Economics & Development

Ratings of the Third Disaster Risk Management Development Policy Loan with a Cat DDO for Colombia were as follows: overall outcome was satisfactory; relevance of prior actions was satisfactory; achievement of objectives (efficacy) was satisfactory; Bank performance was satisfactory. Key lessons learned include that successive Cat DDOs can sustain long-term resilience building when reforms are realistically sequenced, allowing institutions to deepen disaster risk management (DRM), climate change adaptation (CCA), and disaster risk financing (DRF) across sectors and government levels; embedding DRM reforms within fiscal and climate frameworks, coupled with sustained engagement in DRF, enhances durability and accelerates the transition from strategy to implementation, especially when supported by market-based instruments and targeted technical assistance; continuous policy dialogue and a multi-hazard design that integrates health, climate, and disaster risks increase effectiveness and institutional readiness for rapid activation; and calibrating results indicators to sectoral and subnational capacity improves realism, as approval and implementation timelines, data systems, and contingent liability quantification often extend beyond a single operation. Recommendations for the next phase are to further mainstream DRM and CCA across sectors and territories by systematically integrating risk analysis into public investment, infrastructure planning and maintenance, and municipal land-use planning, and by strengthening risk information and early warning systems; deepen subnational engagement through tailored instruments, including hybrid approaches that combine risk-reduction investments with contingent components, using Investment Project Financing (IPF) and Program for Results (PforR) where appropriate, and by operationalizing robust subnational disaster risk management funds; advance innovative and inclusive DRF solutions by quantifying contingent liabilities at the subnational level, implementing optimal mixes of risk retention and transfer (including parametric solutions), fostering greater private sector participation through microinsurance and microcredit, and expanding knowledge and learning programs; and sustain integrated World Bank support through technical assistance and a diversified suite of instruments, including contingent financing, catastrophe bonds, and the Rapid Response Option (RRO), while promoting public private partnerships and mobilizing resources for innovation to consolidate Colombia’s fiscal and institutional resilience.

The CPF outcomes will be delivered jointly by IBRD/IDA, IFC, and MIGA through the One WBG approach, and CPF priorities will translate the Small States Strategy (SSS) principles of selectivity, scalability, and differentiated delivery into country-level implementation. In line with the SSS, the CPF targets a narrow set of binding constraints to growth and jobs, avoiding fragmentation. WBG support is concentrated in four outcome areas with transformational potential, organized around SSS Lighthouse Initiatives embedded within CPF outcomes and enabling conditions, with an emphasis on programmatic, scalable interventions (see Annex V). Progress in each CPF outcome area will be achieved through a mix of WBG instruments and through effective cooperation with other development partners (DPs) and, where appropriate, the private sector. The identified outcomes are expected to remain relevant throughout the CPF’s 10-year time frame, but the CPF approach is designed to be flexible in order to accommodate the evolution of country circumstances and development knowledge, emerging opportunities for investment in private enterprises, and changes in the priorities/programs of DPs. This will be accomplished through ongoing policy dialogue, supplemented by periodic formal reviews of the strategy to review progress vis-à-vis country needs, ensure continued complementarity with DPs and program CPF activities/products for the next period.

Belize epitomizes the development challenges and opportunities of small states, characterized by a narrow economic base, high exposure to climate and external shocks, and limited policy buffers. Its open, services‑led economy anchored by tourism offers significant potential for private investment, job creation, and regional integration, but remains vulnerable to climate disasters, fiscal pressures, and persistent labor market and social gaps, particularly for women and youth. These vulnerabilities were exacerbated during 2018–22 by successive climate shocks and the COVID‑19 pandemic, resulting in a severe economic contraction. Since 2020, the Government of Belize has implemented a reform agenda focused on restoring fiscal sustainability, strengthening climate resilience, attracting private investment, and expanding workforce participation, articulated through its Medium‑Term Development Strategy, #PlanBelize. The CPF for FY26–35 supports this agenda through a selective program structured around three outcome areas: enhancing private sector investment opportunities, increasing access to reliable and affordable energy, and strengthening labor force skills, with resilience to climate and economic shocks as a cross‑cutting priority. The CPF is aligned with the World Bank Group’s Small State Strategy and is implemented through a One WBG approach, complementing the efforts of other development partners.

The World Bank Group (WBG) FY26–FY35 Country Partnership Framework (CPF) outlines how the WBG will support Uganda’s ambition to become a modern, prosperous, and competitive upper‑middle‑income country by 2040, in line with Uganda Vision 2040 and the Fourth National Development Plan (NDP IV). The CPF aligns WBG support with government priorities to expand productive and sustainable infrastructure, strengthen governance and service delivery, support private sector development, and enhance human capital, with urban areas, economic corridors, agriculture, and natural resources serving as key drivers of competitiveness and job creation. As Uganda accelerates its socio‑economic transformation, including its transition to an oil‑producing economy, the CPF focuses on a selective set of strategic outcomes aimed at generating more and better jobs as the primary pathway out of poverty. Anchored in the WBG Jobs Strategy Framework, the CPF advances four interlinked outcomes: strengthened economic governance; healthier and better‑skilled people; better‑connected communities through quality infrastructure; and a more productive and inclusive private sector. The program integrates public and private sector solutions through a One World Bank Group approach, leverages targeted analytics and knowledge, and emphasizes gender inclusion, digital solutions, resilience, and adaptive learning. Selectivity, portfolio consolidation, and flexibility through annual business planning underpin effective implementation over the ten‑year CPF period.