Tag Archives: Governing

Once again, IDA steps up with flexibility and resources amid crises

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It feels like a lifetime ago, but somehow also like it was yesterday, that the COVID-19 crisisida-hero.jpg descended upon our lives. It caused unimaginable upheaval—reversing gains and creating colossal new demands. As well-resourced countries worked quickly to protect their people, the World Bank’s International Development Association (IDA) stepped up to ensure the poorest people were not left behind in this race to recovery. 

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State and Trends of Carbon Pricing 2023

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STORY HIGHLIGHTSyemen-fscpp

  • Food insecurity is among the most pressing challenges in Yemen and over half of the population is food insecure.
  • Yemen has suffered from a series of food crises and climate change increases the risk of further crises.
  • A food security crisis preparedness plan has been developed to mitigate the impact of future food crises.

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Shaping tomorrow’s debt restructuring system

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STORY HIGHLIGHTSyemen-fscpp

  • Food insecurity is among the most pressing challenges in Yemen and over half of the population is food insecure.
  • Yemen has suffered from a series of food crises and climate change increases the risk of further crises.
  • A food security crisis preparedness plan has been developed to mitigate the impact of future food crises.

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Publication: Brazil Country Climate and Development Report

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Abstract
Brazil is highly exposed to climate change risks. The impacts of global climate change risks and local practices on the Amazon and Cerrado biomes are of particular concern, as they provide vital ecosystem services to Brazil, the South American region, and the world. The Brazil Country Climate and Development Report (CCDR) examines the implications of climate change and climate action for Brazil’s development objectives and priorities. It identifies opportunities for Brazil to achieve both its development goals and its climate commitments. It lays out a combination of sectoral and economy-wide policy reforms, as well as targeted investments in near- and medium-term mitigation and adaptation measures to achieve more rapid and inclusive development with lower greenhouse gas (GHG) emissions. The idea is to maximize synergies between climate and development objectives, while addressing trade-offs among policy objectives and key transition challenges.
 
 
 

 

Shaping tomorrow’s debt restructuring system

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As the debt crisis has unfolded in many of the world’s poorest countries, much attention has debt_blog_shutterstock_1699344271_1140x500.jpgfocused on seeking individual debt restructurings through the G20 Common Framework. This remains a priority, but the implementation remains slow and lacks the predictability needed to provide debtors and creditors with confidence. The Global Sovereign Debt Roundtable and the April 26 World Bank debt conference, Breaking the Impasse in Global Debt Restructuring, discussed effective debt restructurings and debt sustainability.  The conference also addressed how to avoid excessive debt build-up; and pressing questions regarding the debt sustainability implications of a decline of net international reserves into negative territory as countries draw on debt-like instruments such as swap lines. Following this week’s G7 Finance Ministers and Central Bank Governors meeting in Japan, we will publish the initial findings from a recent debt reconciliation initiative, which points to many technical challenges in agreeing on the amounts of debt to be treated in a restructuring.

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Meeting Vietnam’s climate financing challenge

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Vietnam is on the frontlines of the climate crisis, with increasingly destabilized water andvietnam_rice.jpg food supplies and threatened coastal areas. In the face of these challenges, the government is showing bold leadership and climate ambition.  The recently updated Nationally Determined Contribution (NDC) significantly increased targets for emissions reductions across several key sectors. Vietnam has also translated global pledges on forests and methane into specific national action plans and policy priorities. 

What is missing, however, is the financing needed to achieve these goals. Carbon markets and results-based carbon and climate finance, which pays for emission reductions once they are achieved, have huge potential to help meet this financing challenge. The quickly evolving carbon market ecosystem, however, has many rules, requirements, players, and priorities. The government of Vietnam has requested World Bank Group support in navigating this complexity and identifying opportunities to access carbon finance and market opportunities. 

“Vietnam is on the frontlines of the climate crisis, with increasingly destabilized water and food supplies and threatened coastal areas. In the face of these challenges, the government is showing bold leadership and climate ambition.”

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Food Security Update | World Bank Response to Rising Food Insecurity

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Latest Update – April 24, 2023 

Domestic food price inflation remains high around the world. Information from the latest month between December 2022 and March 2023 for which food price inflation data are available shows high inflation in almost all low- and middle-income countries, with inflation levels greater than 5% in 70.6% of low-income countries, 90.9% of lower-middle-income countries, and 87.0% of upper-middle-income countries and many experiencing double-digit inflation. In addition, 84.2% of high-income countries are experiencing high food price inflation. The most-affected countries are in Africa, North America, Latin America, South Asia, Europe, and Central Asia.

Download the latest brief on rising food insecurity and World Bank responses

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Better Migration Policies Can Help Boost Prosperity in All Countries

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Competition for workers rising as populations age in rich and middle-income countries

WASHINGTON, April 25, 2023—Populations across the globe are aging at an unprecedented pace, making many countries increasingly reliant on migration to realize their long-term growth potential, according to a new report from the World Bank. 

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Governing Effectively During Challenging Times

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Governments worldwide are facing overlapping crises, including COVID-19, debt, climate change, and conflict, which challenge their ability to provide essential public goods and services to their people, especially the most vulnerable. Fiscal constraints, climate-related disasters, wars, and lack of legitimacy often limit governments’ capacity to act effectively.

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