Nigeria's inflation rate soared to more than 28-year high in May as higher food and transport prices continue to ravage the economy. This comes against the backdrop of the World Bank approving a $2.25 billion loan to support economic reforms in the country.

Data shows that consumer prices climbed to 33.95 per cent in May, compared with 33.7 per cent in April. Food inflation also rose to 40.66 per cent in May from 40.3 per cent in April. Depreciation of currency has also contributed to inflation. The local currency, the Naira, has dropped 70 per cent against the dollar since June last year.

This food crisis is largely driven by two&nbsp;major factors - partial removal of fuel subsidies and the floating of currency. This is also the worst economic crisis facing Nigeria in decades. The once-biggest African economy has now fallen to fourth place this year.

The bulk of the World Bank loan, $1.5 billion, is set to assist millions facing poverty; the rest will go to support tax reforms &amp; safeguard oil revenues. Despite being a major oil producer, Nigeria has struggled with high imports, underinvestment, &amp; mismanagement.

Bloomberg analysts are optimistic that some relief might be on the horizon. This is due to upcoming reforms around suspending import duties on certain essentials for six months and increasing minimum wages. Annual inflation is expected to gradually slow to around 32 per cent at year-end, while the rate-hike cycle is expected to end in July.

Nigerians are struck in the 'future land' while their present is clouded with unprecedented turmoil. The country is facing its worst cost-of-living crisis in years. However, Nigeria's president, Bola Tinubu,&nbsp;said his economic reforms will continue despite increasing hardships.

Nigeria's inflation rate soared to more than 28-year high in May as higher food and transport prices continue to ravage the economy. This comes against the backdrop of the World Bank approving a $2.

Nigeria's inflation rate soared to more than 28-year high in May as higher food and transport prices continue to ravage the economy. This comes against the backdrop of the World Bank approving a $2.25 billion loan to support economic reforms in the country. Data shows that consumer prices climbed to 33.95 per cent in May, compared with 33.7 per cent in April. Food inflation also rose to 40.66 per cent in May from 40.3 per cent in April. Depreciation of currency has also contributed to inflation. The local currency, the Naira, has dropped 70 per cent against the dollar since June last year. This food crisis is largely driven by two major factors - partial removal of fuel subsidies and the floating of currency. This is also the worst economic crisis facing Nigeria in decades. The once-biggest African economy has now fallen to fourth place this year. The bulk of the World Bank loan, $1.5 billion, is set to assist millions facing poverty; the rest will go to support tax reforms & safeguard oil revenues. Despite being a major oil producer, Nigeria has struggled with high imports, underinvestment, & mismanagement. Bloomberg analysts are optimistic that some relief might be on the horizon. This is due to upcoming reforms around suspending import duties on certain essentials for six months and increasing minimum wages. Annual inflation is expected to gradually slow to around 32 per cent at year-end, while the rate-hike cycle is expected to end in July. Nigerians are struck in the 'future land' while their present is clouded with unprecedented turmoil. The country is facing its worst cost-of-living crisis in years. However, Nigeria's president, Bola Tinubu, said his economic reforms will continue despite increasing hardships.

Nigeria's inflation rate soars to 28-year high

About 5.7 million Syrians live in extreme poverty, reported the World Bank on Saturday (May 25).&nbsp;

As per two new reports published by the World Bank on Syria, 13 years into the devastating civil war that has battered the economy and impoverished millions, more than a quarter of people are living in extreme poverty condition. Before the conflict, extreme poverty was "virtually non-existent" said one report.&nbsp;

"Extreme poverty, while virtually non-existent before the conflict, affected more than one in four Syrians in 2022" and might have further deteriorated after a deadly earthquake last year, it said, as reported by AFP. Last year's earthquake killed about 6,000 people.

<h2>Poverty and Syria</h2>

Even as the war ravages the economy, infrastructure, and industry in Syria, Lebanon's economic meltdown in late 2019, the Covid-19 pandemic and the war in Ukraine, have all contributed to the erosion of the welfare of Syrian households in recent years, says the report.&nbsp;

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"Continued funding shortfalls and limited access to humanitarian assistance," have further strained poor Syrians, already coping with "soaring prices, reduced access to essential services and rising unemployment," said the World Bank.

In 2023,&nbsp;Syria's GDP was&nbsp;estimated at around $6.2 billion. In 2024, it is&nbsp;projected to contract by 1.5 per cent, "extending the 1.2 per cent decline in 2023," said the report.

Previously, the United Nations estimated that about 90 per cent of Syrians live in poverty. It also estimates that around two million live in extreme poverty conditions after more than a decade of the war.

In a conversation with AFP, the international agency said that its humanitarian 2024 response plan in Syria requires over $4 billion, but is only six per cent funded.

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The dwindling aid and lack of opportunities, as per the World Bank, have pushed many Syrians to rely on money/remittances sent by relatives from abroad. As per the World Bank's estimates, in "2022, the total value of remittances received by Syrian households reached about $1.05 billion".

(With inputs from agencies)

About 5.7 million Syrians live in extreme poverty, reported the World Bank on Saturday (May 25). As per two new reports published by the World Bank on Syria, 13 years into the devastating civil war that has battered the economy and impoverished millions, more than a quarter of people are living in extreme poverty condition.

About 5.7 million Syrians live in extreme poverty, reported the World Bank on Saturday (May 25). As per two new reports published by the World Bank on Syria, 13 years into the devastating civil war that has battered the economy and impoverished millions, more than a quarter of people are living in extreme poverty condition. Before the conflict, extreme poverty was "virtually non-existent" said one report. "Extreme poverty, while virtually non-existent before the conflict, affected more than one in four Syrians in 2022" and might have further deteriorated after a deadly earthquake last year, it said, as reported by AFP. Last year's earthquake killed about 6,000 people. Poverty and Syria Even as the war ravages the economy, infrastructure, and industry in Syria, Lebanon's economic meltdown in late 2019, the Covid-19 pandemic and the war in Ukraine, have all contributed to the erosion of the welfare of Syrian households in recent years, says the report. Also read | Voiced by De Niro, Biden's campaign ad paints Trump as an 'out of control' president that 'snapped' "Continued funding shortfalls and limited access to humanitarian assistance," have further strained poor Syrians, already coping with "soaring prices, reduced access to essential services and rising unemployment," said the World Bank. In 2023, Syria's GDP was estimated at around $6.2 billion. In 2024, it is projected to contract by 1.5 per cent, "extending the 1.2 per cent decline in 2023," said the report. Previously, the United Nations estimated that about 90 per cent of Syrians live in poverty. It also estimates that around two million live in extreme poverty conditions after more than a decade of the war. In a conversation with AFP, the international agency said that its humanitarian 2024 response plan in Syria requires over $4 billion, but is only six per cent funded. Also read | Florida priest accused of biting woman in church during mass. Here’s what happened The dwindling aid and lack of opportunities, as per the World Bank, have pushed many Syrians to rely on money/remittances sent by relatives from abroad. As per the World Bank's estimates, in "2022, the total value of remittances received by Syrian households reached about $1.05 billion". (With inputs from agencies)

13 year war: 5.7 million or over 1 in 4 people 'extremely poor' in Syria, reports World Bank

A new report by Oxfam International raises concerns about rising income inequality in developing countries. Their analysis reveals that 60% of nations receiving loans or grants from the International Monetary Fund (IMF) and World Bank are experiencing this troubling trend.

IMF & World Bank grapple with rising income inequality | World Business Watch

The World Bank Group has introduced a comprehensive framework aimed at measuring the effectiveness of its development programmes.<o:p></o:p>

According to Reuters, this framework encompasses 22 indicators, indicating a major shift in the bank's approach to assessing its impact on global development initiatives. <o:p></o:p>

"A vision and mission are really great, but unless you can translate it into actions and measure it, then it's quite aspirational, and we also want it to be operational," Reuters quoted Anna Bjerde, the Margining Director of Operations at the World Bank.<o:p></o:p>

The drive behind this initiative comes partly from pressure exerted by major shareholders, including the US, urging the World Bank to enhance its efforts in addressing pressing global issues such as climate change and pandemic preparedness. <o:p></o:p>

The bank has streamlined its focus, in response, by reducing the number of projects while prioritising those that are more programmatic and transformative.<o:p></o:p>

The newly introduced scorecard, featuring 22 global indicators, is designed to evaluate facets of development, including poverty alleviation, economic prosperity, and environmental sustainability. <o:p></o:p>

It also incorporates critical themes such as gender equality, youth inclusion, and the well-being of individuals residing in fragile and conflict-affected regions. <o:p></o:p>

Bjerde said that it was important to adopt a "people-centric" approach to scrutinise development outcomes more closely.<o:p></o:p>

According to Bjerde, the scorecard represents a paradigm shift, offering a unified framework for tracking the performance of all World Bank institutions, including the International Finance Corporation and the International Bank for Reconstruction and Development. <o:p></o:p>

"It’s a real game changer, providing a new guidepost that our teams can rally around, and provides full visibility on how well we are tackling the most difficult challenges like poverty, climate change, fragility, and food insecurity," Reuters quoted her as saying.<o:p></o:p>

The scorecard supports World Bank's shift towards outcome-oriented strategies rather than focusing on inputs. <o:p></o:p>

For example, it seeks to measure not only the accessibility of financial services but also the actual utilisation by people. <o:p></o:p>

Bjerde said that transparency in the data collected was important. This includes breakdowns by gender, region, age, and the prevalence of fragile and conflict-affected situations.<o:p></o:p>

While the World Bank is still refining the methodologies for calculating scores across the 22 indicators, it plans to release half of the data in June, with the remainder scheduled for October. <o:p></o:p>

Initial data will include metrics such as global access to electricity and the effectiveness of social safety net programs. <o:p></o:p>

By providing granular insights into development outcomes, the bank is attempting to identify areas that require more efforts.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The World Bank Group has introduced a comprehensive framework aimed at measuring the effectiveness of its development programmes. According to Reuters, this framework encompasses 22 indicators, indicating a major shift in the bank's approach to assessing its impact on global development initiatives.

The World Bank Group has introduced a comprehensive framework aimed at measuring the effectiveness of its development programmes. According to Reuters, this framework encompasses 22 indicators, indicating a major shift in the bank's approach to assessing its impact on global development initiatives. "A vision and mission are really great, but unless you can translate it into actions and measure it, then it's quite aspirational, and we also want it to be operational," Reuters quoted Anna Bjerde, the Margining Director of Operations at the World Bank. The drive behind this initiative comes partly from pressure exerted by major shareholders, including the US, urging the World Bank to enhance its efforts in addressing pressing global issues such as climate change and pandemic preparedness. The bank has streamlined its focus, in response, by reducing the number of projects while prioritising those that are more programmatic and transformative. The newly introduced scorecard, featuring 22 global indicators, is designed to evaluate facets of development, including poverty alleviation, economic prosperity, and environmental sustainability. It also incorporates critical themes such as gender equality, youth inclusion, and the well-being of individuals residing in fragile and conflict-affected regions. Bjerde said that it was important to adopt a "people-centric" approach to scrutinise development outcomes more closely. According to Bjerde, the scorecard represents a paradigm shift, offering a unified framework for tracking the performance of all World Bank institutions, including the International Finance Corporation and the International Bank for Reconstruction and Development. "It’s a real game changer, providing a new guidepost that our teams can rally around, and provides full visibility on how well we are tackling the most difficult challenges like poverty, climate change, fragility, and food insecurity," Reuters quoted her as saying. The scorecard supports World Bank's shift towards outcome-oriented strategies rather than focusing on inputs. For example, it seeks to measure not only the accessibility of financial services but also the actual utilisation by people. Bjerde said that transparency in the data collected was important. This includes breakdowns by gender, region, age, and the prevalence of fragile and conflict-affected situations. While the World Bank is still refining the methodologies for calculating scores across the 22 indicators, it plans to release half of the data in June, with the remainder scheduled for October. Initial data will include metrics such as global access to electricity and the effectiveness of social safety net programs. By providing granular insights into development outcomes, the bank is attempting to identify areas that require more efforts. (With inputs from Reuters)

World Bank releases a new scorecard to estimate development impact

The World Bank has painted a grim economic picture of Pakistan in its biannual report, cautioning that over 10 million more people are at risk of descending into poverty in the cash-strapped country.

The Washington-based lender’s apprehension comes from a sluggish economic growth rate of 1.8 per cent, coupled with soaring inflation, a staggering 26 per cent in the current fiscal year.

The World Bank’s biannual Pakistan Development Outlook report painted a grim economic picture, indicating that the country is set to miss almost all major macroeconomic targets.

The international lender said the country is anticipated to fall short of its primary budget target, remaining in deficit for three consecutive years, contrary to the International Monetary Fund's stipulations mandating a surplus.

WATCH |&nbsp;Pakistan eyes better diplomatic ties with India

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Sayed Murtaza Muzaffari, lead author of the report, said despite a board-based yet nascent economic recovery, poverty alleviation efforts remain insufficient.

The economic growth is projected to stagnate at a paltry 1.8 per cent while maintaining the poverty rate at around 40 per cent, with approximately 98 million Pakistanis already grappling with poverty, the World Bank report said.

The report underlined the vulnerability of those hovering just above the poverty line, with 10 million individuals at risk of slipping into poverty.

The report said that the poor and vulnerable are likely to have benefited from the windfall gain in agricultural output, but these gains were offset by continued high inflation and limited wage growth in other sectors that employ many of the poor, such as construction, trade, and transportation.

The wages of daily labourers increased only five per cent in nominal terms during the first quarter of this fiscal year when the inflation was above 30 per cent, it said.

The persisting cost-of-living crisis, coupled with rising transportation costs, could potentially lead to an increase in out-of-school children and delayed medical treatments, particularly for worse-off families, warned the World Bank.

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At the same time, it added that food security remains a concern in parts of the country.

Among 43 rural districts across Khyber Pakhtunkhwa, Sindh, and Balochistan, many of which were impacted by the 2022 floods, the prevalence of acute food insecurity is also projected to increase from 29 per cent to 32 per cent in the third quarter of this fiscal year, the report said.

“Poverty reduction is projected to stall in the medium term due to weak growth, low real labour incomes, and persistently high inflation," said the World Bank.

Chronic inflation in the absence of substantial growth, along with policy uncertainty, could cause social discontent and have negative welfare impacts, warned the global lender.

“Despite some recovery, Pakistan’s economy remains under stress with low foreign reserves and high inflation. Policy uncertainty remains elevated, and economic activity is subdued, reflecting tight fiscal and monetary policy and import controls,” the World Bank said.

The Washington-based lender said growth is projected to remain below potential with heightened social vulnerability and limited poverty reduction in the medium term.

“Financial sector risks, policy uncertainty, and stronger external headwinds pose significant risks to the outlook,” it added.

Pakistan’s current account deficit (CAD) narrowed to USD 0.8 billion in the first half of the current fiscal year from USD 3.6 billion in the first half of the last fiscal year, on import controls, reduced domestic demand, and lower global commodity prices, the report said.

Meanwhile, official remittances fell by 6.8 per cent year-on-year in the first half of the current fiscal year due to exchange rate rigidities earlier in the year.

For the next fiscal year too, the World Bank projected a 15 per cent inflation rate.

“Inflation is projected to remain elevated at 26 per cent in FY24 due to higher domestic energy prices, with little respite for poor and vulnerable households with depleted savings and lower real incomes,” it said.

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The World Bank said the fiscal deficit is projected to increase to 8 per cent of GDP or Rs 8.5 trillion in this fiscal year due to higher interest payments, which is far higher than the official target of 6.5 per cent.

It said that the deficit will only gradually decline over the medium term as interest payments decrease and fiscal consolidation measures take hold.

As against the IMF target of a primary budget surplus of Rs 400 billion, the World Bank said there will be a primary deficit of 0.1 per cent of GDP in this fiscal year. It has projected the deficit for the next two fiscal years as well.

Pakistan’s economy is expected to grow by only 1.8 per cent in the current fiscal year ending June 2024, whereas the official target is 3.5 per cent, the World Bank said.

For the next fiscal year too the World Bank has projected only a 2.3 per cent economic growth rate, which is even lower than the population growth rate of 2.6 per cent.

The World Bank has painted a grim economic picture of Pakistan in its biannual report, cautioning that over 10 million more people are at risk of descending into poverty in the cash-strapped country.

The World Bank has painted a grim economic picture of Pakistan in its biannual report, cautioning that over 10 million more people are at risk of descending into poverty in the cash-strapped country. The Washington-based lender’s apprehension comes from a sluggish economic growth rate of 1.8 per cent, coupled with soaring inflation, a staggering 26 per cent in the current fiscal year. The World Bank’s biannual Pakistan Development Outlook report painted a grim economic picture, indicating that the country is set to miss almost all major macroeconomic targets. The international lender said the country is anticipated to fall short of its primary budget target, remaining in deficit for three consecutive years, contrary to the International Monetary Fund's stipulations mandating a surplus. WATCH | Pakistan eyes better diplomatic ties with India Sayed Murtaza Muzaffari, lead author of the report, said despite a board-based yet nascent economic recovery, poverty alleviation efforts remain insufficient. The economic growth is projected to stagnate at a paltry 1.8 per cent while maintaining the poverty rate at around 40 per cent, with approximately 98 million Pakistanis already grappling with poverty, the World Bank report said. The report underlined the vulnerability of those hovering just above the poverty line, with 10 million individuals at risk of slipping into poverty. The report said that the poor and vulnerable are likely to have benefited from the windfall gain in agricultural output, but these gains were offset by continued high inflation and limited wage growth in other sectors that employ many of the poor, such as construction, trade, and transportation. The wages of daily labourers increased only five per cent in nominal terms during the first quarter of this fiscal year when the inflation was above 30 per cent, it said. The persisting cost-of-living crisis, coupled with rising transportation costs, could potentially lead to an increase in out-of-school children and delayed medical treatments, particularly for worse-off families, warned the World Bank. Also Read | Islamabad High Court judges receive mysterious letters laced with ‘anthrax’ At the same time, it added that food security remains a concern in parts of the country. Among 43 rural districts across Khyber Pakhtunkhwa, Sindh, and Balochistan, many of which were impacted by the 2022 floods, the prevalence of acute food insecurity is also projected to increase from 29 per cent to 32 per cent in the third quarter of this fiscal year, the report said. “Poverty reduction is projected to stall in the medium term due to weak growth, low real labour incomes, and persistently high inflation," said the World Bank. Chronic inflation in the absence of substantial growth, along with policy uncertainty, could cause social discontent and have negative welfare impacts, warned the global lender. “Despite some recovery, Pakistan’s economy remains under stress with low foreign reserves and high inflation. Policy uncertainty remains elevated, and economic activity is subdued, reflecting tight fiscal and monetary policy and import controls,” the World Bank said. The Washington-based lender said growth is projected to remain below potential with heightened social vulnerability and limited poverty reduction in the medium term. “Financial sector risks, policy uncertainty, and stronger external headwinds pose significant risks to the outlook,” it added. Pakistan’s current account deficit (CAD) narrowed to USD 0.8 billion in the first half of the current fiscal year from USD 3.6 billion in the first half of the last fiscal year, on import controls, reduced domestic demand, and lower global commodity prices, the report said. Meanwhile, official remittances fell by 6.8 per cent year-on-year in the first half of the current fiscal year due to exchange rate rigidities earlier in the year. For the next fiscal year too, the World Bank projected a 15 per cent inflation rate. “Inflation is projected to remain elevated at 26 per cent in FY24 due to higher domestic energy prices, with little respite for poor and vulnerable households with depleted savings and lower real incomes,” it said. Also Read | Pakistan: Imran Khan claims his wife Bushra Bibi was ‘poisoned’ in sub-jail The World Bank said the fiscal deficit is projected to increase to 8 per cent of GDP or Rs 8.5 trillion in this fiscal year due to higher interest payments, which is far higher than the official target of 6.5 per cent. It said that the deficit will only gradually decline over the medium term as interest payments decrease and fiscal consolidation measures take hold. As against the IMF target of a primary budget surplus of Rs 400 billion, the World Bank said there will be a primary deficit of 0.1 per cent of GDP in this fiscal year. It has projected the deficit for the next two fiscal years as well. Pakistan’s economy is expected to grow by only 1.8 per cent in the current fiscal year ending June 2024, whereas the official target is 3.5 per cent, the World Bank said. For the next fiscal year too the World Bank has projected only a 2.3 per cent economic growth rate, which is even lower than the population growth rate of 2.6 per cent.

Around 10 million people in Pakistan at risk of slipping into poverty, says World Bank

The growth forecast has been made for the Indian economy. The Indian economy is projected to grow at 7.5% in 2024, says the World Bank. The increase in the projected growth rate for the Indian economy comes following 8.4% surge in the country’s GDP.

World Bank raises India’s GDP growth forecast to 7.5%

India is the fastest growing major economy in the world but government policies and spending have failed to kick start rural demand post the pandemic. With India's elections just round the corner and campaigning in full swing the question being can rural demand get a much needed boost? Watch in for more details!

World Bank upgrades India's economic outlook | India economy exceeds expectations

Ukraine has received $1.5 billion in funding from the World Bank. This infusion of capital is aimed at supporting Ukraine's budget and vital social spending amidst the crisis. The financing, provided by Britain and Japan, comes at a crucial time, as Ukraine faces dwindling foreign aid and mounting financial pressures.

World Bank bolsters Ukraine's budget

Ukraine story: $1.5 Billion boost for Ukraine from World Bank

The World Bank has announced a $6 billion support package for Egypt spread over three years. Half of this will go directly to government programs, while the other half aims to bolster the private sector. This follows an expanded $8 billion loan programme approved by the international monetary fund in March.

World bank pledges $6 Bn to Egypt as global support soars

Egypt's economy receives a substantial boost as the World Bank announces a hefty aid package exceeding $6 billion. <o:p></o:p>

According to a Bloomberg report, this injection of funds propels Egypt's global bailout efforts to over $50 billion in recent weeks, signalling a renewed confidence in the nation's economic recovery. <o:p></o:p>

The influx of aid comes amidst a series of financial interventions aimed at stabilising Egypt's struggling economy and fostering sustainable growth. <o:p></o:p>

World Bank's contribution<o:p></o:p>

The World Bank's commitment to provide Egypt with over $6 billion underscores its support for the country's economic revival efforts. <o:p></o:p>

The financing, spanning the next three years, is strategically divided, with half allocated to government support and the remainder set to strengthen the private sector. <o:p></o:p>

Egyptian officials have highlighted the essential role of the private sector in driving long-term economic growth, highlighting the significance of this funding allocation.<o:p></o:p>

Comprehensive support from international partners<o:p></o:p>

Egypt's economic rescue mission receives additional backing from international partners, further fortifying its path to recovery. <o:p></o:p>

Just a day prior to the World Bank's announcement, the European Union pledged approximately $8 billion in aid, loans, and grants. <o:p></o:p>

This follows an expanded $8 billion program from the International Monetary Fund (IMF), unveiled in conjunction with significant economic policy reforms implemented by Egyptian authorities. <o:p></o:p>

These coordinated efforts reflect a collective commitment to bolster Egypt's economic prospects and restore stability. <o:p></o:p>

Reforms and financial reinforcement<o:p></o:p>

The World Bank's endorsement of Egypt's economic measures reflects confidence in the nation's reform agenda. <o:p></o:p>

As Egypt grapples with severe foreign currency shortages and soaring inflation rates, the urgency for decisive action becomes apparent. <o:p></o:p>

Egyptian Finance Minister Mohamed Maait confirmed the significant role of international support, including the World Bank's $3 billion budgetary assistance within a broader $20 billion aid package led by the IMF, Japan, and the UK. <o:p></o:p>

These financial injections serve as catalysts for vital economic reforms, including the recent devaluation of the currency and substantial rate hikes, aimed at addressing pressing economic challenges.<o:p></o:p>

Focused objectives and strategic initiatives<o:p></o:p>

The World Bank outlines a strategic agenda to enhance Egypt's economic resilience and facilitate sustainable growth. <o:p></o:p>

The program reinstates the importance of empowering the private sector, strengthening governance in state-owned enterprises, and enhancing the efficiency of public resource management. <o:p></o:p>

By prioritising these key areas, Egypt aims to create a conducive environment for economic development and attract further investment, laying the groundwork for long-term prosperity.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Egypt's economy receives a substantial boost as the World Bank announces a hefty aid package exceeding $6 billion. According to a Bloomberg report, this injection of funds propels Egypt's global bailout efforts to over $50 billion in recent weeks, signalling a renewed confidence in the nation's economic recovery.

Egypt's economy receives a substantial boost as the World Bank announces a hefty aid package exceeding $6 billion. According to a Bloomberg report, this injection of funds propels Egypt's global bailout efforts to over $50 billion in recent weeks, signalling a renewed confidence in the nation's economic recovery. The influx of aid comes amidst a series of financial interventions aimed at stabilising Egypt's struggling economy and fostering sustainable growth. World Bank's contribution The World Bank's commitment to provide Egypt with over $6 billion underscores its support for the country's economic revival efforts. The financing, spanning the next three years, is strategically divided, with half allocated to government support and the remainder set to strengthen the private sector. Egyptian officials have highlighted the essential role of the private sector in driving long-term economic growth, highlighting the significance of this funding allocation. Comprehensive support from international partners Egypt's economic rescue mission receives additional backing from international partners, further fortifying its path to recovery. Just a day prior to the World Bank's announcement, the European Union pledged approximately $8 billion in aid, loans, and grants. This follows an expanded $8 billion program from the International Monetary Fund (IMF), unveiled in conjunction with significant economic policy reforms implemented by Egyptian authorities. These coordinated efforts reflect a collective commitment to bolster Egypt's economic prospects and restore stability. Reforms and financial reinforcement The World Bank's endorsement of Egypt's economic measures reflects confidence in the nation's reform agenda. As Egypt grapples with severe foreign currency shortages and soaring inflation rates, the urgency for decisive action becomes apparent. Egyptian Finance Minister Mohamed Maait confirmed the significant role of international support, including the World Bank's $3 billion budgetary assistance within a broader $20 billion aid package led by the IMF, Japan, and the UK. These financial injections serve as catalysts for vital economic reforms, including the recent devaluation of the currency and substantial rate hikes, aimed at addressing pressing economic challenges. Focused objectives and strategic initiatives The World Bank outlines a strategic agenda to enhance Egypt's economic resilience and facilitate sustainable growth. The program reinstates the importance of empowering the private sector, strengthening governance in state-owned enterprises, and enhancing the efficiency of public resource management. By prioritising these key areas, Egypt aims to create a conducive environment for economic development and attract further investment, laying the groundwork for long-term prosperity. (With inputs from Bloomberg)

Egypt's Economic Resurgence: World Bank unleashes $6 bn aid package

The Government of Goa has announced a groundbreaking partnership with the World Bank to establish a pioneering Blended Finance facility aimed at bolstering climate resilience. According to a press release, this unprecedented initiative marks a significant step towards accessing and mobilising concessional finance to implement low-carbon and climate-resilient investments in Goa, setting an example for other coastal states in India.

The announcement of the Blended Finance facility was made during the 2024 edition of the World Bank's India Climate and Development Partners' Meet, a prestigious annual conference held in Panaji from February 19 to 21.

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This conference serves as a platform for thought leaders and changemakers in the climate sector to convene and collaborate on pressing climate challenges.

Under the framework of the Blended Finance facility, the Department of Environment, Government of Goa, signed Memoranda of Understanding (MoUs) with key financial institutions, including the National Bank for Agriculture and Rural Development (NABARD), the Small Industries Development Bank of India (SIDBI), and the Power Finance Corporation (PFC).

Also watch |&nbsp;Experts worried about rising anxiety due to climate change

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These partnerships underscore the collaborative effort to drive sustainable climate action and resilience-building initiatives in the region.

The facility is designed to play a dual role: firstly, assisting projects with existing funding or established commercial viability to access financing, and secondly, channeling financing to projects and sectors with no existing funding or unattractive risk/return profiles. By bridging green financing mechanisms with domestic capital markets, the facility aims to attract private capital investments for climate action, thus facilitating the transition towards a sustainable and resilient future.

In his address at the India Climate and Development Partners Meet, Pramod Sawant, Chief Minister of Goa, emphasized the significance of resilience in achieving Goa's vision of balance and prosperity. He underscored the role of the Blended Finance Facility in embedding resilience in planning, investments, and infrastructure, thereby empowering communities and fostering sustainable development.

Chief Minister Sawant, said, "Resilience is a crucial aspect of our vision for a Santulit (balanced) Goa that bridges economy and ecology and balances our aspirations for the health of our ecosystems and the development and wellbeing of our people. This Blended Finance Facility will enable us to embed and operationalize greater resilience in our planning, investments, and infrastructure. We look forward to empowering our communities with the new technologies and business models that will be crucial in our response to climate change."

Aligned with the state's vision of "Samruddhi, Santulan, and Suramyata" as outlined in Viksit Goa 2047, the facility will support the operationalization of Goa's State Action Plan on Climate Change (2023-2033).

Key sectors earmarked to benefit from blended finance investments include e-mobility, renewable energy, biodiversity conservation, coastal protection, and green tourism, among others.

Commenting on the initiative, Jennifer Sara, Global Director, Climate Change Global Practice, World Bank, emphasized the transformative potential of blended finance innovations in mobilizing resources for climate-resilient projects.

Sara said, "Blended finance innovations can help mobilise high-risk projects that generate positive, measurable social and environmental results - including better and more sustainable products and services for consumers. We look forward to working with Goa to implement climate-resilient investments towards the well-being of its people and the environment".

She reiterated the World Bank's commitment to collaborating with Goa to implement sustainable investments for the well-being of its people and the environment.

Abhas K. Jha, Practice Manager, South Asia Region Climate Change and Disaster Risk Management at the World Bank, highlighted the scalability of the facility, emphasizing its potential to be replicated and expanded at the sub-national level in India.

He underscored the opportunity presented by blended finance to unlock green growth, create new jobs, and drive sustainable development.

Jha said, "This facility has the potential to be replicated and scaled in India at the sub-national level. Done right, it helps private gains to reinforce public good and unlock a multi-trillion-dollar opportunity to fund green growth and create new jobs".

The India Climate and Development Partners Meet serves as a platform for policymakers, financial institutions, businesses, and community representatives to explore opportunities for leveraging finance for adaptation and mainstreaming climate considerations in government investments and budgets.

Deliberations at the conference include topics such as innovation in climate financing, sustainable cooling, community-led resilience, and coastal resilience, among others.

The collaboration between the Government of Goa and the World Bank through the Blended Finance facility marks a significant milestone in advancing climate resilience and sustainable development in the region, setting a precedent for transformative climate action on a global scale.&nbsp;

The Government of Goa has announced a groundbreaking partnership with the World Bank to establish a pioneering Blended Finance facility aimed at bolstering climate resilience.

The Government of Goa has announced a groundbreaking partnership with the World Bank to establish a pioneering Blended Finance facility aimed at bolstering climate resilience. According to a press release, this unprecedented initiative marks a significant step towards accessing and mobilising concessional finance to implement low-carbon and climate-resilient investments in Goa, setting an example for other coastal states in India. The announcement of the Blended Finance facility was made during the 2024 edition of the World Bank's India Climate and Development Partners' Meet, a prestigious annual conference held in Panaji from February 19 to 21. Also read | Researchers decode years of research to find the optimal temperature for life. Here's all you need to know This conference serves as a platform for thought leaders and changemakers in the climate sector to convene and collaborate on pressing climate challenges. Under the framework of the Blended Finance facility, the Department of Environment, Government of Goa, signed Memoranda of Understanding (MoUs) with key financial institutions, including the National Bank for Agriculture and Rural Development (NABARD), the Small Industries Development Bank of India (SIDBI), and the Power Finance Corporation (PFC). Also watch | Experts worried about rising anxiety due to climate change × These partnerships underscore the collaborative effort to drive sustainable climate action and resilience-building initiatives in the region. The facility is designed to play a dual role: firstly, assisting projects with existing funding or established commercial viability to access financing, and secondly, channeling financing to projects and sectors with no existing funding or unattractive risk/return profiles. By bridging green financing mechanisms with domestic capital markets, the facility aims to attract private capital investments for climate action, thus facilitating the transition towards a sustainable and resilient future. In his address at the India Climate and Development Partners Meet, Pramod Sawant, Chief Minister of Goa, emphasized the significance of resilience in achieving Goa's vision of balance and prosperity. He underscored the role of the Blended Finance Facility in embedding resilience in planning, investments, and infrastructure, thereby empowering communities and fostering sustainable development. Chief Minister Sawant, said, "Resilience is a crucial aspect of our vision for a Santulit (balanced) Goa that bridges economy and ecology and balances our aspirations for the health of our ecosystems and the development and wellbeing of our people. This Blended Finance Facility will enable us to embed and operationalize greater resilience in our planning, investments, and infrastructure. We look forward to empowering our communities with the new technologies and business models that will be crucial in our response to climate change." Aligned with the state's vision of "Samruddhi, Santulan, and Suramyata" as outlined in Viksit Goa 2047, the facility will support the operationalization of Goa's State Action Plan on Climate Change (2023-2033). Key sectors earmarked to benefit from blended finance investments include e-mobility, renewable energy, biodiversity conservation, coastal protection, and green tourism, among others. Commenting on the initiative, Jennifer Sara, Global Director, Climate Change Global Practice, World Bank, emphasized the transformative potential of blended finance innovations in mobilizing resources for climate-resilient projects. Sara said, "Blended finance innovations can help mobilise high-risk projects that generate positive, measurable social and environmental results - including better and more sustainable products and services for consumers. We look forward to working with Goa to implement climate-resilient investments towards the well-being of its people and the environment". She reiterated the World Bank's commitment to collaborating with Goa to implement sustainable investments for the well-being of its people and the environment. Abhas K. Jha, Practice Manager, South Asia Region Climate Change and Disaster Risk Management at the World Bank, highlighted the scalability of the facility, emphasizing its potential to be replicated and expanded at the sub-national level in India. He underscored the opportunity presented by blended finance to unlock green growth, create new jobs, and drive sustainable development. Jha said, "This facility has the potential to be replicated and scaled in India at the sub-national level. Done right, it helps private gains to reinforce public good and unlock a multi-trillion-dollar opportunity to fund green growth and create new jobs". The India Climate and Development Partners Meet serves as a platform for policymakers, financial institutions, businesses, and community representatives to explore opportunities for leveraging finance for adaptation and mainstreaming climate considerations in government investments and budgets. Deliberations at the conference include topics such as innovation in climate financing, sustainable cooling, community-led resilience, and coastal resilience, among others. The collaboration between the Government of Goa and the World Bank through the Blended Finance facility marks a significant milestone in advancing climate resilience and sustainable development in the region, setting a precedent for transformative climate action on a global scale.

World Bank to collaborate with Goa government for finance facility to combat climate change

World Bank president Ajay Banga warns that part of the development lender's work is impeded by excessive restrictions. Banga said that undermines the progress and effectiveness, especially when he is trying to raise capital and expand the bank's mandate.

Ajay Banga flags slowness and inefficiencies of the World Bank

The World Bank on Thursday announced innovative measures to provide swift financial assistance to member countries grappling with the aftermath of natural disasters and other crises.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The enhancements to the Crisis Preparedness and Response Toolkit will empower countries to promptly access up to 10 per cent of undisbursed funds from existing project loans or facilities dedicated to emergency response.<o:p></o:p>

“When a crisis hits, we're unprepared financially, and we're having to make all kinds of terrible trade-offs that we don't want to have to make," World Bank Managing Director for Operations, Anna Bjerde, told Reuters.<o:p></o:p>

For instance, a country with $3 billion undisbursed from a $5 billion loan portfolio could swiftly access $300 million in case of a hurricane, earthquake, or pandemic, providing a crucial liquidity injection to mitigate the impact of the crisis.<o:p></o:p>

Expanding on these reforms, the World Bank is set to increase access to pre-arranged emergency crisis financing as part of future loan programs. <o:p></o:p>

These programs will necessitate crisis-preparedness reforms and other institutional measures, contributing to the overall resilience of nations in the face of adversities.<o:p></o:p>

Additionally, the executive board of the World Bank has approved a third component, aiming to broaden the use of catastrophe insurance products. <o:p></o:p>

This includes innovative financial instruments like catastrophe bonds, which offer insurance payouts in the event of disasters meeting specific criteria.<o:p></o:p>

Jamaica has been at the forefront of utilising catastrophe bonds, and World Bank President Ajay Banga advocates for their expanded use to safeguard vulnerable countries' budgets from climate and other threats, providing them with a much-needed "peace of mind." <o:p></o:p>

Under this initiative, funds from project loans that catastrophe bonds would protect can be redirected to cover fees associated with arranging their issuance, alleviating the financial burden on the issuing countries.<o:p></o:p>

These transformative changes are part of the World Bank's broader reform efforts to amplify its mission, addressing global challenges such as climate change. <o:p></o:p>

Described as a step towards building a "better bank," these measures align with President Ajay Banga's operational improvement agenda, intending to enhance the institution's effectiveness before seeking a general capital increase from shareholders.<o:p></o:p>

In addition to the financial reforms, the World Bank is actively working to streamline its operational processes. Bjerde revealed plans to expedite the approval and disbursement of loans, aiming to reduce the average approval time from 27 months to 12 months by June 2025. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The World Bank on Thursday announced innovative measures to provide swift financial assistance to member countries grappling with the aftermath of natural disasters and other crises.

The World Bank on Thursday announced innovative measures to provide swift financial assistance to member countries grappling with the aftermath of natural disasters and other crises. This is based on a Reuters report. The enhancements to the Crisis Preparedness and Response Toolkit will empower countries to promptly access up to 10 per cent of undisbursed funds from existing project loans or facilities dedicated to emergency response. “When a crisis hits, we're unprepared financially, and we're having to make all kinds of terrible trade-offs that we don't want to have to make," World Bank Managing Director for Operations, Anna Bjerde, told Reuters. For instance, a country with $3 billion undisbursed from a $5 billion loan portfolio could swiftly access $300 million in case of a hurricane, earthquake, or pandemic, providing a crucial liquidity injection to mitigate the impact of the crisis. Expanding on these reforms, the World Bank is set to increase access to pre-arranged emergency crisis financing as part of future loan programs. These programs will necessitate crisis-preparedness reforms and other institutional measures, contributing to the overall resilience of nations in the face of adversities. Additionally, the executive board of the World Bank has approved a third component, aiming to broaden the use of catastrophe insurance products. This includes innovative financial instruments like catastrophe bonds, which offer insurance payouts in the event of disasters meeting specific criteria. Jamaica has been at the forefront of utilising catastrophe bonds, and World Bank President Ajay Banga advocates for their expanded use to safeguard vulnerable countries' budgets from climate and other threats, providing them with a much-needed "peace of mind." Under this initiative, funds from project loans that catastrophe bonds would protect can be redirected to cover fees associated with arranging their issuance, alleviating the financial burden on the issuing countries. These transformative changes are part of the World Bank's broader reform efforts to amplify its mission, addressing global challenges such as climate change. Described as a step towards building a "better bank," these measures align with President Ajay Banga's operational improvement agenda, intending to enhance the institution's effectiveness before seeking a general capital increase from shareholders. In addition to the financial reforms, the World Bank is actively working to streamline its operational processes. Bjerde revealed plans to expedite the approval and disbursement of loans, aiming to reduce the average approval time from 27 months to 12 months by June 2025. (With inputs from Reuters)

World Bank revolutionises emergency funding system for crisis-prone nations

In an interview, World Bank President Ajay Banga shares his approach to accelerate climate financing, trimming project timelines, and enticing private sector giants into the development landscape.

World Bank President plans to fast-track climate financing | World DNA

Nigeria is looking at $1.5 billion worth of loans from the World Bank to help with its chronic dollar shortage. The severe dollar shortage has been a significant factor in the sharp collapse of the Naira to a record low.

Sinking Naira pushes Nigeria to seek $1.5 bn aid from World Bank

We move to a sobering assessment from the world bank as it warns that global economic growth is poised to slow for the third consecutive year. This raises concerns about prolonged poverty and escalating debt levels in many developing countries.

Global economic slowdown to continue | World Business Watch

India is poised to be the top recipient of remittances globally in 2023, with an anticipated surge of over 11 per cent, reaching $125 billion, according to the World Bank's latest Migration and Development Brief reported by Moneycontrol. <o:p></o:p>

This growth solidifies India's position ahead of countries like Mexico ($67 billion) and China ($50 billion). The report underscored the importance of remittances to India's economy, helping offset the impact of declining foreign direct investment and higher trade deficits.<o:p></o:p>

The World Bank highlighted a global growth of approximately 3.8 per cent in remittances to low- and middle-income countries (LMICs) in 2023, totalling $669 billion. Resilient labour markets in advanced economies and Gulf Cooperation Council (GCC) countries contribute to migrants' ability to send money home.<o:p></o:p>

However, the World Bank expressed concern about the risk of a decline in real income for migrants in 2024, given the backdrop of global inflation and low growth prospects.<o:p></o:p>

Remittances to South Asia, estimated to grow by 7.2 per cent in 2023, reaching $189 billion, are primarily driven by remittances to India. The US remains the largest source of remittances globally, with Saudi Arabia ranking second. Factors contributing to India's robust remittance growth include declining inflation and strong labour markets in high-income source countries, particularly the US, UK, and Singapore.<o:p></o:p>

The regional breakdown reveals varied trends, with remittances growing for Latin America and the Caribbean (8 per cent), East Asia and the Pacific (3 per cent), and Sub-Saharan Africa (1.9 per cent). However, flows to the Middle East and North Africa experienced a 5.3 per cent decline for the second consecutive year, primarily attributed to a sharp drop in flows to Egypt. Remittances to Europe and Central Asia also saw a dip of 1.4 per cent after substantial gains in 2022.<o:p></o:p>

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India is poised to be the top recipient of remittances globally in 2023, with an anticipated surge of over 11 per cent, reaching $125 billion, according to the World Bank's latest Migration and Development Brief reported by Moneycontrol.

India is poised to be the top recipient of remittances globally in 2023, with an anticipated surge of over 11 per cent, reaching $125 billion, according to the World Bank's latest Migration and Development Brief reported by Moneycontrol. This growth solidifies India's position ahead of countries like Mexico ($67 billion) and China ($50 billion). The report underscored the importance of remittances to India's economy, helping offset the impact of declining foreign direct investment and higher trade deficits. The World Bank highlighted a global growth of approximately 3.8 per cent in remittances to low- and middle-income countries (LMICs) in 2023, totalling $669 billion. Resilient labour markets in advanced economies and Gulf Cooperation Council (GCC) countries contribute to migrants' ability to send money home. However, the World Bank expressed concern about the risk of a decline in real income for migrants in 2024, given the backdrop of global inflation and low growth prospects. Remittances to South Asia, estimated to grow by 7.2 per cent in 2023, reaching $189 billion, are primarily driven by remittances to India. The US remains the largest source of remittances globally, with Saudi Arabia ranking second. Factors contributing to India's robust remittance growth include declining inflation and strong labour markets in high-income source countries, particularly the US, UK, and Singapore. The regional breakdown reveals varied trends, with remittances growing for Latin America and the Caribbean (8 per cent), East Asia and the Pacific (3 per cent), and Sub-Saharan Africa (1.9 per cent). However, flows to the Middle East and North Africa experienced a 5.3 per cent decline for the second consecutive year, primarily attributed to a sharp drop in flows to Egypt. Remittances to Europe and Central Asia also saw a dip of 1.4 per cent after substantial gains in 2022. WATCH WION LIVE HERE

India leads global remittance surge with projected 23pc increase to $125 bn in 2023

Somalia is set to receive debt relief of $4.5 billion from its international creditors, the international monetary fund and world bank. For one of the poorest nations in the world with around 70 percent of its population living on less than $1.90 a day, it is welcome news.

Somalia gets $4.5bn in debt relief from creditors | World of Africa

Countries moved a step closer on Saturday (Nov 4)&nbsp;to getting a fund off the ground to help poor states damaged by climate disasters, despite reservations from developing nations and the United States.&nbsp;

The deal to create a "loss and damage" fund was hailed as a breakthrough for developing country negotiators at United Nations climate talks in Egypt last year, overcoming years of resistance from wealthy nations.

But in the past 11 months, governments have struggled to reach consensus on the details of the fund, such as who will pay and where the fund will be located.&nbsp;

A special UN committee tasked with implementing the fund met for a fifth time in Abu Dhabi this week - following a deadlock in Egypt last month - to finalise recommendations that will be put to governments when they meet for the annual climate summit COP28 in Dubai in less than four weeks' time. The goal is to get the fund up and running by 2024.&nbsp;

The committee, representing a geographically diverse group of countries, resolved to recommend the&nbsp;World&nbsp;Bank&nbsp;serve as trustee and host of the fund - a tension point that has fuelled divisions between developed and developing nations.

Housing a fund at the&nbsp;World&nbsp;Bank, whose presidents are appointed by the US, would give donor countries outsized influence over the fund and result in high fees for recipient countries, developing countries have argued.

Watch:&nbsp;Pakistan economic crisis: 12.5 mn people fall below poverty line; World Bank flags dire situation

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To get all countries on board, it was agreed the&nbsp;World&nbsp;Bank&nbsp;would serve as interim trustee and host of the fund for a four-year period.

Jennifer Morgan, Germany's special climate envoy, said in a post on X that Berlin "stands ready to fulfil its responsibility - we're actively working towards contributing to the new fund and assessing options for more structural sources of financing".

Others were less optimistic.

“It is a sombre day for climate justice, as rich countries turn their backs on vulnerable communities," said Harjeet Singh, head of global political strategy at nonprofit Climate Action Network International.

"Rich countries ... have not only coerced developing nations into accepting the&nbsp;World&nbsp;Bank&nbsp;as the host of the Loss and Damage Fund but have also evaded their duty to lead in providing financial assistance to those communities and countries."

<a href="https://www.wionews.com/india-news/took-6-years-instead-of-47-world-bank-lauds-indias-digitisation-drive-ahead-of-g20-633655">Also read:&nbsp;‘Took 6 years instead of 47`: World Bank lauds India’s digitisation drive ahead of G20</a>

The committee also recommended that developed countries be urged to continue to provide support to the fund, but failed to resolve whether wealthy nations would be under strict financial obligation to do chip in.

"We regret that the text does not reflect consensus concerning the need for clarity on the voluntary nature of contributions," a US&nbsp;State Department official told Reuters.

The US&nbsp;attempted to include a footnote clarifying that any contributions to the fund would be voluntary, but the committee chair did not allow it. The US&nbsp;objected to that denial.

Sultan al-Jaber, who will preside over the COP28 talks, said he welcomed the committee's recommendations and that they would pave the way for an agreement at COP28.&nbsp;

(With inputs from agencies)

Countries moved a step closer on Saturday (Nov 4) to getting a fund off the ground to help poor states damaged by climate disasters, despite reservations from developing nations and the United States.

Countries moved a step closer on Saturday (Nov 4) to getting a fund off the ground to help poor states damaged by climate disasters, despite reservations from developing nations and the United States. The deal to create a "loss and damage" fund was hailed as a breakthrough for developing country negotiators at United Nations climate talks in Egypt last year, overcoming years of resistance from wealthy nations. But in the past 11 months, governments have struggled to reach consensus on the details of the fund, such as who will pay and where the fund will be located. A special UN committee tasked with implementing the fund met for a fifth time in Abu Dhabi this week - following a deadlock in Egypt last month - to finalise recommendations that will be put to governments when they meet for the annual climate summit COP28 in Dubai in less than four weeks' time. The goal is to get the fund up and running by 2024. The committee, representing a geographically diverse group of countries, resolved to recommend the World Bank serve as trustee and host of the fund - a tension point that has fuelled divisions between developed and developing nations. Housing a fund at the World Bank, whose presidents are appointed by the US, would give donor countries outsized influence over the fund and result in high fees for recipient countries, developing countries have argued. Watch: Pakistan economic crisis: 12.5 mn people fall below poverty line; World Bank flags dire situation × To get all countries on board, it was agreed the World Bank would serve as interim trustee and host of the fund for a four-year period. Jennifer Morgan, Germany's special climate envoy, said in a post on X that Berlin "stands ready to fulfil its responsibility - we're actively working towards contributing to the new fund and assessing options for more structural sources of financing". Others were less optimistic. “It is a sombre day for climate justice, as rich countries turn their backs on vulnerable communities," said Harjeet Singh, head of global political strategy at nonprofit Climate Action Network International. "Rich countries ... have not only coerced developing nations into accepting the World Bank as the host of the Loss and Damage Fund but have also evaded their duty to lead in providing financial assistance to those communities and countries." Also read: ‘Took 6 years instead of 47`: World Bank lauds India’s digitisation drive ahead of G20 The committee also recommended that developed countries be urged to continue to provide support to the fund, but failed to resolve whether wealthy nations would be under strict financial obligation to do chip in. "We regret that the text does not reflect consensus concerning the need for clarity on the voluntary nature of contributions," a US State Department official told Reuters. The US attempted to include a footnote clarifying that any contributions to the fund would be voluntary, but the committee chair did not allow it. The US objected to that denial. Sultan al-Jaber, who will preside over the COP28 talks, said he welcomed the committee's recommendations and that they would pave the way for an agreement at COP28. (With inputs from agencies)

World Bank to host climate loss and damage fund amid concerns by developing nations

World Bank president Ajay Banga on Tuesday said that the current conflict between Israel and Hamas has sparked concerns about its possible influence on global economic development.

Speaking at the annual Future Investment Initiative,&nbsp;Banga emphasised, "What just happened recently in Israel and Gaza – at the end of the day you put all this together, I think the impact on economic development is even more serious. I think we're at a very dangerous juncture."

The annual Future Investment Initiative, also known as "Davos in the Desert", saw&nbsp;over 6,000 registered delegates, as well as&nbsp;global banking leaders and the presidents of South Korea, Kenya, and Rwanda in attendance.

Saudi Arabia's goal of a more wealthy and peaceful West Asia stands in sharp contrast to this conflict. The nation had been working towards rebuilding ties with Iran and had entered talks regarding the recognition of Israel before the outbreak of violence.

About the war

According to reports, Hamas operatives entered Israel from the Gaza Strip on October 7, sparking the war. At least 1,400 individuals were killed in this operation, according to Israeli sources, the bulk of whom were civilians who died&nbsp;in gunfire or from burns on the first day of the raid. The 222 hostages, which included the elderly&nbsp;and little children, were taken, according to the Israeli officials. Numerous dual citizens and foreigners are included among the hostages.

According to data from Gaza's Hamas-run health ministry, more than 5,000 Palestinians have died as a result of Israeli bombardments in retaliation for the assault, the bulk of whom were civilians.

(With inputs from AFP)

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World Bank president Ajay Banga on Tuesday said that the current conflict between Israel and Hamas has sparked concerns about its possible influence on global economic development.

World Bank president Ajay Banga on Tuesday said that the current conflict between Israel and Hamas has sparked concerns about its possible influence on global economic development. Speaking at the annual Future Investment Initiative, Banga emphasised, "What just happened recently in Israel and Gaza – at the end of the day you put all this together, I think the impact on economic development is even more serious. I think we're at a very dangerous juncture." The annual Future Investment Initiative, also known as "Davos in the Desert", saw over 6,000 registered delegates, as well as global banking leaders and the presidents of South Korea, Kenya, and Rwanda in attendance. Saudi Arabia's goal of a more wealthy and peaceful West Asia stands in sharp contrast to this conflict. The nation had been working towards rebuilding ties with Iran and had entered talks regarding the recognition of Israel before the outbreak of violence. About the war According to reports, Hamas operatives entered Israel from the Gaza Strip on October 7, sparking the war. At least 1,400 individuals were killed in this operation, according to Israeli sources, the bulk of whom were civilians who died in gunfire or from burns on the first day of the raid. The 222 hostages, which included the elderly and little children, were taken, according to the Israeli officials. Numerous dual citizens and foreigners are included among the hostages. According to data from Gaza's Hamas-run health ministry, more than 5,000 Palestinians have died as a result of Israeli bombardments in retaliation for the assault, the bulk of whom were civilians. (With inputs from AFP) WATCH WION LIVE HERE

World Bank president warns of “serious” economic damage globally amid Israel-Hamas war

The world bank is in talks to provide a 1 billion dollar loan to help south africa reform its energy sector, as the country tries to overcome record power cuts that have crippled the economy. A Reuters report states that the loan, which would be given to the government rather than to state utility Eskom, is under discussion.

World bank loan likely for South Africa

World Bank Chief Economist Indermit Gill has expressed concerns about the weakening global economy, highlighting the US and India as relative bright spots in the midst of global economic challenges. &nbsp;

According to a Moneycontrol report Gill noted, "The good news is that there are a few bright spots like the US and India." These comments were made during a press conference on October 11, held before the annual meeting of the World Bank Group and the International Monetary Fund (IMF) in Marrakesh, Morocco.&nbsp;

Gill's remarks came just days after the World Bank maintained its growth forecast for India at 6.3 percent for 2023-24, despite persistent global headwinds. The IMF had also recently raised its growth forecast for India's current financial year by 20 basis points to 6.3 percent. The Reserve Bank of India (RBI) had projected a GDP growth rate of 6.5 percent for 2023-24 and 2024-25.&nbsp;

High-interest rates, however, pose a significant challenge to global growth, according to Gill. Moneycontrol reported that he expressed concerns about the impact of high interest rates, explaining that growth was slowing down significantly. He further noted that the main issue was that growth was decelerating to levels considerably below those observed before the crisis.&nbsp;

Gill emphasised the potential impact of high interest rates by drawing parallels with the 1970s when the US Federal Reserve increased rates, leading to economic difficulties in multiple countries. He cautioned, "We should expect some countries to get into trouble now."&nbsp;

In the past 18 months, the US Federal Reserve has raised its key interest rate by 500 basis points to combat high inflation caused by global commodity price spikes following the Russia-Ukraine conflict. Gill suggested that while some countries may not have high debt levels now, they could still face issues as public debt crowds out private investment, hampering growth.&nbsp;

As per media reports, World Bank President Ajay Banga added that he anticipates interest rates to remain "higher for longer," which could further complicate global economic dynamics.&nbsp;

The discussion also touched upon the debt challenges faced by low-income and vulnerable middle-income countries, which have become more prominent in the wake of the COVID-19 pandemic. The Common Framework was introduced to help these nations restructure their debt, but progress has been relatively slow. &nbsp;

When asked if the framework needed replacement, President Banga emphasised the importance of well-thought-out strategies and the need to address the debt issues on a case-by-case basis. He stressed the significance of finding comprehensive solutions to prevent recurring debt crises in the future.&nbsp;

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World Bank Chief Economist Indermit Gill has expressed concerns about the weakening global economy, highlighting the US and India as relative bright spots in the midst of global economic challenges.

World Bank Chief Economist Indermit Gill has expressed concerns about the weakening global economy, highlighting the US and India as relative bright spots in the midst of global economic challenges. According to a Moneycontrol report Gill noted, "The good news is that there are a few bright spots like the US and India." These comments were made during a press conference on October 11, held before the annual meeting of the World Bank Group and the International Monetary Fund (IMF) in Marrakesh, Morocco. Gill's remarks came just days after the World Bank maintained its growth forecast for India at 6.3 percent for 2023-24, despite persistent global headwinds. The IMF had also recently raised its growth forecast for India's current financial year by 20 basis points to 6.3 percent. The Reserve Bank of India (RBI) had projected a GDP growth rate of 6.5 percent for 2023-24 and 2024-25. High-interest rates, however, pose a significant challenge to global growth, according to Gill. Moneycontrol reported that he expressed concerns about the impact of high interest rates, explaining that growth was slowing down significantly. He further noted that the main issue was that growth was decelerating to levels considerably below those observed before the crisis. Gill emphasised the potential impact of high interest rates by drawing parallels with the 1970s when the US Federal Reserve increased rates, leading to economic difficulties in multiple countries. He cautioned, "We should expect some countries to get into trouble now." In the past 18 months, the US Federal Reserve has raised its key interest rate by 500 basis points to combat high inflation caused by global commodity price spikes following the Russia-Ukraine conflict. Gill suggested that while some countries may not have high debt levels now, they could still face issues as public debt crowds out private investment, hampering growth. As per media reports, World Bank President Ajay Banga added that he anticipates interest rates to remain "higher for longer," which could further complicate global economic dynamics. The discussion also touched upon the debt challenges faced by low-income and vulnerable middle-income countries, which have become more prominent in the wake of the COVID-19 pandemic. The Common Framework was introduced to help these nations restructure their debt, but progress has been relatively slow. When asked if the framework needed replacement, President Banga emphasised the importance of well-thought-out strategies and the need to address the debt issues on a case-by-case basis. He stressed the significance of finding comprehensive solutions to prevent recurring debt crises in the future. WATCH WION LIVE HERE

World Bank chief economist highlights global economic concerns; US & India positive exceptions

Ukraine has been granted $1.15 billion from the United States under the PEACE in Ukraine program, marking a continued effort to support the country during the ongoing conflict with Russia. The Ukrainian finance ministry officially confirmed the substantial grant.&nbsp;

The PEACE (Public Expenditures for Administrative Capacity Endurance) in Ukraine project, a flagship initiative of the World Bank, has been pivotal in aiding Kyiv amid Russia's aggression in the region.

The United States government has displayed its unwavering commitment to Ukraine this year, granting Ukraine $10.9 billion in direct budget support in the form of grants.

This financial aid is primarily directed towards compensating state budget expenditures in the social and humanitarian sectors, with no intention of allocation to security or defence, as clarified by the ministry.&nbsp;

Emphasising&nbsp;the magnitude of the support, Finance Minister Serhiy Marchenko is quoted by Reuters&nbsp;as saying, "Since the beginning of the full-scale war, Ukraine's state budget has already received $22.9 billion from the United States."&nbsp;

Ukraine's reliance on foreign financing to bridge its budget gap and sustain social spending is evident. Simultaneously, Kyiv is actively seeking funding to rebuild vital infrastructure, schools, and hospitals, which have incurred significant damage over nearly 20 months of persistent conflict.&nbsp;

(With inputs from Reuters)&nbsp;

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Ukraine has been granted $1.15 billion from the United States under the PEACE in Ukraine program, marking a continued effort to support the country during the ongoing conflict with Russia.

Ukraine has been granted $1.15 billion from the United States under the PEACE in Ukraine program, marking a continued effort to support the country during the ongoing conflict with Russia. The Ukrainian finance ministry officially confirmed the substantial grant. The PEACE (Public Expenditures for Administrative Capacity Endurance) in Ukraine project, a flagship initiative of the World Bank, has been pivotal in aiding Kyiv amid Russia's aggression in the region. The United States government has displayed its unwavering commitment to Ukraine this year, granting Ukraine $10.9 billion in direct budget support in the form of grants. This financial aid is primarily directed towards compensating state budget expenditures in the social and humanitarian sectors, with no intention of allocation to security or defence, as clarified by the ministry. Emphasising the magnitude of the support, Finance Minister Serhiy Marchenko is quoted by Reuters as saying, "Since the beginning of the full-scale war, Ukraine's state budget has already received $22.9 billion from the United States." Ukraine's reliance on foreign financing to bridge its budget gap and sustain social spending is evident. Simultaneously, Kyiv is actively seeking funding to rebuild vital infrastructure, schools, and hospitals, which have incurred significant damage over nearly 20 months of persistent conflict. (With inputs from Reuters) WATCH WION LIVE HERE

Ukraine receives $1.15 billion under World Bank's PEACE initiative 

World Bank&nbsp;President&nbsp;Ajay Banga has expressed his concerns about the economic repercussions of the ongoing Israel-Gaza conflict, referring to it as an "unnecessary global economic shock".&nbsp;

Speaking on the sidelines of the World Bank-International Monetary Fund annual meetings in Morocco, Banga stressed that the conflict has not only caused a humanitarian tragedy but also has economic implications that the world can ill afford.&nbsp;

"It's a humanitarian tragedy and it's an economic shock we don't need," Banga told Reuters, highlighting the far-reaching consequences of the conflict if it continues to escalate. He pointed out that the conflict threatens to hinder central banks' efforts to achieve soft landings in various economies if it spreads further.&nbsp;

Banga noted that central banks had been gaining confidence in the possibility of achieving a soft landing before the conflict erupted. However, he maintained that the ongoing situation makes it increasingly challenging for central banks to maintain stability in their economies. He emphasised that the conflict is an unwanted disruption that could have a lasting impact on the global economic landscape.&nbsp;

The World Bank President highlighted that, unlike the initial stages of Russia's invasion of Ukraine last year, the Israel-Gaza conflict does not have a direct impact on the exports of essential commodities such as oil, grains, and fertilisers.&nbsp;

However, Banga pointed out that the conflict's effects are transmitted through financial markets. The sudden rise of dollar assets in response to the conflict could disrupt economic stability. He noted that in recent months, there had been signs of improvement, with inflation decreasing and prices and wages stabilising. Markets had also adjusted to the idea of higher interest rates in the near future. However, another prolonged conflict could upset the dynamics of these positive developments.&nbsp;

While discussing the political aspects of the conflict, Banga mentioned that the European Union initially made a mistake by announcing a complete cut-off of aid to the Palestinian Territories in response to the Hamas attack on Israel. This decision was later reversed. Banga refrained from delving into the politics of the situation, focusing instead on the development aspect. He emphasised the importance of offering support to the affected areas once the conflict subsides.&nbsp;

(With inputs from Reuters)&nbsp;

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World Bank President Ajay Banga has expressed his concerns about the economic repercussions of the ongoing Israel-Gaza conflict, referring to it as an "unnecessary global economic shock".

World Bank President Ajay Banga has expressed his concerns about the economic repercussions of the ongoing Israel-Gaza conflict, referring to it as an "unnecessary global economic shock". Speaking on the sidelines of the World Bank-International Monetary Fund annual meetings in Morocco, Banga stressed that the conflict has not only caused a humanitarian tragedy but also has economic implications that the world can ill afford. "It's a humanitarian tragedy and it's an economic shock we don't need," Banga told Reuters, highlighting the far-reaching consequences of the conflict if it continues to escalate. He pointed out that the conflict threatens to hinder central banks' efforts to achieve soft landings in various economies if it spreads further. Banga noted that central banks had been gaining confidence in the possibility of achieving a soft landing before the conflict erupted. However, he maintained that the ongoing situation makes it increasingly challenging for central banks to maintain stability in their economies. He emphasised that the conflict is an unwanted disruption that could have a lasting impact on the global economic landscape. The World Bank President highlighted that, unlike the initial stages of Russia's invasion of Ukraine last year, the Israel-Gaza conflict does not have a direct impact on the exports of essential commodities such as oil, grains, and fertilisers. However, Banga pointed out that the conflict's effects are transmitted through financial markets. The sudden rise of dollar assets in response to the conflict could disrupt economic stability. He noted that in recent months, there had been signs of improvement, with inflation decreasing and prices and wages stabilising. Markets had also adjusted to the idea of higher interest rates in the near future. However, another prolonged conflict could upset the dynamics of these positive developments. While discussing the political aspects of the conflict, Banga mentioned that the European Union initially made a mistake by announcing a complete cut-off of aid to the Palestinian Territories in response to the Hamas attack on Israel. This decision was later reversed. Banga refrained from delving into the politics of the situation, focusing instead on the development aspect. He emphasised the importance of offering support to the affected areas once the conflict subsides. (With inputs from Reuters) WATCH WION LIVE HERE

World Bank president expresses concern over Israel-Gaza conflict's economic impact 

As Pakistan continues to reel under a grave economic crisis, the World Bank has now declared that the country’s current economic model is unfit for reducing poverty. The warning came as over 12.5 million people fell below the poverty line in Pakistan in the last year alone. It means that over 40 per cent population in the South Asian country is now living under the poverty line as they struggle to meet basic needs such as food, water and electricity. Take a look.

Pakistan: 40% population slips below poverty line, World Bank sounds alarm bell | WION Originals

As Pakistan continues to reel under a grave economic crisis, the World Bank has now declared that the country’s current economic model is unfit for reducing poverty.

The warning came as over 12.5 million people fell below the poverty line in Pakistan in the last year alone. It means that over 40 per cent population in the South Asian country is now living under the poverty line as they struggle to meet basic needs such as food, water and electricity.

The poverty level in Pakistan rose to 39.4 per cent from 34 per cent in just one year, with a whopping 95 million Pakistanis now surviving off of less than $3.65 per day.

<h2>Pakistan’s standing in South Asia</h2>

According to World Bank data, Pakistan’s average real per capita growth rate was just 1.7 per cent between 2000 and 2020. It is less than half of the average growth (4 per cent) registered by all South Asian countries.

Watch:&nbsp;Gravitas: Pak Minister's shocker, calls Pakistan 'birthplace of Hinduism'

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“While Pakistan’s per capita income was among the highest in South Asia during the 1980s, it is now among the lowest in the region,” the World Bank noted in its report.

<h2>What next?</h2>

The financial leaders at the World Bank have advised Pakistan to undertake major foreign policy shifts to get the troubled economy back on track.

"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.

<a href="https://www.wionews.com/world/uae-imposes-ban-on-fresh-meat-imports-from-pakistan-638312">Also read:&nbsp;UAE imposes ban on fresh meat imports from Pakistan after fungus detection</a>

"This may be Pakistan's moment for significant policy shift," said Najy Benhassine, the country director for Pakistan at the World Bank.

Among other issues, the World Bank has identified low human development, unsustainable fiscal situation, over-regulated private sector, agriculture and energy sectors as the factors behind nominal growth in Pakistan’s economy.

<h2>Suggestions by the World Bank</h2>

The World Bank recommends that Pakistan should promptly raise its tax-to-GDP ratio by 5 per cent while simultaneously reducing expenditures by approximately 2.7 per cent of GDP.&nbsp;

These measures are aimed at restoring the sustainability of the economy and steering it towards a responsible fiscal trajectory.&nbsp;

According to the Washington-based institution, their proposal to enhance the revenue-to-GDP ratio by 5 per cent encompasses the elimination of tax exemptions and an increased tax burden on both the real estate and heavily subsidised agriculture sectors.

Currently, Pakistan's capacity for tax collection stands at 22 per cent of GDP, but the actual ratio lags significantly behind at only 10.2 per cent, as reported by the World Bank.&nbsp;

To address this gap, the lender suggests the reduction of distorting exemptions to generate an additional 2 per cent of GDP in tax revenue. Additionally, they recommend raising taxes on land and property to yield another 2 per cent of GDP in revenue, along with generating an extra 1 per cent of GDP from the agriculture sector.

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As Pakistan continues to reel under a grave economic crisis, the World Bank has now declared that the country’s current economic model is unfit for reducing poverty.

As Pakistan continues to reel under a grave economic crisis, the World Bank has now declared that the country’s current economic model is unfit for reducing poverty. The warning came as over 12.5 million people fell below the poverty line in Pakistan in the last year alone. It means that over 40 per cent population in the South Asian country is now living under the poverty line as they struggle to meet basic needs such as food, water and electricity. The poverty level in Pakistan rose to 39.4 per cent from 34 per cent in just one year, with a whopping 95 million Pakistanis now surviving off of less than $3.65 per day. Pakistan’s standing in South Asia According to World Bank data, Pakistan’s average real per capita growth rate was just 1.7 per cent between 2000 and 2020. It is less than half of the average growth (4 per cent) registered by all South Asian countries. Watch: Gravitas: Pak Minister's shocker, calls Pakistan 'birthplace of Hinduism' × “While Pakistan’s per capita income was among the highest in South Asia during the 1980s, it is now among the lowest in the region,” the World Bank noted in its report. What next? The financial leaders at the World Bank have advised Pakistan to undertake major foreign policy shifts to get the troubled economy back on track. "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. Also read: UAE imposes ban on fresh meat imports from Pakistan after fungus detection "This may be Pakistan's moment for significant policy shift," said Najy Benhassine, the country director for Pakistan at the World Bank. Among other issues, the World Bank has identified low human development, unsustainable fiscal situation, over-regulated private sector, agriculture and energy sectors as the factors behind nominal growth in Pakistan’s economy. Suggestions by the World Bank The World Bank recommends that Pakistan should promptly raise its tax-to-GDP ratio by 5 per cent while simultaneously reducing expenditures by approximately 2.7 per cent of GDP. These measures are aimed at restoring the sustainability of the economy and steering it towards a responsible fiscal trajectory. According to the Washington-based institution, their proposal to enhance the revenue-to-GDP ratio by 5 per cent encompasses the elimination of tax exemptions and an increased tax burden on both the real estate and heavily subsidised agriculture sectors. Currently, Pakistan's capacity for tax collection stands at 22 per cent of GDP, but the actual ratio lags significantly behind at only 10.2 per cent, as reported by the World Bank. To address this gap, the lender suggests the reduction of distorting exemptions to generate an additional 2 per cent of GDP in tax revenue. Additionally, they recommend raising taxes on land and property to yield another 2 per cent of GDP in revenue, along with generating an extra 1 per cent of GDP from the agriculture sector. WATCH WION LIVE HERE ×

Pakistan: 40% population slips below poverty line, World Bank sounds alarm bell

On the sidelines of the G20 meeting in New Delhi, Ajay Banga, the president of the World Bank, stated that the organization’s mission is being revised to include the eradication of poverty on a “liveable planet” as part of ongoing changes, according to a report by Mint.

The G20 has committed to making multilateral lending effective against poverty.

“There’s a lot of work going on with the World Bank on the reform agenda. It starts from redefining the vision of the bank, to not just be focused on poverty, although it’s important, but to also include a liveable planet,” Mint quoted Banga as saying.

He said the objective is to end poverty on a globe where people can live, and that by doing so, countries can broaden their perspectives to encompass climate change, pandemics, and fragility, all of which are linked to ending poverty.

As a former Mastercard executive chairman, Banga brought to light the necessity for cooperation among multilateral development banks on issues of digital governance and climate change, as well as the inclusion of the private sector to encourage investments in renewable energy in developing countries.

“I just announced a very big partnership with the Inter American Development Banks on the Amazon (region) on Caribbean climate and are digitising governance. We’ve also announced a private sector lab where N. Chandrasekharan (chairman) of Tata Sons is one of the members of that project led by (UN climate envoy) Mark Carney and (former UK minister) Shriti Vadera, and the idea is to get ideas from the private sector, asset managers and operators on what the bank can do to help facilitate much more investing in renewable energy in the emerging markets,” Mint quoted Banga as saying.

The Private Sector Investment Lab is concentrated on increasing financing for the infrastructure needed for the switch to renewable energy sources.

The New Delhi G20 Leaders’ Declaration on Saturday endorsed a roadmap for putting the group’s independent review of multilateral development bank (MDB) capital adequacy frameworks (CAFs) into action. This could result in an additional $200 billion in lending headroom over the following ten years for the sustainable development goals (SDGs) and climate finance.

In the statement, G20 leaders recognised the need for a global system of financing for development that could assist developing nations, “in particular the poorest and most vulnerable,” in overcoming economic obstacles such as those brought on by climate change.

The chairman of one of the biggest development lenders in the world noted that as women made up more than 50 per cent of the employment, management, and social workforce, they needed to be “at the centre” of the reforms.

According to Banga, there are currently gaps in senior management engagement, remuneration, and opportunities for social and personal growth all over the world. The issue also affects wealthy countries. He said he believed that countries should concentrate their efforts on involving at least 50 per cent of the populace in that regard.

Since the developing world had a bigger percentage of a younger population, whose hopes represent the future, Banga suggested an equal focus must be placed on young people.

He said, “The trick is to give them quality of life when they are growing up—clean air, water, education, healthcare—once they grow into new jobs. You do those two things for them, and then they become the engine of your future. So our first part is vision and inclusion.”

Banga praised India’s initiatives to include the more than 1 billion members of the African Union into the G20, calling the action “excellent.” &nbsp;He said that just like India, the African continent is teeming with youthful people and that their success depends on their goals. He believes that India should be commended for pushing this effort; along with the assistance they received from other nations.

He complimented India’s efforts to reach an agreement on all topics and claimed that the country has set a course for the globe during its G20 chairmanship despite difficulties.

He believes that the declaration bears testament to the fact that the G20 leadership was able to compromise, find a fair solution, and establish a course for the globe. Saying that the G20 includes both rich and emerging nations, he noted that about 80 per cent of the global GDP was present there.

On Sunday, Banga met with Nirmala Sitharaman, India’s Finance Minister. Both&nbsp;expressed enthusiasm for the expert group’s Volume 2 report on strengthening multilateral development banks, which will be presented at the 4th meeting of finance ministers and central bank governors in October in Morocco.

During the conference, Banga committed to collaborating closely with the Ministry of Finance’s department of economic affairs to develop a market structure from the demand side of corporate social responsibility for optimising its social impact.

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On the sidelines of the G20 meeting in New Delhi, Ajay Banga, the president of the World Bank, stated that the organization’s mission is being revised to include the eradication of poverty on a “liveable planet” as part of ongoing changes, according to a report by Mint.

On the sidelines of the G20 meeting in New Delhi, Ajay Banga, the president of the World Bank, stated that the organization’s mission is being revised to include the eradication of poverty on a “liveable planet” as part of ongoing changes, according to a report by Mint. The G20 has committed to making multilateral lending effective against poverty. “There’s a lot of work going on with the World Bank on the reform agenda. It starts from redefining the vision of the bank, to not just be focused on poverty, although it’s important, but to also include a liveable planet,” Mint quoted Banga as saying. He said the objective is to end poverty on a globe where people can live, and that by doing so, countries can broaden their perspectives to encompass climate change, pandemics, and fragility, all of which are linked to ending poverty. As a former Mastercard executive chairman, Banga brought to light the necessity for cooperation among multilateral development banks on issues of digital governance and climate change, as well as the inclusion of the private sector to encourage investments in renewable energy in developing countries. “I just announced a very big partnership with the Inter American Development Banks on the Amazon (region) on Caribbean climate and are digitising governance. We’ve also announced a private sector lab where N. Chandrasekharan (chairman) of Tata Sons is one of the members of that project led by (UN climate envoy) Mark Carney and (former UK minister) Shriti Vadera, and the idea is to get ideas from the private sector, asset managers and operators on what the bank can do to help facilitate much more investing in renewable energy in the emerging markets,” Mint quoted Banga as saying. The Private Sector Investment Lab is concentrated on increasing financing for the infrastructure needed for the switch to renewable energy sources. The New Delhi G20 Leaders’ Declaration on Saturday endorsed a roadmap for putting the group’s independent review of multilateral development bank (MDB) capital adequacy frameworks (CAFs) into action. This could result in an additional $200 billion in lending headroom over the following ten years for the sustainable development goals (SDGs) and climate finance. In the statement, G20 leaders recognised the need for a global system of financing for development that could assist developing nations, “in particular the poorest and most vulnerable,” in overcoming economic obstacles such as those brought on by climate change. The chairman of one of the biggest development lenders in the world noted that as women made up more than 50 per cent of the employment, management, and social workforce, they needed to be “at the centre” of the reforms. According to Banga, there are currently gaps in senior management engagement, remuneration, and opportunities for social and personal growth all over the world. The issue also affects wealthy countries. He said he believed that countries should concentrate their efforts on involving at least 50 per cent of the populace in that regard. Since the developing world had a bigger percentage of a younger population, whose hopes represent the future, Banga suggested an equal focus must be placed on young people. He said, “The trick is to give them quality of life when they are growing up—clean air, water, education, healthcare—once they grow into new jobs. You do those two things for them, and then they become the engine of your future. So our first part is vision and inclusion.” Banga praised India’s initiatives to include the more than 1 billion members of the African Union into the G20, calling the action “excellent.” He said that just like India, the African continent is teeming with youthful people and that their success depends on their goals. He believes that India should be commended for pushing this effort; along with the assistance they received from other nations. He complimented India’s efforts to reach an agreement on all topics and claimed that the country has set a course for the globe during its G20 chairmanship despite difficulties. He believes that the declaration bears testament to the fact that the G20 leadership was able to compromise, find a fair solution, and establish a course for the globe. Saying that the G20 includes both rich and emerging nations, he noted that about 80 per cent of the global GDP was present there. On Sunday, Banga met with Nirmala Sitharaman, India’s Finance Minister. Both expressed enthusiasm for the expert group’s Volume 2 report on strengthening multilateral development banks, which will be presented at the 4th meeting of finance ministers and central bank governors in October in Morocco. During the conference, Banga committed to collaborating closely with the Ministry of Finance’s department of economic affairs to develop a market structure from the demand side of corporate social responsibility for optimising its social impact. WATCH WION LIVE HERE

World Bank to redefine vision to progress towards a ‘livable planet’: Ajay Banga

US Treasury Secretary Janet Yellen on Friday said that the group of 20 of the G20 is an effective forum to discuss and resolve global issues. Yellen was speaking at a press briefing in New Delhi ahead of the G20 summit scheduled to be held in India's National Capital.

G20: US Treasury Secretary Janet Yellen in India, bats for major reforms at World Bank | WION

During the G20 leaders’ summit in India, US President Joe Biden will concentrate on reforming the World Bank and pressing other multilateral development banks to increase investment for infrastructure and climate change projects, the White House announced on Tuesday.

White House National Security Adviser Jake Sullivan was quoted by reporters as saying, “That's one of our main focuses heading into the G20: delivering on an agenda fundamentally reshaping and scaling up the multilateral development banks, especially the World Bank.”

The World Bank, established as World War II came to an end in order to combat poverty, is now being promoted as a counterbalance to China’s international financing.&nbsp;

With new funding and balance sheet regulations, the bank’s lending authority has been strengthened, with new CEO Ajay Banga pushing for more funds towards alleviating hunger and climate change.

In a supplemental budget request submitted to Congress in late August, the White House requested an additional $3.3 billion to “materially expand development and infrastructure financing” through the World Bank in order to provide nations with a “credible alternative to the People’s Republic of China’s (PRC) coercive and unsustainable lending and infrastructure projects.”

“We know that these institutions are some of the most effective tools that we have for mobilising transparent, high-quality investment into developing countries,” Sullivan was quoted as saying.

“And that’s why the United States is championing a major effort that is currently underway to involve these institutions so that they are up to the challenges of today and tomorrow,” he added.

According to Sullivan, Biden will also urge the G20 nations to grant low- and middle-income countries real debt relief.

(With inputs from Reuters)

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During the G20 leaders’ summit in India, US President Joe Biden will concentrate on reforming the World Bank and pressing other multilateral development banks to increase investment for infrastructure and climate change projects, the White House announced on Tuesday.

During the G20 leaders’ summit in India, US President Joe Biden will concentrate on reforming the World Bank and pressing other multilateral development banks to increase investment for infrastructure and climate change projects, the White House announced on Tuesday. White House National Security Adviser Jake Sullivan was quoted by reporters as saying, “That's one of our main focuses heading into the G20: delivering on an agenda fundamentally reshaping and scaling up the multilateral development banks, especially the World Bank.” The World Bank, established as World War II came to an end in order to combat poverty, is now being promoted as a counterbalance to China’s international financing. With new funding and balance sheet regulations, the bank’s lending authority has been strengthened, with new CEO Ajay Banga pushing for more funds towards alleviating hunger and climate change. In a supplemental budget request submitted to Congress in late August, the White House requested an additional $3.3 billion to “materially expand development and infrastructure financing” through the World Bank in order to provide nations with a “credible alternative to the People’s Republic of China’s (PRC) coercive and unsustainable lending and infrastructure projects.” “We know that these institutions are some of the most effective tools that we have for mobilising transparent, high-quality investment into developing countries,” Sullivan was quoted as saying. “And that’s why the United States is championing a major effort that is currently underway to involve these institutions so that they are up to the challenges of today and tomorrow,” he added. According to Sullivan, Biden will also urge the G20 nations to grant low- and middle-income countries real debt relief. (With inputs from Reuters) WATCH WION LIVE HERE

Biden to push for World Bank reform at G20 Summit in New Delhi: Report

At a time when the BRICS group of emerging economies are deliberating ways to counter the dominance of West-led financial framework in global trade at the bloc's annual summit in Johannesburg, the White House said that US President Joe&nbsp;Biden will discuss reforms in the World Bank and International Monetary Fund (IMF) during G20 summit in New Delhi next month.&nbsp;

At the G20, Biden "will really focus a lot of his energy while he is there on the modernization of the multilateral development banks, including the World Bank and the IMF," the White House said.

The aim is to ensure that the development banks offer "high standard, high leverage solutions" to the challenges developing countries face, it was announced.

He called the two institutions "highly effective and transparent".

"World Bank and IMF are a positive, affirmative alternative to what is a much more opaque, or coercive method" of development finance China is offering, the White House said.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-gets-imf-support-months-after-indias-credit-line-extension-for-economic-recovery-609961">Sri Lanka gets $700mn from World Bank months after India’s extended credit line for economic recovery</a>

The United States will push proposals in New Delhi that will increase World Bank and IMF lending power by some $200 billion, US National Security Adviser Jake Sullivan&nbsp;said.

But Sullivan stressed that&nbsp;as a member of the G20 and a key partner in the IMF and World Bank, China is central to modernising both institutions.

"So our support for the World Bank and the IMF is not against China," he said.

<h2>BRICS not a geopolitical rival to the United States: Jake Sullivan</h2>

The BRICS nations -- Brazil, Russia, India, China, and South Africa -- represent a quarter of the global economy, and interest in joining the club has surged with over 20 countries expected to join the grouping upon its conclusion on August 24.

Also watch |&nbsp;World Bank reforms to vastly expand lending

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"We are not looking at the BRICS as evolving into some kind of geopolitical rival to the United States or anyone else. This is a very diverse collection of countries," Sullivan said.

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At a time when the BRICS group of emerging economies are deliberating ways to counter the dominance of West-led financial framework in global trade at the bloc's annual summit in Johannesburg, the White House said that US President Joe Biden will discuss reforms in the World Bank and International Monetary Fund (IMF) during G20 summit in New Delhi next month.

At a time when the BRICS group of emerging economies are deliberating ways to counter the dominance of West-led financial framework in global trade at the bloc's annual summit in Johannesburg, the White House said that US President Joe Biden will discuss reforms in the World Bank and International Monetary Fund (IMF) during G20 summit in New Delhi next month. At the G20, Biden "will really focus a lot of his energy while he is there on the modernization of the multilateral development banks, including the World Bank and the IMF," the White House said. The aim is to ensure that the development banks offer "high standard, high leverage solutions" to the challenges developing countries face, it was announced. He called the two institutions "highly effective and transparent". "World Bank and IMF are a positive, affirmative alternative to what is a much more opaque, or coercive method" of development finance China is offering, the White House said. Also read | Sri Lanka gets $700mn from World Bank months after India’s extended credit line for economic recovery The United States will push proposals in New Delhi that will increase World Bank and IMF lending power by some $200 billion, US National Security Adviser Jake Sullivan said. But Sullivan stressed that as a member of the G20 and a key partner in the IMF and World Bank, China is central to modernising both institutions. "So our support for the World Bank and the IMF is not against China," he said. BRICS not a geopolitical rival to the United States: Jake Sullivan The BRICS nations -- Brazil, Russia, India, China, and South Africa -- represent a quarter of the global economy, and interest in joining the club has surged with over 20 countries expected to join the grouping upon its conclusion on August 24. Also watch | World Bank reforms to vastly expand lending × "We are not looking at the BRICS as evolving into some kind of geopolitical rival to the United States or anyone else. This is a very diverse collection of countries," Sullivan said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

BRICS effect? Biden to push for IMF and World Bank reforms at G20 summit in Delhi

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