Indonesian - Economist | August 26, 1962 -
When we rebuild a house, we are rebuilding a home. When we recover from disaster, we are rebuilding lives and livelihoods.
Sri Mulyani Indrawati
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Financial inclusion matters not only because it promotes growth, but because it helps ensure prosperity is widely shared. Access to financial services plays a critical role in lifting people out of poverty, in empowering women, and in helping governments deliver services to their people.
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Development is an endurance exercise with incremental improvements.
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Corruption, money laundering, and tax evasion are global problems, not just challenges for developing countries.
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So much research has been done showing that the woman is the most vulnerable but also the biggest strength leading to economic progress.
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Asia can learn much from Europe. Trade could be made easier in Asia, and the conditions for doing business could be improved by reducing red tape. In this regard, Hong Kong, Singapore and South Korea have done better than the best in Europe.
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Changing much-cherished bank secrecy laws is worth the effort. Corruption, tax evasion, and the capture of natural resource revenues undermine the rule of law, weaken the social fabric, erode citizens' trust in institutions, fuel conflict and insecurity, and hamper job creation.
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Everyone with all those good intentions came to help Indonesia rebuild from the tsunami; but the co-ordination problem was very big, because they came with their own way of doing business; they came with the inflexibility of their own governance.
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At the World Bank, we are already working with our clients in developing countries to improve their governance systems, collect taxes, fight corruption, and recover stolen assets.
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Accounting for the unpaid care economy can drive progressive policies such as paid family leave, social security credits for early childcare, tax credits, and quality early childhood education.
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If managed well, urbanization can create enormous opportunities: allowing innovation and new ideas to emerge, saving energy, land and natural resources, managing climate and the risk of disasters.
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I have my own experience in Indonesia, of course. Sometimes in these transition situations, the new governments are still clumsy and awkward in responding to this new environment in which they operate. The only thing in their DNA is the old regime.
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