THE MARCOS administration is seeking a $600-million loan from the World Bank to help the Philippines bounce back from the pandemic, as well as improve climate resilience and fiscal management.
THE PHILIPPINES is seeking a $600-million loan from the World Bank, which will fund efforts to improve climate resilience, protect the environment and boost the economy’s recovery from the pandemic. — PHILIPPINE STAR/ MIGUEL DE GUZMAN
The Washington-based multilateral bank said the reforms supported by the proposed loan series will be implemented by the Marcos administration “which has thus far emphasized some degree of economic policy continuity.” The loan series is also expected to improve fiscal management through reforms that will boost revenues, contain expenditures and reduce fiscal risks from the agriculture sector.
The implementing agencies for the loan series include the departments of Energy, Trade, Budget and Environment, as well as the Anti-Red Tape Authority, Office of the President, Bureau of Internal Revenue, and National Economic and Development Authority . The National Government’s debt ballooned in 2020 and 2021 as the government ramped up borrowings to fund its coronavirus response and stimulus measures.
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