Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized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v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vW EGXMZI VSPI MR MRJVEWXVYGXYVI HIZIPSTQIRX XLI )%4 VIKMSREP XIEQ LEW GSQQMWWMSRIH XLMW VITSVX XS XEOI WXSGO SJ XLI GYVVIRX PIZIPW SJ EGGIWW UYEPMX] XEVMJJW ERH GSWXW EWWSGMEXIH [MXL MRJVEWXVYGXYVI WIVZMGIW 8LI -RJVEWXVYGXYVI 4YFPMG4VMZEXI 4EVXRIVWLMTW ERH +YEVERXIIW XIEQLEWPIHXLMWIJJSVXJVSQXLI7MRKETSVI,YF 8LMWVITSVXMWPEVKIP]HIWGVMTXMZIERHEMQWXSTVSZMHIERSZIVZMI[SJXLIWXEXYWSJIGSRSQMG MRJVEWXVYGXYVI MR WIZIVEP OI] WIGXSVW MR XLI )%4 VIKMSR TEVXMGYPEVP] JSV RIX[SVOIH MRJVEWXVYGXYVI WIVZMGIW WYGL EW YVFER [EXIV WYTTP] ERH WI[IVEKI VSEH XVERWTSVX ERH IPIGXVMGMX]HMWXVMFYXMSR8LII\IVGMWIEMQWXSWLIHPMKLXSRXLIEVIEWSJKVIEXIWXRIIHEW[IPP EWXSMHIRXMJ][LMGLWIGXSVWERHKISKVETLMGEPEVIEWQSWXVIUYMVIJSGYWIHMRZIWXQIRXW8LI VITSVXEPWSSJJIVWER EGGSYRXSJXVIRHWERH GYVVIRXPIZIPWSJTVMZEXIWIGXSVMRZIWXQIRXMR )%4GSYRXVMIWXSLIPTMRJSVQJMRERGMRKWXVEXIKMIWERHHIGMWMSRW *VSQ E HIZIPSTQIRX TSPMG] TIVWTIGXMZI XLI OI] UYIWXMSRW MRGPYHI ;LS VIGIMZIW MRJVEWXVYGXYVI WIVZMGIW ERH EX [LEX PIZIP SJ VIPMEFMPMX] UYEPMX] ERH EJJSVHEFMPMX]# 8S [LEX  HIKVIISJIJJMGMIRG]EVIXLIWIWIVZMGIWFIMRKHIPMZIVIH#%RH[LEXMWVIUYMVIHXSI\XIRHERH MQTVSZIWIVZMGIWXSQIIXHIZIPSTQIRXKSEPWERHWYWXEMRKVS[XL#8LIWIUYIWXMSRWGER FI SVKERM^IH QSVI FVSEHP] MRXS XLVII TEXLW SJ MRUYMV] XS EWWIWW XLI WXEXYW SJ MRJVEWXVYGXYVI WIVZMGIHIPMZIV]EGGIWWUYEPMX]XEVMJJWERHGSWXSJWIVZMGI)EGLSJXLIWIJEGXSVWMWI\EQMRIH EGVSWWXLVIIMRJVEWXVYGXYVIWIGXSVWIPIGXVMGMX][EXIVERHWERMXEXMSRERHVSEHXVERWTSVX &]I\EQMRMRK XLI WXYH] EMQW XS QIEWYVI [LS LEW EGGIWW XS XLI JYRHEQIRXEP MRJVEWXVYGXYVI WIVZMGIW GVMXMGEP JSV IGSRSQMG ERH WSGMEP HIZIPSTQIRX %GGIWW QE] FI QIEWYVIH MR EFWSPYXI XIVQW SV I\TVIWWIH EW XLI TVSTSVXMSR SJ XLI TSTYPEXMSR VIGIMZMRK SVEFPIXSVIGIMZI EWTIGMJMGX]TIERHWXERHEVHSJWIVZMGI %WWIWWQIRXSJ MRXIRHWXSFYMPH ER YRHIVWXERHMRKSJZEVMEXMSRWMR VIPMEFMPMX]ERHGSRWMWXIRG]SJWIVZMGITVSZMWMSR IK[EXIVUYEPMX]MRXLIGEWISJTMTIH[EXIV WYTTP]  XLI YWIV I\TIVMIRGI IK VSEH WYVJEGI UYEPMX] MR XLI GEWI SJ XVERWTSVX  ERH XLI TL]WMGEP WXEXI SJ I\MWXMRK RIX[SVOW IK HMWXVMFYXMSR PSWWIW MR IPIGXVMGMX] XVERWQMWWMSR SV [EXIVWYTTP] XLEXMRXYVREJJIGXGSRWMWXIRG]SJWIVZMGIERHIJJMGMIRG]SJTVSZMWMSR 0EWXP] MRGPYHI E GSWXWSJHIPMZIVMRKWIVZMGIWERH F XEVMJJWTEMHF]XLIYWIVWSJWIVZMGIW8EVMJJWEVIOI]XSYRHIVWXERHMRKXLIEJJSVHEFMPMX]SJ FEWMGMRJVEWXVYGXYVIWIVZMGIW8LIGSWXWSJTVSHYGMRKERHHIPMZIVMRKMRJVEWXVYGXYVIWIVZMGIW VIJPIGXHMJJIVIRGIWMRGSWXWXVYGXYVIWEW[IPPEWXLIVIPEXMZIIJJMGMIRG]SJWIVZMGITVSZMWMSR 8LIWIJEGXSVWMRGSQFMREXMSRHIXIVQMRIXLIPIZIPWSJGSWXVIGSZIV]EWWSGMEXIH[MXLWIVZMGI TVSZMWMSR %JMREPWIGXMSREHHVIWWIWGYVVIRXPIZIPWSJTVMZEXIWIGXSVTEVXMGMTEXMSRMRXLIWIOI]WIGXSVW %W MR XLI VIWX SJ XLI [SVPH XLI KSZIVRQIRX EGGSYRXW JSV XLI ZEWX FYPO SJ MRJVEWXVYGXYVI JYRHMRKERHTVSZMWMSRMR)%4,S[IZIVXLIIWXMQEXIHMRJVEWXVYGXYVIJYRHMRKKETWMQTIPER MRZIWXMKEXMSRMRXSEPXIVREXMZIWSYVGIWSJJMRERGIERHXIGLRMGEPERHQEREKIVMEPORS[PIHKIXS SJJWIXHIJMGMXWMRJMRERGMRKERHTVSZMWMSR 1IXLSHSPSK] 8LMWVITSVXHVE[WSRHIWGVMTXMZIWXEXMWXMGEPEREP]WMWSJ XLIEWTIGXWSJEGGIWWUYEPMX]ERH XEVMJJWERH GSWXW EW[IPPEWTVMZEXI TEVXMGMTEXMSRMR MRJVEWXVYGXYVI EX XLIVIKMSR[MHI ERH REXMSREPPIZIPW+ISKVETLMGEPP]XLMWVITSVXEWWIWWIWXLIWXEXYWSJMRJVEWXVYGXYVIWIVZMGIWMR XLSWIGSYRXVMIW[LIVIMRXLI;SVPH&ERO+VSYTLEWERSTIVEXMSREPTVIWIRGIREQIP] 'LMREERHIQIVKMRK%7)%2GSYRXVMIW'LMRE'EQFSHME-RHSRIWME0ESW1EPE]WME 1]ERQEV4LMPMTTMRIW8LEMPERH:MIXREQ  4EGMJMG-WPERHW*MNM4ETYE2I[+YMRIE 42+ 7EQSE7SPSQSR-WPERHW8MQSV0IWXI :ERYEXYERH 6IKMSREPFIRGLQEVOW7MRKETSVI&VYRIM.ETER2I[>IEPERH7SYXL/SVIE .ETER2I[>IEPERHERH7SYXL/SVIEEW[IPPEWLMKLMRGSQI)%4GSYRXVMIW 7MRKETSVIERH &VYRIM  [IVI GLSWIR EW FIRGLQEVO GSYRXVMIW XS JEGMPMXEXI GSQTEVMWSR HYI XS XLIMV LMKLIV PIZIPWSJMRGSQIERHMRJVEWXVYGXYVIHIZIPSTQIRX(YIXSWMKRMJMGERXHEXEMRWYJJMGMIRGMIWRSX EPPGSYRXVMIWMRXLI4EGMJMG-WPERHW[IVIMRGPYHIH (EXEJSVXLIEREP]WMW[EWSFXEMRIHJVSQE[MHIZEVMIX]SJWSYVGIWMRGPYHMRKTYFPMGP]EZEMPEFPI HEXE WIXW QEMRXEMRIH F] XLI ;SVPH &ERO +VSYT ERH SXLIV QYPXMPEXIVEP SVKERM^EXMSRW WYFWGVMTXMSR HEXE WIXW TVSHYGIH F] MRHYWXV] ERH QEVOIX VIWIEVGL GSQTERMIW ERH KSZIVRQIRXMRHYWXV]ERHGSQTER]YXMPMX]VITSVXW(EXEJSVVSEHXVERWTSVXEGGIWWVIUYMVIH KISWTEXMEP QSHIPMRK ERH EHZERGIH GSQTYXEXMSREP XIGLRMUYIW XS IWXMQEXI XLI HIKVII SJ EGGIWWXSTEZIHVYVEPVSEHWFEWIHSRSTIRVSEHQETHEXEERHTSTYPEXMSRHEXE 7YQQEV]SJ6IWYPXW 8EFPI  TVIWIRXW E WYQQEV] SJ HEXE GSPPIGXIH SR EGGIWW UYEPMX] ERH XEVMJJW ERH GSWXW SJ WIVZMGIF]WIGXSV8LMWWRETWLSXTVSZMHIWERSZIVZMI[SJOI][IEORIWWIWMRXIVQWSJEGGIWW ERH UYEPMX] TMROGSPSVIH JMIPHW  EW [IPP EW XLI HEXE KETW MHIRXMJMIH F] XLI KVE]GSPSVIH IQTX]JMIPHW[LIVIHEXEMWQMWWMRK XLEXGYVVIRXP]LMRHIVGVSWWGSYRXV]GSQTEVMWSRMRXLI VIKMSR*SVIEGLMRHMGEXSVVIWYPXWJSVIEGLGSYRXV]EVIGSHIHEW KSSH  JEMV SV TSSV FEWIH SRXLITIVJSVQERGISJFIRGLQEVOGSYRXVMIWERHPS[IWXTIVJSVQERGI8EVMJJHEXEMWGSHIH RIYXVEP [LMXI WMRGIRSEXXVMFYXMSRSJZEPYIGERFIQEHI[MXLSYXHIXEMPIHIGSRSQMGVIZMI[ 8LMWWYQQEV]SJJIVWMRMXMEPMRWMKLXWMRXSXLIEVIEWSJKVIEXIWXRIIH[MXLVIWTIGXXSMQTVSZMRK EGGIWWERHTIVJSVQERGI-XEPWSWIVZIWEWEVSYKLQETSJ[LIVIHEXEMWQSWXPMQMXIH8LI 4EGMJMG-WPERHWYFVIKMSRWLS[WXLIQSWXMVVIKYPEVMX][MXLVIWTIGXXSHEXEEZEMPEFMPMX]MXMWMR XLMW EVIE XLEX IJJSVXW XS MQTVSZI MRJVEWXVYGXYVI HEXE VITSVXMRK EVI QSWX RIIHIH ;MXL VIWTIGX XS WIGXSVW WERMXEXMSR MW [LIVI HEXE MW QSWX PMQMXIH EGVSWW GSYRXVMIW -R %7)%2 'EQFSHMEERH1]ERQEVVIUYMVIXLIQSWXMQTVSZIQIRX[MXLVIWTIGXXSI\XIRHMRKEGGIWWXS EPPWIVZMGIW8LI4EGMJMG-WPERHWXEXIWzTEVXMGYPEVP]4ETYE2I[+YMRIE8MQSV0IWXIERHXLI 7SPSQSR-WPERHWzEPWSGYVVIRXP]VITSVXPS[PIZIPWSJEGGIWWERHUYEPMX]  Table 1. Summary of Status Indicators Good l Fair l Poor l Neutral l No information ACCESS TARIFFS & COST RECOVERY QUALITY EI ectric ity Water Sanitation Roads EI ectric ity Water EI ectric ity Water Sanitation Roads C: Q) 01 ~ 1§ c C: ~ ~ 0 u Q) ~ ~ ~ V, :p ::J V, q a:; 5 cl ((l .te C: ((l l/) Q) l/) cl ~ u <{ 1 I u ·c: u V, CY ~ LL C: Q) C: "§ X cl 2 ((l .£ Q) Q) cl Q) ~ :c Q) "' 0 Q) tu Q_ cl Q_ ((l tj::: tj::: tj::: tj::: u::; u -0 .= ·c: ·c: ~ ::J ~ ~ cl 5 V, CL CL 0 a ~ C: ((l ~ al C: ((l ! C: ((l 0:: ~ ((l I- .,; Ol Ol ((l I- .,; 0:: u q "' 0 _J 0 E 5 V, V, ((l ~ >- _J ~ cl ~ 8 u Q_ CL ((l CL ..0 ..0 ..0 2 ::5 ::J 0:: Q_ 0:: ::5 .s ::5 ::J 0:: Q) 0:: ~ ~ Q) 0:: 0 a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vWYVFERGSZIVEKIMWEPWSPS[IWXMRXLI VIKMSREX  %GGIWWVEXIWXSYVFERTMTIHWI[IVEKIMRWSQIGSYRXVMIWEVIYTXSXIRXMQIWPS[IVXLER VEXIW SJ YVFER TMTIH [EXIV GSRRIGXMSR -R JEGX SRP] XLI LMKLMRGSQI FIRGLQEVO IGSRSQMIWIRNS]JYPPEGGIWWXSYVFERTMTIHWERMXEXMSRW]WXIQW 8LIWIGSYRXVMIWEVIJSPPS[IHF]'EQFSHME  ERH1EPE]WME  [MXLJEMVPIZIPW SJ YVFERWI[IVEKI EGGIWWERH 8MQSV0IWXI [MXLE  YVFER LSYWILSPH GSRRIGXMSR VEXI 'SZIVEKI ZEPYIW IPWI[LIVI MR XLI VIKMSR IZIR MR YVFER EVIEW  EVI EX WMRKPIHMKMX PIZIPW 6YVEPEGGIWWXSVSEHWMWIWXMQEXIHYWMRKKISWTEXMEPQSHIPPMRKXSGETXYVIXLITSTYPEXMSR [MXLEGGIWW[MXLMROQXSERSRWIEWSREPTEZIHVSEH  -RXIVQWSJEGGIWWXSVYVEPVSEHWXLIWIPIGXIHGSYRXVMIWGERFIFVSEHP]WSVXIHMRXSXLVII GEXIKSVMIW8LILMKLIWXGEXIKSV]GSRXEMRW&VYRIMERH7SYXL/SVIE[MXLQSVIXLER  VYVEPEGGIWW  8LI WIGSRH GEXIKSV] MRGPYHIW 'EQFSHME 8LEMPERH ERH XLI 4LMPMTTMRIW [MXL EGGIWW SJ QSVIXLER  8LI PIEWX EHZERGIH GSYRXVMIW MR XIVQW SJ EGGIWW XS VYVEP XVERWTSVX EVI 1]ERQEV -RHSRIWME:MIXREQ1EPE]WMEERH0ESW[MXLEGGIWWZEPYIWFIX[IIR ERH  ;MXLMR XLI 4EGMJMG -WPERHW [LIVI VSEH EGGIWW MW PS[IV SRP] 8MQSV0IWXI MW SR E GSQTEVEFPIPIZIPXSWSQISJXLI%7)%2REXMSRWFYXEXXLIPS[IWXPIZIPWSJEGGIWW 5YEPMX] SJ -RJVEWXVYGXYVI %WWIWWMRKXLIWXERHEVHWSJWIVZMGIMWGVMXMGEPXSYRHIVWXERHMRKXLIEGXYEPFIRIJMXWEGGVYIH XSEGSYRXV]ERHMXWTISTPI8LIEWWIWWQIRXSJUYEPMX] I\EQMRIWJIEXYVIW WYGLEWWIVZMGI VIPMEFMPMX]XLIUYEPMX]SJSYXTYXW IKXLIUYEPMX]SJTMTIH[EXIV ERHXLITL]WMGEPWXEXISJ RIX[SVOW IKVSEHWYVJEGIUYEPMX]ERHTL]WMGEPRIX[SVOMQTEGXWSRIJJMGMIRG]  -R KIRIVEP XLI HEXE SR UYEPMX] SJ MRJVEWXVYGXYVI WLS[W XLEX XLIVI EVI XLVII GEXIKSVMIW MR XIVQWSJTIVJSVQERGI'LMREERHFIRGLQEVOGSYRXVMIWEVIEXXLIXSTIRHJSVEPPWIGXSVW8LI QMHXMIVKVSYTEVIXLIQMHHPIMRGSQIIGSRSQMIWSJ8LEMPERH4LMPMTTMRIW-RHSRIWMEERH*MNM XLSYKLXLIPEXXIVX[SWLS[PS[TIVJSVQERGIMR[EWXI[EXIVXVIEXQIRX'EQFSHME1]ERQEV 7EQSEERH4ETYE2I[+YMRIEHMWTPE]XLIPS[IWXUYEPMX]PIZIPW%WPMKLXP]HMJJIVIRXTEXXIVR ETTPMIW JSV VSEH MRJVEWXVYGXYVI [LIVI -RHSRIWME ERH XLI 4LMPMTTMRIW FSXL I\LMFMX FIPS[ EZIVEKIUYEPMX]ERHVSEHGSRHMXMSRPIZIPW 0MWXIHFIPS[EVIXLIOI]JMRHMRKWVIPEXIHXSUYEPMX]JSVIEGLWIGXSV 7YVZI]FEWIH TIVGITXMSRW SJ XLI UYEPMX] SJ IPIGXVMGMX] WIVZMGI EVI XLI LMKLIWX MR 7MRKETSVI1EPE]WME&VYRIM'LMREERH8LEMPERH[LIVIEW'EQFSHMEMWVEROIHPS[IWX 3R EZIVEKI EFSYX   SJ IPIGXVMGMX] MW PSWX MR )%4 IGSRSQMIW )PIGXVMG TS[IV XVERWQMWWMSRERHHMWXVMFYXMSR 8 ( PSWWIWVERKIJVSQEPS[PIZIPSJ MR7MRKETSVIXS SZIV   MR 'EQFSHME ERH 1]ERQEV 'EQFSHMEv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v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of water ‘lost’ in the supply system Supply Quality of Water Percentage of samples passing the residual chlorine test, Supplied (QWS): which indicates whether sufficient chlorine remains in the % Samples Passing water supply after distribution to prevent microbial Residual Chlorine Test contamination during transport The Diarrhea Disability-Adjusted Life Years (DALYs) Diarrheal Disability- Number of incorporates both, years of life lost and years lost due to Adjusted Life Years DALYs per disability caused by diarrhea One DALY can be thought of 100,000 Sanitation as one lost year of "healthy" life. 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I\XVIQIP] TSSV{EQSRK XLI [SVWX MR XLI [SVPH ! I\XVIQIP] KSSH{EQSRK XLI FIWX MR XLI [SVPHA  92)7'%4    8EVMJJERH'SWX(EXE (IWTMXI HEXE PMQMXEXMSRW XLMW VITSVX TVIWIRXW MRJSVQEXMSR EX XLI REXMSREP ERH QYRMGMTEP PIZIPWSRXEVMJJWEW[IPPEWVIPEXMZIGSWXWSJTVSHYGXMSRERHVEXIWSJGSWXVIGSZIV]FYMPHMRK YTSRMRHMGEXSVWPMWXIHFIPS[ Electricity Tariff for 2016 USD Electricity tariff for retail residential users (USD/KWh) for tariff Low Consumption per kWh block for 30KWh monthly consumption, in 2016 USD Band PPP-Adjusted 2016 USD Electricity tariff for retail residential users (USD/KWh) for tariff Electricity Tariff for per kWh, block 30KWh monthly consumption in 2016 USD adjusted for Low Consumption adjusted for purchasing power parity (PPP) Band PPP Electricity The average retail electricity tariff across all tariff blocks and Average Electricity 2016 USD consumer types, calculated as total collected revenues Tariff per kWh divided by total kWh sold Unit cost of 1kWh production, calculated using data from the Levelized Cost of 2016 USD energy mix for each country (by source for electricity Energy per kWh production) and the unitary costs of electricity production by each input Water Tariff for 2016 USD Water tariff for a block of monthly consumption of 15m3 for Consumption Block per m3 the largest city in the country of 15m3, Largest City PPP-Adjusted Water 2016 USD Water tariff for a block of monthly consumption of 15m3 for Tariff for per m3, the largest city in the country, adjusted for purchasing power Consumption Block adjusted for Water parity (PPP) of 15m3, Largest City PPP Water utilities Operating Cost Coverage Ratio (OCCR) represents the extent to which a utility covers its basic Operating Cost Ratio score operating and maintenance costs by its revenues. It is a Coverage Ratio measure of total annual operational revenues divided by total annual operating costs. 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MW XS MHIRXMJ] ERH HMWWIQMREXI MRJSVQEXMSR SR TVMZEXI TEVXMGMTEXMSR MR MRJVEWXVYGXYVITVSNIGXWMRPS[ERHQMHHPIMRGSQIGSYRXVMIW 8LI44-(EXEFEWILMKLPMKLXWXLIGSRXVEGXYEPJSVQWETTPMIHXLIWSYVGIWERHHIWXMREXMSRSJ MRZIWXQIRX JPS[W ERH MRJSVQEXMSR SR TVMQEV] MRZIWXSVW 8LI HEXEWIX GYVVIRXP] TVSZMHIW  MRJSVQEXMSRSRQSVIXLERMRJVEWXVYGXYVITVSNIGXWHEXMRKJVSQXSXLIJMVWXLEPJSJ ERHGSRXEMRWSZIVJMIPHWTIVTVSNIGXVIGSVHMRGPYHMRKGSYRXV]JMRERGMEPGPSWYVI]IEV MRJVEWXVYGXYVIWIVZMGIWTVSZMHIHX]TISJTVMZEXITEVXMGMTEXMSRXIGLRSPSK]GETEGMX]TVSNIGX PSGEXMSR GSRXVEGX HYVEXMSR TVMZEXI WTSRWSVW HIFX TVSZMHIVW ERH HIZIPSTQIRX FERO WYTTSVX 44-MRJSVQEXMSREGVSWWXLIIPIGXVMGMX]XVERWTSVXERH[EXIVERHWI[IVEKIWIGXSVWMWWXYHMIH SZIVE]IEVTIVMSHJVSQJSVEPQSWXTVSNIGXWMR)%4;MXLMR)%4XLI44- HEXEFEWI LEW MRJSVQEXMSR VIGSVHIH JSV WIZIR GSYRXVMIW MR [EXIV ERH WI[IVEKI 'LMRE -RHSRIWME 1EPE]WME 4ETYE 2I[ +YMRIE 4LMPMTTMRIW 8LEMPERH :MIXREQ   GSYRXVMIW MR IRIVK] 'LMRE-RHSRIWME0ES1EPE]WME1]ERQEV4ETYE2I[+YMRIE4LMPMTTMRIW7SPSQSR -WPERHW8LEMPERH8SRKE:ERYEXYERH:MIXREQ ERHRMRIGSYRXVMIWMRXLIXVERWTSVXWIGXSV 'EQFSHME'LMRE-RHSRIWME0ES1EPE]WME1]ERQEV4LMPMTTMRIW8LEMPERHERH:MIXREQ  %PXLSYKLHMZIWXMXYVIWEVIVIGSVHIHMRXLI44-HEXEFEWIXLI]EVIRSXMRGPYHIHMRXLMWWXYH] EWXLIHMZIWXMXYVIEQSYRXWVIGSVHIHMRXLIHEXEFEWIHIRSXIXLIWEPIZEPYISJEREWWIX ERH XVERWMXMSR XS RSRTYFPMG S[RIVWLMT  ERH HS RSX RIGIWWEVMP] VIJPIGX ER] MRZIWXQIRX GSQQMXQIRXJSVHIZIPSTQIRXSJRI[EWWIXWSVVILEFMPMXEXMSRSJI\MWXMRKEWWIXW1IVGLERX TVSNIGXW [LIVIMREWTSRWSVFYMPHWERI[JEGMPMX]MREPMFIVEPM^IHQEVOIX[MXLRSKSZIVRQIRX KYEVERXIIW EVIEPWSI\GPYHIHJVSQXLMWWXYH]  8LI44-(EXEFEWIWLSYPHRSXFIWIIREWEJYPP]GSQTVILIRWMZIVIWSYVGISR44-FIGEYWIWSQI TVSNIGXW{TEVXMGYPEVP]XLSWIMRZSPZMRKPSGEPERHWQEPPWGEPISTIVEXSVW{XIRHXSFISQMXXIH WMRGIXLI]EVIYWYEPP]RSXVITSVXIHF]QENSVRI[WWSYVGIWHEXEFEWIWKSZIVRQIRX[IFWMXIW ERHSXLIVWSYVGIWYWIHXSTSTYPEXIXLIHEXEFEWI 8LIMRHMGEXSVWHIWGVMFIHEFSZIEVIWYQQEVM^IHMR8EFPI   -R XLI )%4 VIKMSR QIVGLERX XVERWEGXMSRW [IVI VIGSVHIH QSWXP] JSV XLI -RJSVQEXMSR ERH 'SQQYRMGEXMSRW8IGLRSPSK] -'8 WIGXSV[MXLSRP]WM\QIVGLERXTVSNIGXW[MXLPMQMXIHMRJSVQEXMSR EGVSWW)RIVK]8VERWTSVX;EXIVERH7I[IVEKIWIGXSVWMRXLI]IEVTIVMSHSJXLIWXYH]  Summary of Indicators and Data Sources Table 3. Summary of Indicators and Data Sources Pillar Sector Indicator Unit Definition Source Access to Electricity (Total, % Total Percentage of population (total, rural, urban) with access to household World Bank Development Electricity Rural, Urban) population electricity service (as share of total, rural, urban) Indicators (2014) Percentage of population (total, rural, urban) with access to an Water Access to Piped Water on % Total WHO-UNICEF Joint Monitoring improved water source via piped water on premise (as share of total, Supply Premise (Total, Rural, Urban) population Programme (2015) V1 rural, urban) V1 LU u Access to Sewerage World Bank/ WHO-UNICEF u % Total Percentage of population (total, rural, urban) with access to piped <( Sanitation Connection on Premise Joint Monitoring Programme population household sewer connection (as share of total, rural, urban) (Total, Rural, Urban) (2015) Authors' calculations, based on Percentage of rural population with access (within 2km) to non- Roads Rural Access Index (RAI) % World Bank RAI methodology seasonal paved roads (2017) Score World Economic Forum (2017), Quality of Electricity Supply (1-7, best) Global Competitiveness Report Electric power transmission % Total Electric power transmission and distribution losses as a % of output to World Bank (2014), World Electricity and distribution losses output the transmission and distribution system Development Indicators System Average Interruption Days per Average frequency (occurrence) of annual interruptions to electricity World Bank (2015), Doing Frequency Index (SAIFI) year services Business database Percentage of water that enters the piped distribution for which Non-Revenue Water % revenues are not collected due to leakages, theft, non-metering, or >- f- ::::; Water non-collection IBNET Benchmarking database <( :) Supply Quality of Water Supplied Percentage of samples passing the residual chlorine test, which (various years, see Annex IX) a (QWS): Samples Passing % indicates whether sufficient chlorine remains in the water supply after Residual Chlorine Test distribution to prevent microbial contamination during transport Diarrheal Disability-Adjusted DALYs per DALYs incorporates both, years of life lost and years lost due to WHO (2015), Global Health Life Years 100,000 disability caused by diarrhea . One DALY can be thought of as one lost Estimates (DALYs) persons year of "healthy" life. Sanitation Yale University (2016) Wastewater Treatment Level % Percentage of collected wastewater that is treated (2014 data) Environmental Performance Index 54 Quality of Road World Economic Forum (2017), Infrastructure Score Perceptions of overall road quality Global Competitiveness Report (1-7, best) Length and Condition of Roads Lengths of Asian Highway Network designated highways classified as UNESCAP Asian Highway Asian Highway Network km good, fair, poor, or unknown Database (2015) Roads Ratio of Paved Roads to Ratio of paved road to total road length (%) ASEAN-Japan Transport % Total Road Length Partnership (2012) Electricity Tariff for Low 2016 USD Electricity tariff for retail residential users (USD/KWh) for tariff block for Consumption Band per kWh 30KWh monthly consumption, in 2016 USD World Bank Group (2013) RISE 2016 USD database. Different sources for PPP-Adjusted Electricity Electricity tariff for retail residential users (USD/KWh) for tariff block per kWh, countries with missing data Ta riff for Low Consumption 30KWh monthly consumption in 2016 USD adjusted for purchasing adjusted (complete list in Annex I) Band power parity (PPP) Electricity for PPP 2016 USD The average retail electricity tariff across all tariff blocks and consumer World Bank Group (2013) RISE Average Electricity Tariff per kWh types, calculated as total collected revenues divided by total kWh sold database Unit cost of 1kWh production, calculated using data from the energy Author calculations, based on Vl 2016 USD r- Levelized Cost of Energy mix for each country (by source for electricity production) and the data from Bloomberg (2017) Vl per kWh 0 unitary costs of electricity production by each input and Lazard (2016) u 0 Water Tariff for z <( 2016 USD Water tariff for a block of monthly consumption of 15m3 for the largest Vl Consumption Block of 15m3, Global Water Intelligence (GWI) LL per m3 city in the country LL Largest City database (2016) for countries a:'. <( r- 2016 USD where available; different PPP-Adjusted Water Tariff per m3, Water tariff for a block of monthly consumption of 15m3 for the largest sources for other countries (see Water for Consumption Block of adjusted city in the country, adjusted for purchasing power parity (PPP) Annex IV) 15m3, Largest City for PPP OCCR represents the extent to which a utility covers its basic operating Operating Cost Coverage IBNET Benchmarking database, Ratio score and maintenance costs by its revenues. It is a measure of total annual Ratio (OCCR) various years (see Annex VI) operational revenues divided by total annual operating costs. 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;SVPH&ERO-RJVEWXVYGXYVI444W +YEVERXIIW -4+ +VSYT7MRKETSVI   IWXMQEXMSRWFEWIHSR 6%-QIXLSHSPSK] 2SXIW -RTYX XS XLI 6%246 QIXLSHSPSK] MRGPYHIW SRP] TEZIH VSEHW EGGSVHMRKP] VSEH MR XLI 371 HEXEWIX MRGPYHIHJSVIWXMQEXMSR[EWPMQMXIHXSXLIGPEWWwLMKL[E]x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u-RXIVTVIXMRK6YVEP%GGIWWvHMWGYWWMSRFIPS[  -X MW MQTSVXERX LS[IZIV XS RSXI XLEX QEMRPERH GSYRXVMIW WYGL EW 1]ERQEV 8LEMPERH 'EQFSHME0ESWERH:MIXREQEVIQSWXP]GLEVEGXIVM^IHF]EHV][MRXIVSVQSRWSSRGPMQEXI EGGSVHMRK XS XLI /ÚTTIR+IMKIV GPMQEXI GPEWWMJMGEXMSR %[ ERH %Q GPEWWMJMGEXMSR VIWTIGXMZIP] 8LEXQIERWXLEXXLI]LEZIETVSRSYRGIHVEMRJEPPWIEWSREPMX][MXLHV]ERH[IX WIEWSRW (YVMRK XLI [IX WIEWSR XLI VIKMSRW I\TIVMIRGI QSWX SJ XLIMV ERRYEP VEMRJEPP ERH HITIRHMRKSRPSGEPHVEMREKIGSRHMXMSRWRSRTEZIHVSEHWQE]FIQYHH]SVIEWMP]WYFQIVKIH [LMGLEJJIGXWXLIEGGIWWMFMPMX]SJXLIVSEHW %JI[EHHMXMSREPTSMRXWEVIMQTSVXERX[MXLVIWTIGXXSXLI;SVPH&ERO6%-GEPGYPEXMSRW  8LI6%-IWXMQEXMSRWEVIJVSQXLIPEXIWERHIEVP]W1ER]GSYRXVMIWLEZIWIIR XVIQIRHSYWIGSRSQMGKVS[XLERHMRJVEWXVYGXYVIHIZIPSTQIRXHYVMRKXLEXXMQI8LYW MRGVIEWIHVYVEPEGGIWW[SYPHFII\TIGXIH  8LI6%-MWRSXWYFNIGXXSEWXERHEVHM^IHGEPGYPEXMSRQIXLSH-XMWFEWIHSRZEVMSYWHEXE WSYVGIWMRGPYHMRKLSYWILSPHWYVZI]WMRWSQIGEWIWERHVSEHQETWERHWTEXMEPQSHIPW MRSXLIVW  7SQIZEPYIWJSVXLI6%-EVIUYIWXMSREFPI*SVMRWXERGI4ETYE2I[+YMRIESRISJXLI PIEWXHIZIPSTIHGSYRXVMIWMRXLIVIKMSRLEWE6%-SJ GSQTEVIHXS SJ8LEMPERH 8EFPI'SQTEVMWSRSJ6%-FEWIH%REP]WMWERH1SWX6IGIRX6%-F]XLI;SVPH&ERO RANPR RAI Country Group RAI WB (this study) Year Brunei ASEAN 92.17 81.00* 1991 Cambodia ASEAN 86.74 81.00** 2003 Thailand ASEAN 86.73 33.00* 2000 Philippines ASEAN 84.45 80.00* 2003 Myanmar ASEAN 58.79 23.00* 1999 Indonesia ASEAN 57.20 94.00** 2003 Vietnam ASEAN 52.91 84.00** 2004 Malaysia ASEAN 48.94 82.00* 2001 Laos ASEAN 35.28 64.00** 2002 Timor-Leste Pacific Islands 46.75 90.00** 2001 Papua New Guinea Pacific Islands 21.36 68.00** 1996 South Korea Benchmark 94.82 NA *based on a not specified model **based on survey  +IRIVEP6IQEVOW 3ZIVEPPEGGIWWXSMRJVEWXVYGXYVIMR)%4VIKMSRMWLMKLP]JVEKQIRXIHERHFVSEHP]HMZMHIHMRXS XLVIIKVSYTWLMKLP]EHZERGIHERH[IPPIUYMTTIHGSYRXVMIWWYGLEW7MRKETSVIERH7SYXL /SVIEE WIQMEHZERGIH KVSYT [MXL QMHHPIMRGSQI GSYRXVMIWWYGL EW 'LMRE 1EPE]WME ERH 8LEMPERHERHEKVSYTI\LMFMXMRKPS[IVEGGIWWPIZIPW[MXLPIWWHIZIPSTIHGSYRXVMIWWYGLEW 1]ERQEVERHQSWXSJXLI4EGMJMG-WPERHWI\GPYHMRK*MNMERH7EQSE 7MRKETSVI MW F] JEV XLI QSWX HIZIPSTIH IGSRSQ] MR XIVQW SJ EGGIWW XS MRJVEWXVYGXYVI WIVZMGIW[MXL EGGIWWXSIPIGXVMGMX]TMTIH[EXIVERHWERMXEXMSR8LMWMWRSXWYVTVMWMRK WMRGI7MRKETSVI MW E LMKLP]EHZERGIH IGSRSQ]ERH EPWS E GMX]WXEXI [LMGL IPMQMREXIW XLI YVFERVYVEPHMZMHISFWIVZIHMRSXLIV%7)%2ERH-WPERHREXMSRW&IWMHIW1]ERQEVXLI4EGMJMG -WPERHREXMSRWEVIEQSRKXLIPIEWXHIZIPSTIHGSYRXVMIWXLSYKL7EQSEERH*MNMLEZIVIPEXMZIP] KSSHEGGIWWPIZIPWTEVXMGYPEVP]MRYVFEREVIEW 7IGXSV[MWI IPIGXVMGMX] MW XLI QSWX EHZERGIH MRJVEWXVYGXYVI WIVZMGI EGVSWW EPP GSYRXVMIW ;LMPI XLI IQIVKMRK IGSRSQMIW SJ %7)%2 ERH XLI 4EGMJMG -WPERH REXMSRW EVI PEKKMRK MR GSZIVEKI TEVXMGYPEVP] 4ETYE 2I[ +YMRIE  EGGIWW XS IPIGXVMGMX] MW WXMPP QYGL FIXXIV XLER EGGIWWXSUYEPMX][EXIVERHWERMXEXMSR *SV[EXIVERHWI[IVEKII\XIRWMZIEGGIWWXSTMTIHLSYWILSPHGSRRIGXMSRWMWPEVKIP]PMQMXIH XSVIKMSREPFIRGLQEVOGSYRXVMIWERH7MRKETSVIJSPPS[IHF]1EPE]WME7IGSRHXMIVGSYRXVMIW [MXLVIWTIGXXSLSYWILSPHTMTIH[EXIVWYTTP]EVI8LEMPERH  4LMPMTTMRIW  ERH'LMRE  EW[IPPEW7EQSEERH*MNM[LSWIYVFEREVIEWLEZITMTIHGSZIVEKISJSZIV 8LI XLMVH XMIV GSRXEMRW PS[MRGSQI %7)%2 GSYRXVMIW ERH XLI SXLIV 4EGMJMG -WPERH REXMSRW WLS[MRK ZEPYIW FIX[IIR  ERH   [MXL 1]ERQEV EX XLI PS[IRH [MXL SRP]   TMTIH LSYWILSPH [EXIV 7YVTVMWMRKP] JSV E QMHHPIMRGSQI IGSRSQ] -RHSRIWME EPWS LEW ZIV] PS[ EGGIWWXSTMTIH[EXIVWYTTP]  TEVXP]EXXVMFYXEFPIXSMXWHMWTIVWIHKISKVETL] %GGIWW XS WERMXEXMSR WIVZMGIW ERH TEVXMGYPEVP] LSYWILSPH WI[IVEKI MW F] JEV PS[IV XLEX EGGIWW XS IPIGXVMGMX] SV [EXIV WYTTP] -R JEGX SRP] XLI LMKLMRGSQI IGSRSQMIW 7MRKETSVI 7SYXL/SVIE ERH .ETER PMOIP] EPWS 2I[ >IEPERH  IRNS]   EGGIWW XS TMTIH WERMXEXMSR W]WXIQW'SZIVEKIPIZIPWzIZIRMRYVFEREVIEWz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SZIV XLI RI\X X[S TIVMSHW VIWTIGXMZIP] ERH 'EQFSHME [LMPI WXMPP EGGSYRXMRKJSVSRP]EJVEGXMSRSJSZIVEPP)%4 MRZIWXQIRXLEWRIZIVXLIPIWWWIIR EQEVOIH MRGVIEWIMRXLIPEWXHIGEHI 8EFPI-RZIWXQIRXERH4VSTSVXMSRSJ)%4-RZIWXQIRXF]'SYRXV] *MRERGMEP)VE Period 1: 1990-97 Period 2: 1998-2007 Period 3: 2008-2016 % USD million % USD million % USD million China 35.15% 33,140 51.65% 53,686 35.89% 50,090 Cambodia 0.40% 379 1.06% 1,100 1.51% 2,104 Indonesia 14.09% 13,285 6.34% 6,590 15.35% 21,429 Laos 0.43% 410 2.71% 2,812 9.70% 13,540 Malaysia 17.87% 16,845 22.11% 22,981 5.43% 7,580 Myanmar 0.08% 77 0.64% 662 0.27% 375 Philippines 20.63% 19,447 5.83% 6,061 15.92% 22,219 Thailand 10.46% 9,860 7.56% 7,860 10.30% 14,374 Vietnam 0.66% 622 2.11% 2,195 5.64% 7,868 Papua New Guinea 0.22% 206 7SYVGI;SVPH&ERO-RJVEWXVYGXYVI444W +YEVERXIIW -4+ +VSYT7MRKETSVI   -RZIWXQIRXWMRXLISXLIV)%4GSYRXVMIWERH4EGMJMG-WPERHWLEZIFIIRUYMXIPS[ERHLEZIRSX WLS[RER]WMKRMJMGERXKVS[XL1]ERQEVvWXSXEP44-LEWEGGSYRXIHJSVPIWWXLER MR)%4MR 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v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v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v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vW44-YTXS FYXEGGSYRXIHJSV SJMRZIWXQIRXWMRXLIPEWXHIGEHI:MIXREQv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uKSSHv uJEMVv uTSSVv SV uRIYXVEPv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vWYVFERTSTYPEXMSRERHXLIVEXIWSJ[EXIVXVIEXQIRX EJXIVGSPPIGXMSREVIEF]WQEPP]PS[ -RXLI[EXIVWYTTP]WIGXSV[LMPISZIVEPPGSRRIGXMSRXSERMQTVSZIH[EXIVWSYVGI MRGPYHMRK TMTIH[EXIV[IPPWIXG MWLMKLYVFERGSRRIGXMSRXSTMTIHLSYWILSPHGSRRIGXMSRWMWTEXGL] 3JTIVLETWKVIEXIVGSRGIVRMWXLIJEGXXLEXQER]GSYRXVMIWvYXMPMXMIWWYJJIVJVSQQSHIVEXI XSLMKLPIZIPWSJRSRVIZIRYI[EXIVERHTSSVTSXEFMPMX]%WMHIJVSQLMKLMRGSQIGSYRXVMIW 'EQFSHMEvWGETMXEPGMX]YXMPMX]4LRSQ4IRL;EXIVMWERSYXPMIV[MXLVIWTIGXXSTIVJSVQERGI HIPMZIVMRK VIPMEFPI ERH WEJI HVMROMRK [EXIV XS ER I\XIRWMZI GSZIVEKI RIX[SVO TEVXMGYPEVP] GSRWMHIVMRKXLIGSYRXV]vWSZIVEPPPIZIPSJHIZIPSTQIRX3ZIVEPPEJSGYWJSV)%4WLSYPHFISR XLI VILEFMPMXEXMSR SJ I\MWXMRK [EXIV RIX[SVOW XS VIHYGI MRIJJMGMIRGMIW HYI XS PIEOEKI ERH XLIJXERHXSMQTVSZIXLITSXEFMPMX]SJHIPMZIVIH[EXIV ;MXLVIWTIGXXSXVERWTSVXXLI%7)%2GSYRXVMIWMRQSWXRIIHSJEXXIRXMSR[MXLVIWTIGXXS I\XIRWMSRXSVYVEPEVIEWEVI-RHSRIWME0ESW1EPE]WMEERH1]ERQEV8LIWIGSYRXVMIWEPSRK [MXL 4LMPMTTMRIW ERH :MIXREQ EPWS VIUYMVI WMKRMJMGERX [SVO JSV VSEH VILEFMPMXEXMSR ERH YTKVEHMRK 8EFPIEPWSWLS[WXLEXQER]GSYRXVMIWPEGOYTHEXIHHEXESREGGIWWUYEPMX]ERHXEVMJJWERH GSWXWGSQTPMGEXMRKXLIEFMPMX]XSGSQTEVIEGVSWWXLIIRXMVIVIKMSR'IPPWGSPSVIHMR[LMXI [LMGLEVIEWWSGMEXIH[MXLXEVMJJHEXELEZIRSTIVJSVQERGIEXXVMFYXMSR'IPPWGSPSVIHMRKVE] EVI XLSWI JSV [LMGL HEXE [EW YREZEMPEFPI 8LI QSWX RSXEFPI HEXE HIJMGMIRGMIW EVI MR XLI 4EGMJMG -WPERH KISKVETLMGEPP] ERH MR XLI EVIEW SJ GSWX VIGSZIV] VSEH GSWXMRK ERH VSEH UYEPMX]XSTMGEPP]  Table 6. Summary of Status Indicators Good I Fair I Poor I Neutral I No information ACCESS TARIFFS & COST RECOVERY QUALITY Electricity Water Sanitation Roads Electricity Water Electricity I Water I Sanitation I Roads I I Q) _,_, >- C °' m V1 O u C ti, QJ .Q cu V'l u ~ 6 "- C m ~ o ro ·c ~ -~ f- · ·~ f- · ·c ~ 0:: U UJ c_J m o 2 S U ~ m - :'.:J 5 S t- °:::J "'O "'O ~ m -e -e 1..... 1- ~ :Jo._£ 0.. :J ~ ~ ~ u1 U :::J o2j 2 t:r CL<( ~ C... Q :::J 0:: 0::: :::J ~ :::J 0:: 0:: <{ <{ 0:: Q O f- C Z cf2_ 0 cf2_ 0:: cf2_ China 100 100 100 73 87 76.5 85.6 - o.07 0.10 o.o5 0.29 0.76 53 5 0.23 20.s 99.9 5 28.8 4.8 Cambodia 56.1 82.8 49.2 21 75 42.4 44.8 86.7 0.15 0.19 L- 0.16 2.57 3.3 23 19.88 6.7 100 3 o.o 3.4 11 Indonesia Laos Malaysia 97.o 78.1 99.4 94.7 94.3 68.1 22 28 33 64 60.8 70.9 13 57.2 35.3 o.05 0.06 o.07 o.o7 r-o 03 0.46 0.25 139 1.07 4.2 4.7 9 - 172 9.42 30.4 20.9 65.7 100 3 1 10 o.o 3.9 3.4 57 15 Myanmar Philippines 100 52.o 89.1 100 57.9 97.3 100 49.o 82.5 96 8 43 100 19 59 96.0 79.6 73.9 42.2 9.5 4.7 48.9 58.9 84.5 o.o7 o.o4 0.20 0.10 0.06 0.21 r0.02 -0.11 0.14 0.08 0.45 1 us - 2.40 S.8 4.0 6 20 9 0.48 2.71 34.4 42.6 97.6 93.9 5 2 3 616 oo 40 5.5 3.1 78 22 81 Thailand 100 100 100 57 76 93.0 8.7 86.7 0.21 0.11 0.02 0.24 ~ s.1 6 137 4 44.7 4.2 81 Vietnam 99.2 99.8 98.9 27 61 78.0 3.9 52.9 o.o7 0.08 -0.01 0.25 1.s1 4.4 9 6.72 22.9 92.4 4 55 3.5 66 Fiji 100 100 763 68 96 911 - 0.08 - o.D? o.59 - 8.oo 45.4 92.1 4 10 Papua New Guinea 20.3 76.4 119 9 55 18.9 214 0.25 - 0.42 178 - 134.00 38.4 99.9 1 o.o Samoa 97.9 99.2 97.6 85 91 915 o.s - o.57 - _;J o so 1.26 - 20.00 62.1 94.1 3 - Solomon Isl. 35.1 39.4 33.9 26 61 29.8 - o.78 ~ 1.47 - 3.20 57.8 89.7 2 - L Timor-Leste 45.4 630 37.0 25 47 40.6 18.2 46.8 ~ - - 1 - Va nuatu 34.5 100 115 35 61 57.9 6.6 - - - - 7.49 18.2 100 2 - Brunei 100 100 100 - 92.2 0.01 I - - 0.08 53 6 0.40 5 - 4.7 93 Singapore 100 100 100 100 100 100 100 100 0.21 L____.:. 120 - 6.8 2 0.01 3.8 100 5 100 63 100 Japan 100 100 100 98 99 100 - 0.18 0.24 0.13 1.07 - 6.5 4 0.12 5 75.8 6.1 New Zealand 100 100 100 100 100 100 - 0.20 C:- - 1.00 198 63 7 184 19.5 5 82 4.5 South Korea 100 100 100 99 100 90.1 94.82 o.o5 ~ - o.s2 2.48 5.20 3 0.08 16.3 5 915 5.6 107 en 0 C: ri Notes ~ :E .., 0 c:: CD II) ;:s ,:- Good >90%; 5" Fair 61-90%; 1 Poor <60% coverage .... II) .., C: .... 0 C: Good >90%; ; Fair 61-90%; Poor <60% coverage "'C "'C "'C II) Good >80%; fl' G) Fair 51-80%; C: Poor <50% coverage II) al ;:s .... CD Good >80%; - CD Fair 61-80%; II) Poor <60% "'C .9 G) Tariffs: Poor > USD0.4/kWh, a C: otherwise Fair Difference between Average Tariff and Cost 1' of Production: Good (+) value; Poor(-) en ;:;· value ~ -c 0 Tariffs: Fair ~ OCCR: Good >=1.98 (NZ Benchmark); Poor I\) 0 <1 ...... ..:::I QES: Good >6; Fair 4.1-6; Poor <4 T&D Losses: Good <7% (NZ Benchmark); Fair 8-15%; Poor >15% Average Frequency of Interruptions: Good <2 (NZ Benchmark); Fair 2.1-10; Poor >10 NRW: Good <20% (NZ benchmark); Fair 20-40%; Poor >40% Samples Passing Test: Good >98%; Fair 95- 98%; Poor<95% DALY: Good 5; Fair 3-4, Poor 1-2 % WW Treated: >75% Good (South Korea benchmark); 60-75% Fair; <60% Poor QRI: Good >5; Fair 4.1-5; Poor <4 % Paved Roads: Good >80%; Fair 60-80%; Poor <60% ...I,, 0 (X) 8LMWWIGXMSRMPPYWXVEXIWXLEXEGGIWWPIZIPWERHUYEPMX][LMPIREXYVEPP]VIPEXIHEWEWTIGXWSJ LIEPXL]YXMPMXMIWEVIRIZIVXLIPIWWRSXEP[E]WGSVVIPEXIH-RWSQIGSYRXVMIWTISTPILEZILMKL PIZIPWSJEGGIWWFYXXSVIPEXMZIP]TSSVWIVZMGIW-RSXLIVWUYEPMX]MWJEMVFYXWIVZMGIGSZIVEKI MWPMQMXIH -R XLI GEWI SJ IPIGXVMGMX] QSWX GSYRXVMIW [MXL LMKL GSZIVEKI VEXIW EPWS LEZI LMKL UYEPMX] 1]ERQEV ERH 'EQFSHME LS[IZIV EVI [IPPGSZIVIH FYX GSRXMRYI XS WYJJIV TVSFPIQW EWWSGMEXIH[MXLLMKLXVERWQMWWMSRPSWWIW WII*MKYVI 'EQFSHMEEPWSLEWELMKLVEXISJ WIVZMGIMRXIVVYTXMSRW7SPSQSR-WPERHERH:ERYEXYSRXLISXLIVLERHLEZIPS[EGGIWWPIZIPW FYXEPWSPS[MRGMHIRGIWSJWIVZMGIMRXIVVYTXMSR7EQSELEWFSXLPS[EGGIWWERHLMKLWIVZMGI MRXIVVYTXMSR WII *MKYVI   LMKLPMKLXMRK XLI WMKRMJMGERX RIIH MR XLI GSYRXV] XS I\XIRH WIVZMGIWERHYTKVEHITVSHYGXMSRERHHMWXVMFYXMSRRIX[SVOW *MKYVI)PIGXVMGMX]%GGIWWZW8 (0SWWIW Singapore 0 South Korea Malaysia Japan 5 Thailand China New Zealand Brunei Philippines Vietnam 10 Indonesia 15 20 Myanmar Cambodia 25 30 0 20 40 60 80 100 Access to Electricity, % of Total Population 7SYVGI;SVPH&ERO-RJVEWXVYGXYVI444W +YEVERXIIW -4+ +VSYT7MRKETSVI   FEWIHSRHEXEJVSQ ;SVPH&ERO+VSYT H ERH;SVPH&ERO+VSYT E  *MKYVI  'SQTEVMRK )PIGXVMGMX] %GGIWW ERH *VIUYIRG] SJ 7IVZMGI -RXIVVYTXMSRW Japan China South Korea Brunei 0 Singapore Malaysia Solomon Islands Philippines Thailand 5 Indonesia New Zealand Vietnam Vanuatu Laos Fiji 10 15 20 Cambodia Samoa 25 30 0 20 40 60 80 100 Access to Electricity, % Total Population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ingapore Cambodia 10 New Zealand Vanuatu 20 China Laos Vietnam 30 Indonesia Malaysia 40 Papua New Guinea Philippines Fiji 50 Solomon Islands 60 Samoa 70 0 20 40 60 80 100 Access to Improved Water Source, Piped on Premise, % of Urban Population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zTEVXMGYPEVP]EQSRKWXVYVEPGSQQYRMXMIWz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8LI 9RMSR 3J 1]ERQEV *SV % 2EXMSREP )PIGXVMJMGEXMSR 4VSNIGX   4x )RIVK] ERH )\XVEGXMZIW +PSFEP 4VEGXMGI )EWX %WME ERH 4EGMJMG6IKMSR;EWLMRKXSR(';SVPH&ERO+VSYT ;SVPH&ERO+VSYTEw(SMRK&YWMRIWWx;SVPH&EROHEXEFEWI ;SVPH &ERO +VSYT F w)PIGXVMGMX] XS 8VERWJSVQ 6YVEP 1]ERQEVx  ;EWLMRKXSR (' ;SVPH&ERO+VSYT ;SVPH&ERO+VSYTGw-RHSRIWME'SYRXV]4EVXRIVWLMT*VEQI[SVOJSVXLI4IVMSH*= x;EWLMRKXSR(';SVPH&ERO+VSYT ;SVPH &ERO +VSYT H w;SVPH (IZIPSTQIRX -RHMGEXSVWx ;EWLMRKXSR (' ;SVPH &ERO +VSYT ;SVPH&ERO+VSYTEw6ITYFPMG3J/MVMFEXM6ITYFPMGSJXLI1EVWLEPP-WPERHW*IHIVEXIH 7XEXIW SJ 1MGVSRIWME 6ITYFPMG SJ 4EPEY -RHITIRHIRX 7XEXI SJ 7EQSE /MRKHSQ SJ 8SRKE 8YZEPY6ITYFPMGSJ:ERYEXY7]WXIQEXMG'SYRXV](MEKRSWXMGJSV)MKLX7QEPP4EGMJMG-WPERH 'SYRXVMIW4VMSVMXMIWJSV)RHMRK4SZIVX]ERH&SSWXMRK7LEVIH4VSWTIVMX]x;EWLMRKXSR(' ;SVPH&ERO+VSYT ;SVPH &ERO +VSYT F w'EQFSHME  7]WXIQEXMG 'SYRXV] (MEKRSWXMG 'SRGITX 2SXIx ;EWLMRKXSR(';SVPH&ERO+VSYT ;SVPH&ERO+VSYTw4VMZEXI4EVXMGMTEXMSRMR-RJVEWXVYGXYVI 44- HEXEFEWIx;SVPH&ERO HEXEFEWILXXTWTTM[SVPHFEROSVK ;SVPH&ERO+VSYTEw0ESW'SYRXV]4EVXRIVWLMT*VEQI[SVOJSVXLITIVMSHSJ*= x;EWLMRKXSR(';SVPH&ERO+VSYT  %RRI\IW %RRI\ - 0MWX SJ WSYVGIW JSV IPIGXVMGMX] XEVMJJ JSV VIXEMP VIWMHIRXMEP YWIVW 97(O;L JSV XEVMJJFPSGO O;LQSRXLP]GSRWYQTXMSR 'SYRXV] 'MX] 9XMPMX] 7SYVGI=IEV &VYRIM 2EXMSREP8EVMJJ 2EXMSREP6IKYPEXMSR &VYRIM (ITEVXQIRX SJ )PIGXVMGEP 7IVZMGIW   (EVYWWEPEQ w)PIGXVMGMX]8EVMJJx 'EQFSHME 4LRSQ4IRL )PIGXVMGMXI HY 6-7)HEXEFEWI  'EQFSHKI 'LMRE &IMNMRK 1YRMGMTEP6IKYPEXMSR &IMNMRK 1YRMGMTEP 'SQQMWWMSR SJ (IZIPSTQIRX ERH 6IJSVQ   *MNM 2EXMSREP8EVMJJ *MNM )PIGXVMGMX] *MNM )PIGXVMGMX] %YXLSVMX]   w%RRYEP 6ITSVX %YXLSVMX] x7YZE*MNM -RHSRIWME .EOEVXE 4IVYWELER 0MWXVMO 6-7)HEXEFEWI  2IKEVE .ETER 8SO]S 8)4'3 8)4'3   w'YWXSQIV 'SQQYRMGEXMSR z 6EXI 'EPGYPEXMSRx 0ES4(6 :MIRXMERI )PIGXVMGMXIHY0ESW 6-7)HEXEFEWI  1EPE]WME /YEPE0YQTYV 8IRKE 2EWMSREP 8IREKE2EWMSREP&IVLEH  w8EVMJJWVEXIWx &IVLEH 1]ERQEV =ERKSR =ERKSR )PIGXVMGMX] 6-7)HEXEFEWI  7YTTP]'SVTSVEXMSR 2I[>IEPERH 2EXMSREPXEVMJJ 2EXMSREP6IKYPEXMSR 1MRMWXV] SJ &YWMRIWW -RRSZEXMSR ERH )QTPS]QIRX 2I[>IEPERH  w)PIGXVMGMX]4VMGIW(EXE8EFPIx 4ETYE 2I[ 2EXMSREP8EVMJJ 42+4S[IV 42+4S[IV  w7GLIHYPISJ*MVWX 7IGSRH +YMRIE 5YEVXIV)PIGXVMGMX]8EVMJJWx 4LMPMTTMRIW 5YI^SR'MX] 1)6%0'3 6-7)HEXEFEWI  7EQSE 2EXMSREP8EVMJJ )PIGXVMGMX] 4S[IV )PIGXVMGMX] 4S[IV 'SVTSVEXMSR )4'    'SVTSVEXMSR w)PIGXVMGMX]6EXIWx 7MRKETSVI 2EXMSREP8EVMJJ 74+VSYT 74+VSYT7MRKETSVI  w)PIGXVMGMX]8EVMJJ6EXIWx 7SPSQSR ,SRMEVE 7SPSQSR -WPERHW 6-7)HEXEFEWI  -WPERHW )PIGXVMGMX]%YXLSVMX] 7SYXL /SVIE 7ISYP /)4'3 /SVIE )PIGXVMG 4S[IV 'SVTSVEXMSR /)4'3    6ITSJ/  w)PIGXVMGXEVMJJWGEPGYPEXMSRx 8LEMPERH &ERKOSO 1IXVSTSPMXER )RIVK] 1IXVSTSPMXER )PIGXVMGMX] %YXLSVMX] 1)%    %YXLSVMX] 1)%  w8IQTSVEV]XEVMJJx 8MQSV0IWXI 2EXMSREP8EVMJJ 2EXMSREP6IKYPEXMSR 1MRMWXV] SJ *MRERGI 8MQSV0IWXI ERH ;SVPH &ERO   w8MQSV0IWXI 4YFPMG )\TIRHMXYVI 6IZMI[ -RJVEWXVYGXYVI  % .SMRX 1MRMWXV] SJ *MRERGI ERH ;SVPH&ERO6IZMI[SJXLI5YEPMX]SJ-RJVEWXVYGXYVI 7TIRHMRK MR 8MQSV0IWXI *SGYWMRK SR 6SEHW -VVMKEXMSRERH)PIGXVMGMX]x :MIXREQ 2EXMSREP8EVMJJ :MIXREQ )PIGXVMGMX] :MIXREQ )PIGXVMGMX] 'SVTSVEXMSR  w6IXEMP 'SVTSVEXMSR )PIGXVMGMX]8EVMJJx  %RRI\--0MWXSJWSYVGIWJSVIPIGXVMGMX]STIVEXMRKGSWX 97(Q  EZIVEKI 'SYRXV] 'MX] 9XMPMX] 7SYVGI=IEV 'EQFSHME 2EXMSREP %(&VITSVX %(&   6IRI[EFPI )RIVK] (IZIPSTQIRXW ERH %ZIVEKI 4SXIRXMEPMRXLI+VIEXIV1IOSRK6IKMSR 'LMRE &IMNMRK ,YEHMER)RIVK] ,YEHMER)RIVK]  w*MRERGMEP6ITSVXw *MNM 2EXMSREP *MNM)PIGXVMGMX]%YXLSVMX]  w%RRYEP6ITSVXx %ZIVEKI *MNM)PIGXVMGMX]%YXLSVMX] -RHSRIWME 2EXMSREP 4;'VITSVX 4VMGI[EXIVLSYWI'SSTIVW  4S[IVMR-RHSRIWMEx %ZIVEKI .ETER 8SO]S 8)4'3 6-7)HEXEFEWI  0ES4(6 :MIRXMERI )PIGXVMGMXIHY0ESW 6-7)HEXEFEWI  /YEPE 1EPE]WME 0YQTYV 8IRKE2EWMSREP&IVLEH 6-7)HEXEFEWI  1]ERQEV =ERKSR =ERKSR )PIGXVMGMX]6-7)HEXEFEWI   7YTTP]'SVTSVEXMSR 2I[>IEPERH 2EXMSREP 2I[ >IEPERH )PIGXVMGMX]2I[>IEPERH)PIGXVMGMX]%YXLSVMX]  %ZIVEKI %YXLSVMX] 4ETYE2I[+YMRIE 2EXMSREP 42+4S[IV -RHITIRHIRX 'SRWYQIV ERH 'SQTIXMXMSR 'SQQMWWMSR %ZIVEKI -'''   w8LI4VSTSWIH(VEJX6ITSVXSR42+4S[IV 0MQMXIHvW)PIGXVMGMX]6IKYPEXSV]'SRXVEGX6IZMI[x 4LMPMTTMRIW 5YI^SR'MX] 1)6%0'3 6-7)HEXEFEWI  2EXMSREP )PIGXVMG 4S[IV 7EQSE %ZIVEKI 'SVTSVEXMSR )PIGXVMG4S[IV'SVTSVEXMSR  w%RRYEP6ITSVXx 7MRKETSVI 7MRKETSVI 74+VSYT 74+VSYT  w&MPPMRKz8EVMJJ6EXIWx 7SPSQSR -WPERHW 7SPSQSR-WPERHW ,SRMEVE )PIGXVMGMX]%YXLSVMX] 6-7)HEXEFEWI  7SYXL /SVIE 6IT7ISYP /)4'3 6-7)HEXEFEWI   SJ/  8LEMPERH &ERKOSO )PIGXVMGMX] +IRIVEXMSR)PIGXVMGMX] +IRIVEXMSR %YXLSVMX]   w%GXMSR 4PER ERH %YXLSVMX] MRGPYHIW1)%&YHKIX*=x ERH4)% .SMRX VITSVX ;& ERH 2EXMSREP 8MQSV 0IWXI 1MRMWXV] SJ1MRMWXV]SJ*MRERGIERH;SVPH&ERO  w8MQSV0IWXI 8MQSV0IWXI %ZIVEKI *MRERGI 4YFPMG)\TIRHMXYVI6IZMI[-RJVEWXVYGXYVIx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w;EXIVTVMGIWERHLS[XSGEPGYPEXIx 1EPE]WME /YEPE0YQTYV 7=%&%7 +;-HEXEFEWI  1]ERQEV =ERKSR ;EXIV7YTTP]ERH7ERMXEXMSR 92)7'%4   w=ERKSRvW ;EXIV (ITEVXQIRX SJ =ERKSR 'MX] 7YTTP] 8VIEXQIRX -WWYIWx TVIWIRXIH (IZIPSTQIRX'SQQMXXII EX XLI 8VEMRMRK 'SYVWI SR 'ETEGMX] &YMPHMRKMR9VFER;EXIV1EREKIQIRX =ERKSR1]ERQEV 2I[ %YGOPERH ;EXIVGEVI +;-HEXEFEWI  >IEPERH 4ETYE 2I[ 4SVX1SVIWF] )HE 6ERY ;EXIV ERH +;-HEXEFEWI  +YMRIE 7I[IVEKI'SQTER] 4LMPMTTMRIW 1ERMPE 1E]RMPEH;EXIV7IVZMGI-RG +;-HEXEFEWI  4LMPMTTMRIW 1ERMPE 1ERMPE;EXIV'SQTER] +;-HEXEFEWI  7EQSE %TME 7EQSE ;EXIV %YXLSVMX] 7EQSE;EXIV%YXLSVMX] 7;%    7;%  w8EVMJJWx 7MRKETSVI 7MRKETSVI 4YFPMG9XMPMX]&SEVH 49&  +;-HEXEFEWI  7SPSQSR +YEHEGEREP4VSZMRGI 7SPSQSR -WPERHW ;EXIV -&2)8HEXEFEWI -WPERHW %YXLSVMX] 7SYXL 7ISYP %VMWY +;-HEXEFEWI  /SVIE 6IT SJ/  8LEMPERH &ERKOSO 1IXVSTSPMXER ;EXIV +;-HEXEFEWI  %YXLSVMX] 8MQSV0IWXI (MPM 2EXMSREP(MVIGXSVEXISJ;EXIV ;SVPH &ERO ERH ;74   w;EXIV 7YTTP] 7YTTP]ERH7ERMXEXMSRMR8MQSV0IWXI 7IVZMGI(IPMZIV]%WWIWWQIRXz8YVRMRK *MRERGIMRXS7IVZMGIWJSVXLI*YXYVIx :MIXREQ ,S'LM1MRL ,S 'LM 1MRL 'MX] ;EXIV +;-HEXEFEWI  'SQTER]  %RRI\ : 0MWX SJ WSYVGIW JSV [EXIV YXMPMX] EZIVEKI STIVEXMRK GSWX 97(Q  'SYRXV] 2S SJ  SJ TSTYPEXMSR 7SYVGI=IEV 9XMPMXMIW GSZIVIH F] -& MRXLI-& RIX YXMPMXMIW EW  2IX SJ 8SXEP 9VFER HEXEFEWI 4STYPEXMSR 'EQFSHME    -&2)8 &IRGLQEVOMRKHEXEFEWI   'LMRE    -&2)8&IRGLQEVOMRKHEXEFEWI  *MNM   -&2)8&IRGLQEVOMRKHEXEFEWI   -RHSRIWME   -&2)8&IRGLQEVOMRKHEXEFEWI  .ETER 2% 2% .ETER;EXIV;SVOW%WWSGMEXMSR  w;EXIV7YTTP]MR .ETERx8SO]S.ETER 0ES4(6    -&2)8&IRGLQEVOMRKHEXEFEWI  1EPE]WME    -&2)8&IRGLQEVOMRKHEXEFEWI   1]ERQEV 2% 2% .-'%   w8LI 4VSNIGX JSV XLI -QTVSZIQIRX SJ ;EXIV 7YTTP]7I[IVEKIERH(VEMREKI7]WXIQMR=ERKSR'MX]MR XLI6ITYFPMGSJXLI9RMSRSJ1]ERQEV:SP:-x7I[IVEKI ERH (VEMREKI 7]WXIQ 1EWXIV 4PER .ETER -RXIVREXMSREP 'SSTIVEXMSR%KIRG] 2I[>IEPERH    -&2)8&IRGLQEVOMRKHEXEFEWI   4ETYE 2I[    -&2)8&IRGLQEVOMRKHEXEFEWI   +YMRIE 4LMPMTTMRIW    -&2)8&IRGLQEVOMRKHEXEFEWI  7EQSE   -&2)8&IRGLQEVOMRKHEXEFEWI  7MRKETSVI 2% 2% 4YFPMG9XMPMXMIW&SEVH  w%RRYEP6ITSVXERH*MRERGMEP 6ITSVX *= x 7MRKETSVI 49& 7MRKETSVIvW 2EXMSREP ;EXIV%KIRG] 7SPSQSR   -&2)8&IRGLQEVOMRKHEXEFEWI  -WPERHW 7SYXL /SVIE   -&2)8&IRGLQEVOMRKHEXEFEWI  6ITSJ/  8LEMPERH 2% 2% 1IXVSTSPMXER;EXIV[SVOW%YXLSVMX]  w7EZMRK;EXIV 8SKIXLIV%RRYEP6ITSVXx&ERKOSO8LEMPERH :MIXREQ   ;SVPH &ERO   -RZIWXQIRX 'SRWYPXERG] ERH 8IGLRSPSK] 8VERWJIV 0MQMXIH 'SQTER] -RZIWX'SRWYPX +VSYT w:MIXREQ9VFER;EXIVERH7I[IVEKI7IGXSV 4IVJSVQERGI (EXEFEWI JSV =IEV  ERH   %WWIWWQIRX6ITSVX *MREP6ITSVX x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