Suchergebnisse

This program document presents the World Bank Group (WBG) FY17-22 Country Partnership Framework (CPF) for Bulgaria. The timing of the new CPF follows the preparation of theSystematic Country Diagnostic (SCD) prepared in FY15, and informs the areas and objectives ofthe CPF in support of the WBG's twin goals to reduce poverty and boost shared prosperity1 for the bottom forty percent of the population. The CPF proposes to focus WBG support in selective areas aligned with the SCD, in response to clear Government demand, supporting and complementing Bulgaria's European Union agenda, and reflecting the WBG's comparative advantage. In addition, the CPF applies two key principles for engagement, including: (i) realism, recognizing that the WBG plays a selective role and that it will contribute most effectively by being strategic and catalytic in supporting key elements of Bulgaria's development agenda, and (ii) scalability, creating opportunities to engage in dialogue and analytical work that may create space for broader engagement in areas where there is potential for transformational impact, including IFC investments in private sector development. Government demand is focused primarily on the agenda to strengthen public institutions, notably in the financial and energy sectors. The WBG will complement that focus by investing its own resources to stay engaged in the inclusion agenda, which is critical to the WBG twin goals. CPF proposes to cover a six year period, with Progress Learning Reviews (PLRs) will facilitate a more proactive approach to monitoring results and ensure close alignment with the country-led strategy.

The report begins with a summary of programs reviewed, a description of the PMT targeting system, and the profile of individuals in the database. It then presents key findings from the review of budgets and the analysis of SW Admin/PMT data on program coverage and distributional equity of program benefits. The report concludes with a discussion of policy implications and recommendations that emerged from the key findings and the process of data gathering and analysis. The Annexes include program descriptions based on the corresponding laws; the estimated benefit levels per individual; government expenditure and budget trends for each program since 2010; and information on social welfare program beneficiaries, by program grouping.

This Country Partnership Framework (CPF) sets out the World Bank Group (WBG) program for Albania for the period FY15-19, aimed at supporting Albanias aspiration to achieve equitable growth and integration into the European Union. Albania emerged from the collapse of isolationist communism in the early 1990s as one of the poorest countries in Europe. The country then experienced rapid growth of nearly 6 percent per annum, rising into the ranks of middle income countries by 2008. The global and Eurozone crises in 2008 brought Albanias growth to a near stand-still by 2012, and the country is struggling to recover, particularly given its historic ties to Europes poorer performing economies. The CPF reflects selectivity based on the fundamental priorities of the System Country Diagnostic (SCD) that allows for ramping up support from the World Bank Group. The CPF selectively chooses only five of the twelve SCD priorities, and builds a program of support around this subset of priorities on the basis of additional selectivity filters. These five fundamental priorities include: 1) restoring fiscal sustainability and maintaining financial stability; 2) establishing a high quality business environment; 3) providing clean, efficient, equitable and financially sustainable energy; 4) formalizing and enhancing inclusiveness and sustainability of land markets; and 5) enhancing governance, transparency and accountability of government.

This report offers five policy recommendations that could contribute to the attraction of manufacturing FDI in Africa. To further the benefits of FDI, especially in the manufacturing sector, policymakers in Africa should: First, manage FDI flows and FDI-related policies in a way that maximizes spillovers in host countries. Second, realize the emergence of FDI from newpartners, especially in manufacturing FDI, and establish platforms that help in the attraction ofnew FDI. Third, increase investment on key infrastructure to overcome constraints for manufacturing activities to develop, especially in power supply and transportation and logistics services. Fourth, take better advantage of the currently dominating market-seeking manufacturing FDI to improve the weak industry base in the shortterm. Market-seeking FDI has a sizeable positivecontribution to the host economy. Fifth, strengthen the linkages between domestic material input and foreign manufacturing investment.

This report summarizes the experiences of 19 companies from across the region. Each of the case studies highlights the key corporate governance changes made and the positive impacts that resulted, as reported by the company. The companies represent various countries, sectors, types, and sizes. All of the companies featured are former IFC Advisory Services clients. Some are IFC Investment clients as well. IFC conducted an in-depth corporate governance assessment for each of these companies using IFC's Corporate Governance Methodology. The assessments resulted in specific recommendations on ways to improve each company's governance framework and identified implementation plans. The assessments were conducted at various points over the past few years. The time taken to implement changes and realize benefits varied. However, all companies reported that governance changes are continuous and the corresponding benefits manifest themselves in different forms over time. This report provides examples of companies in various stages of change – from recent changes (e.g., Medgulf) to ongoing, longer-term changes (e.g., Bank Audi). This report also includes testimony from three MENA private equity firms (all IFC investment clients). Collectively, these firms have worked with 72 investee companies (past and present funds). Selected based on their association with IFC and their willingness to share their insight and experiences, these firms offer a valuable window into the importance of corporate governance from an investor's perspective. The material in this report is based on feedback gathered through individual interviews with each organization featured, resulting in well-considered responses. The achievements highlighted are all the more notable given that the interviews and information gathering process took place in in late 2009 (first edition) and 2013 (for current edition), when the region was still under the stress of the crisis.

Kenya has embarked on a highly ambitious decentralization that seeks to fundamentally change the relationship between government and citizens under the 2010 Constitution. The Constitution and new legal framework place a strong emphasis on strengthening public participation. This paper summarizes findings and analysis from five working papers and case studies reviewing opportunities and challenges for strengthening public participation in Kenya's newly decentralized system. It provides a consolidated list of recommendations emerging from all the working papers.

After several years of strong economic performance, Zambia now confronts several important challenges that must be managed carefully to ensure sustained and inclusive growth in the future. On the one hand, the economy grew by an estimated 5.5–6.0 percent in 2014, somewhat above the average for African economies. Monthly copper production increased by an average of 8 percent during the second half of 2014, reversing the sharp slide in early 2014. Inflation fell to 7.2 percent in March and April, helped both by falling world oil prices and by the Bank of Zambia's monetary tightening. In the first half of 2015, the authorities adjusted several key economic policies to respond to serious problems: revising rules on VAT refunds in February, announcing a new mining fiscal regime in April, and raising fuel prices in May so that the government could recover import costs. On the other hand, the kwacha has come under renewed pressure. It lost 17 percent of its value against the U.S. dollar from December 2014 through the end of March 2015. Since then it has recovered somewhat, but foreign exchange markets remain volatile. Interest rates have been rising since September 2014, due in part to increased government borrowing and in part to steps taken by the Bank of Zambia to tighten credit. Over the medium term, growth should hold steady in 2015 and then accelerate to around 6–7 percent per year in 2016–2018. Although inflation is expected to rise towards the end of 2015, it should resume falling in 2016. Low commodity prices, a more stable exchange rate, and adequate local harvests would help contain inflationary pressures and boost real disposable incomes. The resulting pick-up in private consumption, coupled with increasing copper exports, should help strengthen growth prospects.

Situated in a fertile low-lying river delta, Bangladesh combines high vulnerability to floods, tropical cyclones, earthquakes, and climate change with one of the world's highest population densities, with around 159 million people living in less than 150,000 sq. km. With the world's second lowest per capita income in 1975, it was labeled 'the test case for development' in view of the formidable development challenges it faced. Nevertheless, Bangladesh has proven to be remarkably resilient, developing well beyond initial expectations, and has made very good progress with poverty reduction. GNI per capita has grown from around US$100 in 1972 to US$1,314 in 2015, and the country crossed the World Bank threshold for the lower-middle-income group in 2015. As highlighted in the Seventh Five Year Plan background paper on ending extreme poverty, the agricultural labor market in Bangladesh tightened significantly in the decade of 2000s, which led to an increase in the real agricultural wage rate. Three main channels were the primary contributors: (a) relocation of farm labor to rural non-farm sectors; (b) relocation of rural labor to urban activities through the 'pull effects' of urbanization, creating employment opportunities for the extreme poor in labor-intensive construction and transport activities; and (c) jobs for the poor created in the manufacturing sector. Robust inflows of remittances from overseas workers contributed to spurring the creation of non-farm employment opportunities in rural areas.

This program document presents the World Bank Group (WBG) program and results framework for the Serbia country partnership framework (CPF) for FY2016-20. For the first time since 2001, when the transition to a market economy began accelerating, Serbia has a government with a solid majority in parliament, enabling it to initiate and implement the deep reforms necessary to create a competitive economy and raise the income of the bottom forty percent (B40). Notwithstanding the new momentum on economic and structural reforms, Serbia faces serious challenges, most notably in declining living standards. Poverty has increased rapidly since the start of the global economic crisis in 2008, mainly as a result of a triple dip recession. The CPF goal is to support Serbia in creating a competitive and inclusive economy and, through this, to achieve integration into the European Union (EU).

Since the global economic and financial crisis of 2008, Serbia has struggled with a weak economy and a deteriorating fiscal position. Until 2008, fiscal deficits were moderate and public debt declined significantly. Since the start of the global economic and financial crisis in 2008, however, Serbia has struggled with the interlinked problems of minimal growth and unfavorable fiscal dynamics. As economic activity has stagnated, revenues have fallen and expenditures, particularly mandatory spending on pensions and wages, have remained high. At the same time, structural fiscal issues, such as continued state support to state-owned enterprises (SOEs) and tax administration inefficiencies, have been a drag on growth. As a result of these pressures, general government fiscal deficits averaged 5.6 percent of GDP a year between 2009 and 2014. Reflecting the high fiscal deficits and poor economic growth, Serbia's public debt has more than doubled, from 34 percent of GDP in 2008 to 71 percent at yearend-2014. The objective of this report is therefore two-fold: (i) policy options and recommendations (beyond those built into the current program) that would help solidify the ongoing fiscal consolidation program and help achieve public debt sustainability over the medium term; and (ii) given near-term fiscal constraints, identify opportunities for enhancing the efficiency, quality, and equity of current public spending on health, education, and social protection over the medium term

Colombia has made impressive strides in reducing poverty and promoting shared prosperity during the last decade. Extreme poverty fell from 17.7 percent in 2002 to 8.1 percent in 2014, while total poverty (including moderate poverty) fell from 49.7 percent in 2002 to 29.5 percent in 2014. The decline implies that 6.2 million people left poverty in the period. The multidimensional poverty rate, which takes into account education, health, labor, childcare, and housing, has also experienced a remarkable decline from 49 percent in 2003 to 21.9 percent in 2014. The number of multidimensional poor declined by 9.8 million. Shared prosperity indicators followed a similar trend, especially after the second half of the decade. Between 2008 and 2013, the income per capita of the bottom 40 percent of Colombians grew at an average rate of 6.6 percent, significantly higher than the national average rate of 4.1 percent for the same period. Economic growth that led to job creation has been the main driver of poverty reduction and shared prosperity gains. The economy sustained an average GDP growth of 4.4 percent during the 2000s, almost 2 percentage points higher than the previous decade. For the period 2002-2013, economic growth explains 73 percent of the reduction in extreme poverty and 84 percent of the reduction in total poverty. Moreover, price stability, and in particular stable food prices contribute to poverty outcomes. As in the case of poverty reduction, labor income growth is the main determinant of shared prosperity in recent years in Colombia. Labor income represents at least fifty percent of income growth for the poorest 10 percent of the population, and up to 70 percent for those in the fourth decile, in the period 2008-2013. This evidence highlights the importance of high growth and low inflation for achieving the World Bank's twin goals in Colombia.

This report is on possible improvements on management of revenues from auctioning of European Union Emissions Trading System (EU ETS) allowances and use of flexibility mechanisms in Romania. The principal objective of this report is to propose improvements on management of revenue from the auctioning of EU ETS allowances, as well as describe possible use of flexibility mechanisms in Romania, in order to mobilize and enable both public and private actors to reduce greenhouse gas (GHG) emissions from economic activities in non EU ETS sectors in line with EU targets. The report focuses on possible actions in the timeframe 2016-2020, aligned with EU ETS phase and EU target for 2020 and 2030. The report is positioned amid the wider context of a vision for Romania to become a climate resilient, low-carbon economy, which has mainstreamed its climate policies and actions into smart, green, and inclusive growth, described in the National Climate Change and Low Carbon Green Growth Strategy for Romania 2016-2030 and 2015-2020 Climate Action Plan prepared by the World Bank for Romania. The report found that until now, there had been no clear and effective procedure for the administration of ETS auctioning revenue, and no selection and prioritization criteria. The lack of selection and prioritization criteria and guidance for using ETS auctioning revenue to finance GHG emission reduction projects allowed for the selection of projects without proper assessment in terms of their reduction of GHG emissions, as well as cost effectiveness and other important factors. In order to maximize the environmental, social, and economic impact of possible sectoral climate investment programs, and based on international experience, the World Bank's expert team proposes to use the following criteria for prioritizing and selecting non-EU ETS sectoral programs to be financed with EU ETS auctioning revenue: (i) cost efficiency of Emissions Reduction; (ii) leverage of public money to private finance; (iii) possibility for rapid development and scale up; (iv) lack of other financing mechanisms; and (v)support for job creation. Based on these criteria, the report recommends supporting the following climate investment programs for the years 2016-2020:(a) replacing household light bulbs, air conditioning units, individual heating systems, refrigerators, and washing machines with more performant ones; (b) upgrading household buildings insulation; (iii) implementing local, small- and household-scale renewable energy production; and (iv) forestry and biomass production, and land use improvements. It was concluded that the proposed improvements on managing revenue from the auctioning of EU ETS allowances laid out in this report could be used by the Ministry of Environment, Waters and Forests, as a responsible body for climate policy, for internal discussions with other Romanian ministries and agencies to reach consensus on the next steps.

Since the global economic and financial crisis of 2008, Serbia has struggled with a weak economy and a deteriorating fiscal position. Until 2008, fiscal deficits were moderate and public debt declined significantly. Since the start of the global economic and financial crisis in 2008, however, Serbia has struggled with the interlinked problems of minimal growth and unfavorable fiscal dynamics. As economic activity has stagnated, revenues have fallen and expenditures, particularly mandatory spending on pensions and wages, have remained high. At the same time, structural fiscal issues, such as continued state support to state-owned enterprises (SOEs) and tax administration inefficiencies, have been a drag on growth. As a result of these pressures, general government fiscal deficits averaged 5.6 percent of GDP a year between 2009 and 2014. Reflecting the high fiscal deficits and poor economic growth, Serbia's public debt has more than doubled, from 34 percent of GDP in 2008 to 71 percent at yearend-2014. The objective of this report is therefore two-fold: (i) policy options and recommendations (beyond those built into the current program) that would help solidify the ongoing fiscal consolidation program and help achieve public debt sustainability over the medium term; and (ii) given near-term fiscal constraints, identify opportunities for enhancing the efficiency, quality, and equity of current public spending on health, education, and social protection over the medium term

The objective of this study is to identify options, taking into account the circumstances of the Philippines, and distill lessons learned from the Philippine experience. The World Bank intends to ultimately integrate the herein findings and recommend best practices for private sector participation in TD systems and open access to TD grids in a comprehensive ESMAP report. The Philippine electricity industry has been undergoing restructuring directed and implemented in accordance with the Electric Power Industry Reform Act or EPIRA. Prior to the EPIRA, central management and control of both generation and transmission in the whole country was under the state‐owned National Power Corporation (NPC). Its electricity supply came from its own power plants and from Independent Power Producers (IPPs). It had sole ownership of the transmission grid and was also responsible for central systems planning and systems operations. Electricity was supplied to end‐users by franchised distribution utilities (DUs) which contracted with NPC and/or IPPs for electricity supply and with NPC for transmission of its power supply. There were also end-users not being supplied electricity by the DUs as they were 'directly connected' to the transmission grid by sub‐transmission assets.