World Bank, IMF to visit Iloilo City
Teams from the World Bank and the International Monetary Fund (IMF) will be visiting Iloilo City to determine prospects and constraints to the development and resilience of the metropolis and, more importantly, discuss areas for collaboration.
“Ang World Bank, usually nagakadto ina kay may mga initiatives sila nga i-develop sa aton. I am looking forward to the meeting… You don’t get the World Bank to come here and just listen to us,” Iloilo City Mayor Jerry P. Treñas said during Monday’s press conference at City Hall.
The IMF team requested to meet with the mayor and other city government officials on September 23 as part of the annual IMF Article IV Consultation Mission to the Philippines.
Led by Ms. Elif Arbatli Saxegaard, the IMF aims to assess the potential impact of external developments on the business prospects of regional growth centers. For this, they plan to particularly meet with the local banking sector, business communities, Business Process Outsourcing (BPO) industry, and relevant organizations from the renewable energy sector.
The IMF is an international financial institution that conducts surveillance of member economies, provides lending to member countries in case of balance of payments difficulties, and provides capacity development in economics and finance.
Meanwhile, the World Bank team is set to be in Iloilo City on October 2 to better understand the city’s practices on planning, finance, and investment in smart and resilient infrastructure and service delivery.
Senior Urban Development Specialist Narae Choi, Task Team Leader, particularly requested through a letter if she could meet with Treñas and those involved in urban planning, budgeting, and implementation, with a particular focus on local fiscal management and taxation and smart city investment planning.
The World Bank’s technical assistance program, Strengthening Local Government Finance and Development to Build Urban Resilience, aims to support delivering climate-resilient urban infrastructure and services.
The institution does this by enhancing local financing and investment planning, improving creditworthiness and access to climate financing, advancing property tax reforms and local revenue generation, and developing smart city programs. (Pearl Socias/Iloilo City PIO)