The World Bank has announced plans for a $12 billion relief initiative to facilitate the distribution of COVID-19 vaccines among poor countries.&nbsp;

This initiative could help treat up to 2 billion people across countries that need it the most, and as soon as effective medication to fight the virus shows up.

To avoid an unequal distribution of vaccines and life saving drugs over the course of the next few months, the World Bank will disburse cash in the upcoming 12-18 month window.

Also read:&nbsp;<a href="http://13.235.153.162/india-news/indians-far-from-achieving-herd-immunity-against-covid-19-icmr-second-serosurvey-report-331145" hreflang="en">Indians far from achieving herd immunity against COVID-19: ICMR second serosurvey report</a>

The President of the World Bank, David Malpass said that the initiative began in a big to ensure low-income countries are not left our and cornered by wealthy nations when effective medical measures against COVID-19 become apparatus. Malpass called the move a “game changer”, while adding that once a safe vaccine becomes available, people will be able to lives with confidence again.

The driving rationale behind this decision was to not wait for a vaccine to come up before taking putting in place a mechanism to help disadvantaged countries.

Countries like the US, UK, Russia, China are working on active treatments against COVID-19. Many affluent countries have reserved vaccines, which could cause difficulties for poorer countries. Malpass said that they want to make sure that “low and middle income countries have access as well”.

Also read:&nbsp;<a href="http://13.235.153.162/world/how-chinas-unapproved-covid-19-vaccine-drive-is-putting-citizens-at-risk-331253" hreflang="en">How China's unapproved COVID-19 vaccine drive is putting citizens at risk</a>

Additionally, according to World Bank predictions, the economy cannot recover and go back to its old ways until people begin living as we used to - travelling without boundaries, and socialising.

The only way people can go back to their old lives is through the inoculation of people with a vaccine. The plan will be tabled in front of the bank's board but is expected to go through.

The World Bank has announced plans for a $12 billion relief initiative to facilitate the distribution of COVID-19 vaccines among poor countries. This initiative could help treat up to 2 billion people across countries that need it the most, and as soon as effective medication to fight the virus shows up.

The World Bank has announced plans for a $12 billion relief initiative to facilitate the distribution of COVID-19 vaccines among poor countries. This initiative could help treat up to 2 billion people across countries that need it the most, and as soon as effective medication to fight the virus shows up. To avoid an unequal distribution of vaccines and life saving drugs over the course of the next few months, the World Bank will disburse cash in the upcoming 12-18 month window. Also read: Indians far from achieving herd immunity against COVID-19: ICMR second serosurvey report The President of the World Bank, David Malpass said that the initiative began in a big to ensure low-income countries are not left our and cornered by wealthy nations when effective medical measures against COVID-19 become apparatus. Malpass called the move a “game changer”, while adding that once a safe vaccine becomes available, people will be able to lives with confidence again. The driving rationale behind this decision was to not wait for a vaccine to come up before taking putting in place a mechanism to help disadvantaged countries. Countries like the US, UK, Russia, China are working on active treatments against COVID-19. Many affluent countries have reserved vaccines, which could cause difficulties for poorer countries. Malpass said that they want to make sure that “low and middle income countries have access as well”. Also read: How China's unapproved COVID-19 vaccine drive is putting citizens at risk Additionally, according to World Bank predictions, the economy cannot recover and go back to its old ways until people begin living as we used to - travelling without boundaries, and socialising. The only way people can go back to their old lives is through the inoculation of people with a vaccine. The plan will be tabled in front of the bank's board but is expected to go through.

World Bank announces COVID-19 relief initiative worth $12 billion for low-income countries

The World Bank said Friday it was canceling a loan to fund a dam in Lebanon that environmentalists claimed could destroy a valley rich in biodiversity.

The Bisri Dam was partially suspended in June after the Washington-based development lender said it raised concerns about the project's implementation, and given the government of Lebanon until September 4 to finalize key agreements related to operations and maintenance as well as the environment.

In a statement, the World Bank said it had notified the government that it was withdrawing its financing "due to non-completion of the tasks that are preconditions to the commencement of construction."

"The canceled portion of the loan is $244 million and the cancelation is effective immediately," the bank said.

<a href="https://www.wionews.com/videos/one-month-of-deadly-blast-people-in-lebanon-observed-one-minute-of-silence-325344">Also read:&nbsp;One month of deadly blast, people in Lebanon observed one minute of silence</a>

Located in a valley 30 kilometres (20 miles) south of the capital, the dam aims to supply drinking water as well as irrigation for 1.6 million residents.

Environmentalists and some farmers had disputed assurances from the government and the World Bank that the dam, to be built on a seismic fault line, does not increase the risk of earthquakes.

Roland Nassour, an activist who has campaigned against the project, said he was delighted the loan had been cancelled.

"Today one of the corruption deals in the country has collapsed," said Nassour, the coordinator of the Save Bisri initiative, adding that popular anger had made the project a "burden" for the global lender.

'Glimmer of hope'

Eddy Akl, the owner of land expropriated by the state to build the dam, said the loan's withdrawal was a step in the right direction.

<a href="https://www.wionews.com/world/beirut-blast-has-caused-trauma-to-600000-children-says-unicef-325388">Also read:&nbsp;Beirut blast has caused trauma to 600,000 children, says Unicef</a>

"The decision is of course positive. But our other battle will be for the state to hand us back our land," he said.&nbsp;

"It's a glimmer of hope, but no one knows what the state has in store for us next."

On social media, users shared the image of a stork flying across a valley in blossom, carrying a banner that read: "We saved the Bisri valley."

"Finally some good news in 2020," one wrote.

Gebran Bassil, the head of the president's Free Patriotic Movement political party and a backer of the project, claimed the Lebanese public would ask for a dam again soon.

"There will come a day when the Lebanese state, and with it the people of Beirut, Jezzine, Saida, Chouf, Baabda and Aley will ask for the Bisri dam to be funded," he wrote on Twitter.

"The need for water will become apparent... and nothing will do except to secure a new loan to return to the same dam."

The World Bank said Friday it was canceling a loan to fund a dam in Lebanon that environmentalists claimed could destroy a valley rich in biodiversity. The Bisri Dam was partially suspended in June after the Washington-based development lender said it raised concerns about the project's implementation, and given the government of Lebanon until September 4 to finalize key agreements related to operations and maintenance as well as the environment.

The World Bank said Friday it was canceling a loan to fund a dam in Lebanon that environmentalists claimed could destroy a valley rich in biodiversity. The Bisri Dam was partially suspended in June after the Washington-based development lender said it raised concerns about the project's implementation, and given the government of Lebanon until September 4 to finalize key agreements related to operations and maintenance as well as the environment. In a statement, the World Bank said it had notified the government that it was withdrawing its financing "due to non-completion of the tasks that are preconditions to the commencement of construction." "The canceled portion of the loan is $244 million and the cancelation is effective immediately," the bank said. Also read: One month of deadly blast, people in Lebanon observed one minute of silence Located in a valley 30 kilometres (20 miles) south of the capital, the dam aims to supply drinking water as well as irrigation for 1.6 million residents. Environmentalists and some farmers had disputed assurances from the government and the World Bank that the dam, to be built on a seismic fault line, does not increase the risk of earthquakes. Roland Nassour, an activist who has campaigned against the project, said he was delighted the loan had been cancelled. "Today one of the corruption deals in the country has collapsed," said Nassour, the coordinator of the Save Bisri initiative, adding that popular anger had made the project a "burden" for the global lender. 'Glimmer of hope' Eddy Akl, the owner of land expropriated by the state to build the dam, said the loan's withdrawal was a step in the right direction. Also read: Beirut blast has caused trauma to 600,000 children, says Unicef "The decision is of course positive. But our other battle will be for the state to hand us back our land," he said. "It's a glimmer of hope, but no one knows what the state has in store for us next." On social media, users shared the image of a stork flying across a valley in blossom, carrying a banner that read: "We saved the Bisri valley." "Finally some good news in 2020," one wrote. Gebran Bassil, the head of the president's Free Patriotic Movement political party and a backer of the project, claimed the Lebanese public would ask for a dam again soon. "There will come a day when the Lebanese state, and with it the people of Beirut, Jezzine, Saida, Chouf, Baabda and Aley will ask for the Bisri dam to be funded," he wrote on Twitter. "The need for water will become apparent... and nothing will do except to secure a new loan to return to the same dam."

World Bank cancels loan for controversial Lebanon dam

World Bank has predicted that 100 million to be hit by extreme poverty.

World Bank: 100 mn to be hit by extreme poverty

The coronavirus pandemic is expected to severely weaken Afghanistan`s economy, the World Bank said on Wednesday, as donor governments struggle themselves and uncertainty over peace talks curb private investment.

The World Bank said it was forecasting gross domestic product to contract between 5.5 per cent and 7.4 per cent in 2020, compared with growth of 2.9 per cent&nbsp;in 2019, with more than 70 per cent of the population expected to slip under the poverty line.

"COVID-19 has hit Afghanistan in the midst of a difficult political transition, an intensifying conflict, and significant uncertainty regarding future grant support," Henry Kerali, World Bank Afghanistan director, told reporters.

<a href="https://www.wionews.com/south-asia/european-union-in-contact-with-india-on-afghan-peace-process-officials-313291">Also read|&nbsp;European Union in contact with India on Afghan peace process: Officials</a>

Due to the lockdown, domestic government revenue is expected to fall up to 30 per cent at a time when the economists and diplomats say Afghanistan is facing a likely fall in foreign funding as countries deal with their own economic crises at home and the United States withdraws troops and attempts to usher peace talks between the insurgent Taliban and the Afghan government.

With few options to borrow and investment stalled by years conflict, the government is heavily reliant on foreign aid. Pledges made by foreign donors in 2016 run out this year, with a conference to renew pledges due in November.

"Without progress towards a sustainable peace and commitments to continued grant support from international partners, medium-term prospects appear increasingly grim," the World Bank said.

Ministry of Finance spokesman Shamroz Khan Masjedi said the government was concerned about the impact of COVID-19 on the economy.

"There will be more unemployment, more poverty and reduction in government revenue because many business and economic activities ... have stopped," he said.

The coronavirus pandemic is expected to severely weaken Afghanistan`s economy, the World Bank said on Wednesday, as donor governments struggle themselves and uncertainty over peace talks curb private investment.

The coronavirus pandemic is expected to severely weaken Afghanistan`s economy, the World Bank said on Wednesday, as donor governments struggle themselves and uncertainty over peace talks curb private investment. The World Bank said it was forecasting gross domestic product to contract between 5.5 per cent and 7.4 per cent in 2020, compared with growth of 2.9 per cent in 2019, with more than 70 per cent of the population expected to slip under the poverty line. "COVID-19 has hit Afghanistan in the midst of a difficult political transition, an intensifying conflict, and significant uncertainty regarding future grant support," Henry Kerali, World Bank Afghanistan director, told reporters. Also read| European Union in contact with India on Afghan peace process: Officials Due to the lockdown, domestic government revenue is expected to fall up to 30 per cent at a time when the economists and diplomats say Afghanistan is facing a likely fall in foreign funding as countries deal with their own economic crises at home and the United States withdraws troops and attempts to usher peace talks between the insurgent Taliban and the Afghan government. With few options to borrow and investment stalled by years conflict, the government is heavily reliant on foreign aid. Pledges made by foreign donors in 2016 run out this year, with a conference to renew pledges due in November. "Without progress towards a sustainable peace and commitments to continued grant support from international partners, medium-term prospects appear increasingly grim," the World Bank said. Ministry of Finance spokesman Shamroz Khan Masjedi said the government was concerned about the impact of COVID-19 on the economy. "There will be more unemployment, more poverty and reduction in government revenue because many business and economic activities ... have stopped," he said.

Afghanistan faces 'grim' economic outlook as pandemic wipes out growth: World Bank

The World Bank has approved aid worth $200 million for Afghanistan as it battles to contain the novel coronavirus and seeing a rise in militant attacks in recent times.&nbsp;

"The program will provide vital fiscal resources to manage the impacts of the pandemic in the context of rapidly slowing economic growth and declining government revenues," Henry Kerali, the World Bank chief for Afghanistan, in a statement, said on Thursday, reported AFP.

Also read |&nbsp;<a href="https://www.wionews.com/world/us-doesnt-know-if-russia-directed-taliban-attacks-in-afghanistan-pentagon-312265">US doesn't know if Russia directed Taliban attacks in Afghanistan: Pentagon</a>

The war-torn country has been severely affected by the coronavirus pandemic, due to which many people lost their jobs.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/afghanistan-to-release-prisoners-from-taliban-list-in-push-for-talks-311920">Afghanistan to release prisoners from Taliban list in push for talks</a>

The militant violence has also been on a rise in recent months in Afghanistan, which has diverted resources that could be used to prevent the virus that has killed nearly 1,000 and infected 34,000 others.&nbsp;

"In the cities, the cases are steady but we are worried the cases may spread in rural areas," Abdul Qadir, a senior official at the health ministry on Friday said.&nbsp;

He said the World Bank funds would help&nbsp;the country mitigate the damage to social, business, and healthcare sectors.&nbsp;

Afghanistan saw its first COVID-19 infections after migrants returned from neighbouring Iran, the worst-hit Middle East country.&nbsp;

The World Bank has approved aid worth $200 million for Afghanistan as it battles to contain the novel coronavirus and seeing a rise in militant attacks in recent times.

The World Bank has approved aid worth $200 million for Afghanistan as it battles to contain the novel coronavirus and seeing a rise in militant attacks in recent times. "The program will provide vital fiscal resources to manage the impacts of the pandemic in the context of rapidly slowing economic growth and declining government revenues," Henry Kerali, the World Bank chief for Afghanistan, in a statement, said on Thursday, reported AFP. Also read | US doesn't know if Russia directed Taliban attacks in Afghanistan: Pentagon The war-torn country has been severely affected by the coronavirus pandemic, due to which many people lost their jobs. Also read | Afghanistan to release prisoners from Taliban list in push for talks The militant violence has also been on a rise in recent months in Afghanistan, which has diverted resources that could be used to prevent the virus that has killed nearly 1,000 and infected 34,000 others. "In the cities, the cases are steady but we are worried the cases may spread in rural areas," Abdul Qadir, a senior official at the health ministry on Friday said. He said the World Bank funds would help the country mitigate the damage to social, business, and healthcare sectors. Afghanistan saw its first COVID-19 infections after migrants returned from neighbouring Iran, the worst-hit Middle East country.

World Bank approves $200 million aid for coronavirus-hit Afghanistan

The global economy, which has plunged into a severe contraction, will shrink by 5.2 per cent this year due to the massive shock of the coronavirus pandemic

Global economy will shrink by 5.2% this year: World Bank | COVID-19 | World News

India's economy will shrink by 3.2 per cent in the current fiscal, the World Bank said on Monday as it joined a chorus of international agencies that are forecasting a contraction in growth rate due to the coronavirus lockdown halting economic activity.

The Washington-based multilateral lender said that the COVID-19 pandemic and the multi-phased lockdown imposed to curb its spread has resulted in a devastating blow to the Indian economy.

In its latest edition of the Global Economic Prospect, the World Bank downgraded its projection of India by a massive negative nine per cent.

However, the Indian economy is expected to bounce back in 2021, the World Bank said.

"In India, growth is estimated to have slowed to 4.2 per cent in the fiscal year 2019/20 (the year ending in March-2020) and output is projected to contract by 3.2 per cent in fiscal year 2020/21 when the impact of COVID-19 will largely materialise.

"Stringent measures to restrict the spread of the virus, which heavily curtail short-term activity, will contribute to the contraction," it said in the Global Economic Prospect report.

International rating agencies like Moody's Investors Service, Fitch Rating and S&amp;P Global Ratings have all predicted a 4-5 per cent contraction in India's economic growth rate from April 2020 to March 2021 fiscal. Crisil has said this would be the country's fourth recession since Independence, first since liberalisation, and perhaps the worst to date.

The World Bank said spillovers from the weaker global growth and balance sheet stress in the financial sector will also weigh on activity, despite some support from the fiscal stimulus and continued monetary policy easing.

According to the report, the central bank has been purchasing government bonds to further ease the financial conditions. The Indian government has also increased its spending on healthcare to bolster the COVID-19 response, wage support, in-kind and cash transfers to lower-income households, deferral of tax payments, as well as loan and liquidity support for small businesses and financial institutions.

The growth rate of the Indian economy in fiscal 2017 was seven per cent, which dropped to 6.1 per cent in fiscal 2018 and to 4.2 per cent in fiscal 2020, it said.

The real impact of the COVID-19 and lockdown would be felt in the current fiscal (2020-21) beginning April, the bank said as it forecast a negative growth rate of 3.2 per cent.

The World Bank revised its January projection on India by a massive negative nine per cent for the year 2020 and minus three per cent for the year 2021.

The contraction in the Indian economy will have a spillover impact in South Asia, according to the bank's projections.

Growth in the region is projected to register a contraction of -2.7 per cent in 2020 and is marked by high uncertainty, the report said. 
Across the region, the pandemic mitigation measures will severely hinder consumption and services activity, while high uncertainty about the pandemic will constrain private investment.

India's economy will shrink by 3.2 per cent in the current fiscal, the World Bank said on Monday as it joined a chorus of international agencies that are forecasting a contraction in growth rate due to the coronavirus lockdown halting economic activity.

India's economy will shrink by 3.2 per cent in the current fiscal, the World Bank said on Monday as it joined a chorus of international agencies that are forecasting a contraction in growth rate due to the coronavirus lockdown halting economic activity. The Washington-based multilateral lender said that the COVID-19 pandemic and the multi-phased lockdown imposed to curb its spread has resulted in a devastating blow to the Indian economy. In its latest edition of the Global Economic Prospect, the World Bank downgraded its projection of India by a massive negative nine per cent. However, the Indian economy is expected to bounce back in 2021, the World Bank said. "In India, growth is estimated to have slowed to 4.2 per cent in the fiscal year 2019/20 (the year ending in March-2020) and output is projected to contract by 3.2 per cent in fiscal year 2020/21 when the impact of COVID-19 will largely materialise. "Stringent measures to restrict the spread of the virus, which heavily curtail short-term activity, will contribute to the contraction," it said in the Global Economic Prospect report. International rating agencies like Moody's Investors Service, Fitch Rating and S&P Global Ratings have all predicted a 4-5 per cent contraction in India's economic growth rate from April 2020 to March 2021 fiscal. Crisil has said this would be the country's fourth recession since Independence, first since liberalisation, and perhaps the worst to date. The World Bank said spillovers from the weaker global growth and balance sheet stress in the financial sector will also weigh on activity, despite some support from the fiscal stimulus and continued monetary policy easing. According to the report, the central bank has been purchasing government bonds to further ease the financial conditions. The Indian government has also increased its spending on healthcare to bolster the COVID-19 response, wage support, in-kind and cash transfers to lower-income households, deferral of tax payments, as well as loan and liquidity support for small businesses and financial institutions. The growth rate of the Indian economy in fiscal 2017 was seven per cent, which dropped to 6.1 per cent in fiscal 2018 and to 4.2 per cent in fiscal 2020, it said. The real impact of the COVID-19 and lockdown would be felt in the current fiscal (2020-21) beginning April, the bank said as it forecast a negative growth rate of 3.2 per cent. The World Bank revised its January projection on India by a massive negative nine per cent for the year 2020 and minus three per cent for the year 2021. The contraction in the Indian economy will have a spillover impact in South Asia, according to the bank's projections. Growth in the region is projected to register a contraction of -2.7 per cent in 2020 and is marked by high uncertainty, the report said. Across the region, the pandemic mitigation measures will severely hinder consumption and services activity, while high uncertainty about the pandemic will constrain private investment.

India's economy to contract by 3.2% in 2020-21: World Bank

Argentina, in default since last month, is tantalizingly close to pulling off a $65 billion debt restructuring deal with creditors but still faces a complex set of hurdles to avoid falling into what one bondholder called debtor "zombie land."

The South American country's government is reworking a proposal to holders of its foreign debt as the two sides have inched closer to an agreement to revamp the debt. Creditors said they expect to have the new offer in coming days.

Striking a deal is key for the major grains producer to avoid years of legal battles and being locked out of global capital markets, which happened after a major default in 2001. Argentina defaulted for a ninth time in May.

"Unless there is an agreement in principle, Argentina would be walking into zombie land," one bondholder who requested anonymity told Reuters, saying the country needed to improve on its offer to win over enough creditors for a comprehensive deal.

Argentina's government has pushed a moving deadline for talks to June 12 and said it is looking to sweeten its offer, despite having only a "slim margin" to make any changes. In late May it unveiled an already improved proposal.

Major creditor groups have been lowering their demands too, cutting the gap between the two sides and raising hopes of a deal. Still, both sides say there is much work left to do.

Bondholders say Argentina can pay more than is currently on the table. Analysts say the latest government offer is worth between 40-45 cents on the dollar, while a joint proposal from two of the three major creditor groups is north of 50 cents.

"We remain of the view that a deal is likely to be achieved over the next several weeks," Goldman Sachs said in a note on Tuesday. It cautioned that the risk of no deal remained, however, saying the government was unlikely to significantly improve its terms.

Mood music&nbsp;

The International Monetary Fund, a major backer of Argentina, on Monday supported the government's offer as being sustainable and said there was only limited room to improve it.

Argentina is set for a third straight year of recession with forecasts of an economic contraction around 6-7%, while emergency spending on the COVID-19 pandemic response is sapping government coffers and pumping up the country's deficit.

Citi said in a note that Argentina's government would likely use the IMF's backing as "an argument to justify improving its offer less than what creditors seem to be asking for."

Nonetheless, Argentine bonds have climbed steadily on growing expectations of a deal, rising over 20% on average in May.

"The mood music has changed considerably from both sides recently," said one fund manager who has in recent weeks added significant amounts of exposure to Argentine bonds and is now overweight on the credit.

The fund manager, who asked not to be named, said the government was keen for a deal, especially given the impact of the coronavirus. President Alberto Fernandez is also seen as something of a moderating force in the talks.

"We're getting close and think there's quite a lot of potential upside, particularly as money flows back into emerging markets and Argentina will benefit as it's a high yield, liquid credit," he said.

"We think a deal will be done in the next week and a half. It seems that everyone wants to move on from this."

Argentina, in default since last month, is tantalizingly close to pulling off a $65 billion debt restructuring deal with creditors but still faces a complex set of hurdles to avoid falling into what one bondholder called debtor "zombie land.

Argentina, in default since last month, is tantalizingly close to pulling off a $65 billion debt restructuring deal with creditors but still faces a complex set of hurdles to avoid falling into what one bondholder called debtor "zombie land." The South American country's government is reworking a proposal to holders of its foreign debt as the two sides have inched closer to an agreement to revamp the debt. Creditors said they expect to have the new offer in coming days. Striking a deal is key for the major grains producer to avoid years of legal battles and being locked out of global capital markets, which happened after a major default in 2001. Argentina defaulted for a ninth time in May. "Unless there is an agreement in principle, Argentina would be walking into zombie land," one bondholder who requested anonymity told Reuters, saying the country needed to improve on its offer to win over enough creditors for a comprehensive deal. Argentina's government has pushed a moving deadline for talks to June 12 and said it is looking to sweeten its offer, despite having only a "slim margin" to make any changes. In late May it unveiled an already improved proposal. Major creditor groups have been lowering their demands too, cutting the gap between the two sides and raising hopes of a deal. Still, both sides say there is much work left to do. Bondholders say Argentina can pay more than is currently on the table. Analysts say the latest government offer is worth between 40-45 cents on the dollar, while a joint proposal from two of the three major creditor groups is north of 50 cents. "We remain of the view that a deal is likely to be achieved over the next several weeks," Goldman Sachs said in a note on Tuesday. It cautioned that the risk of no deal remained, however, saying the government was unlikely to significantly improve its terms. Mood music The International Monetary Fund, a major backer of Argentina, on Monday supported the government's offer as being sustainable and said there was only limited room to improve it. Argentina is set for a third straight year of recession with forecasts of an economic contraction around 6-7%, while emergency spending on the COVID-19 pandemic response is sapping government coffers and pumping up the country's deficit. Citi said in a note that Argentina's government would likely use the IMF's backing as "an argument to justify improving its offer less than what creditors seem to be asking for." Nonetheless, Argentine bonds have climbed steadily on growing expectations of a deal, rising over 20% on average in May. "The mood music has changed considerably from both sides recently," said one fund manager who has in recent weeks added significant amounts of exposure to Argentine bonds and is now overweight on the credit. The fund manager, who asked not to be named, said the government was keen for a deal, especially given the impact of the coronavirus. President Alberto Fernandez is also seen as something of a moderating force in the talks. "We're getting close and think there's quite a lot of potential upside, particularly as money flows back into emerging markets and Argentina will benefit as it's a high yield, liquid credit," he said. "We think a deal will be done in the next week and a half. It seems that everyone wants to move on from this."

Argentina debt deal in sight as serial defaulter looks to avoid 'zombie land'

The&nbsp;World&nbsp;Bank&nbsp;on Wednesday named former Bear Stearns executive Carmen Reinhart as its chief economist, tapping a financial crisis expert who also currently serves on advisory boards of the IMF and the New York Federal Reserve.

World&nbsp;Bank&nbsp;President David Malpass said in a statement Reinhart's experience and insights would prove invaluable as the coronavirus pandemic heaps economic pain on developing countries. She starts at the&nbsp;bank&nbsp;on June 15.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/coronavirus-pandemic-smashes-auto-sector-worldwide-299757" hreflang="en">Coronavirus pandemic smashes auto sector worldwide</a>

Reinhart, a professor at Harvard University, published a book entitled "This Time is Different: Eight Centuries of Financial Folly," together with economist Kenneth Rogoff of Harvard University in 2009.

The book called for stricter regulations and an early-warning system to sound the alarm about financial bubbles, arguing that central&nbsp;bankers, policy makers and investors tended to ignore the telltale signs of a bubble.

In an article she wrote on the pandemic in March, Reinhart said: "Clearly, this is a 'whatever-it-takes' moment for large-scale, outside-the-box fiscal and monetary policies."

Reinhart has a Ph.D. from Columbia University and teaches international economics at the Harvard Kennedy School. She has also worked at the Peterson Institute for International Economics, the International Monetary Fund and the University of Maryland and the former Bear Stearns investment&nbsp;bank.

IMF Managing Director Kristalina Georgieva tweeted her congratulations, calling Reinhart "a great choice, especially at this time of crisis."

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I warmly congratulate Carmen Reinhart on her appointment as the <a href="https://twitter.com/WorldBank?ref_src=twsrc%5Etfw">@WorldBank</a>'s new Chief Economist. Great choice, especially at this time of crisis - something Carmen knows a lot about. <a href="https://t.co/6xudIdPv5x">pic.twitter.com/6xudIdPv5x</a>
— Kristalina Georgieva (@KGeorgieva) <a href="https://twitter.com/KGeorgieva/status/1263168010283552774?ref_src=twsrc%5Etfw">May 20, 2020</a></blockquote>
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IMF chief economist Gita Gopinath, in a separate tweet, added: "@carmenmreinhart is an extraordinary economist with deep expertise in crises, debt, capital flows, from a current and historical perspective."

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Absolutely wonderful news! <a href="https://twitter.com/carmenmreinhart?ref_src=twsrc%5Etfw">@carmenmreinhart</a> is an extraordinary economist with deep expertise in crises, debt, capital flows, from a current and historical perspective. Congratulations <a href="https://twitter.com/carmenmreinhart?ref_src=twsrc%5Etfw">@carmenmreinhart</a> and look forward to working closely! <a href="https://t.co/udLdEMTvoa">https://t.co/udLdEMTvoa</a>
— Gita Gopinath (@GitaGopinath) <a href="https://twitter.com/GitaGopinath/status/1263153327979859969?ref_src=twsrc%5Etfw">May 20, 2020</a></blockquote>
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"She’s obviously well suited to the moment," said Scott Morris, a former US&nbsp;Treasury official who is now a senior fellow with the Centre for Global Development. "The&nbsp;Bank&nbsp;could be entering uncharted territory in the months ahead, so it’s good to have her intellectual firepower onboard."

Reinhart’s expertise include international capital flows, and sovereign debt crises, the&nbsp;Bank&nbsp;said.

She replaces Pinelopi Goldberg, who left on March 1 after only 15 months on the job.

The World Bank on Wednesday named former Bear Stearns executive Carmen Reinhart as its chief economist, tapping a financial crisis expert who also currently serves on advisory boards of the IMF and the New York Federal Reserve.

The World Bank on Wednesday named former Bear Stearns executive Carmen Reinhart as its chief economist, tapping a financial crisis expert who also currently serves on advisory boards of the IMF and the New York Federal Reserve. World Bank President David Malpass said in a statement Reinhart's experience and insights would prove invaluable as the coronavirus pandemic heaps economic pain on developing countries. She starts at the bank on June 15. Also read: Coronavirus pandemic smashes auto sector worldwide Reinhart, a professor at Harvard University, published a book entitled "This Time is Different: Eight Centuries of Financial Folly," together with economist Kenneth Rogoff of Harvard University in 2009. The book called for stricter regulations and an early-warning system to sound the alarm about financial bubbles, arguing that central bankers, policy makers and investors tended to ignore the telltale signs of a bubble. In an article she wrote on the pandemic in March, Reinhart said: "Clearly, this is a 'whatever-it-takes' moment for large-scale, outside-the-box fiscal and monetary policies." Reinhart has a Ph.D. from Columbia University and teaches international economics at the Harvard Kennedy School. She has also worked at the Peterson Institute for International Economics, the International Monetary Fund and the University of Maryland and the former Bear Stearns investment bank. IMF Managing Director Kristalina Georgieva tweeted her congratulations, calling Reinhart "a great choice, especially at this time of crisis." I warmly congratulate Carmen Reinhart on her appointment as the @WorldBank's new Chief Economist. Great choice, especially at this time of crisis - something Carmen knows a lot about. pic.twitter.com/6xudIdPv5x — Kristalina Georgieva (@KGeorgieva) May 20, 2020 × IMF chief economist Gita Gopinath, in a separate tweet, added: "@carmenmreinhart is an extraordinary economist with deep expertise in crises, debt, capital flows, from a current and historical perspective." Absolutely wonderful news! @carmenmreinhart is an extraordinary economist with deep expertise in crises, debt, capital flows, from a current and historical perspective. Congratulations @carmenmreinhart and look forward to working closely! https://t.co/udLdEMTvoa — Gita Gopinath (@GitaGopinath) May 20, 2020 × "She’s obviously well suited to the moment," said Scott Morris, a former US Treasury official who is now a senior fellow with the Centre for Global Development. "The Bank could be entering uncharted territory in the months ahead, so it’s good to have her intellectual firepower onboard." Reinhart’s expertise include international capital flows, and sovereign debt crises, the Bank said. She replaces Pinelopi Goldberg, who left on March 1 after only 15 months on the job.

World Bank names financial crisis expert Reinhart as chief economist

World Bank on Friday announced $1 billion social protection package for India linked to Govt of India programmes. The package was announced in the wake of the rising coronavirus cases across the country.&nbsp;

<a href="https://www.wionews.com/india-news/world-bank-approves-1-billion-emergency-fund-for-india-to-fight-coronavirus-290252">Also read: World Bank approves $1 billion emergency fund for India to fight coronavirus</a>

This takes the total commitment of the World Bank for India's COVID-19 response to $2 billion. A $1 billion support was announced last month towards immediate support to India’s health sector.

<a href="https://www.wionews.com/india-news/india-covid-19-death-toll-rises-to-2649-as-total-cases-reach-81970-298779">Also read: India COVID-19 death toll rises to 2,649 as total cases reach 81,970</a> 
 
This new support will be funded in two phases –&nbsp;an immediate allocation of $750 million for the fiscal year 2020 and a $250 million second tranche that will be made available for the fiscal year 2021.

The&nbsp;first phase&nbsp;of the operation will be implemented countrywide through the&nbsp;Pradhan Mantri Garib Kalyan Yojana&nbsp;(PMGKY).

In the&nbsp;second phase, the program will deepen the social protection package, whereby additional cash and in-kind benefits based on local needs will be extended through state governments and portable social protection delivery systems.

World Bank said that the billion-dollar social protection package was in addition to the previous package of $1 billion allocated to India for COVID-19 emergency response and health systems.

"The World Bank's billion-dollar support for social protection will help India leverage it's PM Garib Kalyan Yojana," said World Bank Country Director (India) Junaid Kamal Ahmad.

In April, the World Bank approved a plan to roll out $160 billion in emergency aid over 15 months to help countries deal with the impact of the global coronavirus pandemic.&nbsp;

Earlier on April 3, The World Bank had approved $1 billion emergency funding for India to help it tackle the coronavirus pandemic. 
 
(With inputs from ANI)

World Bank on Friday announced $1 billion social protection package for India linked to Govt of India programmes. The package was announced in the wake of the rising coronavirus cases across the country.

World Bank on Friday announced $1 billion social protection package for India linked to Govt of India programmes. The package was announced in the wake of the rising coronavirus cases across the country. Also read: World Bank approves $1 billion emergency fund for India to fight coronavirus This takes the total commitment of the World Bank for India's COVID-19 response to $2 billion. A $1 billion support was announced last month towards immediate support to India’s health sector. Also read: India COVID-19 death toll rises to 2,649 as total cases reach 81,970 This new support will be funded in two phases – an immediate allocation of $750 million for the fiscal year 2020 and a $250 million second tranche that will be made available for the fiscal year 2021. The first phase of the operation will be implemented countrywide through the Pradhan Mantri Garib Kalyan Yojana (PMGKY). In the second phase, the program will deepen the social protection package, whereby additional cash and in-kind benefits based on local needs will be extended through state governments and portable social protection delivery systems. World Bank said that the billion-dollar social protection package was in addition to the previous package of $1 billion allocated to India for COVID-19 emergency response and health systems. "The World Bank's billion-dollar support for social protection will help India leverage it's PM Garib Kalyan Yojana," said World Bank Country Director (India) Junaid Kamal Ahmad. In April, the World Bank approved a plan to roll out $160 billion in emergency aid over 15 months to help countries deal with the impact of the global coronavirus pandemic. Earlier on April 3, The World Bank had approved $1 billion emergency funding for India to help it tackle the coronavirus pandemic. (With inputs from ANI)

World Bank approves another $1 billion aid to India as social security fund amid covid-19 pandemic

World Bank approves $1 billion social protection package for India

The World Bank on Friday approved a USD 400 million grant to help Afghanistan "sustain the pace of key economic and public finance reforms and support the country to manage current risks and uncertainties compounded by the COVID-19 crisis."

"The Incentive Program Development Policy Grant comprises USD 160 million from the International Development Association (IDA), the World Bank Groups fund for the poorest countries and USD240 million from the Afghanistan Reconstruction Trust Fund (ARTF), managed by the World Bank on behalf of 34 donors," the bank said in a statement cited by Tolo News.

The Incentive Program Development Policy Grant will support a range of key reforms to improve business regulation and encourage private investment, expand social inclusion and support civil service reforms, increase resilience to natural disasters, improve tax administration and public financial management, and safeguard fiscal sustainability, the statement read.

"Today's board approval is a strong indication that the World Bank is redoubling its efforts to help Afghanistan and its people beyond the current COVID-19 crisis," said Henry Kerali, World Bank Country Director for Afghanistan.

"This assistance will help Afghanistan maintain its reform momentum throughout a difficult period and provide vital financial support to the government to manage revenue shortfalls arising from coronavirus impacts," Kerali added.

The pandemic has had an immediate negative impact on Afghanistan. Border closures have severely impacted government customs receipts, while measures to contain the spread of the virus are likely to have a strong negative impact on economic activity.

Poverty remains deep and widespread, while security and political uncertainties continue, said the statement.

The Ministry of Public Health on Thursday informed that 171 positive cases have been recorded across Afghanistan in the past 24 hours, which brought the countrywide tally to 3,563.

The World Bank on Friday approved a USD 400 million grant to help Afghanistan "sustain the pace of key economic and public finance reforms and support the country to manage current risks and uncertainties compounded by the COVID-19 crisis.

The World Bank on Friday approved a USD 400 million grant to help Afghanistan "sustain the pace of key economic and public finance reforms and support the country to manage current risks and uncertainties compounded by the COVID-19 crisis." "The Incentive Program Development Policy Grant comprises USD 160 million from the International Development Association (IDA), the World Bank Groups fund for the poorest countries and USD240 million from the Afghanistan Reconstruction Trust Fund (ARTF), managed by the World Bank on behalf of 34 donors," the bank said in a statement cited by Tolo News. The Incentive Program Development Policy Grant will support a range of key reforms to improve business regulation and encourage private investment, expand social inclusion and support civil service reforms, increase resilience to natural disasters, improve tax administration and public financial management, and safeguard fiscal sustainability, the statement read. "Today's board approval is a strong indication that the World Bank is redoubling its efforts to help Afghanistan and its people beyond the current COVID-19 crisis," said Henry Kerali, World Bank Country Director for Afghanistan. "This assistance will help Afghanistan maintain its reform momentum throughout a difficult period and provide vital financial support to the government to manage revenue shortfalls arising from coronavirus impacts," Kerali added. The pandemic has had an immediate negative impact on Afghanistan. Border closures have severely impacted government customs receipts, while measures to contain the spread of the virus are likely to have a strong negative impact on economic activity. Poverty remains deep and widespread, while security and political uncertainties continue, said the statement. The Ministry of Public Health on Thursday informed that 171 positive cases have been recorded across Afghanistan in the past 24 hours, which brought the countrywide tally to 3,563.

World Bank approves $400 million loan to help Afghanistan deal with COVID-19 crisis

The pandemic Coronavirus (COVID-19) derail the global economy. The alarm bell rings at International Monetary Fund & the world bank.

Pandemic COVID-19 derail the global economy, pressure mounts on IMF & world bank

The coronavirus pandemic has derailed the global economy. And the pressure is building on World Bank and International Monetary Fund to help the poor countries. This report tells you how the world is coping with it.&nbsp;

These times are hard as one has not witnessed anything close to such a situation since the Great Depression in late 1920s and early 1930s.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/coronavirus-leaders-warn-africa-short-of-funds-to-fight-pandemic-293250">Coronavirus: Leaders warn Africa short of funds to fight pandemic</a>

In just three months, the entire condition of the economy changes. On January, the IMF said the world economy would grow nearly 3 per cent in 2020, now it says it's drained.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/coronavirus-g20-agrees-to-provide-debt-relief-to-poorest-countries-292917">Coronavirus: G20 agrees to provide debt relief to poorest countries</a>

IMF says that the global economy would contract by 3 per cent this year.&nbsp;

Let's first look at South Asia.

According to IMF, in 2020 the region's grwoth rate would be zero, which is much worse than the crisis of 2008.&nbsp;

Even during the currency crisis, Easter and South Asia's greatest financial crisis in 1990s, the economy grew slightly more than one per cent.&nbsp;

Now, a glance at Latin America.

The IMF predicts the worst recession in half a century. Almost 33 per cent people could lose jobs in South America, which means over 200 million people can get unemployed.&nbsp;

In Africa, nearly 50 per cent of the jobs could be lost if no urgent action is taken.&nbsp;

The predictions look even gloomy for advanced economies. The IMF expects these nations' economy to shrink by at least 6 per cent this year.&nbsp;

The United Kingdom's economy could contract by 35 per cent this quarter.&nbsp;

The total output loss, including that of advanced and emerging economies, could be nine trillion dollars.&nbsp;

Who will bear these expenses?

So far, IMF has mobilised eight trillion dollars. But, there is a scarcity of public finances, especially in poorer countries.&nbsp;

Nearly, two trillion dollars more would be required to support developing countries. The IMF has already received 11 billion dollars from five countries, which are Japan, UK, France, Canada and Australia.&nbsp;

The G20 countries have already suspended debt payments. This will free up at east 20 billion dollars in poorer countries for fighting the pandemic.&nbsp;

Now, China has urged the World Bank for the same. Perhaps, China should lead by example.

The coronavirus pandemic has derailed the global economy. And the pressure is building on World Bank and International Monetary Fund to help the poor countries. This report tells you how the world is coping with it.

The coronavirus pandemic has derailed the global economy. And the pressure is building on World Bank and International Monetary Fund to help the poor countries. This report tells you how the world is coping with it. These times are hard as one has not witnessed anything close to such a situation since the Great Depression in late 1920s and early 1930s. Also read | Coronavirus: Leaders warn Africa short of funds to fight pandemic In just three months, the entire condition of the economy changes. On January, the IMF said the world economy would grow nearly 3 per cent in 2020, now it says it's drained. Also read | Coronavirus: G20 agrees to provide debt relief to poorest countries IMF says that the global economy would contract by 3 per cent this year. Let's first look at South Asia. According to IMF, in 2020 the region's grwoth rate would be zero, which is much worse than the crisis of 2008. Even during the currency crisis, Easter and South Asia's greatest financial crisis in 1990s, the economy grew slightly more than one per cent. Now, a glance at Latin America. The IMF predicts the worst recession in half a century. Almost 33 per cent people could lose jobs in South America, which means over 200 million people can get unemployed. In Africa, nearly 50 per cent of the jobs could be lost if no urgent action is taken. The predictions look even gloomy for advanced economies. The IMF expects these nations' economy to shrink by at least 6 per cent this year. The United Kingdom's economy could contract by 35 per cent this quarter. The total output loss, including that of advanced and emerging economies, could be nine trillion dollars. Who will bear these expenses? So far, IMF has mobilised eight trillion dollars. But, there is a scarcity of public finances, especially in poorer countries. Nearly, two trillion dollars more would be required to support developing countries. The IMF has already received 11 billion dollars from five countries, which are Japan, UK, France, Canada and Australia. The G20 countries have already suspended debt payments. This will free up at east 20 billion dollars in poorer countries for fighting the pandemic. Now, China has urged the World Bank for the same. Perhaps, China should lead by example.

What can happen to various economies due to coronavirus pandemic?

These are unprecedented times for the global economy and that is an understatement. But, the pandemic has set back the global economy by decades. Also read: How is the Chinese economy's shrinkage reconfiguring the global economy?

These are unprecedented times for the global economy and that is an understatement. But, the pandemic has set back the global economy by decades. Also read: How is the Chinese economy's shrinkage reconfiguring the global economy? The alarm bells are ringing at IMF and world bank as pressure mounts on these institutions to help the poor countries. Advanced economies are the worst-hit and in these times -- even the grimmest economic forecasts show a sense of optimism. Also read: One-day coronavirus deaths in US surpasses 9/11, Iraq war toll It’s hard not to try and find hope in circumstances not seen since the great depression. Worst economic collapse since the great depression Today, the world is staring at an economic collapse -- possibly the worst in nearly a hundred years. The coronavirus pandemic has undone decades of economic development, threatening to push more people into poverty. Let's take a look at the three months timeline where it all began: In January, the international monetary fund said the world economy would grow at about three per cent in 2020. Now, it says the world economy is drained. IMF: World economy to shrinks by 3 per cent in 2020 IMF's predictions have been overturned now the global economy will contract by three per cent this year. Let’s begin the survey of the global economic damage with the global south: Asia to record zero growth in 2020 Coronavirus is sure to end Asia's 60-year growth streak, according to the IMF which means zero growth in 2020. This is much worse than the global financial crisis of 2008 and that year, Asia grew at 4.7 per cent. Take the region’s worst financial crisis, the Asian currency crisis in the 1990s. Even then, Asia grew at slightly more than one per cent. Latin America facing the worst recession in 50 years The IMF predicts the worst recession in half a century. One out of three people could lose their jobs in South America. That’s over 200 million people unemployed on a single continent. Nearly half the jobs could be lost in Africa In Africa, nearly half the jobs could be lost without urgent action. In the global north, the advanced economies are the worst-affected. Advanced economies to shrink at 6 per cent in 2020 The IMF sees them shrinking by at least 6 per cent this year. That’s a negative growth rate. The United Kingdom’s GDP could contract by 35 per cent this quarter. Both advanced & emerging economies in recession A true global recession is rare and it is on now. Both advanced and emerging economies are in deep trouble at the same time. The total output loss could be around $9 trillion. IMF has mobilised $8 trillion But, there is a shortage of public finances, especially in poorer countries. Nearly two more trillion dollars are required to support developing economies. IMF raises $11 billion from 5 countries The IMF has also received over 11 billion dollars as a pledge from five countries. Japan, the United Kingdom, France, Canada, and Australia have contributed. G20 countries freeze debt repayments for poor countries The G20 countries have suspended debt repayments. This will free up at least 20 billion dollars in poorer countries for fighting the pandemic. Now, China has urged the World Bank to do the same. Defer loan payments perhaps China should lead by example.

Coronavirus has brought world economy on its knees, is a global recession inevitable?

Good morning! Start your day with WION's news brief!

<a href="https://www.wionews.com/world/united-states-records-highest-one-day-covid-19-death-toll-with-1169-fatalities-290246" hreflang="en">United States records highest one-day COVID-19 death toll with 1,169 fatalities</a>

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The United States reported the highest one-day death toll due to coronavirus recording 1,169 fatalities in the past 24 hours, according to the Johns Hopkins University live&nbsp;COVID-19&nbsp;tracker.

<a href="https://www.wionews.com/india-news/world-bank-approves-1-billion-emergency-fund-to-india-to-fight-coronavirus-290252" hreflang="en">World Bank approves $1 billion emergency fund to India to fight coronavirus</a>

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As the country battles the&nbsp;coronavirus&nbsp;pandemic, the World Bank on Thursday approved $1 billion emergency financing to India in order to support better screening of COVID-10 patients, contact tracing and laboratory diagnostics.

<a href="https://www.wionews.com/india-news/confirmed-coronavirus-cases-in-india-rise-to-2069-death-toll-at-53-290248" hreflang="en">Confirmed coronavirus cases in India rise to 2,069, death toll at 53</a>

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India reported a increase of over 200 cases in the past 24 hours, pushing the total number to 2,069 on Thursday, according to the Ministry of Health and Family Welfare. The death toll is now 53.

<a href="https://www.wionews.com/entertainment/hollywood-news-top-gun-movie-sequel-moved-to-december-as-coronavirus-hits-america-290249" hreflang="en">'Top Gun' movie sequel moved to December as coronavirus hits America</a>

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The release of the much-anticipated movie sequel to 'Top Gun' has been moved to December, Paramount Pictures said on Thursday, the latest disruption in the movie industry caused by the coronavirus epidemic. 
&nbsp;

WATCH|&nbsp;<a href="https://www.wionews.com/videos/gravitas-coronavirus-outbreak-is-the-zoom-app-safe-290242" hreflang="en">Gravitas: Coronavirus outbreak | Is the Zoom app safe?</a>

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Good morning! Start your day with WION's news brief! United States records highest one-day COVID-19 death toll with 1,169 fatalities The United States reported the highest one-day death toll due to coronavirus recording 1,169 fatalities in the past 24 hours, according to the Johns Hopkins University live COVID-19 tracker.

Good morning! Start your day with WION's news brief! United States records highest one-day COVID-19 death toll with 1,169 fatalities The United States reported the highest one-day death toll due to coronavirus recording 1,169 fatalities in the past 24 hours, according to the Johns Hopkins University live COVID-19 tracker. World Bank approves $1 billion emergency fund to India to fight coronavirus As the country battles the coronavirus pandemic, the World Bank on Thursday approved $1 billion emergency financing to India in order to support better screening of COVID-10 patients, contact tracing and laboratory diagnostics. Confirmed coronavirus cases in India rise to 2,069, death toll at 53 India reported a increase of over 200 cases in the past 24 hours, pushing the total number to 2,069 on Thursday, according to the Ministry of Health and Family Welfare. The death toll is now 53. 'Top Gun' movie sequel moved to December as coronavirus hits America The release of the much-anticipated movie sequel to 'Top Gun' has been moved to December, Paramount Pictures said on Thursday, the latest disruption in the movie industry caused by the coronavirus epidemic. WATCH| Gravitas: Coronavirus outbreak | Is the Zoom app safe? ×

Morning News Brief: US records highest death toll, World Bank to give $1 billion to India and more

As the country battles the <a href="https://www.wionews.com/india-news/pm-modi-german-chancellor-discuss-covid-19-situation-inadequate-availability-of-medicines-290217">coronavirus </a>pandemic, the World Bank on Thursday approved $1 billion emergency financing to India in order to support better screening of COVID-10 patients, contact tracing and laboratory diagnostics.

<a href="https://www.wionews.com/india-news/confirmed-coronavirus-cases-in-india-rise-to-2069-death-toll-at-53-290248">Also Read: Confirmed coronavirus cases in India rise to 2,069, death toll at 53</a>

"In India, $1 billion emergency financing will support better screening, contact tracing, and laboratory diagnostics, procure personal protective equipment and set up new isolation wards," the World Bank said in a statement.

The fund will be deployed over the next 15 months with $160 billion to support coronavirus measures which will help respond to health concerns arising out of the COVID-19 outbreak and bolster economic recovery.

"This fast response package will save lives and help detect, prevent and respond to COVID-19 crisis&nbsp;in the countries we serve," Axel van Trotsenburg, World Bank, managing director of operations, said.

"Our country operations will be coordinated at a global level to ensure best practice is quickly shared, including approaches to strengthen national health systems and prepare for potential follow-on waves of this devastating virus," Trotsenburg added.

The World Bank has also approved $100 million to help Afghanistan to slow the virus and $200 million for Pakistan to fight the disease.

"The World Bank is taking broad, fast action to reduce the spread of COVID-19 and we already have health response operations moving forward in over 65 countries," President, David Malpass said, adding,"our country operations will be coordinated at a global level to ensure best practice is quickly shared, including approaches to strengthen national health systems and prepare for potential follow-on waves of this devastating virus."

(With ANI inputs)

As the country battles the coronavirus pandemic, the World Bank on Thursday approved $1 billion emergency financing to India in order to support better screening of COVID-10 patients, contact tracing and laboratory diagnostics.

As the country battles the coronavirus pandemic, the World Bank on Thursday approved $1 billion emergency financing to India in order to support better screening of COVID-10 patients, contact tracing and laboratory diagnostics. Also Read: Confirmed coronavirus cases in India rise to 2,069, death toll at 53 "In India, $1 billion emergency financing will support better screening, contact tracing, and laboratory diagnostics, procure personal protective equipment and set up new isolation wards," the World Bank said in a statement. The fund will be deployed over the next 15 months with $160 billion to support coronavirus measures which will help respond to health concerns arising out of the COVID-19 outbreak and bolster economic recovery. "This fast response package will save lives and help detect, prevent and respond to COVID-19 crisis in the countries we serve," Axel van Trotsenburg, World Bank, managing director of operations, said. "Our country operations will be coordinated at a global level to ensure best practice is quickly shared, including approaches to strengthen national health systems and prepare for potential follow-on waves of this devastating virus," Trotsenburg added. The World Bank has also approved $100 million to help Afghanistan to slow the virus and $200 million for Pakistan to fight the disease. "The World Bank is taking broad, fast action to reduce the spread of COVID-19 and we already have health response operations moving forward in over 65 countries," President, David Malpass said, adding,"our country operations will be coordinated at a global level to ensure best practice is quickly shared, including approaches to strengthen national health systems and prepare for potential follow-on waves of this devastating virus." (With ANI inputs)

World Bank approves $1 billion emergency fund for India to fight coronavirus

The World Bank on Thursday (April 2) approved $1 billion emergency financing to India in order to support better screening of COVID-10 patients, contact tracing and laboratory diagnostics.

World Bank allocates funds to fight coronavirus

Iran said Thursday it has asked the IMF for its first loan in decades to combat a coronavirus outbreak that has claimed 429 lives and infected more than 10,000 people.

Foreign Minister Mohammad Javad Zarif announced the request on Twitter, calling on the International Monetary Fund to "stand on the right side of history".

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IMF's <a href="https://twitter.com/KGeorgieva?ref_src=twsrc%5Etfw">@KGeorgieva</a> has stated that countries affected by <a href="https://twitter.com/hashtag/COVID19?src=hash&amp;ref_src=twsrc%5Etfw">#COVID19</a> will be supported via Rapid Financial Instrument. Our Central Bank requested access to this facility immediately. 
 
IMF/IMF Board should adhere to Fund's mandate, stand on right side of history &amp; act responsibly.
— Javad Zarif (@JZarif) <a href="https://twitter.com/JZarif/status/1238022679657164801?ref_src=twsrc%5Etfw">March 12, 2020</a></blockquote>
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In a letter to UN Secretary General Antonio Guterres, Zarif also called for an end to US sanctions, which he said were "undermining our efforts to fight the COVID-19 epidemic in Iran".

If Iran does get a loan from the IMF, where its arch foe the United States has a virtual veto on decisions, it would be its first since the early 1960s.

Also read:&nbsp;<a href="https://www.wionews.com/world/coronavirus-burial-site-satellite-images-reveal-mass-graves-in-irans-qom-city-286238">Coronavirus burial site? Satellite images reveal mass graves in Iran's Qom city</a>

News of the request came as Iran reported another 75 deaths from the illness&nbsp;the highest single-day toll since the Islamic republic announced its first casualties last month.

The outbreak of the novel coronavirus in Iran is one of the deadliest outside China, where the disease originated.

In his appeal for an IMF loan, Zarif cited a joint statement dated March 2 in which the IMF and World Bank said they would "use our available instruments to the fullest extent possible, including emergency financing" to help countries fight the virus.

"Our central bank requested access to this facility immediately," Iran's top diplomat tweeted.

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IMF's <a href="https://twitter.com/KGeorgieva?ref_src=twsrc%5Etfw">@KGeorgieva</a> has stated that countries affected by <a href="https://twitter.com/hashtag/COVID19?src=hash&amp;ref_src=twsrc%5Etfw">#COVID19</a> will be supported via Rapid Financial Instrument. Our Central Bank requested access to this facility immediately. 
 
IMF/IMF Board should adhere to Fund's mandate, stand on right side of history &amp; act responsibly.
— Javad Zarif (@JZarif) <a href="https://twitter.com/JZarif/status/1238022679657164801?ref_src=twsrc%5Etfw">March 12, 2020</a></blockquote>
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Zarif said the IMF and its board "should adhere to fund's mandate, stand on right side of history and act responsibly".

Also see:&nbsp;<a href="https://www.wionews.com/world/countries-must-work-together-to-combat-coronavirus-pandemic-imf-286112">Countries must work together to combat coronavirus pandemic: IMF</a>

Iran has not received assistance from the IMF since a "standby credit" issued between 1960 and 1962, according to the fund's data.

According to the IMF's website, a Rapid Financial Instrument "is available to all member countries facing an urgent balance of payments need."

Economic impact

In an Instagram post picked up by sources, Iran's central bank governor Abdolnasser Hemmati claimed to have formally requested access to the RFI by letter on March 6.

"Given the widespread prevalence of coronavirus in our country and the need to continue to take strong measures to prevent and cure (the disease), and to address its economic impact," Iran was asking for "about $5 billion" in assistance, Hemmati wrote.

The United States is currently pursuing a policy of "maximum pressure" aimed at crippling the finances of Iran's government.

President Donald Trump launched the campaign in 2018 after unilaterally withdrawing the US from a nuclear deal between Iran and world powers and reimposing sanctions on the Islamic republic.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/imfs-chief-economist-gita-gopinath-suggest-ways-to-counter-economic-impact-from-coronavirus-285440">IMF's chief economist Gita Gopinath suggest ways to counter economic impact from coronavirus</a>

In a separate tweet, Zarif slammed "restrictions" on access to medicine and equipment needed in the coronavirus fight, in a clear reference to the US sanctions.

"Iranian care personnel are courageously battling #COVID19 on frontlines," he wrote.

"Their efforts are stymied by vast shortages caused by restrictions on our people's access to medicine/equipment."

His tweet was accompanied by a document listing Iran's medical needs, including millions of face masks, gloves and coronavirus diagnostic kits.

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URGENT 
 
Iranian care personnel are courageously battling <a href="https://twitter.com/hashtag/COVID19?src=hash&amp;ref_src=twsrc%5Etfw">#COVID19</a> on frontlines 
 
Their efforts are stymied by vast shortages caused by restrictions on our people's access to medicine/equipment 
 
Most urgent needs are outlined below 
 
Viruses don't discriminate. Nor should humankind <a href="https://t.co/GpXCbsh001">pic.twitter.com/GpXCbsh001</a>
— Javad Zarif (@JZarif) <a href="https://twitter.com/JZarif/status/1238070853268537347?ref_src=twsrc%5Etfw">March 12, 2020</a></blockquote>
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In theory, humanitarian items are exempt from the US sanctions, but in reality banks tend to turn down transactions involving Iran to avoid being exposed to potential litigation.

Watch:&nbsp;

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The World Health Organization on Wednesday called for Iran to be given greater assistance in its fight to bring the outbreak under control.

"Iran is doing its best... We are trying to mobilise more support for Iran," WHO chief Tedros Adhanom Ghebreyesus said, adding the country needed more supplies.

Iran announced its first coronavirus deaths in the Shiite holy city of Qom on February 19.

It is yet to officially impose any lockdowns but authorities have repeatedly called on people to refrain from travelling.

They have closed schools and universities and resorted to shutting hotels and other tourist accommodation to discourage movement. 
&nbsp;

Iran said Thursday it has asked the IMF for its first loan in decades to combat a coronavirus outbreak that has claimed 429 lives and infected more than 10,000 people.

Iran said Thursday it has asked the IMF for its first loan in decades to combat a coronavirus outbreak that has claimed 429 lives and infected more than 10,000 people. Foreign Minister Mohammad Javad Zarif announced the request on Twitter, calling on the International Monetary Fund to "stand on the right side of history". IMF's @KGeorgieva has stated that countries affected by #COVID19 will be supported via Rapid Financial Instrument. Our Central Bank requested access to this facility immediately. IMF/IMF Board should adhere to Fund's mandate, stand on right side of history & act responsibly. — Javad Zarif (@JZarif) March 12, 2020 × In a letter to UN Secretary General Antonio Guterres, Zarif also called for an end to US sanctions, which he said were "undermining our efforts to fight the COVID-19 epidemic in Iran". If Iran does get a loan from the IMF, where its arch foe the United States has a virtual veto on decisions, it would be its first since the early 1960s. Also read: Coronavirus burial site? Satellite images reveal mass graves in Iran's Qom city News of the request came as Iran reported another 75 deaths from the illness the highest single-day toll since the Islamic republic announced its first casualties last month. The outbreak of the novel coronavirus in Iran is one of the deadliest outside China, where the disease originated. In his appeal for an IMF loan, Zarif cited a joint statement dated March 2 in which the IMF and World Bank said they would "use our available instruments to the fullest extent possible, including emergency financing" to help countries fight the virus. "Our central bank requested access to this facility immediately," Iran's top diplomat tweeted. IMF's @KGeorgieva has stated that countries affected by #COVID19 will be supported via Rapid Financial Instrument. Our Central Bank requested access to this facility immediately. IMF/IMF Board should adhere to Fund's mandate, stand on right side of history & act responsibly. — Javad Zarif (@JZarif) March 12, 2020 × Zarif said the IMF and its board "should adhere to fund's mandate, stand on right side of history and act responsibly". Also see: Countries must work together to combat coronavirus pandemic: IMF Iran has not received assistance from the IMF since a "standby credit" issued between 1960 and 1962, according to the fund's data. According to the IMF's website, a Rapid Financial Instrument "is available to all member countries facing an urgent balance of payments need." Economic impact In an Instagram post picked up by sources, Iran's central bank governor Abdolnasser Hemmati claimed to have formally requested access to the RFI by letter on March 6. "Given the widespread prevalence of coronavirus in our country and the need to continue to take strong measures to prevent and cure (the disease), and to address its economic impact," Iran was asking for "about $5 billion" in assistance, Hemmati wrote. The United States is currently pursuing a policy of "maximum pressure" aimed at crippling the finances of Iran's government. President Donald Trump launched the campaign in 2018 after unilaterally withdrawing the US from a nuclear deal between Iran and world powers and reimposing sanctions on the Islamic republic. Also read: IMF's chief economist Gita Gopinath suggest ways to counter economic impact from coronavirus In a separate tweet, Zarif slammed "restrictions" on access to medicine and equipment needed in the coronavirus fight, in a clear reference to the US sanctions. "Iranian care personnel are courageously battling #COVID19 on frontlines," he wrote. "Their efforts are stymied by vast shortages caused by restrictions on our people's access to medicine/equipment." His tweet was accompanied by a document listing Iran's medical needs, including millions of face masks, gloves and coronavirus diagnostic kits. URGENT Iranian care personnel are courageously battling #COVID19 on frontlines Their efforts are stymied by vast shortages caused by restrictions on our people's access to medicine/equipment Most urgent needs are outlined below Viruses don't discriminate. Nor should humankind pic.twitter.com/GpXCbsh001 — Javad Zarif (@JZarif) March 12, 2020 × In theory, humanitarian items are exempt from the US sanctions, but in reality banks tend to turn down transactions involving Iran to avoid being exposed to potential litigation. Watch: × The World Health Organization on Wednesday called for Iran to be given greater assistance in its fight to bring the outbreak under control. "Iran is doing its best... We are trying to mobilise more support for Iran," WHO chief Tedros Adhanom Ghebreyesus said, adding the country needed more supplies. Iran announced its first coronavirus deaths in the Shiite holy city of Qom on February 19. It is yet to officially impose any lockdowns but authorities have repeatedly called on people to refrain from travelling. They have closed schools and universities and resorted to shutting hotels and other tourist accommodation to discourage movement.

Iran asks IMF for loan to combat virus as infections pass 10,000

The economic cost from the outbreak of coronavirus strain COVID-19 is still uncertain but countries must work together to combat it, IMF spokesman Gerry Rice said.

Speaking to an empty briefing room on Thursday, the International Monetary Fund (IMF) decided not to invite reporters into the regular news briefing as part of an effort to limit gatherings and transmission of the virus.

Taking questions online, Rice said that the forecast will for growth in 2020 will undoubtedly be lower than predicted at the beginning of the year.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/imfs-chief-economist-gita-gopinath-suggest-ways-to-counter-economic-impact-from-coronavirus-285440">IMF's chief economist Gita Gopinath suggest ways to counter economic impact from coronavirus</a>

"So on the first economic impact, as we have said, under any scenario, the global growth in 2020 will drop below last year`s level, which was 2.9 per cent. How far will it fall? How long? What is our forecast? It is difficult to predict at this point, obviously, given the uncertainty," said Rice.

"It depends, of course, on the spread, the propagation of the outbreak. It depends on the measures taken to respond and how effective they are," he added.

The IMF and World Bank have announced that they will hold their upcoming Spring Meetings in a virtual setting.

Also see:&nbsp;<a href="https://www.wionews.com/world/global-growth-to-fall-below-last-years-level-due-to-coronavirus-imf-284325">Global growth to fall below last year's level due to coronavirus: IMF</a>

Rice committed to releasing all the regular briefings and publications but due to travel restrictions and precautionary measures they will be presented to authorities and the public online.

"What we have been seeing is indeed international cooperation is essential to effectively address the coronavirus outbreak. Again, obviously, this is not a disease. This is not something that stops at national borders. We need to work together," said Rice.

Rice expressed sympathy and condolences for victims of the virus and the IMF has urged coordinated global action.

The IMF has made up to 50 billion dollars available to its members to help contain the economic impact of the virus.

Watch:&nbsp;

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Part of that is the Catastrophe Containment and Relief Trust (CCRT), a fund created to help low-income countries deal with disasters.

Rice warned that the CCRT was running low on funds and welcomed a pledge by Britain on Wednesday to help replenish it and urged other countries to follow suit."We have the Catastrophe Containment and Relief Trust, which is another instrument the IMF has for very poor countries to help them with debt relief.

These are essentially granting for debt relief. And we have called upon our membership," he said.

The economic cost from the outbreak of coronavirus strain COVID-19 is still uncertain but countries must work together to combat it, IMF spokesman Gerry Rice said.

The economic cost from the outbreak of coronavirus strain COVID-19 is still uncertain but countries must work together to combat it, IMF spokesman Gerry Rice said. Speaking to an empty briefing room on Thursday, the International Monetary Fund (IMF) decided not to invite reporters into the regular news briefing as part of an effort to limit gatherings and transmission of the virus. Taking questions online, Rice said that the forecast will for growth in 2020 will undoubtedly be lower than predicted at the beginning of the year. Also read: IMF's chief economist Gita Gopinath suggest ways to counter economic impact from coronavirus "So on the first economic impact, as we have said, under any scenario, the global growth in 2020 will drop below last year`s level, which was 2.9 per cent. How far will it fall? How long? What is our forecast? It is difficult to predict at this point, obviously, given the uncertainty," said Rice. "It depends, of course, on the spread, the propagation of the outbreak. It depends on the measures taken to respond and how effective they are," he added. The IMF and World Bank have announced that they will hold their upcoming Spring Meetings in a virtual setting. Also see: Global growth to fall below last year's level due to coronavirus: IMF Rice committed to releasing all the regular briefings and publications but due to travel restrictions and precautionary measures they will be presented to authorities and the public online. "What we have been seeing is indeed international cooperation is essential to effectively address the coronavirus outbreak. Again, obviously, this is not a disease. This is not something that stops at national borders. We need to work together," said Rice. Rice expressed sympathy and condolences for victims of the virus and the IMF has urged coordinated global action. The IMF has made up to 50 billion dollars available to its members to help contain the economic impact of the virus. Watch: × Part of that is the Catastrophe Containment and Relief Trust (CCRT), a fund created to help low-income countries deal with disasters. Rice warned that the CCRT was running low on funds and welcomed a pledge by Britain on Wednesday to help replenish it and urged other countries to follow suit."We have the Catastrophe Containment and Relief Trust, which is another instrument the IMF has for very poor countries to help them with debt relief. These are essentially granting for debt relief. And we have called upon our membership," he said.

Countries must work together to combat coronavirus pandemic: IMF

The World Bank on Tuesday announced an initial $12 billion in immediate funds to assist countries grappling with the health and economic impacts of the coronavirus virus outbreak that has spread quickly from China to some 80 countries.

World Bank President David Malpass said there were still "many unknowns" about the fast-spreading virus and "much more" aid might be required, but he declined to elaborate.

The announcement underscored escalating concern about the economic and human impact of the virus.

Also read: <a href="https://www.wionews.com/world/who-warns-of-global-shortage-of-medical-equipment-to-fight-coronavirus-284068">WHO warns of global shortage of medical equipment to fight coronavirus</a>

The World Health Organization (WHO) on Tuesday warned of a global shortage of protective equipment to fight the disease as well as price gouging as the death toll from the respiratory illness mounted.

Also on Tuesday, the US&nbsp;Federal Reserve cut interest rates in an emergency move to try to prevent a global recession, and finance officials from the G7 group of rich countries said they were ready to adopt fiscal and monetary measures where appropriate.

Malpass called on countries to coordinate their actions on a regional and international level, saying the speed and breadth of the response would be critical to saving lives.

"We're announcing today an initial package of immediate support that will make available up to $12 billion to respond to country requests for crisis financing of their immediate needs and also to lessen the tragic impacts of the crisis," he said.

Also read: <a href="https://www.wionews.com/business-economy/worlds-richest-including-jeff-bezos-and-bill-gates-lose-444-billion-in-a-week-after-global-markets-bleed-283517">World's richest including Jeff Bezos and Bill Gates lose $444 billion in a week after global markets bleed</a>

"The point is to move fast; speed is needed to save lives," Malpass said during a teleconference with reporters. "There are scenarios where much more resources may be required. We’ll adapt our approach and resources as needed."

The Bank's International Development Association, which helps the world's poorest countries, could also receive additional funds in the second quarter of 2020 if its Pandemic Emergency Financing Facility (PEF) is triggered, which has not occurred yet, Malpass said.

That would not require global health officials to declare the outbreak a pandemic, he added.

Poor countries with weak health systems were the most vulnerable in such outbreaks, he said, but past experience with Ebola and other outbreaks showed that taking the right measures quickly could lessen the transmission of the disease and save lives.

He also cautioned countries against taking measures that would further limit trade.

Some countries had already requested aid, Malpass said but declined to name them.

The World Bank said the $12 billion in fast-track grants, loans and low-interest loans would help developing countries provide better access to health services, strengthen disease surveillance and bolster public health interventions, as well as work with the private sector to reduce the impact on economies.

About $4 billion of the funding will be reprogrammed from other Bank instruments, officials said.

The Bank said its International Finance Corporation (IFC) will work with commercial bank clients to expand&nbsp;trade finance and working capital lines as countries scramble to get needed supplies to contain the virus.

The IFC will also work with corporate clients in strategic sectors such as medical equipment and pharmaceuticals to sustain supply chains and limit downside risks.

The World Bank on Tuesday announced an initial $12 billion in immediate funds to assist countries grappling with the health and economic impacts of the coronavirus virus outbreak that has spread quickly from China to some 80 countries.

The World Bank on Tuesday announced an initial $12 billion in immediate funds to assist countries grappling with the health and economic impacts of the coronavirus virus outbreak that has spread quickly from China to some 80 countries. World Bank President David Malpass said there were still "many unknowns" about the fast-spreading virus and "much more" aid might be required, but he declined to elaborate. The announcement underscored escalating concern about the economic and human impact of the virus. Also read: WHO warns of global shortage of medical equipment to fight coronavirus The World Health Organization (WHO) on Tuesday warned of a global shortage of protective equipment to fight the disease as well as price gouging as the death toll from the respiratory illness mounted. Also on Tuesday, the US Federal Reserve cut interest rates in an emergency move to try to prevent a global recession, and finance officials from the G7 group of rich countries said they were ready to adopt fiscal and monetary measures where appropriate. Malpass called on countries to coordinate their actions on a regional and international level, saying the speed and breadth of the response would be critical to saving lives. "We're announcing today an initial package of immediate support that will make available up to $12 billion to respond to country requests for crisis financing of their immediate needs and also to lessen the tragic impacts of the crisis," he said. Also read: World's richest including Jeff Bezos and Bill Gates lose $444 billion in a week after global markets bleed "The point is to move fast; speed is needed to save lives," Malpass said during a teleconference with reporters. "There are scenarios where much more resources may be required. We’ll adapt our approach and resources as needed." The Bank's International Development Association, which helps the world's poorest countries, could also receive additional funds in the second quarter of 2020 if its Pandemic Emergency Financing Facility (PEF) is triggered, which has not occurred yet, Malpass said. That would not require global health officials to declare the outbreak a pandemic, he added. Poor countries with weak health systems were the most vulnerable in such outbreaks, he said, but past experience with Ebola and other outbreaks showed that taking the right measures quickly could lessen the transmission of the disease and save lives. He also cautioned countries against taking measures that would further limit trade. Some countries had already requested aid, Malpass said but declined to name them. The World Bank said the $12 billion in fast-track grants, loans and low-interest loans would help developing countries provide better access to health services, strengthen disease surveillance and bolster public health interventions, as well as work with the private sector to reduce the impact on economies. About $4 billion of the funding will be reprogrammed from other Bank instruments, officials said. The Bank said its International Finance Corporation (IFC) will work with commercial bank clients to expand trade finance and working capital lines as countries scramble to get needed supplies to contain the virus. The IFC will also work with corporate clients in strategic sectors such as medical equipment and pharmaceuticals to sustain supply chains and limit downside risks.

World Bank announces up to $12 billion in immediate funds for coronavirus

India is already the world's highest waste generator.&nbsp;In fact, more than a tenth of the world's waste is generated in the country. Food excess makes up a majority of waste in India.

Also See: <a href="https://www.wionews.com/opinions/swachh-bharat-needs-to-be-a-reality-for-india-to-become-a-tourist-hub-243990">Swachh Bharat' needs to be a reality for India to become a tourist hub</a>

The high waste generation is attributed to India's population of 1.3 billion.&nbsp;The country is projected to generate substantially more waste by 2050.

Also See:&nbsp;<a href="https://www.wionews.com/south-asia/union-agriculture-minister-radha-mohan-singh-caught-urinating-in-public-17413">Union Minister Radha Mohan Singh defends himself after pic urinating in public goes viral</a>

However, India is among the world's lowest per capita waste generators and the ratio is much higher in developed nations.&nbsp;India's waste generation is set to double in 30 years.

Also See: <a href="https://www.wionews.com/videos/bengaluru-civic-bodies-say-no-to-plastic-and-plantain-leaf-165492">Bengaluru civic bodies say no to plastic and plantain leaf</a>

Food excess makes up a majority of waste in the country.&nbsp;

India is already the world's highest waste generator. In fact, more than a tenth of the world's waste is generated in the country. Food excess makes up a majority of waste in India.

India is already the world's highest waste generator. In fact, more than a tenth of the world's waste is generated in the country. Food excess makes up a majority of waste in India. Also See: Swachh Bharat' needs to be a reality for India to become a tourist hub The high waste generation is attributed to India's population of 1.3 billion. The country is projected to generate substantially more waste by 2050. Also See: Union Minister Radha Mohan Singh defends himself after pic urinating in public goes viral However, India is among the world's lowest per capita waste generators and the ratio is much higher in developed nations. India's waste generation is set to double in 30 years. Also See: Bengaluru civic bodies say no to plastic and plantain leaf Food excess makes up a majority of waste in the country.

India's waste generation likely to double in next 30 years: Study

Growing concerns inside the <a href="https://www.wionews.com/business-economy/coronavirus-poses-risks-to-fragile-recovery-in-global-economy-imf-281671">International Monetary Fund</a> and the <a href="https://www.wionews.com/india-news/world-bank-pegs-indias-growth-at-5-in-financial-year-2020-projects-recovery-next-year-273104">World Bank</a> about the spread of the new <a href="https://www.wionews.com/world/coronavirus-severity-shrinks-in-china-as-global-tally-continues-to-rise-282983">coronavirus</a> have prompted the institutions to consider scaling back their Spring Meetings in April or hold them by teleconference, people familiar with the discussions said on Wednesday.

The institutions' April 17-19 Spring Meetings are scheduled to bring some 10,000 government officials, journalists,&nbsp;business&nbsp;people and civil society representatives from across the globe to a tightly packed, two-block area of downtown Washington, DC, that houses their headquarters.

Also read: <a href="https://www.wionews.com/world/coronavirus-severity-shrinks-in-china-as-global-tally-continues-to-rise-282983">Coronavirus: Severity shrinks in China as global tally continues to rise</a>

Financial markets have fallen sharply in recent days on news that the virus is spreading rapidly in Europe. Italy has reported more than 400 cases and people who have visited Italy have tested positive in Brazil, Algeria, Austria, Croatia, Greece and other countries.

Like other coronaviruses, the new virus which causes a disease now called <a href="https://www.wionews.com/world/coronavirus-severity-shrinks-in-china-as-global-tally-continues-to-rise-282983">COVID-19</a>&nbsp;is transmitted from person to person via droplets when an infected person breathes out, coughs or sneezes. It can also spread via contaminated surfaces such as door handles or railings.

The IMF has warned in recent days of a potentially deeper economic fallout as the <a href="https://www.wionews.com/world/coronavirus-severity-shrinks-in-china-as-global-tally-continues-to-rise-282983">coronavirus</a> spreads beyond <a href="https://www.wionews.com/world/coronavirus-severity-shrinks-in-china-as-global-tally-continues-to-rise-282983">China</a>, cutting its forecast for 2020 global growth by 0.1 per cent.

Also read: <a href="https://www.wionews.com/business-economy/coronavirus-poses-risks-to-fragile-recovery-in-global-economy-imf-281671">Coronavirus poses risks to fragile recovery in global economy: IMF</a>

The virus' spread has raised concerns inside the Fund and the World Bank that the close interactions among people from their 189 member countries at the Spring Meetings could inadvertently contribute to the problem.

Officials from both institutions and member governments said that talk of cancelling the meetings outright is premature, but they are considering several options to modify them. No decisions have been made, they said, adding that much depends on efforts to contain the virus in the coming days and weeks.

Options include scaling back the number of meetings, cancelling external events and limiting the size of the country delegations that would travel to Washington. Another alternative is to hold "virtual" meetings by teleconference, and the institutions could still proceed with full-fledged meetings.

One person familiar with the IMF's planning discussions said: "Plenty of people here see wider merit in testing whether holding key meetings virtually could be made to work."

Other sources said IMF and World Bank managers were considering various options, and the scale and scope of the meeting would reflect the degree of concern.

"Of course we are thinking about all eventualities," one of the sources familiar with the planning efforts said.

In a joint statement,&nbsp;the IMF and the World Bank said that their senior leadership teams were closely monitoring the spread of the coronavirus.

Growing concerns inside the International Monetary Fund and the World Bank about the spread of the new coronavirus have prompted the institutions to consider scaling back their Spring Meetings in April or hold them by teleconference, people familiar with the discussions said on Wednesday.

Growing concerns inside the International Monetary Fund and the World Bank about the spread of the new coronavirus have prompted the institutions to consider scaling back their Spring Meetings in April or hold them by teleconference, people familiar with the discussions said on Wednesday. The institutions' April 17-19 Spring Meetings are scheduled to bring some 10,000 government officials, journalists, business people and civil society representatives from across the globe to a tightly packed, two-block area of downtown Washington, DC, that houses their headquarters. Also read: Coronavirus: Severity shrinks in China as global tally continues to rise Financial markets have fallen sharply in recent days on news that the virus is spreading rapidly in Europe. Italy has reported more than 400 cases and people who have visited Italy have tested positive in Brazil, Algeria, Austria, Croatia, Greece and other countries. Like other coronaviruses, the new virus which causes a disease now called COVID-19 is transmitted from person to person via droplets when an infected person breathes out, coughs or sneezes. It can also spread via contaminated surfaces such as door handles or railings. The IMF has warned in recent days of a potentially deeper economic fallout as the coronavirus spreads beyond China, cutting its forecast for 2020 global growth by 0.1 per cent. Also read: Coronavirus poses risks to fragile recovery in global economy: IMF The virus' spread has raised concerns inside the Fund and the World Bank that the close interactions among people from their 189 member countries at the Spring Meetings could inadvertently contribute to the problem. Officials from both institutions and member governments said that talk of cancelling the meetings outright is premature, but they are considering several options to modify them. No decisions have been made, they said, adding that much depends on efforts to contain the virus in the coming days and weeks. Options include scaling back the number of meetings, cancelling external events and limiting the size of the country delegations that would travel to Washington. Another alternative is to hold "virtual" meetings by teleconference, and the institutions could still proceed with full-fledged meetings. One person familiar with the IMF's planning discussions said: "Plenty of people here see wider merit in testing whether holding key meetings virtually could be made to work." Other sources said IMF and World Bank managers were considering various options, and the scale and scope of the meeting would reflect the degree of concern. "Of course we are thinking about all eventualities," one of the sources familiar with the planning efforts said. In a joint statement, the IMF and the World Bank said that their senior leadership teams were closely monitoring the spread of the coronavirus.

International Monetary Fund, World Bank consider 'virtual' Spring Meetings as coronavirus spreads

World Bank analyses violence against women.40 years since first law on domestic violence was passed. 35% women experienced physical/ sexual violence by their intimate partner. 137 women murdered everyday by a family member.

Pointing  fingesr at Domestic Violence

The first law on domestic violence was passed just 40 years back. Domestic violence is something that can also impact a country's economy.

A new World Bank report on domestic violence throws light on some startling facts.

The World Bank's group project 'Women, Business and the Law' has analysed five decades of data to track the global progress in the enactment of domestic violence legislation.

What began with Ireland in 1981, 155 countries have now introduced domestic violence legislation.&nbsp;

Also read: <a href="https://www.wionews.com/world/75-of-children-die-in-mass-shootings-in-us-were-victims-of-domestic-violence-report-263699">75% of children died in mass shootings in US were victims of domestic violence</a>

Over the past two years, eight countries including the UAE, Armenia, Burkina Faso and Morocco have adopted laws on domestic violence for the first time.

While 80 per cent of countries provide legal protection to women, 35 per cent of women have experienced physical and/or sexual violence in their lifetime by an intimate partner.&nbsp;

137 women across the world are murdered by a member of their family every day.&nbsp;

According to the report titled 'Pointing the finger at domestic violence', women suffering domestic violence are at higher risk of contracting sexually transmitted diseases.&nbsp;

Also read: <a href="https://www.wionews.com/world/over-650000-sign-russia-petition-to-boost-domestic-violence-law-239456">Over 650,000 sign Russia petition to boost domestic violence law</a>

Their daughters are more likely to be abused by their partners and their sons more likely to become abusers themselves.

Interestingly, women's safety is as crucial to the economy as it is to women themselves.

Taking into account costs borne by women and their countries due to expenditure on health care, legal, housing, and social services.

The economic cost of domestic violence has been estimated to correspond to about 4.4 trillion dollars or 5.2 per cent of global GDP.

Today, 35 countries in every region of the world still lack legislation aimed at protecting women from violence.

The first law on domestic violence was passed just 40 years back. Domestic violence is something that can also impact a country's economy. A new World Bank report on domestic violence throws light on some startling facts.

The first law on domestic violence was passed just 40 years back. Domestic violence is something that can also impact a country's economy. A new World Bank report on domestic violence throws light on some startling facts. The World Bank's group project 'Women, Business and the Law' has analysed five decades of data to track the global progress in the enactment of domestic violence legislation. What began with Ireland in 1981, 155 countries have now introduced domestic violence legislation. Also read: 75% of children died in mass shootings in US were victims of domestic violence Over the past two years, eight countries including the UAE, Armenia, Burkina Faso and Morocco have adopted laws on domestic violence for the first time. While 80 per cent of countries provide legal protection to women, 35 per cent of women have experienced physical and/or sexual violence in their lifetime by an intimate partner. 137 women across the world are murdered by a member of their family every day. According to the report titled 'Pointing the finger at domestic violence', women suffering domestic violence are at higher risk of contracting sexually transmitted diseases. Also read: Over 650,000 sign Russia petition to boost domestic violence law Their daughters are more likely to be abused by their partners and their sons more likely to become abusers themselves. Interestingly, women's safety is as crucial to the economy as it is to women themselves. Taking into account costs borne by women and their countries due to expenditure on health care, legal, housing, and social services. The economic cost of domestic violence has been estimated to correspond to about 4.4 trillion dollars or 5.2 per cent of global GDP. Today, 35 countries in every region of the world still lack legislation aimed at protecting women from violence.

Domestic violence: World Bank report puts forth shocking revelations 

The US Trade Representative(USTR) has released a list of countries designating WTO members that are eligible for subsidy in which India and&nbsp;several other countries have been barred from getting special preferences under the US &nbsp;countervailing duty (CVD) law.

<a href="https://www.wionews.com/world/post-brexit-uk-trade-deal-with-us-optimistic-mnuchin-276612">Also Read: Post-Brexit UK trade deal with US 'optimistic', says Treasury Secretary Mnuchin</a>

According to the list, 44 countries were categorised as "least-developed countries and 35 countries as developing countries".

"For purposes of US CVD law, the USTR therefore considers countries with a share of 0.5% or more of world trade to be developed countries,"&nbsp;the USTR said in a notice. Hong Kong, Brazil, Indonesia and South Africa were also eliminated from the list.

"The US Trade Representative, therefore, considers countries with a share of 0.5 per cent or more of world trade to be developed countries. Thus, Brazil, India, Indonesia, Malaysia, Thailand, and Viet Nam are ineligible for the 2&nbsp;per cent de minimis standard," the notice read.

<a href="https://www.wionews.com/india-news/us-pushes-india-to-buy-5-6-billion-more-farm-goods-to-seal-trade-deal-report-276396">Also Read: US pushes India to buy $5-6 billion more farm goods to seal trade deal</a>

The final rule will become effective February 10, 2020, it announced.

Similar to the 1998 rule, the US Trade Representative relied on the World Bank threshold separating "high income" countries from those with lower per capita GNIs. This means that WTO Members with a per capita GNI below $12,375 were treated as eligible for the 2 per cent de minimis standard, it said.

The agency categorised Afghanistan, Pakistan, Bangladesh, Myanmar, Nepal, Zimbabwe, Cambodia among others as "Least-Developed Countries" with Maldives, Sri Lanka, Venezuela among others designated as "Developing Countries".

The US Trade Representative(USTR) has released a list of countries designating WTO members that are eligible for subsidy in which India and several other countries have been barred from getting special preferences under the US countervailing duty (CVD) law.

The US Trade Representative(USTR) has released a list of countries designating WTO members that are eligible for subsidy in which India and several other countries have been barred from getting special preferences under the US countervailing duty (CVD) law. Also Read: Post-Brexit UK trade deal with US 'optimistic', says Treasury Secretary Mnuchin According to the list, 44 countries were categorised as "least-developed countries and 35 countries as developing countries". "For purposes of US CVD law, the USTR therefore considers countries with a share of 0.5% or more of world trade to be developed countries," the USTR said in a notice. Hong Kong, Brazil, Indonesia and South Africa were also eliminated from the list. "The US Trade Representative, therefore, considers countries with a share of 0.5 per cent or more of world trade to be developed countries. Thus, Brazil, India, Indonesia, Malaysia, Thailand, and Viet Nam are ineligible for the 2 per cent de minimis standard," the notice read. Also Read: US pushes India to buy $5-6 billion more farm goods to seal trade deal The final rule will become effective February 10, 2020, it announced. Similar to the 1998 rule, the US Trade Representative relied on the World Bank threshold separating "high income" countries from those with lower per capita GNIs. This means that WTO Members with a per capita GNI below $12,375 were treated as eligible for the 2 per cent de minimis standard, it said. The agency categorised Afghanistan, Pakistan, Bangladesh, Myanmar, Nepal, Zimbabwe, Cambodia among others as "Least-Developed Countries" with Maldives, Sri Lanka, Venezuela among others designated as "Developing Countries".

US drops India from developing nations list barring trade benefits

The <a href="https://www.wionews.com/business-economy/world-bank-to-reduce-lending-to-china-267039">World Bank</a> has projected India's growth at five per cent in the current financial year 2019-20 which is set to recover to 5.8 per cent in the following fiscal year.

In its latest semi-annual Global Economic Prospects report, the World Bank said that weakness in credit from non-bank financial companies is expected to linger.

"In India, where weakness in credit from non-bank financial companies is expected to linger, growth is projected to slow to 5 per cent in the financial year 2019-20, which ends March 31 and recover to 5.8 per cent the following fiscal year."

Also read: <a href="https://www.wionews.com/business-economy/india-forecasts-201920-gdp-growth-rate-at-5-272748">India forecasts 2019/20 GDP growth rate at 5%</a>

Globally, the bank projected that economic growth is projected to recover to 2.5 per cent in 2020 from 2.4 per cent in 2019.

However, the bank has noted that downside risk persists that might have an impact on the world's growth.

"Nevertheless, downside risks predominate including the possibility of a re-escalation of global trade tensions, sharp downturns in major economies, and financial disruptions in emerging market and developing economies," the report said.

The World Bank has projected India's growth at five per cent in the current financial year 2019-20 which is set to recover to 5.8 per cent in the following fiscal year.

The World Bank has projected India's growth at five per cent in the current financial year 2019-20 which is set to recover to 5.8 per cent in the following fiscal year. In its latest semi-annual Global Economic Prospects report, the World Bank said that weakness in credit from non-bank financial companies is expected to linger. "In India, where weakness in credit from non-bank financial companies is expected to linger, growth is projected to slow to 5 per cent in the financial year 2019-20, which ends March 31 and recover to 5.8 per cent the following fiscal year." Also read: India forecasts 2019/20 GDP growth rate at 5% Globally, the bank projected that economic growth is projected to recover to 2.5 per cent in 2020 from 2.4 per cent in 2019. However, the bank has noted that downside risk persists that might have an impact on the world's growth. "Nevertheless, downside risks predominate including the possibility of a re-escalation of global trade tensions, sharp downturns in major economies, and financial disruptions in emerging market and developing economies," the report said.

World Bank pegs India's growth at 5% in financial year 2020, projects recovery next year

Lebanon's caretaker prime minister Thursday asked international funding bodies for support in drawing up an emergency rescue plan for his protest-wracked country.

Donors including the World Bank and the International Monetary Fund on Wednesday rebuffed a plea for financial aid pending the rapid formation of a new government to implement key economic reforms.

Caretaker premier Saad Hariri on Thursday made phone calls to World Bank president David Malpass and IMF managing director Kristalina Georgieva, his office said.

"Hariri stressed his commitment to preparing an urgent rescue plan to resolve the crisis while waiting for the formation of a new cabinet able to implement it," it said in a statement.

"He discussed with both the technical support the Work Bank and IMF could provide in drawing up this plan," it added.

Lebanon has been rocked by unprecedented popular protests since October 17 over official mismanagement and corruption demonstrators blame for a deteriorating economy.

In a country where the local currency is pegged to the US dollar and used in everyday transactions, banks have gradually restricted greenback withdrawals, causing a dollar liquidity crisis that has made imports increasingly difficult and expensive.

Hariri also spoke to the president of the World Bank about "the possibility of the bank... increasing its contribution to funding international trade to Lebanon" to help importers bring in essential goods.

Lebanon has been without a cabinet since Hariri stepped down on October 29, with a bitterly divided political class unable to agree on a new premier ever since.

Protesters have demanded a new government composed entirely of independent experts, but analysts say this may be a tall order.

Parliamentary consultations are expected to start towards naming a new prime minister on Monday after the Sunni Muslim religious establishment rejected an alternative candidate for premier and threw its support behind Hariri.

Growth in Lebanon has plummeted in the wake of endless political deadlock in recent years, compounded by the 2011 breakout of civil war in neighbouring Syria.

A recession of more than 0.2 per cent is expected for this year, the World Bank says.

On Thursday, rating agency Fitch also bumped Lebanon down to "CC" from "CCC", after an initial downgrade in August.

"The downgrade of Lebanon's ratings reflects Fitch's view that a government debt restructuring or default is probably owing to acute political uncertainty, de facto capital controls and damaged confidence in the banking sector," it said in a statement.

Lebanon's caretaker prime minister Thursday asked international funding bodies for support in drawing up an emergency rescue plan for his protest-wracked country.

Lebanon's caretaker prime minister Thursday asked international funding bodies for support in drawing up an emergency rescue plan for his protest-wracked country. Donors including the World Bank and the International Monetary Fund on Wednesday rebuffed a plea for financial aid pending the rapid formation of a new government to implement key economic reforms. Caretaker premier Saad Hariri on Thursday made phone calls to World Bank president David Malpass and IMF managing director Kristalina Georgieva, his office said. "Hariri stressed his commitment to preparing an urgent rescue plan to resolve the crisis while waiting for the formation of a new cabinet able to implement it," it said in a statement. "He discussed with both the technical support the Work Bank and IMF could provide in drawing up this plan," it added. Lebanon has been rocked by unprecedented popular protests since October 17 over official mismanagement and corruption demonstrators blame for a deteriorating economy. In a country where the local currency is pegged to the US dollar and used in everyday transactions, banks have gradually restricted greenback withdrawals, causing a dollar liquidity crisis that has made imports increasingly difficult and expensive. Hariri also spoke to the president of the World Bank about "the possibility of the bank... increasing its contribution to funding international trade to Lebanon" to help importers bring in essential goods. Lebanon has been without a cabinet since Hariri stepped down on October 29, with a bitterly divided political class unable to agree on a new premier ever since. Protesters have demanded a new government composed entirely of independent experts, but analysts say this may be a tall order. Parliamentary consultations are expected to start towards naming a new prime minister on Monday after the Sunni Muslim religious establishment rejected an alternative candidate for premier and threw its support behind Hariri. Growth in Lebanon has plummeted in the wake of endless political deadlock in recent years, compounded by the 2011 breakout of civil war in neighbouring Syria. A recession of more than 0.2 per cent is expected for this year, the World Bank says. On Thursday, rating agency Fitch also bumped Lebanon down to "CC" from "CCC", after an initial downgrade in August. "The downgrade of Lebanon's ratings reflects Fitch's view that a government debt restructuring or default is probably owing to acute political uncertainty, de facto capital controls and damaged confidence in the banking sector," it said in a statement.

Lebanon PM asks World Bank, IMF help with economic rescue plan

The total damage and&nbsp;economic&nbsp;loss from&nbsp;forest&nbsp;fires&nbsp;in&nbsp;Indonesia&nbsp;this year amounted to at least $5.2&nbsp;billion, equal to 0.5 per cent&nbsp;of gross domestic product, the&nbsp;<a href="https://www.wionews.com/business-economy/world-bank-to-reduce-lending-to-china-267039">World&nbsp;Bank&nbsp;</a>said in a report on Wednesday.

The estimate was based on its assessment in eight affected provinces from June to October 2019, though analysts at the multinational&nbsp;bank&nbsp;said&nbsp;fires&nbsp;had continued to rage through to November.

"The&nbsp;forest&nbsp;and land&nbsp;fires, as well as the resulting haze, led to significant negative&nbsp;economic&nbsp;impacts, estimated at $157 million in direct damage to assets and $5.0&nbsp;billion&nbsp;in&nbsp;losses&nbsp;from affected&nbsp;economic&nbsp;activities," the&nbsp;World&nbsp;Bank&nbsp;wrote in the report.

Over 900,000 people reported respiratory illnesses, 12 national airports halted operations, and hundreds of schools in&nbsp;Indonesia, Malaysia, and Singapore had to temporarily close due to the&nbsp;fires.

Drifting smoke at the height of the dry season in September triggered a diplomatic spat between <a href="https://www.wionews.com/world/police-to-question-malaysias-anwar-over-sexual-assault-claim-267596">Kuala Lumpur</a> and <a href="https://www.wionews.com/india-news/from-devastating-amazon-fire-to-indonesias-green-new-capital-climate-change-in-focus-at-wion-world-order-event-267029">Jakarta</a>.

More than 942,000 hectares (2.3 million acres) of&nbsp;forests and lands were burned this year, the biggest since devastating&nbsp;fires&nbsp;in 2015 when&nbsp;Indonesia&nbsp;saw 2.6 million hectares burned, according to official figures. Officials said the spike was due to El Nino weather patterns lengthening the dry season.

The&nbsp;World&nbsp;Bank&nbsp;also estimated a 0.09 and 0.05 percentage points reduction in&nbsp;Indonesia's&nbsp;economic&nbsp;growth in 2019 and 2020, respectively, due to the&nbsp;fires. Its growth forecast for&nbsp;Indonesia&nbsp;is 5 per cent&nbsp;for 2019 and 5.1 per cent&nbsp;for 2020.

The blazes were "manmade and have become a chronic problem annually since 1997" because fire is considered the cheapest method to prepare land for cultivation, the&nbsp;bank&nbsp;said.

Because about 44 per cent&nbsp;of the areas burned in 2019 was in peatlands, carbon emissions from&nbsp;Indonesia's&nbsp;fires&nbsp;were estimated to be almost double the emissions from the&nbsp;fires&nbsp;in the <a href="https://www.wionews.com/world/amazon-fires-as-a-red-alert-world-needs-to-put-in-efforts-to-preserve-forests-brazilian-ecologist-to-wion-246279">Brazilian Amazon</a> this year.

The European Centre for Medium-Range Weather Forecast estimated a total of 720 megatonnes of <a href="https://www.wionews.com/world/air-france-to-offset-daily-co2-emissions-by-next-year-253009">CO2 emissions </a>came from&nbsp;Indonesian&nbsp;forest&nbsp;fires&nbsp;in January-November this year.

Longer-term effects of repeated&nbsp;fires&nbsp;were not included in this estimate, the&nbsp;World&nbsp;Bank&nbsp;said. Repeated haze exposure would reduce health and education quality and damage the global image of palm oil - an important commodity for&nbsp;Indonesia.

The total damage and economic loss from forest fires in Indonesia this year amounted to at least $5.2 billion, equal to 0.5 per cent of gross domestic product, the World Bank said in a report on Wednesday.

The total damage and economic loss from forest fires in Indonesia this year amounted to at least $5.2 billion, equal to 0.5 per cent of gross domestic product, the World Bank said in a report on Wednesday. The estimate was based on its assessment in eight affected provinces from June to October 2019, though analysts at the multinational bank said fires had continued to rage through to November. "The forest and land fires, as well as the resulting haze, led to significant negative economic impacts, estimated at $157 million in direct damage to assets and $5.0 billion in losses from affected economic activities," the World Bank wrote in the report. Over 900,000 people reported respiratory illnesses, 12 national airports halted operations, and hundreds of schools in Indonesia, Malaysia, and Singapore had to temporarily close due to the fires. Drifting smoke at the height of the dry season in September triggered a diplomatic spat between Kuala Lumpur and Jakarta. More than 942,000 hectares (2.3 million acres) of forests and lands were burned this year, the biggest since devastating fires in 2015 when Indonesia saw 2.6 million hectares burned, according to official figures. Officials said the spike was due to El Nino weather patterns lengthening the dry season. The World Bank also estimated a 0.09 and 0.05 percentage points reduction in Indonesia's economic growth in 2019 and 2020, respectively, due to the fires. Its growth forecast for Indonesia is 5 per cent for 2019 and 5.1 per cent for 2020. The blazes were "manmade and have become a chronic problem annually since 1997" because fire is considered the cheapest method to prepare land for cultivation, the bank said. Because about 44 per cent of the areas burned in 2019 was in peatlands, carbon emissions from Indonesia's fires were estimated to be almost double the emissions from the fires in the Brazilian Amazon this year. The European Centre for Medium-Range Weather Forecast estimated a total of 720 megatonnes of CO2 emissions came from Indonesian forest fires in January-November this year. Longer-term effects of repeated fires were not included in this estimate, the World Bank said. Repeated haze exposure would reduce health and education quality and damage the global image of palm oil - an important commodity for Indonesia.

Indonesia forest fires cost $5.2 billion in economic losses: World Bank

The <a href="https://www.wionews.com/world/trump-calls-for-world-bank-to-stop-loaning-to-china-266779">World Bank </a>said Saturday its lending to China has fallen sharply and will continue to be pared back, after US President Donald Trump demanded it stop altogether.

"Why is the World Bank loaning money to China? Can this be possible? China has plenty of money, and if they don't, they create it. STOP!" Trump wrote on Twitter Friday.

The bank, which is led by former US Treasury official David Malpass, defended its approach in a brief statement.

"World Bank lending to China has fallen sharply and will continue to reduce as part of our agreement with all our shareholders including the United States.

"We eliminate lending as countries get richer," it said.

Trump was reiterating a position long held by his administration, including Malpass prior to his election as the current head of the World Bank.

Treasury Secretary Steven Mnuchin told US lawmakers Thursday that the United States "has objected" to the institution's multi-year program of loans and projects in China.

That program, which includes plans to reduce lending to China, was adopted on Thursday.

The program "reflects the evolution of our relationship with China," Martin Raiser, World Bank Country Director for China, said on Thursday. "Our engagement will be increasingly selective."

Trump's very public stance comes amid negotiations between Washington and Beijing seeking to end the US president's 18-month-long trade war, which is aimed at forcing China to make concessions on protecting American businesses and reducing its trade surplus.

There is a great deal of uncertainty about the date of a possible partial agreement, which Trump said was imminent in October. 
&nbsp;

The World Bank said Saturday its lending to China has fallen sharply and will continue to be pared back, after US President Donald Trump demanded it stop altogether.

The World Bank said Saturday its lending to China has fallen sharply and will continue to be pared back, after US President Donald Trump demanded it stop altogether. "Why is the World Bank loaning money to China? Can this be possible? China has plenty of money, and if they don't, they create it. STOP!" Trump wrote on Twitter Friday. The bank, which is led by former US Treasury official David Malpass, defended its approach in a brief statement. "World Bank lending to China has fallen sharply and will continue to reduce as part of our agreement with all our shareholders including the United States. "We eliminate lending as countries get richer," it said. Trump was reiterating a position long held by his administration, including Malpass prior to his election as the current head of the World Bank. Treasury Secretary Steven Mnuchin told US lawmakers Thursday that the United States "has objected" to the institution's multi-year program of loans and projects in China. That program, which includes plans to reduce lending to China, was adopted on Thursday. The program "reflects the evolution of our relationship with China," Martin Raiser, World Bank Country Director for China, said on Thursday. "Our engagement will be increasingly selective." Trump's very public stance comes amid negotiations between Washington and Beijing seeking to end the US president's 18-month-long trade war, which is aimed at forcing China to make concessions on protecting American businesses and reducing its trade surplus. There is a great deal of uncertainty about the date of a possible partial agreement, which Trump said was imminent in October.

World Bank to reduce lending to China

US President Donald Trump on Friday called for the World Bank to stop loaning money to China, one day after the institution adopted a lending plan to Beijing over Washington's objections.

US President Donald Trump on Friday called for the World Bank to stop loaning money to China, one day after the institution adopted a lending plan to Beijing over Washington's objections. The World Bank on Thursday adopted a plan to aid China with $1 billion to $1.5 billion in low-interest loans annually through June 2025. The plan calls for lending to "gradually decline" from the previous five-year average of $1.8 billion. "Why is the World Bank loaning money to China? Can this be possible? China has plenty of money, and if they don't, they create it. STOP!" Trump wrote in a post on Twitter. "World Bank lending to China has fallen sharply and will continue to reduce as part of our agreement with all our shareholders including the United States," the World Bank said in an emailed statement. "We eliminate lending as countries get richer." Spokespeople for the White House declined to comment on the record. The World Bank loaned China $1.3 billion in the fiscal 2019 year, which ended on June 30, a decrease from around $2.4 billion in fiscal 2017. But the fall in the World Bank's loans to China is not swift enough for the Trump administration, which has argued that Beijing is too wealthy for international aid.

US President Trump calls for World Bank to stop loaning to China

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