Syndicate content

Financial Sector

Twitter chat: Economic benefits of environment management in Sri Lanka

Ralph van Doorn's picture

Join us for #SLDU2017: Economic Benefits of Environment Management. This Twitter chat will be hosted by World Bank South Asia

What’s happening?

Join us for #SLDU2017: Economic Benefits of Environment Management. This Twitter chat will be hosted by World Bank South Asia (@WorldBankSAsia) in collaboration with the Institute for Policy Studies IPS (@TalkEconomicsSL).
 
When is it?
August 21, 2017 from 5.30 – 7.30 pm
 
Unpacking #SLDU2017
The chat will explore the findings of the Sri Lanka Development Update (SLDU), published this June.
 
I look forward to engaging with you together with a panel from different areas of expertise.
 
We’ll be discussing priority reforms with a focus on how Sri Lanka can better manage both its business and natural environment to bolster economic growth and sustain development.
 
In recent years, natural disasters have left parts of this island nation devastated, exacting a significant economic, fiscal and social toll. The SLDU identifies other challenges as well, pressing the case for fiscal consolidation, a new growth model, improved governance and programs to buffer against risk.
 
The latest update cautions against adopting piecemeal solutions, noting that the challenges facing the island nation are inter-linked and require a comprehensive and coordinated reform approach.
 
In the end, we also hope this Twitter chat will allow us to learn from you as we begin our preparations for the next SLDU.
 
How can you participate?
Never taken part in a Twitter chat before? It’s simple. Just think of this as an online Q&A. @WorldBankSAsia will moderate the discussion, posing questions to panellists. You are encouraged to join in too! Follow along, retweet and engage. If you have a question, simply tweet it out using the hashtag #SLDU2017. We’ll see it and try to get you some answers.

World Bank guarantees help Pakistan get cheaper, longer term loans from international market

Enrique Blanco Armas's picture
Dasu
Photo Credit: Pakistan's Water and Power Development Authority (WAPDA)

Compared to their investment needs, developing countries have very limited concessional financing available to them. International commercial banks are constrained in terms of the size and tenors of credits to Emerging Markets and Developing Economies. A key challenge therefore, is to channel large savings and capital into productive investments in developing countries, partly by ‘de-risking’ investments and borrowings.  Pakistan is at the forefront of these efforts, recently making use of two World Bank guarantees to access over 1 billion US dollars in two international commercial loan financings.

A $420 million IBRD Policy Based Guarantee (PBG) was approved by the World Bank Board alongside a $500 million IDA credit in June 2016. The PBG guarantee partially takes over the risk of a commercial bank’s loan to a government. The PBG and the IDA credit supported a program of reforms including the adoption of a new and more inclusive poverty line, efforts to broaden the tax base, enhanced transparency of State Owned Enterprises, improved debt management and a significant overhaul of the regulatory framework of the financial sector.  Improved access to international financing through the PBG will reduce the government’s dependence on domestic financing and free up resources for private sector investment. The guarantee also signals the World Bank’s confidence in Pakistan’s economic reforms program – a signal that is particularly important after the successful completion of the IMF program. The government used the US$420 million PBG to partly guarantee a 10-year US$700 million loan, extending tenor significantly and achieving cost savings.  

From subsistence laborer to Amazon seller: A story from Bihar, India

Mio Takada's picture
 JEEViKA
Kuraisa creating traditional lac bangles . Photo Credit: JEEViKA


Kuraisa lives in the Majhaulia village in Muzaffarpur district of Bihar, India. As an artisan, she and her family create  traditional lac bangles – colorful bracelets made of resinous materials and usually molded in hot kilns – in their small home production unit.
 
In early 2016, Kuraisa joined a self-help group made up of other lac bangle producers and supported through the World Bank’s Bihar Rural Livelihoods Project (BRLP), also known locally as JEEViKA.
 
The self-help group taught Kuraisa new design techniques and loaned her $2,300 to start her own business. One year later , Kuraisa has added two more production units to her home, which provide full time jobs to her relatives  and to as many as 6 additional workers during peak season.
 
Kuraisa’s annual business income has now tripled to $10,000. The self-help group has expanded and nearly 50 artisan families in the village have joined, giving rise to a village enterprise cluster with an annual revenue of $450,000.

Pakistan bridges the gender divide by embracing a digital economy

Priya Chopra's picture
Registration at the Digital Youth Summit. DYS is an age and gender-inclusive diversified digital platform.
Photo Credit: Digital Youth Summit


Standing in line to sign up for the Digital Youth Summit in Peshawar this May, I struck up a conversation with a young woman from Peshawar. I was pleasantly surprised by her level of interest and eagerness in participating at the tech conference.  She was keen to develop an app that would allow her to sell home-based food products at a national level.  She had already gathered a group of friends who would work with her on different aspects of task planning and implementation.  Her enthusiasm was palpable and infectious.  Born and raised in South Asia, I understand the constraints local women face in largely male dominated societies.  I was therefore heartened by the large turn-out of women queuing to enroll for the workshops.  

Our commitment to the people of Afghanistan stays strong

Annette Dixon's picture
Also available in: دری | پښتو
Despite government efforts with support from the international community, Afghanistan's development needs remain massive. Photo Credit: Rumi Consultancy/ World Bank

I am still shaken and saddened by the many lives lost to the attacks in Kabul two weeks ago and since then there has been more violence. As we grieve these tragedies, now is the time to stand strong with the people of Afghanistan and renew our commitment to build a peaceful and prosperous country.

To that end, we announced this week a new financing package of more than half-a-billion dollars to help Afghanistan through its struggle to end poverty, increase opportunity to help stabilize the country, and ensure all its citizens can access basic services during a time of economic uncertainty.

Afghanistan has come a long way since 2001 and achieved much progress under extremely challenging circumstances. Life expectancy has increased from 44 to 60 years, maternal mortality has decreased by more than three quarters and the country now boasts 18 million mobile phone subscribers, up from almost none in 2001.

Yet, the development needs in Afghanistan remain massive. Nearly 40 percent of Afghans live in poverty and almost 70 percent of the population are illiterate. The country needs to create new jobs for about 400,000 people entering the labor market each year. The situation is made more challenging by the return of around 5.8 million refugees and 1.2 million internally displaced people.

Our new support is in line with our belief that Afghanistan’s economic and social progress can also help it address security challenges.  Our financing package meets the pressing needs of returning refugees, expands private-sector opportunities for the poor, boosts the development of five cities, expands electrification, improves food security, and builds rural roads.

What can Bangladesh do to deliver more and better jobs for everyone?

Qimiao Fan's picture
Bangladesh woman working in flourescent lamp section
Bangladeshi woman works in the flourescent lamp section of SEED Bangla Limited. Photo Credit: World Bank


Bangladesh has made remarkable progress toward ending poverty and sharing prosperity with more of its people. As recently as 2000, about one in three Bangladeshis lived in extreme poverty based on the national poverty line; today, this has fallen to 13 percent. The poorest 40 percent of the population also saw positive per person consumption growth. Like in most countries, a key reason was broad-based growth in earnings. With more than 20 million people still living in extreme poverty and many workers with insecure jobs, Bangladesh cannot be complacent. It needs faster economic growth that can deliver more and better jobs for everyone.

Good luck and good policies

Frederico Gil Sander's picture

In Brazil, where I come from, we are crazy about football, so I grew up listening to football matches. At the end of a match, the reporters would interview the main scorer of the day, who would often say that he was just lucky to receive the ball at the right place.
 
The commentator would then say that “good luck is a combination of ability and opportunity”. This story comes to mind when thinking of India’s economy over the past two years.
 
India has been lucky indeed. In the fiscal year ending March 2016 (FY16), the sharp decline in oil prices generated what economists call a positive “terms-of-trade” shock, which lifted growth.
 
A terms-of-trade shock means that the things you buy suddenly become cheaper relative to the things you sell, allowing you to buy more things.


 
In the fiscal year that just ended, CSO data that was released recently shows that the good monsoons helped agriculture propel growth. Notwithstanding disruption from demonetization, agricultural wages have continued to grow, along with their purchasing power as rural inflation declined.

But India has also implemented good policies, which allowed it to take advantage of the external shocks. The government took advantage of declining oil prices to eliminate fuel subsidies and hike taxes on carbon-emitting petroleum products, a win for the environment and a win for the exchequer.

New Zealand has much to offer the world

Annette Dixon's picture
 
New zealand - World maps on line
New Zealand Map.  Photo Credit: Academia maps GeoAtlas


When people think about New Zealand’s most famous son, Sir Edmund Hillary, they mostly think about the quiet Auckland bee-keeper who conquered Everest in 1953.

Of course, there’s much more to the man. He raised money for the Sherpa communities in Nepal that built schools, hospitals and much more. His commitment to the people of South Asia was also reflected in his successful term in the 1980s as New Zealand’s High Commissioner to India.

As the most senior New Zealander in the management of the World Bank, I have come to appreciate Sir Edmund’s commitment to the people of South Asia and believe it shows how much New Zealand can offer the world.  This will not only make the world a better place but can also help New Zealand too.

What can fuel India's Growth?

Frederico Gil Sander's picture

idu-banner

The World Bank is releasing its flagship report highlighting the state of the Indian economy, its future growth prospects, the impact of the recent currency exchange on the economy, and the benefits that the progress on the Goods and Services Tax (GST) will have moving forward. 

Celebrating 15 Years of reengagement in Afghanistan

Raouf Zia's picture
Also available in: دری | پښتو




Shortly after the Soviet invasion in 1979, the World Bank suspended its operations in Afghanistan. Work resumed in May 2002 to help meet the immediate needs of the poorest people and assist the government in building strong and accountable institutions to deliver services to its citizens.

As we mark the reopening of the World Bank office in Kabul 15 years ago, here are 15 highlights of our engagement in the country:

Pages