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Glossary

The glossary in this Portal provides definitions of core terms closely related to the medium-term expenditure framework; and links to other online glossaries.

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Word

Definition

National expenditure

Capital formation and final consumption grouped together constitute national expenditure.

National income

National income is the total value of the primary incomes receivable within an economy less the total of the primary incomes payable by resident units.

National responsiveness strategy

A strategy of allowing subsidiaries to have substantial latitude in adapting products and services to suit the particular needs and political realities of the counties in which they operate.

Non-government organization (NGO)

NGOs are defined as private organizations that pursue activities to promote the interests of the poor, protect the environment, provide basic social services, relieve suffering or undertake community development. NGOs often differ from other organizations in the sense that they tend to operate independent from government, are value-based and are generally guided by principles of community and cooperation. There are two major categories of NGOs: (i) operational NGOs, whose primary purpose is the design and implementation of development-related projects, and; (ii) advocacy NGOs, whose primary purpose is to defend or promote a specific cause and who seek to influence policies and practices.

Non-performing assets

Non performing assets: is any asset that is not effectively producing income. For example, an overdue loan would be considered non-performing.

Non-performing asset also means an asset or account of borrower, which has been classified by a bank or financial institution as sub-standard, doubtful or loss asset, in accordance with the directions or guidelines relating to asset classification issued by the Reserve Bank.

Non-performing loans

Non-performing loans are loans that are in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms.