Cash management reform in the Czech Republic.
Government Finance Review › Vol. 13 Nbr. 6, December 1997
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Summary
The Czech Republic and the US Agency for International Development (USAID) forged a partnership that addresses two key areas: privatization and municipal infrastructure finance. The Czech Republic government has privatized 80% of its assets since 1989. The Czech government has also sought the assistance of the USAID in establishing a sustainable, market-oriented system of lending to local governments.
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Cash management reform in the Czech Republic.
The Republic of Czechoslovakia emerged in 1918 with a democratic constitution and able leadership that allowed the republic to thrive, economically and culturally. Czechoslovakia became one of the most industrially advanced countries in Europe, with one of the highest incomes, per capita, in the world.
This prosperity ended abruptly in 1938: Nazi troops occupied Czech lands, and Czechoslovakia ceased to exist. The country was restored at the end of World War II, but fell prey to the communist coup of 1948 and the installation of a Stalinist state. Not until 1989, with Soviet communism finally falling apart, would Czechoslovakia free itself of a 40-year communist rule. The United States acted quickly to support Czechoslovak independence, and Congress passed the Support for Eastern European Democracy (SEED) Act in 1989 to promise assistance to the Czechs and the other countries in the region also struggling to establish open societies and market economies. The cornerstone of America's renewed partnership with the Czech Republic (CR), SEED emphasized economic reform an...See the full content of this document
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