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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Ratings for Export Finance Intermediation Loan Project for Croatia were as follows: outcomes were moderately satisfactory, risk to development outcome was moderate, Bank performance was satisfactory, and Borrower performance was satisfactory.
... See More + Some lessons learned included: (i) flexibility of project design and responsiveness to market conditions reduced implementation delays; (ii) the ability to quickly adapt activities, increase resources, or amend project arrangements, as needed, in response to deteriorating economic conditions; (iii) a wholesale design increases the project’s overall impact; and (iv) implementation support missions and midterm reviews provide opportunities for strengthening the project.
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Implementation Completion and Results Report ICR3181 APR 24, 2017
This is a statement by H.E. Apisak Tantivorawong, Minister of Finance, at the ninety-fifth meeting of the Development Committee held on April 22, 2017.
... See More + He spoke about three major groups of challenges of Democratization of Information, De-monopolization of knowledge, and Disruption of Technology and Innovation that economies in South East Asia and Pacific are facing now. He discussed about the progress and challenges in accomplishing the vision for the World Bank Group (WBG) in 2030. He appreciated the WBG’s tremendous efforts in helping clients cope with global challenges. In conclusion, he reiterated his support in strengthening of the WBG’s financial capacity to become a Better and Stronger Bank.
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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 newsletter includes the following headings: monthly highlights; special focus; key publications of prospects group; recent World Bank working papers; key World Bank reports; table A: major data releases; table B: activity and inflation; table C: trade and finance; table D: financial markets; and table E: commodity prices.
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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 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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The development objective of Financial Sector Development Policy Loan (DPL) Project for Albania is to strengthen the resiliency of the banking sector and the regulation and supervision of nonbank financial institutions.
... See More + The DPL is structured around three pillars: (a) adopting policy measures to reduce nonperforming loans (NPLs) and enhance the financial safety net, (b) strengthening regulation, supervision, and resolution regime of banks and Savings and Credit Associations (SCAs), and (c) strengthening the regulation and supervision of investment funds. This operation directly contributes to the Country Partnership Framework (CPF) 2015-2019 Focus Area 1 objective to improve financial stability. The first focus area includes three CPF objectives that aim to support Albania’s efforts to improve fiscal sustainability, strengthen public investment management, and improve financial stability. The World Bank has been providing substantial support to Albania in recent years, through several development policy operations and the objective of this operation is to enhance Albania’s competitiveness through improving the investment regime, facilitating trade, and making it easier to do business.
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In this paper we consider some of the economic implications of climate change scenarios as described in the Shared Socioeconomic Pathways (SSPs).
... See More + By comparing potential water demand with estimates of (sustainable) water availability in different regions, we identify regions that are likely to be constrained in their future economic growth potential by the scarcity of water resources. We assess the macroeconomic impact of water scarcity under alternative allocation rules finding that, by assigning more water to sectors in which it has a higher value, shifting production to less water intensive sectors, and importing more water intensive goods, constrained regions can effectively neutralize these water related climate risks and adapt to a changing water environment. However, this adaptation effort is likely to imply some radical changes in water management policies.
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Ratings for the Save Our Species Project for World were as follows: outcomes were unsatisfactory, risk to development outcome was moderate, Bank performance was unsatisfactory, and Borrower performance was unsatisfactory.
... See More + Some lessons learned included: adequate governance and management capacity are twin pre-requisites for a competitive grants program. Showcasing experience and achievements will likely bring new opportunities. There is a fine line between complex reporting requirements and reducing bureaucracy by simplifying procedures and processes. A series of projects implementing grants over a longer time period is a better strategy than larger grants for short-term periods for achieving enhanced conservation outcomes.Support to local NGOs and capacity building of less experienced smaller NGOs must be an essential element of any small and medium grants program.It is critical that programs that rely on self-reporting of results such as the SOS Program build a strong foundation of mutual trust. Training in financial, fiduciary, safeguard and reporting requirements are necessary elements of any project and may preempt non-compliance in similar Bank funded global grant making mechanism initiatives.Link between livelihoods and sustainable conservation measures are crucial. It would be useful to reflect how the World Bank should engage in small and medium grants mechanism projects.
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Implementation Completion and Results Report ICR3858 FEB 06, 2017
The development objective of Third Financial Sector Stability Development Policy Credit Project (DPC3) for Nepal is to support the medium-term reform program for the financial sector initiated by the Nepalese authorities to reduce the vulnerability of the banking sector and increase its transparency.
... See More + The objective of the credit is to support the financial sector medium-term reform program initiated by the Nepalese authorities to reduce the vulnerability of the banking sector and increase its transparency. This program has four pillars: (a) enhancing financial sector development, (b) restructuring and consolidating the financial system, (c) strengthening the legal and regulatory framework, and (d) enhancing the governance and transparency of the banking system. The second phase of the government’s financial sector reform program (2014–2017), focuses on reforms designed to achieve two overarching policy objectives: first, to ensure the stability of the financial system by improving the quality of regulation, supervision, transparency, and governance to levels closer to international norms, and second, to start improving access to formal financial services. The programmatic series of DPCs complements the GoN’s program and is grounded in analytical work carried out by the World Bank, International Monetary Fund (IMF), U.K. Department for International Development (DFID), and the 2014 Financial Sector Assessment Program (FSAP).
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A joint International Monetary Fund (IMF)-World Bank mission visited Rabat and Casablanca in 2015, to assess the soundness and resilience of the banking system, the state of play in financial inclusion and infrastructure, the oversight frameworks for banking, capital markets and financial market infrastructures, crisis preparedness, and update the findings of the Financial Sector Assessment Program (FSAP) conducted in 2007.
... See More + This report summarizes the main findings of the mission, identifies key financial sector vulnerabilities, and provides policy recommendations. This report should be read in conjunction with the Financial Sector Stability Assessment of the IMF available at https://www.imf.org/external/country/mar/index.htm.
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Financial Sector Assessment Program (FSAP) 112122 FEB 01, 2017
Financial literacy - the ability to make informed decisions regarding money - plays a critical role in ensuring both the well-being of households and the stability of the financial system.
... See More + Consequently, numerous private institutions, non-profit organizations, and governments have responded by implementing financial education programs. However, empirical evidence on the efficacy of such programs provides only mixed results, and little is known about which aspects of financial education initiatives successfully enhance financial behavior and financial outcomes. The authors combined financial education with cash incentives for learning, non-compulsory goal-setting, and personalized financial counseling services to study the attitudinal, behavioral, and cognitive constraints that can stymie the link between financial education and outcomes.
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Hundreds of millions of people live in poverty in South Asia, cut off from essential services they need to build better lives. One of their greatest needs is improved access to financial services not just loans, but savings, insurance, payments, pensions, and other products.
... See More + When coupled with related nonfinancial services, such as consumer awareness, training, and market information, it can lead to breakthrough opportunities for people who have had limited economic avenues. The region's small and medium enterprises are a key driver of growth and jobs in the private sector. International Finance Corporation (IFC), a member of the World Bank Group, through its investment and advisory services in the financial sector, helps private sector clients reach deeper into this innovative and under-served segment of low-income entrepreneurs. It is just one of the many ways it carries out the vision of creating opportunity for people to escape poverty and improve their lives. By seamlessly combining global and local knowledge of industries and markets, it provides integrated investment, advisory, and asset management services. This paper documents the work of IFC in South Asia.
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The G20/Organization for Economic Co-operation and Development (OECD) Principles of Corporate Governance help policy makers evaluate and improve the legal, regulatory, and institutional framework for corporate governance, with a view to supporting economic efficiency, sustainable growth and financial stability.
... See More + First published in 1999, the Principles have since become an international benchmark for policy makers, investors, corporations and other stakeholders worldwide. They have also been adopted as one of the Financial Stability Board’s Key Standards for Sound Financial Systems and form the basis for the World Bank Reports on the Observance of Standards and Codes (ROSC) in the area of corporate governance. This edition contains the results of the second review of the Principles, conducted in 2014 -2015.
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After decades of billion dollar scandals around long-serving dictators removing vast fortunes from their impoverished nations, the broader phenomenon of which this is part has acquired a label: Illicit Financial Flows (IFFs).
... See More + The term encompasses the international transfer of moneys generated by bribery, tax evasion and illegal markets. IFFs have been the object of much attention from high level bodies such as the G20 and G7. The purpose of this Note is to develop a better understanding of the drivers of the phenomenon itself in terms of governance and also of the governance challenge in trying to reduce IFFs. It deals with the distribution of power as a factor in both aspects. The discussion does not examine the drivers or consequences of the activities that generate most IFFs, such as bribery and tax evasion. Thus a statement that IFFs from criminal earnings does not affect development institutions is not a statement about the adverse effects of a large criminal sector, which may indeed have very serious economic and development consequences. The paper deals only briefly with the contested issues of definition and measurement. This paper has been relentlessly speculative that reflects the state of understanding of the IFF phenomenon. For reform efforts, a good understanding of the governance issues and the obstacles to aligning the interests and capacities of the many participants is crucial.
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Nigeria is an entrepreneurial economy with an estimated thirty seven million Micro, Small, and Medium-sized Enterprises (MSME) in the country, and their contribution to economic growth and job creation is significant.
... See More + There are also a large number of self-employed entrepreneurs who support themselves and their families by supplying goods and services to the economy. Many of these businesses have the potential to become bigger and more prosperous, but their growth is restricted for a variety of reasons. Access to finance has been singled out as a crucial prerequisite to the growth of these businesses. This report identified collateral as the missing link between the small-scale business sector and the financial institutions that could provide the necessary capital for them to grow. This means formal lending is virtually inaccessible for these small businesses and entrepreneurs, who instead rely on informal, unregulated, and unpredictable credit in order to expand their operations. To improve access to finance and promote inclusive economic growth, the Central Bank of Nigeria (CBN), in partnership with the International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets, has established the National Collateral Registry and is supporting the development of a modern credit reporting system in Nigeria. This new financial infrastructure will allow for increased use of moveable and reputational collateral to make it possible for more MSMEs to access financing through the formal sector.
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Working Paper 113258 JAN 01, 2017
Novelli,Porter; Alvarez De La Campa,Alejandro; Essien,Eme; Salamina,Luz Maria; Ndonde,Moyo Violet; Awah,Ubong Valentine; Rodriguez Felipe,Elsa; Ascension Vega,Carmen Maria; Tullis,Christopher Boyd; Koblanck,Anna Eva Susanne; Delay,Pauline Anna MarieDisclosed
