In a meeting with the International Monetary Fund, India, and other creditor countries on Saturday, the World Bank's president stated that the organisation will "give as much concessionality to the debt treatment" for struggling economies as possible.

World Bank vows to aid distressed economies

Ajay Banga, who has been nominated as the head of the World Bank, was working as Mastercard's chief operating officer where he drew a whooping salary of Rs 5.2 million per day, as per reports.

US President Joe Biden has&nbsp;nominated Ajay Banga for the post of World Bank's head. If his nomination is approved by the board of directors, he will be the first person of Indian origin to hold the prestigious position.

He has also been praised by Biden for his expertise on topics like climate change. Last year, Ajay Banga retired from Mastercard. Currently, he is the equity firm General Atlantic's vice chairman.

ALSO READ | <a href="https://www.wionews.com/india-news/explained-everything-about-ajay-banga-indian-american-executive-nominated-to-lead-the-world-bank-565263">EXPLAINED | Everything about Ajay Banga, Indian-American executive nominated to lead the World Bank</a>

Before joining Mastercard, Ajay Banga worked with Citigroup and Nestle in India. He is also the chairman of the Dutch investment firm “Exor”.

The current chief economist of the World Bank, Indermeet Gill, is also of Indian origin. Ajay Banga has more than 30 years of experience. He has been a board member of Craft Foods, Dow Ink and the American Red Cross. He studied economics at St Stephens College, New Delhi.

According to CNBS, Ajay Banga's net worth was $206 million (Rs 17 billion) in 2021. Ajay Banga owns Mastercard stocks worth $113,123,489. In the last 13 years, stocks worth lakhs of dollars were sold by Ajay Banga.

If reports are to be believed, he was drawing a salary of $23,250,000 (Rs 1.92 billion) every year at Mastercard, which suggests that he was earning Rs 5.2 million per day.

WATCH |&nbsp;PM Modi calls for World Bank reforms at G20 finance meet

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/pm-modi-calls-for-world-bank-reform-at-g20-finance-meet-565472/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Ajay Banga is Lieutenant General Harbhajan Banga's son. His father was in the Indian army and his family is from Jalandhar, Punjab.

He completed his schooling at Hyderabad Public School and later did his masters from IIM Ahmedabad. In 1981, he started his career with Nestle, where he worked for 13 years.

Ajay Banga later got associated with PepsiCo. He was conferred Padma Shri, the third highest civilian honour in India.

(With inputs from agencies)

You can&nbsp;now write for wionews.com&nbsp;and be a part of the community. Share your stories and opinions with us&nbsp;<a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Ajay Banga, who has been nominated as the head of the World Bank, was working as Mastercard's chief operating officer where he drew a whooping salary of Rs 5.2 million per day, as per reports.

Ajay Banga, who has been nominated as the head of the World Bank, was working as Mastercard's chief operating officer where he drew a whooping salary of Rs 5.2 million per day, as per reports. US President Joe Biden has nominated Ajay Banga for the post of World Bank's head. If his nomination is approved by the board of directors, he will be the first person of Indian origin to hold the prestigious position. He has also been praised by Biden for his expertise on topics like climate change. Last year, Ajay Banga retired from Mastercard. Currently, he is the equity firm General Atlantic's vice chairman. ALSO READ | EXPLAINED | Everything about Ajay Banga, Indian-American executive nominated to lead the World Bank Before joining Mastercard, Ajay Banga worked with Citigroup and Nestle in India. He is also the chairman of the Dutch investment firm “Exor”. The current chief economist of the World Bank, Indermeet Gill, is also of Indian origin. Ajay Banga has more than 30 years of experience. He has been a board member of Craft Foods, Dow Ink and the American Red Cross. He studied economics at St Stephens College, New Delhi. According to CNBS, Ajay Banga's net worth was $206 million (Rs 17 billion) in 2021. Ajay Banga owns Mastercard stocks worth $113,123,489. In the last 13 years, stocks worth lakhs of dollars were sold by Ajay Banga. If reports are to be believed, he was drawing a salary of $23,250,000 (Rs 1.92 billion) every year at Mastercard, which suggests that he was earning Rs 5.2 million per day. WATCH | PM Modi calls for World Bank reforms at G20 finance meet Ajay Banga is Lieutenant General Harbhajan Banga's son. His father was in the Indian army and his family is from Jalandhar, Punjab. He completed his schooling at Hyderabad Public School and later did his masters from IIM Ahmedabad. In 1981, he started his career with Nestle, where he worked for 13 years. Ajay Banga later got associated with PepsiCo. He was conferred Padma Shri, the third highest civilian honour in India. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Ajay Banga, who's set to be World Bank's head, used to earn over Rs 5 million per day?

The meeting of the finance ministers for the group of 20 (G20) countries which&nbsp;had convened in the Indian city of Bengaluru ended on Saturday (February 25) without a joint statement. This comes as most G20 member nations condemned the ongoing conflict in Ukraine but China and Russia declined to sign the joint statement. This led India, which was hosting the two-day event to release a “chair’s summary and outcome document” which is said to simply summarise the talks and noted disagreements.&nbsp;

Disagreements at the G20 meeting

The document in question wrote, “most members strongly condemned the war in Ukraine and stressed that it is causing immense human suffering and exacerbating existing fragilities in the global economy.” This was said in the context of supply chain disruptions, risks to financial stability, as well as continuing energy and food insecurity. It also added that there were “different assessments of the situation and sanctions” referring to the ongoing conflict.&nbsp;

This comes as western countries have imposed thousands of sanctions against Russia&nbsp;and&nbsp;some of its citizens&nbsp;since it began what it has described as its “special military operation” in Ukraine, in a bid to starve the country of its revenues. A footnote said that the two paragraphs in the summary about the ongoing conflict “were agreed to by all member countries except Russia and China”.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/german-chancellor-meets-pm-modi-deepening-of-india-germany-ties-in-focus-565780">India ready to contribute to any peace process for resolving Ukraine crisis, says PM Modi</a>

Notably, the paragraphs are said to be adopted from the G20 Bali Leaders’ declaration in November but even at the time China wanted to change the language of the statement and remove the word “war”, reported AFP citing officials who requested anonymity.&nbsp;

Indian finance minister addresses a press conference after the meetings

“Although there was not what we would call a communique, but only an outcome statement, we still think we've made some progress in having all the ministers on board”, said the Indian Finance Minister Nirmala Sitharaman in her concluding remarks, earlier today.&nbsp;

She also addressed that, “Two countries, Russia and China had reservations. So with a footnote certainly a communique can't go out and therefore it had to be a chair summary and an outcome document.”&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/g-20-finance-meet-hosted-by-india-ends-without-a-joint-communique-565934">G20 finance meet, hosted by India, ends without a joint communique</a>

Since the beginning of the conflict, New Delhi has not condemned Moscow and was seen as reluctant to raise the issue at the meeting but the western countries asserted that they could not support any outcome that did not include a condemnation.&nbsp;

Furthermore, Indian Economic Affairs Secretary Ajay Seth refuted the aforementioned claims about Moscow and Beijing wanting to change the language part of the summary and said, “Both Russia and China took the position that Finance Ministers and Central Bank Governors’ mandate is to deal with economic and financial issues and their mandate is not on geo-political issues. So they did not comment on the language part,” as per PTI. He added, “There was no request or demand to remove the word 'war', they just said to remove the paragraph itself because it was not the right place for having those paragraphs.”&nbsp;

Whereas the other 18 countries felt that the ongoing war has got implications for the global economy, which is why this is the right place to have those paragraphs, said the economic affairs minister. The two-day meeting discussed a range of issues which also included debt relief to poorer countries, digital currencies and payments, reforms of lending institutions like the World Bank and International Monetary Fund (IMF) as well as climate change and financial inclusion.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/russia-sanction-regime-after-us-australia-imposes-sanctions-on-russia-565678">Russia-Ukraine war: After US, Australia imposes new sanctions on Moscow</a>

According to the Indian finance minister’s summary, the global outlook has somewhat improved since they last met in October 2022 but global growth remains slow and downside risks to the outlook persist. This was in reference to elevated inflation, a resurgence of the pandemic and tighter financing conditions, which could worsen debt vulnerabilities in emerging economies.&nbsp;

“We, therefore, reiterate the need for well-calibrated monetary, fiscal, financial, and structural policies to promote growth and maintain macroeconomic as well as financial stability. We will continue to enhance macro policy cooperation and support the progress towards the 2030 Agenda for Sustainable Development,” said Sitharaman.&nbsp;

India's call for regulating crypto receives support

There was also a discussion surrounding the adequacy of IMF quotas which the document released after the meeting said that the leaders would continue to work on IMF governance reform under the 16th General Review of Quotas which would also include a new quota formula as a guide which would be completed by December 15, 2023.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/indias-push-to-regulate-crypto-get-support-from-imf-us-at-g20-565847">India’s push to regulate cryptocurrencies gets support from IMF, US at G20</a>

Notably, India’s push for regulation of private crypto assets also received support at the meeting. IMF Managing Director Kristalina Georgieva backing New Delhi’s stance on private cryptocurrencies and other digital assets said, “We have to differentiate between central bank digital currencies that are backed by the state and stable coins, and crypto assets that are privately issued.”&nbsp;

She added, “Second, there has to be a very strong push for regulation. And third, if regulation fails, if you’re slow to do it, then we should not take off the table or banning those assets, because they may create financial stability risk”. This comes after Indian officials including the finance ministry and Reserve Bank of India (RBI) has called for strong global regulations for private crypto assets and in some cases, they should be banned.&nbsp;

(With inputs from agencies) 
 
&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

The meeting of the finance ministers for the group of 20 (G20) countries which had convened in the Indian city of Bengaluru ended on Saturday (February 25) without a joint statement.

The meeting of the finance ministers for the group of 20 (G20) countries which had convened in the Indian city of Bengaluru ended on Saturday (February 25) without a joint statement. This comes as most G20 member nations condemned the ongoing conflict in Ukraine but China and Russia declined to sign the joint statement. This led India, which was hosting the two-day event to release a “chair’s summary and outcome document” which is said to simply summarise the talks and noted disagreements. Disagreements at the G20 meeting The document in question wrote, “most members strongly condemned the war in Ukraine and stressed that it is causing immense human suffering and exacerbating existing fragilities in the global economy.” This was said in the context of supply chain disruptions, risks to financial stability, as well as continuing energy and food insecurity. It also added that there were “different assessments of the situation and sanctions” referring to the ongoing conflict. This comes as western countries have imposed thousands of sanctions against Russia and some of its citizens since it began what it has described as its “special military operation” in Ukraine, in a bid to starve the country of its revenues. A footnote said that the two paragraphs in the summary about the ongoing conflict “were agreed to by all member countries except Russia and China”. ALSO READ | India ready to contribute to any peace process for resolving Ukraine crisis, says PM Modi Notably, the paragraphs are said to be adopted from the G20 Bali Leaders’ declaration in November but even at the time China wanted to change the language of the statement and remove the word “war”, reported AFP citing officials who requested anonymity. Indian finance minister addresses a press conference after the meetings “Although there was not what we would call a communique, but only an outcome statement, we still think we've made some progress in having all the ministers on board”, said the Indian Finance Minister Nirmala Sitharaman in her concluding remarks, earlier today. She also addressed that, “Two countries, Russia and China had reservations. So with a footnote certainly a communique can't go out and therefore it had to be a chair summary and an outcome document.” ALSO WATCH | G20 finance meet, hosted by India, ends without a joint communique Since the beginning of the conflict, New Delhi has not condemned Moscow and was seen as reluctant to raise the issue at the meeting but the western countries asserted that they could not support any outcome that did not include a condemnation. Furthermore, Indian Economic Affairs Secretary Ajay Seth refuted the aforementioned claims about Moscow and Beijing wanting to change the language part of the summary and said, “Both Russia and China took the position that Finance Ministers and Central Bank Governors’ mandate is to deal with economic and financial issues and their mandate is not on geo-political issues. So they did not comment on the language part,” as per PTI. He added, “There was no request or demand to remove the word 'war', they just said to remove the paragraph itself because it was not the right place for having those paragraphs.” Whereas the other 18 countries felt that the ongoing war has got implications for the global economy, which is why this is the right place to have those paragraphs, said the economic affairs minister. The two-day meeting discussed a range of issues which also included debt relief to poorer countries, digital currencies and payments, reforms of lending institutions like the World Bank and International Monetary Fund (IMF) as well as climate change and financial inclusion. ALSO READ | Russia-Ukraine war: After US, Australia imposes new sanctions on Moscow According to the Indian finance minister’s summary, the global outlook has somewhat improved since they last met in October 2022 but global growth remains slow and downside risks to the outlook persist. This was in reference to elevated inflation, a resurgence of the pandemic and tighter financing conditions, which could worsen debt vulnerabilities in emerging economies. “We, therefore, reiterate the need for well-calibrated monetary, fiscal, financial, and structural policies to promote growth and maintain macroeconomic as well as financial stability. We will continue to enhance macro policy cooperation and support the progress towards the 2030 Agenda for Sustainable Development,” said Sitharaman. India's call for regulating crypto receives support There was also a discussion surrounding the adequacy of IMF quotas which the document released after the meeting said that the leaders would continue to work on IMF governance reform under the 16th General Review of Quotas which would also include a new quota formula as a guide which would be completed by December 15, 2023. ALSO READ | India’s push to regulate cryptocurrencies gets support from IMF, US at G20 Notably, India’s push for regulation of private crypto assets also received support at the meeting. IMF Managing Director Kristalina Georgieva backing New Delhi’s stance on private cryptocurrencies and other digital assets said, “We have to differentiate between central bank digital currencies that are backed by the state and stable coins, and crypto assets that are privately issued.” She added, “Second, there has to be a very strong push for regulation. And third, if regulation fails, if you’re slow to do it, then we should not take off the table or banning those assets, because they may create financial stability risk”. This comes after Indian officials including the finance ministry and Reserve Bank of India (RBI) has called for strong global regulations for private crypto assets and in some cases, they should be banned. (With inputs from agencies) 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.

G20 finance meet ends without joint statement after differences over Russia-Ukraine conflict

Ajay Banga, the former CEO of Mastercard was announced as the United States' choice for the position of president of the World Bank on Thursday (February 23).&nbsp;

Banga is "uniquely equipped to lead the World Bank at this critical moment in history", US President Joe Biden said in a statement, adding that he "has critical experience mobilising public-private resources to tackle the most urgent challenges of our time, including climate change."

Treasury Secretary Janet Yellen said Banga’s experience "will help him achieve the World Bank's objectives of eliminating extreme poverty and expanding shared prosperity while pursuing the changes needed to effectively evolve the institution," which include meeting "ambitious goals for climate adaptation and emissions reduction".

<h2>Everything about Ajay Banga</h2>

- Banga is the first Indian-born nominee for the office of World Bank president. If chosen, he would replace David Malpass, a Trump administration appointee who said he would be leaving his position in June.

-&nbsp;Banga was raised in India before becoming a citizen of the United States. He was born in Pune, Maharashtra, a western Indian state, on November 10, 1959. His father, Lieutenant General Harbhajan Singh Banga, was in the Indian Army.

ALSO WATCH |&nbsp;Gravitas: Indian couple crowdfunds to save baby

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-indian-couple-crowdfunds-to-save-baby-565260/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

- In addition to holding a variety of positions at Mastercard and on the boards of the American Red Cross, Kraft Foods, and Dow Inc., Banga, who is presently vice chairman at the private equity company General Atlantic, has more than 30 years of business expertise. In addition, he has worked with companies including Citigroup, Pepsi, and Nestle as per his LinkedIn profile.

-&nbsp;He served as CEO of Mastercard for 12 years before stepping down in December 2021. The company stated a goal to attract 1 billion individuals and 50 million micro and small companies during Banga's management, as reported by Moneycontrol.&nbsp;

- In his role as co-chair of the Partnership for Central America, a group of private sector organisations, Banga collaborated closely with US Vice President Kamala Harris to mobilise resources for Northern Central America from the governmental, corporate, and nonprofit sectors.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/us-student-visa-applications-to-open-365-days-before-start-of-academic-program-565171">US student visa applications to open 365 days before start of academic programme</a>

- Working closely with the US government, Banga has a lot of expertise. He was chosen by then-President Barack Obama to join the President's Advisory Council on Trade Policy and Negotiations in February 2015.

-&nbsp;In line with Biden's statements, Banga's candidature to lead the 189-nation organisation that fights poverty intends to put climate change front and centre. Banga is renowned for openly expressing his concern about the difficulty of addressing climate change. Under his leadership as CEO, Mastercard spearheaded the effort to form the Priceless Planet Coalition in 2020, a collection of around 100 businesses dedicated to making financial contributions to stop environmental degradation.

- Banga is a passionate supporter of closer connections between India and the US. In 2019, he asserted that the world needs a "mahagathbandhan" of the sort represented by the Indo-US strategic relationship, and that the "two greatest democracies" can contribute to this.

<h2>Indians leaving their mark in the US</h2>

The second member of the Indian-American&nbsp;community to enter the 2024 presidential bid&nbsp;after Nikki Haley is tech&nbsp;entrepreneur Vivek Ramaswamy. He has pledged to "put merit back" and reduce dependency on China as he launches his 2024&nbsp;campaign.

During a live interview with Tucker Carlson, a conservative political commentator on Fox News' prime time programme, Ramaswamy, 37, who had parents who had immigrated to the United States from Kerala, made the declaration. He worked at a General Electric factory in Ohio.

Just last week, YouTube announced&nbsp;Neel Mohan as the new CEO.&nbsp;Susan Wojcicki, a former Google executive who stepped down from the role&nbsp;to concentrate on her family and personal endeavours, is replaced by Mohan.

Mohan, her deputy and the current Chief Product Officer of YouTube, will now take over as the CEO of the company.

<h2>What does the World Bank do?&nbsp;</h2>

The <a href="https://www.worldbank.org/en/news/feature/2012/07/26/getting_to_know_theworldbank">World Bank</a> is an international development organisation owned by 187 countries.&nbsp;Its goal is to eradicate poverty by providing financial assistance to the governments of its less wealthy members in order to boost their economies and raise the standard of life for their people.&nbsp;

In terms of research facilities, the Bank is among the biggest in the world. It includes specialist divisions that counsel nations on issues pertaining to health, education, nutrition, finance, justice, law, and the environment.

The World Bank Institute, a different division of the bank, provides local research and educational facilities for local government and other official training.

It was founded in 1944 to aid in the post-World War II reconstruction of Europe and Japan. The International Bank for Reconstruction and Development is what it was formally known as (IBRD). It had 38 members when it originally started functioning in 1946. The majority of the world's countries are currently members.

(With inputs from agencies)

WATCH WION LIVE HERE:

<iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed" style="width:100%;max-width:560px;" width="560"></iframe>

Ajay Banga, the former CEO of Mastercard was announced as the United States' choice for the position of president of the World Bank on Thursday (February 23). Banga is "uniquely equipped to lead the World Bank at this critical moment in history", US President Joe Biden said in a statement, adding that he "has critical experience mobilising public-private resources to tackle the most urgent challenges of our time, including climate change.

Ajay Banga, the former CEO of Mastercard was announced as the United States' choice for the position of president of the World Bank on Thursday (February 23). Banga is "uniquely equipped to lead the World Bank at this critical moment in history", US President Joe Biden said in a statement, adding that he "has critical experience mobilising public-private resources to tackle the most urgent challenges of our time, including climate change." Treasury Secretary Janet Yellen said Banga’s experience "will help him achieve the World Bank's objectives of eliminating extreme poverty and expanding shared prosperity while pursuing the changes needed to effectively evolve the institution," which include meeting "ambitious goals for climate adaptation and emissions reduction". Everything about Ajay Banga - Banga is the first Indian-born nominee for the office of World Bank president. If chosen, he would replace David Malpass, a Trump administration appointee who said he would be leaving his position in June. - Banga was raised in India before becoming a citizen of the United States. He was born in Pune, Maharashtra, a western Indian state, on November 10, 1959. His father, Lieutenant General Harbhajan Singh Banga, was in the Indian Army. ALSO WATCH | Gravitas: Indian couple crowdfunds to save baby - In addition to holding a variety of positions at Mastercard and on the boards of the American Red Cross, Kraft Foods, and Dow Inc., Banga, who is presently vice chairman at the private equity company General Atlantic, has more than 30 years of business expertise. In addition, he has worked with companies including Citigroup, Pepsi, and Nestle as per his LinkedIn profile. - He served as CEO of Mastercard for 12 years before stepping down in December 2021. The company stated a goal to attract 1 billion individuals and 50 million micro and small companies during Banga's management, as reported by Moneycontrol. - In his role as co-chair of the Partnership for Central America, a group of private sector organisations, Banga collaborated closely with US Vice President Kamala Harris to mobilise resources for Northern Central America from the governmental, corporate, and nonprofit sectors. ALSO READ | US student visa applications to open 365 days before start of academic programme - Working closely with the US government, Banga has a lot of expertise. He was chosen by then-President Barack Obama to join the President's Advisory Council on Trade Policy and Negotiations in February 2015. - In line with Biden's statements, Banga's candidature to lead the 189-nation organisation that fights poverty intends to put climate change front and centre. Banga is renowned for openly expressing his concern about the difficulty of addressing climate change. Under his leadership as CEO, Mastercard spearheaded the effort to form the Priceless Planet Coalition in 2020, a collection of around 100 businesses dedicated to making financial contributions to stop environmental degradation. - Banga is a passionate supporter of closer connections between India and the US. In 2019, he asserted that the world needs a "mahagathbandhan" of the sort represented by the Indo-US strategic relationship, and that the "two greatest democracies" can contribute to this. Indians leaving their mark in the US The second member of the Indian-American community to enter the 2024 presidential bid after Nikki Haley is tech entrepreneur Vivek Ramaswamy. He has pledged to "put merit back" and reduce dependency on China as he launches his 2024 campaign. During a live interview with Tucker Carlson, a conservative political commentator on Fox News' prime time programme, Ramaswamy, 37, who had parents who had immigrated to the United States from Kerala, made the declaration. He worked at a General Electric factory in Ohio. Just last week, YouTube announced Neel Mohan as the new CEO. Susan Wojcicki, a former Google executive who stepped down from the role to concentrate on her family and personal endeavours, is replaced by Mohan. Mohan, her deputy and the current Chief Product Officer of YouTube, will now take over as the CEO of the company. What does the World Bank do? The World Bank is an international development organisation owned by 187 countries. Its goal is to eradicate poverty by providing financial assistance to the governments of its less wealthy members in order to boost their economies and raise the standard of life for their people. In terms of research facilities, the Bank is among the biggest in the world. It includes specialist divisions that counsel nations on issues pertaining to health, education, nutrition, finance, justice, law, and the environment. The World Bank Institute, a different division of the bank, provides local research and educational facilities for local government and other official training. It was founded in 1944 to aid in the post-World War II reconstruction of Europe and Japan. The International Bank for Reconstruction and Development is what it was formally known as (IBRD). It had 38 members when it originally started functioning in 1946. The majority of the world's countries are currently members. (With inputs from agencies) WATCH WION LIVE HERE:

EXPLAINED | Everything about Ajay Banga, Indian-American executive nominated to lead the World Bank

The Biden administration on Thursday (February 23) nominated former Mastercard chief executive Ajay Banga to lead the World Bank. The announcement comes amid the ongoing push for development lenders to revamp and address global problems more effectively.&nbsp;

Banga's nomination&nbsp;after World Bank's chief David Malpass announced plans to step down early, is the first step of the long confirmation process before the Bank's board takes the final decision. The process is set to run until March 29.&nbsp;

If his name gets the nod from the World Bank Board of Directors, Banga would be the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.&nbsp;

World Bank previously said that it has started accepting candidate nominations and it would "strongly" encourage women candidates.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/opinions-blogs/janet-yellen-calls-for-fresh-sanctions-on-russia-as-g20-finance-chiefs-gather-in-india-565184">Janet Yellen calls for fresh sanctions on Russia as G20 finance chiefs gather in India</a>&nbsp;

The World Bank president is traditionally an American citizen chosen by the US. Also, it is not clear so far if any other countries besides America will nominate a candidate.&nbsp;

US President Joe Biden said in a statement that Ajay Banga is "uniquely equipped to lead the World Bank at this critical moment in history" and also added that Banga has a "critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change".&nbsp;

"He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organisations through periods of fundamental change," Biden said.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
US President Biden nominates Indian American Ajay Banga to lead the World Bank. White House: <a href="https://t.co/RquesgxPpP">https://t.co/RquesgxPpP</a> <a href="https://t.co/XsiWUAxqLE">pic.twitter.com/XsiWUAxqLE</a>
— Sidhant Sibal (@sidhant) <a href="https://twitter.com/sidhant/status/1628776204655562752?ref_src=twsrc%5Etfw">February 23, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<h2>Who is Ajay Banga?&nbsp;</h2>

The 63-year-old Banga is the current Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, leading the company through a strategic, technological and cultural transformation. He was conferred with India's fourth-highest civilian award, Padma Shri, in 2016.&nbsp;

Banga was raised in India and attended schools across the nation in cities like Secunderabad, Jalandhar, Delhi, and Ahmedabad. He graduated with a Bachelor of Arts (Honours) degree in Economics from St Stephen's College, Delhi University. He then pursued PGP in Management from the Indian Institute of Management, Ahmedabad.

Banga started his business career with Nestlé in 1981. He then spent the next 13 years working in jobs spanning sales, marketing, and general management.&nbsp;

The White House states that over the course of his career, Banga has become a global leader in technology, data, financial services and innovating for inclusion.

He is the honorary chairman of the International Chamber of Commerce, serving as chairman from 2020-2022. He is also chairman of Exor and independent director at Temasek. He became an adviser to General Atlantic's climate-focused fund, BeyondNetZero, at its inception in 2021.&nbsp;

(With inputs from agencies)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

The Biden administration on Thursday (February 23) nominated former Mastercard chief executive Ajay Banga to lead the World Bank. The announcement comes amid the ongoing push for development lenders to revamp and address global problems more effectively.

The Biden administration on Thursday (February 23) nominated former Mastercard chief executive Ajay Banga to lead the World Bank. The announcement comes amid the ongoing push for development lenders to revamp and address global problems more effectively. Banga's nomination after World Bank's chief David Malpass announced plans to step down early, is the first step of the long confirmation process before the Bank's board takes the final decision. The process is set to run until March 29. If his name gets the nod from the World Bank Board of Directors, Banga would be the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank. World Bank previously said that it has started accepting candidate nominations and it would "strongly" encourage women candidates. ALSO READ | Janet Yellen calls for fresh sanctions on Russia as G20 finance chiefs gather in India The World Bank president is traditionally an American citizen chosen by the US. Also, it is not clear so far if any other countries besides America will nominate a candidate. US President Joe Biden said in a statement that Ajay Banga is "uniquely equipped to lead the World Bank at this critical moment in history" and also added that Banga has a "critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change". "He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organisations through periods of fundamental change," Biden said. US President Biden nominates Indian American Ajay Banga to lead the World Bank. White House: https://t.co/RquesgxPpP pic.twitter.com/XsiWUAxqLE — Sidhant Sibal (@sidhant) February 23, 2023 × Who is Ajay Banga? The 63-year-old Banga is the current Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, leading the company through a strategic, technological and cultural transformation. He was conferred with India's fourth-highest civilian award, Padma Shri, in 2016. Banga was raised in India and attended schools across the nation in cities like Secunderabad, Jalandhar, Delhi, and Ahmedabad. He graduated with a Bachelor of Arts (Honours) degree in Economics from St Stephen's College, Delhi University. He then pursued PGP in Management from the Indian Institute of Management, Ahmedabad. Banga started his business career with Nestlé in 1981. He then spent the next 13 years working in jobs spanning sales, marketing, and general management. The White House states that over the course of his career, Banga has become a global leader in technology, data, financial services and innovating for inclusion. He is the honorary chairman of the International Chamber of Commerce, serving as chairman from 2020-2022. He is also chairman of Exor and independent director at Temasek. He became an adviser to General Atlantic's climate-focused fund, BeyondNetZero, at its inception in 2021. (With inputs from agencies) 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.

US President Joe Biden nominates Indian-American Ajay Banga to head World Bank

Around six decades back, India and Pakistan signed the Indus Water Treaty (IWT), brokered by the World Bank. The agreement was followed by nine years of negotiations and was termed as "one of the most successful international treaties" by the financial institution. Dwight Eisenhower, who was the president of the United States when the treaty was signed in 1960, described it as "one bright spot...in a very depressing world picture that we see so often". The treaty is linked to the use of waters of the Indus River System by the two countries. India has an absolute control of eastern rivers — Beas, Sutlej and Ravi — while Pakistan is allowed to "receive for unrestricted use waters of the western rivers which India is under obligation to let flow beyond the permitted uses," reads a government document. Chenab, Jhelum and Indus are the western rivers which flow through Jammu and Kashmir.

Tensions over the Treaty, however,&nbsp;escalated last month when <a href="https://www.wionews.com/world/in-a-first-india-calls-for-amendment-of-indus-waters-treaty-sends-notice-to-pakistan-556414">India sent a notice to Pakistan</a> over Islamabad's continued “intransigence” in implementing the agreement, by raising repeated objections to the construction of hydel projects on the Indian side.&nbsp;

Hydroelectric power projects at the centre of tensions 
For more than a decade, the two countries have been locked in a standoff regarding the agreement and two hydroelectric power facilities on tributaries of the Jhelum and Chenab rivers. Some experts view the dispute intertwined with the decades-old Kashmir issue between the neighbouring nations.&nbsp;

The Kishanganga&nbsp;Hydroelectric&nbsp;Project, inaugurated by Prime Minister Narendra Modi in 2018, includes a tributary of the Jhelum. Since Pakistan was permitted unrestricted use of the western river, it raised objections against India's project and claimed that it would deplete river water levels. Another project, which prompted pushback from Pakistan, is the underconstruction Ratle river project on the Chenab River. In 2021, the Union Cabinet, chaired by PM Modi, approved an investment of Rs 5,281 crore for the 850 mega watt hydro-electric project that aims to improve the power supply position in the Union Territory.&nbsp; 
&nbsp; 
Indus waters are a lifeline for Pakistan, which is counted as one of the most water-stressed countries of the world. In 2018, a report by the International Monetary Fund (IMF) ranked Pakistan on the third spot in a list of nations facing severe water shortage. Fears have prevailed over the worsening of climate-related conflict between the two nations that have nuclear arms.&nbsp;

In a factsheet on its official website, the World Bank explains: "The two countries disagree over whether the technical design features of these two hydroelectric plants contravene the Treaty." The agreement, it further stresses, "designates these two rivers, as well as the Indus, as the western rivers to which Pakistan has unrestricted use with some exceptions. Under the Treaty, India is permitted to construct hydroelectric power facilities on these rivers, subject to constraints specified in Annexures to the Treaty."

A document by India's Ministry of Jal Shakti cites annexures to stress that the country can use the water of western rivers for domestic use, including agricultural use and generation of hydro-electric power. India is "permitted to construct storage of water on western rivers upto 3.6 million acre feet (MAF) for various purposes as specified in the Annexure E of the Treaty," it reads.&nbsp;

A brief timeline&nbsp; 
In 2010, the Kishanganga project faced a major challenge when Islamabad approached the Hague’s Permanent Court of Arbitration and accused New Delhi of violating the Treaty. In 2011, India was asked to submit related data after a visit by the Court of Arbitration to review the Neelum–Jhelum Projects in Pakistan-occupied Kashmir, and the Kishanganga facility. Two years later, the court told India to divert a minimum of water for the&nbsp;project. A minimum flow of 9 cubic metres per second (Cumecs) was permitted, which was more than the Indian government’s proposal of 4.25 cumecs. New Delhi was, however, told that construction of the dam could be continued in a setback to Pakistan. &nbsp;

In 2016, skirmishes along the Line of Control (LoC) triggered panic among workers and briefly disrupted the construction. The workers were shifted from Gurez to Bandipora at the time.

Pakistan also asked the World Bank in 2016 to facilitate the setting up of a Court of Arbitration to look into its concerns. "India asked for the appointment of a neutral expert for the same purpose. These requests came after the Permanent Indus Commission had been engaged in discussions on the matter for a while," the institution highlighted on the factsheet on its website.&nbsp;

"The World Bank sought to fulfill its procedural obligations with respect to both the Court of Arbitration and the neutral expert. The Treaty does not empower the World Bank to decide whether one procedure should take precedence over the other; rather it vests the determination of jurisdictional competence on each of the two mechanisms. At the same time, the World Bank actively encouraged both countries to agree amicably on a mechanism to address the issues," it further said.&nbsp;

On March 31, 2022, the international financial institution decided to resume the process of appointing a neutral expert and a chairman for the Court of Arbitration.

But earlier this month, New Delhi questioned the World Bank's decision to appoint a Court of Arbitration and a neutral expert under two separate processes to resolve differences. "I do not think they (World Bank) are in a position to interpret the treaty for us. It is a treaty between our two countries and our assessment of the treaty is that there is a provision of graded approach," External Affairs Ministry Spokesperson Arindam Bagchi said.&nbsp;

Eyeing a modification of the Treaty, India, in its notice last month,&nbsp;underlined that Pakistan's actions have "adversely impinged on the provisions of IWT and their implementation."&nbsp; 
&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Around six decades back, India and Pakistan signed the Indus Water Treaty (IWT), brokered by the World Bank. The agreement was followed by nine years of negotiations and was termed as "one of the most successful international treaties" by the financial institution.

Around six decades back, India and Pakistan signed the Indus Water Treaty (IWT), brokered by the World Bank. The agreement was followed by nine years of negotiations and was termed as "one of the most successful international treaties" by the financial institution. Dwight Eisenhower, who was the president of the United States when the treaty was signed in 1960, described it as "one bright spot...in a very depressing world picture that we see so often". The treaty is linked to the use of waters of the Indus River System by the two countries. India has an absolute control of eastern rivers — Beas, Sutlej and Ravi — while Pakistan is allowed to "receive for unrestricted use waters of the western rivers which India is under obligation to let flow beyond the permitted uses," reads a government document. Chenab, Jhelum and Indus are the western rivers which flow through Jammu and Kashmir. Tensions over the Treaty, however, escalated last month when India sent a notice to Pakistan over Islamabad's continued “intransigence” in implementing the agreement, by raising repeated objections to the construction of hydel projects on the Indian side. Hydroelectric power projects at the centre of tensions For more than a decade, the two countries have been locked in a standoff regarding the agreement and two hydroelectric power facilities on tributaries of the Jhelum and Chenab rivers. Some experts view the dispute intertwined with the decades-old Kashmir issue between the neighbouring nations. The Kishanganga Hydroelectric Project, inaugurated by Prime Minister Narendra Modi in 2018, includes a tributary of the Jhelum. Since Pakistan was permitted unrestricted use of the western river, it raised objections against India's project and claimed that it would deplete river water levels. Another project, which prompted pushback from Pakistan, is the underconstruction Ratle river project on the Chenab River. In 2021, the Union Cabinet, chaired by PM Modi, approved an investment of Rs 5,281 crore for the 850 mega watt hydro-electric project that aims to improve the power supply position in the Union Territory. Indus waters are a lifeline for Pakistan, which is counted as one of the most water-stressed countries of the world. In 2018, a report by the International Monetary Fund (IMF) ranked Pakistan on the third spot in a list of nations facing severe water shortage. Fears have prevailed over the worsening of climate-related conflict between the two nations that have nuclear arms. In a factsheet on its official website, the World Bank explains: "The two countries disagree over whether the technical design features of these two hydroelectric plants contravene the Treaty." The agreement, it further stresses, "designates these two rivers, as well as the Indus, as the western rivers to which Pakistan has unrestricted use with some exceptions. Under the Treaty, India is permitted to construct hydroelectric power facilities on these rivers, subject to constraints specified in Annexures to the Treaty." A document by India's Ministry of Jal Shakti cites annexures to stress that the country can use the water of western rivers for domestic use, including agricultural use and generation of hydro-electric power. India is "permitted to construct storage of water on western rivers upto 3.6 million acre feet (MAF) for various purposes as specified in the Annexure E of the Treaty," it reads. A brief timeline In 2010, the Kishanganga project faced a major challenge when Islamabad approached the Hague’s Permanent Court of Arbitration and accused New Delhi of violating the Treaty. In 2011, India was asked to submit related data after a visit by the Court of Arbitration to review the Neelum–Jhelum Projects in Pakistan-occupied Kashmir, and the Kishanganga facility. Two years later, the court told India to divert a minimum of water for the project. A minimum flow of 9 cubic metres per second (Cumecs) was permitted, which was more than the Indian government’s proposal of 4.25 cumecs. New Delhi was, however, told that construction of the dam could be continued in a setback to Pakistan. In 2016, skirmishes along the Line of Control (LoC) triggered panic among workers and briefly disrupted the construction. The workers were shifted from Gurez to Bandipora at the time. Pakistan also asked the World Bank in 2016 to facilitate the setting up of a Court of Arbitration to look into its concerns. "India asked for the appointment of a neutral expert for the same purpose. These requests came after the Permanent Indus Commission had been engaged in discussions on the matter for a while," the institution highlighted on the factsheet on its website. "The World Bank sought to fulfill its procedural obligations with respect to both the Court of Arbitration and the neutral expert. The Treaty does not empower the World Bank to decide whether one procedure should take precedence over the other; rather it vests the determination of jurisdictional competence on each of the two mechanisms. At the same time, the World Bank actively encouraged both countries to agree amicably on a mechanism to address the issues," it further said. On March 31, 2022, the international financial institution decided to resume the process of appointing a neutral expert and a chairman for the Court of Arbitration. But earlier this month, New Delhi questioned the World Bank's decision to appoint a Court of Arbitration and a neutral expert under two separate processes to resolve differences. "I do not think they (World Bank) are in a position to interpret the treaty for us. It is a treaty between our two countries and our assessment of the treaty is that there is a provision of graded approach," External Affairs Ministry Spokesperson Arindam Bagchi said. Eyeing a modification of the Treaty, India, in its notice last month, underlined that Pakistan's actions have "adversely impinged on the provisions of IWT and their implementation." 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.

Explained: India-Pakistan tensions over Indus Waters Treaty | A ready reckoner

Scientists around the world are finding ways and struggling to cope up with the ongoing climate crisis. The World Bank President, has announced his resignation months after sparking controversy by failing to respond to fossil fuel's impact on the climate. Mohammed Saleh brings you this report.

World Bank President criticised over dodged question on fossil fuels

David Malpass, who was appointed by former US President Donald Trump as the World Bank President, said Wednesday that he would leave his post by the end of June. Malpass's tenure as the World Bank President has less than a year remaining. The term for the top post is of five years. While Malpass did not give out any specific reason for his leaving the post, he did mention that he took the decision “after a good deal of thought." "I’ve decided to pursue new challenges," he said in his statement.

US Treasury Secretary Janet Yellen expressed her gratitude to Malpass. In a statement, she said that the world has benefited from his "strong support for Ukraine", "his vital work to assist the Afghan people", and his “commitment to helping low-income countries achieve debt sustainability through debt reduction.”

Also Read | <a href="https://www.wionews.com/world/munich-security-conference-to-kick-off-tomorrow-what-issues-to-take-center-stage-562574">Munich Security Conference to kick off tomorrow: what issues will take centre stage?</a>

Over who will be the next World Bank president, Yellen said that the replacement for Malpass will be decided through a “transparent, merit-based and swift nomination process.” Malpass joined the post as the World Bank chief in April 2019. Prior to that, he served as a top official for international affairs at US Treasury in the Trump administration.&nbsp;

He was also at the helm as the chief economist for the defunct investment bank Bear Stearns. World Bank head is chosen by the United States and now US President Joe Biden's administration has the onus to take further calls as to who will lead the global organisation which helps with funding developing economies every year.&nbsp;

Also Read | <a href="https://www.wionews.com/world/war-a-military-failure-for-russia-ukraines-tank-count-rising-think-tank-562597">War a military failure for Russia, Ukraine's tank count rising: Think tank</a>

<h2>Controversy surrounding climate change&nbsp;</h2>

David Malpass has often been called a climate denier by his critics. Malpass found himself surrounded by controversy when he dodged a question during a panel talk on climate finance. At the time, Malpass was asked whether he believed manmade burning of fossil fuels is warming the planet rapidly and dangerously. While dodging the question, he said, "I don't even know. I'm not a scientist."

Watch | <a href="https://www.wionews.com/videos/tesla-to-share-charging-network-3500-chargers-for-non-tesla-customers-562566">Tesla to share charging network, 3,500 chargers for non-Tesla customers</a>

However, under pressure after outrage by climate advocates, he was later quick to redeem himself when he said it was indeed climate change that is causing the greenhouse emissions.&nbsp; 
 
&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

David Malpass, who was appointed by former US President Donald Trump as the World Bank President, said Wednesday that he would leave his post by the end of June.

David Malpass, who was appointed by former US President Donald Trump as the World Bank President, said Wednesday that he would leave his post by the end of June. Malpass's tenure as the World Bank President has less than a year remaining. The term for the top post is of five years. While Malpass did not give out any specific reason for his leaving the post, he did mention that he took the decision “after a good deal of thought." "I’ve decided to pursue new challenges," he said in his statement. US Treasury Secretary Janet Yellen expressed her gratitude to Malpass. In a statement, she said that the world has benefited from his "strong support for Ukraine", "his vital work to assist the Afghan people", and his “commitment to helping low-income countries achieve debt sustainability through debt reduction.” Also Read | Munich Security Conference to kick off tomorrow: what issues will take centre stage? Over who will be the next World Bank president, Yellen said that the replacement for Malpass will be decided through a “transparent, merit-based and swift nomination process.” Malpass joined the post as the World Bank chief in April 2019. Prior to that, he served as a top official for international affairs at US Treasury in the Trump administration. He was also at the helm as the chief economist for the defunct investment bank Bear Stearns. World Bank head is chosen by the United States and now US President Joe Biden's administration has the onus to take further calls as to who will lead the global organisation which helps with funding developing economies every year. Also Read | War a military failure for Russia, Ukraine's tank count rising: Think tank Controversy surrounding climate change David Malpass has often been called a climate denier by his critics. Malpass found himself surrounded by controversy when he dodged a question during a panel talk on climate finance. At the time, Malpass was asked whether he believed manmade burning of fossil fuels is warming the planet rapidly and dangerously. While dodging the question, he said, "I don't even know. I'm not a scientist." Watch | Tesla to share charging network, 3,500 chargers for non-Tesla customers However, under pressure after outrage by climate advocates, he was later quick to redeem himself when he said it was indeed climate change that is causing the greenhouse emissions. 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.

David Malpass to step down early as World Bank President, why was he called a climate denier?

Last year, the world experienced one of the worst climate related disasters from floods to droughts to heat waves. In the latest, the US treasury secretary Janet Yellen has said that the United States wants to see quicker progress on the world bank's plans for expanding its lending capacity to address climate change and other global crises.

WION Climate Tracker: World Bank 'evolution roadmap' to fight climate change

A World Bank report says Pakistan's economy is the weakest in South Asia. The country's forex reserves are shrinking, the rupee is at an all-time low. Molly Gambhir reports.

Gravitas | World Bank: Pak's economy is weakest in South Asia

In a major blow to cash-strapped Pakistan, the World Bank has delayed the approval of two loans worth USD 1.1 billion until the next fiscal year, according to media reports.&nbsp;The Washington-based lender has also opposed slapping a flood levy on imports, creating a new hole in an already ambitious USD 32 billion annual financing plan.&nbsp;

The Bank's decision to withhold approval of the second Resilient Institutions for Sustainable Economy (RISE-II) loan worth USD 450 million and the second Programme for Affordable Energy (PACE-II) worth USD 600 million will be a major jolt for the Shehbaz Sharif government, The Express Tribune reported.&nbsp;

"The indicative date for (World Bank) Board discussion of the RISE-II project is the fiscal year 2024, which will start on July 1, 2023, and end on June 30, 2024," a spokesperson told the newspaper.&nbsp;

The Bank's documents also showed that the PACE-II loan might be approved in the next fiscal year.&nbsp;

The government hoped to receive approval for at least the USD 450 million loan in January, which would have unlocked another USD 450 million from the Asian Infrastructure Investment Bank (AIIB), which had pegged a USD 450 million loan with the approval of the World Bank's RISE-II.&nbsp;

The coalition government was already struggling to revive the International Monetary Fund (IMF) programme. The global lender's latest decision, however, has created a hole of USD 1.5 billion against the government's annual financing plan.&nbsp;

Just before the revival of the IMF bailout package in August last year, the World Bank had agreed to enhance its lending envelope to cover a USD 300 million hole. All this, however, seems to have been lost due to a lack of decision-making from the federal government.&nbsp;

The World Bank spokesperson added that "preparation of the RISE-II operation is underway and the World Bank is working closely with the government toward the implementation of supported reforms".&nbsp;

For the current fiscal year, the government had hoped to receive USD 30 billion to USD 32 billion in foreign financing but the plans now appear unrealistic. The financing plan included loans worth USD 2.9 billion from the World Bank.&nbsp;

With the current foreign reserves standing at a mere USD 4.3 billion, Pakistan may not be able to reach June without support from foreign creditors.&nbsp;

The United Arab Emirates is expected to give the county a USD 1 billion loan and Saudi Arabia is also "studying" the possibility of extending an additional USD 2 billion. The government, however, has not yet announced dates for the disbursements.&nbsp;

Sources told the newspaper that the World Bank has also communicated that it was opposed to the idea of slapping a 1 per cent to 3 per cent flood levy on imports that the government wants to impose to raise Rs 60 billion to Rs 70 billion in additional taxes and to contain imports.&nbsp;

The flood levy is part of the Rs 200 billion budget that the government is contemplating enforcing in a bid to revive the derailed programme.&nbsp;

The World Bank, however, sees further taxation on imports as a bad policy choice that is discriminatory, distortive and leads to a reduction in the production capacity of the country.&nbsp;

The lender has conveyed its decision to the federal government. As an alternative to imposing an import levy, the government has options like the withdrawal of custom duty exemptions that have been made available to certain groups, these exemptions are protected under the 5th schedule of the Customs Act.&nbsp;

The government has long been claiming that import duties have been imposed to discourage imports. But despite one of the highest import duty rates in the world, Pakistan's current account deficit (CAD) remains higher, which indicates that these duties have not helped contain imports.&nbsp;

The imposition of duties will further increase biases in favour of a domestic industry that has been overly protected and is not inclined to compete globally. The imposition of the 3 per cent duties on imports will also lead to missing the prior RISE-II policy actions of reducing import taxes.&nbsp;

According to The Express Tribune, the conditions for the RISE-II loan pertain to the country's fiscal and macroeconomic framework, involving the provinces too. The PACE-II loan aims to "reduce circular debt flow through reducing power generation costs, decarbonising the energy mix, improving efficiency in distribution, and retargeting electricity subsidies", according to the World Bank website.&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

In a major blow to cash-strapped Pakistan, the World Bank has delayed the approval of two loans worth USD 1.1 billion until the next fiscal year, according to media reports.

In a major blow to cash-strapped Pakistan, the World Bank has delayed the approval of two loans worth USD 1.1 billion until the next fiscal year, according to media reports. The Washington-based lender has also opposed slapping a flood levy on imports, creating a new hole in an already ambitious USD 32 billion annual financing plan. The Bank's decision to withhold approval of the second Resilient Institutions for Sustainable Economy (RISE-II) loan worth USD 450 million and the second Programme for Affordable Energy (PACE-II) worth USD 600 million will be a major jolt for the Shehbaz Sharif government, The Express Tribune reported. "The indicative date for (World Bank) Board discussion of the RISE-II project is the fiscal year 2024, which will start on July 1, 2023, and end on June 30, 2024," a spokesperson told the newspaper. The Bank's documents also showed that the PACE-II loan might be approved in the next fiscal year. The government hoped to receive approval for at least the USD 450 million loan in January, which would have unlocked another USD 450 million from the Asian Infrastructure Investment Bank (AIIB), which had pegged a USD 450 million loan with the approval of the World Bank's RISE-II. The coalition government was already struggling to revive the International Monetary Fund (IMF) programme. The global lender's latest decision, however, has created a hole of USD 1.5 billion against the government's annual financing plan. Just before the revival of the IMF bailout package in August last year, the World Bank had agreed to enhance its lending envelope to cover a USD 300 million hole. All this, however, seems to have been lost due to a lack of decision-making from the federal government. The World Bank spokesperson added that "preparation of the RISE-II operation is underway and the World Bank is working closely with the government toward the implementation of supported reforms". For the current fiscal year, the government had hoped to receive USD 30 billion to USD 32 billion in foreign financing but the plans now appear unrealistic. The financing plan included loans worth USD 2.9 billion from the World Bank. With the current foreign reserves standing at a mere USD 4.3 billion, Pakistan may not be able to reach June without support from foreign creditors. The United Arab Emirates is expected to give the county a USD 1 billion loan and Saudi Arabia is also "studying" the possibility of extending an additional USD 2 billion. The government, however, has not yet announced dates for the disbursements. Sources told the newspaper that the World Bank has also communicated that it was opposed to the idea of slapping a 1 per cent to 3 per cent flood levy on imports that the government wants to impose to raise Rs 60 billion to Rs 70 billion in additional taxes and to contain imports. The flood levy is part of the Rs 200 billion budget that the government is contemplating enforcing in a bid to revive the derailed programme. The World Bank, however, sees further taxation on imports as a bad policy choice that is discriminatory, distortive and leads to a reduction in the production capacity of the country. The lender has conveyed its decision to the federal government. As an alternative to imposing an import levy, the government has options like the withdrawal of custom duty exemptions that have been made available to certain groups, these exemptions are protected under the 5th schedule of the Customs Act. The government has long been claiming that import duties have been imposed to discourage imports. But despite one of the highest import duty rates in the world, Pakistan's current account deficit (CAD) remains higher, which indicates that these duties have not helped contain imports. The imposition of duties will further increase biases in favour of a domestic industry that has been overly protected and is not inclined to compete globally. The imposition of the 3 per cent duties on imports will also lead to missing the prior RISE-II policy actions of reducing import taxes. According to The Express Tribune, the conditions for the RISE-II loan pertain to the country's fiscal and macroeconomic framework, involving the provinces too. The PACE-II loan aims to "reduce circular debt flow through reducing power generation costs, decarbonising the energy mix, improving efficiency in distribution, and retargeting electricity subsidies", according to the World Bank website. 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.

World Bank delays USD 1.1 billion loan to cash-starved Pakistan until next FY

The World Bank has cut the global growth forecast for 2023 to 1.7 per cent from 2.9 per cent, while issuing a warning that the world is at risk of a recession.

It has cut growth estimates of almost every developed country and nearly 70 per cent of emerging and developing countries.

The Washington-based institution has cited a combination of factors like high inflation, rising interest rates, lower investment and Russia’s invasion of Ukraine&nbsp;as threats to growth, apart from China’s Covid-related disruptions and stress in its real-estate sector, for lowering its estimate.

“Global growth has slowed to the extent that the global economy is perilously close to falling into recession,” the World Bank said in its latest report.

It further warned that any fresh setback, such as escalating global tensions, high inflation, rising interest rate, could further derail the global economy and could result in a second recession in three years.

The World Bank forecasts US GDP to grow 0.5 per cent compared to last year, and expects now growth for the European bloc.

<h2>Gravitas: IMF: Global economy faces a tougher year</h2>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-imf-global-economy-faces-a-tougher-year-548872/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

It predicts China’s GDP to grow 4.3 per cent in 2023, an uptick from 2.7 per cent growth last year.

The Russian economy is expected to contract 3.3 per cent in 2023 from 3.5 per cent last year, as sanctions will take a toll on spending and investment, the bank said.

The bank called for a “major increase” in investment for developing nations, including new financing from the international community and from the repurposing of existing spending, such as inefficient agricultural and fuel subsidies.

“Even though the world is now in a very tight spot, there should be no room for defeatism,” &nbsp;David Malpass, president of the World Bank, said.

“There are significant reforms that could be undertaken now to strengthen the rule of law, improve the outlook and build stronger economies with more robust private sectors and better opportunities for people.”

WATCH WION LIVE HERE: 

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The World Bank has cut the global growth forecast for 2023 to 1.7 per cent from 2.9 per cent, while issuing a warning that the world is at risk of a recession. It has cut growth estimates of almost every developed country and nearly 70 per cent of emerging and developing countries.

The World Bank has cut the global growth forecast for 2023 to 1.7 per cent from 2.9 per cent, while issuing a warning that the world is at risk of a recession. It has cut growth estimates of almost every developed country and nearly 70 per cent of emerging and developing countries. The Washington-based institution has cited a combination of factors like high inflation, rising interest rates, lower investment and Russia’s invasion of Ukraine as threats to growth, apart from China’s Covid-related disruptions and stress in its real-estate sector, for lowering its estimate. “Global growth has slowed to the extent that the global economy is perilously close to falling into recession,” the World Bank said in its latest report. It further warned that any fresh setback, such as escalating global tensions, high inflation, rising interest rate, could further derail the global economy and could result in a second recession in three years. The World Bank forecasts US GDP to grow 0.5 per cent compared to last year, and expects now growth for the European bloc. Gravitas: IMF: Global economy faces a tougher year It predicts China’s GDP to grow 4.3 per cent in 2023, an uptick from 2.7 per cent growth last year. The Russian economy is expected to contract 3.3 per cent in 2023 from 3.5 per cent last year, as sanctions will take a toll on spending and investment, the bank said. The bank called for a “major increase” in investment for developing nations, including new financing from the international community and from the repurposing of existing spending, such as inefficient agricultural and fuel subsidies. “Even though the world is now in a very tight spot, there should be no room for defeatism,” David Malpass, president of the World Bank, said. “There are significant reforms that could be undertaken now to strengthen the rule of law, improve the outlook and build stronger economies with more robust private sectors and better opportunities for people.” WATCH WION LIVE HERE:

‘Perilously close to falling into recession’: World Bank cuts 2023 global growth to 1.7%

Lebanese people experience yet another bleak Christmas season due to the country’s ongoing economic crisis. Corrupted government has created what the World Bank calls a “deliberate depression.” Watch further to know more.

The West Asia Post: Lebanese celebrate Christmas amid economic woes

The World Bank slashed its economic growth outlook for the world’s second-largest economy, China, by almost a point and a half in its latest forecast published on Tuesday. This comes after the country's nearly three years of stringent ‘zero-Covid’ restrictions and its abrupt ease, earlier this month, following countrywide protests.&nbsp;

“Economic activity in China continues to track the ups and downs of the pandemic – outbreaks and growth slowdowns have been followed by uneven recoveries,” said the World Bank in a statement. Therefore, the Real GDP growth is estimated to reach 2.7 per cent in 2022 before recovering to 4.3 per cent in the upcoming year, as the economy will open, it added.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/chinas-business-confidence-plunges-to-its-lowest-in-nearly-a-decade-says-survey-544447">Chinese business confidence plunges to its lowest in nearly a decade, says survey</a>

Notably, the estimate for 2023 has also been reduced from 8.1 per cent to 4.3 per cent which was given earlier this year in June. This also could be attributed to some restrictions in place while the recent uptick in cases has disrupted business.&nbsp;

The US-based institute also noted factors like uncertain global outlook, climate change as well as the “persistent stress” in the country’s real estate market amid Beijing’s crackdown on excessive lending as some of the non-pandemic related risks.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/world-business-watch-china-to-set-economic-plans-amid-shift-from-zero-covid-policy-542526">World Business Watch: China to set economic plans amid shift from Zero Covid policy</a>

However, Mara Warwick, World Bank country director for China, Mongolia and Korea said that China’s “continued adaptation” of its COVID-19 policies will play a significant role in the country’s ability to mitigate public health risks and to minimise further economic disruption, reported AFP.&nbsp;

In the larger context, the slowdown has also been seen as a consequence of the global economy being battered by high-interest rates with recent hikes announced by major economies including the US and UK, and potentially by the European Union in a bid to curb the soaring inflation triggered by the Russian invasion of Ukraine and pandemic related supply chain issues.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/zero-covid-a-crumbling-real-estate-market-and-more-chinese-economy-and-the-challenges-it-faces-522534">Zero-Covid, a crumbling real estate market and more: Chinese economy and the challenges it faces</a>

According to World Bank’s Lead Economist for China, Elitza Mileva, Beijing could benefit from directing fiscal resources towards social spending and green investment, which could support short-term demand as well as contribute to sustainable growth in the medium term.&nbsp;

Meanwhile, China has also sought to mitigate this low growth by providing more support through a series of ease in restrictions as well as slashing interest rates in key areas of the economy, and pumping cash into the country’s banking system.&nbsp;

(With inputs from agencies)&nbsp; 
&nbsp;

&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

The World Bank slashed its economic growth outlook for the world’s second-largest economy, China, by almost a point and a half in its latest forecast published on Tuesday.

The World Bank slashed its economic growth outlook for the world’s second-largest economy, China, by almost a point and a half in its latest forecast published on Tuesday. This comes after the country's nearly three years of stringent ‘zero-Covid’ restrictions and its abrupt ease, earlier this month, following countrywide protests. “Economic activity in China continues to track the ups and downs of the pandemic – outbreaks and growth slowdowns have been followed by uneven recoveries,” said the World Bank in a statement. Therefore, the Real GDP growth is estimated to reach 2.7 per cent in 2022 before recovering to 4.3 per cent in the upcoming year, as the economy will open, it added. ALSO READ | Chinese business confidence plunges to its lowest in nearly a decade, says survey Notably, the estimate for 2023 has also been reduced from 8.1 per cent to 4.3 per cent which was given earlier this year in June. This also could be attributed to some restrictions in place while the recent uptick in cases has disrupted business. The US-based institute also noted factors like uncertain global outlook, climate change as well as the “persistent stress” in the country’s real estate market amid Beijing’s crackdown on excessive lending as some of the non-pandemic related risks. ALSO WATCH | World Business Watch: China to set economic plans amid shift from Zero Covid policy However, Mara Warwick, World Bank country director for China, Mongolia and Korea said that China’s “continued adaptation” of its COVID-19 policies will play a significant role in the country’s ability to mitigate public health risks and to minimise further economic disruption, reported AFP. In the larger context, the slowdown has also been seen as a consequence of the global economy being battered by high-interest rates with recent hikes announced by major economies including the US and UK, and potentially by the European Union in a bid to curb the soaring inflation triggered by the Russian invasion of Ukraine and pandemic related supply chain issues. ALSO READ | Zero-Covid, a crumbling real estate market and more: Chinese economy and the challenges it faces According to World Bank’s Lead Economist for China, Elitza Mileva, Beijing could benefit from directing fiscal resources towards social spending and green investment, which could support short-term demand as well as contribute to sustainable growth in the medium term. Meanwhile, China has also sought to mitigate this low growth by providing more support through a series of ease in restrictions as well as slashing interest rates in key areas of the economy, and pumping cash into the country’s banking system. (With inputs from agencies) 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.

World Bank slashes China’s growth forecast from 4.3 per cent to 2.7 per cent for 2022

The private arm of World Bank said on Thursday (December 15) that it was launching a USD 2 billion support package to help Ukrainian private sector and to prepare for reconstruction.

The International Finance Corp said the new Economic Resilience Action Program for Ukraine includes up to $1 billion from IFC’s own account, with additional financing contingent on guarantees from donor governments.

IFC's regional manager Lisa Kaestner had announced in a conference last month that this support would be extended over the next 18-24 months.

According to Ukraine's central bank, 11 per cent of businesses in the country have shut down because of war as of September 2022. The bank added that more than half were operating below capacity.

“The Ukrainian private sector has demonstrated unprecedented resilience in the face of this war,” said IFC Managing Director Makhtar Diop.

“Supporting that resilience and continuing to build private sector capacity is a priority for us. Deploying capital during this extraordinary time is essential to keep businesses and vital services running, and, when the time is right, prepare for the massive reconstruction efforts to come,” Diop said.

Russia invaded Ukraine in February this year. The conflict has caused extensive damage to infrastructure in Ukraine. Before war, the private sector contribute up to 70 per cent of Ukraine's GDP.

IFC said at least 5 million jobs have been lost.

The program will provide emergency liquidity support for agribusiness and trade finance, including for fuel imports, IFC said. It will support agricultural trade routes and logistics and aid displaced people and affected municipalities.

(With inputs from agencies)

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH WION LIVE HERE

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

The private arm of World Bank said on Thursday (December 15) that it was launching a USD 2 billion support package to help Ukrainian private sector and to prepare for reconstruction.

The private arm of World Bank said on Thursday (December 15) that it was launching a USD 2 billion support package to help Ukrainian private sector and to prepare for reconstruction. The International Finance Corp said the new Economic Resilience Action Program for Ukraine includes up to $1 billion from IFC’s own account, with additional financing contingent on guarantees from donor governments. IFC's regional manager Lisa Kaestner had announced in a conference last month that this support would be extended over the next 18-24 months. According to Ukraine's central bank, 11 per cent of businesses in the country have shut down because of war as of September 2022. The bank added that more than half were operating below capacity. “The Ukrainian private sector has demonstrated unprecedented resilience in the face of this war,” said IFC Managing Director Makhtar Diop. “Supporting that resilience and continuing to build private sector capacity is a priority for us. Deploying capital during this extraordinary time is essential to keep businesses and vital services running, and, when the time is right, prepare for the massive reconstruction efforts to come,” Diop said. Russia invaded Ukraine in February this year. The conflict has caused extensive damage to infrastructure in Ukraine. Before war, the private sector contribute up to 70 per cent of Ukraine's GDP. IFC said at least 5 million jobs have been lost. The program will provide emergency liquidity support for agribusiness and trade finance, including for fuel imports, IFC said. It will support agricultural trade routes and logistics and aid displaced people and affected municipalities. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Private arm of World Bank launches $2bn program to help Ukraine businesses

The World Bank report said India is experiencing higher temperatures that arrive earlier and stay far longer. The report warned that rising heat across India can jeopardise economic productivity.

WION Climate Tracker | World Bank: India could experience heat waves beyond human survival limits

In 2021, the amount of debt among the low- and middle-income countries “grew substantially”, said World Bank President David Malpass during an interview with Reuters on Friday. This comes ahead of the bank’s upcoming yearly report on global debt which Malpass says will make clear that private sector creditors also need to participate in debt reductions.&nbsp;

According to the World Bank president, China accounts for nearly 66 per cent of lending in the total for the official bilateral creditors. This also makes Beijing the world’s biggest official bilateral creditor. Meanwhile, he also talked about how the implementation of the common framework created by the G20 economies as well as the Paris Club of official creditors in late 2020 for debt treatments has been halted.&nbsp;

In this context, he gave the example of the African nation, Chad, whose bilateral creditors are countries like China, France, India and Saudi Arabia and also private creditors like Switzerland-based Glencore which reportedly reached an agreement on the country’s nearly $3 billion in external debt. However, Malpass says that it does not account for longer-term debt sustainability as it forgoes any actual debt reduction.&nbsp;

ALSO READ:<a href="https://www.wionews.com/india-news/indias-support-to-poor-during-covid-19-remarkable-says-world-bank-president-david-malpass-522939">&nbsp;India’s support to poor during COVID-19 remarkable, says World Bank President David Malpass</a> 
 
He also said that the World Bank, the International Monetary Fund (IMF) and Western officials have repeatedly criticised China as well as private sector lenders for not moving forward with their plan at a faster pace. Therefore, the World Bank president said that the overall debt issue will be one of the highlights of the upcoming meeting of the G20 leaders.&nbsp;

Malpass also called for an increased pace of debt restructuring for both Chad and Zambia with the latter being the first to make the request under the new common framework. He added that the longer the process of enacting real debt reductions is, it will become increasingly difficult for these countries to “get back on their feet.”&nbsp;

ALSO WATCH:&nbsp;<a href="https://www.wionews.com/videos/wion-climate-tracker-united-states-protests-against-world-bank-investing-in-fossil-fuels-525204">WION Climate Tracker | United States: Protests against World Bank investing in fossil fuels</a>

This comes as Malpass warns about the bank's forthcoming International Debt Statistics report, which he reportedly said was troubling but did not give any specific numbers or statistics on the same. &nbsp;

But the preliminary data released by the World Bank in June hints at the worsening situation as it showed that the external debt stock of low- and middle-income countries on average rose 6.9 per cent in 2021 to $9.3 trillion which is a 1.3 per cent growth witnessed since 2020. “The report makes clear that debt reduction needs to extend broadly to include the private sector and China,” said Malpass.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/world/cop27-barbados-pm-calls-to-reform-imf-and-world-bank-finds-support-from-us-france-533033">COP27: Barbados PM calls to reform IMF and World Bank, finds support from US, France</a>

Furthermore, the officials at World Bank and IMF have also said that at least 25 per cent of emerging markets and developing economies are in or near debt stress, while the number for low- and middle-income countries is at a staggering 60 per cent. This comes amid climate shocks, inflation, rise in interest rates which increased the pressure on countries still reeling from the Covid-19 pandemic.&nbsp;

&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

In 2021, the amount of debt among the low- and middle-income countries “grew substantially”, said World Bank President David Malpass during an interview with Reuters on Friday.

In 2021, the amount of debt among the low- and middle-income countries “grew substantially”, said World Bank President David Malpass during an interview with Reuters on Friday. This comes ahead of the bank’s upcoming yearly report on global debt which Malpass says will make clear that private sector creditors also need to participate in debt reductions. According to the World Bank president, China accounts for nearly 66 per cent of lending in the total for the official bilateral creditors. This also makes Beijing the world’s biggest official bilateral creditor. Meanwhile, he also talked about how the implementation of the common framework created by the G20 economies as well as the Paris Club of official creditors in late 2020 for debt treatments has been halted. In this context, he gave the example of the African nation, Chad, whose bilateral creditors are countries like China, France, India and Saudi Arabia and also private creditors like Switzerland-based Glencore which reportedly reached an agreement on the country’s nearly $3 billion in external debt. However, Malpass says that it does not account for longer-term debt sustainability as it forgoes any actual debt reduction. ALSO READ: India’s support to poor during COVID-19 remarkable, says World Bank President David Malpass He also said that the World Bank, the International Monetary Fund (IMF) and Western officials have repeatedly criticised China as well as private sector lenders for not moving forward with their plan at a faster pace. Therefore, the World Bank president said that the overall debt issue will be one of the highlights of the upcoming meeting of the G20 leaders. Malpass also called for an increased pace of debt restructuring for both Chad and Zambia with the latter being the first to make the request under the new common framework. He added that the longer the process of enacting real debt reductions is, it will become increasingly difficult for these countries to “get back on their feet.” ALSO WATCH: WION Climate Tracker | United States: Protests against World Bank investing in fossil fuels This comes as Malpass warns about the bank's forthcoming International Debt Statistics report, which he reportedly said was troubling but did not give any specific numbers or statistics on the same. But the preliminary data released by the World Bank in June hints at the worsening situation as it showed that the external debt stock of low- and middle-income countries on average rose 6.9 per cent in 2021 to $9.3 trillion which is a 1.3 per cent growth witnessed since 2020. “The report makes clear that debt reduction needs to extend broadly to include the private sector and China,” said Malpass. ALSO READ: COP27: Barbados PM calls to reform IMF and World Bank, finds support from US, France Furthermore, the officials at World Bank and IMF have also said that at least 25 per cent of emerging markets and developing economies are in or near debt stress, while the number for low- and middle-income countries is at a staggering 60 per cent. This comes amid climate shocks, inflation, rise in interest rates which increased the pressure on countries still reeling from the Covid-19 pandemic. 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.

Global debt grew considerably in 2021, China leading lender: World Bank president

Adopting a new way of campaigning and urging for a sustainable future, American climate change activists rode bikes to protest against the World Bank for investing in fossil fuel projects, listen in.

WION Climate Tracker | United States: Protests against World Bank investing in fossil fuels

Two men from Australia were arrested in Sydney for bribing Sri Lankan officials in order to win infrastructure contracts worth 14 million dollars.

The Australian Federal Police (AFP) arrested the men, aged 67 and 71, last month after a decade-long investigation spanning several countries.

It is said that the men bribed more than AUD 304,000 ($190,000) to government officials between 2009 and 2016.

The men, aged 67 and 71, worked for a company which has been accused of misconduct in South Asian countries. They will face the court on Tuesday, reports BBC.

The AFP officials added that more arrests and charges are in the offing.

“Corruption undermines fair competition and can have disastrous consequences for developing economies, global anti-poverty and development efforts,” AFP Detective Superintendent Helen Schneider said in a statement.

&nbsp;“The AFP works to fight bribery and corruption both here and overseas to support ethical business practices, national security and the rule of law,” she added.

The AFP’s move follows decades-long investigation into an Australian-based engineering firm, Snowy Mountains Engineering Corporation (SMEC) International Pvt Ltd, which involved officials from the US, Canada, India and other countries.

The AFP was assisted from police across South Asia and the FBI.

According to the Sunday Morning Herald, the probe started in September 2013 after World Bank investigators found that SMEC was engaged in suspected “fraud and corruption” regarding a power plant project in Bangladesh in 2007. A year later, the police raided the firm’s Australian headquarters.

SMEC and its and four subsidiaries in India, Bangladesh and Sri Lanka were later barred by the World Bank temporarily in 2017 from bidding for any of its contracts.

SMEC, originally known as Snowy Mountains Engineering Corporation, was formed in 1949 to build an iconic Australian infrastructure project.

It was privatised in 1993 and has since then become a global engineering giant with 5,400 staff in dozens of countries.

(With inputs from agencies)

WATCH WION LIVE HERE: 

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Two men from Australia were arrested in Sydney for bribing Sri Lankan officials in order to win infrastructure contracts worth 14 million dollars. The Australian Federal Police (AFP) arrested the men, aged 67 and 71, last month after a decade-long investigation spanning several countries.

Two men from Australia were arrested in Sydney for bribing Sri Lankan officials in order to win infrastructure contracts worth 14 million dollars. The Australian Federal Police (AFP) arrested the men, aged 67 and 71, last month after a decade-long investigation spanning several countries. It is said that the men bribed more than AUD 304,000 ($190,000) to government officials between 2009 and 2016. The men, aged 67 and 71, worked for a company which has been accused of misconduct in South Asian countries. They will face the court on Tuesday, reports BBC. The AFP officials added that more arrests and charges are in the offing. “Corruption undermines fair competition and can have disastrous consequences for developing economies, global anti-poverty and development efforts,” AFP Detective Superintendent Helen Schneider said in a statement. “The AFP works to fight bribery and corruption both here and overseas to support ethical business practices, national security and the rule of law,” she added. The AFP’s move follows decades-long investigation into an Australian-based engineering firm, Snowy Mountains Engineering Corporation (SMEC) International Pvt Ltd, which involved officials from the US, Canada, India and other countries. The AFP was assisted from police across South Asia and the FBI. According to the Sunday Morning Herald, the probe started in September 2013 after World Bank investigators found that SMEC was engaged in suspected “fraud and corruption” regarding a power plant project in Bangladesh in 2007. A year later, the police raided the firm’s Australian headquarters. SMEC and its and four subsidiaries in India, Bangladesh and Sri Lanka were later barred by the World Bank temporarily in 2017 from bidding for any of its contracts. SMEC, originally known as Snowy Mountains Engineering Corporation, was formed in 1949 to build an iconic Australian infrastructure project. It was privatised in 1993 and has since then become a global engineering giant with 5,400 staff in dozens of countries. (With inputs from agencies) WATCH WION LIVE HERE:

Two Australians arrested for bribing Sri Lankan officials to secure infra contracts

Sri Lanka will remain a middle-income country but request the World Bank to grant it some loans generally offered to poorer nations, the president's office said on Tuesday, clarifying a cabinet spokesperson's earlier comments on the matter.

The island nation of 22 million is facing its worst economic crisis in more than seven decades and the spokesperson said earlier in the day that the government would seek to change its economic status to "low-income country" for easier funding.

President Ranil Wickremesinghe's office, however, said the status change would not happen.

"Sri Lanka will remain a middle-income country," the office said in a statement. "We will request the World Bank to grant the country eligibility to obtain loans offered by the International Development Association (IDA)."

The IDA is a division of the World Bank that offers grants and loans with zero or low-interest rates to the world's poorest nations in an effort to combat poverty.&nbsp;

The Colombo branch of the World Bank did not immediately respond to a request from Sri Lanka. The "key priority" was to move on with debt restructuring and economic reforms to get the country's growth back on track, it said, adding that it would keep talking to Sri Lanka.

Also Read:<a href="https://www.wionews.com/photos/japan-reopens-for-tourists-after-two-and-a-half-years-of-covid-19-restrictions-524437">&nbsp;Japan reopens for tourists after two-and-a-half years of Covid restrictions</a>

Last year, the government estimated Sri Lanka's GDP to be worth $89 billion. Even with the expected 8.7 per cent&nbsp;decline in GDP this year and taking currency depreciation into account, the economy will still be approximately $75 billion, with a per-capita income of roughly $3,400.&nbsp;

According to the World Bank, low-income nations are those with a 2021 per-capita income of $1,085 or less.

(with inputs from agencies)

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

Sri Lanka will remain a middle-income country but request the World Bank to grant it some loans generally offered to poorer nations, the president's office said on Tuesday, clarifying a cabinet spokesperson's earlier comments on the matter.

Sri Lanka will remain a middle-income country but request the World Bank to grant it some loans generally offered to poorer nations, the president's office said on Tuesday, clarifying a cabinet spokesperson's earlier comments on the matter. The island nation of 22 million is facing its worst economic crisis in more than seven decades and the spokesperson said earlier in the day that the government would seek to change its economic status to "low-income country" for easier funding. President Ranil Wickremesinghe's office, however, said the status change would not happen. "Sri Lanka will remain a middle-income country," the office said in a statement. "We will request the World Bank to grant the country eligibility to obtain loans offered by the International Development Association (IDA)." The IDA is a division of the World Bank that offers grants and loans with zero or low-interest rates to the world's poorest nations in an effort to combat poverty. The Colombo branch of the World Bank did not immediately respond to a request from Sri Lanka. The "key priority" was to move on with debt restructuring and economic reforms to get the country's growth back on track, it said, adding that it would keep talking to Sri Lanka. Also Read: Japan reopens for tourists after two-and-a-half years of Covid restrictions Last year, the government estimated Sri Lanka's GDP to be worth $89 billion. Even with the expected 8.7 per cent decline in GDP this year and taking currency depreciation into account, the economy will still be approximately $75 billion, with a per-capita income of roughly $3,400. According to the World Bank, low-income nations are those with a 2021 per-capita income of $1,085 or less. (with inputs from agencies)

Sri Lanka clarifies remaining 'middle-income' country, but still seeks concessional loans

Since the Paris agreement was inked in 2015, the World Bank has financed fossil fuel related projects worth around $15 billion, a study has claimed.

Big Shift Global, a coalition of more than 50 NGOs, in its report ‘Investing in Climate Disaster: World Bank Group Finance for Fossil Fuels’, said that the global institution and its subsidiaries have been funding “upstream” oil and gas projects for several years.

The study, which was published on Thursday, claims that the bank’s direct involvement acted as a catalyst for other private entities to invest heavily&nbsp;in high-carbon emission projects

From 2018 to 2021, the World Bank reportedly used financial intermediaries in the form of banks or financial institutions, or sometimes private equity funds or commercial banks, for funding, it said.

The report said that these indirect funding streams were a “major loophole” in the bank’s climate policy.

“It’s pretty damning. The World Bank takes a leadership role, and in some cases can provide just a small amount of support that facilitates much bigger investments from elsewhere. They have huge amounts of leverage, and we have found many cases where that has been used unhelpfully, in climate terms,” Kat Kramer, author of the report, told the Guardian.

The study also claimed to have found World Bank’s involvement in helping with indirect funding for coal projects, despite ending direct funding in 2010.

However, a spokesperson of the World Bank refuted the claims made by the report highlighting that the institution had also invested heavily in green projects.

“We dispute the findings of the report. It makes inaccurate assumptions about the World Bank Group’s lending. In fiscal year 2022, the Bank Group delivered a record $31.7bn for climate-related investments, to help communities around the world respond to the climate crisis, and build a safer and cleaner future,” the spokesperson told the Guardian.

(With inputs from agencies)

WATCH WION LIVE HERE: 

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Since the Paris agreement was inked in 2015, the World Bank has financed fossil fuel related projects worth around $15 billion, a study has claimed. Big Shift Global, a coalition of more than 50 NGOs, in its report ‘Investing in Climate Disaster: World Bank Group Finance for Fossil Fuels’, said that the global institution and its subsidiaries have been funding “upstream” oil and gas projects for several years.

Since the Paris agreement was inked in 2015, the World Bank has financed fossil fuel related projects worth around $15 billion, a study has claimed. Big Shift Global, a coalition of more than 50 NGOs, in its report ‘Investing in Climate Disaster: World Bank Group Finance for Fossil Fuels’, said that the global institution and its subsidiaries have been funding “upstream” oil and gas projects for several years. The study, which was published on Thursday, claims that the bank’s direct involvement acted as a catalyst for other private entities to invest heavily in high-carbon emission projects From 2018 to 2021, the World Bank reportedly used financial intermediaries in the form of banks or financial institutions, or sometimes private equity funds or commercial banks, for funding, it said. The report said that these indirect funding streams were a “major loophole” in the bank’s climate policy. “It’s pretty damning. The World Bank takes a leadership role, and in some cases can provide just a small amount of support that facilitates much bigger investments from elsewhere. They have huge amounts of leverage, and we have found many cases where that has been used unhelpfully, in climate terms,” Kat Kramer, author of the report, told the Guardian. The study also claimed to have found World Bank’s involvement in helping with indirect funding for coal projects, despite ending direct funding in 2010. However, a spokesperson of the World Bank refuted the claims made by the report highlighting that the institution had also invested heavily in green projects. “We dispute the findings of the report. It makes inaccurate assumptions about the World Bank Group’s lending. In fiscal year 2022, the Bank Group delivered a record $31.7bn for climate-related investments, to help communities around the world respond to the climate crisis, and build a safer and cleaner future,” the spokesperson told the Guardian. (With inputs from agencies) WATCH WION LIVE HERE:

World Bank financed fossil fuel projects worth $15bn since Paris Agreement: Report

India’s support to the poor and needy during the COVID-19 pandemic crisis is remarkable, and other nations should adopt the Indian move of targeted cash transfer instead of broad subsidies, World Bank President David Malpass said on Wednesday.

COVID-19 marked the end of a phase of global progress in poverty reduction. During the three decades that preceded its arrival, more than one&nbsp;billion people escaped extreme poverty. The incomes of the poorest nations gained ground, Malpass said in the forward to a study — Poverty and Shared Prosperity Report — released by the World Bank.

Also Read |&nbsp;<a href="https://www.wionews.com/world/covid-omicron-variant-causing-mild-disease-says-south-african-medical-association-slams-hype-432552">Omicron variant causing mild disease, says South African Medical Association, slams hype&nbsp;</a>

The poorest people bore the steepest costs of the pandemic — income losses averaged four per cent for the poorest 40 per cent, double the losses of the wealthiest 20 per cent of the income distribution. Global inequality rose, as a result, for the first time in decades, as per the report.

India’s support to the poor and needy during the COVID-19 pandemic crisis is remarkable, and other nations should adopt the Indian move of targeted cash transfer instead of broad subsidies, World Bank President David Malpass said on Wednesday.

COVID-19 marked the end of a phase of global progress in poverty reduction. During the three decades that preceded its arrival, more than one billion people escaped extreme poverty. The incomes of the poorest nations gained ground, Malpass said in the forward to a study — Poverty and Shared Prosperity Report — released by the World Bank.

The poorest people bore the steepest costs of the pandemic — income losses averaged four per cent for the poorest 40 per cent, double the losses of the wealthiest 20 per cent of the income distribution. Global inequality rose, as a result, for the first time in decades, as per the report.

“Helped by digital cash transfers, India managed to provide food or cash support to a remarkable 85 per cent of rural households and 69 per cent of urban households. South Africa initiated its biggest expansion of the social safety net in a generation, spending USD 6 billion on poverty relief that benefited nearly 29 million people,” Malpass said.

Brazil managed to reduce extreme poverty in 2020 despite an economic contraction, primarily using a family-based digital cash-transfer system.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/india-becomes-first-country-in-world-to-administer-covid-19-dna-vaccine-450750">India becomes first country in world to administer COVID-19 DNA vaccine</a>

In short, fiscal policy — prudently used and considering the initial country conditions in terms of fiscal space — does offer opportunities for policymakers in developing economies to step up the fight against poverty and inequality. To realise the potential of fiscal measures, the report calls for action on three fronts, Malpass said.

“Choose targeted cash transfers instead of broad subsidies. Half of all spending on energy subsidies in low- and middle-income economies went to the richest 20 per cent of the population, who also happen to consume more energy.

“Targeted cash transfers are a far more effective mechanism for supporting poor and vulnerable groups: more than 60 per cent of spending on cash transfers goes to the bottom 40 per cent. Cash transfers also have a larger impact on income growth than subsidies,” Malpass wrote.

COVID-19 has underlined how progress achieved over decades can vanish suddenly. High-return investments in education, research and development, and infrastructure projects should be made now. Governments need to improve their preparation for the next crisis.

They also should improve the efficiency of their spending. Better procurement processes and incentives for public sector managers can boost both the quality and efficiency of government spending, the report noted.

“Mobilise tax revenues without hurting the poor. This can be done by introducing property taxes, broadening the base of personal and corporate income taxes, and reducing regressive tax exemptions.

They also should improve the efficiency of their spending. Better procurement processes and incentives for public sector managers can boost both the quality and efficiency of government spending, the report noted.

“Mobilise tax revenues without hurting the poor. This can be done by introducing property taxes, broadening the base of personal and corporate income taxes, and reducing regressive tax exemptions. 
&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

India’s support to the poor and needy during the COVID-19 pandemic crisis is remarkable, and other nations should adopt the Indian move of targeted cash transfer instead of broad subsidies, World Bank President David Malpass said on Wednesday.

India’s support to the poor and needy during the COVID-19 pandemic crisis is remarkable, and other nations should adopt the Indian move of targeted cash transfer instead of broad subsidies, World Bank President David Malpass said on Wednesday. COVID-19 marked the end of a phase of global progress in poverty reduction. During the three decades that preceded its arrival, more than one billion people escaped extreme poverty. The incomes of the poorest nations gained ground, Malpass said in the forward to a study — Poverty and Shared Prosperity Report — released by the World Bank. Also Read | Omicron variant causing mild disease, says South African Medical Association, slams hype The poorest people bore the steepest costs of the pandemic — income losses averaged four per cent for the poorest 40 per cent, double the losses of the wealthiest 20 per cent of the income distribution. Global inequality rose, as a result, for the first time in decades, as per the report. India’s support to the poor and needy during the COVID-19 pandemic crisis is remarkable, and other nations should adopt the Indian move of targeted cash transfer instead of broad subsidies, World Bank President David Malpass said on Wednesday. COVID-19 marked the end of a phase of global progress in poverty reduction. During the three decades that preceded its arrival, more than one billion people escaped extreme poverty. The incomes of the poorest nations gained ground, Malpass said in the forward to a study — Poverty and Shared Prosperity Report — released by the World Bank. The poorest people bore the steepest costs of the pandemic — income losses averaged four per cent for the poorest 40 per cent, double the losses of the wealthiest 20 per cent of the income distribution. Global inequality rose, as a result, for the first time in decades, as per the report. “Helped by digital cash transfers, India managed to provide food or cash support to a remarkable 85 per cent of rural households and 69 per cent of urban households. South Africa initiated its biggest expansion of the social safety net in a generation, spending USD 6 billion on poverty relief that benefited nearly 29 million people,” Malpass said. Brazil managed to reduce extreme poverty in 2020 despite an economic contraction, primarily using a family-based digital cash-transfer system. Also Read | India becomes first country in world to administer COVID-19 DNA vaccine In short, fiscal policy — prudently used and considering the initial country conditions in terms of fiscal space — does offer opportunities for policymakers in developing economies to step up the fight against poverty and inequality. To realise the potential of fiscal measures, the report calls for action on three fronts, Malpass said. “Choose targeted cash transfers instead of broad subsidies. Half of all spending on energy subsidies in low- and middle-income economies went to the richest 20 per cent of the population, who also happen to consume more energy. “Targeted cash transfers are a far more effective mechanism for supporting poor and vulnerable groups: more than 60 per cent of spending on cash transfers goes to the bottom 40 per cent. Cash transfers also have a larger impact on income growth than subsidies,” Malpass wrote. COVID-19 has underlined how progress achieved over decades can vanish suddenly. High-return investments in education, research and development, and infrastructure projects should be made now. Governments need to improve their preparation for the next crisis. They also should improve the efficiency of their spending. Better procurement processes and incentives for public sector managers can boost both the quality and efficiency of government spending, the report noted. “Mobilise tax revenues without hurting the poor. This can be done by introducing property taxes, broadening the base of personal and corporate income taxes, and reducing regressive tax exemptions. They also should improve the efficiency of their spending. Better procurement processes and incentives for public sector managers can boost both the quality and efficiency of government spending, the report noted. “Mobilise tax revenues without hurting the poor. This can be done by introducing property taxes, broadening the base of personal and corporate income taxes, and reducing regressive tax exemptions.

India’s support to poor during COVID-19 remarkable, says World Bank President David Malpass

World Bank President David Malpass has warned that it could take years for global energy to diversify away from Russia after its invasion of Ukraine, prolonging the risk of stagflation, or a period of low growth and high inflation.

WION Business News | Recession: World Bank President Malpass sees risk of stagflation

Covid-zero policies and the property market crisis have caused China's economic development to lag behind that of the rest of Asia-Pacific for the first time in more than 30 years, as per&nbsp;World Bank predictions.&nbsp;

The US-based organisation stated in a biannual study released on Tuesday that the region of East Asia and the Pacific's yearly growth outlook had been revised downward from 5 per cent&nbsp;to 3.2 per cent. However, since China accounts for 86 per cent&nbsp;of the region's economic production, a large portion of that decline was caused by China's economic problems.

The second-largest economy in the world, China, was predicted by the World Bank to grow its GDP by just 2.8 per cent&nbsp;in 2022, while the other 23 countries in the region were predicted to see average growth of 5.3 per cent, which would be higher than the 2.6 per cent&nbsp;growth seen in 2021. For the first time since 1990, China's GDP growth lagged behind that of its neighbours due to its distinct path.&nbsp;

According to the World Bank, the increase in the Asia-Pacific was being driven by high commodity prices and a post-pandemic recovery in domestic consumption. However, the World Bank reported that China's tight adherence to its zero-Covid policy had affected the industry as well as domestic sales and exports.

Conditions have gotten worse due to a crisis in China's housing and real estate development industries. According to government statistics, new home prices in 70 Chinese cities decreased by a worse-than-anticipated 1.3 per cent&nbsp;in August compared to the previous year, and almost a third of all property loans are now categorised as bad debts.&nbsp;

According to Chinese government statistics, the country's annual GDP growth in 2021 was 8.1 per cent, the strongest rate in a decade, and 5.5 per cent&nbsp;was forecast for 2022. Prior to Tuesday's announcement, the World Bank had predicted a decline this year, with a growth of only 5 per cent. The second-largest economy in the world was projected to increase by 4.5 per cent&nbsp;in 2023.

(with inputs from agencies)

Covid-zero policies and the property market crisis have caused China's economic development to lag behind that of the rest of Asia-Pacific for the first time in more than 30 years, as per World Bank predictions.

Covid-zero policies and the property market crisis have caused China's economic development to lag behind that of the rest of Asia-Pacific for the first time in more than 30 years, as per World Bank predictions. The US-based organisation stated in a biannual study released on Tuesday that the region of East Asia and the Pacific's yearly growth outlook had been revised downward from 5 per cent to 3.2 per cent. However, since China accounts for 86 per cent of the region's economic production, a large portion of that decline was caused by China's economic problems. The second-largest economy in the world, China, was predicted by the World Bank to grow its GDP by just 2.8 per cent in 2022, while the other 23 countries in the region were predicted to see average growth of 5.3 per cent, which would be higher than the 2.6 per cent growth seen in 2021. For the first time since 1990, China's GDP growth lagged behind that of its neighbours due to its distinct path. According to the World Bank, the increase in the Asia-Pacific was being driven by high commodity prices and a post-pandemic recovery in domestic consumption. However, the World Bank reported that China's tight adherence to its zero-Covid policy had affected the industry as well as domestic sales and exports. Conditions have gotten worse due to a crisis in China's housing and real estate development industries. According to government statistics, new home prices in 70 Chinese cities decreased by a worse-than-anticipated 1.3 per cent in August compared to the previous year, and almost a third of all property loans are now categorised as bad debts. According to Chinese government statistics, the country's annual GDP growth in 2021 was 8.1 per cent, the strongest rate in a decade, and 5.5 per cent was forecast for 2022. Prior to Tuesday's announcement, the World Bank had predicted a decline this year, with a growth of only 5 per cent. The second-largest economy in the world was projected to increase by 4.5 per cent in 2023. (with inputs from agencies)

China’s economic growth lags Asia-Pacific region for first time in 30 years: Report

Economic growth in East Asia and the Pacific will weaken sharply in 2022 due to China's slowdown, but the pace of expansion will pick up next year, the World Bank stated on Tuesday.

WION Business News | World Bank: Economic growth to pick up in 2023

Our planet is constantly showing signs of distress irrespective of the region. The consequences of climate crisis can be seen on a regular basis. The president of the World Bank, David Malpass, was asked a question on whether he believes that greenhouse gas emissions from human activity are causing climate change.

WION Climate Tracker: Head of World Bank David Malpass under pressure

The world economies may fall into a global recession next year amid aggressive monetary policy tightening by central banks to tame inflation, the World Bank said.

World Business Watch: World Bank sees rising risk of global recession in 2023 amid rate hikes

The World Bank is prepared to contribute up to $30 billion to help address the worldwide food shortages that have been made worse by Russia's invasion of Ukraine and has already distributed nearly $10 billion in financial relief,&nbsp;as per&nbsp;a senior bank official on Thursday.

The bank's managing director of operations, Axel van Trotsenburg, stated in an interview with Reuters while visiting the Bosnian city of Sarajevo that there is "an absolute need for international solidarity with Ukraine." He added that solidarity needs to be maintained throughout the long run as well as the short term.

Van Trotsenburg stated that the World Bank started assisting Ukraine shortly after the Russian invasion on February 24 and has so far distributed nearly $10 billion of the $13 billion in help it had committed to Kyiv.&nbsp;

He said that the bank has developed a platform to permit co-funding and parallel financing, as well as to combine its direct backing with additional support from nations like the United Governments, Britain, and Japan, as well as independent guarantees from European states. Additionally, a donor trust fund had been established.&nbsp;

While several nations have contributed through the trust fund, according to him, the United States has contributed the most money, on average at least $1.5 billion out of the almost $5 billion in external finance required every month.

"We set up (a) system through which we could help the continuation of the state functions of Ukraine - paying teacher salaries, pensions, helping the health system. That has worked very well and some of our partner countries wanted to use that mechanism because we can then also trace money," van Trotsenburg said, as reported by Reuters.

Also Read:&nbsp;<a href="https://www.wionews.com/world/data-lab-fed-up-with-mundane-beer-options-a-brewing-revolution-is-underway-in-the-us-516212">Data Lab| Fed up with mundane beer options? A brewing revolution is underway in the US</a>

He said that the bank was also helping Ukrainians affected by the conflict at home and abroad, as well as nearby nations and developing nations outside of Europe who were experiencing difficulties with Ukrainian grain exports as a result of the conflict.&nbsp;

This is one of the factors for the World Bank's announcement that it is prepared to offer funding of up to $30 billion to address food insecurity over the course of the upcoming 12 months.&nbsp;

According to a report issued on Friday by the World Bank, European Commission, and the Ukrainian government, the invasion by Russia had so far directly cost the nation over $97 billion, but reconstruction could end up costing as much as $350 billion.

(with inputs from agencies) 
&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

The World Bank is prepared to contribute up to $30 billion to help address the worldwide food shortages that have been made worse by Russia's invasion of Ukraine and has already distributed nearly $10 billion in financial relief, as per a senior bank official on Thursday.

The World Bank is prepared to contribute up to $30 billion to help address the worldwide food shortages that have been made worse by Russia's invasion of Ukraine and has already distributed nearly $10 billion in financial relief, as per a senior bank official on Thursday. The bank's managing director of operations, Axel van Trotsenburg, stated in an interview with Reuters while visiting the Bosnian city of Sarajevo that there is "an absolute need for international solidarity with Ukraine." He added that solidarity needs to be maintained throughout the long run as well as the short term. Van Trotsenburg stated that the World Bank started assisting Ukraine shortly after the Russian invasion on February 24 and has so far distributed nearly $10 billion of the $13 billion in help it had committed to Kyiv. He said that the bank has developed a platform to permit co-funding and parallel financing, as well as to combine its direct backing with additional support from nations like the United Governments, Britain, and Japan, as well as independent guarantees from European states. Additionally, a donor trust fund had been established. While several nations have contributed through the trust fund, according to him, the United States has contributed the most money, on average at least $1.5 billion out of the almost $5 billion in external finance required every month. "We set up (a) system through which we could help the continuation of the state functions of Ukraine - paying teacher salaries, pensions, helping the health system. That has worked very well and some of our partner countries wanted to use that mechanism because we can then also trace money," van Trotsenburg said, as reported by Reuters. Also Read: Data Lab| Fed up with mundane beer options? A brewing revolution is underway in the US He said that the bank was also helping Ukrainians affected by the conflict at home and abroad, as well as nearby nations and developing nations outside of Europe who were experiencing difficulties with Ukrainian grain exports as a result of the conflict. This is one of the factors for the World Bank's announcement that it is prepared to offer funding of up to $30 billion to address food insecurity over the course of the upcoming 12 months. According to a report issued on Friday by the World Bank, European Commission, and the Ukrainian government, the invasion by Russia had so far directly cost the nation over $97 billion, but reconstruction could end up costing as much as $350 billion. (with inputs from agencies)

World Bank provides $30 billion to combat global food shortages aggravated by Russia-Ukraine war

To supplement Ukraine's war effort against Russia, the United States will provide an additional $4.5 billion to Volodymyr Zelensky's government. According to Reuters, the US Agency for International Development, an independent federal agency that acts on guidance received from the Secretary of State announced the decision.

To supplement Ukraine's war effort against Russia, the United States will provide an additional $4.5 billion to Volodymyr Zelensky's government. According to Reuters, the US Agency for International Development, an independent federal agency that acts on guidance received from the Secretary of State announced the decision. Reportedly, out of the total amount, $3 billion will be disbursed in August only with the rest of the amount, expected to be released in coordination with the World Bank and the US Treasury department. USA's $8.5 billion help to Ukraine With the authorisation of the $4.5 billion tranche of payment, the US has made sure on its promise of the $7.5 billion aid package signed by President Joe Biden in May. Earlier in June, the Biden government had disbursed $1.3 billion before extending another $1.7 billion in payment in July. Moreover, another $1 billion weapons package has been pledged by the White House, taking the total monetary help directed towards Kyiv to an upward of $8.5 billion. Read more: United States disburses $1.3 bn of total $7.5 bn promised aid to Ukraine Ever since the war broke out, Ukraine has been funnelling billions into the war to keep up with the Russians. However, Ukrainian officials have claimed that the country faces a potential $5 billion shortfall in funds every month as the war drags on. Ukraine's economy is still in a tight spot Thus, USA's budget support has been helping the Ukrainian government keep things afloat with critical infrastructures such as hospitals and schools receiving electricity and gas supplies. However, with the war guzzling out the funds quickly and the US reaching its saturation point, experts have cast worries over Ukraine's inability to raise funds or access financing from external markets. If the current trend continues, Ukraine's annual deficit could rise to 25 per cent of GDP, which only stood at 3.5 per cent prior to the war. (With inputs from agencies) WATCH WION LIVE HERE:

USA to provide additional $4.5 billion to Ukraine; takes the total funding to $8.5 billion

Bangladesh is seeking loans from the IMF, the World Bank and the Asian Development Bank amid a looming foreign exchange crisis. Why is Bangladesh running out of dollars? Is another South Asian country going the Sri Lanka way? Palki Sharma tells you.

Gravitas: Is Bangladesh going the Sri Lanka way?

The ongoing Russian invasion of Ukraine has been devastating for the global economy with severe impacts on food security as well as the supply chain. With Ukraine amounting for a huge amount of food grain exports in the world, the crisis has resulted in a temporary stoppage of supply, and this has resulted in major food shortages. A report by World Bank confirmed on Monday that a number of developing countries are currently facing crippling food inflation and that has also resulted in price rises in richer countries. The report also stated that the situation can get even worse, and this can result in food bills across the world increasing by almost one per cent of their annual GDP.

Also read |&nbsp;<a href="https://www.wionews.com/world/height-of-irresponsibility-blinken-slams-russias-actions-around-ukraines-largest-nuclear-power-plant-502731" hreflang="en">US accuses Russia of using Ukraine power plant as 'nuclear shield'</a>

“The share of high-income countries with high inflation has also increased sharply, with about 78.6% experiencing high food price inflation. The most-affected countries are in Africa, North America, Latin America, South Asia, Europe, and central Asia,” the report said according to The Guardian.

There was some respite for the world economy as Russia and Ukraine announced an understanding last week that will allow passage of ships carrying food grains. However, with the world already suffering from the effects of the pandemic, the recovery will take a significant amount of time.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/us-conducts-drone-strike-in-afghanistan-kills-al-qaeda-chief-ayman-al-zawahiri-report-502737" hreflang="en">US conducts drone strike in Afghanistan, kills Al-Qaeda chief Ayman al-Zawahiri</a>

According to the World Bank data, the worst victim of the food inflation was Lebanon who have been suffering since the explosion in Beirut. The incident resulted in loss of a significant amount of food grains and with the current invasion, the food scarcity has reached a completely new level.

Currently, the general inflation rate of the country remains above 150% amid food and fuel crisis.

WATCH WION LIVE HERE -

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The ongoing Russian invasion of Ukraine has been devastating for the global economy with severe impacts on food security as well as the supply chain. With Ukraine amounting for a huge amount of food grain exports in the world, the crisis has resulted in a temporary stoppage of supply, and this has resulted in major food shortages.

The ongoing Russian invasion of Ukraine has been devastating for the global economy with severe impacts on food security as well as the supply chain. With Ukraine amounting for a huge amount of food grain exports in the world, the crisis has resulted in a temporary stoppage of supply, and this has resulted in major food shortages. A report by World Bank confirmed on Monday that a number of developing countries are currently facing crippling food inflation and that has also resulted in price rises in richer countries. The report also stated that the situation can get even worse, and this can result in food bills across the world increasing by almost one per cent of their annual GDP. Also read | US accuses Russia of using Ukraine power plant as 'nuclear shield' “The share of high-income countries with high inflation has also increased sharply, with about 78.6% experiencing high food price inflation. The most-affected countries are in Africa, North America, Latin America, South Asia, Europe, and central Asia,” the report said according to The Guardian. There was some respite for the world economy as Russia and Ukraine announced an understanding last week that will allow passage of ships carrying food grains. However, with the world already suffering from the effects of the pandemic, the recovery will take a significant amount of time. Also read | US conducts drone strike in Afghanistan, kills Al-Qaeda chief Ayman al-Zawahiri According to the World Bank data, the worst victim of the food inflation was Lebanon who have been suffering since the explosion in Beirut. The incident resulted in loss of a significant amount of food grains and with the current invasion, the food scarcity has reached a completely new level. Currently, the general inflation rate of the country remains above 150% amid food and fuel crisis. WATCH WION LIVE HERE -

Developing countries facing major food inflation due to Ukraine crisis, says World Bank

world-bank

World Bank, News on World Bank, stories on World Bank, articles on World Bank, World Bank stories at Wion, World Bank news, World Bank latest news