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Financial Sector

Supporting Entrepreneurs: Breaking Down Barriers for Access to Finance

Irene Arias's picture
Also available in: Español

​Small and medium sized companies are the backbone of Latin America’s economy. They represent more than 90 percent of all enterprises in the region, generating over half of all jobs and a quarter of the region’s gross domestic product. They are essential to economic growth, yet their success is often blocked by one key obstacle: lack of credit. Nearly a third of companies in the region identified lack of credit as a major constraint, according to recent surveys.

Take the case of Sonia Arias, who owns a small textile business in Medellin, Colombia. When she opened her business seven years ago, she took an informal loan that left her with sky-high interest rates and little cash to reinvest. “When I was paying these loans,” she said, “it felt like we were being hit with a stick.”

In Armenia, Perception Matters For Tax Reforms

Jean-Michel Happi's picture

Would you be more willing to pay taxes if you didn’t have to spend hours doing it, or if you see that money being used in the right way? Well, you are not alone.
 
Armenians, like people around the world, feel the same. According to the recently conducted Tax Perception Survey in the country, easier tax compliance and more visible link between taxes paid and public services received was found to be particularly important.


















Between 66 percent and 75 percent of respondents said they would be more willing to pay more taxes if the procedures were easy and less time-consuming, if they saw more useful social and other public services, or if they saw less corruption.

Over 95 percent of respondents felt the tax burden is heavy or very heavy, while almost 50 percent reported that evading tax payments was not justified under any circumstances.
 
About 57 percent noted that high taxes or desperate financial situations were the main reasons for avoiding or evading tax payments.
 
The data unveiled by the latest Tax Perception Survey,  carried out with USAID support and World Bank Group technical assistance covered around 1,500 households and 400 business taxpayers.  The analysis strengthened the need to modernize the tax system, which has remained a major challenge for Armenia. Despite Armenia’s ranking as 37th in Doing Business, the taxation system, at 103rd on the list, still requires a lot of work.
 
To be sure, there have been some improvements to the system in the past few years. They include the introduction of electronic filing of tax returns, e-government applications, risk-based audit principles, and taxpayer service centers and appeal system. These achievements contributed to increasing the tax to GDP ratio from 19.5 percent in 2010 to 22.8 percent in 2013.
 
But much remains to be done to further streamline and simplify tax procedures, modernize the tax administration, and enact a tax code.

Value for Money in Public Procurement: Beyond Rules to Measurement

Martin Raiser's picture
Also available in: Türkçe
Strong public procurement systems are central to well-functioning public financial management institutions and good public sector governance. But how can governments ensure public procurement is efficient? Traditionally, the recommended approach has emphasized the importance of adequate rules that encourage competitive bidding. This involves transparent tender documents and processes with as little discrimination as possible, an independent procurement agency that would set standards and monitor their enforcement, and an independent appeals body to hear complaints of participating bidders.

Kamu İhalelerinde Paranın Karşılığını Almak: Kuralların Ötesinde Ölçüme Geçmek

Martin Raiser's picture
Also available in: English
Güçlü kamu ihale sistemleri, iyi işleyen kamu mali yönetim kurumları ve kamu sektöründe iyi yönetişim için merkezi öneme sahiptir. Ancak hükümetler kamu ihalelerinin etkin olmasını nasıl sağlayabilir? Geleneksel olarak, tavsiye edilen yaklaşımda rekabetçi ihaleyi teşvik eden kuralların yeterliliğinin önemi vurgulanmıştır.

Poland Scores High on Shared Prosperity Progress

Laura Tuck's picture

Laura Tuck, Vice President for the World Bank's Europe and Central Asia region, discusses her trip to Poland, its economy, progress in boosting shared prosperity, and the World Bank's partnership with the country.

 

One Question: What Is Your Favorite Number?

Mehreen Arshad Sheikh's picture
Also available in: Español | العربية | Français

My Favorite Number
We know that numbers are useful. We rely on them to analyze global economic trends, but also to count calories, create passwords, manage schedules and track our spending. Numbers give order to the chaos of our lives. And that means we can use numbers to reflect, learn, and re-discover ourselves.

We’ve launched a new YouTube series called ‘My Favorite Number,’ that shows how a single digit can give us unique insight into global development and humanity. A number can have a profound effect on human lives.

Dialogue with Central Asian countries

Laura Tuck's picture

Bishkek, Kyrgyz Republic – Laura Tuck, the vice president for the World Bank’s Europe and Central Asia unit, talks about her trip to Kazakhstan, the Kyrgyz Republic, Tajikistan and Uzbekistan and important issues related to the economic growth of the region that she discussed in these Central Asian countries.


 

Completely Booked Out in Astana

Shynar Jetpissova's picture
Also available in: Русский

If you love books as much as I do, perhaps you too cherish the sensation of holding a new book in your hands for the first time. Or the way your nose twitches when dust lifts off the pages of an old paperback you just discovered on a bookstore shelf. Books are real treasures – they appeal to many different senses and can create memories that stay with us from childhood.
 
Today, more and more books take a very different form to when I was a kid. The Internet now provides us access to a vast electronic library where billions of books are available digitally rather than in the old-fashioned paper form. But there are many of us who still prefer the real thing. With this in mind, my colleagues and I at the World Bank office in Astana, Kazakhstan, held a book donation on the threshold of the New Year at the National Academic Library - one of the four depositary libraries in different regions of Kazakhstan (Almaty, Astana, Ust-Kamenogorsk, and Pavlodar) back in 2005 as an effective channel for sharing of knowledge and information.


 
For the event, we brought a ton of World Bank publications from the country office, inviting people to walk in and take any books that appealed to them. It took just one hour to clear the shelves! As people selected multiple books from the shelves, I asked, “Are you really going to read all of those books?” Their responses surprised me pleasantly.

We’re Seeking 18 Dynamic Leaders to Help Us Meet Our Goals

Keith Hansen's picture

The World Bank Group is searching internally and globally for 18 experienced and driven professionals to help achieve two ambitious goals: reducing the number of people living on less than $1.25 a day to 3% by 2030 and promoting shared prosperity by fostering the income growth of the bottom 40%. These leaders will be crucial to our plan to improve the way we work, so we can deploy the best skills and expertise to our clients everywhere, to help tackle the most difficult development challenges around the world.   

Last month, the Bank Group’s member countries endorsed our new strategy which for the first time leverages the combined strength of the WBG institutions and their unique ability to partner with the public and private sectors to deliver development solutions backed by finance, world class knowledge and convening services.

Instrumental to the success of our strategy is the establishment of Global Practices and Cross-Cutting Solution Areas, which will bring all technical staff together, making it possible for us to expand our knowledge and better connect global and local expertise for transformational impact. Our ultimate goal is to deploy the best skills and expertise to our clients at the right time, and become the leading partner for complex development solutions.

We are accepting applications for the Global Practice senior directors who will lead these pools of specialists in the following areas: Agriculture; Education; Energy and Extractives; Environment and Natural Resources; Finance and Markets; Governance; Health, Nutrition, and Population; Macroeconomics and Fiscal Management; Poverty; Social Protection and Labor; Trade and Competitiveness; Transport and Information Technology; Urban, Rural, and Social Development; and Water.

A New Partnership With Moldova

Abdoulaye Seck's picture
Also available in: Русский

I landed in Chisinau on a short flight from Frankfurt a mere two years ago. I immediately liked this vibrant and cosmopolitan city built with white limestone and awash with greenery, and remember thinking that it has the potential to attract scores of tourists. But tickets to fly into Chisinau were expensive in 2011.

I also recall so vividly my first trip through the Moldovan countryside shortly after.  An amalgam of bright green leaves on walnut trees contrasted the yellow of the sunflowers that grow in fields with some of the most fertile soil in the world. I was immediately struck by the immense potential that Moldova holds in agriculture.

 

Good things have happened since then.

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