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Stocktaking of Private Finance Mobilization at the IDB Group
Get PDFIn the past two decades, as public sector finance has proven insufficient to meet global development needs, private finance mobilization (PFM) has emerged as a key approach for development financing in Latin America and the Caribbean (LAC). Recognizing that relying only on profits, additional capital contributions, and grant resources from the donor community or public sector entities is insufficient to fund the growing development needs; multilateral development banks (MDBs) have looked at PFM as one of the ways to increase available development financing. This stocktaking reviews the experience of the Inter-American Development Bank Group (IDBG) using PFM as a tool to obtain additional private sector resources for the operations it finances. OVE analyzed PFM at two levels: strategic and operational. The strategic level covers what the IDBG intended to achieve with PFM (objectives) and the approach selected. The operational level covers how the PFM approach was implemented and what has been accomplished to date. Given their different business models, PFM has evolved differently at the IDB and IDB Invest. OVE, therefore, examined them separately
Reshaping Retirement: Navigating Latin America’s Pension Systems after COVID-19
Get PDFIn the wake of the global turmoil unleashed by COVID-19, Latin America and the Caribbean faces a glaring gap in understanding the impact of the pandemic on pension systems. Through a collaboration between research centers across the region and the Inter-American Development Bank, this book aims to fill that gap. Case studies focusing on Argentina, Chile, El Salvador, and Peru explore the pandemic\u27s impact on pensioners\u27 well-being and benefit accumulation, highlighting the resilience of pension systems in the face of adversity and the critical role of public policies in shaping their fate. Offering insights into navigating uncertainty and crafting policies to improve the quality of life of the elderly, this book calls on policymakers, academics, and advocates to join forces in designing equitable, sustainable, and resilient pension systems for future generations
Caribbean Economics Quarterly: Volume 13, Issue 1: Risks and Opportunities for Caribbean Economies in a Diverging World
No full textCaribbean economies are experiencing continued growth into 2024 as the severe economic and social stress of the COVID-19 pandemic has receded. Meanwhile, global economic conditions may be diverging. For Caribbean economies, these divergent circumstances and policies could create both risks and opportunities moving forward. The much-anticipated lowering of global interest rates has not yet materialized. The U.S. economy is performing more strongly than expected, with inflation stuck above the 2 percent target. This is leading to the possibility that the U.S. Federal Reserve will further delay reducing the policy interest rate. After the strong economic recovery of 20212023, Caribbean economies continue to grow at a somewhat faster pace than Latin America and the Caribbean as a whole. Further work to strengthen macro frameworks is a fundamental precondition for growth. A renewed focus on regulatory reforms, human capital, and resilient infrastructure could make Caribbean economies “ready for take-off” to higher levels of growth. Country circumstances vary substantially, as noted in the country sections of this report
Unveiling the IDB’s Project Executing Units: Performance Indicators, Results-Based Management, and Demand for Knowledge
Get PDFThe implementation of Inter-American Development Bank (IDB) projects rests with the borrowers through project executing units (PEUs), where the strong collaboration, capacity, and commitment of all stakeholders, including other government entities, are paramount to achieving results. This technical note highlights the potential approaches the IDB can adopt to promote results ownership among borrowers and PEUs. Results are based on a comprehensive survey of 36 PEUs from the public sector that examines motivations, internal key performance indicators, proactive engagement levels in achieving development outcomes, and needs for IDB knowledge and technical support in project execution. Three key insights emerge among the findings. First, while PEUs extensively utilize key performance indicators to gauge performance, there remains a predominant focus on monitoring products rather than development outcomes. Second, to instill ownership of key results, a deeper understanding of impact-achievement management through timely discussions on the project theory of change is imperative. Finally, while all PEUs acknowledge the value of lessons and findings from previous projects and maintain mechanisms for documentation, utilization of this evidence is still limited
Agricultural Policies in Latin America and the Caribbean 2023
Get PDFAgriculture is a key economic sector in Latin America and the Caribbean (LAC), accounting for nearly 7% of the region\u27s GDP, though with significant heterogeneity. For instance, its contribution to GDP is less than 4% in countries like Mexico and Chile, while it exceeds 15% in Belize and Nicaragua, and reaches 20% in Paraguay. Between 2017 and 2022, both exports and economic growth progressed at a slower pace compared to previous periods. This report, the third in its series, systematically analyzes agricultural support policies in 25 LAC countries using the OECDs Producer Support Estimates (PSE) methodology, as systematized by the IDBs Agrimonitor initiative. Overall, agricultural support represents a low percentage of the region\u27s GDP (1.3%) and its agricultural GDP (16%) compared to support levels in the European Union, Canada, and the United States. The main source of support comes from market price distortions, which on average account for 75% of the Producer Support Estimate. Public Agricultural Expenditure accounts for 5% of the regions agricultural GDP. A decline in budgetary investment in agriculture was observed in 17 LAC countries over the average of the last three available years compared to the previous three-year period. Literature has highlighted the importance of investment in agricultural public goods and the need for countries in the region to allocate more resources to these types of support to boost productivity and competitiveness. The report also highlights the efforts of various countries in the region to promote environmental sustainability in the sector through policies encouraging the adoption of sustainable practices and technologies. The data reveal that, so far, there is no clear relationship between greenhouse gas (GHG) emissions from agricultural products and the level of policy support they receive. Finally, the report examines support for fisheries and aquaculture through the Fisheries Support Estimate (FSE), revealing significant differences in the levels and composition of support across the countries analyzed. For instance, countries such as Argentina, the Bahamas, Colombia, and Peru allocate the majority of their support to public goods, whereas Costa Rica, Brazil, and Suriname provide support directly to their fishers
Skills for Life Series: Mindfulness
Get PDFMindfulness, the practice of paying attention to the present moment without judgment, is crucial for enhancing well-being and emotional regulation. It is linked to improved cognitive, emotional, and behavioral awareness. Mindfulness can be developed from childhood through adulthood via meditation, yoga, and educational programs. In this brief, we explore its significance, successful initiatives to cultivate mindfulness, and tools available to measure it
Climate Action in Latin America and the Caribbean: Fiscal Policies and the Indispensable Role of Finance Ministries
Get PDFCountries in the Latin American and Caribbean (LAC) region face escalating challenges from climate change due to geographic location, economic reliance on climate-sensitive sectors, and increasing frequency, intensity, and duration of extreme weather events. Despite international commitments and efforts from LAC countries, current mitigation and adaptation investments are insufficient to avert significant climate impacts. Estimations of financial needs vary significantly depending on the source, ranging between US513 billion per year for mitigation, while annual adaptation flows range from US250 billion. As in other regions of the world, LAC countries have prioritized mitigation over adaptation. To achieve a more balanced approach the region requires a change in fiscal policies. Exploring fiscal space for increased investments in climate in the context of severe postpandemic social needs and the need to prevent and prepare for future pandemics is challenging. It is imperative for finance ministries to decisively engage by changing the composition of public investment while leveraging private sector engagement. The use of green budgeting methodologies, regulation, public debt strategies, and state-owned enterprises for this purpose is crucial. This report offers a diverse array of tools and policies for finance ministries to bolster climate action across three core pillars: (i) developing climate strategies for nations, (ii) creating the right incentives to mobilize climate financing, and (iii) ensuring fiscal management consistent with climate goals
Inclusion of Indigenous Peoples in the Public Procurement Market: Lessons for Latin America and the Caribbean from International Experiences
Get PDFThis paper discusses the numerous ways that Indigenous peoples are excluded from or disadvantaged in public procurement markets, as well as international best practices regarding their inclusion in these markets. Five countries were identified as having relevant programs and initiatives to incorporate Indigenous peoples in the public procurement market: Australia, Canada, New Zealand, South Africa, and the United States. This exploratory paper analyzes their policies, the institutional frameworks and regulations that govern them, their eligibility criteria, and the results obtained. It concludes with recommendations for replicating such programs in Latin America and the Caribbean
Challenging Inequalities: Our Early Childhood Development Sector Framework Document at a Glance
No full textInvesting in the first five years of life is essential for early childhood development (ECD) and contributes to increasing societal productivity, reducing poverty, and promoting equality. Socioeconomic and ethnic gaps in ECD levels are evident from an early age, and by the start of primary school, they are substantial and can exacerbate inequalities later in life. This document provides an overview of the Sector Framework Document, which presents actions that impact ECD levels, particularly among the most vulnerable groups, and therefore help close these gaps
Building Adaptative Social Protection Systems in Latin America and the Caribbean
Get PDFThe Social Protection and Health (SPH) Division of the IDB hosted its annual Regional Policy Dialogue (RPD) on Adaptive Social Protection Systems from June 17th to 19th, 2024, in Lima, Peru. This event aimed to address the increasing vulnerability of households to natural disasters, economic disruptions, and health crises, many of which are exacerbated by climate change. With over 78 million people living in high-risk areas in Latin America and the Caribbean (LAC), the dialogue was crucial for fostering resilient social protection systems. The RPD brought together over 120 participants from 31 countries, including high-level representatives from the Ministries of Finance, Social Protection, and Health, including 10 ministers, vice-ministers, and many worldwide experts. The RPD focused on the need to bring together experts and practitioners involved in Adaptive Social Protection (ASP) systems in the region and other continents to promote the exchange of knowledge and lessons learned, as well as to explore new methods, financial tools, best practices, and innovative activities that can contribute to furthering the discussion on the challenges faced by the region on this matter