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.
Debt Extinguishment
The gradual repayment of a loan through scheduled payments or the systematic reduction of an intangible asset’s value over time.
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.
Customer-Centric Service Recovery
Handling beneficiary complaints or issues with empathy, speed, and effective solutions.
Beneficiary-Centric Product Design
A strategic approach to developing products with features and characteristics that directly address beneficiaries' needs, wants, and pain points.
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.
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.
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 Environment
A set of standards, processes, and activities that provide the basis for carrying out internal control procedures in the entity.
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