Sector/Thematic Studies

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Economic and Sectoral Work are original analytic reports authored by the World Bank and intended to influence programs and policy in client countries. They convey Bank-endorsed recommendations and represent the formal opinion of a World Bank unit on the topic. This set includes the sectoral and thematic studies which are not Core Diagnostic Studies. Other analytic and advisory activities (AAA), including technical assistance studies, are included in these sectoral/thematic collections.

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    Grenada - Joint World Bank-IMF Debt Sustainability Analysis
    (World Bank, Washington, DC, 2019-07) World Bank ; International Monetary Fund
    With some 19 million US Dollars (1.6 percent of GDP) in unresolved arrears to official bilateral creditors, Grenada remains in external public debt distress. However, debt appears sustainable reflecting favorable projected debt dynamics from substantial fiscal surpluses that are supported by the Fiscal Responsibility Law (FRL). Total public debt has declined from 108 percent of GDP in 2013 to 63.5 percent of GDP in 2018, with external public debt amounting to 44.5 percent of GDP. This reduction was made possible through fiscal consolidation that has been anchored by the FRL, robust economic growth, and a restructuring of Grenada's public debt. Going forward, continued adherence to the FRL and regularization of arrears will be needed to upgrade the risk rating. Debt should be further reduced and kept at levels needed to withstand the existing vulnerabilities to external shocks and natural disasters.
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    Vanuatu - Joint World Bank-IMF Debt Sustainability Analysis
    (World Bank, Washington, DC, 2019-06) World Bank ; International Monetary Fund
    The updated DSA suggests that the external risk of debt distress for Vanuatu remains moderate with limited space to absorb shocks. All external debt indicators remain below the relevant indicative thresholds under the baseline scenario, incorporating the average long-term effects of natural disasters on growth and the fiscal and current account balances. A tailored natural disaster shock, reflecting Vanuatu’s vulnerability to disasters, would cause the present value (PV) of public and publicly guaranteed (PPG) external debt-to-GDP ratio to breach the threshold from 2024 onwards. The overall risk of debt distress is assessed as moderate. Although the PV of the public-debt-to-GDP ratio remains below the 55 percent benchmark under the baseline scenario, the public-debt-to-GDP ratio would breach the authorities' debt ceiling of 60 percent by 2025. Moreover, a tailored natural disaster shock would lead to a significant deterioration in debt sustainability, breaching the benchmark. The breach of the authorities’ debt ceiling and of the benchmark indicates the need for rebuilding fiscal buffers and enhancing resilience against shocks, including from natural disasters. This requires both stronger revenue mobilization measures, including an introduction of the proposed income taxes, and expenditure rationalization in the medium term. When contracting new public infrastructure projects, the authorities are encouraged to seek grants or concessional loans as much as possible to contain its debt burden.
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    Moldova: Policy Notes for the Government
    (Washington, DC, 2009-05) World Bank ; International Monetary Fund ; European Union ; United Nations ; DFID ; SIDA
    This set of policy notes is intended to provide suggestions to the new Government on policy actions for addressing the various economic and social challenges that Moldova faces. Economic and social policy issues are the focus of this document. The notes have been prepared in the context of the current economic crisis, with short-term priorities and suggestions for immediate policy actions highlighted. This guidance for responding to the current crisis is followed by a medium-term agenda, which outlines possible policy measures for the longer term to promote and support sustainable development. However, it must be noted, that acting on these policy notes effectively will only be possible in a political climate of consensus in which the wounds left by the post-election conflict are allowed to heal. This will need reaffirmation of Moldova's citizens' basic human and civil rights. However, the global economic crisis has significantly clouded Moldova's immediate outlook. In addition, due to the global economic crisis, the economy of the Transnistria region has collapsed. Russia is now paying the civil service wage bill and pensions. An important contribution to the reintegration of the region would be for the Government of Moldova to assist in mitigating the impact of the crisis on the poor in Transnistria.