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World Bank Committed to Support Nepal’s Development Goals

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World Bank Vice President for South Asia Region, Hartwig Schafer today reiterated the World Bank’s commitment to support Nepal in its ambitious transition to federalism, as he concluded a five-day visit to the country.

During his meeting with Prime Minister KP Sharma Oli, Schafer congratulated the government’s visionary goal of reaching middle-income country status by 2030, reaffirmed the World Bank’s commitment to support government priorities, and to seek additional resources through various available windows. In his meeting with Finance Minister Dr. Yuba Raj Khatiwada, Mr. Schafer also discussed further support to the federalism transition, as well as a potential International Investors’ Conference in 2019 in support of Nepal’s agenda to crowd in private finance for development.

With a stable government that has prioritized broad-based reforms and private sector-driven growth, I am positive that Nepal can achieve higher growth rates for the next several years. To sustain such growth, we want to help Nepal mobilize investments from sources that go beyond traditional development finance. We call this approach Maximizing Finance for Development. Private sector investment will only come if there is a transparent, conducive policy environment,” he said, “Nepal is one of the first countries where we are approaching this in a systematic way with the World Bank, IFC and MIGA coming in and helping to provide a platform for private investments in the energy, technology, and other sectors. This will also create jobs for more and more Nepalis, which is the need of the hour.”

The Vice President also had a joint field visit with Finance Minister Dr. Yuba Raj Khatiwada and Minister for Energy, Water Resources and Irrigation Barsha Man Pun to discuss the potential of tourism, hydropower and private sector investment in the country. The team visited Solukhumbu District and Sankhuwasabha District before observing the houses being rebuilt after the earthquake in the Majhi settlement of Gaikhura in Manthali Municipality, Ramechhap.

Walking through the houses being rebuilt, Schafer met members of local communities, commending their resilience and efforts to build back better after the earthquake. He also met elected members of parliament and local level representatives. “It is heartening to see the collective effort of so many actors to ensure that people’s homes and lives are rebuilt,” Schafer said. “We must pick up the pace of reconstruction, and also ensure that disaster risk reduction measures are put in place to deal with future contingencies.” The World Bank has provided a credit of $500 million to the Government of Nepal through the Earthquake Housing Reconstruction Project.

In Kathmandu, Schafer participated in the launch of a joint report of the World Bank Group entitled “Country Private Sector Diagnostic: Creating Markets in Nepal”. He was also part of the signing of two agreements between the Government of Nepal and World Bank. The agreements, totaling US$ 155.7 million, will be invested in the construction and maintenance of safe, resilient and cost-effective bridges in Nepal, and in improving food security of vulnerable households and communities. In his first visit to Nepal as the World Bank Vice President for South Asia, Schafer also met with opinion leaders, senior government officials and civil society representatives. In engaging with the private sector, he visited Saral Urja, the investee clients of Business Oxygen (BO2), an IFC SME-Venture Fund, and Incessant Rain Animation Studios, a state-of-the-art animation and visual effects facility.

After his interactions with the team at Incessant Rain, Schafer commented, “I really enjoyed this opportunity to visit an enterprise that is nurturing the artistic and creative talents of the Nepalese youth. With a world class facility that provides services to well- known international clients, organizations like this play an important role in putting Nepal on the map as an outsourcing destination. Apart from contributing to the economic growth through exports and job creation, it is a pleasure to see a home-grown company that promotes the country’s rich cultural heritage and diversity. This is the kind of future we want for the private sector in Nepal, and the World Bank is committed to support this vision.”

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Finance

Should You Be Worried About A Coming Bitcoin Crash?

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Do you already have a wallet full of Bitcoin and are worried about them losing value in a crash like what happened three years ago? Or, are you afraid to open a Bitcoin account today as you don’t want to buy before a crash, either?

Both of those fears are valid, but you may have nothing to worry about. There are a few factors that go into crashes that can usually be seen ahead of time. Of course, nobody can make an accurate prediction based on what has happened in the past because sometimes a wildcard comes into play that nobody could have seen coming.

Should you be worried then? In this article, we are going to take a look at what is different with Bitcoin this time around so you can decide for yourself if this is a good time to buy in.

Why Bitcoin is worth so much right now

Bitcoin has always promised to one day become a global currency that would be adopted by the masses. After the crash of 2018 when Bitcoin lost almost ⅔ of its value in a matter of weeks, it looked like its promise would go unfulfilled.

At that time the people buying in were basing their decision more on the fear of missing out than on actually believing in the cryptocurrency as a mainstream currency that could be used instead of fiat.

At that time you could pay for things using Bitcoin, but because the value kept growing, nobody wanted to part with their Bitcoins.

Now, it has become far more mainstream with a couple of big factors leading the way. For one, many big institutions were buying the currency and even some stores and businesses would accept it as a form of payment. There were more signs of it becoming a viable currency in the year or so after the crash.

Then, more recently, Paypal announced that they would start offering the service for people to buy some cryptocurrency with their Paypal account. This validated the currency in the eyes of many as they trusted Paypal for years already. It suddenly became very easy for people to acquire Bitcoin where before the process may have been intimidating.

Then, Elon Musk announced that Tesla had bought over a billion dollars worth of Bitcoin and that it could be used to buy their cars. This also served as validation and the value jumped very high after the news.

Will it continue to rise?

Anything that goes up must come down, so, yes it will continue to rise but will one day either dip or crash. It is inevitable.

What’s different this time around is that more people are using it for its intended purpose and that is to pay for things. It is finally being adopted. And, if history is a guide, then it will bounce back after any crash and then rise again. Maybe even higher than ever if there is more adoption by the masses.

*This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.

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Human Rights

Haiti needs ‘democratic renewal’

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The top UN official in Haiti called Monday for a “democratic renewal” in the troubled Caribbean nation to lift it out of a drawn-out political and humanitarian crisis and put it back on the path to stability and development.

Helen Meagher La Lime, Head of the United Nations Integrated Office in Haiti (BINUH), told the Security Council – meeting via video-teleconference – that the polarization that has defined most of President Jovenel Moïse’s term in office has become even more acute, as civic space shrinks and acute food insecurity grows.

Haiti has been in the grips of a renewed crisis since Parliament ceased to function in January 2020, leaving the President to postpone elections and rule by decree.  In response, large crowds have poured into the streets, echoing opposition demands for Mr. Moïse to step down.

Elections imperative

“Only a democratic renewal, resulting from the prompt holding of credible, transparent and participatory elections, can provide Haiti with the opportunity to overcome its protracted political crisis,” Ms. La Lime said.

That in turn would allow Haitian society and leaders to focus their attention on undertaking the governance and economic reforms necessary to set the country back on the path towards sustainable development, she added.

Joining the meeting from Port-au-Prince, President Moïse defended his administration, saying that it is confronting not only the COVID-19 pandemic, but also “corrupt oligarchs” and a “radical and violent opposition” which have tried repeatedly to stage a coup d’état.

‘Policy of chaos’

“This policy of chaos has meant that the Government has had to take off the gloves”, he said, adding however that parliamentary elections that originally should have taken place in October 2019 will go ahead in September.

Mr. Moïse, 52, says that his own presidential tenure ends in 2022, five years after he took office.  But his opponents, citing the Constitution, claim that his term of office began when elections were held in 2016 – and that now is the time for him to step aside, according to news reports.

Dissent noted

Ms. La Lime, presenting the Secretary-General’s latest report on Haiti, reported that the opposition has been unsuccessful in mobilizing significant public support in its campaign to oust the President.

But she noted that a raft of Presidential decrees has prompted judges to go on strike and threatened civic space through an overly broad definition of terrorism – and this at a time when an estimated 4.4 million Haitians will be in need of humanitarian assistance this year.

Against this volatile backdrop, preparations for this year’s elections – and for a Constitutional referendum – are going ahead.  But she warned that much remains to be done, and that voting could be delayed due to a lack of international funding.

“Above all else, a minimal consensus among relevant political stakeholders would greatly contribute to creating an environment conducive to the holding of the Constitutional referendum and subsequent elections”, she said, adding that the United Nations stands ready to help.

Hopeful amid strife

Also briefing the Council today was Vivianne Roc, 23, from Plurielles, an eco-feminist youth group, who described a Haiti gripped by lawlessness, banditry and gang violence – but also hopeful that things can still take a turn for the better.

“The young woman before you today is outraged by the wind of insecurity that is sweeping her country,” she said, presenting the 15-member body with several recommendations – including a crackdown on arms and drug trafficking, and the establishment of call centres for victims of domestic violence.

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Energy News

World Bank Supports Angolan’s Electrification with $250 Million

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The World Bank approved $250 million to improve the operational performance of the electricity sector utilities and increase electricity access in selected cities of Angola.

The  Electricity Sector Improvement and Access Project will finance electrification investments in the provinces of Luanda, Benguela, Huila, and Huambo, delivering 196,500 new electricity connections that will benefit close to one million people and 93,857 public lights.

The project will focus on electricity access expansion and improvement of revenue collection, electricity service improvement, capacity improvement of the public electricity producer (PRODEL, Empresa Pública de Produção de Electricidade), and strengthening sustainable management of generation plants. The project also aims to increase the commercial performance of the national electricity distribution company (Empresa Nacional de Distribuição de Electricidade, ENDE) as well as provide financing to the national transport network Rede Nacional de Transporte, RNT) for targeted interventions to improve and optimize the dispatch of electricity supply and the overall management of the national transmission network. Furthermore, the Project will also finance immediate measures to raise the operational, commercial and technical capacity  of  the three national power utilities, leading to significant electricity service improvement.

“Investment in infrastructure, especially in energy, is key to  economic development ”, said Jean-Christophe Carret, World Bank Country Director to Angola “Quality access to electricity services will have a spillover effect in many other sectors, including agribusiness, health, education, just to name a few.”

Angola’s power generation capacity, largely based on hydropower, has developed at a fast pace with the national installed generation capacity quadrupling in just one decade, but transport, distribution and cost recovery remain very challenging. Less than 40 percent of Angolans have access to electricity, with inadequate electricity services impacting poverty, productivity and regional disparities. Therefore, the project aims to deliver the most critical actions needed to help expand electricity access, improve the operational and commercial performance of utilities, and ultimately boost their creditworthiness. This, in turn, will contribute to reducing extreme poverty, improving the resilience of communities to impacts arising from COVID-19, and increasing shared prosperity.

The total project cost is $417 million, financed with a $250 million loan from the World Bank and a credit of $167 million from Agence Française de Développement.

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