The improvement in net private flows reflects an increasing incidence of credit rating upgrades of emerging market sovereign debt issuers, resulting in a new high in average credit quality and an increasing percentage of emerging market sovereign bonds with an investment grade rating.

Net cost

Services (net)

Income (net)

Gross Net

(net disbursements)

The net revenue from the activity accrues as miscellaneous income to the Organization and is administered in accordance with the Financial Regulations and Rules of the United Nations.

22. ODF has increased (in terms of current prices) faster than all other net financial flows.

Total net appropriations 113 092.2

3 Net disbursements.

2. Net operating costs

Some plain soda.

This is where the wealth effects of now rebounding housing prices and a surging stock market come into play.

Indeed, as the financial crisis spread to the emerging markets that host most SWFs, the proportion of foreign investments within SWF portfolios fell to about 60 .

The financial components of the net transfers to the developing countries that have changed dramatically are all private flows.

With fewer safe, money yielding assets in the financial market, the price of safe wealth rises.

That's not wealth creation. It's wealth redistribution.

Expenditure 2 467 458.2 2 411 404.0 (56 054.2) (2.3)

Net requirements 180 877.9 (1 940.2) 178 937.7

Net requirements 99 011.4 99 066.5 180 877.9

Net expenditure for the biennium

True, a steep and persistent collapse in earnings will erode wealth invested in stocks.

But the emergence of SWF s is creating a political backlash in the form of financial protectionism.

And you can basically see that the richer a country is, the older the people are within it.

So, wealth how can a bat possibly bring us wealth?

The Golden Haves

Livestock 300,000 530,847 220,000

Wealth. Money.

Privatization. Wealth.

The net budget represents the net cost to the UNDP core budget.

Comment by the Administration. UNICEF will disclose all net contributions in schedule 1 in the financial statements for the biennium 2004 2005.

Those obstacles are, in short, the continuing decline of prices of commodities, the heavy debt burden and debt servicing, negative net financial flows and strengthened protectionism.

For 198,684,000 read 201,148,100 For ( 196,219,900 net) read ( 198,684,000 net)

Grand total, expenditure estimates (net)

2. Less net operating costs

Net flows and transfer of resources between developing

1 July 1995 and other benefits derived therefrom

China s sovereign wealth fund and non bank financial institutions have been eager to invest in well established Western banks.

Improved livestock

2. Livestock

That's real wealth.

Wealth and prosperity. Alleluia!

I'm the King of Excess.

Fame. Popularity.

Not the brass?