Page 11 - World Bank

World Bank, IMF chiefs to discuss complex challenges facing global economy

Three years since the pandemic started, uncertainties and risks still weigh heavily on the global economy, according to the World Bank

How reward-driven are top-level appointments to World Bank and IMF?

Opinion is divided on the issue, with one section of experts and seasoned politicians claiming meritocracy isn't always at play, while another puts the choice down to plain pragmatism

Expert group on MDB reform to focus on development, green finance

Expert group will hold first in-person meeting in Washington next week

World Bank downgrades Ukraine's GDP growth forecast to 0.5% this year

The World Bank has lowered its estimate for Ukraine's GDP growth this year to 0.5 from 3.3 per cent estimated in January, state media reported.

Sri Lankan economy projected to contract by 4.3%, says World Bank

The Covid-19 pandemic, rising energy prices, populist tax cuts and inflation of more than 50 per cent has battered Sri Lanka

Strong structural reforms can help Bangladesh sustain growth: World Bank

Improving trade competitiveness for export diversification will be critical to achieving Bangladesh's aspiration of upper middle-income status by 2031

World Bank projects massive decline in Pakistan's GDP growth to 0.4%

Projecting a massive decline in Pakistans GDP growth to 0.4%, World Bank has warned that non-completion of IMF programme and political instability may result in eruption of major macroeconomic crisis

World Bank cuts India's growth forecast to 6.3%; ADB projects 6.4% for FY24

Cite global slowdown spillover, policy tightening impact

Impending slowdown

Global uncertainty will affect economic growth

India's GDP growth to slow down to 6.3 per cent in FY24: World Bank

The latest India Development Update, released Tuesday, notes that rising borrowing costs and slower income growth are expected to weigh on private consumption growth

World Bank says recoveries in developing Asian economies losing steam

Developing economies in Asia have mostly regained ground lost during the pandemic but are seeing their recoveries stall as productivity lags, the World Bank said in a report released Friday. The report forecasts that growth in the region including China will pick up pace this year after the world's No. 2 economy relaxed pandemic restrictions on travel and other activities. But recoveries elsewhere in the region, excluding China, will moderate as pressures of inflation and growing household debt slow consumer spending, it said. Across the Asia-Pacific, economies are expected to grow at a 5.1% annual pace this year, up from 3.5% in 2022, the report said. But not including China, growth is expected to slip to 4.9% in 2023 after a rebound from the worst of the pandemic of 5.8% in 2022, it said. Major Asian economies like Indonesia, Philippines, Thailand and Vietnam will see their recoveries slow and meanwhile face risks from weakening global growth, spillover from the war in Ukraine a

US nominee Ajay Banga poised to become World Bank chief unopposed

Indian-American business leader Ajay Banga is poised to become the next President of the World Bank which on Thursday said he is the sole nominee for the post as no other candidates were nominated. The World Bank's Board of Executive Directors will interview Banga before he is formally appointed. 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." The World Bank on Wednesday closed a month-long window for nominations for its next president, with no alternatives announced to 63-year-old Banga. Banga is the only application received for the position of president of the World Bank, the financial institution said. The Board received one nomination and would like to announce that Mr Ajay Banga, a US national, will be considered for the position, the bank said. In accordance with established procedures, the Board of Executive Directors w

Indian-American Ajay Banga poised to become World Bank chief unopposed

Indian-American business leader Ajay Banga is poised to become the next President of the World Bank after the nomination period closed and no country proposed an alternate candidate for the prestigious post. 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." The World Bank on Wednesday closed a month-long window for nominations for its next president, with no alternatives announced to 63-year-old Banga. The former Mastercard Inc. chief, Banga currently serves as Vice Chairman at General Atlantic. The bank's board is expected to announce the next steps in its selection process on Thursday, with a view to confirming a new leader by early May. Over the next few months, you will see the World Bank undergo an important transition. We expect that Ajay Banga President Biden's nominee will be elected President of the World Bank, US Treas

Yellen rejects World Bank capital increase; no challengers to US nominee

"We do want to see better mobilization of private resources alongside World Bank investments as well, but we're not requesting a capital increase at this time," she added

Biden's World Bank pick, Banga poised to win job as sole expected nominee

The former Mastercard Inc. chief executive was tapped by President Joe Biden last month after current president David Malpass announced plans to step down almost a year early

Andhra govt can exceed 2026 education targets, says World Bank official

The Andhra Pradesh government can exceed the targets set for 2026 in the education sector, said World Bank's Country Director, Auguste Tano Kouame. Kouame made these observations after an extensive visit of the state, trying to understand its schemes and programmes in detail. He (Kouame) specifically talked about some segments where targets can be revised upwardspercentage of students in class 4 who will become proficient in mathematics by the end of 2026, said a state government statement on Tuesday night. The World Bank official noted that schools' physical and digital education infrastructure can be improved by revising the targets and also incorporating community audits as well as enhancing leadership quality in headmasters. AP's schemes and programmes are in the correct direction with potential to exceed targets fixed earlier, the statement quoted him as saying. Considering the World Bank official's stamp of approval as a major validation of AP's schemes, the government liste

G-20 sets up an expert panel on multilateral institution reforms

NK Singh, Larry Summers to head the expert group

India needs to boost reforms push to raise potential growth: World Bank

The report said addressing the aftermath of financial sector distress in India could unlock significant growth

World Bank warns of 'lost decade' in global growth without bold policy

The World Bank is also watching developments in the banking sector, which come as rising interest rates and tightening financial conditions drive up the cost of borrowing for developing countriesworld

Ajay Banga tests Covid positive; meetings with PM Modi, others cancelled

US nominee for World Bank president Ajay Banga has tested COVID-19 following which the meetings scheduled during his two-day visit to India have been cancelled. According to a Finance Ministry statement, Banga's meeting with Nirmala Sitharaman would not happen as he is in quarantine. "During routine testing, Ajay Banga tested positive for COVID-19 but remains asymptomatic. In adherence with local guidelines, he is quarantining in isolation," the statement said. Besides meeting with the Union finance minister, Banga was scheduled to meet Prime Minister Narendra Modi, Minister of External Affairs S Jaishankar and top officials during his two-day visit from March 23 to 24. Banga's New Delhi visit is the final stop on his three-week global tour that began in Africa before progressing to Europe, Latin America, and Asia to drum up support for his candidature for the World Bank's top position. In a statement on Wednesday, the US Treasury Department had said, "While in India, Banga will m