World Bank Current Affairs - 2020

Government extends timeline of Dam Rehabilitation & Improvement Project

The meeting of Expenditure Finance Committee (EFC) has revised cost and deadline of World Bank funded Dam Rehabilitation & Improvement Project (DRIP) to Rs.3466 Crore till June 2020. The meeting was held under Chairpersonship of Secretary, Department of Expenditure to consider proposal of Ministry of Water Resources, River Development and Ganga Rejuvenation. It was attended by officials of Ministries of Power, Agriculture and Farmers Welfare, Environment and Forest, NITI Aayog and officers of Central Water Commission (CWC).

Dam Rehabilitation & Improvement Project (DRIP)

DRIP is a state sector scheme with central component to improve safety and operational performance of selected dams, along with institutional strengthening with system wide management approach. The project was launched in 2012 by Central Water Commission (CWC) under Ministry of Water Resources, River Development & Ganga Rejuvenation with assistance from World Bank. Originally the scheme was scheduled for six years with closure in June 2018 with total original cost of Rs. 2100 crore with state component of Rs. 1968 crore and central component of Rs. 132 Crore.

Objectives of DRIP

  • Rehabilitation of old dams in country experiencing distress and are in need of attention for ensuring their structural safety and operational efficiency.
  • Strengthening institutional capacity and project management in this area.
  • Bring greater awareness on dam safety issues and finding novel solutions to address them by pooling best knowledge, technologies and experience available around world.

India highest recipient of Remittances in 2017: World Bank

According to recently released Migration and Development Brief by World Bank, India has retained top position as recipient of remittances with about $69 billion in 2017. India was followed by China ($64 billion), Philippines ($33 billion), Mexico ($31 billion), Nigeria ($22 billion) and Egypt ($20 billion).

Key Highlights of Migration and Development Brief

Global remittances: It grew 7% to US $613 billion in 2017, from US $573 billion in 2016. Global remittances are expected to grow 4.6% to $642 billion in 2018. It include flows to high-income countries. The stronger-than-expected recovery in remittances was driven by growth in Europe, Russia and US.

The rebound in global remittances was due to higher oil prices and strengthening of Euro and Ruble. The upsurge is likely to continue into 2018 on back of stronger economic conditions in advanced economies (particularly US) and increase in oil prices that may have positive impact on GCC (Gulf Cooperation Council) countries.

Low-and middle-income countries: Remittances received by these countries in 2017 has reached US $466 billion in 2017. This was an increase of 8.5% over US $429 billion in 2016. India received $69 billion remittances in 2017 as against $62.7 billion in 2016. It had picked up sharply by 9.9%, reversing previous year’s dip (8.9% in 2016), but was still short of $70.4 billion received in 2014.

Remittances to South Asia: It grew a moderate 5.8% to US $117 billion in 2017 and it will likely grow modestly by 2.5% to $120 billion in 2018. Flows to Pakistan (received US $20 billion) and Bangladesh (US $13 billion) were both largely flat in 2017, while Sri Lanka saw small decline (-0.9%).

Global average cost: The of sending $200 was 7.1% in Q1 of 2018, more than twice as high as Sustainable Development Goal (SDG) target of 3%. Sub-Saharan Africa remained most expensive place to send money to, where the average cost is 9.4%.

Transit migration: The transit migrants-who only stay temporarily in transit country, are usually not able to send money home.  Migration may help migrants to escape poverty or persecution, but many also become vulnerable to exploitation by human smugglers during transit. Host communities in transit countries may find their own poor population competing with new-comers for low-skill jobs.