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Sound public financial management and public debt management are critical to informing and implementing fiscal policy and to achieving the World Bank Group's twin goals. When support for these two areas is complementary, public finance and debt management (PFDM) ensures that scarce public resources are used efficiently and for their intended purposes, including to finance growth-enabling spending and investment, and that debt burdens are sustainable and managed within acceptable cost and risk parameters. The importance of PFDM has increased significantly in International Development Association (IDA)-eligible countries in the face of rising debt vulnerabilities coupled with the heightened needs and reduced revenue associated with the COVID-19 pandemic. This evaluation provides an assessment of World Bank support to IDA-eligible countries for PFDM between FY08-17.

Coronavirus --- COVID-19 --- Debt Management --- Debt Markets --- External Debt --- Finance and Financial Sector Development --- Financial Sector and Social Assistance --- Public Sector Development

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The objective of the diagnostic review of financial consumer protection in PNG was to assess the FCP legal and regulatory framework and industry practices relevant to key parts of the regulated PNG financial sector. The diagnostic specifically considers the banking, non-bank financial institutions (NBFI), insurance, and payments sectors. Preliminary consideration has also been given to the superannuation sector and the securities, investments and informal sectors are not within the scope of this review. The review was conducted based on the revised and enhanced 2017 World Bank Good Practices for Financial Consumer Protection and the G20 High - Level Principles on Financial Consumer Protection and Digital Financial Inclusion. Regard has also been had to the Better Than Cash Alliance Responsible Digital Payments Guidelines. The following topics have been covered: (i) legal and regulatory framework; (ii) FCP supervision and capacity; (iii) transparency and fair treatment; and (iv) consumer complaints. A broad variety of stakeholders were consulted for the purposes of this diagnostic review, including government entities and regulators, representatives of the banking, NBFI, insurance and payments sectors and industry associations. The report was prepared as part of the PNG Financial Consumer Protection Project, funded by the Department of Foreign Affairs in Australia and the Ministry of Foreign Affairs in New Zealand under the PNG Partnership.

Accountability --- Consumer protection --- Finance and development --- Finance and financial sector development --- Financial regulation and supervision --- Financial sector and social assistance --- Insurance --- Insurance and risk mitigation --- Legal framework --- Transparency

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Productivity-enhancing measures play a pivotal role in Malaysia's aspirations of becoming a high-income economy. Malaysia has enjoyed an impressive growth performance over the past few decades, with growth rates of at least 7 percent per year for more than 25 consecutive years. However, with the rise of other emerging economies, notably China and India, Malaysia has faced challenges in pivoting away from a 'low-cost, high-volume' strategy towards a 'high-value' one. Small and medium-sized enterprises (SMEs) are a crucial component of Malaysia's strategy to become a high-income nation. As SMEs account for all but 1.5 percent of firms and the bulk of production and employment, they are central to Malaysia's objective of becoming a high-income economy. SMEs form the bedrock of the private sector and innovation and can contribute to growth by supplying multinationals or accessing international markets directly. Despite their critical importance, the share of Malaysian SMEs in GDP (32 percent) and total exports (16 percent) was far lower than competitors in 2010. At the time of preparation of the Masterplan, the export share was more than 20 percent lower than that in countries such as the Philippines, Hong Kong, Taiwan and even the US, and there was also scope for greater sectoral and geographical diversification. It was recognized that specific policies to enable favorable conditions for SMEs to flourish were needed so that they can easily expand into fast-growing markets and increase the production of knowledge- and innovation-based products and services.

Business Environment --- Competition Policy --- Finance and Financial Sector Development --- Financial Sector and Social Assistance --- Investment Climate --- Labor Markets --- Private Sector Development --- Private Sector Economics --- Small and Medium Size Enterprises --- Social Protections and Labor

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Using a novel, nationally representative data set on fraud victimization, this paper examines the impact of credit constraints on fraud victimization and potential underlying mechanisms in Chinese urban areas. After controlling for other household characteristics and regional fixed effects, households facing credit constraints are associated with 2.3 percentage points higher probability of becoming fraud victims, and have 20.4 percent higher subsequent economic losses from fraud when they are approached. The results are robust when dealing with the endogeneity of facing credit constraints and when addressing potential sample selection bias. Further analyses show that the personal discount rate (impatience) and the need for social network expansion are critical pathways via which credit constraints affect fraud victimization. The findings suggest that improving financial development is an effective way to reduce fraud victimization.

Access to Finance --- Banking Reform --- Credit Constraint --- Crime and Society --- Finance and Financial Sector Development --- Financial Coverage --- Financial Literacy --- Financial Regulation and Supervision --- Financial Sector and Social Assistance --- Fraud --- Fraud Victim --- Private Sector Development --- Privatization --- Social Development --- Victimization

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This note is part of a series of notes that explore new trends and developments in Fintech and analyze their potential relevance for WBG activities. The note discusses how new technology can make insurance more inclusive and hold the potential to overcome barriers to inclusive insurance when suitably transferred to emerging countries.

Access to Finance --- Artificial Intelligence --- Big Data --- Finance and Development --- Finance and Financial Sector Development --- Financial Literacy --- Financial Sector and Social Assistance --- Ict Applications --- Information and Communication Technologies --- Innovation --- Insurance --- Insurance and Risk Mitigation