficial interest drawdown of equity

usufructuario utilizacion escaIonada de energia

beneficial owner energy cascading

utilidad bruta de operacion, de explotacion utilizar fondos

gross operating profit draw, to (funds)

utilidad imprevista, extraordinaria vaca de desecho

windfall profit cu1ledcow

utilidad marginal vado pavimeatado

marginal utility submerged bridge

utilidad sobre la venta de inversiones valor

profit on sales of investments security
 421

valor ala par (monedu) valor de opdon

par value option value

valor a predo de comprador valor de primera clue

purchasers'values [national accounts] blue chip; blue chip security

valor a predo de productor valor de primera clue

producers'values [national accounts] prime bill

valor actual de una anualidad constante valor de protecdon

present worth of an annuity factor hedge [securitiesnuukd]

valor actual neto a predos economic08 valor de reaIizacion

net present value in efficiency prices - ENVP current exit value; exit value; net realizable value
[UK] [accounting]
valor actual, actualizado
present value, worth valor de recuperacion, de rescate
salvage value
valor actualizado (principal)
current value valor de reposicion
current (entry) value; replacement value; current
valor agregado, aftadido en el pais cost [accounting]
domestic value added
valor de venta forzosa
valor atfpico liquidation value; forced sale value
outlier
valor del producto marginal
valor wculado marginal value product
constructed value
valor en boca de mina
valor comerdal, de mereado minehead price
nuuket value
valor en razOn de la escasez
valor contable neto scarcity value
net book value; current equity investment; nd
investment valor esperado
expected value
valor contable, en Iibros
book value valor estimado de la cartera
evaluated portfolio [IFC]
valor critico
switching value [sensitivity analysis] valor hibrido, estructurado
structured security
valor de contribucion
contribution value [MIGA] valor imputado
imputed value
valor de existencia
existence value valor inidal
historical cost
valor de liquidacion, de reaIizacion
selling value
422

valor intrinseco valores a ma largo plazo de oferta continua ~

existence value COLTS
Continuously Offered Longer~Term Securities -
valor justo, equitativo de mereado COLTS
fair market value
valores aereditadOi
valor neto actual, actualizado seasoned. securities
net present worth, value ~ NPW, NPV
valores de primer orden
valor neto actualizado gilt~ged securities
net discounted value
valores de legundo orden
valor nominal secondaIy securities
face value
valores del mereado monetario
valor nominal (valores) money market paper
par value
valores en cartera
valor nominativo portfolio securities
registered security
valores en c:ireulaclon
valor oro outstanding securities
gold value
valores extrabursatiles, fuera de bolsa
valor residual neto over-the-counter securities
netback value [energy]
valores rmancieros
valor residual, de desecho financial paper
scrap value
valores negoc:iables
valor social neto actual, aetualizado eligible paper; marketable securities
social net present value - SNPV
valores normales, corrientes, estandar
valor temporal del dinero standard values [trade]
time value of money
valores publicos, del Estado
valor unitario government securities
unit value
valorizacion
valoracion a cotto total appreciation (in value)
full cost pricing
variable ficticia., artificial, simulada
valoracion aduanera dummy variable
valuations for customs purposes
variable independiente, predic:tiva
valores explanatOIY variable; predictor; predicated,
paper [financial] independent variable; fixed variate; regressor
[statistics]
 423

variable independiente, predictiva venta de valores en cartera

fixed variate; predictor; independent variable; portfolio sale
predictor; predicated variable; predictor
venta de venclmientos de pristamos
variaclones climaticu inducldas por la sale of loan maturities
radiaclon solar
radiative forcing venta simple, aI contado
outright sale
vanaclones estacionales
seasonal movements venta sin compromiso de garantia de emision
"best efforts" sale
vanante
alternative [projects] venta sin recurso de rescision, irrevocable
no recourse sale
variedad pura
pure variety; true to type variety [agriculture] ventaja comparativa
comparative advantage
variedad pura
true to type variety; pure variety [agriculture] ventaja comparativa manifiest&, explicita,
evidente, etc.
velocidad de diseilo, nominal revealed comparative advantage - RCA
design speed
ventaja relativa
vencimiento (de un pristamo, obligaclon, etc.) trade-off
maturity (ofa loan, bond. etc.)
ventajas sociales, colectivu
vencimiento de un dia para otro social advantages
overnight maturity
ventana
venclmientos a menos de un do window [computers]
current maturities
ventanilla para prestamos concesionarios
venta (de una empresa) soft loan window
divestiture; divestment
ventas
venta a cualquier precia, de urgencia merchandising
distress sale, selling
verificaclon
venta a plazas monitoring
extended payment plan
verificacion de cuentas
vent a con prima audit [finance]
premium sale
verificacion de precios previo aI embarque
venta de bienes embargados, seeuestrados pre-shipment price inspection
distress sale, selling
verification de pneba
venta de un credito fuera del consortio test check [accounting]
sell down
verificar cuentas
audit, to
424
vertedero vigencia media de los prestamos
landfill average loan life - ALL

vertical vigilancia
top-down (approach) [projects] monitoring

vetiver vinculacion de los salarios con los precios

vetiver wage-price indexing

via de comercializacion vinculacion regresiva

channel [trade] backward linkage

via de servicio vinculacion vertical

service road backward-forward linkage

via navegable vincular

waterway peg, to (prices, interest rates)

viabilidad de la balanza de pagos vinculo a una combinacion de monedas

external viability composite peg [foreign exchange]

viaje de observacion, estudio, etc. vinculo ajustable

field trip adjustable peg [foreign exchange]

viaje en grupo vinculo compuesto

group travel [World Bank] composite peg [foreign exchange]

viajero freeuente 0 cotidiano (por razones de vinculo movil

trabajo, de negocios) crawling peg [rate of exchange]
commuter
violacion de contrato
viajes oficiales relacionados con operaciones breach of contract
operational travel
virus de la inmunodeficiencia humana - VIR
viatico human immunodeficiencY virus - HIV
subsistence allowance
virus informatico
vicepresidencias centrales computer virus
central vicepresidencies [ffiRD]
vivienda ilegal
vida util illegal housing
economic life
vivienda minima
vida util core housing; nuclear housing; dwelling core
life (of a project); useful life
vivienda semipermanente
vida util de un proyecto semipermanent housing
project life
viviendas multifamiliares
vigencia de un prestamo multidwelling houses
life of a loan
 425

viviendas no sujeta(8) a reglamentaciones zooa de absorcion de carbono

unregulated housing carbon sink

volumen de desercion zona de absorcion, de disipacion

wastage; waste [education] sink (e.g. of greenhouse gases)

volumen de material elaborado [manufacturas] zona de captacion [riego)

throughput catchment area; catch basin

volumen de negoc:i08 zona de captacioD, de influencia [educacion,

turnover etc.)
catchment area; catch basin
volutad de pagar
willingness to pay WfP zona de contratacion de mano de obra
labor shed
votadon formal
formal vote [ICSID] zona de Iibre comercio
free trade area
votacion 8in convoc:ar a reuniOn
vote without meeting zona de oc:upante8 ilegales, sin titulo
squatter area, settlement
votos bisic08 mis vow de adhesion
uniform votes [IBRDJ zona de referenda
refereuce zone; target zone [foreign exchange]
voWs de adhesion
membership votes zona de singular riqueza ecolOgica
environmental hotspot
xenodivisu
xenocurrencies zona de soberania economica
exclusive economic zone - EEZ
xenomonedas
xenocurrencies zona del proyecto
project area
yacimiento de carbOn
coal field zona en desarroDo
development area
yaclmieato geotermico
geothermal deposit zona e:s:propiada
right of way
yacimiento rentable
COIDIlleIdal deposit [mining] zona franca
free trade zone - FTZ; bonded area
yacimiento submarino, IIW' adentro
offshore field zona franca industrial
export processing zone - EPZ
zona atmosferica
aiuhed zona indnstrial
industrial estate [UK]. park [USA]
zona bajo r i . eontrolado
command area [irrigation]
426

zona industrial en regimen de franquicia

aduanera
bonded industrial estate

zona infestada, de infestacion

infected area

zona silvestre protegida

wildland management unit - WMU

zona urbanizada
serviced area. lot, site

zonas silvestres
wildlands

zonas silvestres administradas

wildland management area - WMA

zootecnia
animal husbandly
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