To continue its robust growth, Bangladesh must take urgent steps to improve road safety, said World Bank Vice President for South Asia Region, Hartwig Schafer, as he concluded a two-day visit to the country with the United Nations Secretary-General’s Special Envoy for Road Safety, Jean Todt.
Today, they attended the ‘Road Safety for All’ event in Dhaka. The road safety crisis has become a global epidemic comparable to diseases such as Malaria, Tuberculosis or HIV. Globally, about 1.35 million people die every year in road accidents, and more than one-fourth of these fatalities are estimated to happen in South Asia. The road safety situation in Bangladesh is particularly concerning: in the last two decades, increase in the road crash fatality rate per capita was three times higher the average in the South Asia region.
“Apart from enormous human toll, poor road safety can undermine a country’s growth and development,” said Schafer. “But, road accidents are largely preventable and the time to act is now. The World Bank and the United Nations together stand ready to support Bangladesh to improve road safety.”
Many countries around the world have reversed the trend through adopting a safe system approach that includes Safer roads, Safer vehicles, Safer behavior, Strong governance, and Post-crash health care.
“Under the leadership of Honorable Prime Minister H. E. Sheikh Hasina, Bangladesh is determined to achieve the Sustainable Development Goal of cutting 50 percent of the number of road traffic fatalities within the next decade. We are confident that the goal set by our Prime Minister will definitely be accomplished with the close cooperation and coordination by all the citizens of Bangladesh,” said Finance Minister, Government of Bangladesh, A H M Mustafa Kamal, who joined the ‘Road Safety for All’ event as Chief Guest.
“Road crashes are the fourth leading cause of death of children aged between 5 and 14, and 67 percent victims are within the 15-49 age group in Bangladesh. The economic and human cost of the untimely deaths and injuries are immense,” said Todt. “Yet we see tremendous opportunity through the commitment that the Government has shown and we look forward to working together for better road safety.”
At the event, the World Bank and the UN jointly launched a video competition ‘Road Safety Champions’ soliciting solutions to make Dhaka roads safer. The competition is for the Bangladeshi youth between 18-23 years old. The details of the competition are available at www.facebook.com/WorldbankBangladesh.
During the visit, Schafer and Todt met with the Finance Minister, Road Transport and Bridges Minister, and other senior government officials of Bangladesh.
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 in grants, interest-free, and concessional credits to the country.
ADB Project to Improve Fiscal Management, Develop Capital Markets in Armenia
The Asian Development Bank (ADB) has approved a $40 million-equivalent policy-based loan attached to reforms that help strengthen fiscal sustainability and develop the financial and capital markets in Armenia. These are crucial enablers of private sector development.
Armenia’s economic growth over the last few years has been hampered by low levels of investment, both foreign and domestic, given the high costs of local currency finance and related constraints in the financial system. Efficiency-promoting upgrades in public investment and fiscal management are also needed to ensure sustained improvements in fiscal outlook and sovereign risk pricing.
“Financial markets remain nascent in Armenia, which limits the development of the country’s private sector and the banking industry,” said ADB Senior Financial Sector Economist for Central and West Asia Mr. João Farinha Fernandes. “This also constrains public finance and fiscal management, while exposing the economy to financial stability risks. ADB’s assistance is intended to help ensure that Armenia develops a conducive fiscal and financial intermediation environment where private sector players, both big and small, can contribute to growth and development.”
ADB approved a $50 million policy-based loan in November 2018 as part of an ongoing programmatic engagement on financial reforms to strengthen public debt and fiscal risk management, and to develop financial markets in Armenia.
The Second Public Efficiency and Financial Markets Program continues these reforms by strengthening the effectiveness of the government’s fiscal risk management function; promoting the development of fiscally responsible public–private partnerships; and enhancing market transparency and predictability in public debt management. The program will also improve the infrastructure of the government securities market and money market infrastructure, enhancing the sustainability and resilience of Armenia’s finance sector.
Bangladesh Can Boost its Exports with Better Logistics
To meet the needs of its growing economy and to boost export growth, Bangladesh needs to improve its transport and logistics systems, says a new World Bank report launched today.
The report Moving Forward: Connectivity and Logistics to Sustain Bangladesh’s Success, finds that by making logistics more efficient, Bangladesh can significantly boost export growth, maintain its position as a leading ready-made-garments and textile producer, and create more jobs. The report notes that congestion on roads and in seaports, high logistics costs, inadequate infrastructure, distorted logistics service markets, and fragmented governance hamper manufacturing and freight, further eroding Bangladesh’s competitive edge and putting its robust growth path at risk.
“Bangladesh’s congested transportation and often unsophisticated logistics systems impose high costs to the economy,” said Mercy Tembon, World Bank Country Director for Bangladesh and Bhutan. “By making its logistics more efficient, Bangladesh can significantly optimize its connectivity, business environment, and competitiveness, putting the country on the right path to become a dynamic upper-middle-income country.”
Efficient logistics, the report argues, has become one of the main drivers for global trade competitiveness and export growth and diversification. For Bangladesh, improving its logistics performance provides an opportunity to increase its world market share in garments and textiles, which account for 84 percent of its total exports, expand into new markets, and diversify its manufacturing and agriculture into high-value products.
The report notes that improving Bangladesh’s logistics requires a system-wide approach based on greater coordination among all public institutions involved in logistics and with the private sector, increasing the effective capacity of core infrastructure, and removing distortions in logistics service markets to reduce costs and improve quality. At a regional level, harmonizing its logistics systems and aligning its customs with that of its neighbors could turn Bangladesh into an important node for regional freight flows and further boost its trade.
“There’s no doubt that reforms and investments for better transport and logistics will yield Bangladesh substantial economic benefits and strengthen its competitive advantage,” said Matías Herrera Dappe, Senior Economist at the World Bank and author of the report. “But the solution to logistics is not just to invest more but to invest better, by focusing on the service gap, and creating the incentives for high quality and competitive logistics services.”
New development models to drive growth and employment for youth in Africa
The United Nations Environment Programme (UNEP) today launched the Global Environment Outlook-6 (GEO-6) for Youth in Africa report on the margins of the 17th session of the African Ministerial Conference on the Environment (AMCEN).
The report analyses the economic opportunities that Africa’s natural resources can provide for job creation and sustainable development. It also provides a package of solutions to tackle Africa’s youth unemployment through the Green Economy.
“This Publication is anchored substantively in the UNEP’s sixth Global Environment Outlook (GEO-6) Regional Assessment for Africa,” said Juliette Biao Koudenoukpo, Director of UNEP’s Regional Office for Africa. “This Assessment has a very clear message; Africa has an opportunity to use its large young population to drive its growth.”
Africa’s youth remains the most hit by unemployment. One-third of Africa’s 420 million youth aged 15 to 35 are unemployed. Of these, 35 per cent are vulnerably employed and 19 per cent are inactive. These numbers will increase dramatically unless urgent actions are not taken.
The report recommends that Africa’s natural capital should be managed sustainably to enhance the livelihoods of African young population, create more sustainable and decent jobs as well as increase social and economic cohesion.
“The Green Economy calls for a paradigm shift in the way that we produce and consume. If young people are the centre of such a shift, they will secure a sustainable future replete with sustainable livelihoods,” said Professor Lee White, Minister for Environment, Forest and Oceans of Gabon and outgoing President of AMCEN. “The Global Environment Outlook-6 for Youth, Africa: A Wealth of Green Opportunities digs deep into that future and shows young people how they can secure their livelihoods through green jobs.”
Natural resources remain a key source of employment in Africa. Eight out of ten people’s employment on the continent are supported by natural resources. Nearly six million Africans are employed in the fisheries and aquaculture sector, ten million people work in the wildlife sector and an average of 54 per cent in the agricultural sector.
The report includes case studies and success stories on African youth who have invested in natural resources to develop entrepreneurship, improve their knowledge and skills as well as create jobs and sustain their livelihoods.
The report calls on governments to encourage youth to invest in green economy through creating platforms for innovation in sustainable development. While confirming the potential of youth in leading green growth in Africa, the report strongly establishes the correlation between green economy and decent jobs.
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