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General Principles for Credit ReportingFinancial infrastructure broadly defined comprises the underlying foundation for a country's financial system. It includes all institutions, information, technologies, rules and standards that enable financial intermediation. Poor financial infrastructure in many developing countries poses a considerable constraint upon financial institutions to expand their offering of financial services to underserved segments of the population and the economy. It also creates risks which can threaten the stability of the financial system as a whole. This report describes the nature of credit reporting elements which are crucial for understanding credit reporting and to ensuring that credit reporting systems are safe, efficient and reliable. It intends to provide an international agreed framework in the form of international standards for credit reporting systems' policy and oversight. The Principles for credit reporting are deliberately expressed in a general way to ensure that they can be useful in all countries and that they will be durable. These principles are not intended for use as a blueprint for the design or operation of any specific system, but rather suggest the key characteristics that should be satisfied by different systems and the infrastructure used to support them to achieve a stated common purpose, namely expanded access and coverage, fair conditions, and safe and efficient service for borrowers and lenders. Section two provides a brief overview of the market for credit information sharing and credit reporting activities and then analyzes in some detail the key considerations underlying credit reporting. Section three outlines the general principles and related roles. Section four proposes a framework for the effective oversight of credit reporting systems.
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Doing Business Reform MemorandumBulgaria experienced strong economic
 growth prior to and shortly after joining the European Union
 (EU) in 2007. Under the better regulation program, the
 government adopted over 100 measures to reduce the
 regulatory and administrative burden, but no formal
 mechanism was introduced to regularly monitor and review its
 implementation at the national or municipal level. Some
 areas, in which entrepreneurs expected to see improved
 efficiency, actually saw setbacks. The time needed to get a
 construction permit, import license, or operational license
 almost doubled between 2008 and 2013, and senior managers of
 firms reported that they were spending more time, 22 per
 cent in 2013 , dealing with public officials or public
 services than in 2008, when it took 14 per cent of their
 time. The final diagnostic study considered in this memo is
 the Doing Business report, which is also the basis for the
 reform recommendations presented in the document. According
 to last year’s Doing Business report, business regulation in
 Bulgaria varies significantly across the areas measured.
 Bulgaria is among the global top 50 performers in 4 of the
 10 areas, specifically, protecting minority shareholders
 (14th), getting credit (23rd), resolving insolvency (38th),
 and starting a business (49th). Bulgaria‘s performance lags
 behind in four areas, getting electricity (125th), dealing
 with construction permits (101st), paying taxes (89th), and
 enforcing contracts (75th).
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Innovative Experiences in Access to Finance : Market Friendly Roles for the Visible Hand?Interest in access to finance has
 increased significantly in recent years, as growing evidence
 suggests that lack of access to credit prevents lower-income
 households and small firms from financing high return
 investment projects, having an adverse effect on growth and
 poverty alleviation. This study describes some recent
 innovative experiences to broaden access to credit. These
 experiences are consistent with an emerging new view that
 recognizes a limited role for the public sector in financial
 markets, but contends that there might be room for
 well-designed, restricted interventions in collaboration
 with the private sector to foster financial development and
 broaden access. The authors illustrate this view with
 several recent experiences in Latin America and then discuss
 some open policy questions about the role of the public and
 private sectors in driving these financial innovations.