Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The economy continues to recover, with growth, fiscal balances, and external buffers exceeding expectations in 2024. However, household incomes, employment, and non-monetary welfare remain well below pre-crisis levels [20] - Medium-term growth is expected to remain modest due to the scarring effects of the crisis, structural impediments to growth, and significant global economic uncertainties [20] - Continued macroeconomic stability and successful implementation of structural reforms are crucial for medium-term growth and poverty reduction [20] Context - The Sri Lankan economy is emerging from its worst post-independence economic crisis, characterized by a sharp economic contraction, high inflation, currency depreciation, and a rapid fall in international reserves [21] - The government implemented a series of reforms to restore macroeconomic stability, including cost-reflective utility pricing, new revenue measures, and prudent monetary policy [23] - Following these reforms, the economy began to stabilize from mid-2023, with positive quarterly GDP growth, easing inflation, and improved public debt-to-GDP ratios [24] Recent Developments - The economy grew by 5 percent in 2024, surpassing the previous projection of 4.4 percent [30] - Growth was driven by a rebound in industry (11 percent y-o-y) and a strong performance in tourism-related services (2.4 percent y-o-y) [32] - Inflation dropped significantly, reaching -4.2 percent y-o-y in February 2025, driven by adjustments in energy prices and subdued household demand [38] Fiscal Performance - The primary balance recorded a surplus of 2.2 percent of GDP, surpassing expectations [73] - Tax revenues increased from 9.9 to 12.4 percent of GDP between 2023 and 2024, primarily driven by VAT collections [77] - The fiscal deficit is estimated to have fallen to 6.8 percent of GDP, limited by a high interest bill amounting to 9 percent of GDP [79] Debt Indicators - The stock of public and publicly guaranteed (PPG) debt is estimated to have fallen from 111.7 percent of GDP at end-2023 to 102.4 percent at end-2024 [85] - Debt restructuring has made significant progress, with bilateral agreements being finalized to restructure US$10 billion of official and Exim Bank of China debt [90] Poverty and Vulnerability - The poverty rate was 24.5 percent in 2024, nearly double what it was in 2019, with household incomes remaining below pre-crisis levels [93] - Malnutrition increased, raising concerns over long-term impacts on human capital formation [94] - Employment and real wages remain below pre-crisis levels, contributing to increased emigration [98] Outlook - Medium-term growth is expected to be modest at around 3.1 percent, with the current account projected to revert to a modest deficit in 2025 [103] - Poverty is expected to decline to 22.7 percent in 2025, but the economic crisis is anticipated to have reversed a decade of poverty reduction [104] - Continued macro stability and successful implementation of structural reforms are critical for growth and poverty reduction [111]

MALDIVES DEVELOPMENT UPDATE Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized April 2025 Public Disclosure Authorized M a l d i v e s D e v e l o p m e n t U p d a t e © [2025] International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expresse ...

Investment Rating - The report does not provide a specific investment rating for the childcare industry Core Insights - Quality childcare is essential for ensuring children's safety, promoting holistic development, and encouraging parental uptake of services [5][12] - The quality of childcare services significantly impacts families' choices and economic activities [5][12] - A robust quality assurance system is necessary, including feasible standards, regular monitoring, and effective data use [5][61] Summary by Sections I. Introduction: Importance of Quality Childcare - Quality childcare is crucial for child safety and development, influencing parental decisions to utilize services [7][12] II. Essential Elements of Quality in Childcare Settings - Quality can be achieved through key principles that are adaptable to various contexts, focusing on both structural and process quality [14][15] - Structural quality includes safe physical environments, adequate adult-to-child ratios, and trained practitioners [16][25] - Process quality emphasizes age-appropriate activities, responsive caregiving, and regular parent interactions [20][30] III. Key Considerations When Visiting Childcare Settings - Safety and structural suitability of the environment should be assessed [35] - Basic needs for food, water, hygiene, and sleep must be met [35] - Practitioners should demonstrate warmth and engage in age-appropriate communication [35] - Availability of materials for hands-on learning is essential [35] - Activities should facilitate play, interaction, and movement [35] IV. Essential System Elements for Quality Improvement - Governments should implement robust quality assurance systems, including realistic standards and monitoring processes [56][61] - Sufficient financing is necessary to support quality childcare and reduce family burdens [63][66] - Workforce development is critical, requiring training opportunities and decent working conditions [62][65]

Investment Rating - The report does not explicitly provide an investment rating for the health taxes landscape in India. Core Insights - The consumption of tobacco, alcohol, and sugar-sweetened beverages (SSBs) in India leads to significant public health challenges, with 1.6 million deaths and 49.3 million disability-adjusted life years lost annually. These products are major risk factors for noncommunicable diseases, responsible for 64.9 percent of all deaths in India as of 2019 [13] - Health taxes have been effective globally in reducing consumption and generating revenue while addressing market failures from negative externalities and internalities. India's current indirect tax system poses challenges due to its complexity and inconsistencies [13] - Reforming health taxes requires addressing inconsistencies, improving tax compliance, and introducing new tax structures based on the relative harm of each product [13] Summary by Sections Introduction - The report highlights the significant health and economic burdens associated with the consumption of demerit products in India, emphasizing the need for effective health taxes to mitigate these issues [22][27] Why Health Taxes Matter - Health taxes are justified due to significant market failures associated with demerit products, which lead to detrimental consumption patterns and economic burdens on society [28] - Taxation can correct negative externalities and internalities, enhancing welfare by reducing consumption to socially efficient levels [29][30] Consumption of Unhealthy Products in India - India is the second-largest consumer of tobacco globally, with approximately 267 million tobacco users, accounting for about 19 percent of the world's adult tobacco users [45] - The prevalence of alcohol consumption among adults in India was estimated at 17.1 percent in 2019, with significant gender differences [59] Economic Burden Associated with Unhealthy Products - The economic burden from tobacco-related costs is estimated at US$36.2 billion annually, while alcohol-related costs are around US$31.4 billion [13] Health Taxes in India - The current indirect tax system in India includes a national-level Goods and Services Tax (GST) on tobacco and SSBs, as well as state-level excise duties and VAT on alcohol, which presents challenges due to complexity and inconsistencies [13] - The report suggests increasing specific excise taxes, simplifying the tax structure, and conducting detailed state-level analyses of alcohol taxation [13] Challenges and Opportunities - The report identifies challenges in reforming health taxes in India, including knowledge gaps and the need for policy engagement priorities [6][27]

Investment Rating - The report does not explicitly provide an investment rating for the food cold chain industry in Guatemala Core Insights - The agrifood sector in Guatemala is crucial to the economy, contributing 10.2% to economic activities and employing 32% of the active population, but faces significant challenges including low productivity and food insecurity [19][40] - Investment in infrastructure is among the lowest in Latin America, with Guatemala ranking 97th out of 140 economies in infrastructure competitiveness and 134th in road connectivity [20][46] - The cold chain infrastructure is inadequate, leading to substantial post-harvest losses and food safety hazards, with only 30% of dairy products and 75% of poultry products being part of a cold chain [21][47] - There is a promising potential for cold chain implementation in agrifood value chains, particularly in export markets for peas, green beans, and papayas, with opportunities for energy-efficient technologies [25][26] Summary by Sections Executive Summary - The agrifood sector faces multi-faceted challenges, including access to finance and declining productivity, particularly among smallholders [19] - Cold chain investments are critical for reducing post-harvest losses and improving food quality and safety [21] - Guatemala's cold chain infrastructure is lagging behind its neighbors, with limited access to cooling facilities and unreliable electricity supply [22][24] Deep Dives in Selected Agrifood Value Chains - The dairy value chain is characterized by a high level of informality, with only 5.7% of producers supplying formal industrial plants, leading to quality and safety issues [66] - In the poultry sector, while 75% of storage is managed within cold chambers, 25% remains unregulated, causing significant losses [47] - Export-oriented vegetable value chains have sophisticated cold chain systems, but initial post-harvest stages often lack refrigeration, leading to quality degradation [47] Policy Recommendations for Cold Chain Development - A National Cooling Action Plan (NCAP) should be created to harmonize existing policies and promote energy-efficient cold chains [33] - Associativity among small and medium farmers should be fostered to improve access to cold chain infrastructure [33] - Public-Private Alliances (PPAs) should be developed to enhance clean energy infrastructure and improve access to technology [33] - Long-term financing for climate-smart agriculture and cold chain investments should be supported through existing public programs [33]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - South Asian countries face significant fiscal challenges, with average government debt at 77 percent of GDP, compared to 64 percent for EMDEs, leading to high interest payments consuming 26 percent of revenues [8][9] - Tax revenues in South Asia averaged 18 percent of GDP from 2019 to 2023, significantly below the EMDE average of 24 percent, indicating a need for improved tax policy and administration [3][9] - The report identifies tax revenue shortfalls of 1 to 7 percentage points of GDP below potential, with five of the eight countries in the region experiencing larger shortfalls than the EMDE average [3][11] Summary by Sections 1. Introduction - South Asia's fiscal challenges stem from low revenues and high debt burdens, with governments spending a disproportionate amount on interest payments [8][9] 2. Features of South Asian Revenue Collection - **Low Tax Revenues**: South Asia has the lowest tax revenues among EMDE regions, with all countries except Maldives falling short of the EMDE average [19] - **Tax Buoyancy**: Revenue buoyancies in Bangladesh and India align with EMDE averages, while Pakistan's buoyancy is in the bottom quartile [20][21] - **Dependence on Indirect Taxes**: The region relies heavily on indirect taxes, limiting revenue potential and equity [22] - **High Tax Rates**: South Asian countries have above-average tax rates on consumption and trade, yet still collect lower revenues than expected [23][24] 3. Tax Revenue Shortfalls - **Methodology**: The report employs stochastic frontier analysis to estimate tax revenue shortfalls, identifying inefficiencies in revenue collection [26][30] - **Shortfall Results**: Most South Asian countries exhibit larger shortfalls in personal and corporate income tax revenues compared to EMDE averages [37] - **Direct Tax Revenue Shortfall**: Countries like Afghanistan, Bangladesh, Pakistan, and Sri Lanka have significant shortfalls in direct tax revenue, exceeding EMDE averages [38][39] - **Indirect Tax Revenue Shortfall**: Consumption tax revenues have shortfalls larger than the EMDE average in several countries, indicating systemic issues [40] - **Trade Tax Shortfalls**: Bhutan, Bangladesh, India, and Sri Lanka report larger trade tax revenue shortfalls than the EMDE average [42] 4. Correlates of Revenue Shortfalls and Tax Gaps - Country characteristics such as informality, agriculture sector size, and financial development contribute to tax revenue shortfalls, accounting for up to one-third of the overall shortfalls [51][52] 5. Policy Options - **Tax Policy**: Recommendations include rationalizing exemptions, unifying tax rates, and broadening the tax base to enhance revenue collection [60][61] - **Tax Administration**: Strengthening tax administration through transparency, risk management, and timely interventions is crucial for improving revenue [71][80] - **Pollution Pricing**: Implementing pollution pricing could address both environmental and revenue challenges in South Asia [84][85]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report emphasizes the need for reforms in pension systems to ensure fiscal sustainability and adequate benefits in the context of global population aging [7] - It highlights the challenges of extending pension coverage to informal sector workers and stresses the importance of gender equity in pension provision [7] - The report concludes with recommendations for adapting pension systems to evolving economic and demographic realities, advocating for inclusive and sustainable solutions [7] Summary by Sections Aging Will Define the Evolution of Pensions and Social Insurance in the Coming Years - Population aging is a significant megatrend affecting economies and societies, necessitating adjustments in pension systems to manage the risks associated with a declining active population [13][14] - Countries with aging populations must adapt their pension systems to ensure adequate retirement income for an increasing number of retirees [31] Aging Will Affect All Regions of the World, Many at a Rapid Pace - By 2050, all regions except Sub-Saharan Africa are expected to have at least 15% of their populations aged 65 and over, indicating a global trend towards aging [25][26] - South Asia and the Middle East and North Africa will experience rapid aging, with significant implications for growth and productivity [26][27] Contributory and Social Pensions as Instruments for Income Protection in Retirement - The report analyzes government-mandated pension plans, including both contributory and non-contributory pension programs, to assess their effectiveness in providing income protection [33][34] - It utilizes data from the ASPIRE database to evaluate trends in pension expenditure and coverage across various countries [34] Pension Expenditures Are Significantly Affected by the Level of Aging - There is a positive correlation between the aging population and pension expenditure, with higher levels of aging leading to increased pension costs [46][48] - Regions like Europe and Central Asia exhibit the highest pension expenditures, averaging 7.4% of GDP, while Sub-Saharan Africa has the lowest at around 1% [53] Coverage of Pensions and Social Insurance - The extent of coverage in pension systems is largely determined by the level of formal employment and the demographic structure of the population [77] - High labor informality and unemployment rates limit the effectiveness of contributory pension programs, impacting overall coverage [77]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report aims to provide actionable recommendations to enhance women's participation in the Croatian labor market, addressing barriers and leveraging successful international practices [17][60]. - Women's labor market participation in Croatia has improved but still lags behind EU averages, particularly for younger and older women [18][68]. - The gender pay gap in Croatia is 7.4% in 2023, lower than the EU average of 12.0%, but still significant in certain sectors [24][26]. Summary by Sections Executive Summary - The report identifies barriers to women's employment and outlines opportunities for enhancing their contributions to the labor market [17][18]. - It highlights the need for targeted strategies to address employment gaps, particularly for women aged 15-24 and 55-64 [18][68]. Introduction and Objective - The report emphasizes the importance of increasing women's contributions to the labor market for Croatia's economic growth, especially in light of an aging population and labor shortages [59][60]. - It aims to inform policymakers with evidence-based recommendations to close gender gaps in employment [60][61]. Barriers to Female Labor Force Participation - The report categorizes barriers into individual, sociocultural, structural, and institutional factors that hinder women's employment [27][31]. - Key issues include unequal sharing of family responsibilities, limited childcare access, and insufficient flexible work arrangements [29][30][31]. Government's Planned Initiatives - The report reviews government measures aimed at supporting women's labor market participation and identifies gaps in implementation [29][30]. Actionable Recommendations 1. **Transforming Social Norms**: Promote shared parental responsibilities and gender-neutral career guidance [35][36]. 2. **Improving Childcare Access**: Expand early childhood education and care (ECEC) facilities and align operating hours with working hours [38][39]. 3. **Facilitating Transitions Back to Work**: Enhance flexible work options and provide salary support after parental leave [41][42]. 4. **Supporting Women in Entrepreneurship**: Increase access to financial products and mentorship for women entrepreneurs [44][45]. 5. **Expanding Long-Term Care Facilities**: Develop innovative care solutions and promote women's entrepreneurship in the care sector [50][51]. 6. **Designing Gender-Sensitive Policies**: Implement active labor market policies that address the unique barriers faced by women [53][54].

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The study investigates the impact of large-scale land formalization programs on widows' land access in rural Benin, finding that such programs significantly improve widows' ability to remain in their homes and communities, particularly for those without male heirs [5][14][57]. Summary by Sections Introduction - The introduction highlights the vulnerability of widows in Sub-Saharan Africa regarding land rights, emphasizing the risks they face after the death of their husbands, especially in the absence of male heirs [10][11]. Context, Data, and Empirical Strategy - The study focuses on the Rural Landholding Plans (PFR) program in Benin, which aimed to formalize land rights and improve tenure security for women, particularly widows [31][34]. - Data was collected from a randomized controlled trial involving 3,507 households across 300 PFR villages and control villages [36][35]. Results - The findings indicate that land registration increased the likelihood of widows remaining in their villages by 12 percentage points, translating to a 15% increase compared to control villages [54]. - Among widows without cohabiting sons, the likelihood of staying increased by 21 percentage points, indicating that land formalization effectively substitutes for the protective role traditionally provided by male heirs [55][57]. Discussion of Mechanisms and Welfare Implications - The study discusses how land formalization enhances community recognition of women's land rights and decision-making power, contributing to improved tenure security for widows [15][58]. - It also notes that widows in villages with land formalization were less likely to remarry, suggesting that formalized land rights reduce the risk of losing access to property [60][61]. Conclusion - The report concludes that land formalization programs can significantly strengthen the tenure security of widows, promoting their long-term economic stability and reducing the likelihood of forced migration [5][57].

Investment Rating - The report does not explicitly provide an investment rating for the coal mining industry but emphasizes the importance of sustainable mine closure practices and risk management as critical components for future investments in coal regions transitioning away from coal [19][21]. Core Insights - The document serves as a benchmark for best practices in coal mine closure and post-closure risk management, aiming to guide coal enterprises and development partners in planning for sustainable transitions [19][20][21]. - It highlights the need for comprehensive technical standards for coal mine closure that address environmental reclamation, land stability, and public safety, which are essential for mitigating risks associated with mine closure [32][33][38]. - The report underscores the significance of viewing post-mining lands as opportunities for redevelopment rather than liabilities, advocating for a shift from "mining for closure" to "mining for repurposing" [23][27]. Summary by Sections Introduction - The document outlines the challenges faced in coal mine closures due to varying conditions across countries and emphasizes the need for a standardized approach to ensure effective transitions [19][20]. Module 1: Good Practice in Coal Mine Closure - The report details the principles of sustainable mine closure, which include public safety, land stability, and mitigation of chemical impacts, and emphasizes the importance of integrating these principles into existing regulations [33][38]. - It provides a summary of risks and mitigants that impact the value of post-closure land and resources, highlighting the need for proactive measures to preserve asset value [38][40]. Module 2: Risk Management and Mitigation - The document discusses the importance of a systematic approach to assess the value of remaining assets and the interconnected nature of issues faced during mine closure [43][44]. - It introduces the United Nations Framework Classification (UNFC) as a tool for classifying natural resources and emphasizes the potential of residual materials and methane as valuable resources post-closure [44][45]. Evaluating Resources for Post Closure Future - The report advocates for a comprehensive resource management plan that includes assessing and classifying resources to maximize their value in future developments [43][44]. Assessing Risks During Mine Closure - A risk matrix is presented to evaluate the likelihood and severity of risks associated with mine closure actions, emphasizing the need for careful planning to mitigate potential hazards [48][50].