Economics & Development

Despite significant improvement, Chad’s external and overall public debt continues to be assessed at high risk of distress, with the application of judgment due to uncertainty on the medium- to long-term debt dynamics. The implementation of the debt treatment under the G20 Common Framework and accelerated repayments to the government’s main private creditor have significantly lowered short-term debt service and moderated the risk of distress. However, the shift from a currency-based to a residency-based debt coverage for loans only has mechanically increased the external debt stock and debt service, leading to a breach of the 14-percent external debt service-to-revenue ratio threshold in 2024. Under the baseline scenario, which relies on continued reform implementation, mechanical signals suggest a moderate risk of debt distress. In the medium to long term, debt should remain sustainable with an expected transition to a moderate risk of distress, as reforms are implemented and related uncertainty dissipates. Controlling public spending, improving revenue mobilization, and identifying additional external funding sources with concessional terms are necessary to safeguard debt sustainability and promote accelerated development. Conversely, under an adverse scenario of no reforms and fiscal adjustment, the projected fiscal slippages, comparable to the 2023 fiscal stance, could lead to a resumption of debt accumulation in 2025, possibly under non

This document constitutes Module 4 of the World Bank Group's Risk-Based Approach (RBA) Tool series, focusing on the training and capacity building of Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) supervisors. It is designed to support financial sector supervisory authorities in developing the human capital and institutional knowledge necessary to implement an effective, risk-based supervisory framework. The module is structured around the FATF Assessment Methodology, particularly Immediate Outcome 3, and examines the conditions under which supervisors can exercise sound, consistent, and independent judgment. It identifies adequate resources, institutional independence, clear mandates, and sanctioning powers as foundational prerequisites for effective supervision. A central theme is the Training Lifecycle, a three-step process encompassing needs analysis, program design, and resource allocation. The module emphasizes that training must be continuous and tailored to different career stages — from onboarding and on-the-job learning to periodic refreshers that keep pace with evolving money laundering and terrorist financing typologies. Training content is organized across three pillars: AML/CFT standards and the risk-based approach; sector-specific knowledge including business models and institutional risk profiles; and supervisory powers, strategies, and procedures. A key insight advanced by the module is that risk-based supervision is an art, not a science, one that depends on professional judgment rather than mechanical rule application. To ensure that this judgment remains consistent and defensible across different supervisors and entities, the module recommends mechanisms such as peer reviews and supervisory panels. Collaborative learning tools, including secondments, joint inspections, and international exchanges, are also highlighted as effective vehicles for knowledge transfer. The module points to a range of international resources available to supervisory authorities, including FATF guidance documents, World Bank RBA toolkits, and the FATF @cademy e-learning platform. Overall, it makes the case that building supervisory capacity requires a deliberate institutional strategy, not merely an increase in headcount, and that senior-level engagement is critical to signaling organizational commitment to robust AML/CFT supervision.

Retail central bank digital currencies (CBDCs) and fast payment systems (FPS) share a number of similarities. Both allow for instant transactions for end users, can rely on underlying infrastructures operated by the central bank, and can allow for an important role for private payment service providers (PSPs) to offer their services to end users. The key difference is that retail CBDCs are a new form of central bank money for the general public, while FPS to date allow end users to transfer private money (e.g., commercial bank money or electronic money). The paper analyses how retail CBDCs and FPSs compare with each other and why some jurisdictions have opted for a retail CBDC, while others have chosen to introduce an FPS or both. Interviews with central banks in 14 jurisdictions around the world (at different stages of implementation of a retail CBDC and/or an FPS) show that some see a case for both to fulfil different policy goals and complement one another. The paper also compares emerging challenges and risks related to retail CBDCs and FPS. Our key conclusion is that the choice between a retail CBDC or an FPS, or both, is very contextual and will depend on the market features, ecosystem, and degree of maturity and innovation of existing payment infrastructures in a country. Decisions regarding a retail CBDC, FPS, or both involve important considerations regarding success factors, design choices, and the role of central banks and the private sector.

Expandiendo la inclusión financiera de las mujeres en México tiene como objetivo guiar a las instituciones del sector financiero mexicano—incluyendo bancos, cooperativas, sofipos, sofomes, fintechs, aseguradoras y otras instituciones—hacia la adopción de una perspectiva de género que mejore y amplíe la inclusión financiera de las mujeres, tomando en cuenta sus necesidades específicas. Este enfoque está basado en las desigualdades históricas que han enfrentado las mujeres, las normas sociales que les afectan por su sexo biológico y las barreras específicas que enfrentan como resultado de estas condiciones. Si bien otros géneros también enfrentan diversas barreras, este documento se enfoca exclusivamente en las mujeres. El documento inicia destacando la oportunidad de negocio que representan las mujeres para las instituciones financieras y examina cómo las normas sociales de género inhiben su acceso y uso de servicios financieros.

La actualización de 2023 del Marco de Medición SBFN se diseñó de acuerdo con las prioridades de losmiembros y las tendencias mundiales en materia de finanzas sostenibles. Refleja la diversificación de los miembros de la red al incluir avances en todo el ecosistema del sector financiero (incluidos bancos, mercados de capital, seguros y pensiones). Presenta prioridades emergentes, como los riesgos asociados a la naturaleza, las finanzas inclusivas y los nuevos indicadores de riesgo climático, en consonancia con lasbuenas prácticas y los estándares internacionales. El marco actualizado también tiene por objetivo medir la implementación de las finanzas sostenibles a través de indicadores cuantitativos.

Paraguay, un país de ingreso medio-alto (UMIC), está bendecido con abundantes recursos naturales. Esta dependencia de los recursos naturales hace que Paraguay sea vulnerable a los impactos climáticos, incluidos aquellos derivados del cambio climático. Los eventos climáticos extremos, como sequías e inundaciones, son sucesos habituales en el país. Aunque Paraguay está acostumbrado a enfrentar estos fenómenos, se proyecta que el cambio climático aumentará la frecuencia y severidad de estos impactos, lo que podría reducir los rendimientos agrícolas, incrementar los costos de transporte y afectar la producción de energía. También se espera que el cambio climático provoque un aumento de las temperaturas en Paraguay, lo que podría tener efectos negativos en la salud, el aprendizaje y la productividad laboral. Por lo tanto, aumentar la resiliencia frente a los impactos climáticos es clave para asegurar que el cambio climático no frene el progreso socioeconómico del país. Las oportunidades y desafíos para descarbonizar la economía paraguaya son diferentes a los que enfrentan la mayoría de los países. El Informe sobre Clima y Desarrollo de los Países (CCDR) explora las oportunidades y desafíos que el cambio climático plantea para el desarrollo de Paraguay. El informe examina cómo Paraguay puede fortalecer su resiliencia frente a los impactos climáticos. También analiza cómo el país puede beneficiarse de la descarbonización aprovechando su sector hidroeléctrico y transformando sus sectores forestal, agrícola y de transporte. Finalmente, se discute cómo el gobierno puede priorizar y financiar inversiones para la adaptación y mitigación del cambio climático, y fomentar una mayor participación del sector privado en estos objetivos.

On September 6, 2017, Sint Maarten’s Princess Juliana International Airport (PJIA) faced extensive damage due to Hurricane Irma, a Category 5 hurricane with wind speeds exceeding 185 miles per hour (296 kilometers per hour). Thirteen days later, Hurricane María compounded this damage, with water entering the airfield and terminal, causing further destruction to the already compromised infrastructure. The terminal building suffered severe structural damage, including the loss of its roof, collapsed entrance doors, and internal wreckage, leading to significant damage to equipment, electronics, and finishes across all levels of the terminal. In September 2019, the Sint Maarten Airport Terminal Reconstruction Project (ATRP) was approved by the World Bank Board of Directors with the goal to restore the passenger capacity of PJIA to pre-Hurricane Irma and María levels with improved resilience. It is financed through a World Bank managed Trust Fund with a grant from the Government of the Netherlands and a loan from the European Investment Bank through on-lending agreements with the Government of St Maarten and Princess Juliana International Airport Operating Company’s (PJIAE)’s own funds.

This collection of documents explores the use of advanced technologies for environmental monitoring and management. It delves into the application of Earth observation data, particularly satellite imagery and LiDAR, for various purposes. These include disaster preparedness and response, hydrological analysis, spatial planning, land use monitoring, and data processing techniques. The documents also highlight training programs designed to equip individuals with the skills necessary to effectively utilize these technologies.

2024 was one of the worst years for the Palestinian economy and public finances due to the impact of the Middle East conflict, centered in Gaza. The economy witnessed its largest drop on record contracting by 28 percent in 2024. In line with the economic decline, public finances also suffered significantly due to a marked fall in revenues. According to data from the Palestinian Ministry of Finance, domestic revenues fell by 19 percent while clearance revenues contracted by 17 percent in 2024, year-on-year (y/y). On top of this, increased deductions by the Government of Israel (GoI) further reduced clearance revenue transfers. Monthly Israeli deductions from clearance revenues surged to around NIS500 million since October 2023, up from an average of NIS200 million prior. As a consequence, the net amount of monthly clearance revenues transferred to the PA was substantially reduced, denying the PA full access to its primary income source for over a year, impairing its capacity to deliver services and pay public salaries.