ARMENIA
New Study Unveils Impact of Remittances
The Central Bank of Armenia revealed on August 9 new research that claims most Armenians do not live off external cash remittances, and are therefore not suffering from the dollar’s continuing depreciation. A household survey funded by the World Bank found that only 37% of Armenian families regularly receive and rely on hard currency sent by their relatives working abroad. Most of those families are middle class, contrary to the widely-held belief that the beneficiaries of remittances are mainly low-income people. However, this claim seems to be in conflict with the survey’s finding that incoming financial assistance is enough to meet only the basic consumption needs of 76% of its recipients. Only 1% of them can afford to save some of that cash.
BULGARIA
Portfolio Performance Improves in Bulgaria
A review meeting between the Government of Bulgaria and the World Bank on August 9 revealed that the Bank’s active portfolio in Bulgaria has improved, with projects rated 100% satisfactory. The disbursement ratio as of end fiscal year 2006 is 31.2%, which is above the average both for the Bank and the ECA Region (24% and 17 % respectively), and indicates considerable acceleration of project implementation in Bulgaria. For the first time, the meeting also focused on progress in the preparation of pipeline operations and analytical and advisory activities envisaged in the new Country Partnership Strategy for Bulgaria. Click here for the press release.
KAZAKHSTAN
Summer Camp Builds Leadership Skills for Central Asian Youth
The Central Asia Regional Youth Summer Camp, “Youth Participation in Country and Regional Development,” took place near Almaty from August 3-10. 117 youth leaders from various youth organizations in Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan participated in the event, exchanging ideas and discussing mechanisms for youth participation in the development and decision-making processes for reaching the Millennium Development Goals in Central Asia. The Youth Summer Camp was organized by the Association of Young Leaders of Kazakhstan with a Small Grant, with coordination from the Central Asia EXT team. Camp participants created an informal regional youth network and e-mail group. Click here for the press release.
KYRGYZ REPUBLIC
World Bank Supports Local Poverty Reduction Projects
The Bank’s Board approved on August 3 a US$15 million IDA grant for the Second Village Investment Project (VIP-2). The Kyrgyz government is co-financing with US$5 million, and the British Department for International Development will also likely support this project with significant grant funds. The project will sustain and expand the achievements realized under the first VIP by covering all local self-governments in the country. The VIP-2 will apply a bottom-up approach to prioritization, planning and implementation, and direct assistance to rural communities, and will rely heavily on the empowerment of grassroots institutions. President Kurmanbek Bakiev noted that the ongoing VIP is a model of transparency and lack of corruption. Click here for the press release.
ROMANIA
World Bank Launches First Supranational Bond Issue in Romanian Domestic Market
The IBRD issued a New Romanian Lei-denominated domestic bond of RON525 million. This will be the first supranational issue in Romania under local law and domestic clearing systems. The net proceeds of the sale will be used by the IBRD for its general operations. The bond issue is being brokered by ABN AMRO Bank Romania S.A. and Intercapital Invest. Click here for the press release.
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