Page 10 - World Bank

World Bank chief economist calls for new approaches to address debt crisis

The Common Framework should be replaced, he said, in the strongest terms used by a World Bank official. "It's not the right machinery"

India, China becoming high income countries to bring disruption: World Bank

He also highlighted the problems behind countries getting trapped, such as rising wages in the middle-income countries, results in loss of labour-intensive sectors

Banga is uniquely equipped to lead World Bank at such a critical moment: US

Indian-American business leader Ajay Banga is an exceptional candidate and he is uniquely equipped to lead the World Bank at such a critical moment, the US has said as the bank plans to formally announce his appointment as its president. In February, President Joe Biden announced that the US would be nominating Banga to lead the World Bank because he is well equipped to lead the global institution at "this critical moment in history." On March 31, The World Bank closed a month-long window for nominations for its next president, with no alternatives announced to 63-year-old Banga. Banga is the only applicant for the position of president of the World Bank, the global financial institution said. He (Banga) is uniquely equipped to lead the World Bank at such a critical moment, and he's an exceptional candidate, Vedant Patel, State Department Principal Deputy Spokesperson, told reporters at his daily news conference on Friday. His leadership skills and management experience, his ...

With $100 bn in 2022, India biggest recipient of money from overseas

Highly-skilled Indian migrants from the US, UK and Australia were sending more money home, helped by job support programs during Covid-19 restrictions

FinMin tasks World Bank with examining financing in infrastructure sectors

Behind the push for increased private sector participation in these sectors is the fact that the share of the private sector declined from 37 per cent in FY08 to 25 per cent in FY19

Ukraine, World Bank agree on $6 bn recovery programme amid Russia war

Besides, Ukraine will implement joint projects with the World Bank on rebuilding its energy sector, including the heating system, as well as transport and healthcare sectors

China as a creditor

Sovereign debt restructuring has become tricky

World Bank estimates decline in Pakistan's GDP per capita income to $1,399

The World Bank has estimated a drop in GDP per capita income for Pakistan from USD 1,613.8 in 2021-22 to USD 1,399.1 in 2022-23, Business Recorder reported.In its report 'Macro Poverty Outlook for Pakistan: April 2023', the bank noted that GDP per capita growth is estimated at -1.5 per cent in 2022-23 in comparison to 4.2 per cent in 2021-22. World Bank has cut Pakistan's GDP forecast to 0.4 per centThe unemployment rate in Pakistan is estimated to rise from 10.2 per cent in 2022-23 to 10.1 per cent in 2021-22. Poverty will inevitably rise with pressures from weak labour markets and high inflation, as per the Business Recorder report.In the absence of higher social spending, the lower-middle-income poverty rate is expected to rise to 37.2 per cent in FY23. Considering poor households' dependency on agriculture and small-scale manufacturing and construction activity, they remain vulnerable to economic and climate shocks.Gross investment is estimated to reduce to 106 per cent in 2022-23

Pakistan's inflation to rise to 29.5% in FY23, projects World Bank

The World Bank has warned that Pakistan's inflation is projected to further rise to 29.5 per cent in the fiscal year 2023 due to higher energy and food prices and the weaker Rupee, Dawn reported

Workers at poverty-fighting organisation World Bank struggle to pay bills

Andre Blount has been serving food to dignitaries at World Bank headquarters for nearly 10 years and says he has gotten exactly one raise -- for 50 cents. This week, as leaders from around the world are in DC for the spring meeting of the poverty-fighting organisation, Blount and his coworkers are trying to bring attention to what they see as a galling situation: The workers who put food on the table for an organisation whose mission is to fight poverty are themselves struggling to get by. Union leaders say a quarter of the World Bank food workers employed as a contract labourers through Compass Group North America receive public benefits, like SNAP, or food stamps, just to make ends meet. It's sickening, Blount, 33, said as he joined red-shirted union members this week on a picket line outside the development bank on a hot afternoon. They go around the world looking for how to help people, but you have hundreds of employees in DC who are struggling. Inside, meanwhile, suited-up

Post-pandemic development requirements becoming lot more focussed: FM

Speaking at a press briefing in Washington on Thursday, Union Finance Minister Nirmala Sitharaman said that the third pillar will now have to be sustainable goals and other climate-related objectives, climate funding, and so forth.Underlining how India's presidency has brought attention to the necessity to incorporate these factors while still being compatible with World Bank objectives and not merely balancing on them, Sitharaman said that New Delhi from its presidency very clearly highlighted that it's going to be how a perfect balance is traced the developmental goals and climate finance.Addressing the media queries, Sitharaman also highlighted the post-pandemic development requirements and laid emphasis on how the focus should lie on them, solely."Not just development funding for low-income countries, post-pandemic development requirements becoming lot more focussed. We're also highlighting core 2 things for World Bank - extreme poverty alleviation & bringing prosperity post

World Bank President David Malpass praises India for empowering women

The world is leapfrogging in women's empowerment, World Bank President David Malpass has said and praised India's efforts, especially that of Prime Minister Narendra Modi, saying he is deeply interested and concerned." Participating in a panel discussion on Empowering Women as Entrepreneurs and Leaders organised by the World Bank on the sidelines of its spring meetings here on Thursday, Malpass and Finance Minister Nirmala Sitharaman, along with other panelists, discussed the development and empowerment of women in India and the world. We should continue all that we are doing now for women, Sitharaman said in response to a question as she explained in detail the steps the Modi Government has undertaken for the economic empowerment of women in India. Malpass commended the efforts of Prime Minister Modi in India, where the World Bank has a massive programme. The prime minister, he said, is deeply interested and concerned and pushing on this issue. The world is leapfrogging in ...

China left out of Sri Lanka debt restructure talks amid angst over delays

Both Sri Lanka and its creditors have said they would like China to participate but people familiar with the talks said they are also eager not to let Beijing hold up negotiations any further

IMF MD Georgieva praises Ajay Banga's commitment to opportunities for all

IMF Managing Director Kristalina Georgieva on Thursday applauded Indian-American Ajay Banga, who is slated to be the president of the World Bank, for his commitment to inclusion and opportunities for all. In February, Banga was nominated by US President Joe Biden after World Bank President David Malpass announced his decision to leave. The World Bank Board of Directors are likely to announce 63-year-old Banga as the next head of the institution soon. I have known Ajay for quite some time. I think very highly of his leadership skills, but above all of the commitment to inclusion and opportunities he has demonstrated throughout his life, International Monetary Fund Managing Director Georgieva told reporters at a news conference held on the sidelines of the annual meetings of the International Monetary Fund and the World Bank. Banga is the only candidate nominated for the World Bank presidency, which has traditionally gone to the United States. We have been talking together on many .

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International Monetary Fund can help developing nations by helping planet

Tackling the issue requires a long-term vision for sovereign financing to achieve greater stability and resilience in developing economies

Need to address growing debt distress across the globe: Nirmala Sitharaman

Sitharaman also emphasised the need for debt transparency, information exchange, and clarity regarding the treatment of different debt situations on par, predictability of the process, and timeliness

Must feel full price: Zelenskyy calls for confiscating Russia's funds

In an appeal to the heads of the IMF and World Bank, Ukraine's president on Wednesday renewed his call to confiscate Russian Central Bank assets held around the world and use them to help rebuild Ukraine. To charge the aggressor with compensation for damages," Ukrainian President Volodymyr Zelenskyy said by video link. "Russia must feel the full price of its aggression." The U.S. announced at the start of Russia's invasion that America and its allies had blocked access to more than $600 billion that Russia held outside its borders. The U.S and its allies continue to impose rounds of targeted sanctions against companies and the wealthy elite with ties to Russian President Vladimir Putin. It must be clearly stated that the assets of the Russian Central Bank will be confiscated. It will be a peacemaking act on a global scale, Zelenskyy said. He was patched in for a session with Ukrainian Prime Minister Denys Shmyhal, U.S. Treasury Secretary Janet Yellen, World Bank President David ...

'World economy has improved': Janet Yellen plays down banking woes

The Treasury head is scheduled to take questions from the media following her remarks, which come at the beginning of the World Bank and International Monetary Fund's spring meetings

World Bank chief raises 2023 global growth outlook, eyes debt progress

Advanced economies, including the US, are also doing a bit better than the World Bank anticipated in January, Malpass said