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Rwanda: Economic Policy Reforms Could Spur Rapid Private Sector Growth - World Bank Report

[New Times] Achieving rapid private sector growth in Rwanda is unlikely without far-reaching reforms to economic policies, a new report released on November 13, by the World Bank has shown.




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World Bank to help realise $60bn export potential

ISLAMABAD: The Ministry of Commerce and the World Bank have agreed to form a joint working group on trade to capitalise on the country’s true export potential.

The understanding was reached during a meeting of Commerce Minister Jam Kamal Khan with a team from the World Bank. Both sides agreed that the working group would meet periodically to advance the goal of realising Pakistan’s export potential of $60 billion.

An official announcement said both sides discussed Pakistan’s export reform agenda, focusing on strategies to enhance export competitiveness and streamline enabling policies.

The discussion also addressed how the World Bank can support these initiatives under the broader country programme.

Mr Kamal highlighted the whole-of-government approach to export enhancement, which promotes a unified policy framework to improve competitiveness and the Ease of Doing Business for exporters.

This strategy emphasises export-led growth by providing crucial enabling factors such as financing, liquidity support, reduced input costs, and regulatory facilitation to empower Pakistan’s export sector.

Published in Dawn, November 14th, 2024




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World Bank oks $750-M PH digital transformation program

The World Bank (WB) has approved a new $750-million development policy loan aimed at helping the Philippine government ramp up its digital transformation efforts, marking its second financial aid of this type to a country where the internet economy has seen rapid expansion. The multilateral lender said on Wednesday that its second digital transformation package […]...

Keep on reading: World Bank oks $750-M PH digital transformation program




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World Bank Missing $41 Billion in Climate Funds – ‘40% of all disbursed climate funds’ can’t be accounted for – ‘Yet, climate activists are demanding $5 trillion in ANNUAL financing’

World Bank Missing $41 Billion in Climate Funds by Martin Armstrong A new report by Oxfam, “Climate Finance Unchecked,” has determined that the World Bank has $41 billion in unaccounted funds that were destined to fight climate change. This figure represents 40% of all disbursed climate funds by the World Bank. Oxfam’s audit revealed that between 2017 […]





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Agriculture climate science in Zambia gets boost with launch of new World Bank-backed grant

The World Bank and IWMI will rapidly scale climate science to support agri-business in Zambia, tackling the climate challenge head on through the new AICCRA-Zambia Accelerator Grant.

The post Agriculture climate science in Zambia gets boost with launch of new World Bank-backed grant first appeared on International Water Management Institute (IWMI).




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World Bank Signs $750 Mn MSME Emergency Response Programme With India

On Monday, the World Bank signed a $750 million (about Rs 5,600 crore) agreement with the Indian government for an MSME Emergency Response Programme to support the increased flow of finance into the hands of small businesses severely impacted by the




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World Bank to support farmers of Kerala to adapt climate impacts




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L-G, CM briefed about plans to implement World Bank, ADB aided projects in Puducherry




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World Bank in talks to help finance $28 billion Turkish energy upgrade, Anadolu reports

Humberto Lopez was quoted on Saturday as saying the World Bank was in talks with Turkey's ministry of energy about the matter



  • Money & Banking

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World Bank approval for ₹2,365.5-crore KERA project: Agriculture Minister P. Prasad




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George Mason researchers partner with World Bank to launch web portal for hospitals

George Mason University professor Elise Miller-Hooks and her team have been studying and modeling the flow of patients through American hospitals in times of crisis since 2014.




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New World Bank Report: Chinese Clean-tech SMEs Embrace Opportunities

The World Bank indicated in its new report "Building Competitive Green Industries: The Climate and Clean Technology Opportunity for Developing Countries" that small and medium-sized enterprises (SMEs) in developing countries are set to undergo significant growth and create more jobs in the field of clean technology. Anabel Gonzalez, senior director for the World Bank's Global Practice on Trade and Competitiveness, said developing home-grown clean-tech industries will help developing countries more effectively increase the adoption of low-cost clean energy and drive sustainable economic development.




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World Bank makes US$390 million loan Pakistan's Tarbela hydroelectric plant extension

The World Bank has approved US$390 million in additional financing to be used by Pakistan's Water and Power Development Authority for extensions of its Tarbela hydroelectric plant.




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World Bank Prepares Djibouti’s Geothermal Project for Private Sector Expertise

Developing countries that are interested in geothermal energy may see transformational results by approaching World Bank and other institutions, as Djibouti did. In an interview, the World Bank Djibouti geothermal project team talks about the project investment, lessons from Kenya’s experience, and preparations that are being made for the private sector to take up the next steps.





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Panel at the 2013 World Bank/IMF Civil Society Policy Forum

Government, business, trade and civil society representatives came together at this panel session to discuss the first year of implementation following the 2011 Update of the Guidelines.




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Global value chains offer opportunities for growth, jobs and development, but more must be done so all countries and firms can participate equally, according to a new OECD-WTO-World Bank Group report

Global Value Chains (GVCs) are a dominant feature of the world economy that impact growth, jobs and development, but numerous challenges remain to ensure that all countries and all firms have the opportunity to participate and benefit.




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OECD, IOPS and World Bank join forces to improve private pension statistics

28 April 2016, Paris - OECD, IOPS and the World Bank are joining forces to expand the reach of the OECD’s Global Pension Statistics database and annual Pensions Markets in Focus report. This collaboration with the World Bank will help bring data from emerging and developing economies that are not currently included in the database.




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OECD, UN Environment and World Bank call for a radical shift in financing for a low-carbon, climate-resilient future

The OECD, UN Environment and World Bank Group today called on leaders of G20 countries to do more to enable a radical shift of investment into low-carbon, climate-resilient infrastructure as a way to limit the impact of climate change.




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Joint OECD and World Bank report urges governments to improve resilience to disasters and related fiscal risks

Rapid economic development and climate change are increasing our vulnerability to natural disasters, and a new joint OECD-World Bank report calls for pro-active management of the financial costs of those disasters before they strike.




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OECD World Bank Economy wide PMR Indicators

OECD World Bank Economy wide PMR Indicators




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Webcast on anti-corruption ethics and compliance tools from UNODC, OECD, World Bank

Based on the OECD-UNODC-World Bank Anti-Corruption Ethics and Compliance Handbook, this webcast organised by KPMG offered an opportunity for attendees to learn about and understand the value of anti-corruption and ethics compliance best practices and how to use them to enhance their programmes.




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OECD and World Bank call for whole-of-government approach to combating tax evasion and corruption

Countries must step up work to ensure that tax authorities and anti-corruption authorities can effectively co-operate in the fight against tax evasion, bribery, and other forms of corruption, according to a joint OECD/World Bank report.




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World Bank Event on Water Quality Testing to Review Everything You Wanted to Know About Managing Water Safety

Event will also outline practical, low cost water quality testing and treatment solutions that assist project managers and implementers in the field




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Covid-19 will have unprecedented effect on migrant economy: Dilip Ratha, World Bank

Millions of migrant workers toiling in the Gulf countries are facing a crisis due to Covid-19 and the fall in oil prices.




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Donald Trump taps Indian-American lawyer as US representative to World Bank's lending arm IBRD

Ashok Michael Pinto, who has worked as a Special Assistant and Associate Counsel to former president George W Bush, was on Monday nominated as US Alternate Executive Director of IBRD for a term of two years.




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India to retain top position in remittances with $80 billion: World Bank

India is followed by China ($67 billion), Mexico and Philippines ($34 billion each), according to World Bank.




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India highest recipient of remittances at $79 bn in 2018: World Bank

India was followed by China (USD 67 billion), Mexico (USD 36 billion), the Philippines (USD 34 billion), and Egypt (USD 29 billion).




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Profile: IMF and World Bank

Key facts, figures and dates




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George Mason University researchers and World Bank launch web portal for hospitals

(George Mason University) The team's work supports evidence-based decision making, informed by models, to rethink and facilitate hospital operations during the pandemic.




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The World Bank - why it matters for global health

The world bank was set up in 1944. In the aftermath of the second world war, the institution was there to give loans to countries rebuilding after the conflict. Their first loan went to France - but with stipulations about repayment that set a tone for future funds. A new series, authored by Devi Sridhar, and her team from the University of...




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The World Bank - Universal Healthcare

The world bank was set up in 1944. In the aftermath of the second world war, the institution was there to give loans to countries rebuilding after the conflict. Their first loan went to France - but with stipulations about repayment that set a tone for future funds. A new series, authored by Devi Sridhar, and her team from the University of...




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The World Bank - trust funds

The world bank was set up in 1944. In the aftermath of the second world war, the institution was there to give loans to countries rebuilding after the conflict. Their first loan went to France - but with stipulations about repayment that set a tone for future funds. A new series, authored by Devi Sridhar, and her team from the University of...




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The World Bank - the Global Financing Facility

The world bank was set up in 1944. In the aftermath of the second world war, the institution was there to give loans to countries rebuilding after the conflict. Their first loan went to France - but with stipulations about repayment that set a tone for future funds. A new series, authored by Devi Sridhar, and her team from the University of...




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World Bank predicts sharpest decline of remittances to Caribbean

WASHINGTON, CMC – The World Bank has predicted the sharpest decline of remittances to Latin America and the Caribbean, saying that global remittances on a whole are projected to fall by about 20 percent in 2020 due to the economic crisis...




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India moves up on World Bank's Doing Business list

India moves up 4 spots on World Bank's ease of Doing Business list




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EDF, World Bank help fund 420-MW Nachtigal hydropower plant in Cameroon

Electricite de France (EDF) and the World Bank are joining with the government of Cameroon to fund the €$1.2 billion (US$1.3 billion), 420-MW Nachtigal hydropower plant.




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World Bank makes US$390 million loan Pakistan's Tarbela hydroelectric plant extension

The World Bank has approved US$390 million in additional financing to be used by Pakistan's Water and Power Development Authority for extensions of its Tarbela hydroelectric plant.




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New World Bank Report: Chinese Clean-tech SMEs Embrace Opportunities

The World Bank indicated in its new report "Building Competitive Green Industries: The Climate and Clean Technology Opportunity for Developing Countries" that small and medium-sized enterprises (SMEs) in developing countries are set to undergo significant growth and create more jobs in the field of clean technology. Anabel Gonzalez, senior director for the World Bank's Global Practice on Trade and Competitiveness, said developing home-grown clean-tech industries will help developing countries more effectively increase the adoption of low-cost clean energy and drive sustainable economic development.




world bank

World Bank makes US$390 million loan Pakistan's Tarbela hydroelectric plant extension

The World Bank has approved US$390 million in additional financing to be used by Pakistan's Water and Power Development Authority for extensions of its Tarbela hydroelectric plant.




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World Bank approves $400m funding injection for Afghanistan

The World Bank approved a $400 million grant on Friday to help Afghanistan deal with the coronavirus while maintaining economic and public finance reforms. The grant will support efforts to improve business regulation and encourage private investment, improve taxation capacity and expand social inclusion, among others. It is made up of $160 million from the International Development...




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Time for the World Bank and IMF to Be the Solution, Not the Problem

Franciscka Lucien is Executive Director of the Institute for Justice & Democracy in Haiti. Joel Curtain is the Director of Advocacy at Partners in Health.

The post Time for the World Bank and IMF to Be the Solution, Not the Problem appeared first on Inter Press Service.




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Acting Deputy Attorney General Gary G. Grindler Speaks at a World Bank International Meeting

"Only by working together, across borders and jurisdictions, can we stamp out corruption," said Acting Deputy Attorney General Grindler.




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Assistant Attorney General Lanny A. Breuer of the Criminal Division Speaks at the Franz-Hermann Brüner Memorial Lecture at the World Bank

"Prosecutors and law enforcement professionals in the Criminal Division of the Department of Justice are working hard to fight corruption at every level, at home and abroad. This work is one way in which we send the message loud and clear that public officials who abuse their power for personal gain – whether they are in the United States or the emerging democracies of North Africa and the Middle East or anywhere else around the world – are on the wrong side. And we will keep working and keep fighting to hold them to account."




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Assistant Attorney General Ignacia S. Moreno Delivers Remarks at the Georgetown/OAS/World Bank Roundtable

The Environment Division’s enforcement efforts over the years have achieved dramatic reductions in emissions and discharges of harmful pollutants to the Nation’s air, land and water.




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National Governments Have Gone Big. The IMF and World Bank Need to Do the Same.

While social distancing is the West’s route to suppression of the virus, the developing world’s crowded cities and often overcrowded slums make isolation difficult. Advice on hand-washing means little where there is no access to running water. Without a basic social safety net, choices are narrowed and stark: Go to work and risk disease, or stay home and starve with your family.




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The World Bank steps up on fragility and conflict: Is it asking the right questions?

At the beginning of this century, about one in four of the world's extreme poor lived in fragile and conflict affected situations (FCS). By the end of this year, FCS will be home to the majority of the world's extreme poor. Increasingly, we live in a "two-speed world." This is the key finding of a…

       




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Is the World Bank Retreating from Protecting People Displaced by its Policies?


Over 30 years ago, the World Bank began to develop policies to safeguard the rights of those displaced by Bank-financed development projects. The safeguard policy on involuntary resettlement initiated in turn a series of follow up policies designed to safeguard other groups and sectors affected by Bank investments, including the environment and indigenous people. Since its adoption in 1980, the Bank’s operational policy on involuntary resettlement has been revised and strengthened in several stages, most recently in 2001. The regional development banks – African Development Bank, Asian Development Bank, InterAmerican Development Bank, the European Bank for Reconstruction and Development, and the International Finance Corporation (IFC) – have all followed the World Bank’s lead and developed policies for involuntary resettlement cause by development projects financed by these multilateral banks.

While the policies are complex, the basic thrust of these safeguard policies on involuntary resettlement has been to affirm:

  • Involuntary resettlement should be avoided where feasible.
  • Where it is not feasible to avoid resettlement, the scale of displacement should be minimized and resettlement activities should be conceived and executed as full-fledged sustainable development programs on their own relying on commensurate financing l and informed participation with the populations to be displaced.
  • Displaced persons should be assisted to improve, or at least restore their livelihoods and living standards to levels they enjoyed before the displacement.[1]

Even with these safeguards policies, people displaced by development projects risk – and very large numbers have actually experienced – a sharp decline in their standards of living.[2] Michael Cernea’s Impoverishment Risks and Reconstruction model identifies the most common and fundamental risks of such displacement and resettlement processes: landlessness, joblessness, homelessness, marginalization, food insecurity, increased morbidity and mortality, loss of access to common property, and social disintegration.[3] If insufficiently addressed, these embedded risks convert into actual processes of massive impoverishment. And particular groups may be especially affected, as noted in the World Bank’s Operational Policy: “Bank experience has shown that resettlement of indigenous people with traditional land-based modes of production is particularly complex and may have significant adverse impacts on their identity and cultural survival.” (OP 4.12, para.9)

These safeguards policies are an important instrument to minimize and overcome the harm suffered by those displaced by development projects. It should be noted, however, that there have always been problems in the implementation of these policies due to the evasive implementation by borrowers or the incomplete application by World Bank staff. The Bank’s interest in researching the impacts of compulsory resettlement triggered by its projects has been sporadic. In particular, World Bank has not carried out and published a comprehensive evaluation of the displacements caused by its massive project portfolio for the last 20 years. The last full resettlement portfolio review was conducted two decades ago, in 1993-1994. In2010, with the approval of the Bank’s Board, the Bank’s Independent Evaluation Group (IEG) undertook a broad review on how not only the policy on involuntary resettlement, but all social safeguards policies have or have not been implemented. Reporting on its findings, the Independent Evaluation Group (IEG) publicly faulted World Bank management for not even keeping basic statistics of the number of people displaced and not making such statistics available for evaluation.[4] Similar analytical syntheses are missing from other multilateral development agencies, such as, IADB and EBRD. There is a strong sense within the community of resettlement specialists that successful cases are the exception, not the norm. In sum, projects that are predicated on land expropriation and involuntary resettlement are not only forcibly uprooted large numbers of people, but leaving them impoverished, disenfranchised, disempowered, and in many other aspects worse off than before the Bank-financed project.

While the Bank’s safeguard policies were in need of review and many argued for a more explicit incorporation of human rights language into the policies, the Bank took a different approach. The Bank’s team tasked with “reviewing and updating” eliminated many robust and indispensable parts of the revised existing safeguards, watered down other parts, and failed to incorporate important lessons from the Bank’s own experiences as well as relevant and important new knowledge from social, economic, and environmental sciences.

At the end of July 2014, the Bank published a “draft” of the revised safeguards’ policies which were not based on consultation with civil society organizations (CSOs) as had been promised. Rather the newly proposed policies were held close and stamped “strictly confidential.” The numerous CSOs and NGOs involved for two years in what they thought was a consultative process learned only from a leak about plans by Bank management for proposals to the Bank’s Board and its Committee for Development Effectiveness (CODE). Because of this secrecy, the Bank’s Board and the CODE itself were not made aware of the civil society’s views about the Environmental and Social Safeguards draft policy, before CODE had to decide about endorsing and releasing it for a new round of “consultation.”

As is well known, the process shapes the product. These bizarre distortions in the way the World Bank conducted what should have been a transparent process of genuine consultation resulted in some deep flaws of the product as manifest in the current draft ESS.

The backlash was inevitable, strong, and broad, coming from an extensive array of constituencies:’ from CSOs, NGOs, and various other groups representing populations adversely affected by Bank financed projects, professional communities , all the way to various organisms of the United Nations. More than 300 civil society organizations issued a statement opposing the Bank’s plans and at World Bank meetings in mid-October 2014, civil society organizations walked out of a World Bank ‘consultative meeting’ on the revised policies. The statement argued that the consultative process had been inadequate and that the safeguards were being undercut even at a time when the Bank is seeking to expand its lending to riskier infrastructure and mega-project schemes. While the Review and Update exercise was expected to strengthen the provisions of existing policies, instead the policies themselves were redrafted in a way that weakened them. The civil society statement notes that the revised draft “eliminates the fundamental development objective of the resettlement policy and the key measures essential to preventing impoverishment and protecting the rights of people uprooted from their homes, lands, productive activities and jobs to make way for Bank projects.”[5] Not only did the revised policy not strengthen protections for displaced people, but each of its “standards” represents a backwards step in comparison to existing policies. According to the draft revised policies the Bank could now finance projects which would displace people without requiring a sound reconstruction plan and budget to “ensure adequate compensation, sound physical resettlement, economic recovery and improvement.” Moreover, the application of some safeguards policies would now become optional. Although the regional development banks have not – so far – begun to take actions to weaken their own safeguard policies, there is fear that they will follow the Bank’s lead.

Just as humanitarian response to internally displaced persons seems to be sliding backward, so too the actions of development agencies – or at least the World Bank – seem to be reversing gains made over the past three decades.


[1] This is from the Introduction by James Wolfensohn to Operational Policies OP4.12 Involuntary Resettlement, New York: World Bank Operational Manual, p. 1.
[2] See for example, Michael M. Cernea, “Compensation and Investment in Resettlement: Theory, Practice, Pitfalls, and Needed Policy Reform” in vol. Compensation in Resettlement: Theory, Pitfalls, and Needed Policy Reform, ed. by M. Cernea and H.M. Mathur, Oxford: Oxford Univ. Press 2008, pp. 15-98; T. Scudder, The Future of Large Dams: Dealing with Social, Environmental, Institutional and Political Costs, London and Sterling VA: Earthscan, 2005;
[3] Michael M. Cernea “Risks, Safeguards and Reconstruction: A Model for Population Displacement and Resettlement,” in M. Cernea and McDowell, eds., Risks and Reconstruction: Experiences of Resettlers and Refugees, Washington, DC: World Bank, 2000, pp. 11-55. and Michael Cernea, Public Policy Responses to Development-Induced Population Displacements, Washington, DC: World Bank Reprint Series: Number 479, 1996
[4] Independent Evaluation Group, “Safeguards and Sustainability Policies in a Changing World: An Independent Evaluation of World Bank Group Experience”. Washington DC: World Bank. 2010, p. 21. The report indicates verbatim that: “IEG was unable to obtain the magnitude of project-induced involuntary resettlement in the portfolio from WB sources and made a special effort to estimate this magnitude from the review sample.” The resulting estimates, however, have been based on a small sample and have been met with deep skepticism by many resettlement researchers. The IEG report itself has not explained why the World Bank had stopped for many years keeping necessary data and statistics of the results of its projects on such a sensitive issue, although more than three years have already passed from the date of the IEG report to the writing of the present paper. Astonishingly, the World Bank Senior Management has not taken an interest in producing for itself, as well as for the public, the bodies of data signaled by IEG as missing and indispensable. Nor has the Bank’s Management accounted for taking an action-response to its IEG’s sharp criticisms, of the quality, or for whether it took specific corrective measures to overcome the multiple weaknesses signaled by the IEG report.
[5] Civil society statement, p. 2
Image Source: © Nathaniel Wilder / Reuters
     
 
 




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The World Bank steps up on fragility and conflict: Is it asking the right questions?

At the beginning of this century, about one in four of the world's extreme poor lived in fragile and conflict affected situations (FCS). By the end of this year, FCS will be home to the majority of the world's extreme poor. Increasingly, we live in a "two-speed world." This is the key finding of a…