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4TH GAIN Convention to tackle employment skills gaps and advocate global competitiveness

True to its mission of addressing employment skills gaps and setting the competencies and standards to make Filipinos more globally employable and competitive, the Government-Academe-Industry Network (GAIN) will host the 4th GAIN National Convention on May 27 and 28, 2021 via Zoom platform.

The event brings together key decision makers from the public and private sectors, all of whom are invested in collaborating with unity and purpose to reinforce the competencies and global competitiveness of the Filipino workforce.

Shining the spotlight on the new normal, the 4th GAIN Convention will tackle the restructured requirements for success, covering digital literacy framework, global communication standards, micro credentials vis-à-vis a college degree, Philippine PISA results vis-a-vis national competitiveness, and the ability to adapt to remote work, the gig economy, hybrid workforces, and globally connected teams.

Day 1 will feature talks on the post-pandemic workplace and its impact on the Filipino workforce, global digital proficiency standards using Learning Management Systems, the gig economy and opportunities for remote workers, freelancers, and digital nomads, micro-credentialing and its impact on education, and future-proofing careers and companies.

Day 2 will focus on global communication standards for the digital economy, CEFR and Philippine PISA results vis-a-vis national competitiveness, with a resource speaker from the Educational Testing Service (ETS), one of the developers of the PISA test. Highlighting the event would be a panel discussion among the Government, Academe, and Industry on addressing skills gaps and setting competencies and standards.

For inquiries, contact Louise Anne Ferenal-Marquez at 0917-718-9910. Register now at gaininc.weebly.com/register to avail of early bird, group, and other special rates.

Strategic clarity on Taiwan policy carries ‘significant downsides’ — US

REUTERS

WASHINGTON — The US policy coordinator for the Indo-Pacific on Tuesday appeared to reject calls for the United States to make a clear statement of its willingness to defend Taiwan in the event of a Chinese attack, saying there were “significant downsides” to such an approach.

Kurt Campbell told a discussion hosted by the Financial Times it was appropriate to be concerned about the situation over Taiwan, the self-ruled democratic island that has come under mounting military pressure from China, which considers it a renegade province.

However, Mr. Campbell said he believed there was appreciation in both the United States and China that maintenance of some degree of status quo over the island was in the best interests of both countries.

“I believe that there are some significant downsides to the kind of what is called strategic clarity that you lay out,” Mr. Campbell added, when asked about calls from some prominent US academics and others for Washington to give Taiwan a more explicit security guarantee.

While the United States is required by law to provide Taiwan with the means to defend itself, it has long followed a policy of “strategic ambiguity” on whether it would intervene militarily to protect Taiwan in the event of a Chinese attack.

Mr. Campbell said any conflict between the United States and China over Taiwan would not likely be contained to a small geographic area.

“I think it would broaden quickly and it would fundamentally trash the global economy in ways that I don’t think anyone can predict,” he said.

Mr. Campbell said there was some concern that China assessed it “got away scot-free” after its crackdown on democracy in Hong Kong and “could draw the wrong conclusions from that” when it came to its actions towards Taiwan.

The best way to maintain peace and stability was to send a consolidated message to China that combined diplomacy and US defense innovation, Mr. Campbell said.

He added that he expected in the next couple of months to see “practical diplomatic engagement” with China on North Korea and other issues of the kind engaged in by US climate envoy John Kerry over climate change and Robert Malley over Iran.

Mr. Campbell said the real short- and medium-term risks were from “accidents and inadvertence,” given the proximity of US and Chinese forces. It was important to build confidence between Washington and Beijing and ensure communications in moments of crisis, he added.

Those precautions resembled the checks and safeguards employed during the Cold War, Mr. Campbell said, but noted that China had been reluctant to use them.

“So we do have a hotline, it’s known to have, the couple of times we’ve used it, just rung in an empty room for hours upon hours,” he said without elaborating. — David Brunnstrom and Michael Martina/Reuters

Boeing faces new hurdle in 737 MAX electrical grounding issue — sources

REUTERS

SEATTLE/WASHINGTON/CHICAGO — US air safety officials have asked Boeing Co. to supply fresh analysis and documentation showing numerous 737 MAX subsystems would not be affected by electrical grounding issues first flagged in three areas of the jet in April, two people familiar with the matter told Reuters.

The extra analysis injects new uncertainty over the timing of when Boeing’s best-selling jetliner would be cleared to fly by the US Federal Aviation Administration (FAA).

The electrical problems have suspended nearly a quarter of its 737 MAX fleet.

US airlines have said they expected Boeing to release the service bulletins as soon as this week that would allow them to make fixes and soon return the planes to service, but this latest issue will likely push that timeline back.

“We continue to work closely with the FAA and our customers to address the ground path issue in affected 737s,” a Boeing spokeswoman said.

Asked about the status of the planes, a FAA spokesman said “we are continuing to work with Boeing.”

Airlines pulled dozens of 737 MAX jets from service early last month after Boeing warned of a production-related electrical grounding problem in a backup power control unit situated in the cockpit on some recently built airplanes.

The problem, which also halted delivery of new planes, was then found in two other places on the flight deck, including the storage rack where the affected control unit is kept and the instrument panel facing the pilots.

The glitch is the latest issue to beset the 737 MAX, which was grounded for nearly two years starting in 2019 after two fatal crashes.

The slog of questions over a relatively straightforward electrical issue illustrates the tougher regulatory posture facing America’s largest exporter as it tries to emerge from the 737 MAX crisis and the overlapping coronavirus pandemic.

Late last week, Boeing submitted service bulletins advising airlines on how to fix the problems with grounding, or the electrical paths designed to maintain safety in the event of a surge of voltage, the two people said.

The FAA has approved the service bulletins but then, in ongoing discussions with Boeing, asked for additional analysis over whether other jet subsystems would be affected by the grounding issue, one of the sources said. The FAA will review Boeing’s analysis and any necessary revisions to the service bulletins before they can be sent to airlines.

Boeing has proposed adding a bonding strap or cable that workers screw onto two different surfaces creating a grounding path, two people said.

Boeing had initially told airlines a fix could take hours or a few days per jet.

The electrical grounding issue emerged after Boeing changed a manufacturing method as it worked to speed up production of the jetliner, a third person said. A fourth person said the change improved a hole-drilling process.

The FAA issued a new airworthiness directive last week requiring a fix before the jets resume flight, saying the issue impacts 109 in-service planes worldwide. Sources said it impacts more than 300 planes in Boeing’s inventory. — Eric M. Johnson, David Shepardson, and Tracy Rucinski/Reuters

COVID-19 vaccine patents dominate global trade talks

STOCK PHOTO

BRUSSELS — World Trade Organization (WTO) members will assess on Wednesday signs of progress in talks on a proposal by South Africa and India to waive patent rights on coronavirus disease 2019 (COVID-19) vaccines in order to boost supply to developing countries.

They want to ease rules of the WTO’s Trade-Related Aspects of Intellectual Property (TRIPS) agreement. WTO decisions are based on consensus, so all 164 members need to agree.

Ten meetings in seven months have failed to produce a breakthrough, with 60 proposal sponsors from emerging economies, backed by a chorus of campaign groups, Nobel laureates, and former world leaders, pitted against richer developed countries, such as Switzerland, the United States, and in the European Union, where many pharmaceutical companies are based.

WHERE ARE THE TALKS NOW?

After a tenth round of talks on April 30, the waiver proposal’s backers said they would revise their text from October in time for the next TRIPS council meeting in the second half of May before a further discussion on June 8–9.

The new text could be more limited than the current proposal.

Norway’s ambassador Dagfinn Sorli, the council chair who will brief Wednesday’s WTO General Council, expressed “careful optimism.”

World Health Organization (WHO) chief Tedros Adhanom Ghebreyesus talked on Monday of “encouraging progress,” but said the process needed to be completed as soon as possible. The WHO said in April that of 700 million vaccines globally administered, only 0.2% had been in low-income countries.

THE PROPONENTS ARGUMENT

The Indian/South African proposal in October says property rights such as patents, industrial designs, copyright, and protection of undisclosed information hinder timely access to affordable vaccines and medicines essential to combat COVID-19.

They say the waiver should last for an unspecified time period, with an annual review until it terminates, and call for unhindered global sharing of technology and know-how.

They say there cannot be a repeat of the early years of the HIV/AIDS pandemic, when a lack of access to life-saving medicines cost at least 11 million African lives.

The WHO head and 375 civil society and campaign groups such as Doctors Without Borders back the proposal and former leaders from Britain’s Gordon Brown to Mikhail Gorbachev of the Soviet Union have jointly written to US President Joseph R. Biden, Jr., urging him to support it.

THE COUNTER VIEW

Big drug companies oppose patent waivers, as do Britain, Switzerland and the United States. The main Western producers are Moderna, Johnson & Johnson, AstraZeneca, and jointly Pfizer and BioNTech.

They say vaccine development is unpredictable and costly and that strong IP protection helped provide the incentive for the development of vaccines in record time and will do so again in work on tackling new variants or in a future pandemic.

Proponents counter that some of the money was public funds.

Big Pharma also says vaccine-making is difficult — witness the production problems non-specialist AstraZeneca has faced — so suspending patents alone will not bring more shots.

Complex vaccines require deep cooperation between developers and manufacturers. Any failure to make them properly could undermine public confidence in vaccine safety, they say.

They also point to over 260 partnership agreements already in place for production and distribution and comment that, under the existing TRIPS agreement, governments can allow producers to make a patented product without the consent of the patent owner. Developing countries have such “compulsory licences” to push down prices for HIV/AIDS medication from 2002 to 2007.

The situation though is fluid. In Brazil, the only developing country to oppose the waiver, the Senate has passed a bill to suspend COVID-19 vaccine patents. It has become quieter at the WTO since April.

The White House said last week it was considering options to maximise global supply of vaccines, including backing the waiver.

THIRD WAY

WTO director-general Ngozi Okonjo-Iweala has suggested a “third way” as a compromise, laying out global action to increase vaccine access after a meeting with producers, governments, and others.

She urged vaccine makers to increase technology transfer to bring in new manufacturing capacity and to be transparent on contracts and pricing.

US Trade Representative Katherine Tai told the same meeting that extraordinary times required courage and sacrifice from governments and leaders — but also from industry. On Tuesday, she said economic recovery depended on addressing global vaccine inequity. — Philip Blenkinsop/Reuters

Philippines clears Moderna COVID-19 vaccine for emergency use

The Philippines has approved Moderna Inc.’s coronavirus vaccine for emergency use, Food and Drug Administration head Eric Domingo said Wednesday.

The benefits of using Moderna’s shots to prevent COVID-19 outweigh known and potential risks, Domingo said at a virtual briefing.

Moderna recently signed a deal with the Philippine government and private sector to supply 20 million doses of its COVID-19 vaccines. Initial shipments are expected in June, vaccine czar Carlito Galvez said Tuesday. — Bloomberg

Inflation steadies in April

Photo by Michael Varcas, The Philippine Star

INFLATION sustained its pace in April from the preceding month even as core inflation eased to a five-month low, the government reported this morning

Preliminary data from the Philippine Statistics Authority showed the consumer price index rose 4.5% year on year last month, unchanged from March, but faster than April 2020’s 2.2%.

April headline inflation was lower than the median 4.7% in an analyst poll BusinessWorld conducted late last week and settled within the Bangko Sentral ng Pilipinas’ (BSP) own 4.2-5% estimate.

Year to date, inflation averaged at 4.5%, slightly above the BSP’s 2-4% target band, as well as its inflation forecast of 4.2% for the year.

Inflation eased in the indices of food and non-alcoholic beverages at 4.8% in April from 5.8% in March; and alcoholic beverages and tobacco at 12% from 12.1%.

On the other hand, annual increases were noted in housing, water, electricity, gas, and other fuels (1.5% from 0.9%); furnishing, household equipment and routine maintenance of the house (2.1% from 1.9%); health (3.1% from 2.9%); transport (17.9% from 13.8%); communication (0.3% from 0.2%); and restaurant and miscellaneous goods and services (3.4% from 3.1%).

The following indices saw steady inflation compared with the previous month: clothing and footwear (1.6%); recreation and culture (-0.6%); and education (1.1%).

Food inflation slowed to 5% in April from 6.2% in March, albeit still faster than last year’s 3.4%.

Core inflation, which is used in determining underlying price trends by stripping out volatile prices of food and fuel, stood at 3.3% in April, easing from 3.5% the preceding month. Still, this was higher than the 2.9% core inflation in April 2020.

Core inflation that month was the slowest since the 3.2% print in November 2020, as well as matching the 3.3% figure recorded in December 2020.

So far, core inflation averaged 3.4% this year compared with the 3.1% in 2020’s comparable four months.

Meanwhile, the inflation rate for the bottom 30% of income households stood at 4.9% in April, slower than the 5.5% rate recorded in the previous month, but still faster than the 2.9% in April 2020.

The inflation rate for the bottom 30% takes into account the spending patterns of this income segment. Thus, its consumer price index differs from that of the average household with the former assigning heavier weights on necessities. — Lourdes O. Pilar

Metro Pacific Investments Corporation sets stockholder’s meeting via remote communication

Brunei’s largest telco company DST launches mobile app jointly developed by MultiSys

MyDST, the mobile app, and website that leading software developer Multisys Technology Corporation recently completed with Datastream Digital Sdn Bhd (DST), has been successfully launched in Brunei.

MyDST was commissioned in collaboration with DST, Brunei’s largest telecommunication company. MultiSys and DST first announced their partnership in August 2020 as both seek to expand market reach to the ASEAN region.

With the synergy, the partnership bolsters both the company’s strengths through divergence of culture, technology, and technical collaboration. Despite the distance and limitations brought by the pandemic, the partnership attests that there’s value in diversity.

“The development of the current app presents our shared vision to expand in the region, and also marks the start of many more exciting developments on the app. Our joint development had been an amazing experience. With DST’s use-cases library,  both DST and MultiSyswere able to simplify complex integrations that resulted in a much user-friendly interface for both existing and newly-added services—improving our customer digital experience overall,” DST CEO Radin Sufri Radin Basiuni shared.

MyDST aims to serve all Brunei’s telco subscribers so that they can manage their DST accounts without having to visit physical DST stores.

The platform has a wide array of personalized features that will enable users to manage multiple accounts, make bills payment using various digital payment platforms, and monitor their mobile usage for data, credit balances, load consumption, and loyalty points.

Moreover, users can subscribe to promos and add-on data packages, purchase top-ups, transfer credit to other prepaid subscribers, and even make donations.

More security features have also been added, such as mobile PIN, face ID, and fingerprint.

MultiSys Founder and CEO David Almirol, Jr. shared, “Our continuous regional expansion unfolds our country’s deep bench of talent, skills and technological capacity that seek nothing more than to help companies and organizations here and abroad to embark or fortify their own digital transformation journeys. As we move forward, we will continue to help the region advance through advanced Filipino technology.”

 

Understand ‘Taiwan’s Relationship with the ASEAN’ in UA&P’s Think Asia Pacific Forum

Taiwan has been recognized globally for its recent actions related to democracy and development. According to a recent assessment report by Freedom House, Taiwan has a vibrant and competitive democratic system and generally robust protections for civil liberties. Overall, the report evaluates Taiwan’s global freedom status with a score of 94/100. It has also been successful in curbing the spread of COVID-19.

Indeed, Taiwan has been serving as a model of development and inspiration for democracy for other countries in the Asia-Pacific region. To delve more on this topic, the University of Asia and the Pacific’s (UA&P) School of Law and Governance (SLG), together with BusinessWorld, will hold the Think Asia Pacific Forum, a platform for discussion of significant interdisciplinary thought to the global society, which will focus on “Taiwan’s Relationship with the ASEAN” on May 19, 2 p.m., via Zoom.

The forum will acknowledge and expound on Taiwan’s valuable role in the Asia-Pacific region and its relationships with other ASEAN countries including the Philippines. It will also explore the various opportunities for international cooperation in trade, security, and development between Taiwan, the Philippines, and the ASEAN.

His Excellency Ambassador Michael Peiyung Hsu of the Taipei Economic and Cultural Office in the Philippines will be the guest speaker. UA&P Founder and Professor Dr. Bernardo Villlegas, UA&P Dean for School of Law and Governance Dr. Nicomedes Alviar, and UA&P School of Law and Governance Assistant Professor and WRN Research President and CEO Dr. Robin Michael Garcia will also take part in the forum. It will be hosted by Gleefer Jalea, an MA Political Economy student at the UA&P SLG and a multiplatform journalist at CNN Philippines.

To register for the event, head on to https://zoom.us/webinar/register/WN_-46o6Q0bTFmqnQj-huS9OQ?fbclid=IwAR100bmPCiMO14ps37cGUtM3iqw7RpYfbmbfV-9R9YePGeP1gDkv1LONeRw.

DoF backs tax amnesty extension

WWW.DOF.GOV.PH

THE DEPARTMENT of Finance (DoF) and the Bureau of Internal Revenue (BIR) expressed support for the two-year extension of the estate tax amnesty, citing difficulties in implementation and below-target revenues amid the pandemic.

Finance Undersecretary Antonette C. Tionko said the DoF does not object to the extension of the estate tax amnesty, which is set to expire on June 15.

“So we recognize that there have been difficulties in the implementation of the amnesty and the revenue that we expected has not been collected because precisely of some technicalities in the implementation,” she told a Senate Ways and Means committee hearing.

“Because you know, we recognize that it takes time to have all these extrajudicial settlement agreements, all the papers you need, all your tax debts and everything. We recognize that it takes a long time to get all of those and then we had (the pandemic),” she added.

BIR Deputy Commissioner Marissa O. Cabreros said some of those who want to avail of the tax amnesty are having difficulty in getting required documents due to the ongoing restrictions on travel.

She said the government has so far collected around P2.5 billion from about 43,700 who availed of the estate tax amnesty, well below the DoF’s P6-billion target.

The Senate panel is discussing Senate Bill No. 2051, which seeks to amend Republic Act (RA) No 11213 or the Tax Amnesty Act by extending the availment period until 2023.

RA 11213, which took effect on May 31, 2019, gave a one-time opportunity for taxpayers to settle unpaid estate taxes as of Dec. 31, 2017.

Ms. Tionko, however, flagged the bill’s provision that states that if the estate involves properties that are still in the name of a decedent or donor, the present holder, and heirs shall only file one estate tax amnesty return.

The same provision was already vetoed by President Rodrigo R. Duterte when he signed RA 11213 in February 2019.

Senator Franklin M. Drilon said Congress only has nine session days from May 17 to June 4 to approve the measure before the second regular session is adjourned.

“This law, the amnesty will expire on June 15… So we must rush this measure in order, if we are minded, in order that we can have the measure on the desk of the President before June 15,” he said.

The House of Representatives approved the counterpart measure on third reading in September 2020.

Robert Nomar V. Leyretana, deputy administrator of the Land Registration Authority, recommended the deletion of the law’s provision requiring proof of settlement of the partition of the estate through submission of judicial or extrajudicial documents, saying this may hamper the amnesty application process.

“The intention is there to beat the deadline but the requirement of the law is that there should be a settlement first,” he said.

“While they are trying to beat the deadline but because of their inability to gather the heirs of the decedent, they would not be able to settle it and therefore most likely, they cannot beat the deadline,” he added.

BIR’s Ms. Cabreros also said that there are those who are willing to settle their tax but cannot do so because they lack the extrajudicial partition document, noting instances where some of the heirs are not in good terms and refuse to sign.

“Maybe we can focus on the payment of taxes. Anyway, what we’re after is the payment of…the estate tax on what the decedent level of property is. It’s a different matter when we’re talking about how the heirs will split it,” she said in Filipino.

Mr. Drilon said he has “no problem” in deleting the parts requiring the said document.

The bill is not among the 25 priority measures identified by the Legislative-Executive Development Advisory Council to be approved by Congress before the end of 2021.  — Vann Marlo M. Villegas

ADB, IMF warn of risks from premature fiscal consolidation

By Beatrice M. Laforga, Reporter

GOVERNMENTS in developing economies should avoid premature fiscal consolidation to prevent economic scarring, and only raise taxes once the global health crisis ends, officials from the Asian Development Bank (ADB) and the International Monetary Fund (IMF) said.

“Fiscal normalization should be carefully calibrated and implemented in a phased manner,” ADB President Masatsugu Asakawa said at the 54th annual meeting of the multilateral bank on Monday evening.

“While many of our DMCs (developing member countries) may be considering reducing fiscal stimulus this year, countries should bear in mind the lessons from premature fiscal consolidation right after the Global Financial Crisis,” Mr. Asakawa added.

Governments around the world introduced massive fiscal stimulus packages at the height of the coronavirus pandemic last year. Some extended these relief measures to drive economic recovery.

ADB’s policy database showed that its DMCs deployed a combined $3.7 trillion worth of pandemic relief measures from the time the crisis began last year until April this year.

These included fiscal and monetary measures, cash handouts, tax breaks, lending programs, among others.

Some governments, like the Philippines, may soon have to pay off the huge debts incurred to fund their pandemic response. Budget deficits have ballooned as governments also saw a slump in revenues amid a slowdown in economic activity.

“Substantial fiscal consolidation is required to stabilize debt in aggregate especially for emerging market economies, but this will vary across countries,” Katherine Baer, assistant director in the Fiscal Affairs Department of the IMF, said in the same forum.

While the fiscal consolidation will take time, Ms. Baer said governments will still have to maintain increased spending moving forward to prevent economic scarring. Governments will also need to make investments and support critical sectors such as health.

Ms. Baer also noted governments should only consider raising taxes to boost revenues after the global health crisis subsides.

“There is a pressing need to increase revenue in the region as a whole. From a tax policy design perspective, much of the focus will be on raising revenues after the pandemic has been subdued in a way that is consistent with inclusive growth,” she said.

The IMF executive said inclusivity meant the tax hike should focus more on wealthier individuals since the pandemic disproportionately affected low-income workers.

For the Philippines, Finance Undersecretary Gil S. Beltran said in a separate text message that the best time for the country to begin its fiscal consolidation “is when economic recovery picks up.”

Mr. Beltran said the consolidation program aims to bring back the country’s debt ratio to below 40% of gross domestic product (GDP). Details are still being reviewed by the Development Budget Coordination Committee (DBCC).

The Philippines saw its debt-to-GDP ratio hit a 14-year high of 54.5% in 2020 from a record low of 39.6% in 2019, after the government ramped up borrowings amid the crisis.

ADB’s Mr. Asakawa said governments can now begin preparing their fiscal consolidation plans to address underlying public finance vulnerabilities, while waiting to roll out reforms.

Mr. Asakawa said a fiscal consolidation plan should include improved resource mobilization to secure funding for recovery measures.

Even before the pandemic pulled down tax collections, he said revenue generation in most emerging Asian economies have been weak.

He said countries should address key issues in their tax policies, particularly “disproportionate reliance on narrow sources of revenue, lack of progressivity, limited efforts to tap the environment and sub-national taxation, and excessive and unaccountable tax expenditure measures.”

IMF’s Ms. Baer said countries can work on a medium-term revenue strategy to boost their tax capacity and help improve with revenue administration.

“This approach helps break the focus on short-term tax reforms and emphasizes how the tax system helps social and economic development,” she said.

Philippines eyes $400-million loan from World Bank

The Philippine government is seeking a $400-million loan from the World Bank, which will be used to boost financial inclusion, among others. — REUTERS/JOHANNES P. CHRISTO/FILE PHOTO

THE GOVERNMENT is seeking a $400-million (P19.22-billion) loan from the World Bank to support financial sector reforms and boost the economy’s recovery from the pandemic.

In a World Bank document published on its website on Tuesday, the World Bank’s board directors are likely to act on the proposed “Philippines First Financial Sector Reform Development Policy Financing” by June 24.

“The proposed development policy loan supports the government of the Philippines in achieving a resilient, inclusive, and sustainable financial sector to enable a more inclusive green recovery from the coronavirus disease 2019 (COVID-19) pandemic,” the World Bank said.

The Washington-based multilateral bank said the program is the first out of two operations that will help the government boost the stability and resilience of the financial sector. This will be achieved by “addressing legal, regulatory and supervisory gaps in the financial sector and increasing the availability and mobilization of long-term finance.”

It also aimed to broaden financial inclusion among individuals and companies in the country by promoting new financial services, fast-tracking reforms, and give small businesses better access to finance.

Lastly, the loan will also be used to promote disaster risk and sustainable finance through reforms to make the economy’s recovery more sustainable.

Among the reforms that will be supported by the program includes the improvement in the country’s anti-money laundering system and in combating the financing of terrorism (AML/CFT) regime; the establishment of the Philippines Catastrophe Risk Insurance Facility (PCIF) to help nonlife insurers to implement risk management systems based on international standards; and the adoption of central bank requirements on climate risk management and governance by domestic systemically important banks (D-SIBs) to help banks assess the impact of climate change on their portfolios better.

“The COVID-19 pandemic’s economic repercussions further highlight the importance of a strong financial infrastructure and diversified financial sector to support recovery. The COVID-19 shock has increased the urgency for reforms — not only to maintain financial sector stability or increase financial inclusion but also to support sustainable economic recovery and minimize the impact of future shocks, particularly on poor and vulnerable segments of the population,” the World Bank said.

However, the bank warned that prolonged crisis is a threat to the timely implementation of the proposed program and the economic and implementation risks should be mitigated to avoid reallocation of the budget away from the main objectives. — Beatrice M. Laforga

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