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Contingent Loan for Natural Disaster and Public Health Emergencies to the Commonwealth of The Bahamas. Modification to Loan BH-O0003
The general objective of the reformulated project is to contribute to alleviating the impact that a severe or catastrophic natural disaster or public health event could have on the country's public finances. The specific objective is to improve the financial management of the risks of natural disasters and public health by increasing stable, cost-efficient and fast-access contingent financing to cover extraordinary public expenditures aimed at the attention of the population affected by emergencies due to natural disasters and public health.

Project Detail

Country

Bahamas

Project Number

BH-O0009

Approval Date

December 7, 2023

Project Status

Implementation

Project Type

Container

Sector

FINANCIAL MARKETS

Subsector

RISK FINANCING

Lending Instrument

-

Lending Instrument Code

-

Modality

Facility

Facility Type

CCF (Contingent Credit Financing for Natural Disasters)

Environmental Classification

-

Total Cost

USD 0.00

Country Counterpart Financing

USD 0.00

Original Amount Approved

USD 200,000,000.00

Financial Information

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Implementation Phase
https://www.iadb.org/document.cfm?id=EZIDB0000366-965128629-50075
Modificaciones al Préstamo Contingente para Emergencias por Desastres Naturales y de Salud Pública.pdf
Published Dec. 13, 2023
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https://www.iadb.org/document.cfm?id=EZIDB0000366-965128629-50074
Modifications of the Contingent Loan for Natural Disaster and Public Health Emergencies.pdf
Published Dec. 13, 2023
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https://www.iadb.org/document.cfm?id=EZIDB0000056-1118529961-85
Bahamas. Prestamo Contingente para Emergencias por Desastres Naturales y de Salud Publica. Propuesta de Modificacion.pdf
Published Nov. 30, 2023
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https://www.iadb.org/document.cfm?id=EZIDB0000056-1118529961-86
Bahamas. Contingent Loan for Natural Disaster and Public Health Emergencies. Modification Proposal.pdf
Published Nov. 30, 2023
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Other Documents
https://www.iadb.org/document.cfm?id=EZIDB0000056-1118529961-84
BH-O0009 - OEL#2 - OR (full doc) to DIR.pdf
Published Dec. 01, 2023
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https://www.iadb.org/document.cfm?id=EZIDB0000056-1118529961-81
BH-O0009 - REL#1 - Monitoring and Evaluation Plan to DIR.docx
Published Dec. 01, 2023
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https://www.iadb.org/document.cfm?id=EZIDB0000056-1118529961-80
BH-O0009 - OEL#6 - CDMRP to DIR.pdf
Published Dec. 01, 2023
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https://www.iadb.org/document.cfm?id=EZIDB0000056-1118529961-78
BH-O0009 - OEL#5 -Technical Annex. Gender and Equity Alignment to DIR.docx
Published Dec. 01, 2023
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https://www.iadb.org/document.cfm?id=EZIDB0000056-1118529961-79
BH-O0009 - OEL#4 -Technical Annex. Contribution to Climate Change Adaptation to DIR.pdf
Published Dec. 01, 2023
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https://www.iadb.org/document.cfm?id=EZIDB0000056-1118529961-77
BH-O0009 - OEL#3 - ARL to DIR (Sept1 2023).pdf
Published Dec. 01, 2023
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Preparation Phase
https://www.iadb.org/document.cfm?id=EZIDB0000056-1118529961-10
BH-O0009 - Project Profile for publication.pdf
Published Aug. 10, 2023
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Publications
Published 2022
Alcohol, Drug Use, and Road Traffic Injuries: A Multi-site Collaborative Study of Emergency Departments in the Dominican Republic and Peru
The objectives of this study are to report demographic and substanceuse characteristics and risk of road traffic injury from alcohol use, cannabis use, and combined use in a sample of emergency department patients from two countries in Latin America and the Caribbean: the Dominican Republic and Peru.
Publications
Published 2021
Domestic Violence Reporting during the COVID-19 Pandemic: Evidence from Latin America
This article examines changes in the frequency and characteristics of domestic violence reports after the start of the pandemic and the imposition of mobility restrictions in six Latin American countries. The study uses three types of data sources: calls to domestic violence hotlines (for the City of Buenos Aires in Argentina, Colombia, and Peru); calls to emergency lines (for Ecuador, Lima in Peru, and Costa Rica); and police/legal complaints (for Colombia, Ecuador, and Uruguay). Data through June 2020 shows that the pandemic's impact on domestic violence reports varied significantly across countries, periods, types of violence, and reporting channels. Calls to domestic violence hotlines soared, but calls to emergency lines and police complaints fell (especially in the first weeks of the pandemic). Significantly distinct patterns are observed between reports of psychological and physical violence, and non-cohabitant and cohabitant violence. These patterns are consistent with the pandemic changing the relative incidence of different types of violence and altering the perceived costs of reporting them through alternative channels. Increases in calls to domestic violence hotlines suggest that this channel was best suited to respond to victims' needs during the pandemic. In turn, the drop in legal complaints and calls to comprehensive emergency lines are consistent with an increase in the perceived (relative) cost of using these channels. The findings reveal how the pandemic altered domestic violence victims' demand for institutional help and highlight the relevance of domestic violence hotlines as an accessible and valuable service.
Publications
Published 2022
Allocative Efficiency of Government Spending for Growth in Latin American Countries
There is scant empirical economic research regarding the way that Latin American governments efficiently allocate their spending across different functions to achieve higher growth. While most papers restrict their analysis to the size of government, much less is known about the composition of spending and its implications for long-term growth. This paper sheds light on how allocating expenditures to investment in quality human and physical capital, and avoiding waste on inefficient expenditures, enhance growth in Latin America. This paper uses a novel dataset on physical and human capital and detailed public spending that includes -for the first time- Latin American countries, which is categorized by a cross-classification that provides the breakdown of government expenditure, both, by economic and by functional heads. The database covers 42 countries of the OECD and LAC between 1985 and 2017. There are five main results. First, the estimated growth equations show significant positive effects of the factors of production on growth and plausible convergence rates (about 2 percent). The estimated effect of the physical investment rate is positive and significant with a long-run elasticity of 1.2. Second, while the addition of years of education as a proxy for human capital tends to have no effect on growth, the addition of a new variable that measures quality-adjusted years of schooling as a proxy for human capital turns out to have a positive and significant effect across all specifications with a long-run elasticity of 1.1. However, if public spending on education (excluding infrastructure spending) is added to the factor specification, growth is not affected. This is mainly because, once quality is considered, spending more on teacher salaries has no effect on student outcomes. Therefore, the key is to increase quality, not just school performance or education spending. Third, both physical and human capital are equally important for growth: the effect of increasing one standard deviation of physical capital or human capital statistically has the same impact on economic growth. Fourth, increasing public investment spending (holding public spending constant) is positive and significant for growth (a 1% increase in public investment would increase the long-term GDP per capita by about 0.3 percent), in addition to the effect of the private investment rate. However, the effect of public spending on payroll, pensions and subsidies does not contribute to economic growth. Fifth, the overall effect of the size of public spending on economic growth is negative in most specifications. An increase in the size of government by about 1 percentage point would decrease 4.1 percent the long-run GDP per capita, but the more effective the government is, the less harmful the size of government is for long-term growth.
Publications
Published 2022
Options for a Reform of the Mexican Intergovernmental Transfer System in Light of International Experiences
This paper focuses on the design of intergovernmental transfers to reduce vertical and horizontal fiscal imbalances and improve the performance of subnational governments. It provides an overview of international experiences, especially of large federations, with a view to devising viable options for reform of the transfer system in Mexico. While there is no one-size-fits-all ideal model of design and implementation of intergovernmental transfer systems, this analysis points to some lessons that can inform reforms, including the need to view intergovernmental transfers as an integral part of the overall system of intergovernmental fiscal relations; the use of different types of intergovernmental transfers that are best suited to fulfill different objectives; and the incorporation of equalization schemes to address regional disparities. In the light of these experiences, we find that the current Mexican transfer system is too fragmented, is linked to volatile oil revenues, involves substantial discretion in the allocation of a significant portion of the transfers, and lacks sufficient equalizing power. This paper presents and discusses possible reform options and demonstrates that it is altogether possible to reduce transfer dependence to promote effort and fiscal responsibility; simplify the system to increase predictability and ease its administration; eliminate discretion to increase transparency and establish stronger subnational budget constraints; and improve fiscal equalization to promote equity in subnational service delivery. Careful consideration of political economy dynamics is given in the simulations of possible reforms, with a view to minimizing short-term gains and losses as well as political opposition.
Courses
Published 2023
What to Finance in Health and at What Price?
Learn from more than 40 experts from around the world about two key strategies to improve the efficiency of public spending on health and support countries to move towards Universal Health Coverage (UHC): explicit priority setting in health and instruments to achieve more affordable prices for medicines. Advancing towards Universal Health Coverage (UHC) - or in other words, achieving access to health services for the entire population without causing financial hardship - is in everyone's interest and one of the great Sustainable Development Goals (SDGs) for 2030, set out by the United Nations (UN) and signed by many countries.
Publications
Published 2021
Preferred and Non-Preferred Creditors
International financial institutions (IFIs) generally enjoy preferred creditors treatment (PCT). Although PCT rarely appears in legal contracts, when sovereigns restructure bilateral or commercial debts, they normally pay IFIs in full. This paper presents a model where a creditor, such as an IFI, that can commit to lend limited amounts at the risk-free rate and can refrain from lending into arrears is always repaid and adds value. The analysis suggests that IFIs and market lenders can both enhance welfare, even if banning commercial borrowing can sometimes be optimal. To maintain their status, preferred lenders should offer low cost financing in volumes that are consistent with countries' incentives to repay even in bad states. This suggests such lenders should not differentiate lending interest rates according to risk and should not participate in the restructuring of commercial debt.
Publications
Published 2021
Inter-American Development Bank Annual Report 2020: The Year in Review
The Annual Report contains a review of the Bank's operations in 2020 (loans, guarantees and grants). The second volume contains the full set of the financial statements of the Bank's resources.
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