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This report, which covers calendar year 2012 and up to June 2013, is the sixth progress report of the Pacifi c Private Sector Development Initiative (PSDI). It marks a watershed for in June 2013, the Asian Development Bank (ADB) and its bilateral partners, the Australian Government and the New Zealand Aid Program, renewed PSDI for a third phase that will run for 6 years (until June 2019) with signifi cantly increased funding that will allow it to further build on the successes of the fi rst two phases and expand its scope into additional focus areas. PSDI is a unique program. During its fi rst 6 years of operation, PSDI has evolved into a performancedriven, technical assistance instrument that is closely integrated into Pacifi c government strategies and programs. Results to date have proved its effectiveness in addressing constraints to private sector development in ADB's 14 Pacifi c developing member countries (DMCs). PSDI owes its success to the fl exibility of its operating model, its continuity, strong technical expertise, ability to work at all levels of government, the emphasis placed on research and analysis, and the coherence of its focus on institutions. It is able to marshal support and resources rapidly when needed, or to reduce involvement when reform enthusiasm wanes.

This report, which covers calendar year 2012 and up to June 2013, is the sixth progress report of the Pacifi c Private Sector Development Initiative (PSDI). It marks a watershed for in June 2013, the Asian Development Bank (ADB) and its bilateral partners, the Australian Government and the New Zealand Aid Program, renewed PSDI for a third phase that will run for 6 years (until June 2019) with signifi cantly increased funding that will allow it to further build on the successes of the fi rst two phases and expand its scope into additional focus areas. PSDI is a unique program. During its fi rst 6 years of operation, PSDI has evolved into a performancedriven, technical assistance instrument that is closely integrated into Pacifi c government strategies and programs. Results to date have proved its effectiveness in addressing constraints to private sector development in ADB's 14 Pacifi c developing member countries (DMCs). PSDI owes its success to the fl exibility of its operating model, its continuity, strong technical expertise, ability to work at all levels of government, the emphasis placed on research and analysis, and the coherence of its focus on institutions. It is able to marshal support and resources rapidly when needed, or to reduce involvement when reform enthusiasm wanes.

With a total population of over 75 million people and a strategic location between wealthy trading partners, with Russia to the east and a vast market of EU citizens to the west, the Eastern Europe and South Caucasus (EESC) region is attractive as a destination for investment and trade. It is endowed with significant human and resources ranging from the black soil in Ukraine that produces some of the best wheat in the world, to energy reserves in Azerbaijan and unexplored water resources in several countries. However, in spite of recent growth - an average of almost 8% of GDP during 1998-2008

This is the first annual report of the Private Sector Development Initiative (PSDI), a regional technical assistance (RETA)_project by the Asian Development Bank (ADB), cofinanced by the Australian Agency for International Development (AusAID), to promote economic growth in the Pacific region.1 PSDI leverages existing ADB country partnership strategies by providing a rapid-response capability for PSD reform as well as necessary resources for core analytical work and advocacy. Specifically, PSDI addresses the binding constraints to private sector development (PSD) in the Pacific region through support of: (i) state-owned enterprise (SOE) reform and public-private partnerships (PPPs); (ii) financial sector reform; and (iii) reform of the legal and regulatory business environment.

This is the first annual report of the Private Sector Development Initiative (PSDI), a regional technical assistance (RETA)_project by the Asian Development Bank (ADB), cofinanced by the Australian Agency for International Development (AusAID), to promote economic growth in the Pacific region.1 PSDI leverages existing ADB country partnership strategies by providing a rapid-response capability for PSD reform as well as necessary resources for core analytical work and advocacy. Specifically, PSDI addresses the binding constraints to private sector development (PSD) in the Pacific region through support of: (i) state-owned enterprise (SOE) reform and public-private partnerships (PPPs); (ii) financial sector reform; and (iii) reform of the legal and regulatory business environment.

This booklet aims to increase awareness that measurement frameworks aligned with a country's PSD strategy would be a useful tool for results-based management of this vital segment of the economy. The booklet also highlights some of the available PSD indicators, providing readers with important insights into the experiences of selected governments, international development agencies, and research organizations in measuring and reporting PSD results. In this way, the booklet can assist those who want to learn more about PSD indicators and practices, as well as those who want to use this information as a starting point for developing their own PSD measurement frameworks.

This booklet aims to increase awareness that measurement frameworks aligned with a country's PSD strategy would be a useful tool for results-based management of this vital segment of the economy. The booklet also highlights some of the available PSD indicators, providing readers with important insights into the experiences of selected governments, international development agencies, and research organizations in measuring and reporting PSD results. In this way, the booklet can assist those who want to learn more about PSD indicators and practices, as well as those who want to use this information as a starting point for developing their own PSD measurement frameworks.

This review of competitiveness and private sector development in the Ukraine provides a solid base for policy analysis and gives recommendations with immediate relevance and applicability. It includes diagnosis and policy actions for policy makers and advisors, offering policy responses to underpin economic diversification, enhanced competitiveness and private sector development. Finally, the book applies an innovative framework to identify barriers that hinder the development of selected sectors. It offers the design and suggests ways to implement specific policies to remove those

Intro -- Preface -- Introduction -- Contents -- List of Contributors -- Part I: Macroeconomic Policy and Private Sector -- Proposed Architecture for an ECOWAS Common Currency Union -- 1 Introduction -- 2 West Africa´s Initial Conditions -- 2.1 Current Monetary Arrangements of ECOWAS Countries -- 2.2 Basic Statistics and Volatility of ECOWAS Countries -- 2.3 Initial Institutional and Policy Challenges -- 3 Justification of the ECOWAS Common Currency Union -- 3.1 Key Issues and Motives for the CCU -- 3.2 ECOWAS as an Optimum Currency Area (OCA) and the Welfare Gains for Union Members -- 4 What Type of Monetary Union for ECOWAS -- 4.1 Extension of the UEMOA to Other West African Countries -- 4.2 Merger of WAMZ and UEMOA -- 4.3 Immediate Creation of a New Currency -- 5 Proposed Architecture for the Common Currency -- 5.1 Methodological Approach -- 5.2 Selection of Initial Members of the ECOWAS Common Currency Union -- 5.3 Role and Status on Non-members -- 5.4 Level and Management of Foreign Reserves -- 5.4.1 Adequacy of Initial Level of Union Reserves -- 5.4.2 Management of Reserves and Individual Countries´ Contributions -- 5.4.3 Structural External Reserves and Temporary Relief Mechanisms -- 6 Conclusion -- Appendix -- References -- The Quest for a Monetary Union in ECOWAS: An Econometric Test for Convergence of Countries -- 1 Background -- 2 Literature Review -- 3 Methodology -- 3.1 Testing Technique -- 3.2 Data Issue -- 4 Empirical Analysis -- 4.1 Nominal Convergence -- 4.1.1 Exchange Rate -- 4.1.2 Interest Rate -- 4.1.3 Reserve Money -- 4.1.4 Inflation -- 4.1.5 Budget Deficit -- 4.2 Real Convergence -- 5 Conclusion and Policy Implications -- 5.1 Conclusion -- 5.2 Policy Implications -- Appendix -- References -- Fiscal and Monetary Policy Coordination in the WAMZ: Implications for Member States´ Performance on the Convergence Criteria.