The bank document stated that the operation follows the post-Cyclone Winston in 2016 to support the government’s effort to: (i) strengthen medium-term fiscal sustainability; (ii) improve the investment climate; and (iii) build climate resilience. Under the first pillar, the government is simplifying the tax system to encourage compliance and private-sector-led growth and strengthening the monitoring framework of fiscal risks associated with the country’s sizeable state-owned enterprise sector. Under the second pillar, the government is removing obstacles to Foreign Direct Investment (FDI) by updating the country’s arbitration law to recognize and enforce overseas arbitration awards and improving the business climate by reducing costs of dealing with construction permits. Under the third pillar, the government is strengthening climate resilience of all new buildings by adopting more stringent building standards.
ACCOUNTABILITY MECHANISM OF WORLD BANK
The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing email@example.com. You can learn more about the Inspection Panel and how to file a complaint at: http://ewebapps.worldbank.org/apps/ip/Pages/Home.aspx.