Your gateway to comprehensive financial knowledge with more than 2000 financial and economic terms
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Private Sector Participation (PSP) Law
A law regulating the transfer of ownership from the public sector to the private sector to ensure the proper organization and management of operations.
Fiscal Balance Program (FBP)
A financial plan or strategy implemented by a government to manage its budget and fiscal policies, aiming to achieve a specific fiscal outcome.
Acceleration Clause
A provision in a loan or contract that enables early repayment upon breach of terms or financial distress.
Service Recovery
The process of handling and resolving beneficiaries' complaints or problems to restore their satisfaction.
Beneficiary-Centric Product Design
A strategic approach to developing products with features and characteristics that directly address beneficiaries' needs, wants, and pain points.
Customer-Centric Service Recovery
Handling beneficiary complaints or issues with empathy, speed, and effective solutions.
Control Frame (COSO)
A process, influenced by the entity's board of directors, executive management, and other individuals, that is designed to provide assurance that the entity is achieving its objectives that are related to operations, operating, reporting, and compliance with laws and regulations.
Control Environment
A set of standards, processes, and activities that provide the basis for carrying out internal control procedures in the entity.
Conglomerate Merger
A merger between companies in unrelated industries to diversify business operations.
Kyoto Convention (Customs)
The expression commonly used to denote the International Convention on the Simplification and Harmonization of Customs Procedures, adopted by the Customs Cooperation Council in Kyoto in 1973.
Emerging Digital Economy
The shift to an economy driven by digital technologies, including e-commerce, fintech, blockchain, and AI-driven business models.
Economic Outlook
A forecast of future economic conditions based on trends, indicators, and policy analysis.
Final Cash Consumption Expenditure of Households
Household spending for direct satisfaction of needs or wants through monetary transactions. It is generally associated with the domestic concept that includes expenditures made by households, regardless of nationality or residence, within the economic territory of the country.
Control Commitment
To make sure that the government entity adheres to all control regulations.
Consortium
A group of companies bidding together for a project. In a PPP this enables companies to bring together all capabilities required for the project (construction, operation, and financing).
Internal Control Framework
A data structure that organizes and categorizes an organization's internal controls, they are practices and procedures that are put in place to create added value and reduce enterprise risks.
Economic Revitalization
A process aimed at improving or reinvigorating a stagnating or declining economy, often through investments, job creation, and infrastructure development.
Non-Oil Economy
Economic sectors and activities that do not involve the production, extraction, or sale of petroleum or oil-related products.
Economic Reform
Changes or improvements made to the economic policies or systems to enhance efficiency, growth, and stability.
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