13 The standard schedule of discount rates may not be appropriate in the following circumstances.
❑ For international development assistance projects, a discount rate derived from estimates of the social time preference rate appropriate to the recipient economy should be used.
❑ When undertaking sensitivity analysis, the impact of changing the precise value of the discount rate can be analysed in the same way as for other parameters in the appraisal. The rationale for undertaking sensitivity analysis on the discount rate should be clearly explained.