WB
'Vaccine inequity' concerns IMF, WB, WHO, WTO
The heads of the International Monetary Fund, World Bank Group, World Health Organisation and World Trade Organisation recently met with the leaders of the African Vaccine Acquisition Trust (AVAT), Africa CDC, Gavi and UNICEF at the third meeting of the Multilateral Leaders Taskforce on Covid-19 to rapidly scale-up vaccines in low- and lower-middle-income countries.
"The global rollout of Covid-19 vaccines is progressing at two alarmingly different speeds. Less than 2% of adults are fully vaccinated in most low-income countries compared to almost 50% in high-income countries," they said in a statement following the meeting.
READ: Vaccine inequity biggest barrier to ending pandemic: WHO chief
"These countries, the majority of which are in Africa, simply cannot access sufficient vaccines to meet even the global goals of 10% coverage in all countries by September and 40% by end 2021, let alone the African Union's goal of 70% in 2022."
Refugee Policy Review done by UNHCR following its framework
The World Bank on Tuesday said the Refugee Policy Review was done by the United Nations High Commissioner for Refugees (UNHCR) following the Refugee Policy Review Framework.
UNHCR collected baseline information on the existing policies, practices, and programmes, said the global lending agency in a statement posted on its website.
The WB said the review does not make any country-specific recommendations.
Earlier, Foreign Minister Dr AK Abdul Momen also said the it was for the countries which are hosting refugees.
On Monday, he reiterated the government position against any long term programme by the World Bank for integration of Rohingyas into Bangladesh but indicated some adjustments on the proposal.
Read: Bangladesh receives $590 million World Bank financing to tackle Rohingya situation
"We have dropped all ideas (from WB proposal) that doesn't match with our own philosophy that's repatriation," Dr Momen, adding that Bangladesh's priority remains repatriation of the Rohingyas.
The World Bank is helping Bangladesh address the needs of the displaced Rohingya population until their safe and voluntarily return to Myanmar, said the statement.
The World Bank is also supporting Bangladesh to minimize the impact of the influx on the host communities, it said.
The World Bank has committed $590 million for Bangladesh to address the health, informal education, safety net, water and sanitation, and basic infrastructure, including climate resilient roads, solar street lights, and disaster preparedness needs of both the displaced Rohingya and host communities in Cox’s Bazar.
The World Bank’s research and analysis are also providing insights for understanding the challenges and development priorities in Cox’s Bazar.
Read: Repatriation is the only solution, not integration: FM about Rohingya crisis
"The entire $590 million financing is on grant terms. This is not a credit," reads the statement.
The Refugee Policy Review aims to evaluate the effectiveness and impact of the World Bank financing for the refugee and host communities, said the WB.
This review has been done in each of the 14 World Bank member countries that are currently hosting displaced population.
Bangladesh against any idea leading to Rohingya integration: FM
The government has taken a very strong stance against the idea floated by the World Bank that apparently suggests the integration of Rohingyas into Bangladesh as Bangladesh’s priority remains repatriation of Rohingyas to their homeland.
“We took a very strong stance. We didn’t like it and we opposed it strongly. We conveyed it,” Foreign Minister Dr AK Abdul Momen told UNB.
The World Bank came up with a programme as part of its Refugee Policy Review Framework globally for refugee host countries through the Economic Relations Division (ERD).
“Rohingyas are not refugees here. They’re taking shelter temporarily,” Dr Momen said, adding that Bangladesh wants the repatriation of Rohingyas to their place of origin in Myanmar.
Asked about the WB’s proposed programme, the Foreign Minister said the WB is saying effective steps to be taken to identify, prevent and mitigate social tensions and risk of violence among the displaced people and host communities, building good relations among themselves, and to employ them in local works.
Read: Poor host communities fume as Rohingyas start grabbing local labour market
He said they (WB) are saying Rohingyas should have the right to work and free mobility; and birth, marriage, divorce and death certificates should be issued for the Rohingyas like Bangladesh citizens. “Naturally, we don’t accept those ideas. They (WB) are willing to give money for these if we do integrate them.”
As per the WB ideas shared with the ERD, the Rohingyas should have access to local labour market, including business opportunities, the same way Bangladesh nationals have with the same payment facilities.
WB lauds Bangladesh's economic growth despite downturn
The World Bank has acknowledged Bangladesh’s remarkable economic development and growth, and reassured the global lender's continued support for this country's prosperity.
Private Industry and Investment Adviser to the Prime Minister, Salman Fazlur Rahman, met with World Bank’s Managing Director (Operations) Axel van Trotsenburg and other high-ranking officials at its global headquarters in Washington DC recently.
Salman led the Bangladeshi delegation, which included Abdur Rouf Talukder, Senior Secretary, Finance Division, Ministry of Finance, Executive Chairman of Bangladesh Investment Development Authority (BIDA), Secretary, Ministry of Commerce, Secretary, Economic Relations Division, Ministry of Finance, and Chairman of the Securities and Exchange Commission.
Also read: WB to provide USD 300 mn for livelihood improvement in Bangladesh
In addition to Trotsenburg, the World Bank Group was also represented by John F. Gandolfo, IFC’s Vice President, Economics and Private Sector Development (acting) and Treasurer, and Mohammad Shafiul Alam, Bangladesh’s Alternate Executive Director to the global financial institution.
In the meeting with the World Bank’s MD, Adviser Salman highlighted Bangladesh’s unprecedented economic development under the leadership of Prime Minister Sheikh Hasina reiterating that the country's economy was on a solid footing.
In particular, he underscored Bangladesh’s economic performance and the GDP growth of 5.24% despite the pandemic-induced economic downturn. Salman recalled the continued financial assistance provided by the World Bank to Bangladesh and thanked the global lending body for its contribution.
He also highlighted the need to reduce procedural delay -- through bilateral discussions and close engagement -- in the disbursement of the loans sanctioned by the World Bank for Bangladesh to purchase Covid-19 vaccines on an emergency basis.
Also read: Manufacturing sector’s productivity crucial for Bangladesh to offset Covid impacts: WB
At a separate meeting, the Bangladesh delegation led by Adviser Rahman met with IFC’s South Asia Vice President and the World Bank’s acting South Asia Vice President.
Both sides agreed to accelerate cooperation in crucial areas, including Bangladesh’s reform efforts regarding ease of doing business, BIDA’s institutional capacity enhancement, and skills and human resources development.
Helping poor in Bangladesh: WB approves $600 mn for 2 projects
The World Bank has approved $600 million for two projects in Bangladesh to help over 1.75 million poor and vulnerable populations.These two projects will include youths, women, disadvantaged groups, and returnee migrant workers to improve employability and livelihood opportunities and build their resilience against future shocks like the Covid-19 pandemic, according to a WB media release.The $300 million Accelerating and Strengthening Skills for Economic Transformation (ASSET) Project will equip more than 1 million youths and workers with skills needed for the future of work.
Read: 3 legal luminaries appointed from Bangladesh to WB's arbitration courtThe project will particularly support youths, women and disadvantaged groups, including people with disabilities to become skillful and to connect them to the labour market.The project will also support industries to retrain their workers during and after the pandemic and thus accelerate recovery.The $300 million Resilience, Entrepreneurship and Livelihood Improvement (RELI) Project will help improve the livelihoods of about 750,000 poor and vulnerable rural people across 3,200 villages in 20 districts.
Read: Govt, WB ink $250 mn deal to help Bangladesh create more jobsBoth projects have a maturity of 30 years, including a grace period of 5 years.“In Bangladesh, the Covid-19 pandemic has affected the livelihoods of thousands of people, particularly, female workers, youths, and returnee migrant workers,” acting World Bank Country Director for Bangladesh and Bhutan Dandan Chen said.
He said these two projects will help empower and mobilise rural poor people, prepare them for the future job market and support entrepreneurial opportunities, especially for women and disadvantaged groups.
Read Funding for vaccine procurement earmarked in deals with WB, ADB: Dr MeerjadyWorld Bank Team Leader for the Accelerating and Strengthening Skills for Economic Transformation (ASSET) Project Md. Mokhlesur Rahman said that Building on the success of earlier projects, ‘STEP’ and ‘NARI’,’ the project will help modernise and build resilience of the technical vocational education and training sector of Bangladesh.It will set up an international standard model polytechnic in the country.“Further, the project will benefit the informal sector workers through expanding the ‘Recognition of Prior Learning (RPL)’ program.”
Read: Bangladesh economy shows early signs of recovery amid uncertainties, says WB reportWorld Bank Team Leader for Resilience, Entrepreneurship and Livelihood Improvement (RELI) Project Jean Saint-Geours said the project will provide immediate and tailored livelihood support to rural poor people for responding to urgent needs such as the Covid-19 pandemic, improve their ability to cope with future shocks and help them come out of poverty through income-generating activities and skill development.The project will help organise village groups, build their capacity and finance community plans for savings and micro-loans, as well as climate-resilient infrastructure, giving priority to the poor and extreme poor, women, and youth.With over 90 percent female beneficiaries, the project will also support entrepreneurship and encourage crop diversification, good nutritional practices, while raising awareness of climate risk adaptation and mitigation, the spread of diseases, and gender-based violence.
Read Bangladesh’s GDP to increase by 3.6 % in 2020-2021, WB forecasts
Govt, WB ink $250 mn deal to help Bangladesh create more jobs
The World Bank and the government of Bangladesh on Thursday signed a $250 million financing agreement to help Bangladesh create more and better jobs, recover faster from the COVID 19 pandemic and build resilience to future crises.
The agreements were signed by Economic Relations Division secretary Fatima Yasmin and World Bank Country Director for Bangladesh and Bhutan Mercy Tembon on behalf of the Government and the World Bank, respectively.
The Third Programmatic Jobs Development Policy—the last in a series of three credits—focuses on key reforms to create quality and inclusive jobs, while supporting the government’s response to the COVID-19 crisis.
Also read: WB okays $250 million for Bangladesh to respond to COVID ...
It supports policies to modernize the trade and investment regime; improve social protection for workers; and help youth, women, and vulnerable people access quality jobs.
The credit is from the World Bank’s International Development Association (IDA), which provides concessional financing, has a 30-year term, including a five-year grace period.
“The COVID-19 pandemic has had a disproportionate impact on the poor and vulnerable population,” said Mercy Tembon.
Read Bangladesh inks over $1 b deal with World Bank for responding to COVID-19 pandemic
He said that this financing supports government policies to protect those most affected by the pandemic and create more and better jobs as Bangladesh continues its journey towards its vision of becoming an upper-middle income country.
The pace of job creation has slowed in recent years, and the COVID-19 pandemic has exacerbated the situation.
The Jobs Development Policy Credit series has helped the government protect 5 million jobs, and enabled firms to continue paying their workers’ wages.
Also read: World Bank prediction on Bangladesh economy inconsistent ...
Losses in jobs and income put livelihoods of several million at risk in both rural and urban areas. Women and youth have been particularly hard hit.
It also supported the migrant workers who have had to return to Bangladesh due to the pandemic. The program will also support informal micro-entrepreneurs in recovering by extending micro-finance facilities.
“The government has taken fast and proactive measures to protect the poor and vulnerable population and to mitigate the adverse impact of the COVID-19 pandemic on formal and informal businesses,” said ERD secretary Fatima Yasmin.
Read WB approves $500 mn to help Bangladesh vaccinate 54 mn people
The program has already resulted in reducing costs of starting a business; making the skills development sector more labor-market relevant; strengthening labor regulations for improved working conditions; and promoting quality daycare to enable more women to join the labor force, according to the press release.
With this program, total World Bank financing under the Programmatic Jobs Development Policy Credit series stands at $750 million.
Bangladesh currently has the largest ongoing IDA program totaling over $14 billion.
Read WB approves $200 million to help Dhaka support urban poor, migrants
Funding for vaccine procurement earmarked in deals with WB, ADB: Dr Meerjady
The government has signed deals with the World Bank and Asian Development Bank to get Covid-19 vaccine shots quickly, Dr Meerjady Sabrina Flora, additional director general of Health Services division, said.
The World Bank has agreed to provide $500 million to Bangladesh in additional financing to buy the Covid-19 vaccine shots, while ADB has agreed to give $940 million, she said on Wednesday at a virtual press conference from the Directorate General of Health Services (DGHS).
The $500 million World Bank loan for buying vaccine shots under the "Covid-19 Emergency Response and Pandemic Preparedness Project" will help Bangladesh vaccinate about 54 million people, the multinational lender said on Wednesday.
Also read: Bangladesh inks over $1 b deal with World Bank for responding to COVID-19 pandemic
Also, the World Bank said the project would help Bangladesh procure vaccines; expand storage facilities; and distribute and deploy the vaccines.
However, Sabrina said: "We are in touch with India's Serum Institute about vaccine supply, too. Also, the government is exploring alternative sources of Covid-19 vaccines. "
Sabrina hoped that Bangladesh would get COVAX vaccine doses fast.
Also read: WHO calls for prioritising vaccine contracts with COVAX
COVAX now has agreements in place to access nearly 2 billion doses of several promising vaccine candidates and laid the groundwork for further doses to be secured through contributions from donors, the World Health Organization (WHO) said on December 18, 2020.
"These agreements mean that all COVAX's 190 participating and eligible economies will be able to access doses to protect vulnerable groups in the first half of 2021."
"At least 1.3 billion donor-funded doses will be made available to 92 economies eligible for the Gavi COVAX AMC, targeting up to 20% population coverage by the end of the year," the WHO added.
Also read: ‘We sink or we swim together’: 5 things you need to know about COVAX
However, Sabrina also said: "If the local companies want to make the vaccine, the government will give them maximum support. The Health Minister Zahid Maleque has already visited the factories of several companies; they are making good progress."
Bangladesh’s GDP to increase by 3.6 % in 2020-2021, WB forecasts
World Bank on Wednesday forecast that Bangladesh’s Gross Domestic Product (GDP) will increase by 3.6% in 2020-2021 fiscal year, due to better than expected remittance inflows.
The international lending agency said this in its twice-a-year-regional update that released on Wednesday.
It also forecast that the GDP growth will be 5.1% and 6.2% in 2021-22 and 2022-23 FYs respectively.
Earlier in January, 2021 the WB projected that the GDP in 2020-21 and 2021-22 FYs will be 2%, and 1.7% respectively.
Read WB okays $250 million for Bangladesh to respond to COVID-19 pandemic
It said that prospects of an economic rebound in South Asia are firming up as growth is set to increase by 7.2 percent in 2021 and 4.4 percent in 2022, climbing from historic lows in 2020 and putting the region on a path to recovery.
But growth is uneven and economic activity well below pre-COVID-19 estimates, as many businesses need to make up for lost revenue and millions of workers, most of them in the informal sector, still reel from job losses, falling incomes, worsening inequalities, and human capital deficits, says the World Bank in its twice-a-year-regional update, it added.
Also read: WB projects 1.6 pc GDP growth for Bangladesh in 2020-21
The latest South Asia Economic Focus South Asia Vaccinates shows that the region is set to regain its historical growth rate by 2022.
Electricity consumption and mobility data is a clear indication of recovering economic activity.
The outlook for Bangladesh, Nepal, and Pakistan has also been revised upward, supported by better than expected remittance inflows: Bangladesh’s gross domestic product (GDP) is expected to increase by 3.6 percent in 2021; Nepal’s GDP is projected to grow by 2.7 percent in the fiscal year 2021-22 and recover to 5.1 percent by 2023; Pakistan’s growth is expected to reach 1.3 percent in 2021, slightly above previous projections.
Read Bangladesh to boost spending in next two fiscals to offset Covid impact.
The improved economic outlook reflects South Asian countries’ efforts to keep their COVID-19 caseload under control and swiftly roll out vaccine campaigns.
Governments’ decisions to transition from widespread lockdowns to more targeted interventions, accommodating monetary policies and fiscal stimuli—through targeted cash transfers and employment compensation programs—have also propped up recovery, the report notes.
“We are encouraged to see clear signs of an economic rebound in South Asia, but the pandemic is not yet under control and the recovery remains fragile, calling for vigilance,” said Hartwig Schafer, World Bank Vice President for the South Asia Region.
He said that Going forward, South Asian countries need to ramp up their vaccination programs and invest their scarce resources wisely to set a foundation for a more inclusive and resilient future.
Read It's time to change the mindset on taxpaying: Salman F Rahman.
While laying bare South Asia’s deep-seated inequalities and vulnerabilities, the pandemic provides an opportunity to chart a path toward a more equitable and robust recovery.
To that end, the report recommends that governments develop universal social insurance to protect informal workers, increase regional cooperation, and lift customs restrictions on key staples to prevent sudden spikes in food prices.
South Asia, which grapples with high stunting rates among children and accounts for more than half of the world’s student dropouts due to COVID-19, needs to ramp up investments in human capital to help new generations grow up healthy and become productive workers.
Noting that South Asia’s public spending on healthcare is the lowest in the world, the report also suggests that countries further invest in preventive care, finance health research, and scale up their health infrastructure, including for mass and quick production of vaccines.
Read Bangladesh to see 7.5pc growth in FY2021: ADB
“The health and economic benefits from vaccinations greatly exceed the costs involved in purchasing and distributing vaccines for all South Asian countries,” said Hans Timmer, World Bank Chief Economist for the South Asia Region.
He also said that South Asia has stepped up to vaccinate its people, but its healthcare capacity is limited as the region only spends 2% of its GDP on healthcare, lagging any other region.
"The main challenge ahead is to reprioritize limited resources and mobilize more revenue to reach the entire population and achieve full recovery.
Read China's GDP expands 2.3 pct in 2020.
WB approves $500 mn to help Bangladesh vaccinate 54 mn people
The World Bank’s Board of Executive Directors has approved $500 million in financing from the International Development Association (IDA) to help Bangladesh vaccinate 54 million people against Covid-19.
WB approves $200 million to help Dhaka support urban poor, migrants
The World Bank on Wednesday approved $200 million to help Bangladesh provide support and services to the low-income urban youth impacted by Covid-19 and the involuntary returnee migrant workers in order to improve their earning opportunities and resiliency.