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NEWS UPDATES Asean Affairs        21  May 2011

World Bank extends loan to the Philippines

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The World Bank on Friday approved a fresh loan for the Philippines to support its agenda for good governance, growth and poverty reduction.

In a statement, the Washington-based lender said the US$250 million financing will fund the country’s achievements and efforts for promoting inclusive growth through better fiscal management, improved investment climate, and investments in human capital (specifically in health and education) to enable the poor to take advantage of emerging economic opportunities.

“The approval of the Development Policy Lending [DPL] is a clear recognition by the World Bank of the country’s efforts to undertake reforms for achieving growth that benefits a broader segment of the Philippine society,” Cesar Purisima, Department of Finance secretary, said.

He said that many of the reforms envisioned are already off to a good start as the government has already put in place reforms for raising public revenues and better fiscal risk management; reducing the costs of doing business and raising public investment through better public-private partnership; promoting better public financial management,

budget transparency and accountability; and improving access to and quality of basic education and health services especially for the poor.

The World Bank provides DPLs to support good economic management and policy reforms. DPLs typically support development results through a medium-term program of policy and institutional actions consistent with a country’s economic and sectoral programs. The loan disburses in a single tranche to finance regular budget expenditures of the government.

This new financing is the first of a programmatic series of three DPLs. If adequate reform progress continues, subsequent DPLs are envisaged to follow an annual schedule.

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