These “Project Bonds” mostly target institutional investors - including pension funds, and have generated a great deal of interest among investment bankers, lawyers and investors. All this hype raises a number of questions: Are these “Project Bonds” really living up to expectations? Can governments really rely on Pensioners Paying for Projects (a newfound meaning for PPPs!)? What do we need to do to turn these instruments into a significant source of financing and close the infrastructure investment gap?
U.S.’s Treasuries dropped on Thursday as reports showed that U.S. jobless claims unexpectedly fell to an 8-year low in July. The 10-year yield rose by 4.0 basis points to 2.51% in afternoon trading in New York. The 30-year yield also rose by 4.0 basis points to 3.30% after falling to 3.24% on July 21, its lowest level since June 7, 2013. Year-to-date, Treasuries have gained 3.6%, compared to a loss of 3.4% last year.
Politicians tend to get all the blame for immigration policies not working. But politicians are often doomed to fail on migration questions because there are deep-rooted problems with the way we all debate immigration and with what we expect of immigration policy.
Decentralization in Tunisia means empowering local government. A new World Bank project aims to build the capacity of local government and make it accountable. Jaafar Friaa, Team Leader for the Program discusses the project's goals.
We often consult various partners – including governments, organizations and other implementers – on Open Data and its critical role in economic development and growth. The World Bank’s team of information and communication technology (ICT) and open data experts help explore the potential for forecasting national and global trends, while also unlocking opportunities for innovation and improved performance. These consultations serve as a crucial starting point in planning, implementation and correction of many government, private sector and civil society initiatives.
Since 2012, the Bank has organized a series of trainings on open data tools and online resources for users in government, economic research institutes, media, civil society, academia and the private sector. More than 3,000 stakeholders have been trained already in 10+ major cities of India. There is need to take this agenda forward especially in the low-income states where exposure to the Bank's resources is lower.
Because we have a global audience, I must start by explaining that, according to the Oxford American Dictionary, a smart aleck is “a person displaying ostentatious or smug cleverness’. It also reports that one usage of the word ‘smart’ means: “(of transactions) unscrupulous to the point of dishonesty”. If you watch crime movies the way I do, there is a tendency to admire ‘smart play’, that is, ruthlessly clever and effective maneuvers. The best crime bosses are masters of ‘smart play’. In order words, they are smart alecks.
What is fascinating is how often (particularly in the massed punditry of elite global media) a capacity for smart play by political leaders is glorified. Leaders are routinely judged and compared with regard to whether or not they appear to shape the game, determine events, or impose their will on others and so on. If they do not seem to do that, they are dismissed as effete. If they seem to do that, they are admired and glorified. What is particularly striking is how often the writers who say these things leave out ethical standards. I believe, for instance, that true evil is a willingness to act without ethical considerations. Yet, notice how often leaders are admired for ostentatiously clever play even if the methods are odious.
But I am interested in a much narrower question. And it is this: if we leave out ethical considerations, is a reputation for ‘smart play’ good for a leader? Does it make her more effective? To throw this into bold relief, I am going to tell two kinds of stories- one domestic, and the other global.
Development is not easy; making it sustainable, even more difficult. Take for example road traffic rules. We can build better roads and install traffic lights, but cannot guarantee adherence to traffic rules. Even with laws in place, people may be more willing to pay fines than stop at a red light or wear seat belts. How do you make people value their own lives or their betterment? To succeed, we have to motivate people rather than just educate them.
For two decades, the world has made extraordinary progress in development — lifting nearly 700 million people out of extreme poverty and halving the percentage of people living on less than $1.25 a day. Now the work gets even harder: extending that progress will require us to focus on improving lives in some of the world’s most difficult corners.
Conflict and poverty are mutually reinforcing. Large numbers of the world’s poorest live in areas torn by conflict, instability, and violence — and the numbers are growing. Quite simply, we cannot end poverty and boost shared prosperity by 2030 unless we ramp up our work in these areas.