The World Bank Group presents its Country Partnership Strategy for Brazil

Stocks and Financial Services Press Releases Friday July 14, 2017 09:15
WASHINGTON--14 Jul--World Bank

WASHINGTON, July 13, 2017 – The World Bank's Board of Executive Directors endorsed today the 2018-2023 Country Partnership Framework (CPF) for Brazil. This CPF covers a period of six years and guides the work of the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) in the country.

The CPF is underpinned by the Systematic Country Diagnostics (SCD), the World Bank Group's comprehensive analysis of the opportunities and challenges for Brazil to achieve poverty reduction and shared prosperity in a socially and environmentally sustainable way, and builds on extensive consultations with the federal and subnational governments, the private sector, civil society and academic experts.

The Brazil Partnership Framework has three main focus areas: fiscal consolidation and government effectiveness; private sector investment and productivity; and equitable and sustainable development.

"The new Country Partnership Framework for Brazil supports the country as it addresses the serious fiscal challenges it faces and lays the ground for a new, more sustainable development model. It continues the strong focus on improved service delivery and social inclusion that was at the center of the previous strategy, but with a growing emphasis on new management models that promise to increase the efficiency and efficacy of the public sector in addition to safeguarding access for the poor", said Martin Raiser, World Bank director for Brazil.

Throughout the three focus areas, the CPF will aim to leverage private sector initiative and investment, recognizing the scope for efficiency gains while emphasizing the importance of a sound regulatory framework and strong governance to appropriately assess and share risks.

"In the next years, the private sector will play a crucial role in supporting Brazil's growth. The country will continue to face significant challenges in the path of sustainable social and economic development, and one way to help address them at a time of fiscal constrains is to mobilize a large amount of long-term investments into key sectors of the economy. The success that Brazil will have in this important journey will rely on the partnership between private and public sectors", said Hector Gomez Ang, IFC country head for Brazil.

The CPF maintains the engagement in natural resource management and in climate change adaptation and mitigation issues, aiming to leverage partnerships in support of Brazil's global leadership role in this area. Finally, it envisages a greater role for the World Bank Group in advocacy with the broader public to help build consensus on the fundamental development challenges facing the country.

Throughout the duration of this strategy (2018-2023), the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA) will work side by side to achieve tangible results in fiscal management, social protection, education and health. The CPF envisages an extensive mid-term review after two years to take account of new emerging priorities at the beginning of a new electoral cycle.

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