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Bangladesh Create More and Better Jobs

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The government of Bangladesh today signed a $250 million development policy operation to support the country’s reform efforts to create large-scale, better-paid and inclusive jobs.

The Programmatic Jobs Development Policy Credit—the first of a series of three planned operations—will help Bangladesh build a stronger policy and institutional framework to create faster and more inclusive jobs for citizens, including women, youth, overseas migrants and the vulnerable members of the population.

“Jobs are the cornerstone for development. Bangladesh needs to create more and better jobs, particularly in the manufacturing sector to achieve its growth aspirations,” said Qimiao Fan, World Bank Country Director for Bangladesh, Bhutan and Nepal. “The program will support reforms that would address key challenges in creating inclusive and quality jobs. This will help the government implement policies to modernize trade, stimulate investment, strengthen social protection systems for workers and help vulnerable people access jobs.”

The program takes a comprehensive approach to overcome the binding constraints to job creation. It aims to help leverage Bangladesh’s comparative advantage in manufacturing sector while stimulating investment, making doing business easier, and modernizing customs and trade facilitation. To ensure workers’ protection, it will also help implement amendments to the labor law and reform the pensions program.

In recent years, the pace of job creation has slowed, especially for women and youth. They are often engaged in low quality informal jobs with weak protection for workers. Further, Bangladesh is one of the most vulnerable countries to climate change. A recent study shows that a 15 percent increase in the share of non‐agricultural employment would significantly reduce the impacts of climate change on living standards. The program will support reforms to help Bangladesh create jobs sustainably by adapting to the rapidly changing environment as well as managing the risks related to climate change.

“The Seventh Five Year Plan, Vision 2021 and the electoral pledge, “Bangladesh on the March to Prosperity,” have identified creating quality and inclusive jobs as a priority for the country,” said Monowar Ahmed, Secretary, Economic Relations Division, Government of Bangladesh. “The program will help the government’s ongoing initiatives to create labor intensive quality jobs while laying the foundation for a more resilient economy and stronger social protection.”

With 36 percent of females in the labor force versus around 82 percent of males, women face more challenges in accessing quality jobs. The program will help increase female labor force participation by making childcare more available for working mothers and targeting women and youth with training and employment services.

The agreement was signed by Monowar Ahmed and Qimiao Fan on behalf of the government of Bangladesh and the World Bank, respectively.

The credit is from the World Bank’s International Development Association (IDA), and has a 30-year term, including a five-year grace period. It carries a service charge of 0.75 percent and an interest of 1.25 percent. The World Bank was among the first development partners to support Bangladesh following its independence. Since then the World Bank has committed more than $30 billion, mostly in grants and interest-free credits to Bangladesh. Bangladesh currently has the largest IDA program totaling $12.4 billion.

Africa Today

Somalia’s Economy Rebounding from ‘Triple Shock’

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Somalia’s economy is rebounding from the “triple shock” that ravaged the country in 2020: the COVID-19 pandemic, extreme flooding, and the locust infestation. Real GDP growth is projected at 2.4 percent in 2021. This growth momentum is expected to continue in the medium term and reach pre-COVID-19 levels of 3.2 percent in 2023.

The latest World Bank Somalia Economic Update reports that the economy contracted by 0.4 percent in 2020, less severe than the 1.5 percent contraction projected at the onset of the global pandemic. Higher-than-anticipated aid flows, fiscal policy measures put in place by the Federal Government of Somalia to aid businesses, social protection measures to cushion vulnerable households, and higher-than-expected remittance inflows mitigated the adverse effects of the triple shock.

The report notes that the disruptions stemming from COVID-19 containment measures reduced federal and state revenue collection while increasing pressure to spend more on health and disaster relief. Large increases in external grants enabled the federal government to begin rebalancing public spending toward economic and social services and to provide funds for new social programs and emergency response projects to increase resilience.

“As Somalia embarks on the road to recovery from the triple shocks, policy interventions that raise productivity, create jobs and expand pro-poor programs will be key,” said Kristina Svensson, World Bank Country Manager for Somalia. “Creating jobs and ensuring that the most vulnerable are supported throughout the crisis need to be at the center of policy action and private sector response.”

Interventions to improve the investment climate and encourage the formalization of businesses to attract more private investment would include reforms focused on reducing the cost of electricity and improving on its reliability, leveling the playing field among private firms, reducing red tape, and broadening financial inclusion.

The special focus of the report is on the health sector. It highlights that 30 years of political instability has made Somalia’s health system the second most fragile in the world. The COVID-19 pandemic has brought the sector under sharp focus and put investing in Somalia’s health system as an urgent political and economic consideration that is foundational to reducing fragility.

“Support for the health sector is an essential component of resilient and inclusive development and investing in health sets Somalia on a path to reaping substantial demographic dividends from improvements in life expectancy and reductions in fertility,” said John Randa, World Bank Senior Economist. “These investments are planned to contribute to improved health outcomes and strengthened government systems.”

The report also notes that strengthening Somalia’s health system is one of the biggest direct influences on improving human development and enhancing economic development in the country. The report recommends opportunities in the areas of health financing, health service delivery and stewardship to improve Somalia’s health sector. Incoming funding from the World Bank is aimed at helping Somalia focus on high-impact, cost-effective interventions that target the primary burdens of disease. 

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Development

World Economic Forum Plans 2022 Annual Meeting in Davos-Klosters

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The World Economic Forum plans to convene the world’s foremost leaders for the Annual Meeting 2022 in Davos-Klosters, Switzerland. Taking place in person from 17-21 January, the Annual Meeting 2022 will be the first global leadership event to set the agenda for a sustainable recovery.

The pandemic has exacerbated fractures across society. It is a critical year for leaders to come together and shape necessary partnerships and policies. The meeting will bring together forward-thinking leaders to drive multistakeholder collaboration and address the world’s most pressing economic, political and societal challenges. Further details will be announced in due course.

The wellbeing of our participants, staff, service providers and hosts is a priority. Therefore, the World Economic Forum is working closely with the Swiss authorities, as well as with experts, national and international health organizations to put in place measures for the Annual Meeting 2022 that are appropriate and adapted to the context.

Klaus Schwab, Founder and Executive Chairman, World Economic Forum said “The pandemic has brought far-reaching changes. In a world full of uncertainty and tension, personal dialogue is more important than ever. Leaders have an obligation to work together and rebuild trust, increase global cooperation and work towards sustainable, bold solutions.”

Progressing cooperation on tackling climate change, building a better future for work, accelerating stakeholder capitalism, and harnessing the technologies of the Fourth Industrial Revolution will be important topics on the agenda.

Ahead of the Annual Meeting 2022, the Forum will host the fifth Sustainable Development Impact Summit to take place virtually from 20 to 23 September 2021 in the context of the United Nations General Assembly. The summit will convene under the theme Shaping an Equitable, Inclusive and Sustainable Recovery. It will welcome almost leaders from government, business and civil society who will work together to drive action and build momentum for a more sustainable and inclusive future.

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Human Rights

COVID crises highlight strengths of democratic systems

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The UN Secretary-General, on Wednesday, urged the world to “learn from the lessons of the past 18 months, to strengthen democratic resilience in the face of future crises.” 

In his message for the International Day of Democracy, António Guterres explained in the wake of COVID-19, this meant identifying good governance practices that can counter all kinds of emergencies, whether public health, environmental or financial. 

“It means addressing the egregious global injustices laid bare by the crisis, from pervasive gender inequalities and inadequate health systems to unequal access to vaccines, education, the internet and online services,” he said.  

For the UN chief, along with the human toll carried by those most deprived, “these persistent historical inequalities are themselves threats to democracy.” 

Participation of all 

The Secretary-General argues that strengthening democracy also means embracing participation in decision-making, including peaceful protests, and giving a voice to people and communities that have traditionally been excluded. 

“The silencing of women, religious and ethnic minorities, indigenous communities, people with disabilities, human rights defenders and journalists is an impediment to creating healthy societies,” Mr. Guterres said. 

For him, “democracy simply cannot survive, let alone flourish, in the absence of civic space.” 

Emergency powers 

In his message, António Guterres also stresses the importance of phasing out emergency powers and legal measures by governments, which in some cases have become repressive and contravene human rights law.  

He explains that some States and security sector institutions rely on emergency powers because they offer shortcuts, but cautions that, with time, “such powers can seep into legal frameworks and become permanent, undermining the rule of law and consuming the fundamental freedoms and human rights that serve as a bedrock for democracy.” 

At the height of the COVID-19 pandemic, the Secretary-General warned that “every crisis poses a threat to democracy, because the rights of the people, in particular those most vulnerable, are all too quickly ignored.” 

It is for that reason that protection of rights in times of crisis is a key element of his Call to Action for Human Rights, issued in February of last year. 

As the world starts to look beyond the pandemic, Mr. Guterres called on the international community to “commit to safeguarding the principles of equality, participation and solidarity”, so that it can better weather the storm of future crises.

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