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World Bank grants loan to back Georgia's economic reforms

The DPO series, amounting to $175 million in total, was prepared in the aftermath of the twin crises of the August 2008 conflict with Russia and the global economic downturn. In addition to a satisfactory macroeconomic and fiscal framework, the main policy reform areas supported include improving the efficiency and effectiveness of public finances, increasing the effectiveness of the social safety net, and enhancing external competitiveness. “Through the Development Policy Operations, the World Bank has supported the far‑reaching and successful reforms implemented by Georgia in recent years,” Finance Minister Dimitri Gvindadze said.

“This year, we will receive the third budget support instalment of the DPO series totaling $40 million on highly concessional International Development Association terms, in recognition of the significant strides made in advancing results-oriented budgeting, strengthening the social assistance programs, upgrading customs infrastructure, and further streamlining customs procedures.” “The package of reforms backed by the DPO series has supported Georgia’s economic recovery in 2010 and 2011,” said Asad Alam, World Bank regional director for the South Caucasus. “The reforms have also helped ensure that 900,000 people are receiving medical insurance and 440,000 people are receiving targeted social assistance, as part of the social safety net for the poor and vulnerable.” “Economic growth rebounded to 6.4 percent in 2010 and growth of about 5.5 percent is projected for 2011,” said Faruk Khan, World Bank senior economist and task team leader of the DPO program.

Flooding hit many hard — flood insurance may hit them harder – Life ...

The first disaster for Ron Benitez was losing his DeBary home to the massive flooding caused by Tropical Storm Fay in 2008.

Now, the retiree is facing a financial calamity: paying far more for flood insurance because of newly revised federal maps that have made his rebuilt home part of a high-risk flood zone.

Benitez, whose home was among 130 in DeBary flooded during Fay, used to carry a minimal flood-insurance policy. But with the new designation, his rates will climb sharply.

“Paying another $2,000, $3,000, up to $6,900 a year would just devastate us,” Benitez said, quoting estimates he has received.

He’s not the only one facing sticker shock. Thousands of property owners in Volusia, Osceola and Lake counties, including many whose homes didn’t flood during storms of recent years, will have to pay more for flood insurance or will be required to buy it for the first time because their properties are being redefined as flood-prone.

Most homeowners policies don’t cover flooding. Flood insurance is a separate policy, and mortgage companies typically require borrowers to carry it if their home is in a flood zone.

As a result of the new maps, 22,800 properties were added to the flood zone in Volusia and 3,680 in Osceola. Lake officials couldn’t say yet how many properties will be added there. Orange County completed its remapping in 2009, and Seminole did the same in 2008, with thousands of additional residents required to buy flood insurance.

Some property owners may benefit from the latest changes. About 9,400 properties in Volusia and 4,400 properties in Osceola were taken out of flood zones, according to the preliminary maps. That means buying flood insurance will become optional.

The maps for Volusia, Osceola and Lake are scheduled to become final next year, giving property owners time to appeal the “flood-prone” designation by providing evidence to their counties and the Federal Emergency Management Agency. Appealing typically requires a land survey that can cost several hundred dollars. A deadline for Volusia and Osceola property owners to file an appeal hasn’t been set yet, but Lake property owners must act by Dec. 12.

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