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Despite global economic volatility, growth in developing East Asia and Pacific (EAP) was resilientduring 2018, and in the first quarter of 2019. The growth outlook for developing EAP is expected tosoften in 2019, as China's economic expansion continues to moderate. Downside risks remain, including expected moderated global demand, continued trade tensions, the risk of a faster-thanexpectedfinancial tightening in developed economies, the risk of weaker-than-expected growth inChina, and continued financial market volatility. Also, or in combination, these risks could weigh on the region's growth prospects in the short-to-medium term. To manage global and regionalheadwinds, developing EAP economies should reduce short-term vulnerabilities and enhance buffers, redouble their commitment to an open, rules-based international trade and investment framework, including through deeper regional economic integration, and deepen structural reforms. Theintensification of risks underscores the need to continue to enhance economic security by investingin human capital and strengthen social assistance.

Debt.

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This note focuses on the current debt situation of UZ, the associated risks and ways to manage them. It does not address broader financial sustainability issues and how to finance the investment backlog. This is of paramount importance and should be a priority for future work. This note uses an analysis of the available audited financial statements in the January 1, 2014 -June 30, 2018 period to discuss risks and concerns regarding the financial viability of the UZ going forward given the near-critical liquidity situation and widespread solvency concerns in the financial markets. This note suggests some steps for ameliorating the present dire liquidity situation: (i) A clear market opening and corporate restructuring strategy; (ii) detailed review of the asset valuation exercise carried out by reputable asset evaluators; (iii) based on the results of asset revaluation, seek Government consent to sell non-core assets and (iv) seek support in raising substantial investment resources at reasonable cost necessary to carry out the adopted modernization strategy and reach sustainable levels of business operation in the medium-to-longer run (such as increasing the share of current assets by selling non-core fixed assets such as land and buildings). Any sustainable solution going forward, hinges on an open commitment to market opening and deep organizational and management restructuring programs discussed in other policy notes. Given the ownership structure, political and social importance of UZ, and the legal status of the company, this cannot be done without full ownership and support of the government (including the Ministry of Finance). Additionally, given the size of the company and present institutional and governance risks, successful restructuring and changed perception of domestic and international financial markets will critically depend on the credibility of the program.

Debt Management

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Medium-Term Debt Management Strategy Analytical Tool: Data Preparation Manual.

Debt. --- Finance --- Management.

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Ghana's real gross domestic product (GDP) expanded in 2018, albeit at a slower rate than in 2017; the expansion was spurred by the mineral component of the industry sector. The government sustained its fiscal consolidation efforts in 2018 despite challenges. The current account deficit narrowed further in 2018 but portfolio capital outflows put pressure on reserves. The financial sector in Ghana has grown rapidly since 2010, and with it the share of Ghanaians with access to formal financial services, which is a measure of financial inclusion. Despite all the challenges in building a more financially inclusive economy, there has been a significant growth in the number of financial access points over the past five years. The government has facilitated interoperability across payment instruments by establishing a mobile money switching solution. But more can be done to leverage innovative digital technology, as is recognized in the government's national financial inclusion and development strategy (NFIDS). In support of the government's efforts, the financial sector analysis in this economic update concludes with five specific recommendations for enhancing financial inclusion in Ghana: digitize government and utility payments; link informal channels with formal financial services; promote agent banking; improve financial capability; and leverage data to improve access to finance.

Debt --- Monetary Policy --- Trade

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A World Bank (WB) mission undertook an assessment of the government's debt management(DeM) capacity and institutions in Maldives during March 20-29, 2019, at the request of theMinistry of Finance (MoF). The objective of the mission was to assess the DeM strengths andareas in need of reform through the application of the Debt Management Performance Assessment (DeMPA) methodology. This is the second evaluation for Maldives; the first DeMPA was conducted by the WB in 2009. The MoF has implemented a series of public finance management reforms in legal and institutional arrangements since the last DeMPA. Treasury operations have experienced a complete overhaul, including the rolling out an Integrated Financial Management Information System (SAP) to government entities on Male', establishment of a Treasury Single Account (TSA) and the development of cash flow forecasting procedures. The coverage of the debt management system, the CS-DRMS, has also been expanded and is now used as a central database for almost all debt obligations (excluding Islamic instruments). The DeMPA methodology, revised in 2015, provides a comprehensive set of indicators spanning the full range of DeM functions and is used for in-depth analysis of government debt management functions and institutions. The results of the assessment help the central government authority to take stock of the current DeM situation and design medium term priority reforms. The results of 2019's assessment for Maldives demonstrate many broad-based improvements implemented in Maldives and provide highlights of pending reforms.

Debt Management --- Fiscal Policy --- Monetary Policy --- Public Debt --- Risk Management