Page 6 - World Bank

A difficult choice

Postponing IMF reforms in strategic interest

Poverty surges across Pakistan with food, energy prices spike: World Bank

The report indicates that poverty has risen due to declining wages, reduced job quality, and the impact of high inflation on the purchasing power of people living in poverty, according to Dawn

Poverty in India eased in '21, but was above '18 level: World Bank data

World Bank data shows poverty shot up to 176 mn in 2019 from 152 mn in 2018

Pak at tipping point with 40% of population below poverty line: World Bank

The warning comes ahead of the elections. The Bank's policy note is meant to act as a guide for the new government that will take office after the elections for policy reforms

IMF, World Bank urged to boost funding for African nations facing conflict

Many poor countries in Africa face the harshest effects of climate change: severe droughts, vicious heat and dry land, but also unpredictable rain and devastating flooding. The shocks worsen conflict and upend livelihoods because many people are farmers work that is increasingly vulnerable in a warming world. Climate challenges are at the root of vulnerabilities faced by conflict-ridden countries in Africa's Sahel region, such as Burkina Faso, Chad, Mali, Niger and northern Nigeria, experts say. Adapting to these challenges could cost up to USD 50 billion per year, according to the Global Commission on Adaptation, while the International Energy Agency estimates the clean energy transition could cost as much as USD 190 billion a year overwhelming costs for Africa. Countries have limited space in their budgets, and borrowing more to fund climate goals will worsen their considerable debt burdens, argue African leaders, who are seeking a rapid boost in financing. Some leaders suggest

Higher-for-longer rates will keep constricting global economy: World Bank

Both Ajay Banga, the institution's president, and Chief Economist Indermit Gill warned that the fallout from the sudden shift to an era of elevated borrowing costs may be tough

Pakistan: World Bank suggests taxes on agri, real estate to infuse Rs 3 trn

The World Bank has suggested closing all tax exemptions and bringing agriculture, retail, and real estate under a tax bracket that can fetch three per cent of GDP in the cash-strapped Pakistan's kitty, media reports said on Tuesday. The people in two major areas in the provincial jurisdiction real estate and agriculture had most of the untaxed wealth, which should be taxed by the provincial governments to be able to improve services and reduce the financial burden on the centre, which was financing these services, newspaper Dawn quoted WB's Country Director Najy Benhassine and senior economist Tobias Haque as saying. The lender has projected that if agriculture income and properties tax is enforced properly then it could fetch three per cent of GDP in the tax collection on an annual basis, equivalent to slightly over Rs 3 trillion, the Dawn newspaper quoted Haque as saying. He said real estate and agriculture should yield revenue of two per cent and one per cent, respectively, of

IMF, World Bank pledge Africa focus at 1st meetings on continent in 50 yrs

In the shadow of a deadly earthquake in Morocco that caused nearly $12 billion in damage, the world's most powerful economic policymakers said they would focus on Africa as they work to grow and stabilising the global economy during times of war, inequality and climate change. The International Monetary Fund and World Bank are holding their annual meetings in Africa for the first time in 50 years as they face a growing chorus of criticism that poorer nations are underrepresented at the two institutions. Both have recently said they plan to give Africa additional seats on their executive boards. The conference theme was clear Monday during the gathering in Marrakech, although definitive details had yet to be discussed. We're here, Africa, IMF Managing Director Kristalina Georgieva said on a panel with African entrepreneurs. Often lenders of last resort, the IMF and the World Bank use billions in loans and assistance to buoy struggling economies and encourage countries operating in ..

Israel-Hamas conflict may add uncertainty to IMF's growth projections

The IMF on Sunday said it was closely monitoring developments in Israel and Gaza, and it was too early to assess any economic impact

Morocco welcomes annual meeting of IMF, WB a month after its deadly quake

Less than a two-hour drive from where families sleep in tents and earthquake rubble remain in piles, the world's most powerful financial institutions are gathering for a week of discussions on economic challenges during times of war, inequality and climate change. The International Monetary Fund and World Bank decided in 2018 to host their annual meeting in Marrakech, Morocco, bringing the affair to the African continent for the first time in 50 years. Their original timeline was delayed by the pandemic, but the meeting beginning Monday arrives at an apropos time. After a devastating earthquake last month killed nearly 3,000 and wreaked USD 11.7 billion in damages, both officials and civil society groups are eagerly anticipating discussions about how to promote economic resiliency in light of natural disaster. In no other area is the need for international cooperation as evident as in addressing the existential threat of climate change. The world has a responsibility to stand with

Weekend Bites: RBI kills one bird with one stone, future of 50-over cricket

In which we munch over the week's platter of news and views

Emerging economies face China and rate pressures as IMF, World Bank meet

Restructuring efforts for defaulted countries could reach a breakthrough before year-end as talks continue, while the finances of nations like Pakistan and Egypt will also be under scrutiny

World Bank raises India's retail inflation forecast to 5.9% for FY24

Country remains one of the fastest-growing global economies but 'adverse global environment' a challenge, it says

WB ups India's FY24 inflation forecast to 5.9%, growth estimate unchanged

World Bank also said that it expects fiscal consolidation to continue in FY24, with the central government fiscal deficit projected to continue to decline from 6.4% to 5.9%

World Bank slashes 2023 growth forecast for East Asia and Pacific to 5%

World Bank said that while China is expected to grow at 5.1% this year, up from 3% in 2022, the rest of the countries in the region are expected to see a slowdown

ADB unveils capital moves to boost lending by $100 billion over a decade

ADB's move to stretch its balance sheet follows similar measures announced by the World Bank earlier this year that will yield a $50 billion increase in lending over a decade

40% of Pakistan's population lives below poverty line: World Bank

The lender on Friday also revealed that poverty in Pakistan shot up to 39.4% as of last fiscal year with 12.5 million more people falling into the trap due to poor economic conditions

95 mn Pakistanis under poverty, urgent reforms needed: World Bank

Poverty in Pakistan shot up to 39.4 per cent as of last fiscal year, with 12.5 million more people falling into the trap due to poor economic conditions, the World Bank has said, as it urged the cash-strapped country to take urgent steps to achieve financial stability. The Washington-based lender on Friday unveiled draft policy notes that it prepared with the help of all stakeholders for Pakistan's next government ahead of the new election cycle, The Express Tribune newspaper reported. Poverty in Pakistan rose within one year from 34.2 per cent to 39.4 per cent, with 12.5 million more people falling below the poverty line of the USD 3.65 per day income level, according to the World Bank. About 95 million Pakistanis now live in poverty, it said. Pakistan's economic model is no longer reducing poverty, and the living standards have fallen behind peer countries, said Tobias Haque, the World Bank's lead country economist for Pakistan. The global lender urged Pakistan to take urgent ste

World Bank to fund Odisha for better social protection, disaster resilience

World Bank has decided to fund the Odisha government to support its early forecasting systems for improved response to natural disasters and enhance social protection coverage for poor and vulnerable households through digital platforms, an official release said on Thursday. A meeting was held between the Odisha government and a World Bank team here on Wednesday under the chairmanship of development commissioner Anu Garg on the Externally Aided Project (EAP)-Odisha State Capability and Resilient Growth Programme (OSCRGP). The Centre has signed an agreement with the World Bank in July for the programme which costs around Rs 1,183 crore and the state government funding is Rs 367 crore, an official said. The state cabinet had approved this project in December last year. OSCRGP has been declared effective from August 11, 2023 by the World Bank. Garg focused on expediting the World Bank-funded project which is aimed at protecting the poor and vulnerable households from the impact of ...

World Bank's biennial index perception based and narrow, says Centre

Earlier this year, India's rank went up by six places to reach the 38th rank out of 139 countries in the seventh edition of Logistics Performance Index (LPI 2023)