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This first response to the SBP Act 2021 covers three key areas. First, it highlights some fundamental inconsistencies in the present debate around the act. Second, it maintains that the evidence contradicts the argument that in the last 10 years the SBP has already asserted itself well enough, therefore, the SBP Act 2021 is not needed. Third, the paper highlights areas of improvement in the SBP Act 2021 and suggests possible amendments, including but not limited to, i) adopting Integrated Inflation Targeting (IIT) instead of standard model of Inflation Targeting (IT), ii) keeping all appointments to only one term to avoid any moral hazard and iii) ensuring well-defined formal mechanisms of coordination between monetary and fiscal policies. Overall, SBP must be made independent of any political influences with strong transparency, accountability, and foresight mechanisms in place.

This publication highlights the impact of proactive integrity reviews (PIRs) in terms of raising awareness on lessons that executing and implementing agencies and project implementation units can draw from sovereign projects of the Asian Development Bank (ADB). It aims to build further understanding of PIRs, which help prevent and detect indicators of integrity violations (i.e., fraud, corruption, collusion, coercion, abuse, conflict of interest, and obstruction) in sovereign projects. A brief PIR history since 2003 includes key statistics as well as highlights from lessons learned regarding integrity risks, such as red flag indicators, which may occur in the procurement, contract and asset management, and financial management processes.

This publication assesses India's fiscal federalism framework and presents recommendations to strengthen the country's fiscal framework that include a combination of unconditional, specific purpose and performance-based transfers. A mechanism for allocating performance-based grants to Indian states is proposed based on improvements in governance index. The publication also contributes to a deeper understanding of decentralization reforms across Asian countries. It synthesizes learnings from the experiences of Australia, Indonesia, Japan, the People's Republic of China and the Republic of Korea on the design of intergovernmental fiscal transfer systems and the use of performance-based transfers for promoting subnational governance and outcomes in social sectors such as education and health.

Disaster events impact Asia and the Pacific more than any other region in the world. In light of current and future climate and disaster risks, there is an urgent need to address the region's underinvestment in disaster risk and reduction. This publication aims to guide policy makers and other stakeholders on how to scale up disaster risk reduction financing in developing member countries of the Asian Development Bank. It provides an overview of financing opportunities—including instruments and mechanisms—as well as country case studies and practical tips for governments to implement enhanced disaster risk reduction.

Disasters damage and destroy infrastructure and disrupt economic activities and services, potentially delaying long-term development and hampering efforts to reduce poverty in the region. Countries require a strong enabling environment for disaster risk financing to ensure the timely availability of post-disaster funding. This report presents a comprehensive diagnostics tool kit that countries can apply to assess the financial management of disaster risk. The framework examines the state of the enabling environment and provides a basis to enhance financial resilience with insurance and other risk transfer instruments. It incorporates lessons from the country diagnostics assessments for Fiji, Nepal, Pakistan, and Sri Lanka that made use of the tool kit and methodology.

The government budget reflects the government's spending priorities. It is deemed important to assess whether the priorities as outlined in the proposed 2020 President's Budget are consistent with the policy pronouncements of the current administration. In this light, the study examines whether budget allocation is consistent with the priorities that the government identified in its various policy pronouncements. It also evaluates the overall fiscal picture as projected in the proposed budget and its consistency with the macroeconomic assumptions. In addition, it examines the national revenue program, which together with the national expenditure program indicates the overall fiscal health in the 2020. The budget analysis indicates the high spending priority given to social services sector and economic services sector that is consistent with the policy pronouncements of the government. Nevertheless, the budget cut in the health sector needs further inquiry.

Nowadays, global economic growth has been severely affected beyond anything passed in nearly a century. The outbreak of the coronavirus disease has brought its negative impact and destructive outcome on the economies alongside with the sharp fluctuations in global energy and stock markets. There might be observed a subsequent sharp decline in the number of transactions and practical shutdown of many markets due to the large-scale quarantine and self-isolation measures. Taking into consideration the abovementioned factors, it becomes clear that there emerged a need to revise all economic forecasts for 2020-2021. The International Monetary Fund (IMF) predicted a decline of the global economic growth rate in April (-3%), but in accordance with the current circumstances, the figures were revised in June, representing a 4.9% decrease. In spite of a fact that Azerbaijan became one of the first countries among the post-soviet countries, that allocated the largest share of GDP, in order to eliminate the economic problems caused due to the pandemic, the impact of the emerged difficulties made a necessity to revise the budget.

This study uses two methods to calculate the revenue collection gap at the sub-national level. The first methods uses revenue projection available from budget documents as a proxy for revenue potential and the second method estimates the revenue potential for business tax, property tax, and house rental income tax using data from the National Population and Housing Census (2011) and the National Economic Census (2018). To the best of our knowledge this is the first study to estimate revenue potential for the sub-national level governments using these data. The revenue projection available on budget speeches and documents (used in the first method) is based on revenue collection trend of previous years and not on rigorous study of revenue potential. Thus the revenue collection gap calculated from first method does not provide true picture of sub-national revenue mobilization. To address this challenge, the study estimates revenue potential (used in the second method) for business tax, property tax, and house rental income tax and then calculates the revenue collection gap. These taxes are sole rights of local governments. For the first method there is both revenue collection gap and revenue collection surplus. Collection surplus indicates the revenue collection that is meeting the target, however for the second method there is only the revenue collection gap. Also, the revenue collection gap is higher for the second method. This indicates that the revenue projection available in the budget speeches might be lower than the actual revenue potential of tax revenue in respective sub-national governments. Figure E2 and E3 summarizes the revenue collection gap and surplus from two methods for Pokhara Municipality4 and Butwal Sub-metropolitan respectively. The revenue collection gap from house rental income tax from the second method is significant relative to other taxes with gap of NPR 2275 million and 691 million respectively.

The Philippines has been badly affected by the COVID-19 pandemic. In this light, the analysis of the 2021 President's Budget determines how the pandemic shaped the budgetary distribution of government's limited financial resources with focus on the top six departments/recipients for FY 2021. It shows the high spending priority given to social and economic services which is consistent with the policy pronouncements of the government for FY 2021. The government's greatest priority for FY 2021 is to sustain and strengthen government efforts in responding to and recovering from the pandemic. Nevertheless, the emphasis on these spending priorities in the 2021 President's Budget Message creates an expectation that DOH and DSWD will rank much higher in the top 10 departments/recipients for FY 2021. Apparently, the 2021 proposed budget gives higher spending priority on maintenance of peace and order and national defense, which placed DILG and DND in higher spots compared to DOH and DSWD. A close examination of various government documents (e.g., DBM 2020e) indicates that the proposed budget for National Task Force to End Local Communist Armed Conflict (NTF-ELCAC) is part of the government's recovery program to adapt to the post-pandemic life.

The report has eight sections. Following the introductory section, rationale for introducing a UPS in the Bangladesh context is argued in Section 2. A brief overview of international pension models and country experiences is presented in Section 3. Section 4 provides a brief synopsis of the current available pension schemes in Bangladesh. Section 5 puts forward an implementation strategy with tentative timelines based on drawing insights from global experiences and various frameworks in place in different countries. Sections 6, 7 and 8 propose the necessary legal, administrative and financing framework respectively for introducing a UPS in Bangladesh. The report ends with a set of recommendations for addressing the key challenges which are anticipated in view of introducing the proposed UPS in Bangladesh.

Some commentators argue that China deliberately pursues the "debt trap diplomacy" to project undue political influence over smaller countries that borrow from it under the Belt and Road Initiative. Our recent book, which includes a survey of stakeholders, examines the facts and myth surrounding this thesis.

This report, prepared under CPD's flagship programme titled Independent Review of Bangladesh Development (IRBD), seeks to address the aforesaid questions in the context of Bangladesh. The present report, which is the second instalment of the State of the Bangladesh Economy in FY2019, also seeks to relate the economic growth narrative with the progress in macroeconomic variables. Correspondence and consistency between the growth trajectory and the progress in macroeconomic correlates are critically important for economic growth's effectiveness, reliability and sustainability. Along with this, macroeconomic policy is also pertinent for economic growth and development. For example, capital accumulation in the form of private investment is a key factor for economic growth. Sectoral policies including fiscal and monetary policies and sound financial sector management have important ramifications for private investment. Similarly, development of human capital, an important driver of economic growth, will call for adequate and efficient use of public resources. Progressive fiscal policy plays an important role in ensuring that the outcome of growth is distributionally fair. As was noted above, trade and external sector policies also drive growth outcomes. Taking cue from the above, the present report tracks development in some key areas of macroeconomic management to have a deeper understanding of a number of important growth drivers of Bangladesh. In connection with the above, it may be recalled that, the present government was sworn in January, 2019. The ruling party, Bangladesh Awami League, had put forward several pledges as regards macroeconomic management in its election manifesto of 2018.

ADB Basic 2019 Statistics: Metadata covering core indicators, land, population, Sustainable Developmental Goals, national accounts, money, debt, reserves and Government Finance in chart form with indicators, definitions and data sources.

ADB Basic 2019 Statistics covering core indicators, land, population, Sustainable Developmental Goals, national accounts, money, debt, reserves and Government Finance.

The short note on the 2019 President's Budget attempts to assess the proposed shift from obligation-based to cash-based budgeting and its implications on the 2019 proposed national budget. In the process, it aims to inform policy deliberations on Senate Bill 1761 (formerly Senate Bill 1450), otherwise known as the Budget Reform Bill, by discussing the concept of cash-based budgeting with focus on its advantages and disadvantages and also, its implications on the 2019 proposed national budget and on government operations and practices. It also examines the past disbursement performance of the national government as well as the factors affecting their performance. The note argues for the need to reconsider DBM's initiative to shift from obligation-based to annual cash-based budget scheme in view of the perennial issues that government agencies/units have been facing.