The development objective of the Catalytic Project to Strengthen the National Statistical Institute (INS) for Congo, Democratic Republic of is to strengthen the capacity of INS to generate and disseminate statistical information.
... See More + The restructuring includes: (i) a revision of the results framework (changes to some of the indicators to better capture project results); (ii) an extension of the closing date by 22 months from June 30, 2017 to April 30, 2019 to allow sufficient time to complete all remaining project activities; (iii) reallocation of funds within project components to ensure sufficient funding for the demolition and reconstruction of the INS building; and (iv) triggering of OP/BP 4.11 in anticipation of potential impacts on cultural resources due to the demolition and reconstruction of the INS facilities.
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The development objective of Financial Inclusion and Infrastructure Project is to contribute to increasing access and usage of digital payments and other financial services for households and businesses in Pakistan.
... See More + This project has three components. 1) The first component, Direct Support to the NFIS Implementation, aims to provide direct support to implementation of the NFIS in line with the priorities laid out in the NFIS action plan. This component is divided into three sub-components as follows: (i) Improving Financial and Market Infrastructure to Facilitate the Uptake of DTAs; (ii) Improving Access and Usage of Digital Payments and Digital Financial Services (DFS); and (iii) Enhancing NFIS Secretariat Capacity and Project Management and Monitoring. 2) The second component, Supporting Expansion of Access Points for Financial Services, aims to support investments, capacity building and analyses that will drive financial access points. 3) The third component, Improving Access to Microfinance and to Financial Services for Micro, Small, and Medium Enterprises, has the following subcomponents: (i) Improving Access to Microfinance and to Financial Services for Micro Enterprises; and (ii) Improving Access to Financial Services for Small and Medium Enterprises.
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The development objective of the Business Environment and Entrepreneurship Development Policy Loan Project for Tunisia is to improve the business environment, and (ii) support entrepreneurship and deepen access to finance.
... See More + The proposed Business Environment and Entrepreneurship Development Policy Loan (BEE DPL), in the amount of Euro 457.2 million (US$500 million equivalent), is a standalone single-tranche operation aimed at supporting key areas of reform in the Government of Tunisia’s Five-Year Development Plan for 2016-2020. The DPL would help Tunisia achieve stronger and more inclusive growth and private sector-led job creation, particularly by stimulating entrepreneurship. The Government response to the employment and social challenges by raising public sector hiring and salaries has helped maintain social peace, but has also contributed to significant weakening of Tunisia’s fiscal situation. Going forward, job creation will require a sound macroeconomic framework, a dynamic private sector and a conducive business environment. Accelerating job creation and promoting inclusion and shared prosperity in Tunisia also entails supporting entrepreneurship and deepening access to finance.The proposed DPL is informed by the challenges and opportunities identified in the Systematic Country Diagnostic (SCD). The SCD identified three key development challenges for Tunisia: (a) macroeconomic stability: the macroeconomic and fiscal environment exhibits large vulnerabilities that, if not addressed through deep structural reforms, will prevent the country from achieving its full growth potential; (b) cohesion and security: restoring security and social cohesion are prerequisites for setting Tunisia on a new growth trajectory. Attaining longer-term stability and social cohesion require continuous measures to address the economic and social exclusion of large segments of the Tunisian society; and (c) improved governance: seven years after the revolution, there is still a clear need to increase accountability, improve service delivery and create more effective means for citizens to participate in policy design and implementation. The SCD also identified two key drivers for eradicating poverty and boosting shared prosperity in a sustainable manner: (a) promotion of private-sector-driven job creation, by simplifying regulations, creating a level playing field, improving access to credit and improving efficiency of the banking system; and (b) increased equality of opportunities through transparent policies that reduce skills mismatch, strengthen the social protection system, address spatial inequalities, and target institutional failures that generate unequal opportunities.
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The Palestinian people face an increasingly uncertain political environment, and an economy that is failing to generate the jobs and incomes that are needed to improve living standards.
... See More + Restrictions on trade and the access to resources, along with a decade long blockade of Gaza have led to a continuing decline in the productive base of the economy – with the share of Gross Domestic Product (GDP) in manufacturing halved in the last twenty-five years. Unemployment is now approaching 30 percent on average, with youth unemployment in Gaza twice as high. Although 2016 witnessed an improvement from the economic recession of 2014 -driven by a surge in reconstruction activity in Gaza – this is not sustainable nor sufficient to raise per capita incomes of the Palestinians. Looking forward GDP growth is expected to hover around 3.3 percent leading to a near stagnation in per capita income. Further increases in unemployment are also expected.
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The Palestinian people face an increasingly uncertain political environment, and an economy that is failing to generate the jobs and incomes that are needed to improve living standards.
... See More + Restrictions on trade and the access to resources, along with a decade long blockade of Gaza have led to a continuing decline in the productive base of the economy – with the share of Gross Domestic Product (GDP) in manufacturing halved in the last twenty-five years. Unemployment is now approaching 30 percent on average, with youth unemployment in Gaza twice as high. Although 2016 witnessed an improvement from the economic recession of 2014 -driven by a surge in reconstruction activity in Gaza – this is not sustainable nor sufficient to raise per capita incomes of the Palestinians. Looking forward GDP growth is expected to hover around 3.3 percent leading to a near stagnation in per capita income. Further increases in unemployment are also expected.
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Results-based financing is a well-established financing modality in the health and education sectors but it is still in an early stage of deployment in the area of climate change.
... See More + This report reviews 74 results-based climate financing (RBCF) programs implemented in developing countries with an objective to: assess the characteristics and overall volume of funding flowing through RBCF programs, describe the various approaches to designing and implementing RBCF programs, and compare practical experiences with applying RBCF with the existing theory and literature. The report finds that RBCF can: facilitate carbon pricing and market building, support host countries' policy processes to achieve their NDCs, and leverage private sector activity and financing. RBCF can thus play a critical role in mobilizing the resources and supporting the policies and actions needed to achieve the objectives of the Paris Agreement.
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Malaysia has achieved one of the highest levels of financial inclusion among Southeast Asia countries, due in part to policies taking advantage of mobile phones and banking agents to expand access.
... See More + The report looks at specific actions, programs, and strategies that have contributed to enhance financial inclusion in the country and highlights key learnings to benefit low- and middle-income countries with similar ambitions. The report also notes that there is no single factor that can explain Malaysia's success in financial inclusion. The progress that Malaysia has achieved is the result of efforts undertaken by authorities and the financial sector industry over the past 20 years. The country has been able to achieve sustainable growth of its financial system over a long period of time, reconciling two policy objectives, namely "financial stability" and "financial inclusion", in a successful manner so far. Malaysia faces two main challenges in terms of financial inclusion. First Malaysia will need to reach out to the remaining under-served population. Secondly, a major challenge is how to ensure that the people with access to financial services actually make active use of their accounts.
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The authorities have actively pursued restoring credibility in the financial system following the collapse of the system’s fourth largest bank in 2014.
... See More + To restore credibility, the authorities - in addition to requesting a Basel Core Principles (BCP) assessment in 2015 and this financial sector assessment program (FSAP) - conducted an asset quality review (AQR) for banks and balance sheet review for non-banks, initiated reforms to Bulgarian National Bank (BNB) supervision and introduced a new bank resolution function. It is important that the authorities continue in their efforts to strengthen the banking sector. The FSAP stress test showed more pronounced effects, though broadly in line with that of the authorities, reflecting differences in approaches. While the financial safety net and crisis management arrangements are based on sound foundations, further effort is needed to fully develop the financial safety net’s components. This includes strengthening the early intervention framework, and defining joint BNB - Ministry of Finance (MoF) strategies for liquidity assistance. A more targeted strategy is needed to address high nonperforming loans (NPLs), which can help reinvigorate the economy. A number of reforms are necessary to support the prudent development of the pension and insurance sector.
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Financial Sector Assessment Program (FSAP) 116053 MAY 01, 2017
The authorities have actively pursued restoring credibility in the financial system following the collapse of the system’s fourth largest bank in 2014.
... See More + To restore credibility, the authorities - in addition to requesting a Basel Core Principles (BCP) assessment in 2015 and this financial sector assessment program (FSAP) - conducted an asset quality review (AQR) for banks and balance sheet review for non-banks, initiated reforms to Bulgarian National Bank (BNB) supervision and introduced a new bank resolution function. It is important that the authorities continue in their efforts to strengthen the banking sector. The FSAP stress test showed more pronounced effects, though broadly in line with that of the authorities, reflecting differences in approaches. While the financial safety net and crisis management arrangements are based on sound foundations, further effort is needed to fully develop the financial safety net’s components. This includes strengthening the early intervention framework, and defining joint BNB - Ministry of Finance (MoF) strategies for liquidity assistance. A more targeted strategy is needed to address high nonperforming loans (NPLs), which can help reinvigorate the economy. A number of reforms are necessary to support the prudent development of the pension and insurance sector.
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Financial Sector Assessment Program (FSAP) 116053 MAY 01, 2017
Ratings for the Programmatic Development Policy Loan Series Project for Ukraine were as follows: outcomes were satisfactory, the risk to development outcome was substantial, the Bank performance was satisfactory, and the Borrower performance was also satisfactory.
... See More + Some lessons learned included: development partners need to coordinate closely in advancing critical and complementary reforms. Given the urgency of the economic circumstances facing Ukraine, the rapid and coordinated response by the international community was critical to support the Government efforts to stabilize and reform the economy. Strong prior analytical work, technical assistance, and deep engagement between government counterparts and the World Bank team are crucial for the success of an operation. The multisector DPL series prepared an operation with meaningful reforms across multiple sectors within a short timeframe. Technical and policy dialogue between the Bank and the authorities, anchored in previous technical assistance, enabled the swift response in preparing, approving and implementing the DPL program. To support longer-term structural reforms, the World Bank needs a long-term engagement strategy: This DPL series supported a range of deep reforms with gestation periods that extended beyond the two-year horizon of the program. Follow-up monitoring and technical assistance to support the reforms beyond the program period were critical in meeting Ukraine’s development objectives.
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Implementation Completion and Results Report ICR4070 MAY 01, 2017
This is a statement by Mr. Abdulrahman Al-Hamidy, Director General Chairman of the Board at the ninety-fifth meeting of the Development Committee held on April 22, 2017.
... See More + He discusses on: why financial inclusion is of particular importance in the Arab region?; and Arab Monetary Fund (AMF’s) approach and operations.
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This is a statement by Jose Antonio Meade Kuribreña, Secretary of Finance and Public Credit, at the ninety-fifth meeting of the Development Committee held on April 22, 2017.
... See More + The progress made towards a better and stronger World Bank Group (WBG) outlined in the forward look update. There are substantial milestones that set the foundations to reach the twin goals, meet the 2030 Sustainable Development Goals (SDGs) and catalyze private investment. However, complex global challenges, slow economic growth, inequality, conflict, climate change, protectionism, among others- could jeopardize any progress made so far and force us to cut back on our expectations. We expect the WBG to step up to the challenges by maintaining its relevance for all its members. It is fundamental that the WBG stays engaged with all client segments while prioritizing financial sustainability in order to protect its long-term relevance. To support global economic growth and reach the agreed goals, the WBG must strengthen its engagement with all middle-income countries (MICs). Notwithstanding the increasing work of the Group with low-income countries (LICs) and lower middle-income economies, upper MICs are home to about 2.6 billion people, many still leaving below the poverty line, they also generate well over half of CO2 emissions.
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This is a statement by Ms. Angel Gurría, Secretary-General at the ninety-fifth meeting of the Development Committee held on April 22, 2017. He states that collective efforts to mobilize the financial resources required to implement the 2030 agenda are an urgent priority.
... See More + Official Development Assistance (ODA) from members of the Organization for Economic Co-operation and Development (OECD's) Development Assistance Committee (DAC) reached a new all-time high of Unites States dollar (USD) 142.6 billion in 2016, marking an increase of 8.9 percent over 2015. Given financing needs for the 2030 agenda are expected to run into the trillions, ODA must be deployed more strategically to catalyze additional financing. Alongside these efforts, the OECD is continuing to leverage its convening power to engage existing and new development actors and build and consolidate multi-stakeholder partnerships. The OECD’s Development Centre brings together 27 OECD members and 25 emerging and developing countries to support knowledge-sharing and evidence-based dialogue. The OECD’s Development Assistance Committee is developing the total official support for sustainable development (TOSSD) measurement framework to track all officially supported finance allocated to development, a metric designed to complement ODA.
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This is a statement by Rt. Hon. Helen Clark, Administrator of the United Nations Development Program and Chair of the United Nations Development Group, at the ninety-fifth meeting of the Development Committee held on April 22, 2017.
... See More + This year marks the 70th anniversary of the agreement signed between the United Nations (UN) and the World Bank which recognized the World Bank as an ‘independent specialized agency’ of the UN. Over the last seven decades the partnership between the two organizations has grown to cover the broad scope of development assistance. In the past two years, the UN system and the World Bank Group (WBG) have supported Member States as they agreed on global agendas, including the 2030 Agenda for Sustainable Development, the Addis Ababa Action Agenda on Financing for Development, the Paris Agreement on Climate Change, the Sendai Framework for Disaster Risk Reduction, as well as the outcomes of the World Humanitarian Summit (WHS) and the New York Declaration on Refugees and Migrants. In order to be more effective in supporting countries to implement these global agendas and in preventing and responding to crises, it is important to expand and strengthen the partnership between the UN and the World Bank Group at all levels. The revised United Nations-World Bank Partnership Framework for Crisis-Affected Situations, to be signed by the UN Secretary-General and the World Bank President at these Spring Meetings, is an important step to that end.
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This newsletter includes the following headings: (i)taking stock; (ii) major data releases; (iii) activity and inflation; (iv) trade and finance; (v) financial markets; and (vi) commodity prices.
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This report has been prepared as part of the pilot project of the European Commission titled: Catching-up Regions Initiative, implemented in 2016-2017 in selected regions of two European Union states, i.e.
... See More + Poland and Romania. In Poland, the pilot project included Swiętokrzyskie and Podkarpackie regions. The initiative objective is the identification of economic growth restrains in lagging regions of Europe and, on that basis, provision of advisory assistance consisting of individualized activities (specific for each region), contributing to the reduction of those restrains to improve conditions for investment and economic growth. The scope of advisory activities was determined with participation of the European Commission, regional and central government (in Poland: Marshal Offices of both regions and the Ministry of Economic Development) and the World Bank which also played the role of an entity implementing advisory services. One of the intervention areas, agreed for the action plan for Podkarpackie, were matters related to the development of regional mechanism of supporting micro, small and medium enterprises in accessing financing. The subject of advisory services performed by the World Bank experts specifically concerned management of funds allocated in the region under the Regional Operational Program for 2007-2013 (Podkarpackie ROP 2007-2013) to financial engineering instruments, subject to return following project implementation by financial intermediaries (approximately PLN 135 million). The objective was, therefore, to develop a strategy for this and to choose organizational form and to design operational model of re-engagement of funds, also considering the next programming perspective of EU aid (European Structural and Investment Funds) for 2014-2020, which also includes support of financial instruments. This report constitutes one of the outputs of the ‘catching-up regions Poland’ work. More outputs, including an overview report and reports for individual activities in both English and Polish can be accessed on the World Bank’s website.
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The World Bank monthly operational summary (MOS) reports on the status of projects in the World Bank’s pipeline from the time the operation is identified to the signing of the loan, credit, or grant agreement.
... See More + It is a detailed accounting of the projects included in the country lending programs that are actively being prepared for implementation. The lending programs reflect the Bank’s strategy for each member country as set out in the country partnership framework (CPF) presented to the Board of Executive Directors of the World Bank. On average, it takes about 13 months for the Bank to process a project from concept to approval. After a financing agreement is signed or a project is dropped from the program, the project entry is deleted from this summary. Each issue of the summary contains a list of projects reported for the first time and the list of projects deleted from the current issue. Familiarity with the Bank’s project cycle, summarized in the report, can help potential bidders identify business opportunities with Bank borrowers. Each entry in the MOS indicates at what point the operation is in the project cycle.
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