An independent investigation has accused IMF chief Kristalina Georgieva of boosting China's economic data during her tenure at the World Bank. Why are global agencies doing Beijing's bidding? What explains China's desperate lobbying? Palki Sharma tells you.

Gravitas: IMF chief boosted China's economic data

Pakistan's central bank announced on Tuesday that it has received $2.75 billion from the International Monetary Fund (IMF) under a Special Drawing Rights (SDR) programme to help low-income countries affected by the coronavirus.&nbsp;

The payments, which are part of a $650 billion worldwide programme, would help Pakistan shore up its foreign reserves, which have been weakened by a rise in the current account deficit and a drop in remittances from overseas employees.

Pakistan enrolled in a $6 billion IMF programme in 2019, which has been awaiting its sixth review since March.&nbsp;

More than 1.1 million coronavirus cases have been documented in Pakistan, with more than 25,000 people dying as a result of the epidemic.&nbsp;

Meanwhile, in the interbank market on Monday, the Pakistani currency fell to a 10-month low of Rs164.43 versus the US dollar.

According to the central bank's figures, the Pakistani rupee has depreciated by 6.39 percent in the current fiscal year (starting July 1) to date, and 7.98 percent since it touched a 22-month high of Rs152.27 in May.&nbsp;

(With inputs from agencies)

Pakistan's central bank announced on Tuesday that it has received $2.75 billion from the International Monetary Fund (IMF) under a Special Drawing Rights (SDR) programme to help low-income countries affected by the coronavirus.

Pakistan's central bank announced on Tuesday that it has received $2.75 billion from the International Monetary Fund (IMF) under a Special Drawing Rights (SDR) programme to help low-income countries affected by the coronavirus. The payments, which are part of a $650 billion worldwide programme, would help Pakistan shore up its foreign reserves, which have been weakened by a rise in the current account deficit and a drop in remittances from overseas employees. Pakistan enrolled in a $6 billion IMF programme in 2019, which has been awaiting its sixth review since March. More than 1.1 million coronavirus cases have been documented in Pakistan, with more than 25,000 people dying as a result of the epidemic. Meanwhile, in the interbank market on Monday, the Pakistani currency fell to a 10-month low of Rs164.43 versus the US dollar. According to the central bank's figures, the Pakistani rupee has depreciated by 6.39 percent in the current fiscal year (starting July 1) to date, and 7.98 percent since it touched a 22-month high of Rs152.27 in May. (With inputs from agencies)

Pakistan gets $2.75 billion in COVID-19 support funds from IMF

People living in the rural areas of Jammu and Kashmir will be provided with the same medical facilities that are available in cities now. Government is constructing 30 new oxygen plants in these far-flung areas and also providing high-standard medical equipment to these primary health hospitals.&nbsp;

The Jammu and Kashmir government with the help of the World Bank has been able to upgrade the medical Infrastructure in the Kashmir Valley. Previously, the people from rural areas had to come to the city for emergency cases. The inflow to the tertiary hospitals had increased manifold due to the Covid Pandemic.&nbsp;

And with the grant of 360 crores from the World Bank, people from the rural areas will benefit a lot. They won't have to come down to cities for medical treatments.&nbsp;

"Covid as a pandemic was a major challenge. The Economic Reconstruction Agency (ERA) is implementing a 250 million dollar project. 50 million project for covid related infrastructure. We have provided the best medical equipment to the peripheral areas of Kashmir. The primary health centres and district hospitals of these villages will have all the facilities needed.The management has improved remarkably. Patients had to travel from these remote places to Srinagar or Jammu for medical care. But now they won't have to," said Abid Rashid Shah, CEO, ERA

There are 30 new oxygen plants being set up across the Union Territory of Jammu and Kashmir. 15 will be constructed in Jammu while the rest in the Kashmir zone. 42 different types of latest Critical Care Medical Equipments have been procured and provided to these facilities. In central Kashmir's Budgam district, ERA is constructing a 500 LPMS oxygen plant at Charar-e-Shareef. This will cater to around 1.5 lakh people living in the area.&nbsp;

"This project is with regard to providing oxygen plants. There will be 15 plants in the Kashmir valley while 15 will be constructed in Jammu. This plant here in Chahrar-e-Shareef would be providing oxygen to 60 beds in a hospital. This will benefit the people living in villages as they have facilities available nearby now," said Shuja Qureshi, AEE, ERA.

The doctors working in these rural areas have appreciated the step and say that it will help them in treating patients in these primary care centres, district hospitals etc. Earlier any patient requiring high oxygen supply would be sent to a tertiary hospital in Srinagar or Jammu.&nbsp;

"We had to shift patients from these far flung areas to Srinagar for the requirement of high oxygen supply. Now that we have an oxygen plant here, we don't have to shift them any more. We can manage the patients here only. This is an excellent job done by the government and they made it in record time." said Dr Mushtaq, Surgeon at Sub-Division Hospital.&nbsp;

The installation of various vital medical equipment at these medical care facilities in the far-flung areas of Jammu and Kashmir will benefit the people and also take off the load of tertiary hospitals.

People living in the rural areas of Jammu and Kashmir will be provided with the same medical facilities that are available in cities now. Government is constructing 30 new oxygen plants in these far-flung areas and also providing high-standard medical equipment to these primary health hospitals.

People living in the rural areas of Jammu and Kashmir will be provided with the same medical facilities that are available in cities now. Government is constructing 30 new oxygen plants in these far-flung areas and also providing high-standard medical equipment to these primary health hospitals. The Jammu and Kashmir government with the help of the World Bank has been able to upgrade the medical Infrastructure in the Kashmir Valley. Previously, the people from rural areas had to come to the city for emergency cases. The inflow to the tertiary hospitals had increased manifold due to the Covid Pandemic. And with the grant of 360 crores from the World Bank, people from the rural areas will benefit a lot. They won't have to come down to cities for medical treatments. "Covid as a pandemic was a major challenge. The Economic Reconstruction Agency (ERA) is implementing a 250 million dollar project. 50 million project for covid related infrastructure. We have provided the best medical equipment to the peripheral areas of Kashmir. The primary health centres and district hospitals of these villages will have all the facilities needed.The management has improved remarkably. Patients had to travel from these remote places to Srinagar or Jammu for medical care. But now they won't have to," said Abid Rashid Shah, CEO, ERA There are 30 new oxygen plants being set up across the Union Territory of Jammu and Kashmir. 15 will be constructed in Jammu while the rest in the Kashmir zone. 42 different types of latest Critical Care Medical Equipments have been procured and provided to these facilities. In central Kashmir's Budgam district, ERA is constructing a 500 LPMS oxygen plant at Charar-e-Shareef. This will cater to around 1.5 lakh people living in the area. "This project is with regard to providing oxygen plants. There will be 15 plants in the Kashmir valley while 15 will be constructed in Jammu. This plant here in Chahrar-e-Shareef would be providing oxygen to 60 beds in a hospital. This will benefit the people living in villages as they have facilities available nearby now," said Shuja Qureshi, AEE, ERA. The doctors working in these rural areas have appreciated the step and say that it will help them in treating patients in these primary care centres, district hospitals etc. Earlier any patient requiring high oxygen supply would be sent to a tertiary hospital in Srinagar or Jammu. "We had to shift patients from these far flung areas to Srinagar for the requirement of high oxygen supply. Now that we have an oxygen plant here, we don't have to shift them any more. We can manage the patients here only. This is an excellent job done by the government and they made it in record time." said Dr Mushtaq, Surgeon at Sub-Division Hospital. The installation of various vital medical equipment at these medical care facilities in the far-flung areas of Jammu and Kashmir will benefit the people and also take off the load of tertiary hospitals.

Jammu & Kashmir: Health infrastructure upgraded in rural areas, World Bank helps

In its largest-ever crisis response, the World Bank has deployed over $157 billion to fight the impact of the COVID-19 pandemic on health, economic and social fronts over the last 15 months.

This represents an increase of more than 60 per cent over the 15-month period prior to the pandemic, the bank said on Monday.

"Since the start of the pandemic, the World Bank Group has committed or mobilised a record $157 billion in new financing, an unprecedented level of support for an unprecedented crisis," World Bank Group President David Malpass said.

"We will continue to provide critical assistance to developing countries through this ongoing pandemic to help achieve a more broad-based economic recovery," he said.

The Bank Group has proven to be a rapid, innovative, and effective platform to support developing countries as they respond to the pandemic and strengthen resilience for future shocks, Malpass said.

"But we must still do more," he said, adding that he remains deeply concerned about the limited availability of vaccines, which are critical to saving lives and livelihoods, for developing countries.

According to a press release, support to countries from the International Bank for Reconstruction and Development totalled $45.6 billion, including drawing down IBRD's $10 billion crisis buffer in addition to the board-approved sustainable annual lending limits.

Grants and zero or low-interest loans to the world's poorest countries from the International Development Association (IDA) amounted to $53.3 billion. To meet increased financing needs, the World Bank fully used all the remaining IDA18 resources in fiscal 2020 and frontloaded about half of all the three-year envelope of IDA19 resources in FY21, it said.

In February 2021, IDA donor and borrower country representatives agreed to advance IDA20 by 12 months to enable continued surge financing in the coming years, it added.

Over the same 15 months, the International Finance Corporation (IFC), the World Bank Group's private sector development arm, reached a record high of $42.7 billion in financing, including short-term finance ($10.4 billion) and mobilisation ($14.9 billion), 37 per cent of which was in low-income and fragile and conflict-affected states, the release said.

The Multilateral Investment Guarantee Agency (MIGA), whose mandate is to drive impactful foreign direct investment to developing countries, issued $7.6 billion in new guarantees over the same 15-month period since the onset of the pandemic, of which 19 per cent supported projects in IDA countries and fragile settings, it said. 
&nbsp;

In its largest-ever crisis response, the World Bank has deployed over $157 billion to fight the impact of the COVID-19 pandemic on health, economic and social fronts over the last 15 months.

In its largest-ever crisis response, the World Bank has deployed over $157 billion to fight the impact of the COVID-19 pandemic on health, economic and social fronts over the last 15 months. This represents an increase of more than 60 per cent over the 15-month period prior to the pandemic, the bank said on Monday. "Since the start of the pandemic, the World Bank Group has committed or mobilised a record $157 billion in new financing, an unprecedented level of support for an unprecedented crisis," World Bank Group President David Malpass said. "We will continue to provide critical assistance to developing countries through this ongoing pandemic to help achieve a more broad-based economic recovery," he said. The Bank Group has proven to be a rapid, innovative, and effective platform to support developing countries as they respond to the pandemic and strengthen resilience for future shocks, Malpass said. "But we must still do more," he said, adding that he remains deeply concerned about the limited availability of vaccines, which are critical to saving lives and livelihoods, for developing countries. According to a press release, support to countries from the International Bank for Reconstruction and Development totalled $45.6 billion, including drawing down IBRD's $10 billion crisis buffer in addition to the board-approved sustainable annual lending limits. Grants and zero or low-interest loans to the world's poorest countries from the International Development Association (IDA) amounted to $53.3 billion. To meet increased financing needs, the World Bank fully used all the remaining IDA18 resources in fiscal 2020 and frontloaded about half of all the three-year envelope of IDA19 resources in FY21, it said. In February 2021, IDA donor and borrower country representatives agreed to advance IDA20 by 12 months to enable continued surge financing in the coming years, it added. Over the same 15 months, the International Finance Corporation (IFC), the World Bank Group's private sector development arm, reached a record high of $42.7 billion in financing, including short-term finance ($10.4 billion) and mobilisation ($14.9 billion), 37 per cent of which was in low-income and fragile and conflict-affected states, the release said. The Multilateral Investment Guarantee Agency (MIGA), whose mandate is to drive impactful foreign direct investment to developing countries, issued $7.6 billion in new guarantees over the same 15-month period since the onset of the pandemic, of which 19 per cent supported projects in IDA countries and fragile settings, it said.

World Bank deployed $157 billion to fight pandemic in 15 months

Lebanon's prime minister-designate Saad Hariri stepped down Thursday, saying he was unable to form a government, nine months after taking up the challenge.

Hariri had been nominated for the post in October 2020, as a long-running political and economic crisis intensified following a devastating port blast in Beirut in August that killed more than 200 people and forced the previous government to resign.

Lebanon is suffering an economic depression the World Bank has described as one of the most severe in modern history. Its currency has lost more than 90 per cent&nbsp;of its value in less than two years, leading to spiraling poverty and crippling shortages.

"It is clear we will not be able to agree with his Excellency the president," Hariri told reporters after meeting &nbsp;President Michel Aoun for barely 20 minutes. "That is why I excuse myself from government formation."

With no obvious alternative for the post, which must be filled by a Sunni Muslim in Lebanon's sectarian system, there is little hope of a government that can start fixing the economic situation.

Hariri said Aoun had requested fundamental changes to a cabinet line-up he had presented to him on Wednesday. Aoun had told Hariri that they would not be able to agree, Hariri said.

Hariri was designated to form the new government in October, after the resignation of Prime Minister Hassan Diab in the aftermath of the Aug. 4 Beirut port explosion. Diab continues in a caretaker capacity.

(With inputs from agencies)

Lebanon's prime minister-designate Saad Hariri stepped down Thursday, saying he was unable to form a government, nine months after taking up the challenge. Hariri had been nominated for the post in October 2020, as a long-running political and economic crisis intensified following a devastating port blast in Beirut in August that killed more than 200 people and forced the previous government to resign.

Lebanon's prime minister-designate Saad Hariri stepped down Thursday, saying he was unable to form a government, nine months after taking up the challenge. Hariri had been nominated for the post in October 2020, as a long-running political and economic crisis intensified following a devastating port blast in Beirut in August that killed more than 200 people and forced the previous government to resign. Lebanon is suffering an economic depression the World Bank has described as one of the most severe in modern history. Its currency has lost more than 90 per cent of its value in less than two years, leading to spiraling poverty and crippling shortages. "It is clear we will not be able to agree with his Excellency the president," Hariri told reporters after meeting President Michel Aoun for barely 20 minutes. "That is why I excuse myself from government formation." With no obvious alternative for the post, which must be filled by a Sunni Muslim in Lebanon's sectarian system, there is little hope of a government that can start fixing the economic situation. Hariri said Aoun had requested fundamental changes to a cabinet line-up he had presented to him on Wednesday. Aoun had told Hariri that they would not be able to agree, Hariri said. Hariri was designated to form the new government in October, after the resignation of Prime Minister Hassan Diab in the aftermath of the Aug. 4 Beirut port explosion. Diab continues in a caretaker capacity. (With inputs from agencies)

Lebanon's PM designate Saad Hariri says will not form government

The International Monetary Fund said Friday that its executive board approved a plan to issue $650 billion worth of reserve funds, essentially creating money that troubled countries can use to purchase vaccines, finance health care and pay down debt.

The new allocation of so-called Special Drawing Rights would be the largest such expansion of currency reserves in the IMF’s history. If given final approval by the IMF’s board of governors, as is expected, the reserves could become available by the end of August.

“This is a shot in the arm for the world,” Kristalina Georgieva, managing director of the IMF, said in a statement. “The SDR allocation will help every IMF member country — particularly vulnerable countries — and strengthen their response to the COVID-19 crisis.”

Georgieva made the announcement as finance ministers and central bank governors of the Group of 20 nations were gathering in Venice to discuss international tax reform, climate change and the global economic response to the pandemic. The IMF, established in 1944 to try to broker economic cooperation, has warned of a two-track economic recovery, with poor countries being left behind while advanced economies experience rapid expansions.

It remains to be seen how far the $650 billion will go to help developing countries as they race to vaccinate people before new variants of the virus take hold, including the Delta variant, which has plunged many countries back into a health crisis.

The United Nations Conference on Trade and Development called last month for $1 trillion worth of Special Drawing Rights to be made available by the IMF as a “helicopter money drop for those being left behind.”

The United States has thrown its support behind the expansion of the IMF reserves, reversing a Trump administration policy and angering Republican lawmakers in the process.

The Trump administration balked at the proposal last year and prevented it from moving forward. It argued at the time that boosting the emergency reserves was an inefficient way to provide aid to poor countries and that doing so would provide more resources to advanced economies that do not need the help, like China and Russia. Republican lawmakers have since accused the Biden administration of bolstering the fortunes of adversaries, while doing little to actually help developing nations.

Under Treasury Secretary Janet Yellen, the U.S. has taken a different view and now supports the allocation. Yellen believes that rich countries will have little use for the SDRs but that developing economies will be able to use them to access enough money to vaccinate their people.

Special Drawing Rights work by allowing member countries of the IMF to cash the asset in for hard currency. Their value is based on a basket of international currencies and is reset every five years.

Each of the 190 countries that is a member of the IMF gets an allotment of SDRs based on their shares in the fund, which tracks with the size of a country’s economy. The new reserves would also be distributed under this formula, with the largest economic powers like the United States gaining the biggest tranche.

The drawing rights cannot be used to buy things on their own, but they can be traded for currencies that can. If two countries agree, they can trade their Special Drawing Rights for cash, with the IMF acting as a middleman to facilitate the trade.

That has prompted some criticism that the program will not work unless rich countries voluntarily transfer their holdings to poorer nations. To address some of those concerns, the IMF is working to develop a new trust fund where rich countries can channel their excess SDRs. The goal is to create a $100 billion pot of money that poor countries take loans from so that they can expand health care systems or address climate change in conjunction with existing IMF programs.

The U.S. has previously indicated it will make available about one-fifth of its allocation, worth about $20 billion. At the urging of the U.S., the IMF is also working to create greater transparency around how the assets are being used so that is clear that U.S. adversaries are not benefiting from the proceeds.

The International Monetary Fund said Friday that its executive board approved a plan to issue $650 billion worth of reserve funds, essentially creating money that troubled countries can use to purchase vaccines, finance health care and pay down debt.

The International Monetary Fund said Friday that its executive board approved a plan to issue $650 billion worth of reserve funds, essentially creating money that troubled countries can use to purchase vaccines, finance health care and pay down debt. The new allocation of so-called Special Drawing Rights would be the largest such expansion of currency reserves in the IMF’s history. If given final approval by the IMF’s board of governors, as is expected, the reserves could become available by the end of August. “This is a shot in the arm for the world,” Kristalina Georgieva, managing director of the IMF, said in a statement. “The SDR allocation will help every IMF member country — particularly vulnerable countries — and strengthen their response to the COVID-19 crisis.” Georgieva made the announcement as finance ministers and central bank governors of the Group of 20 nations were gathering in Venice to discuss international tax reform, climate change and the global economic response to the pandemic. The IMF, established in 1944 to try to broker economic cooperation, has warned of a two-track economic recovery, with poor countries being left behind while advanced economies experience rapid expansions. It remains to be seen how far the $650 billion will go to help developing countries as they race to vaccinate people before new variants of the virus take hold, including the Delta variant, which has plunged many countries back into a health crisis. The United Nations Conference on Trade and Development called last month for $1 trillion worth of Special Drawing Rights to be made available by the IMF as a “helicopter money drop for those being left behind.” The United States has thrown its support behind the expansion of the IMF reserves, reversing a Trump administration policy and angering Republican lawmakers in the process. The Trump administration balked at the proposal last year and prevented it from moving forward. It argued at the time that boosting the emergency reserves was an inefficient way to provide aid to poor countries and that doing so would provide more resources to advanced economies that do not need the help, like China and Russia. Republican lawmakers have since accused the Biden administration of bolstering the fortunes of adversaries, while doing little to actually help developing nations. Under Treasury Secretary Janet Yellen, the U.S. has taken a different view and now supports the allocation. Yellen believes that rich countries will have little use for the SDRs but that developing economies will be able to use them to access enough money to vaccinate their people. Special Drawing Rights work by allowing member countries of the IMF to cash the asset in for hard currency. Their value is based on a basket of international currencies and is reset every five years. Each of the 190 countries that is a member of the IMF gets an allotment of SDRs based on their shares in the fund, which tracks with the size of a country’s economy. The new reserves would also be distributed under this formula, with the largest economic powers like the United States gaining the biggest tranche. The drawing rights cannot be used to buy things on their own, but they can be traded for currencies that can. If two countries agree, they can trade their Special Drawing Rights for cash, with the IMF acting as a middleman to facilitate the trade. That has prompted some criticism that the program will not work unless rich countries voluntarily transfer their holdings to poorer nations. To address some of those concerns, the IMF is working to develop a new trust fund where rich countries can channel their excess SDRs. The goal is to create a $100 billion pot of money that poor countries take loans from so that they can expand health care systems or address climate change in conjunction with existing IMF programs. The U.S. has previously indicated it will make available about one-fifth of its allocation, worth about $20 billion. At the urging of the U.S., the IMF is also working to create greater transparency around how the assets are being used so that is clear that U.S. adversaries are not benefiting from the proceeds.

IMF board backs $650 billion aid plan to help poor countries

Pakistan's poverty rate has risen from 4.4 per cent to 5.4 per cent, according to the World Bank. In Pakistan, more than two million individuals have slipped into poverty.&nbsp;

Using the lower-middle-income poverty rate ($3.2 per day), the World Bank calculated that Pakistan's poverty rate was 39.3 per cent in 2020-21, 39.2 per cent in 2021-22, and 37.9 per cent in 2022-23.&nbsp;

The World Bank estimated that the poverty ratio in Pakistan stood at 39.3 per cent in 2020-21 and is projected to remain at 39.2 per cent in 2021-22 and might come down to 37.9 per cent by 2022-23, reported The News International.

The World Bank anticipated that poverty was at 78.4 per cent in 2020-21, 78.3 per cent in 2021-22, and 77.5 per cent in 2022-23, based on the upper-middle-income poverty rate ($5.5 per day).&nbsp;

According to the World Bank's Macro Poverty Outlook for Pakistan, the incidence of poverty grew from 4.4 to 5.4 per cent in FY20, based on the international poverty threshold of $1.90 per day, with more than two million people living in poverty. Furthermore, 40% of households experienced moderate to severe food insecurity.&nbsp;

&nbsp;According to the WB, the containment measures adopted in response to the COVID-19 pandemic led to a collapse in economic activity during the final quarter of FY20. As a result, the GDP growth is estimated to have contracted by 1.5 per cent in FY20.

During the period, half of the working population saw either job or income losses, with informal and low-skilled workers employed in elementary occupations facing the strongest contraction in employment.

Pakistan's economy has been growing slowly over the past two decades. The annual per capita growth has averaged only two per cent, less than half of the South Asia average, partly due to inconsistent macroeconomic policies and an under-reliance on investment and exports to drive economic growth, reported the Pakistani daily.

The sectors in Pakistan that employ the poorest, such as agriculture, are expected to remain weak, and therefore poverty is likely to remain high, said the WB. The current account deficit is also projected to narrow to 0.8 per cent of GDP in FY21, as a wider trade deficit is offset by stronger remittances inflows.

The public debt will remain elevated in the medium term, as well Pakistan's exposure to debt-related shocks, the WB concluded.

(With inputs from agencies)

Pakistan's poverty rate has risen from 4.4 per cent to 5.4 per cent, according to the World Bank. In Pakistan, more than two million individuals have slipped into poverty.

Pakistan's poverty rate has risen from 4.4 per cent to 5.4 per cent, according to the World Bank. In Pakistan, more than two million individuals have slipped into poverty. Using the lower-middle-income poverty rate ($3.2 per day), the World Bank calculated that Pakistan's poverty rate was 39.3 per cent in 2020-21, 39.2 per cent in 2021-22, and 37.9 per cent in 2022-23. The World Bank estimated that the poverty ratio in Pakistan stood at 39.3 per cent in 2020-21 and is projected to remain at 39.2 per cent in 2021-22 and might come down to 37.9 per cent by 2022-23, reported The News International. The World Bank anticipated that poverty was at 78.4 per cent in 2020-21, 78.3 per cent in 2021-22, and 77.5 per cent in 2022-23, based on the upper-middle-income poverty rate ($5.5 per day). According to the World Bank's Macro Poverty Outlook for Pakistan, the incidence of poverty grew from 4.4 to 5.4 per cent in FY20, based on the international poverty threshold of $1.90 per day, with more than two million people living in poverty. Furthermore, 40% of households experienced moderate to severe food insecurity. According to the WB, the containment measures adopted in response to the COVID-19 pandemic led to a collapse in economic activity during the final quarter of FY20. As a result, the GDP growth is estimated to have contracted by 1.5 per cent in FY20. During the period, half of the working population saw either job or income losses, with informal and low-skilled workers employed in elementary occupations facing the strongest contraction in employment. Pakistan's economy has been growing slowly over the past two decades. The annual per capita growth has averaged only two per cent, less than half of the South Asia average, partly due to inconsistent macroeconomic policies and an under-reliance on investment and exports to drive economic growth, reported the Pakistani daily. The sectors in Pakistan that employ the poorest, such as agriculture, are expected to remain weak, and therefore poverty is likely to remain high, said the WB. The current account deficit is also projected to narrow to 0.8 per cent of GDP in FY21, as a wider trade deficit is offset by stronger remittances inflows. The public debt will remain elevated in the medium term, as well Pakistan's exposure to debt-related shocks, the WB concluded. (With inputs from agencies)

Poverty in Pakistan up from 4.4% to 5.4%: World Bank

The World Bank said on Wednesday it could not assist El Salvador's&nbsp;bitcoin&nbsp;implementation given environmental and transparency drawbacks.

"We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes," said a World Bank spokesperson via email.

Also read |&nbsp;<a href="https://www.wionews.com/world/el-salvador-legalises-bitcoin-as-other-nations-plan-similar-moves-390658">El Salvador legalises Bitcoin as other nations plan similar moves</a>

"While the government did approach us for assistance on&nbsp;bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings."

Earlier on Wednesday, Salvadoran Finance Minister Alejandro Zelaya said the Central American country had sought technical assistance from the Bank as it seeks to use&nbsp;bitcoin&nbsp;as a parallel legal tender alongside the US&nbsp;dollar.

El Salvador's government did not immediately respond to a request from Reuters regarding the World Bank's decision.

The minister also said ongoing negotiations with the International Monetary Fund had been successful, although the IMF said last week it saw "macroeconomic, financial and legal issues" with the country's adoption of&nbsp;bitcoin.

Also read |&nbsp;<a href="https://www.wionews.com/world/el-salvador-becomes-the-first-country-to-adopt-bitcoin-as-legal-tender-after-passing-legislation-390314">El Salvador becomes the first country to adopt bitcoin as legal tender after passing legislation</a>

Zelaya said on Wednesday the IMF was "not against" the&nbsp;bitcoin&nbsp;implementation. The IMF did not respond to a request for comment.

Investors have recently demanded higher premiums to hold Salvadoran debt, on growing concerns over the completion of the IMF deal, the key to patching budget gaps through 2023.

On Wednesday, bonds sold off across the curve, with the 2032 issue down more than 2 cents at 96.25 cents on the dollar. The spread of Salvadoran debt to US&nbsp;Treasuries dipped to 705 basis points after hitting on Tuesday a four-month high of 725 bps.

"There is no fast track for a solution on an IMF program and even uncertainty on whether the&nbsp;bitcoin&nbsp;proposal is compatible with diplomatic US&nbsp;(or) multilateral relations," said Siobhan Morden, head of Latin America fixed-income strategy at Amherst Pierpont Securities in New York.

El Salvador this month became the first country to adopt&nbsp;bitcoin&nbsp;as legal tender, with President Nayib Bukele touting the cryptocurrency's potential as a remittance currency for Salvadorans overseas.

This month, Bukele also pulled out of an anti-corruption accord with the Organization of the American States, which dismayed the US&nbsp;government, as Washington looks to stem corruption in Central America as part of its immigration policy.

"The recognition of a 'Bukele' risk premium has probably done some permanent damage to investor sentiment," Morden said in her client note.

The market may be focusing too much on the news headlines, however, and not enough on the possibility of a deal with the IMF, said Shamaila Khan, head of EM debt strategies at AllianceBernstein in New York.

"It is important for El Salvador to get the IMF program done. If it was lost on them, they wouldn’t have the conversations," she said.

"Our view is too much risk is priced in at these levels."

The World Bank said on Wednesday it could not assist El Salvador's bitcoin implementation given environmental and transparency drawbacks. "We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes," said a World Bank spokesperson via email.

The World Bank said on Wednesday it could not assist El Salvador's bitcoin implementation given environmental and transparency drawbacks. "We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes," said a World Bank spokesperson via email. Also read | El Salvador legalises Bitcoin as other nations plan similar moves "While the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings." Earlier on Wednesday, Salvadoran Finance Minister Alejandro Zelaya said the Central American country had sought technical assistance from the Bank as it seeks to use bitcoin as a parallel legal tender alongside the US dollar. El Salvador's government did not immediately respond to a request from Reuters regarding the World Bank's decision. The minister also said ongoing negotiations with the International Monetary Fund had been successful, although the IMF said last week it saw "macroeconomic, financial and legal issues" with the country's adoption of bitcoin. Also read | El Salvador becomes the first country to adopt bitcoin as legal tender after passing legislation Zelaya said on Wednesday the IMF was "not against" the bitcoin implementation. The IMF did not respond to a request for comment. Investors have recently demanded higher premiums to hold Salvadoran debt, on growing concerns over the completion of the IMF deal, the key to patching budget gaps through 2023. On Wednesday, bonds sold off across the curve, with the 2032 issue down more than 2 cents at 96.25 cents on the dollar. The spread of Salvadoran debt to US Treasuries dipped to 705 basis points after hitting on Tuesday a four-month high of 725 bps. "There is no fast track for a solution on an IMF program and even uncertainty on whether the bitcoin proposal is compatible with diplomatic US (or) multilateral relations," said Siobhan Morden, head of Latin America fixed-income strategy at Amherst Pierpont Securities in New York. El Salvador this month became the first country to adopt bitcoin as legal tender, with President Nayib Bukele touting the cryptocurrency's potential as a remittance currency for Salvadorans overseas. This month, Bukele also pulled out of an anti-corruption accord with the Organization of the American States, which dismayed the US government, as Washington looks to stem corruption in Central America as part of its immigration policy. "The recognition of a 'Bukele' risk premium has probably done some permanent damage to investor sentiment," Morden said in her client note. The market may be focusing too much on the news headlines, however, and not enough on the possibility of a deal with the IMF, said Shamaila Khan, head of EM debt strategies at AllianceBernstein in New York. "It is important for El Salvador to get the IMF program done. If it was lost on them, they wouldn’t have the conversations," she said. "Our view is too much risk is priced in at these levels."

World Bank rejects El Salvador request for help on bitcoin implementation

On Wednesday, Salvadoran Finance Minister Alejandro Zelaya said his country had approached the bank for technical assistance in order to implement bitcoin alongside the U.S. dollar

World Bank denies El Salvador’s request for implementation of Bitcoin

Kerala has been hit hard by the drop in remittances from the Gulf countries from where about 1.2 million workers returned to the state due to the Covid-driven layoffs, according to the World Bank. 
 
Overall, the total remittances from Indian workers abroad was $8.3 billion in 2020, a drop of only 0.2 per cent from the previous year, the Bank`s Migration and Development Brief released on Wednesday revealed. 
 
India`s remittances from the United Arab Emirates (UAE) recorded a steep decline of 17 per cent, but it was offset by resilient flows from the US and other host countries, it said. 
 
India remains the world`s top recipient of remittances in total value, a status it reached in 2008, according to the brief. 
 
However, remittances to India are nowhere near the top when it comes to their share of the gross domestic product (GDP). 
 
Remittances make up a far more important share of the GDP for smaller countries like Tonga and Lebanon. 
 
The exodus of foreign workers from the seven-member countries of the Gulf Cooperation Council (GCC) last year hit Kerala hard, according to the brief. 
 
The Bank said that in "Kerala, an estimated 1.2 million migrant workers, out of more than 4 million who worked in the GCC countries and contributed 30 per cent of the state`s income, returned in 2020 after the global pandemic left them jobless. Low-skilled workers were the hardest hit". 
 
In that state the monthly remittances to families receiving them fell on average by $267, the brief said. 
 
The brief listed the US as the largest source of remittances, followed by the UAE, Saudi Arabia, and Russia. 
 
For the South Asian region, remittances rose by about 5 per cent because of increased flows to Bangladesh, Pakistan, Bhutan and Sri Lanka, according to the brief. 
 
Like India, Nepal also experienced a small drop in remittances, it added. 
 
For next year, the bank projected the remittances to the region to dip slightly to 3.5 per cent "due to a moderation of growth in high-income economies and a further expected drop in migration to the GCC countries". 
 
The main factor in the level of remittances holding up was family loyalties and the stimulus payments in some countries where the workers were located. 
 
The author of the report, Dilip Ratha said: "The willingness to help family members was enabled by fiscal measures in almost all host countries that resulted in better-than-expected economic performance. 
 
"A second enabling factor was that businesses in many host countries were better prepared for remote work and remote provision of services which also supported employment."

Kerala has been hit hard by the drop in remittances from the Gulf countries from where about 1.2 million workers returned to the state due to the Covid-driven layoffs, according to the World Bank.

Kerala has been hit hard by the drop in remittances from the Gulf countries from where about 1.2 million workers returned to the state due to the Covid-driven layoffs, according to the World Bank. Overall, the total remittances from Indian workers abroad was $8.3 billion in 2020, a drop of only 0.2 per cent from the previous year, the Bank`s Migration and Development Brief released on Wednesday revealed. India`s remittances from the United Arab Emirates (UAE) recorded a steep decline of 17 per cent, but it was offset by resilient flows from the US and other host countries, it said. India remains the world`s top recipient of remittances in total value, a status it reached in 2008, according to the brief. However, remittances to India are nowhere near the top when it comes to their share of the gross domestic product (GDP). Remittances make up a far more important share of the GDP for smaller countries like Tonga and Lebanon. The exodus of foreign workers from the seven-member countries of the Gulf Cooperation Council (GCC) last year hit Kerala hard, according to the brief. The Bank said that in "Kerala, an estimated 1.2 million migrant workers, out of more than 4 million who worked in the GCC countries and contributed 30 per cent of the state`s income, returned in 2020 after the global pandemic left them jobless. Low-skilled workers were the hardest hit". In that state the monthly remittances to families receiving them fell on average by $267, the brief said. The brief listed the US as the largest source of remittances, followed by the UAE, Saudi Arabia, and Russia. For the South Asian region, remittances rose by about 5 per cent because of increased flows to Bangladesh, Pakistan, Bhutan and Sri Lanka, according to the brief. Like India, Nepal also experienced a small drop in remittances, it added. For next year, the bank projected the remittances to the region to dip slightly to 3.5 per cent "due to a moderation of growth in high-income economies and a further expected drop in migration to the GCC countries". The main factor in the level of remittances holding up was family loyalties and the stimulus payments in some countries where the workers were located. The author of the report, Dilip Ratha said: "The willingness to help family members was enabled by fiscal measures in almost all host countries that resulted in better-than-expected economic performance. "A second enabling factor was that businesses in many host countries were better prepared for remote work and remote provision of services which also supported employment."

Kerala hit hard by drop in remittances as 1.2 million workers return: World Bank

The idea of forgiving debt held by poor countries in exchange for "green" investments gained ground this week during the spring meetings of the IMF and World Bank, with concrete proposals expected in time for a global climate summit this fall.

Low-income countries face a double crisis — they are under pressure to pay down their debt while also confronting environmental problems.

That makes them "highly, highly vulnerable," Kristalina Georgieva, managing director of the International Monetary Fund, said this week, adding that it thus "makes sense" for the world to pursue so-called "green debt swaps."&nbsp;

A World Bank spokeswoman underscored that point.

"The Covid-19 crisis has made it significantly harder for developing countries to tackle the rising risks posed by climate change" and environmental disasters, said the spokeswoman, who declined to be named.

With already tight budgets, these countries have had to use emergency financial assistance to address the severe impact of the pandemic and the resulting economic crisis.

"By enlarging the debt burdens of governments — which were already at record levels on the eve of the crisis — it has left them with fewer resources to invest in a recovery that will also put the planet on a more sustainable footing," the spokeswoman told AFP.

'Creative options'

A technical working group — bringing together representatives not only of the IMF and World Bank but also of the United Nations and the OECD — was launched this week to examine "creative options to help countries tackle these simultaneous challenges," the World Bank spokeswoman said.

"This work has only just begun," she said, "but we think a proactive approach is essential: we must look closely at how potential solutions to the challenges of climate and debt can be integrated to address the key development issues of our time."

While there is no timeline yet for announcing concrete measures, all parties involved are clearly pointing toward the COP26 climate summit to be held in November in the Scottish city of Glasgow.

"We are going to work with the World Bank. And by COP26 we will advance that option" of a debt swap, Georgieva said, adding that it will then be up to creditors and debtors to decide whether to take part.&nbsp;

For Thierry Deau, the founder and CEO of the Paris-based Meridiam group, which specializes in developing and financing infrastructure projects, if the green debt-swap option is pursued, it will have to be linked to clear "conditionalities" to ensure that debt relief in fact leads to the launching of green projects.

Job opportunities

"The primary responsibility there on this debt relief is between the countries that are on both sides," he said.&nbsp;"There's a lot of politeness about this topic, and I think we have to stop that and create real true partnerships."

The IMF and World Bank will also have to consider the plight of several island nations with middle-income economies that receive less economic support but face daunting environmental challenges.

Their heavily tourism-dependent economies have seen revenues dry up as the coronavirus pandemic severely curtails world travel.&nbsp;

At the same time, their low-lying territories are often the victims of extreme weather events, including devastating cyclones or hurricanes.

Georgieva said this week that vulnerability to climate shocks should be taken into account when the international agencies allocate financial aid.&nbsp;

She also stressed that countries launching "green" projects can see the added benefit of heightened employment.&nbsp;

"There are opportunities for job creation," she said. "Just take, for example, renewable energy -- seven jobs to one in the traditional coal energy sector," even if some training is required.

"Similarly, reforestation, taking care of land degradation, resilience to climate shocks, these are all labor-intensive activities," Georgieva said.&nbsp;

"Policymakers need to think about it now."

The idea of forgiving debt held by poor countries in exchange for "green" investments gained ground this week during the spring meetings of the IMF and World Bank, with concrete proposals expected in time for a global climate summit this fall.

The idea of forgiving debt held by poor countries in exchange for "green" investments gained ground this week during the spring meetings of the IMF and World Bank, with concrete proposals expected in time for a global climate summit this fall. Low-income countries face a double crisis — they are under pressure to pay down their debt while also confronting environmental problems. That makes them "highly, highly vulnerable," Kristalina Georgieva, managing director of the International Monetary Fund, said this week, adding that it thus "makes sense" for the world to pursue so-called "green debt swaps." A World Bank spokeswoman underscored that point. "The Covid-19 crisis has made it significantly harder for developing countries to tackle the rising risks posed by climate change" and environmental disasters, said the spokeswoman, who declined to be named. With already tight budgets, these countries have had to use emergency financial assistance to address the severe impact of the pandemic and the resulting economic crisis. "By enlarging the debt burdens of governments — which were already at record levels on the eve of the crisis — it has left them with fewer resources to invest in a recovery that will also put the planet on a more sustainable footing," the spokeswoman told AFP. 'Creative options' A technical working group — bringing together representatives not only of the IMF and World Bank but also of the United Nations and the OECD — was launched this week to examine "creative options to help countries tackle these simultaneous challenges," the World Bank spokeswoman said. "This work has only just begun," she said, "but we think a proactive approach is essential: we must look closely at how potential solutions to the challenges of climate and debt can be integrated to address the key development issues of our time." While there is no timeline yet for announcing concrete measures, all parties involved are clearly pointing toward the COP26 climate summit to be held in November in the Scottish city of Glasgow. "We are going to work with the World Bank. And by COP26 we will advance that option" of a debt swap, Georgieva said, adding that it will then be up to creditors and debtors to decide whether to take part. For Thierry Deau, the founder and CEO of the Paris-based Meridiam group, which specializes in developing and financing infrastructure projects, if the green debt-swap option is pursued, it will have to be linked to clear "conditionalities" to ensure that debt relief in fact leads to the launching of green projects. Job opportunities "The primary responsibility there on this debt relief is between the countries that are on both sides," he said. "There's a lot of politeness about this topic, and I think we have to stop that and create real true partnerships." The IMF and World Bank will also have to consider the plight of several island nations with middle-income economies that receive less economic support but face daunting environmental challenges. Their heavily tourism-dependent economies have seen revenues dry up as the coronavirus pandemic severely curtails world travel. At the same time, their low-lying territories are often the victims of extreme weather events, including devastating cyclones or hurricanes. Georgieva said this week that vulnerability to climate shocks should be taken into account when the international agencies allocate financial aid. She also stressed that countries launching "green" projects can see the added benefit of heightened employment. "There are opportunities for job creation," she said. "Just take, for example, renewable energy -- seven jobs to one in the traditional coal energy sector," even if some training is required. "Similarly, reforestation, taking care of land degradation, resilience to climate shocks, these are all labor-intensive activities," Georgieva said. "Policymakers need to think about it now."

IMF, World Bank begin push to swap debt relief for green projects

The World Bank Group will have committed $2 billion in financing by the end of April for Covid-19 vaccines in some 40 developing countries, World Bank Managing Director of Operations Axel van&nbsp;Trotsenburg&nbsp;said on Friday.&nbsp;

The $2 billion is part of a pool of some $12 billion that the World Bank has made available overall for vaccine development, distribution and production in low-and middle-income countries, van&nbsp;Trotsenburg&nbsp;told a World Bank forum.&nbsp;

David Malpass, the World Bank's president, said in separate remarks to the lender's development committee that the bank expects this to expand to $4 billion worth of commitments in 50 countries by mid-year.&nbsp;

But public health officials at the same forum warned that a race between the coronavirus and the vaccines meant to stop it could be lost if the pace of vaccinations in the developing world did not pick up.&nbsp;&nbsp;

World Health Organization (WHO) director-general Tedros Adhanom Ghebreyesus said that existing vaccines could be rendered ineffective if the virus continues to spread and mutate.&nbsp;

"Even those countries who have high coverage of vaccines will not be secure because the new variants that may not be stopped by the vaccines we have, will invade the countries that may have even 100% coverage in a few months," he said.&nbsp;

Tedros called for more political will to boost production of Covid-19 vaccines and share supplies, including through stalled intellectual property waiver on vaccines through the World Trade Organization.&nbsp;

The WTO's Trade-Related Aspects of Intellectual Property, or TRIPS waiver was the "elephant in the room" holding back vaccine production, Tedros said, adding that it was meant for emergencies such as the coronavirus pandemic.&nbsp;

"We haven't seen any emergency like this in our lifetime. If we cannot use it now, then when are we going to use it?" Tedros asked. "The mother of all these bottlenecks is lack of political will."&nbsp;

The World Bank Group will have committed $2 billion in financing by the end of April for Covid-19 vaccines in some 40 developing countries, World Bank Managing Director of Operations Axel van Trotsenburg said on Friday.

The World Bank Group will have committed $2 billion in financing by the end of April for Covid-19 vaccines in some 40 developing countries, World Bank Managing Director of Operations Axel van Trotsenburg said on Friday. The $2 billion is part of a pool of some $12 billion that the World Bank has made available overall for vaccine development, distribution and production in low-and middle-income countries, van Trotsenburg told a World Bank forum. David Malpass, the World Bank's president, said in separate remarks to the lender's development committee that the bank expects this to expand to $4 billion worth of commitments in 50 countries by mid-year. But public health officials at the same forum warned that a race between the coronavirus and the vaccines meant to stop it could be lost if the pace of vaccinations in the developing world did not pick up. World Health Organization (WHO) director-general Tedros Adhanom Ghebreyesus said that existing vaccines could be rendered ineffective if the virus continues to spread and mutate. "Even those countries who have high coverage of vaccines will not be secure because the new variants that may not be stopped by the vaccines we have, will invade the countries that may have even 100% coverage in a few months," he said. Tedros called for more political will to boost production of Covid-19 vaccines and share supplies, including through stalled intellectual property waiver on vaccines through the World Trade Organization. The WTO's Trade-Related Aspects of Intellectual Property, or TRIPS waiver was the "elephant in the room" holding back vaccine production, Tedros said, adding that it was meant for emergencies such as the coronavirus pandemic. "We haven't seen any emergency like this in our lifetime. If we cannot use it now, then when are we going to use it?" Tedros asked. "The mother of all these bottlenecks is lack of political will."

World Bank says to commit $2 billion to vaccines in developing countries by end-April 

The World Bank has estimated India’s GDP (Gross Domestic Product) growth to be in the range of 7.5 to 12.5 per cent during FY 2021-22 (FY 22).&nbsp;

For the fiscal year 2020-21 ending on Wednesday, GDP contraction is estimated at 8.5 per cent as against a growth of 4 per cent during FY 2019-20.

The Washington-based global lender, in its latest South Asia Economic Focus report released ahead of the annual Spring meeting of the World Bank and the International Monetary Fund (IMF), said that the economy was already slowing when the COVID-19 pandemic unfolded.

After reaching 8.3 per cent in FY17, growth decelerated to 4.0 per cent in FY20, it said.

The slowdown was caused by a decline in private consumption growth and shocks to the financial sector (the collapse of a large non-bank finance institution), which compounded pre-existing weaknesses in investment, it said.

Given the significant uncertainty pertaining to both epidemiological and policy developments, the real GDP growth for FY21/22 can range from 7.5 to 12.5 per cent, depending on how the ongoing vaccination campaign proceeds, whether new restrictions to mobility are required, and how quickly the world economy recovers, the World Bank said.

"It is amazing how far India has come compared to a year ago. If you think a year ago, how deep the recession was... unprecedented declines inactivity of 30 to 40 per cent, no clarity about vaccines, huge uncertainty about the disease. And then if you compare it now, India is bouncing back, has opened up many of the activities, started vaccination and is leading in the production of vaccination," Hans Timmer, World Bank Chief Economist for the South Asia Region, told in an interview.

However, the situation is still incredibly challenging, both on the pandemic side with the flare-up that is being experienced now. It is an enormous challenge to vaccinate everybody in India, the official said.

"Most of the people underestimate the challenge," he said.

On the economic side, Timmer said that even with the rebound and there is uncertainty here about the numbers, but it basically means that over two years there was no growth in India and there might well have been over two years, a decline in per capita income.

"That's such a difference from what India was accustomed to. And it means that there are still many parts of the economy that have not recovered or have not fared as well as they would have without a pandemic. There is a huge concern about the financial markets," Timmer said.

"As economic activity normalises, domestically and in key export markets, the current account is expected to return to mild deficits (around 1 per cent in FY22 and FY23) and capital inflows are projected by continued accommodative monetary policy and abundant international liquidity conditions," the report said.

Noting that the COVID-19 shock will lead to a long-lasting inflexion in India's fiscal trajectory, the report said that the general government deficit is expected to remain above 10 per cent of GDP until FY22. As a result, public debt is projected to peak at almost 90 per cent of GDP in FY21 before declining gradually thereafter.

As growth resumes and the labour market prospects improve, poverty reduction is expected to return to its pre-pandemic trajectory.

The poverty rate (at the USD 1.90 line) is projected to return to pre-pandemic levels in FY22, falling within 6 and 9 per cent, and fall further to between 4 and 7 per cent by FY24, the World Bank said.

The Indian economy, Timmer said, has bounced back from the initial enormous hit.

"It has bounced back even quicker than we initially thought. The availability of vaccines helped a lot there. That made it possible to open up more and in general to improve confidence in the economy.

"If you have no further deterioration or fall back then, that means that the economy this year would grow around nine per cent. With some additional growth, you are in double digits. That's the positive story," Timmer said, adding that there is also uncertainty.

India also has the advantage as compared to some of the other countries that it has foreign direct investment inflows.

"(This) probably has to do also with the geopolitical changes in the world economy... investors moving away from China and looking at India. That is an advantage, but you don't see very strong investments, you see some first signs of domestic investments recovering, that is still an uncertain point," Timmer said.

Responding to a question, Timmer said it is "impressive" how quickly the Indian government came up with relief efforts including the transfer of money, measures allowing companies to forego debt service.

"Given the difficult situation, I think that was very impressive. At the same time, it was not enough because, and that's one of the lessons of the crisis.

"There are so many people and so many, very small companies that are really difficult to reach, and you need a more comprehensive overhaul of the whole system to make the support a lot more universal," Timmer added.

According to officials, India has so far registered 1,20,95,855 COVID-19 cases and 1,62,114 fatalities.

The number of people who have recuperated from the disease surged to 1,13,93,021, while the case fatality rate stands at 1.34 per cent.

(With inputs from agencies)

The World Bank has estimated India’s GDP (Gross Domestic Product) growth to be in the range of 7.5 to 12.5 per cent during FY 2021-22 (FY 22). For the fiscal year 2020-21 ending on Wednesday, GDP contraction is estimated at 8.

The World Bank has estimated India’s GDP (Gross Domestic Product) growth to be in the range of 7.5 to 12.5 per cent during FY 2021-22 (FY 22). For the fiscal year 2020-21 ending on Wednesday, GDP contraction is estimated at 8.5 per cent as against a growth of 4 per cent during FY 2019-20. The Washington-based global lender, in its latest South Asia Economic Focus report released ahead of the annual Spring meeting of the World Bank and the International Monetary Fund (IMF), said that the economy was already slowing when the COVID-19 pandemic unfolded. After reaching 8.3 per cent in FY17, growth decelerated to 4.0 per cent in FY20, it said. The slowdown was caused by a decline in private consumption growth and shocks to the financial sector (the collapse of a large non-bank finance institution), which compounded pre-existing weaknesses in investment, it said. Given the significant uncertainty pertaining to both epidemiological and policy developments, the real GDP growth for FY21/22 can range from 7.5 to 12.5 per cent, depending on how the ongoing vaccination campaign proceeds, whether new restrictions to mobility are required, and how quickly the world economy recovers, the World Bank said. "It is amazing how far India has come compared to a year ago. If you think a year ago, how deep the recession was... unprecedented declines inactivity of 30 to 40 per cent, no clarity about vaccines, huge uncertainty about the disease. And then if you compare it now, India is bouncing back, has opened up many of the activities, started vaccination and is leading in the production of vaccination," Hans Timmer, World Bank Chief Economist for the South Asia Region, told in an interview. However, the situation is still incredibly challenging, both on the pandemic side with the flare-up that is being experienced now. It is an enormous challenge to vaccinate everybody in India, the official said. "Most of the people underestimate the challenge," he said. On the economic side, Timmer said that even with the rebound and there is uncertainty here about the numbers, but it basically means that over two years there was no growth in India and there might well have been over two years, a decline in per capita income. "That's such a difference from what India was accustomed to. And it means that there are still many parts of the economy that have not recovered or have not fared as well as they would have without a pandemic. There is a huge concern about the financial markets," Timmer said. "As economic activity normalises, domestically and in key export markets, the current account is expected to return to mild deficits (around 1 per cent in FY22 and FY23) and capital inflows are projected by continued accommodative monetary policy and abundant international liquidity conditions," the report said. Noting that the COVID-19 shock will lead to a long-lasting inflexion in India's fiscal trajectory, the report said that the general government deficit is expected to remain above 10 per cent of GDP until FY22. As a result, public debt is projected to peak at almost 90 per cent of GDP in FY21 before declining gradually thereafter. As growth resumes and the labour market prospects improve, poverty reduction is expected to return to its pre-pandemic trajectory. The poverty rate (at the USD 1.90 line) is projected to return to pre-pandemic levels in FY22, falling within 6 and 9 per cent, and fall further to between 4 and 7 per cent by FY24, the World Bank said. The Indian economy, Timmer said, has bounced back from the initial enormous hit. "It has bounced back even quicker than we initially thought. The availability of vaccines helped a lot there. That made it possible to open up more and in general to improve confidence in the economy. "If you have no further deterioration or fall back then, that means that the economy this year would grow around nine per cent. With some additional growth, you are in double digits. That's the positive story," Timmer said, adding that there is also uncertainty. India also has the advantage as compared to some of the other countries that it has foreign direct investment inflows. "(This) probably has to do also with the geopolitical changes in the world economy... investors moving away from China and looking at India. That is an advantage, but you don't see very strong investments, you see some first signs of domestic investments recovering, that is still an uncertain point," Timmer said. Responding to a question, Timmer said it is "impressive" how quickly the Indian government came up with relief efforts including the transfer of money, measures allowing companies to forego debt service. "Given the difficult situation, I think that was very impressive. At the same time, it was not enough because, and that's one of the lessons of the crisis. "There are so many people and so many, very small companies that are really difficult to reach, and you need a more comprehensive overhaul of the whole system to make the support a lot more universal," Timmer added. According to officials, India has so far registered 1,20,95,855 COVID-19 cases and 1,62,114 fatalities. The number of people who have recuperated from the disease surged to 1,13,93,021, while the case fatality rate stands at 1.34 per cent. (With inputs from agencies)

India’s GDP growth estimated to be in the range of 7.5-12.5%: World Bank

In a decision that marked an important victory for Prime Minister Justin Trudeau’s climate change agenda, Canada’s Supreme Court ruled that the federal government’s imposition of carbon taxes in provinces that oppose them was constitutional.

Citing Parliament’s power to legislate on matters related to “peace, order and good government,” the court said that fighting climate change by reducing greenhouse gas emissions was a matter of “national concern” protected under the constitution.

“This matter is critical to our response to an existential threat to human life in Canada and around the world,” the court wrote in its 6-3 decision. “Climate change is real. It is caused by greenhouse gas emissions resulting from human activities and it poses a grave threat to humanity’s future.”

The concept of carbon pricing has been widely endorsed by economists and, according to the World Bank, some form of it has been carried out or is in development in 64 countries, either through direct taxes on fossil fuels or through cap-and-trade programs.

Setting minimum carbon prices as a way to reduce emissions and encourage efficiency is a cornerstone of Trudeau’s climate change program. During the 2015 election campaign that first brought him to power, Trudeau emphasized the need for provinces to implement carbon pricing, an approach opposed by his Conservative predecessor, Stephen Harper.

Several U.S. states have carbon pricing programs, notably California. Money and tax credits to address climate change are expected to underpin much of President Joe Biden’s coming spending proposals, which aides and documents suggest could cost as much as $4 trillion over the next decade.

But several people familiar with the forthcoming infrastructure package in the United States said that there are no plans to price carbon emissions. Instead, the president plans to greatly raise fuel efficiency standards for cars, forcing automakers toward electric vehicles through regulation, not legislation. Similarly, Biden plans to reimpose strict emissions regulations on electric power plants to move the sector away from coal.

Republicans in Congress remain firmly opposed to a carbon tax and have voted repeatedly and nearly unanimously over the years to bar the government from imposing one.

Like Republicans in the United States, conservative premiers in the oil-producing provinces of Alberta and Saskatchewan have long strenuously campaigned against carbon pricing. They were joined by Doug Ford, another Conservative, who canceled the carbon pricing program in Ontario shortly after he became premier of Canada’s most populous province in 2018.

Court challenges by those three provinces of Trudeau’s carbon pricing law ultimately led to the Supreme Court’s decision.

“We certainly would hope that this brings an end to the jurisdictional and partisan battle around climate action here in Canada,” said Keith Brooks, programs director at Environmental Defence, an advocacy group. “People, including premiers who don’t like carbon pricing, use it as a political wedge and to sow division but also misinformation.”

While the Supreme Court decision’s detailed the dangers of climate changes to Canada and its coastlines, Arctic region and Indigenous people in particular, none of the three provinces that started the legal challenges dispute its effects. Their objections instead focused on the argument that Trudeau’s program had overstepped the federal government’s constitutional powers.

In 2019, Trudeau set a minimum price for carbon. It will become 40 Canadian dollars ($31.71) a metric ton April 1 and will reach 170 dollars a ton in 2030. Most provinces have their own programs to meet those targets, either through a direct charge on fuels and industry emissions or by setting a cap on emissions and then creating a marketplace for industries that exceed the limit to buy emission permits from other businesses who fall below the cap.

The federal government has only stepped in when a province, like Ontario under Ford, refused to price carbon. In those cases, it placed a tax on fuel and set other fees for industrial emissions.

Individual Canadians receive carbon tax rebates from the government to compensate for the surcharge on fuel. A review by Parliament’s budget watchdog found that most households are paid more in rebates than they spend on carbon taxes. Households can boost that bonus by further cutting emissions by using more efficient or electric vehicles or improving their heating systems.

Jason Kenney, the premier of Alberta, who cancelled his province’s program, told reporters that he was disappointed with the decision but declined to say if his province will come up with a carbon pricing system to replace the federally imposed one.

“We’re going to consult with Albertans and talk to our allied provinces to determine the best way forward,” he said.

The Supreme Court upheld the constitutionality of the law in part because the federal plan only kicks in if provinces do not set up their programs, thus maintaining the shared jurisdiction the two levels of government hold on environmental issues.

It also concluded that setting a single national minimum price for carbon is necessary for effectively reducing greenhouse gases, or GHGs, which makes federal involvement essential.

“Addressing climate change requires collective national and international action,” the court wrote. “This is because the harmful effects of GHGs are, by their very nature, not confined by borders.”

In a decision that marked an important victory for Prime Minister Justin Trudeau’s climate change agenda, Canada’s Supreme Court ruled that the federal government’s imposition of carbon taxes in provinces that oppose them was constitutional.

In a decision that marked an important victory for Prime Minister Justin Trudeau’s climate change agenda, Canada’s Supreme Court ruled that the federal government’s imposition of carbon taxes in provinces that oppose them was constitutional. Citing Parliament’s power to legislate on matters related to “peace, order and good government,” the court said that fighting climate change by reducing greenhouse gas emissions was a matter of “national concern” protected under the constitution. “This matter is critical to our response to an existential threat to human life in Canada and around the world,” the court wrote in its 6-3 decision. “Climate change is real. It is caused by greenhouse gas emissions resulting from human activities and it poses a grave threat to humanity’s future.” The concept of carbon pricing has been widely endorsed by economists and, according to the World Bank, some form of it has been carried out or is in development in 64 countries, either through direct taxes on fossil fuels or through cap-and-trade programs. Setting minimum carbon prices as a way to reduce emissions and encourage efficiency is a cornerstone of Trudeau’s climate change program. During the 2015 election campaign that first brought him to power, Trudeau emphasized the need for provinces to implement carbon pricing, an approach opposed by his Conservative predecessor, Stephen Harper. Several U.S. states have carbon pricing programs, notably California. Money and tax credits to address climate change are expected to underpin much of President Joe Biden’s coming spending proposals, which aides and documents suggest could cost as much as $4 trillion over the next decade. But several people familiar with the forthcoming infrastructure package in the United States said that there are no plans to price carbon emissions. Instead, the president plans to greatly raise fuel efficiency standards for cars, forcing automakers toward electric vehicles through regulation, not legislation. Similarly, Biden plans to reimpose strict emissions regulations on electric power plants to move the sector away from coal. Republicans in Congress remain firmly opposed to a carbon tax and have voted repeatedly and nearly unanimously over the years to bar the government from imposing one. Like Republicans in the United States, conservative premiers in the oil-producing provinces of Alberta and Saskatchewan have long strenuously campaigned against carbon pricing. They were joined by Doug Ford, another Conservative, who canceled the carbon pricing program in Ontario shortly after he became premier of Canada’s most populous province in 2018. Court challenges by those three provinces of Trudeau’s carbon pricing law ultimately led to the Supreme Court’s decision. “We certainly would hope that this brings an end to the jurisdictional and partisan battle around climate action here in Canada,” said Keith Brooks, programs director at Environmental Defence, an advocacy group. “People, including premiers who don’t like carbon pricing, use it as a political wedge and to sow division but also misinformation.” While the Supreme Court decision’s detailed the dangers of climate changes to Canada and its coastlines, Arctic region and Indigenous people in particular, none of the three provinces that started the legal challenges dispute its effects. Their objections instead focused on the argument that Trudeau’s program had overstepped the federal government’s constitutional powers. In 2019, Trudeau set a minimum price for carbon. It will become 40 Canadian dollars ($31.71) a metric ton April 1 and will reach 170 dollars a ton in 2030. Most provinces have their own programs to meet those targets, either through a direct charge on fuels and industry emissions or by setting a cap on emissions and then creating a marketplace for industries that exceed the limit to buy emission permits from other businesses who fall below the cap. The federal government has only stepped in when a province, like Ontario under Ford, refused to price carbon. In those cases, it placed a tax on fuel and set other fees for industrial emissions. Individual Canadians receive carbon tax rebates from the government to compensate for the surcharge on fuel. A review by Parliament’s budget watchdog found that most households are paid more in rebates than they spend on carbon taxes. Households can boost that bonus by further cutting emissions by using more efficient or electric vehicles or improving their heating systems. Jason Kenney, the premier of Alberta, who cancelled his province’s program, told reporters that he was disappointed with the decision but declined to say if his province will come up with a carbon pricing system to replace the federally imposed one. “We’re going to consult with Albertans and talk to our allied provinces to determine the best way forward,” he said. The Supreme Court upheld the constitutionality of the law in part because the federal plan only kicks in if provinces do not set up their programs, thus maintaining the shared jurisdiction the two levels of government hold on environmental issues. It also concluded that setting a single national minimum price for carbon is necessary for effectively reducing greenhouse gases, or GHGs, which makes federal involvement essential. “Addressing climate change requires collective national and international action,” the court wrote. “This is because the harmful effects of GHGs are, by their very nature, not confined by borders.”

Canada Supreme Court rules federal carbon tax is constitutional

The centre of gravity of global economy has moved more towards East Asia during coronavirus pandemic, said Ian Goldin, former Vice President of the World Bank.

Goldin, who is now at the University of Oxford, was speaking at WION Global Summit in Dubai at the session titled World Economy: The Price of the Pandemic, moderated by journalist Ali Aslan.&nbsp;

Aslan pointed out that China was the only major economy to grow in spite of being the one where coronavirus originated.

Goldin said that the Chinese leadership had done a "remarkable" job in containing the virus. China was the "economic engine of growth", he said, while underlining that China's role in the unfolding situation now was similar to the aftermath of the 2008 economic crisis.

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"Its export stats have been robust and its market share has increased during the pandemic as other producers have closed down," he said.

Once the worst-affected country, China appeared to have rapidly reduced the number of infections as 2020 progressed. Goldin said that the Chinese population has been very effective in managing the pandemic with use of masks and the implementation of other measures.

Also Read | <a href="https://www.wionews.com/world/wuhan-virus-and-the-travails-of-being-a-pro-china-hong-kong-lawmaker-372793">'Wuhan virus' and the travails of being a pro-China Hong Kong lawmaker</a>

"So yes, the economic centre of global gravity is moving more rapidly than it would've towards East Asia," he concluded.

Asked whether he thought any particular economic system was doing well, Goldin opined that there was no simple answer. However, he mentioned that some smaller countries haves surprisingly done well while those like US and UK have done "terribly".

"...[Maybe] more powerful you are, more arrogant you are," he quipped.

The centre of gravity of global economy has moved more towards East Asia during coronavirus pandemic, said Ian Goldin, former Vice President of the World Bank. Goldin, who is now at the University of Oxford, was speaking at WION Global Summit in Dubai at the session titled World Economy: The Price of the Pandemic, moderated by journalist Ali Aslan.

The centre of gravity of global economy has moved more towards East Asia during coronavirus pandemic, said Ian Goldin, former Vice President of the World Bank. Goldin, who is now at the University of Oxford, was speaking at WION Global Summit in Dubai at the session titled World Economy: The Price of the Pandemic, moderated by journalist Ali Aslan. Aslan pointed out that China was the only major economy to grow in spite of being the one where coronavirus originated. Goldin said that the Chinese leadership had done a "remarkable" job in containing the virus. China was the "economic engine of growth", he said, while underlining that China's role in the unfolding situation now was similar to the aftermath of the 2008 economic crisis. "I think the Chinese leadership has done a remarkable job in containing the virus and ensuring that the economy remains robust," says @ian_goldin, Former Vice-President, World Bank, at #WIONGlobalSummit Follow LIVE updates here: https://t.co/s2VXujmIBS pic.twitter.com/fp3yi31lOL — WION (@WIONews) March 24, 2021 × "Its export stats have been robust and its market share has increased during the pandemic as other producers have closed down," he said. Once the worst-affected country, China appeared to have rapidly reduced the number of infections as 2020 progressed. Goldin said that the Chinese population has been very effective in managing the pandemic with use of masks and the implementation of other measures. Also Read | 'Wuhan virus' and the travails of being a pro-China Hong Kong lawmaker "So yes, the economic centre of global gravity is moving more rapidly than it would've towards East Asia," he concluded. Asked whether he thought any particular economic system was doing well, Goldin opined that there was no simple answer. However, he mentioned that some smaller countries haves surprisingly done well while those like US and UK have done "terribly". "...[Maybe] more powerful you are, more arrogant you are," he quipped.

Economic centre of gravity has moved to East Asia, former VP of World Bank tells WION Global Summit

The World Bank on Thursday has approved a loan of $200 million to help the low-income urban youths in Bangladesh impacted heavily by the Covid-19 pandemic and the involuntary returnee migrants to improve earning opportunities and resiliency. 
 
The Recovery and Advancement of Informal Sector Employment (RAISE) project will help about 175,000 poor urban youth and low-income micro-entrepreneurs enhance employability and productivity by helping them access services such as life-skills training, apprenticeship programs, counselling, micro-finance, and self-employment support, the lender said in a statement. 
 
To help about 200,000 eligible migrants who had been forced to return since January 2020 either reintegrate into the domestic labour market or prepare for re-migration, it said the project will provide cash grants, counselling, and referrals to relevant services based on their needs and aspirations, Xinhua news agency reported. 
 
"International migration and urban informal sector have played a central role in Bangladesh`s remarkable success in reducing poverty over the years. However, both sectors were hit hard by the Covid-19 pandemic," said Mercy Tembon, World Bank country director for Bangladesh and Bhutan. 
 
"The project will support both groups of workers to overcome structural barriers to employability and facilitate resilient post-pandemic growth."

The World Bank on Thursday has approved a loan of $200 million to help the low-income urban youths in Bangladesh impacted heavily by the Covid-19 pandemic and the involuntary returnee migrants to improve earning opportunities and resiliency.

The World Bank on Thursday has approved a loan of $200 million to help the low-income urban youths in Bangladesh impacted heavily by the Covid-19 pandemic and the involuntary returnee migrants to improve earning opportunities and resiliency. The Recovery and Advancement of Informal Sector Employment (RAISE) project will help about 175,000 poor urban youth and low-income micro-entrepreneurs enhance employability and productivity by helping them access services such as life-skills training, apprenticeship programs, counselling, micro-finance, and self-employment support, the lender said in a statement. To help about 200,000 eligible migrants who had been forced to return since January 2020 either reintegrate into the domestic labour market or prepare for re-migration, it said the project will provide cash grants, counselling, and referrals to relevant services based on their needs and aspirations, Xinhua news agency reported. "International migration and urban informal sector have played a central role in Bangladesh`s remarkable success in reducing poverty over the years. However, both sectors were hit hard by the Covid-19 pandemic," said Mercy Tembon, World Bank country director for Bangladesh and Bhutan. "The project will support both groups of workers to overcome structural barriers to employability and facilitate resilient post-pandemic growth."

World Bank approves $200 million for Bangladesh youth

Nokdo is emblematic of a demographic crisis: Asia's fourth-largest economy saw its population drop for the first time last year as it became the world's fastest-ageing society with the lowest birth rate anywhere in 2020, according to the World Bank.

Fewer babies, ageing population- South korea faces demographic crisis

The World Bank has threatened to suspend its multi-million-dollar financing for Lebanon's <a href="https://www.wionews.com/topics/coronavirus-vaccine">coronavirus vaccine</a> programme if the politicians keep jumping the line.

Local media and officials of Lebanon have claimed that several lawmakers jumped the line for the coronavirus vaccines by getting shots in parliament on Tuesday.&nbsp;

This has come as the locals, especially the priority and vulnerable groups, are struggling to get a shot of the vaccine amid an extended surge of cases.

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Lebanon had received $34 million from World Bank which had helped Lebanon collect nearly 60,000 doses of the Pfizer-BioNTech coronavirus vaccine this month.

The World Bank had been closely monitoring the vaccine rollout to ensure the doses are first given to the healthcare workers and the vulnerable groups such as the elderly. However, with the reports of ministers receiving the doses first, the World Bank is reconsidering its fund allocation.&nbsp;

"Upon confirmation of violation, World Bank may suspend financing for vaccines and support for COVID-19 response across Lebanon!!," said the World Bank’s regional director Saroj Kumar Jha. "I appeal to all, I mean all, regardless of your position, to please register and wait for your turn."

Local media has claimed several doses of the vaccine were sent to the Parliament where ministers were administered the Pfizer shot without any media coverage. However, the government has not confirmed or denied this allegation yet.

The confirmation, as per the media, about this incident came when Deputy parliament speaker, Elie Ferzli, tweeted saying he has received a shot.

The World Bank has threatened to suspend its multi-million-dollar financing for Lebanon's coronavirus vaccine programme if the politicians keep jumping the line.

The World Bank has threatened to suspend its multi-million-dollar financing for Lebanon's coronavirus vaccine programme if the politicians keep jumping the line. Local media and officials of Lebanon have claimed that several lawmakers jumped the line for the coronavirus vaccines by getting shots in parliament on Tuesday. This has come as the locals, especially the priority and vulnerable groups, are struggling to get a shot of the vaccine amid an extended surge of cases. Also read| Lebanon starts mass inoculation drive Lebanon had received $34 million from World Bank which had helped Lebanon collect nearly 60,000 doses of the Pfizer-BioNTech coronavirus vaccine this month. The World Bank had been closely monitoring the vaccine rollout to ensure the doses are first given to the healthcare workers and the vulnerable groups such as the elderly. However, with the reports of ministers receiving the doses first, the World Bank is reconsidering its fund allocation. "Upon confirmation of violation, World Bank may suspend financing for vaccines and support for COVID-19 response across Lebanon!!," said the World Bank’s regional director Saroj Kumar Jha. "I appeal to all, I mean all, regardless of your position, to please register and wait for your turn." Local media has claimed several doses of the vaccine were sent to the Parliament where ministers were administered the Pfizer shot without any media coverage. However, the government has not confirmed or denied this allegation yet. The confirmation, as per the media, about this incident came when Deputy parliament speaker, Elie Ferzli, tweeted saying he has received a shot.

World Bank threatens to cut Lebanon's funding for Pfizer's coronavirus vaccine

The World Bank has selected former Senegal finance minister Makhtar Diop to lead the agency responsible for private sector finance at a critical time for the global recovery. He would be the first African to lead the International Finance Corporation (IFC) which leverages financing to support private firms in developing nations.

Diop, an economist who studied in Britain, worked in finance before entering government. He was named Senegal's minister of Economy and Finance in April 2000, a position he held for just over a year.

The announcement comes just days after the World Trade Organisation selected Nigeria's former finance minister Ngozi Okonjo-Iweala as its new director-general, the first African and first woman to serve in that role.

<a href="https://www.wionews.com/world/a-black-woman-will-lead-the-wto-for-the-first-time-361823">Also read |&nbsp;A Black woman will lead the WTO for the first time</a>

Diop's "skills at IFC will help the World Bank Group continue our rapid response to the global crisis and help build a green, resilient, inclusive recovery," World Bank President David Malpass said.

Diop, currently World Bank vice president for infrastructure and previously vice president for Africa, will take his new post at the IFC on March 1.

His key responsibilities will be to "deepen and energise" what it called the IFC's 3.0 strategy to mobilize private capital, increase climate and gender investments and support countries facing conflict.

 
&nbsp;

The World Bank has selected former Senegal finance minister Makhtar Diop to lead the agency responsible for private sector finance at a critical time for the global recovery.

The World Bank has selected former Senegal finance minister Makhtar Diop to lead the agency responsible for private sector finance at a critical time for the global recovery. He would be the first African to lead the International Finance Corporation (IFC) which leverages financing to support private firms in developing nations. Diop, an economist who studied in Britain, worked in finance before entering government. He was named Senegal's minister of Economy and Finance in April 2000, a position he held for just over a year. The announcement comes just days after the World Trade Organisation selected Nigeria's former finance minister Ngozi Okonjo-Iweala as its new director-general, the first African and first woman to serve in that role. Also read | A Black woman will lead the WTO for the first time Diop's "skills at IFC will help the World Bank Group continue our rapid response to the global crisis and help build a green, resilient, inclusive recovery," World Bank President David Malpass said. Diop, currently World Bank vice president for infrastructure and previously vice president for Africa, will take his new post at the IFC on March 1. His key responsibilities will be to "deepen and energise" what it called the IFC's 3.0 strategy to mobilize private capital, increase climate and gender investments and support countries facing conflict.

Former Senegal finance minister to head IFC, World Bank declares

The Bangladesh government has signed a $500 million dollar financing agreement with the World Bank to help upgrade a highway and enhance connection of rural roads and markets, benefiting over 20 million people living in the country`s western region, according to an official statement. 
 
The Western Economic Corridor and Regional Enhancement (WeCARE) Program Phase I project will help upgrade the 48 km two-lane Jashore-Jhenaidah road to a modern four-lane highway, Xinhua news agency quoted the statement as saying on Monday. 
 
The project will also help rehabilitate about 600 km of the area connecting rural roads and building new or developing existing rural markets. 
 
It will also install fibre-optic cables along the highway to ensure fast and reliable internet service. 
 
According to the statement, the project is the first of a multi-phased $1.4 billion program of 10 years to upgrade the existing 110 km two-lane highway, Bhomra-Satkhira-Navaron and Jashore-Jhenaidah. 
 
In the current phase, it said the project will be implemented in four districts: Jashore, Jhenaidah, Magura, and Chuadanga. 
 
In the first two years, the project will create about 1.3 million day jobs for local people, said the statement.

The Bangladesh government has signed a $500 million dollar financing agreement with the World Bank to help upgrade a highway and enhance connection of rural roads and markets, benefiting over 20 million people living in the country`s western region, according to an official statement.

The Bangladesh government has signed a $500 million dollar financing agreement with the World Bank to help upgrade a highway and enhance connection of rural roads and markets, benefiting over 20 million people living in the country`s western region, according to an official statement. The Western Economic Corridor and Regional Enhancement (WeCARE) Program Phase I project will help upgrade the 48 km two-lane Jashore-Jhenaidah road to a modern four-lane highway, Xinhua news agency quoted the statement as saying on Monday. The project will also help rehabilitate about 600 km of the area connecting rural roads and building new or developing existing rural markets. It will also install fibre-optic cables along the highway to ensure fast and reliable internet service. According to the statement, the project is the first of a multi-phased $1.4 billion program of 10 years to upgrade the existing 110 km two-lane highway, Bhomra-Satkhira-Navaron and Jashore-Jhenaidah. In the current phase, it said the project will be implemented in four districts: Jashore, Jhenaidah, Magura, and Chuadanga. In the first two years, the project will create about 1.3 million day jobs for local people, said the statement.

Bangladesh to receive $500mn from World Bank to improve connectivity

Brazilian President Jair Bolsonaro&nbsp;on Wednesday that his country is ''broke'' and he ''can't do anything about it'',&nbsp;attributing the crisis to "the press-fueled" coronavirus.

The subsidies which have kept millions of Brazilians from destitution ended as the pandemic, which has killed almost 200,000 people in the country, only worsens.

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Pressed by supporters outside the presidential palace on Tuesday asking for economic relief, Bolsonaro scowled.

"Brazil is broke, boss, I cannot do anything," the former army officer said, responding to one of the supporters who greeted him in front of his official residence in the capital Brasilia.

"I wanted to modify the tax reduction table, but there was that press-fueled virus that we have there, that press without any character," Bolsonaro said.

The reform he was referring to was a campaign promise for a raise in the level of tax-exempt income. Bolsonaro attributes the country's economic collapse to lockdown measures pushed by state governors to combat the coronavirus pandemic.

Bolsonaro&nbsp;has been widely criticised for dismissing the dangers of the coronavirus and is now facing questions over delays to Brazil’s vaccine rollout.

Also read:&nbsp;<a href="https://www.wionews.com/world/bolsonaro-under-fire-over-brazils-troubled-vaccine-roll-out-350890">Bolsonaro under fire over Brazil's troubled vaccine roll-out</a>

Nearly 200,000 Brazilians have died from COVID-19, yet a national immunisation program is still at least three weeks away, even as inoculations have already begun in regional peers Chile, Mexico and Argentina.

Despite his country's soaring death toll, Bolsonaro saw his popularity rise thanks to emergency aid paid out for nine months to 68 million Brazilians, almost a third of the population.

But those payments ended this month under pressure from markets worried about the country's high deficit and debt.

Marcelo Neri, director of the Center for Social Policies of the Getulio Vargas Foundation (FGV), warned Brazil may be "on the edge of a social abyss."

"No matter how strong the president's words are, I see them as a rhetorical argument to politically prepare for cuts in emergency spending and trying to balance public spending," said Andre Perfeito, of investment group Necton.

"The situation is serious," said Perfeito, who noted that "the central problem is not the lack of money, but the lack of a clear plan" in a country that still does not have a start date for vaccinations against Covid-19.&nbsp;

Meanwhile, the number of new infections and deaths continued to climb.

In the last 24 hours, the South American giant logged 1,171 deaths and almost 60,000 new cases, numbers that should skyrocket in the coming weeks due to the massive celebrations that took place over the Christmas and New Year holidays, according to health officials.

Brazil’s economy is likely to grow 3 per cent&nbsp;in 2021 and less next year, the World Bank said on Tuesday, as stimulus fades and the country struggles to recover output lost in the pandemic.

The World Bank’s forecast for Brazil’s 2021 gross domestic product (GDP) is 0.8 percentage point higher than its June estimate, but not enough to offset a likely 4.5&nbsp;per cent&nbsp;drop in 2020 amid the world’s worst COVID-19 death toll outside the United States.

Brazilian President Jair Bolsonaro on Wednesday that his country is ''broke'' and he ''can't do anything about it'', attributing the crisis to "the press-fueled" coronavirus.

Brazilian President Jair Bolsonaro on Wednesday that his country is ''broke'' and he ''can't do anything about it'', attributing the crisis to "the press-fueled" coronavirus. The subsidies which have kept millions of Brazilians from destitution ended as the pandemic, which has killed almost 200,000 people in the country, only worsens. Also read: As world scampers for vaccine, Bolsonaro working in two modes: denial and bizarre Pressed by supporters outside the presidential palace on Tuesday asking for economic relief, Bolsonaro scowled. "Brazil is broke, boss, I cannot do anything," the former army officer said, responding to one of the supporters who greeted him in front of his official residence in the capital Brasilia. "I wanted to modify the tax reduction table, but there was that press-fueled virus that we have there, that press without any character," Bolsonaro said. The reform he was referring to was a campaign promise for a raise in the level of tax-exempt income. Bolsonaro attributes the country's economic collapse to lockdown measures pushed by state governors to combat the coronavirus pandemic. Bolsonaro has been widely criticised for dismissing the dangers of the coronavirus and is now facing questions over delays to Brazil’s vaccine rollout. Also read: Bolsonaro under fire over Brazil's troubled vaccine roll-out Nearly 200,000 Brazilians have died from COVID-19, yet a national immunisation program is still at least three weeks away, even as inoculations have already begun in regional peers Chile, Mexico and Argentina. Despite his country's soaring death toll, Bolsonaro saw his popularity rise thanks to emergency aid paid out for nine months to 68 million Brazilians, almost a third of the population. But those payments ended this month under pressure from markets worried about the country's high deficit and debt. Marcelo Neri, director of the Center for Social Policies of the Getulio Vargas Foundation (FGV), warned Brazil may be "on the edge of a social abyss." "No matter how strong the president's words are, I see them as a rhetorical argument to politically prepare for cuts in emergency spending and trying to balance public spending," said Andre Perfeito, of investment group Necton. "The situation is serious," said Perfeito, who noted that "the central problem is not the lack of money, but the lack of a clear plan" in a country that still does not have a start date for vaccinations against Covid-19. Meanwhile, the number of new infections and deaths continued to climb. In the last 24 hours, the South American giant logged 1,171 deaths and almost 60,000 new cases, numbers that should skyrocket in the coming weeks due to the massive celebrations that took place over the Christmas and New Year holidays, according to health officials. Brazil’s economy is likely to grow 3 per cent in 2021 and less next year, the World Bank said on Tuesday, as stimulus fades and the country struggles to recover output lost in the pandemic. The World Bank’s forecast for Brazil’s 2021 gross domestic product (GDP) is 0.8 percentage point higher than its June estimate, but not enough to offset a likely 4.5 per cent drop in 2020 amid the world’s worst COVID-19 death toll outside the United States.

Brazilian President Jair Bolsonaro says his country is 'broke' and he 'can't do anything'

The World Bank on Tuesday downgraded its outlook for the global economy and warned the situation could deteriorate if Covid-19 infections accelerate or the vaccine rollout is delayed.

The coronavirus pandemic also has worsened the risks surrounding the rising debt load in developing nations, and it will take a global effort to avoid a new crisis in those economies, the bank cautioned.

After shrinking 4.3 per cent in 2020, the world economy is projected to grow by 4.0 per cent this year, two-tenths lower than previously forecast, as more than half of countries were downgraded in the semi-annual Global Economic Prospects report.

China was a bright spot with a surprisingly fast recovery in 2020, but advanced countries which did better last year will fare worse in 2021, the bank said.

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The report warns the outlook remains "highly uncertain," and GDP growth could be as low as 1.6 per cent this year if the downside risks materialize.

With millions driven into poverty by the coronavirus recession, countries will need to find a way to move beyond direct aid and reignite investment to stimulate growth, the Washington-based development lender urged.

Policymakers face "formidable challenges... as they try to ensure that this still fragile global recovery gains traction and sets a foundation for robust growth," World Bank President David Malpass said.

The expectation for a subdued recovery "assumes that vaccine rollout becomes widespread" and the economic reopening continues, Malpass told reporters.

But even if the pace of growth holds steady, global GDP in 2022 will be 4.4 per cent below pre-pandemic levels, the bank said.

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And, further out, the "lasting damage to health, education and balance sheets" may lower the global economy's potential output, the report said.

Poor hurt the most

Focus on policies to boost investment will be needed to counter "the pandemic's lasting scars," including through investment in green infrastructure which can boost growth while at the same time addressing climate change, the report said.

Malpass said that would include phasing out fossil fuel subsidies and providing incentives for green technologies.

The Chinese economy is expected to expand by nearly eight per cent this year, after two per cent growth in 2020, while US GDP is projected to gain 3.5 per cent -- a half point lower than the June forecast.

Excluding China, developing nations as a group will see growth of just 3.4 percent, the report said.

The inequality of the downturn and the recovery was "dramatic," and drove a "devastating rise in extreme poverty," Malpass said.&nbsp;

"People at the bottom of the income scale were hardest hit" by the recession, and "unfortunately will likely be the slowest to regain jobs, get health care, vaccinations and adjust to the post-Covid economy," he said.

'Red alert'

The pandemic also exacerbated the debt risks of developing nations.

"The global community needs to act rapidly and forcefully to make sure the recent debt accumulation does not end with a string of debt crises," said Ayhan Kose, acting World bank vice president for Equitable Growth and Financial Institutions.&nbsp;

"The developing world cannot afford another lost decade."&nbsp;

Malpass said that the situation is a "red alert" with some low-income countries facing deep debt distress, and the more they are forced to pay to service pre-pandemic debt, the less they have for health care and investment.

China, which holds 65 per cent of the debt of the lowest-income countries, has a key role to play in addressing the challenge, and Malpass again called on the country to provide transparency on the terms of the loans, including collateral and interest rates.

The World Bank on Tuesday downgraded its outlook for the global economy and warned the situation could deteriorate if Covid-19 infections accelerate or the vaccine rollout is delayed.

The World Bank on Tuesday downgraded its outlook for the global economy and warned the situation could deteriorate if Covid-19 infections accelerate or the vaccine rollout is delayed. The coronavirus pandemic also has worsened the risks surrounding the rising debt load in developing nations, and it will take a global effort to avoid a new crisis in those economies, the bank cautioned. After shrinking 4.3 per cent in 2020, the world economy is projected to grow by 4.0 per cent this year, two-tenths lower than previously forecast, as more than half of countries were downgraded in the semi-annual Global Economic Prospects report. China was a bright spot with a surprisingly fast recovery in 2020, but advanced countries which did better last year will fare worse in 2021, the bank said. Also read| NYSE does U-turn on delisting three Chinese telecom giants The report warns the outlook remains "highly uncertain," and GDP growth could be as low as 1.6 per cent this year if the downside risks materialize. With millions driven into poverty by the coronavirus recession, countries will need to find a way to move beyond direct aid and reignite investment to stimulate growth, the Washington-based development lender urged. Policymakers face "formidable challenges... as they try to ensure that this still fragile global recovery gains traction and sets a foundation for robust growth," World Bank President David Malpass said. The expectation for a subdued recovery "assumes that vaccine rollout becomes widespread" and the economic reopening continues, Malpass told reporters. But even if the pace of growth holds steady, global GDP in 2022 will be 4.4 per cent below pre-pandemic levels, the bank said. Also read| Tesla 2020 deliveries beat estimates, but fall just short of Musk's target And, further out, the "lasting damage to health, education and balance sheets" may lower the global economy's potential output, the report said. Poor hurt the most Focus on policies to boost investment will be needed to counter "the pandemic's lasting scars," including through investment in green infrastructure which can boost growth while at the same time addressing climate change, the report said. Malpass said that would include phasing out fossil fuel subsidies and providing incentives for green technologies. The Chinese economy is expected to expand by nearly eight per cent this year, after two per cent growth in 2020, while US GDP is projected to gain 3.5 per cent -- a half point lower than the June forecast. Excluding China, developing nations as a group will see growth of just 3.4 percent, the report said. The inequality of the downturn and the recovery was "dramatic," and drove a "devastating rise in extreme poverty," Malpass said. "People at the bottom of the income scale were hardest hit" by the recession, and "unfortunately will likely be the slowest to regain jobs, get health care, vaccinations and adjust to the post-Covid economy," he said. 'Red alert' The pandemic also exacerbated the debt risks of developing nations. "The global community needs to act rapidly and forcefully to make sure the recent debt accumulation does not end with a string of debt crises," said Ayhan Kose, acting World bank vice president for Equitable Growth and Financial Institutions. "The developing world cannot afford another lost decade." Malpass said that the situation is a "red alert" with some low-income countries facing deep debt distress, and the more they are forced to pay to service pre-pandemic debt, the less they have for health care and investment. China, which holds 65 per cent of the debt of the lowest-income countries, has a key role to play in addressing the challenge, and Malpass again called on the country to provide transparency on the terms of the loans, including collateral and interest rates.

World Bank warns global recovery could erode if virus worsens

The World Bank has approved a USD 300 million loan to help the cash-strapped Pakistan address issues of climate change, health emergency and manage solid waste to reduce flooding chances in the country's financial capital Karachi, a media report said on Thursday.

The Washington-based lender approved USD 200 million for the Sindh Resilience project and USD 100 million for the Solid Waste Emergency and Efficiency project, The Express Tribune newspaper reported, citing an official statement issued by the bank's local office.

These investments will bolster Pakistan's efforts to build resilience to natural hazards such as floods and droughts in the Sindh province and will strengthen solid waste management in Karachi to tackle recurrent urban flooding and public health emergencies in the city, it added.

The USD 200 million has been approved in additional financing for the Sindh Resilience project worth USD 100 million, bringing total cost of the scheme to USD 300 million.

"Building resilience to natural disasters and health emergencies is an important and urgent agenda in Pakistan, that will help save lives and protect the economy," said World Bank Country Director for Pakistan Najy Benhassine.

The debilitating impact of recent floods in Karachi, droughts and extreme rainfall in Sindh, and of course the COVID-19 pandemic, make it imperative that risk reduction investments strengthen multi-sectoral dialogue and coordination at the city, provincial and national levels to ensure protection of vulnerable communities and fight the spread of disease, he added.

The additional financing of USD 200 million for the Sindh Resilience project will help the government better manage climate and disaster risks, including floods, droughts, and public health emergencies.

The USD 100 million Solid Waste Emergency and Efficiency Project (SWEEP) will improve solid waste management services in Karachi - Pakistan's largest city with more than 16 million people - and upgrade the critical solid waste infrastructure to reduce urban flooding and public health risks.

The project focuses on emergency waste removal to restore stormwater drainage capacity before the next monsoon season, especially in the vulnerable communities around drainage and waste collection sites.

The project will improve living conditions for at least half a million residents of Karachi and increase protection for workers by introducing safety protocols that improve labour conditions.

Pakistan received $500 million from the World Bank and the Asian Development Bank each in June this year to prop up its struggling economy.

Pakistan's total public debt&nbsp;domestic and external&nbsp;was recorded at Rs36.3 trillion in the financial year 2019-20, up 154 pc (or Rs22 trillion) since FY13, when it was recorded at Rs 14.3 trillion, according to official data.

The World Bank has approved a USD 300 million loan to help the cash-strapped Pakistan address issues of climate change, health emergency and manage solid waste to reduce flooding chances in the country's financial capital Karachi, a media report said on Thursday.

The World Bank has approved a USD 300 million loan to help the cash-strapped Pakistan address issues of climate change, health emergency and manage solid waste to reduce flooding chances in the country's financial capital Karachi, a media report said on Thursday. The Washington-based lender approved USD 200 million for the Sindh Resilience project and USD 100 million for the Solid Waste Emergency and Efficiency project, The Express Tribune newspaper reported, citing an official statement issued by the bank's local office. These investments will bolster Pakistan's efforts to build resilience to natural hazards such as floods and droughts in the Sindh province and will strengthen solid waste management in Karachi to tackle recurrent urban flooding and public health emergencies in the city, it added. The USD 200 million has been approved in additional financing for the Sindh Resilience project worth USD 100 million, bringing total cost of the scheme to USD 300 million. "Building resilience to natural disasters and health emergencies is an important and urgent agenda in Pakistan, that will help save lives and protect the economy," said World Bank Country Director for Pakistan Najy Benhassine. The debilitating impact of recent floods in Karachi, droughts and extreme rainfall in Sindh, and of course the COVID-19 pandemic, make it imperative that risk reduction investments strengthen multi-sectoral dialogue and coordination at the city, provincial and national levels to ensure protection of vulnerable communities and fight the spread of disease, he added. The additional financing of USD 200 million for the Sindh Resilience project will help the government better manage climate and disaster risks, including floods, droughts, and public health emergencies. The USD 100 million Solid Waste Emergency and Efficiency Project (SWEEP) will improve solid waste management services in Karachi - Pakistan's largest city with more than 16 million people - and upgrade the critical solid waste infrastructure to reduce urban flooding and public health risks. The project focuses on emergency waste removal to restore stormwater drainage capacity before the next monsoon season, especially in the vulnerable communities around drainage and waste collection sites. The project will improve living conditions for at least half a million residents of Karachi and increase protection for workers by introducing safety protocols that improve labour conditions. Pakistan received $500 million from the World Bank and the Asian Development Bank each in June this year to prop up its struggling economy. Pakistan's total public debt domestic and external was recorded at Rs36.3 trillion in the financial year 2019-20, up 154 pc (or Rs22 trillion) since FY13, when it was recorded at Rs 14.3 trillion, according to official data.

World Bank approves $300 milllion loan for cash-strapped Pakistan

The United Nations and World Bank called for school reopenings despite coronavirus risks in a new report on Wednesday, stressing children in poor countries are severely affected by pandemic due to an absence of the access to digital means to pursue learning.&nbsp;

The report said in impoverished nations, children have not able to go to schools for about four months since the beginning of the pandemic early this year.&nbsp;

Also read | <a href="https://www.wionews.com/world/20-years-witnessed-rise-in-natural-disasters-especially-in-asia-united-nations-334738">20 years witnessed rise in natural disasters, especially in Asia: United Nations</a>&nbsp;&nbsp; &nbsp;

"Prioritising reopening schools and providing much-needed catch-up classes are critical," said Robert Jenkins, education head at the UN children's fund UNICEF, in a statement, as quoted by news agency AFP.&nbsp;

Also read | <a href="https://www.wionews.com/india-news/united-nations-faces-crisis-of-confidence-pm-modi-in-unga-address-329308">United Nations faces 'crisis of confidence': PM Modi in UNGA address</a>

"We don't need to look far to see the devastation the pandemic has caused to children's learning across the world."&nbsp;

The crisis is worse in low and middle-income nations due to a frail system of distance learning, higher probability of a delay in reopening of schools and a lack of resources to tackle health risks.&nbsp;

UN cultural agency UNESCO and the World Bank also advised countries to spend money on education to reduce the broadening gap between the education provided in rich and poor nations due to Covid-19 pandemic.&nbsp;

The report from UNICEF, UNESCO and the World Bank was based on data accumulated from about 150 countries between June and October.

The United Nations and World Bank called for school reopenings despite coronavirus risks in a new report on Wednesday, stressing children in poor countries are severely affected by pandemic due to an absence of the access to digital means to pursue learning.

The United Nations and World Bank called for school reopenings despite coronavirus risks in a new report on Wednesday, stressing children in poor countries are severely affected by pandemic due to an absence of the access to digital means to pursue learning. The report said in impoverished nations, children have not able to go to schools for about four months since the beginning of the pandemic early this year. Also read | 20 years witnessed rise in natural disasters, especially in Asia: United Nations "Prioritising reopening schools and providing much-needed catch-up classes are critical," said Robert Jenkins, education head at the UN children's fund UNICEF, in a statement, as quoted by news agency AFP. Also read | United Nations faces 'crisis of confidence': PM Modi in UNGA address "We don't need to look far to see the devastation the pandemic has caused to children's learning across the world." The crisis is worse in low and middle-income nations due to a frail system of distance learning, higher probability of a delay in reopening of schools and a lack of resources to tackle health risks. UN cultural agency UNESCO and the World Bank also advised countries to spend money on education to reduce the broadening gap between the education provided in rich and poor nations due to Covid-19 pandemic. The report from UNICEF, UNESCO and the World Bank was based on data accumulated from about 150 countries between June and October.

UN, World Bank call for reopening schools amid Covid-19 pandemic

The World Bank said Tuesday that it approved $12 billion for developing countries to finance the purchase and distribution of Covid-19 vaccines, tests and treatment.

The financing "aims to support vaccination of up to a billion people," the bank said in a statement.

The money is part of an overall World Bank Group (WBG) package of up to $160 billion through June 2021 designed to help developing countries battle the novel coronavirus pandemic.

<a href="https://www.wionews.com/world/not-enough-oxfam-accuses-governments-of-not-helping-poor-countries-amid-pandemic-335113">Also read|&nbsp;'Not enough': Oxfam accuses governments of not helping poor countries amid pandemic</a>

"This financing package helps signal to the research and pharmaceutical industry that citizens in developing countries also need access to safe and effective Covid-19 vaccines," the statement read.&nbsp;

"It will also provide financing and technical support so that developing countries can prepare for deploying vaccines at scale, in coordination with international partners."

Access to safe and effective vaccines "and strengthened delivery systems is key to alter the course of the pandemic and help countries experiencing catastrophic economic and fiscal impacts move toward a resilient recovery," World Bank Group President David Malpass said in the statement.

<a href="https://www.wionews.com/world/worlds-richest-1-cause-double-co2-emissions-of-poorest-50-says-oxfam-329722">Also read|&nbsp;World's richest 1% cause double CO2 emissions of poorest 50%, says Oxfam</a>

The financing "will also support countries to access to Covid-19 tests and treatments, and expand immunization capacity to help health systems deploy the vaccines effectively," the statement added.

The financing approval was expected as Malpass had announced the project in late September.

While vaccines have yet to appear on the market, Malpass noted in an interview with the French daily Le Figaro that it was necessary to prepare because of the complicated vaccine distribution process.

The Bank's approach, according to the statement, draws on its "significant expertise in supporting large scale immunization programs for vaccine preventable diseases, as well as public health programs to tackle infectious diseases such as HIV, tuberculosis, malaria and neglected tropical diseases."

The World Bank said Tuesday that it approved $12 billion for developing countries to finance the purchase and distribution of Covid-19 vaccines, tests and treatment.

The World Bank said Tuesday that it approved $12 billion for developing countries to finance the purchase and distribution of Covid-19 vaccines, tests and treatment. The financing "aims to support vaccination of up to a billion people," the bank said in a statement. The money is part of an overall World Bank Group (WBG) package of up to $160 billion through June 2021 designed to help developing countries battle the novel coronavirus pandemic. Also read| 'Not enough': Oxfam accuses governments of not helping poor countries amid pandemic "This financing package helps signal to the research and pharmaceutical industry that citizens in developing countries also need access to safe and effective Covid-19 vaccines," the statement read. "It will also provide financing and technical support so that developing countries can prepare for deploying vaccines at scale, in coordination with international partners." Access to safe and effective vaccines "and strengthened delivery systems is key to alter the course of the pandemic and help countries experiencing catastrophic economic and fiscal impacts move toward a resilient recovery," World Bank Group President David Malpass said in the statement. Also read| World's richest 1% cause double CO2 emissions of poorest 50%, says Oxfam The financing "will also support countries to access to Covid-19 tests and treatments, and expand immunization capacity to help health systems deploy the vaccines effectively," the statement added. The financing approval was expected as Malpass had announced the project in late September. While vaccines have yet to appear on the market, Malpass noted in an interview with the French daily Le Figaro that it was necessary to prepare because of the complicated vaccine distribution process. The Bank's approach, according to the statement, draws on its "significant expertise in supporting large scale immunization programs for vaccine preventable diseases, as well as public health programs to tackle infectious diseases such as HIV, tuberculosis, malaria and neglected tropical diseases."

World Bank approves $12 billion for COVID-19 vaccines

Global growth will collapse 4.4 percent this year, less than previously expected, the IMF said Tuesday, though the outlook is beset by uncertainty amid the ongoing pandemic.

IMF Chief speaks on economic impact of the coronavirus pandemic

The World Bank has said India’s GDP is expected to further contract by 9.6% this fiscal as a reflection of the economic slump the country has suffered due to the national lockdown induced by the coronavirus pandemic.

World Bank: India's GDP to contract in FY21

A joint estimate has revealed that almost 2 million babies are stillborn every year. This comes to 1 stillborn baby every 16 seconds. The estimate has been made by Unicef, World Health Organisation (WHO), World Bank Group and population division of United Nations Department of Economic and Social Affairs. And now, there are fears that effects of coronavirus pandemic can worsen the situation.

“Losing a child at birth or during pregnancy is a devastating tragedy for a family, one that is often endured quietly, yet all too frequently, around the world,” Henrietta Fore, UNICEF Executive Director was quoted in a WHO release as saying.

“Every 16 seconds, a mother somewhere will suffer the unspeakable tragedy of stillbirth. Beyond the loss of life, the psychological and financial costs for women, families and societies are severe and long-lasting. For many of these mothers, it simply didn’t have to be this way. A majority of stillbirths could have been prevented with high-quality monitoring, proper antenatal care and a skilled birth attendant,” she adds.

According to a new report 'A Neglected Tragedy: The Global Burden of Stillbirths', 3 out of 4 stillbirths occurred in Africa or Southern Asia in 2019.

Coronavirus pandemic has taken a huge toll on health services across the globe. Large resources in the healthcare sector have been re-allotted to tackle coronavirus. The report says that this may result in additional 200,000 stillbirths in 12-month&nbsp;period. It is feared that these stillbirths would occur in 117 low and middle-income countries.

Women in low and middle-income countries were more susceptible as there was higher likelihood of them not getting good quality healthcare facilities at the time of the delivery. 
&nbsp;

A joint estimate has revealed that almost 2 million babies are stillborn every year. This comes to 1 stillborn baby every 16 seconds. The estimate has been made by Unicef, World Health Organisation (WHO), World Bank Group and population division of United Nations Department of Economic and Social Affairs.

A joint estimate has revealed that almost 2 million babies are stillborn every year. This comes to 1 stillborn baby every 16 seconds. The estimate has been made by Unicef, World Health Organisation (WHO), World Bank Group and population division of United Nations Department of Economic and Social Affairs. And now, there are fears that effects of coronavirus pandemic can worsen the situation. “Losing a child at birth or during pregnancy is a devastating tragedy for a family, one that is often endured quietly, yet all too frequently, around the world,” Henrietta Fore, UNICEF Executive Director was quoted in a WHO release as saying. “Every 16 seconds, a mother somewhere will suffer the unspeakable tragedy of stillbirth. Beyond the loss of life, the psychological and financial costs for women, families and societies are severe and long-lasting. For many of these mothers, it simply didn’t have to be this way. A majority of stillbirths could have been prevented with high-quality monitoring, proper antenatal care and a skilled birth attendant,” she adds. According to a new report 'A Neglected Tragedy: The Global Burden of Stillbirths', 3 out of 4 stillbirths occurred in Africa or Southern Asia in 2019. Coronavirus pandemic has taken a huge toll on health services across the globe. Large resources in the healthcare sector have been re-allotted to tackle coronavirus. The report says that this may result in additional 200,000 stillbirths in 12-month period. It is feared that these stillbirths would occur in 117 low and middle-income countries. Women in low and middle-income countries were more susceptible as there was higher likelihood of them not getting good quality healthcare facilities at the time of the delivery.

One stillbirth every 16 seconds and this could get worse due to COVID-19 pandemic

The World Bank on Thursday said that India’s GDP is expected to contract by 9.6 per cent this fiscal which is reflective of the national lockdown and the income shock experienced by households and firms due to the COVID-19 pandemic, noting that the country’s economic situation is “much worse” than ever seen before.

The Washington-based global lender, in its latest South Asia Economic Focus report ahead of the annual meeting of the World bank and International Monetary Fund, forecasts a sharper than expected economic slump across the region, with regional growth expected to contract by 7.7 per cent in 2020, after topping six per cent annually in the past five years.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-to-become-first-country-to-circulate-iodine-based-sanitisers-333155">India to become first country to circulate iodine-based sanitisers</a>

“India’s GDP is expected to contract by 9.6 per cent in the fiscal year that started in March,” the World Bank said in the report released here.

Regional growth is projected to rebound to 4.5 per cent in 2021, it said.

Factoring in population growth, however, income-per-capita in the region will remain 6 per cent below 2019 estimates, indicating that the expected rebound will not offset the lasting economic damage caused by the pandemic, it said.

“The situation is much worse in India than we have ever seen before,” Hans Timmer, World Bank Chief Economist for South Asia told reporters during a conference call.

“It is an exceptional situation in India. A very dire outlook,” he said.

There was a 25 per cent decline in GDP in the second quarter of the year, which is the first quarter of the current fiscal year in India.

In the report, the World bank said that the spread of the coronavirus and containment measures have severely disrupted supply and demand conditions in India.

With the intent to contain the spread of COVID-19, Prime Minister Narendra Modi, with effect from March 25, announced a nationwide complete lockdown that brought as much as 70 per cent of economic activity, investment, exports and discretionary consumption to a standstill. Only essential goods and services such as agriculture, mining, utility services, some financial and IT services and public services were allowed to operate.

Dubbed as the world’s biggest lockdown, it shut a majority of the factories and businesses, suspended flights, stopped trains and restricted movement of vehicles and people.

According to the World Bank, monetary policy has been deployed aggressively and fiscal resources have been channeled to public health and social protection, but additional counter-cyclical measures will be needed, within a revised medium-term fiscal framework.

Despite measures to shield vulnerable households and firms, the trajectory of poverty reduction has slowed, if not reversed, it said.

“We have seen from the rapid survey that many people have lost their jobs,” Timmer said, adding that this is happening against a background when India’s economy was already slowing down before the pandemic.

“We had seen a rise in non-performing loans. Those are all vulnerabilities that India has to deal with,” he said.

Responding to a question, Timmer said what the Indian government has done with limited resources and limited fiscal space is very impressive.

“We have seen a loosening of monetary policy. You have seen attempts to increase credit to the private sector to help a company survive,” he said, adding that there have been big efforts in the health sector and expansion of a social safety net.

“But with every big crisis, I think, we have to realise that this will not go over anytime soon. And it will actually change the longer-term future also. What this reveals is really as good as federal policies, especially the policies related to the informal sector.

“There’s a big problem that the informal sector has no coverage in social insurance. What we see now is that especially the informal workers in the middle of the income distribution have lost their jobs. There are no systems in place to support those people,” Timmer said.

Responding to another question, Timmer said that as a result of COVID-19, the World Bank estimates that in one year, the number of people living below the poverty line has increased by 33 per cent.

In its report, the World Bank said that the response of the government of India to the COVID-19 outbreak was swift and comprehensive. A strict lockdown was implemented to contain the health emergency.

To mitigate its impact on the poorest, it was complemented by social protection measures; to ensure that businesses could maintain their operations, the Reserve Bank of India and the government also provided liquidity and other regulatory support, it said.

“Nonetheless, there was a massive contraction in output and poor and vulnerable households experienced significant social hardships — specifically urban migrants and workers in the informal economy,” the bank said.

After fiscal 2017, during which the economy grew at 8.3 per cent, growth decelerated in each subsequent year to 7.0, 6.1 and 4.2 per cent.

This was on account of two mutually reinforcing dynamics: emerging weaknesses in non-bank financial companies (a major source of credit growth, making up for risk aversion from banks) and slowing private consumption growth, the bank added.

The World Bank on Thursday said that India’s GDP is expected to contract by 9.6 per cent this fiscal which is reflective of the national lockdown and the income shock experienced by households and firms due to the COVID-19 pandemic, noting that the country’s economic situation is “much worse” than ever seen before.

The World Bank on Thursday said that India’s GDP is expected to contract by 9.6 per cent this fiscal which is reflective of the national lockdown and the income shock experienced by households and firms due to the COVID-19 pandemic, noting that the country’s economic situation is “much worse” than ever seen before. The Washington-based global lender, in its latest South Asia Economic Focus report ahead of the annual meeting of the World bank and International Monetary Fund, forecasts a sharper than expected economic slump across the region, with regional growth expected to contract by 7.7 per cent in 2020, after topping six per cent annually in the past five years. Also read | India to become first country to circulate iodine-based sanitisers “India’s GDP is expected to contract by 9.6 per cent in the fiscal year that started in March,” the World Bank said in the report released here. Regional growth is projected to rebound to 4.5 per cent in 2021, it said. Factoring in population growth, however, income-per-capita in the region will remain 6 per cent below 2019 estimates, indicating that the expected rebound will not offset the lasting economic damage caused by the pandemic, it said. “The situation is much worse in India than we have ever seen before,” Hans Timmer, World Bank Chief Economist for South Asia told reporters during a conference call. “It is an exceptional situation in India. A very dire outlook,” he said. There was a 25 per cent decline in GDP in the second quarter of the year, which is the first quarter of the current fiscal year in India. In the report, the World bank said that the spread of the coronavirus and containment measures have severely disrupted supply and demand conditions in India. With the intent to contain the spread of COVID-19, Prime Minister Narendra Modi, with effect from March 25, announced a nationwide complete lockdown that brought as much as 70 per cent of economic activity, investment, exports and discretionary consumption to a standstill. Only essential goods and services such as agriculture, mining, utility services, some financial and IT services and public services were allowed to operate. Dubbed as the world’s biggest lockdown, it shut a majority of the factories and businesses, suspended flights, stopped trains and restricted movement of vehicles and people. According to the World Bank, monetary policy has been deployed aggressively and fiscal resources have been channeled to public health and social protection, but additional counter-cyclical measures will be needed, within a revised medium-term fiscal framework. Despite measures to shield vulnerable households and firms, the trajectory of poverty reduction has slowed, if not reversed, it said. “We have seen from the rapid survey that many people have lost their jobs,” Timmer said, adding that this is happening against a background when India’s economy was already slowing down before the pandemic. “We had seen a rise in non-performing loans. Those are all vulnerabilities that India has to deal with,” he said. Responding to a question, Timmer said what the Indian government has done with limited resources and limited fiscal space is very impressive. “We have seen a loosening of monetary policy. You have seen attempts to increase credit to the private sector to help a company survive,” he said, adding that there have been big efforts in the health sector and expansion of a social safety net. “But with every big crisis, I think, we have to realise that this will not go over anytime soon. And it will actually change the longer-term future also. What this reveals is really as good as federal policies, especially the policies related to the informal sector. “There’s a big problem that the informal sector has no coverage in social insurance. What we see now is that especially the informal workers in the middle of the income distribution have lost their jobs. There are no systems in place to support those people,” Timmer said. Responding to another question, Timmer said that as a result of COVID-19, the World Bank estimates that in one year, the number of people living below the poverty line has increased by 33 per cent. In its report, the World Bank said that the response of the government of India to the COVID-19 outbreak was swift and comprehensive. A strict lockdown was implemented to contain the health emergency. To mitigate its impact on the poorest, it was complemented by social protection measures; to ensure that businesses could maintain their operations, the Reserve Bank of India and the government also provided liquidity and other regulatory support, it said. “Nonetheless, there was a massive contraction in output and poor and vulnerable households experienced significant social hardships — specifically urban migrants and workers in the informal economy,” the bank said. After fiscal 2017, during which the economy grew at 8.3 per cent, growth decelerated in each subsequent year to 7.0, 6.1 and 4.2 per cent. This was on account of two mutually reinforcing dynamics: emerging weaknesses in non-bank financial companies (a major source of credit growth, making up for risk aversion from banks) and slowing private consumption growth, the bank added.

India's GDP expected to contract by 9 per cent this year: World Bank

The novel coronavirus pandemic will likely drive up child mortality rates in developing countries by slightly less than half of the current rate, World Bank president David Malpass said on Monday. 
 
<a href="https://www.wionews.com/world/10-of-the-global-population-may-have-been-infected-by-the-virus-who-332730">Also read | 10% of the global population may have been infected by the virus: WHO</a> 
 
"Our early estimates suggest a potential increase of up to 45 percent in child mortality because of health service shortfalls and reduction in access to food," Malpass said during a virtual discussion ahead of the World Bank and International Monetary Fund annual meetings next week. 
 
<a href="https://www.wionews.com/world/bars-cafes-in-paris-to-close-as-french-capital-placed-on-maximum-covid-19-alert-332645">Also Read: Bars, cafes in Paris to close as French capital placed on 'maximum' COVID-19 alert</a>

Malpass said that the World Bank estimates the increases in child mortality to persist in the coming years. The World Bank President also said that the difficulties in administering education amid pandemic can lead to significant issues for the developing countries in the future.

"Since the outbreak, more than 1.6 billion children in developing countries have been out of school because of COVID-19, implying a potential loss of as much as USD 10 trillion in lifetime earnings for these students," Malpass said.

Malpass added that the World Bank is doing everything possible to bolster the health and education capabilities of countries in need.

The novel coronavirus pandemic will likely drive up child mortality rates in developing countries by slightly less than half of the current rate, World Bank president David Malpass said on Monday.

The novel coronavirus pandemic will likely drive up child mortality rates in developing countries by slightly less than half of the current rate, World Bank president David Malpass said on Monday. Also read | 10% of the global population may have been infected by the virus: WHO "Our early estimates suggest a potential increase of up to 45 percent in child mortality because of health service shortfalls and reduction in access to food," Malpass said during a virtual discussion ahead of the World Bank and International Monetary Fund annual meetings next week. Also Read: Bars, cafes in Paris to close as French capital placed on 'maximum' COVID-19 alert Malpass said that the World Bank estimates the increases in child mortality to persist in the coming years. The World Bank President also said that the difficulties in administering education amid pandemic can lead to significant issues for the developing countries in the future. "Since the outbreak, more than 1.6 billion children in developing countries have been out of school because of COVID-19, implying a potential loss of as much as USD 10 trillion in lifetime earnings for these students," Malpass said. Malpass added that the World Bank is doing everything possible to bolster the health and education capabilities of countries in need.

Coronavirus may increase child mortality in developing countries by 45 per cent: World Bank

World Bank President David Malpass said on Tuesday he is seeking board approval for a $12 billion (£9.33 billion) coronavirus vaccine financing plan to help poor and developing countries secure a sufficient share of vaccine doses when they become available in the coming months.

World Bank proposes board approval for $12 billion vaccine plan

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