11.   It has acknowledged that real sector reform takes time, and that sequencing is important.

12.   It has evidently interpreted the CB proposal in a negative light as an attempt to postpone the much-needed real sector reforms.

13.   It said governments in Asia are only just beginning to implement banking sector reform and tight policies to rein in domestic demand.

14.   Orissa was the first Indian state to privatize the management of electricity distribution as part of a World Bank-sponsored program of power sector reforms.

15.   Rubin said he had reviewed banking sector reforms with Thai officials but refused to disclose details.

16.   The budget awaiting clearance had promised more jobs and focused on rural sector reform.

17.   The Indonesian government could more effectively reassure the international community of its commitment to implementing the much-needed real sector reform.

18.   The OECD made a special plea for urgent energy sector reform.

19.   The ratings are supported by the strengthening political commitment to structural reforms and the financial sector reforms strengthening the banking system.