Indian-origin Anita Bhatia, a veteran in strategic partnerships, resource mobilisation and management, has been appointed by<a href="https://www.wionews.com/world/guterres-honours-indian-police-officer-posthumously-for-contribution-to-un-peacekeeping-by-yoshita-singh-221548"> UN Secretary-General Antonio Guterres</a> as the Deputy Executive Director in the global body's agency focused on women empowerment and gender equality.

Bhatia holds a Bachelor of Arts in History from Calcutta University, a Master of Arts in Political Science from Yale University and a Juris Doctor in Law from Georgetown University.

She has been appointed the Deputy Executive Director of the United Nations Entity for Gender Equality and the Empowerment of Women (UN-Women) for Resource Management, Sustainability and Partnerships, a statement from the UN Spokesperson's Office and UN Women said Thursday.

She has had a distinguished career at the World Bank Group, serving in various senior leadership and management positions, both at the headquarters and in the field. 
Bhatia brings extensive experience in the area of strategic partnerships, resource mobilisation and management.

Veteran Indian diplomat and a gender equality champion Lakshmi Puri had previously served as the Assistant Secretary-General of the United Nations and Deputy Executive Director of UN Women.

Bhatia served for several years as Director of Global Partnerships for the International Finance Corporation (IFC), the World Bank Group's private sector arm.

She developed and expanded innovative partnerships with public and private sector partners to support IFC strategy in key areas, including fragile and conflict-affected states, gender equality, financial inclusion, support to women-owned businesses and other priorities critical to the attainment of the Sustainable Development Goals.

In addition, Bhatia has served as Director of Development Partner Relations for the World Bank, leading efforts to ensure strategic alignment between institutional priorities and resource mobilisation across the group.

In various positions, she focused on enhancing sustainability, institutional effectiveness and impact through strategic partnerships. As Head of IFC's Latin America Advisory Operations, based in Lima and La Paz, she successfully grew the Corporation's reach and impact in the region.&nbsp;

As Director of Partnerships and Advisory Operations, she oversaw financial management, risk management, portfolio management, knowledge management and learning for Advisory Services across the globe.

Bhatia has led diverse teams, including as Global Head of Knowledge Management, Head of Business Process Improvement and Head of Change Management. In addition to Latin America, she has worked in Africa, Europe, Central Asia and South and East Asia.

The key appointment comes less than a week after Guterres appointed decorated Indian Army officer Lieutenant General Shailesh Tinaikar as his new Force Commander of the UN Mission in South Sudan.

Indian-origin Anita Bhatia, a veteran in strategic partnerships, resource mobilisation and management, has been appointed by UN Secretary-General Antonio Guterres as the Deputy Executive Director in the global body's agency focused on women empowerment and gender equality.

Indian-origin Anita Bhatia, a veteran in strategic partnerships, resource mobilisation and management, has been appointed by UN Secretary-General Antonio Guterres as the Deputy Executive Director in the global body's agency focused on women empowerment and gender equality. Bhatia holds a Bachelor of Arts in History from Calcutta University, a Master of Arts in Political Science from Yale University and a Juris Doctor in Law from Georgetown University. She has been appointed the Deputy Executive Director of the United Nations Entity for Gender Equality and the Empowerment of Women (UN-Women) for Resource Management, Sustainability and Partnerships, a statement from the UN Spokesperson's Office and UN Women said Thursday. She has had a distinguished career at the World Bank Group, serving in various senior leadership and management positions, both at the headquarters and in the field. Bhatia brings extensive experience in the area of strategic partnerships, resource mobilisation and management. Veteran Indian diplomat and a gender equality champion Lakshmi Puri had previously served as the Assistant Secretary-General of the United Nations and Deputy Executive Director of UN Women. Bhatia served for several years as Director of Global Partnerships for the International Finance Corporation (IFC), the World Bank Group's private sector arm. She developed and expanded innovative partnerships with public and private sector partners to support IFC strategy in key areas, including fragile and conflict-affected states, gender equality, financial inclusion, support to women-owned businesses and other priorities critical to the attainment of the Sustainable Development Goals. In addition, Bhatia has served as Director of Development Partner Relations for the World Bank, leading efforts to ensure strategic alignment between institutional priorities and resource mobilisation across the group. In various positions, she focused on enhancing sustainability, institutional effectiveness and impact through strategic partnerships. As Head of IFC's Latin America Advisory Operations, based in Lima and La Paz, she successfully grew the Corporation's reach and impact in the region. As Director of Partnerships and Advisory Operations, she oversaw financial management, risk management, portfolio management, knowledge management and learning for Advisory Services across the globe. Bhatia has led diverse teams, including as Global Head of Knowledge Management, Head of Business Process Improvement and Head of Change Management. In addition to Latin America, she has worked in Africa, Europe, Central Asia and South and East Asia. The key appointment comes less than a week after Guterres appointed decorated Indian Army officer Lieutenant General Shailesh Tinaikar as his new Force Commander of the UN Mission in South Sudan.

Indian-origin Anita Bhatia appointed UN's deputy executive director

Newly-elected <a href="https://www.wionews.com/world/south-african-president-cyril-ramaphosa-vows-to-speed-reforms-after-election-win-219008">South African President Cyril Ramaphosa </a>faces herculean tasks after he gets down to work after Saturday's inauguration.

They include:

Fixing the economy&nbsp;

South Africa has the most advanced infrastructure in the continent, but its commodities-dependent economy has been in a slump for a decade.&nbsp;

It grew by an anaemic 0.8 per cent last year and slipped into a brief recession during the third quarter of 2018. It is projected by the World Bank to expand by 1.3 per cent this year.

Unemployment is running at 27.6 per cent, but among the 20.3 million South Africans aged between 15-34 reaches 55.2 per cent.

In 2017, two of the world's leading ratings agencies S&amp;P Global and Fitch downgraded the country to sub-investment levels.

Ramaphosa, who enjoys support from the business community, has prioritised reform and economic revival. But he faces resistance from within his own party.

Addressing inequalities&nbsp;

With a population of 56.7 million people (2017), the country still has "one of the highest inequality rates in the world," the World Bank says.

The gulf between richest and poorest has widened since the end of apartheid 25 years ago, and skin colour still plays a defining role in job hiring.

Despite the emergence of a black middle class, 20 per cent of black households lives in extreme poverty, against 2.9 per cent for white households, according to the South African Institute of Race Relations.

Between 2011 and 2015, three million more South Africans fell into poverty, according to a World Bank estimate.

Tackling graft&nbsp;

One of the biggest sources of public acrimony is over endemic corruption.

Graft scandals last year forced out Ramaphosa's predecessor, Jacob Zuma, and taint the moral stature of Nelson's Mandela's African National Congress (ANC).

Alleged corruption under Zuma -- known as "state capture" -- saw millions of dollars siphoned off through government and state agencies awarding fraudulent contracts to favoured companies in return for bribes.

Zuma himself is facing trial for alleged corruption relating to a multi-billion-dollar arms deal in the 1990s.

Ramaphosa in February announced he would set up a special tribunal of seven senior judges for "fast-tracking" recovery of proceeds from corruption cases.

&nbsp;Fighting crime&nbsp;

South Africa has a notorious reputation for crime. Last year, 19,000 people were murdered -- 52 per day, according to official figures.

Women are especially vulnerable. Around 100 rapes are recorded each day and a woman dies from domestic violence roughly every eight hours.

The country's crisis of gender-based violence gained worldwide prominence in March after pop-star Babes Wodumo broadcast live images of her apparently being assaulted by her lover.

Violence and theft have spawned a lucrative home-security industry.

Wealthy people live in fortified homes with high walls topped with electrical wires, CCTV monitoring and armed guards.

&nbsp;Land reform&nbsp;

Ramaphosa faces a high-wire act in pushing ahead with his vow to speed up reforms of land, which remains overwhelmingly in the hands of the white minority.

He has to balance pressure from the ANC's left and the Economic Freedom Fighters (EFF) for expropriation with the need to avoid Zimbabwean-style evictions that would be economically ruinous.

"The land reform process is something we should never fear. It is going to be done in terms of the constitution," he told farmers in April.

South Africa's post-apartheid constitution prohibits the "arbitrary deprivation of property" and limits expropriation to cases in the public interest, for which landholders should be given "just and equitable compensation."

"Ramaphosa will have to make some very hard decisions on this matter," political analyst Daniel Silke says.

"He is going to have to choose whether he wants to be investor-friendly or whether he wants the interests of his own political party... to win out."

Newly-elected South African President Cyril Ramaphosa faces herculean tasks after he gets down to work after Saturday's inauguration. They include: Fixing the economy South Africa has the most advanced infrastructure in the continent, but its commodities-dependent economy has been in a slump for a decade.

Newly-elected South African President Cyril Ramaphosa faces herculean tasks after he gets down to work after Saturday's inauguration. They include: Fixing the economy South Africa has the most advanced infrastructure in the continent, but its commodities-dependent economy has been in a slump for a decade. It grew by an anaemic 0.8 per cent last year and slipped into a brief recession during the third quarter of 2018. It is projected by the World Bank to expand by 1.3 per cent this year. Unemployment is running at 27.6 per cent, but among the 20.3 million South Africans aged between 15-34 reaches 55.2 per cent. In 2017, two of the world's leading ratings agencies S&P Global and Fitch downgraded the country to sub-investment levels. Ramaphosa, who enjoys support from the business community, has prioritised reform and economic revival. But he faces resistance from within his own party. Addressing inequalities With a population of 56.7 million people (2017), the country still has "one of the highest inequality rates in the world," the World Bank says. The gulf between richest and poorest has widened since the end of apartheid 25 years ago, and skin colour still plays a defining role in job hiring. Despite the emergence of a black middle class, 20 per cent of black households lives in extreme poverty, against 2.9 per cent for white households, according to the South African Institute of Race Relations. Between 2011 and 2015, three million more South Africans fell into poverty, according to a World Bank estimate. Tackling graft One of the biggest sources of public acrimony is over endemic corruption. Graft scandals last year forced out Ramaphosa's predecessor, Jacob Zuma, and taint the moral stature of Nelson's Mandela's African National Congress (ANC). Alleged corruption under Zuma -- known as "state capture" -- saw millions of dollars siphoned off through government and state agencies awarding fraudulent contracts to favoured companies in return for bribes. Zuma himself is facing trial for alleged corruption relating to a multi-billion-dollar arms deal in the 1990s. Ramaphosa in February announced he would set up a special tribunal of seven senior judges for "fast-tracking" recovery of proceeds from corruption cases. Fighting crime South Africa has a notorious reputation for crime. Last year, 19,000 people were murdered -- 52 per day, according to official figures. Women are especially vulnerable. Around 100 rapes are recorded each day and a woman dies from domestic violence roughly every eight hours. The country's crisis of gender-based violence gained worldwide prominence in March after pop-star Babes Wodumo broadcast live images of her apparently being assaulted by her lover. Violence and theft have spawned a lucrative home-security industry. Wealthy people live in fortified homes with high walls topped with electrical wires, CCTV monitoring and armed guards. Land reform Ramaphosa faces a high-wire act in pushing ahead with his vow to speed up reforms of land, which remains overwhelmingly in the hands of the white minority. He has to balance pressure from the ANC's left and the Economic Freedom Fighters (EFF) for expropriation with the need to avoid Zimbabwean-style evictions that would be economically ruinous. "The land reform process is something we should never fear. It is going to be done in terms of the constitution," he told farmers in April. South Africa's post-apartheid constitution prohibits the "arbitrary deprivation of property" and limits expropriation to cases in the public interest, for which landholders should be given "just and equitable compensation." "Ramaphosa will have to make some very hard decisions on this matter," political analyst Daniel Silke says. "He is going to have to choose whether he wants to be investor-friendly or whether he wants the interests of his own political party... to win out."

South Africa: The five labours of Cyril Ramaphosa

Aid groups and human rights advocates have warned the World Bank that a $100 million development project it is planning for Myanmar’s conflict-riven Rakhine State could worsen tension there.

The World Bank last week published the first details of a proposal to fund cash-for-work programmes, and support small businesses in one of Myanmar's poorest regions, through the government.

The western state was where Myanmar’s military unleashed a campaign in response to insurgent attacks in 2017 and drove out 730,000 Rohingya Muslims, a minority in Rakhine that is denied Myanmar citizenship and faces severe restrictions.

A conflict with another insurgent group, the Arakan Army, which recruits from the mainly Buddhist Rakhine ethnic group, has displaced more than 30,000 since late last year.

“It is difficult to imagine how meaningful recovery and development are possible in Rakhine without addressing the underlying human rights issues that currently impact every aspect of life for communities,” more than a dozen international non-governmental organisations (NGOs) in Myanmar said in a letter to the World Bank’s Myanmar office.

The letter, dated April 9, was obtained by Reuters.

The project would be the first major aid pledge for Rakhine State since the Rohingya exodus and a boost for Myanmar leader Aung San Suu Kyi, who has faced international criticism for her handling of the conflict there.

A UN fact-finding mission, which has called for top Myanmar generals to be prosecuted for crimes against humanity and genocide, said this week it had seen no evidence Myanmar was trying to resolve the crisis or facilitate the safe return of refugees.

Suu Kyi, for her part, has said development is key to resolving Rakhine's multiple crises. The proposal stems from a meeting between Suu Kyi and the bank's vice president for East Asia and Pacific, Victoria Kwakwa, in July last year.

In written answers to Reuters' questions, the World Bank said it shared the concerns over unresolved human rights issues in Rakhine.

The bank said it had condemned violence there and was providing Bangladesh with support to address the needs of Rohingya refugees until returns could be voluntary, safe and dignified.

"At the same time, we do not believe the international community can simply turn its back on the development needs of people in Rakhine State," the bank said, pointing to the "extremely pressing" needs there.

The project had not yet been approved by the bank's board, it said.

'Unthinkable'

The proposed Rakhine Recovery and Development Support Project would give poor and vulnerable people training and other help, support entrepreneurs with grants to create jobs, and support the government's ability to implement and monitor those activities, the bank said in a document posted on its website on May 10.

Myanmar's system of checks for environmental and social risks "will need to be complemented and enhanced significantly" to meet the World Bank's standards, it said.

“The State Counsellor requested in one of our meetings the World Bank to use its global expertise to help create a 'peace dividend' by creating economic opportunities for diverse communities throughout Myanmar," the bank said on Friday. "This includes livelihoods opportunities in Rakhine State for all communities if conditions of non-discrimination and secure access to opportunities can be met.”

Myanmar government spokesman Zaw Htay said he was unable to answer a reporter's questions by telephone.

Initial discussions on the project with activists and aid workers early this year sparked worries an injection of cash could be counterproductive in the divided region, where hundreds of thousands of Rohingya and other Muslims remain under apartheid-like conditions.

About 128,000 have been confined to camps for almost seven years. Others can barely leave their villages, with their access to services like healthcare and education limited.

The International Commission of Jurists (ICJ) human rights group said it had "broad concerns about the project" after a meeting with bank officials.

"It seems unthinkable that the project could be effectively implemented while these restrictions remain in place," ICJ's director for Asia and the Pacific, Frederick Rawski, wrote in a letter to the bank dated March 15.

If Myanmar did not address freedom of movement and other concerns, he added, "a large development initiative could exacerbate rather than reduce social tensions".

NGOs said in the other letter seen by Reuters that the World Bank would need to ensure Muslims in Rakhine had access to citizenship and freedom of movement and that the project is independently monitored to make sure bank funds were "not enabling or supporting segregation".

The World Bank said it was deeply concerned about the restrictions on the Rohingya and had raised these concerns with the government.

"The project is being carefully prepared so that it does not reinforce or perpetuate movement restrictions or other forms of segregation, and that it creates new openings for social cohesion and positive exchanges between communities," it said. 
&nbsp;

Aid groups and human rights advocates have warned the World Bank that a $100 million development project it is planning for Myanmar’s conflict-riven Rakhine State could worsen tension there.

Aid groups and human rights advocates have warned the World Bank that a $100 million development project it is planning for Myanmar’s conflict-riven Rakhine State could worsen tension there. The World Bank last week published the first details of a proposal to fund cash-for-work programmes, and support small businesses in one of Myanmar's poorest regions, through the government. The western state was where Myanmar’s military unleashed a campaign in response to insurgent attacks in 2017 and drove out 730,000 Rohingya Muslims, a minority in Rakhine that is denied Myanmar citizenship and faces severe restrictions. A conflict with another insurgent group, the Arakan Army, which recruits from the mainly Buddhist Rakhine ethnic group, has displaced more than 30,000 since late last year. “It is difficult to imagine how meaningful recovery and development are possible in Rakhine without addressing the underlying human rights issues that currently impact every aspect of life for communities,” more than a dozen international non-governmental organisations (NGOs) in Myanmar said in a letter to the World Bank’s Myanmar office. The letter, dated April 9, was obtained by Reuters. The project would be the first major aid pledge for Rakhine State since the Rohingya exodus and a boost for Myanmar leader Aung San Suu Kyi, who has faced international criticism for her handling of the conflict there. A UN fact-finding mission, which has called for top Myanmar generals to be prosecuted for crimes against humanity and genocide, said this week it had seen no evidence Myanmar was trying to resolve the crisis or facilitate the safe return of refugees. Suu Kyi, for her part, has said development is key to resolving Rakhine's multiple crises. The proposal stems from a meeting between Suu Kyi and the bank's vice president for East Asia and Pacific, Victoria Kwakwa, in July last year. In written answers to Reuters' questions, the World Bank said it shared the concerns over unresolved human rights issues in Rakhine. The bank said it had condemned violence there and was providing Bangladesh with support to address the needs of Rohingya refugees until returns could be voluntary, safe and dignified. "At the same time, we do not believe the international community can simply turn its back on the development needs of people in Rakhine State," the bank said, pointing to the "extremely pressing" needs there. The project had not yet been approved by the bank's board, it said. 'Unthinkable' The proposed Rakhine Recovery and Development Support Project would give poor and vulnerable people training and other help, support entrepreneurs with grants to create jobs, and support the government's ability to implement and monitor those activities, the bank said in a document posted on its website on May 10. Myanmar's system of checks for environmental and social risks "will need to be complemented and enhanced significantly" to meet the World Bank's standards, it said. “The State Counsellor requested in one of our meetings the World Bank to use its global expertise to help create a 'peace dividend' by creating economic opportunities for diverse communities throughout Myanmar," the bank said on Friday. "This includes livelihoods opportunities in Rakhine State for all communities if conditions of non-discrimination and secure access to opportunities can be met.” Myanmar government spokesman Zaw Htay said he was unable to answer a reporter's questions by telephone. Initial discussions on the project with activists and aid workers early this year sparked worries an injection of cash could be counterproductive in the divided region, where hundreds of thousands of Rohingya and other Muslims remain under apartheid-like conditions. About 128,000 have been confined to camps for almost seven years. Others can barely leave their villages, with their access to services like healthcare and education limited. The International Commission of Jurists (ICJ) human rights group said it had "broad concerns about the project" after a meeting with bank officials. "It seems unthinkable that the project could be effectively implemented while these restrictions remain in place," ICJ's director for Asia and the Pacific, Frederick Rawski, wrote in a letter to the bank dated March 15. If Myanmar did not address freedom of movement and other concerns, he added, "a large development initiative could exacerbate rather than reduce social tensions". NGOs said in the other letter seen by Reuters that the World Bank would need to ensure Muslims in Rakhine had access to citizenship and freedom of movement and that the project is independently monitored to make sure bank funds were "not enabling or supporting segregation". The World Bank said it was deeply concerned about the restrictions on the Rohingya and had raised these concerns with the government. "The project is being carefully prepared so that it does not reinforce or perpetuate movement restrictions or other forms of segregation, and that it creates new openings for social cohesion and positive exchanges between communities," it said.

World Bank under fire for development plan in Myanmar's divided Rakhine

Observing that the global financial crisis has exposed several limitations of conventional and unconventional monetary policy tools, Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said monetary economics in emerging markets needs a rethink.

This includes challenging the conventional wisdom of modern central banks to hike or reduce their interest rates by 25 basis points or multiples thereof, Das said in a special address delivered on the sidelines of the annual Spring Meetings of the International Monetary Fund and World Bank.

Highly appreciated by the audience for his call for out-of-the-box thinking to address monetary policy challenges of the 21st century, Das said the unconventional monetary policies of advanced economies have resulted in "risks and spillovers" for the emerging markets.

In his speech titled 'Global Risks and Policy Challenges facing Emerging Market Economies', Das observed that the global financial crisis has exposed several limitations of conventional and unconventional monetary policy tools.&nbsp;

In despair, some have turned to the heterodox evolution of ideas that are being practised as modern monetary theory, he noted.

In the end, monetary policy must touch the real economy, spur investments, and maintain monetary and financial stability, he asserted.&nbsp;

The time has come to think out of the box, including by challenging the conventional wisdom, he told the packed auditorium.&nbsp;

Typically, modern central banks with interest rates as their main instrument move in baby steps -- 25 basis points or multiples thereof -- and announce a stance of tightening, neutrality or accommodation to guide the markets and the public on the likely future course of policy, he said.&nbsp;

"One thought that comes to my mind is that if the unit of 25 basis points is not sacrosanct and just a convention, monetary policy can be well served by calibrating the size of the policy rate to the dynamics of the situation and the size of the change itself can convey the stance of policy," the RBI Governor said.&nbsp;

For instance, if easing of monetary policy is required but the central bank prefers to be cautious in its accommodation, a 10 basis points reduction in the policy rate would perhaps communicate the intent of authorities more clearly than two separate moves -- one on the policy rate, wasting 15 basis points of valuable rate action to rounding off, and the other on the stance, which in a sense binds future policy action to a pre-committed direction, he said.&nbsp;

Likewise, in a situation in which the central bank prefers to be accommodative but not overly so, it could announce a cut in the policy rate by 35 basis points if it has judged that the standard 25 basis points is too little, but its multiple, that is 50 basis points, is too much.&nbsp;

"This approach can also be useful when the central bank is on a tightening mode and potentially help avoid policy turnaround from forward guidance via stance too far into the future, which in a highly volatile global scenario, may not even be a year," Das said.&nbsp;

Stating that management of global spillovers poses a formidable challenge to emerging market economies, Das told the audience that a truly global financial safety net remains elusive as in this age of mobile capital flows, consequences of their arrivals, sudden stops and reversals are to be borne nationally.&nbsp;

As a result, emerging market economies (EMEs) are typically at the receiving end when global spillovers flare up, he said, adding that they have no recourse but to build their own forex reserve buffers.&nbsp;

Paradoxically, the accumulation of reserves has become stigmatised, including with labels such as "currency manipulation", he rued.&nbsp; 
"As I see it, we may be unintentionally setting the stage for several EME currencies to break out and challenge the hegemony of the dominant reserve currencies.&nbsp;

"There is a need for greater understanding on both sides. In the meantime, so far as the Reserve Bank of India is concerned, we will continue to play by the extant rules of the game," Das said in his special address.

Das also said central banks have to interact closely with financial markets for transmission of monetary policy impulses.&nbsp;

"In this context, ensuring a sound and efficient payment and settlement system is a pre-requisite," he noted.&nbsp;

Observing that the global financial crisis has exposed several limitations of conventional and unconventional monetary policy tools, Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said monetary economics in emerging markets needs a rethink.

Observing that the global financial crisis has exposed several limitations of conventional and unconventional monetary policy tools, Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said monetary economics in emerging markets needs a rethink. This includes challenging the conventional wisdom of modern central banks to hike or reduce their interest rates by 25 basis points or multiples thereof, Das said in a special address delivered on the sidelines of the annual Spring Meetings of the International Monetary Fund and World Bank. Highly appreciated by the audience for his call for out-of-the-box thinking to address monetary policy challenges of the 21st century, Das said the unconventional monetary policies of advanced economies have resulted in "risks and spillovers" for the emerging markets. In his speech titled 'Global Risks and Policy Challenges facing Emerging Market Economies', Das observed that the global financial crisis has exposed several limitations of conventional and unconventional monetary policy tools. In despair, some have turned to the heterodox evolution of ideas that are being practised as modern monetary theory, he noted. In the end, monetary policy must touch the real economy, spur investments, and maintain monetary and financial stability, he asserted. The time has come to think out of the box, including by challenging the conventional wisdom, he told the packed auditorium. Typically, modern central banks with interest rates as their main instrument move in baby steps -- 25 basis points or multiples thereof -- and announce a stance of tightening, neutrality or accommodation to guide the markets and the public on the likely future course of policy, he said. "One thought that comes to my mind is that if the unit of 25 basis points is not sacrosanct and just a convention, monetary policy can be well served by calibrating the size of the policy rate to the dynamics of the situation and the size of the change itself can convey the stance of policy," the RBI Governor said. For instance, if easing of monetary policy is required but the central bank prefers to be cautious in its accommodation, a 10 basis points reduction in the policy rate would perhaps communicate the intent of authorities more clearly than two separate moves -- one on the policy rate, wasting 15 basis points of valuable rate action to rounding off, and the other on the stance, which in a sense binds future policy action to a pre-committed direction, he said. Likewise, in a situation in which the central bank prefers to be accommodative but not overly so, it could announce a cut in the policy rate by 35 basis points if it has judged that the standard 25 basis points is too little, but its multiple, that is 50 basis points, is too much. "This approach can also be useful when the central bank is on a tightening mode and potentially help avoid policy turnaround from forward guidance via stance too far into the future, which in a highly volatile global scenario, may not even be a year," Das said. Stating that management of global spillovers poses a formidable challenge to emerging market economies, Das told the audience that a truly global financial safety net remains elusive as in this age of mobile capital flows, consequences of their arrivals, sudden stops and reversals are to be borne nationally. As a result, emerging market economies (EMEs) are typically at the receiving end when global spillovers flare up, he said, adding that they have no recourse but to build their own forex reserve buffers. Paradoxically, the accumulation of reserves has become stigmatised, including with labels such as "currency manipulation", he rued. "As I see it, we may be unintentionally setting the stage for several EME currencies to break out and challenge the hegemony of the dominant reserve currencies. "There is a need for greater understanding on both sides. In the meantime, so far as the Reserve Bank of India is concerned, we will continue to play by the extant rules of the game," Das said in his special address. Das also said central banks have to interact closely with financial markets for transmission of monetary policy impulses. "In this context, ensuring a sound and efficient payment and settlement system is a pre-requisite," he noted.

Monetary economics in emerging markets needs a rethink, says RBI Governor

President Donald Trump considered nominating his daughter to head the World Bank, and she also would have been "great" as US ambassador to the United Nations, he said in an interview published Friday.

"She's a natural diplomat," Trump told The Atlantic. "She would've been great at the United Nations, as an example."

But if he had nominated his daughter -- who is a senior advisor to the president -- "they'd say nepotism, when it would've had nothing to do with nepotism. But she would've been incredible."

"I even thought of Ivanka for the World Bank," Trump said. "She would've been great at that because she's very good with numbers."

"She's got a great calmness... I've seen her under tremendous stress and pressure. She reacts very well -- that's usually a genetic thing, but it's one of those things, nevertheless," Trump said.

Trump ultimately nominated Kelly Knight Craft, his envoy to Canada, to be the next US ambassador to the United Nations, while David Malpass, a senior US Treasury official, became the new head of the World Bank.

President Donald Trump considered nominating his daughter to head the World Bank, and she also would have been "great" as US ambassador to the United Nations, he said in an interview published Friday.

President Donald Trump considered nominating his daughter to head the World Bank, and she also would have been "great" as US ambassador to the United Nations, he said in an interview published Friday. "She's a natural diplomat," Trump told The Atlantic. "She would've been great at the United Nations, as an example." But if he had nominated his daughter -- who is a senior advisor to the president -- "they'd say nepotism, when it would've had nothing to do with nepotism. But she would've been incredible." "I even thought of Ivanka for the World Bank," Trump said. "She would've been great at that because she's very good with numbers." "She's got a great calmness... I've seen her under tremendous stress and pressure. She reacts very well -- that's usually a genetic thing, but it's one of those things, nevertheless," Trump said. Trump ultimately nominated Kelly Knight Craft, his envoy to Canada, to be the next US ambassador to the United Nations, while David Malpass, a senior US Treasury official, became the new head of the World Bank.

Trump considered nominating daughter Ivanka for head of World Bank

World Bank Group President David Malpass on Thursday expressed his willingness to build a constructive relationship with China at his first press briefing since taking office in Washington D.C. earlier this week. Watch video to know more.

New World bank President hopes good relations with China

Pakistan Finance Minister <a href="https://www.wionews.com/south-asia/pakistans-economy-out-of-crisis-phase-finance-minister-208906">Asad Umar</a> on Wednesday (local time) held meetings with World Bank Group President David R Malpass and senior officials of the International Monetary Fund (IMF), in a bid to seek a three-year bailout package.

The delegation led by the finance minister which included State Bank of Pakistan Governor Tariq Bajwa, Finance Secretary Younas Dagha and Economic Affairs Division Secretary Noor Ahmed, reached Washington for a two-day meeting.

This comes a day after the IMF in its yearly World Economic Outlook reportedly projected that Pakistan's growth may remain at 2.5 per cent till 2024 unless Islamabad undertakes indispensable economic reforms.

Last year in October, Pakistan formally requested the IMF for yet another economic assistance package.

The South-Asian nation is going through an economic crisis after the United States decided to cut off the financial aid to the country in the view of terrorist attacks.

The US views Pakistan as a safe haven for the terrorists and insurgents, responsible for the 17-years-old war going on in the neighbouring country Afghanistan.

Pentagon, in September, had reportedly cut off aid worth $300 million due&nbsp;to the growing concerns regarding the Islamabad's failure to tackle the militants.

In August, the Congress had also slashed the security-oriented financial aid to Pakistan.

Pakistan, however, has sought help from several countries including Saudi Arabia and China as its economy has been in limbo for a long time.

However, Pakistan secured loans up to $6 billion from Saudi Arabia on the sidelines of the Future Investment Initiative conference in Riyadh in October.

Islamabad has been seeking commercial loans of $2 billion&nbsp;from Beijing. China has already refused to provide a balance of payment (BoP) support to Pakistan.&nbsp;

Pakistan Finance Minister Asad Umar on Wednesday (local time) held meetings with World Bank Group President David R Malpass and senior officials of the International Monetary Fund (IMF), in a bid to seek a three-year bailout package.

Pakistan Finance Minister Asad Umar on Wednesday (local time) held meetings with World Bank Group President David R Malpass and senior officials of the International Monetary Fund (IMF), in a bid to seek a three-year bailout package. The delegation led by the finance minister which included State Bank of Pakistan Governor Tariq Bajwa, Finance Secretary Younas Dagha and Economic Affairs Division Secretary Noor Ahmed, reached Washington for a two-day meeting. This comes a day after the IMF in its yearly World Economic Outlook reportedly projected that Pakistan's growth may remain at 2.5 per cent till 2024 unless Islamabad undertakes indispensable economic reforms. Last year in October, Pakistan formally requested the IMF for yet another economic assistance package. The South-Asian nation is going through an economic crisis after the United States decided to cut off the financial aid to the country in the view of terrorist attacks. The US views Pakistan as a safe haven for the terrorists and insurgents, responsible for the 17-years-old war going on in the neighbouring country Afghanistan. Pentagon, in September, had reportedly cut off aid worth $300 million due to the growing concerns regarding the Islamabad's failure to tackle the militants. In August, the Congress had also slashed the security-oriented financial aid to Pakistan. Pakistan, however, has sought help from several countries including Saudi Arabia and China as its economy has been in limbo for a long time. However, Pakistan secured loans up to $6 billion from Saudi Arabia on the sidelines of the Future Investment Initiative conference in Riyadh in October. Islamabad has been seeking commercial loans of $2 billion from Beijing. China has already refused to provide a balance of payment (BoP) support to Pakistan.

Pakistan Finance minister Asad Umar held meetings with World Bank leaders, seeking bailout

Growth in Sub-Saharan Africa has been downgraded to 2.3 percent for 2018, down from 2.5 percent in 2017, according to the April 2019 issue of Africa’s Pulse, the World Bank’s bi-annual analysis of the state of African economies released on Monday, April 8.

Sub-Saharan Africa's economic growth recovery to take longer: World Bank

India retained its position as the world's top recipient of remittances with its diaspora sending a whopping $79 billion back home in 2018, the World Bank said in a report Monday.

India was followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion), and Egypt ($29 billion), the global lender said.

With this, India has retained its top spot on remittances, according to the latest edition of the World Bank's Migration and Development Brief.&nbsp;

Over the last three years, India has registered a significant flow of remittances from $62.7 billion in 2016 to $65.3 billion in 2017.

"Remittances grew by more than 14 per cent in India, where a flooding disaster in Kerala likely boosted the financial help that migrants sent to families,"&nbsp;the Bank said.

In Pakistan, remittance growth was moderate (seven per cent), due to significant declines in inflows from Saudi Arabia, its largest remittance source. In Bangladesh, remittances showed a brisk uptick in 2018 (15 per cent).

According to the report, remittances to low-and-middle-income countries reached a record high of $529 billion in 2018, an increase of 9.6 per cent over the previous record high of $483 billion in 2017.

Global remittances, which include flows to high-income countries, reached $689 billion in 2018, up from $633 billion in 2017, it said.

The Bank said, remittances to South Asia grew 12 per cent to $131 billion in 2018, outpacing the six per cent growth in 2017.

"The upsurge was driven by stronger economic conditions in the United States and a pick-up in oil prices, which had a positive impact on outward remittances from some GCC countries," it said.

The Gulf Cooperation Council (GCC) is a regional inter-governmental political and economic bloc of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.

However, the Bank in its report ruled that the global average cost of sending $200 remained high, at around seven per cent in the first quarter of 2019.

Reducing remittance costs to three per cent by 2030 is a global target under Sustainable Development Goal (SDG) 10.7. Remittance costs across many African corridors and small islands in the Pacific remain above 10 per cent.

On ways to lower remittance costs, Dilip Ratha, lead author of the Brief and head of KNOMAD, said, "Remittances are on track to become the largest source of external financing in developing countries. The high costs of money transfers reduce the benefits of migration. Renegotiating exclusive partnerships and letting new players operate through national post offices, banks, and telecommunications companies will increase competition and lower remittance prices."

India retained its position as the world's top recipient of remittances with its diaspora sending a whopping $79 billion back home in 2018, the World Bank said in a report Monday.

India retained its position as the world's top recipient of remittances with its diaspora sending a whopping $79 billion back home in 2018, the World Bank said in a report Monday. India was followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion), and Egypt ($29 billion), the global lender said. With this, India has retained its top spot on remittances, according to the latest edition of the World Bank's Migration and Development Brief. Over the last three years, India has registered a significant flow of remittances from $62.7 billion in 2016 to $65.3 billion in 2017. "Remittances grew by more than 14 per cent in India, where a flooding disaster in Kerala likely boosted the financial help that migrants sent to families," the Bank said. In Pakistan, remittance growth was moderate (seven per cent), due to significant declines in inflows from Saudi Arabia, its largest remittance source. In Bangladesh, remittances showed a brisk uptick in 2018 (15 per cent). According to the report, remittances to low-and-middle-income countries reached a record high of $529 billion in 2018, an increase of 9.6 per cent over the previous record high of $483 billion in 2017. Global remittances, which include flows to high-income countries, reached $689 billion in 2018, up from $633 billion in 2017, it said. The Bank said, remittances to South Asia grew 12 per cent to $131 billion in 2018, outpacing the six per cent growth in 2017. "The upsurge was driven by stronger economic conditions in the United States and a pick-up in oil prices, which had a positive impact on outward remittances from some GCC countries," it said. The Gulf Cooperation Council (GCC) is a regional inter-governmental political and economic bloc of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. However, the Bank in its report ruled that the global average cost of sending $200 remained high, at around seven per cent in the first quarter of 2019. Reducing remittance costs to three per cent by 2030 is a global target under Sustainable Development Goal (SDG) 10.7. Remittance costs across many African corridors and small islands in the Pacific remain above 10 per cent. On ways to lower remittance costs, Dilip Ratha, lead author of the Brief and head of KNOMAD, said, "Remittances are on track to become the largest source of external financing in developing countries. The high costs of money transfers reduce the benefits of migration. Renegotiating exclusive partnerships and letting new players operate through national post offices, banks, and telecommunications companies will increase competition and lower remittance prices."

India highest recipient of remittances at $79 billion in 2018: World Bank

India's <a href="https://www.wionews.com/business-%26-economy/india-fastest-growing-economy-now-with-77-per-cent-gdp-growth-rate-141360">economic growth in recent years</a> has been "too much" driven by domestic demand and its exports were about one-third of its potential, a World Bank official said, asserting that the next government needs to focus on export-led growth.

Praising attempts to liberalise markets within India, Hans Timmer, World Bank Chief Economist for the South Asia Region said, "that is what is needed to become more competitive."

"At the same time you've seen also of the last couple of years that the current account deficit widened - an indication that increased growth came from the non-tradable sector -- from the domestic sector, and that makes it difficult to export more,"&nbsp;Timmer told PTI in an interview.

The polling for the first phase of seven-phase parliamentary polls in the country is scheduled to take place on April 11, with the last phase on May 19 and the results will be announced on May 23.

In the last five years, he said, India's overall growth was "too much" driven by domestic demand, which resulted in double-digit growth of imports, and four to five per cent growth in exports.

"In more recent months, that turned around somewhat. But the broader picture was that that's a minus,"&nbsp;he said.

"The pluses were that we have seen the GST trying to create more flexibility within the country so that it's easier to trade between states. That's what you need if you want to trade also with foreign countries,"&nbsp;he said.

Responding to a question, the World Bank official said the focus of the next government should be on reducing the stimulus of domestic demand.

"That would be one. I think looking at trade liberalisation on the import side - that would be another to create more competition. I would look at what people feel like an impediment in the labour market. Is it difficult to go to those new jobs? What about the startups of young people? do they feel restrictions or not?&nbsp;he said, adding that it is also about female labour force participation.

"I think, the most important thing is the understanding that you need export-led growth because that's where you increase productivity when you compete in international markets; that's where you gain knowledge by interacting with competitors and with customers abroad. And so, it is that mindset," the top World Bank official said.

India, Timmer said, is exporting only 10 per cent of its GDP.

"What they should have exported is 30 per cent of the export of GDP, given all their characteristics. India is a big country, so normally a big country doesn't export that much in per cent of their GDP because when you're small you're a lot more open.

"But even for India, 30 per cent would have been normal if you look at the experience of other countries. It's only 10 per cent. So that's an enormous gap. And the gap is widening in the last couple of years,"&nbsp;he told PTI.

According to him, friction between India and Pakistan is unhelpful to the trade and economic growth in the region.

"The lack of regional integration is not the main course of the underperformance in exports. And that's often the assumption. When people look at South Asia, immediately the problem of very limited regional integration jumps up,"&nbsp;he said.

The latest report of the World bank on South Asia, he said, asserts that the economic underperformance of South Asian countries is mainly because they are locked on fundamental issues within the domestic economies that have prevented the countries to become much more export-led as one sees in East Asia.

Trade liberalisation, flexible labour markets skills, trying to address the big problem of the difference between the formal economy and the informal economy, he said are some of his recommendations for the South Asian countries.

"So, it's a lot of domestic issues also. It's not just trading policies. A lot of domestic issues that have to be addressed to unleash that potential that has not been utilised now in exports. It's not one single issue that can solve,"&nbsp;he said.

Responding to a question, Timmer said the South Asian countries need to learn from China.

"The fact that China has been so competitive for so long means that China did something right whereas South Asia didn't do it right. There was a clear focus in China to have export-led growth and to integrate into global markets. And you see a sharp increase in productivity at all. This is not an explanation that we couldn't compete. Somehow, the Chinese did it better than South Asia,"&nbsp;he said.

The top bank official asserted that China is a "big opportunity" for South Asia.

"The slowdown in China is not a cyclical slowdown. It's not because they don't demand any more. They are slowing down because of the supply side. They're running out of cheap labour in general because of their success. They are no longer that competitive, and they have now that policy that they want to rebalance their economy much more towards domestic services, less towards exports," he said.

That means that it has become easier to export to China which is very important, Timmer said.

"It has become easier to compete with the Chinese. So for me China is, what is happening at the moment, is a big opportunity for South Asia,"&nbsp;he stressed.&nbsp;

India's economic growth in recent years has been "too much" driven by domestic demand and its exports were about one-third of its potential, a World Bank official said, asserting that the next government needs to focus on export-led growth.

India's economic growth in recent years has been "too much" driven by domestic demand and its exports were about one-third of its potential, a World Bank official said, asserting that the next government needs to focus on export-led growth. Praising attempts to liberalise markets within India, Hans Timmer, World Bank Chief Economist for the South Asia Region said, "that is what is needed to become more competitive." "At the same time you've seen also of the last couple of years that the current account deficit widened - an indication that increased growth came from the non-tradable sector -- from the domestic sector, and that makes it difficult to export more," Timmer told PTI in an interview. The polling for the first phase of seven-phase parliamentary polls in the country is scheduled to take place on April 11, with the last phase on May 19 and the results will be announced on May 23. In the last five years, he said, India's overall growth was "too much" driven by domestic demand, which resulted in double-digit growth of imports, and four to five per cent growth in exports. "In more recent months, that turned around somewhat. But the broader picture was that that's a minus," he said. "The pluses were that we have seen the GST trying to create more flexibility within the country so that it's easier to trade between states. That's what you need if you want to trade also with foreign countries," he said. Responding to a question, the World Bank official said the focus of the next government should be on reducing the stimulus of domestic demand. "That would be one. I think looking at trade liberalisation on the import side - that would be another to create more competition. I would look at what people feel like an impediment in the labour market. Is it difficult to go to those new jobs? What about the startups of young people? do they feel restrictions or not? he said, adding that it is also about female labour force participation. "I think, the most important thing is the understanding that you need export-led growth because that's where you increase productivity when you compete in international markets; that's where you gain knowledge by interacting with competitors and with customers abroad. And so, it is that mindset," the top World Bank official said. India, Timmer said, is exporting only 10 per cent of its GDP. "What they should have exported is 30 per cent of the export of GDP, given all their characteristics. India is a big country, so normally a big country doesn't export that much in per cent of their GDP because when you're small you're a lot more open. "But even for India, 30 per cent would have been normal if you look at the experience of other countries. It's only 10 per cent. So that's an enormous gap. And the gap is widening in the last couple of years," he told PTI. According to him, friction between India and Pakistan is unhelpful to the trade and economic growth in the region. "The lack of regional integration is not the main course of the underperformance in exports. And that's often the assumption. When people look at South Asia, immediately the problem of very limited regional integration jumps up," he said. The latest report of the World bank on South Asia, he said, asserts that the economic underperformance of South Asian countries is mainly because they are locked on fundamental issues within the domestic economies that have prevented the countries to become much more export-led as one sees in East Asia. Trade liberalisation, flexible labour markets skills, trying to address the big problem of the difference between the formal economy and the informal economy, he said are some of his recommendations for the South Asian countries. "So, it's a lot of domestic issues also. It's not just trading policies. A lot of domestic issues that have to be addressed to unleash that potential that has not been utilised now in exports. It's not one single issue that can solve," he said. Responding to a question, Timmer said the South Asian countries need to learn from China. "The fact that China has been so competitive for so long means that China did something right whereas South Asia didn't do it right. There was a clear focus in China to have export-led growth and to integrate into global markets. And you see a sharp increase in productivity at all. This is not an explanation that we couldn't compete. Somehow, the Chinese did it better than South Asia," he said. The top bank official asserted that China is a "big opportunity" for South Asia. "The slowdown in China is not a cyclical slowdown. It's not because they don't demand any more. They are slowing down because of the supply side. They're running out of cheap labour in general because of their success. They are no longer that competitive, and they have now that policy that they want to rebalance their economy much more towards domestic services, less towards exports," he said. That means that it has become easier to export to China which is very important, Timmer said. "It has become easier to compete with the Chinese. So for me China is, what is happening at the moment, is a big opportunity for South Asia," he stressed.

India's economic growth driven by domestic demand, need to focus on exports: World Bank

India’s <a href="https://www.wionews.com/business-economy/in-2018-indias-gdp-to-grow-at-73-china-to-grow-at-65-world-bank-189117">GDP growth</a> is expected to accelerate moderately to 7.5 per cent in Fiscal Year 19-20, driven by continued investment strengthening, particularly private-improved export performance and resilient consumption, the World Bank has said.

The real GDP growth is estimated at 7.2 per cent in FY18/19, the World Bank said in its latest report on South Asia on Sunday ahead of the spring meeting of the World Bank and the International Monetary Fund. Data for the first three quarters suggest that growth has been broad-based. Industrial growth accelerated to 7.9 per cent, making up for a deceleration in services.

Balanced growth

Meanwhile, agriculture growth was robust at four per cent. On the demand side, domestic consumption remained the primary growth driver, but gross fixed capital formation and exports both made growing contributions. Over the last quarter, growth is expected to remain balanced across sectors, the report said. Inflation dynamics have been subdued over most of the FY18/19, the report said.

The World Bank said India’s GDP growth is expected to accelerate moderately to 7.5 per cent in FY19/20, driven by continued investment strengthening-particularly private- improved export performance, and resilient consumption. With robust growth, and food prices poised to recover, inflation is expected to converge toward four per cent, it said, adding that both the current account and the fiscal deficit are expected to narrow.

“On the external front, improvements in India’s export performance and low oil prices should bring about a reduction in the current account deficit to 1.9 per cent of GDP,” it said. “On the internal front, the consolidated fiscal deficit is projected to decline, albeit slowly (to 6.2 and 6.0 per cent of GDP in FY19/20 and FY20/21 respectively). As the centre’s deficit is budgeted to remain unchanged at 3.4 per cent of GDP in FY19/20, the burden of adjustment will rest on the states, the World Bank said.

Inflation

A sustained decline in food prices since July 2018, subsequently complemented by the softening of oil prices and concomitant appreciation of the rupee, has led to a steady decline in inflation, it noted. Observing that headline inflation stood at 2.6 per cent in February 2019, and the average for FY18/19 so far at 3.5 per cent, well below the RBI’s target-midpoint of four per cent, the report said that as a result, the RBI reduced the policy rate by 25 basis points (to 6.25 per cent) in February 2019. However, the report said that the current account deficit widened in FY18-19.

India’s external position worsened significantly in the first half of FY18-19, as large portfolio outflows were triggered by US monetary policy and fears of contagion from stress in some emerging market economies. The nominal exchange rate depreciated, and foreign reserves declined by over eight per cent over January to October 2018. However, since then, the decline in oil prices and the United States Fed signalling a slower pace of normalisation than initially anticipated led to a partial reversal. Portfolio outflows have reversed, and the rupee has appreciated by about four per cent since October 2018.

India’s GDP growth is expected to accelerate moderately to 7.5 per cent in Fiscal Year 19-20, driven by continued investment strengthening, particularly private-improved export performance and resilient consumption, the World Bank has said.

India’s GDP growth is expected to accelerate moderately to 7.5 per cent in Fiscal Year 19-20, driven by continued investment strengthening, particularly private-improved export performance and resilient consumption, the World Bank has said. The real GDP growth is estimated at 7.2 per cent in FY18/19, the World Bank said in its latest report on South Asia on Sunday ahead of the spring meeting of the World Bank and the International Monetary Fund. Data for the first three quarters suggest that growth has been broad-based. Industrial growth accelerated to 7.9 per cent, making up for a deceleration in services. Balanced growth Meanwhile, agriculture growth was robust at four per cent. On the demand side, domestic consumption remained the primary growth driver, but gross fixed capital formation and exports both made growing contributions. Over the last quarter, growth is expected to remain balanced across sectors, the report said. Inflation dynamics have been subdued over most of the FY18/19, the report said. The World Bank said India’s GDP growth is expected to accelerate moderately to 7.5 per cent in FY19/20, driven by continued investment strengthening-particularly private- improved export performance, and resilient consumption. With robust growth, and food prices poised to recover, inflation is expected to converge toward four per cent, it said, adding that both the current account and the fiscal deficit are expected to narrow. “On the external front, improvements in India’s export performance and low oil prices should bring about a reduction in the current account deficit to 1.9 per cent of GDP,” it said. “On the internal front, the consolidated fiscal deficit is projected to decline, albeit slowly (to 6.2 and 6.0 per cent of GDP in FY19/20 and FY20/21 respectively). As the centre’s deficit is budgeted to remain unchanged at 3.4 per cent of GDP in FY19/20, the burden of adjustment will rest on the states, the World Bank said. Inflation A sustained decline in food prices since July 2018, subsequently complemented by the softening of oil prices and concomitant appreciation of the rupee, has led to a steady decline in inflation, it noted. Observing that headline inflation stood at 2.6 per cent in February 2019, and the average for FY18/19 so far at 3.5 per cent, well below the RBI’s target-midpoint of four per cent, the report said that as a result, the RBI reduced the policy rate by 25 basis points (to 6.25 per cent) in February 2019. However, the report said that the current account deficit widened in FY18-19. India’s external position worsened significantly in the first half of FY18-19, as large portfolio outflows were triggered by US monetary policy and fears of contagion from stress in some emerging market economies. The nominal exchange rate depreciated, and foreign reserves declined by over eight per cent over January to October 2018. However, since then, the decline in oil prices and the United States Fed signalling a slower pace of normalisation than initially anticipated led to a partial reversal. Portfolio outflows have reversed, and the rupee has appreciated by about four per cent since October 2018.

India’s GDP expected to accelerate moderately to 7.5% in 2019-20: World Bank

David Malpass, a senior US Treasury official in President Donald Trump's administration, was unanimously chosen Friday as the next president of the World Bank.

The selection of Malpass by the bank's board of directors followed an "open, transparent" nomination process in which citizens of all membership countries were potentially eligible, the bank said in a statement.&nbsp;

But since the bank's creation following World War II, all of its presidents have been American men, following an unwritten rule that also ensures European leadership at the top of its sister institution, the International Monetary Fund.

The announcement on Friday came as expected just prior to next week's joint spring meetings of the World Bank and the IMF.

Malpass had been the lone candidate for the job and his nomination by Trump earlier this year sparked outrage among critics, who saw it as an affront to the global anti-poverty lender's very mission.

The 63-year-old US Treasury official in charge of international affairs has been a strident critic of global financial institutions -- calling their lending practices "corrupt" and ineffective, and complaining they are overly generous to China.

He has softened his message recently, however, saying he was committed to the bank's mission of eliminating extreme poverty, and that reforms enacted last year had addressed many of his criticisms.

In recent years, emerging market countries have challenged the unwritten arrangement on World Bank and IMF leadership, demanding a more open, merit-based selection process.

The bank has been at pains to stress that it has heard such criticisms and now allows a more open process. But the few non-American candidates in recent years have received little support from major bank shareholders.

Many, including former Treasury officials from both political parties, have sharply criticized Malpass and his qualifications, pointing to his failure to foresee the global financial crisis during his time at the now-defunct investment bank Bear Stearns and his opposition, which later proved unjustified, to post-crisis Federal Reserve policies.

David Malpass, a senior US Treasury official in President Donald Trump's administration, was unanimously chosen Friday as the next president of the World Bank. The selection of Malpass by the bank's board of directors followed an "open, transparent" nomination process in which citizens of all membership countries were potentially eligible, the bank said in a statement.

David Malpass, a senior US Treasury official in President Donald Trump's administration, was unanimously chosen Friday as the next president of the World Bank. The selection of Malpass by the bank's board of directors followed an "open, transparent" nomination process in which citizens of all membership countries were potentially eligible, the bank said in a statement. But since the bank's creation following World War II, all of its presidents have been American men, following an unwritten rule that also ensures European leadership at the top of its sister institution, the International Monetary Fund. The announcement on Friday came as expected just prior to next week's joint spring meetings of the World Bank and the IMF. Malpass had been the lone candidate for the job and his nomination by Trump earlier this year sparked outrage among critics, who saw it as an affront to the global anti-poverty lender's very mission. The 63-year-old US Treasury official in charge of international affairs has been a strident critic of global financial institutions -- calling their lending practices "corrupt" and ineffective, and complaining they are overly generous to China. He has softened his message recently, however, saying he was committed to the bank's mission of eliminating extreme poverty, and that reforms enacted last year had addressed many of his criticisms. In recent years, emerging market countries have challenged the unwritten arrangement on World Bank and IMF leadership, demanding a more open, merit-based selection process. The bank has been at pains to stress that it has heard such criticisms and now allows a more open process. But the few non-American candidates in recent years have received little support from major bank shareholders. Many, including former Treasury officials from both political parties, have sharply criticized Malpass and his qualifications, pointing to his failure to foresee the global financial crisis during his time at the now-defunct investment bank Bear Stearns and his opposition, which later proved unjustified, to post-crisis Federal Reserve policies.

US Treasury official David Malpass named 13th World Bank president

Italy has planned to sign a memorandum of understanding to become part of China's Belt and Road Initiative, the Financial Times reported on Tuesday.

"The negotiation is not over yet, but it is possible that it will be concluded in time for [Xi's] visit," the newspaper reported&nbsp;quoting Michele Geraci, the undersecretary in the Italian economic development ministry.

China's multi-billion dollar 'One Belt and Road initiative' aims to link the country by sea and land with southeast and central Asia, the Middle East, Europe and Africa, through an infrastructure network on the lines of the old Silk Road.

The project was announced country's President Xi Jinping in 2013&nbsp;during his official visit to Indonesia and Kazakhstan.

Aside from boosting trade and investment, Xi aims to boost exchanges in areas such as science, technology, culture and education.

It has dispersed tens of billions of dollars in loans, often to highly indebted countries, sparking criticism of Beijing for everything from "debt entrapment" to excluding local labour from projects funded by the plan.

Last year in October, World Bank acknowledge that&nbsp;"Belt and Road Initiative" building push may create debt risks but said that it is also responding to major infrastructure gaps in Asia and could boost global trade.

"There are huge opportunities: improved infrastructure means more trade, more investments, higher growth, bringing in landlocked regions," said Caroline Freund, the Bank's director of trade, regional integration and investment climate in a meeting in Mali&nbsp;

"But there are challenges as well... There are environmental and social risks, there are issues to do with public procurement, and sustaining public debt becomes an issue because these projects are expensive," she added.

The World Bank estimates that BRI-funded infrastructure could boost trade among countries involved by 3.6 per cent, and global trade some 2.4 per cent.

And officials say it is offering to fund in areas where it is sorely needed.

(With inputs from news agencies)

&nbsp;

Italy has planned to sign a memorandum of understanding to become part of China's Belt and Road Initiative, the Financial Times reported on Tuesday. "The negotiation is not over yet, but it is possible that it will be concluded in time for [Xi's] visit," the newspaper reported quoting Michele Geraci, the undersecretary in the Italian economic development ministry.

Italy has planned to sign a memorandum of understanding to become part of China's Belt and Road Initiative, the Financial Times reported on Tuesday. "The negotiation is not over yet, but it is possible that it will be concluded in time for [Xi's] visit," the newspaper reported quoting Michele Geraci, the undersecretary in the Italian economic development ministry. China's multi-billion dollar 'One Belt and Road initiative' aims to link the country by sea and land with southeast and central Asia, the Middle East, Europe and Africa, through an infrastructure network on the lines of the old Silk Road. The project was announced country's President Xi Jinping in 2013 during his official visit to Indonesia and Kazakhstan. Aside from boosting trade and investment, Xi aims to boost exchanges in areas such as science, technology, culture and education. It has dispersed tens of billions of dollars in loans, often to highly indebted countries, sparking criticism of Beijing for everything from "debt entrapment" to excluding local labour from projects funded by the plan. Last year in October, World Bank acknowledge that "Belt and Road Initiative" building push may create debt risks but said that it is also responding to major infrastructure gaps in Asia and could boost global trade. "There are huge opportunities: improved infrastructure means more trade, more investments, higher growth, bringing in landlocked regions," said Caroline Freund, the Bank's director of trade, regional integration and investment climate in a meeting in Mali "But there are challenges as well... There are environmental and social risks, there are issues to do with public procurement, and sustaining public debt becomes an issue because these projects are expensive," she added. The World Bank estimates that BRI-funded infrastructure could boost trade among countries involved by 3.6 per cent, and global trade some 2.4 per cent. And officials say it is offering to fund in areas where it is sorely needed. (With inputs from news agencies)

Italy plans to join China's Belt and Road Initiative: Report

US President Donald Trump has nominated a senior Treasury<a href="http://www.wionews.com/world/trump-plans-to-nominate-treasurys-malpass-to-lead-world-bank-politico-195200"> official David Malpass</a> as the next president of the World Bank.

If voted by the Directors of the World Bank Group, he would replace Jim Yong Kim as the president of the World Bank, a position which has traditionally been held by Americans.&nbsp;

The position of Managing Director of International Monetary Fund has gone to Europe.

Given the vote share of various countries inside World Bank, the confirmation of Malpass as its next president is now a mere formality.&nbsp;

Announcing his nomination on Wednesday, Trump declared Malpass as a "special man", and as someone who was eminently qualified for the position.

In his current capacity as the Under Secretary of the Treasury for International Affairs, Malpass, 62, oversees the working of the International Monetary Fund and the World Bank.&nbsp;

An internationally renowned economist, Malpass brings 40 years of experience in economics, finance, government, and foreign policy to his new assignment, Trump said.

After receiving a degree in international economics from Georgetown University's prestigious School of Foreign Service, Malpass served as deputy assistant secretary of the treasury under President Ronald Reagan and Deputy Assistant Secretary of State under President George H W Bush.

"The Wall Street Journal just said today in an editorial that David Malpass is an excellent choice, which is America is the largest contributor to the World Bank, giving it over $1 billion every year," Trump said.

"My administration has made it a top priority to ensure that US taxpayers dollars are spent effectively and wisely, serve American interests and defend the American values," he added.

"Malpass is a strong advocate for accountability at the World Bank for a long time," said the US president.&nbsp;

Treasury Secretary Steven Mnuchin said Trump had made an excellent choice by nominating Malpass to serve as President of the World Bank.

"David has worked closely with me at the Treasury Department and understands the President's pro-growth economic agenda that has led to the strongest US economy and job market in generations," he said.

"As Under Secretary, he successfully negotiated a capital increase and reform package to focus the World Bank on its core mission of lifting up the standard of living in lower-income countries," said Mnuchin who was assisted by Trump's daughter and senior presidential advisor Ivanka Trump in the selection process.

"David's extensive knowledge of the World Bank's challenges and opportunities make him a uniquely qualified steward of a great institution that is operating below its full potential," Ivanka Trump said.

"David's leadership was invaluable in the design and implementation of the World Bank's Women Entrepreneurs Finance Initiative (We-Fi) and I look forward to continuing our work together to realise the mission of the Bank, to eliminate poverty and build prosperity, by economically empowering women in the developing world," she said.

Scott Morris, senior fellow at the Center for Global Development and former US Treasury deputy assistant secretary for development finance and debt, said as the US candidate, Malpass will have a lot of work to do to convince other shareholders that he was prepared to move beyond his past statements and track record when it comes to the World Bank's agenda.&nbsp;

"That includes the bank's critical role in climate finance and the need for constructive engagement with China. The rest of the world holds 84% of the voting power at the World Bank. It's fully within their ability to block an unsuitable nominee," Morris, who played a leading role in Jim Kim's campaign for World Bank president said.

US President Donald Trump has nominated a senior Treasury official David Malpass as the next president of the World Bank. If voted by the Directors of the World Bank Group, he would replace Jim Yong Kim as the president of the World Bank, a position which has traditionally been held by Americans.

US President Donald Trump has nominated a senior Treasury official David Malpass as the next president of the World Bank. If voted by the Directors of the World Bank Group, he would replace Jim Yong Kim as the president of the World Bank, a position which has traditionally been held by Americans. The position of Managing Director of International Monetary Fund has gone to Europe. Given the vote share of various countries inside World Bank, the confirmation of Malpass as its next president is now a mere formality. Announcing his nomination on Wednesday, Trump declared Malpass as a "special man", and as someone who was eminently qualified for the position. In his current capacity as the Under Secretary of the Treasury for International Affairs, Malpass, 62, oversees the working of the International Monetary Fund and the World Bank. An internationally renowned economist, Malpass brings 40 years of experience in economics, finance, government, and foreign policy to his new assignment, Trump said. After receiving a degree in international economics from Georgetown University's prestigious School of Foreign Service, Malpass served as deputy assistant secretary of the treasury under President Ronald Reagan and Deputy Assistant Secretary of State under President George H W Bush. "The Wall Street Journal just said today in an editorial that David Malpass is an excellent choice, which is America is the largest contributor to the World Bank, giving it over $1 billion every year," Trump said. "My administration has made it a top priority to ensure that US taxpayers dollars are spent effectively and wisely, serve American interests and defend the American values," he added. "Malpass is a strong advocate for accountability at the World Bank for a long time," said the US president. Treasury Secretary Steven Mnuchin said Trump had made an excellent choice by nominating Malpass to serve as President of the World Bank. "David has worked closely with me at the Treasury Department and understands the President's pro-growth economic agenda that has led to the strongest US economy and job market in generations," he said. "As Under Secretary, he successfully negotiated a capital increase and reform package to focus the World Bank on its core mission of lifting up the standard of living in lower-income countries," said Mnuchin who was assisted by Trump's daughter and senior presidential advisor Ivanka Trump in the selection process. "David's extensive knowledge of the World Bank's challenges and opportunities make him a uniquely qualified steward of a great institution that is operating below its full potential," Ivanka Trump said. "David's leadership was invaluable in the design and implementation of the World Bank's Women Entrepreneurs Finance Initiative (We-Fi) and I look forward to continuing our work together to realise the mission of the Bank, to eliminate poverty and build prosperity, by economically empowering women in the developing world," she said. Scott Morris, senior fellow at the Center for Global Development and former US Treasury deputy assistant secretary for development finance and debt, said as the US candidate, Malpass will have a lot of work to do to convince other shareholders that he was prepared to move beyond his past statements and track record when it comes to the World Bank's agenda. "That includes the bank's critical role in climate finance and the need for constructive engagement with China. The rest of the world holds 84% of the voting power at the World Bank. It's fully within their ability to block an unsuitable nominee," Morris, who played a leading role in Jim Kim's campaign for World Bank president said.

Trump nominates US treasury official David Malpass for World Bank president

The Trump administration has notified<a href="http://www.wionews.com/world/ivanka-trump-backing-indra-nooyi-to-be-next-world-bank-chief-report-190611"> World Bank </a>shareholders that President Donald Trump intends to pick senior Treasury Department official David Malpass as the US&nbsp;nominee to lead the development lender, people familiar with the decision said on Monday.

The nomination of Malpass would put a Trump loyalist and a sceptic of multilateral institutions in line to lead the world's largest development lender. Politico, which first reported the decision, said it would be announced on Wednesday, citing unidentified administration officials.

A White House spokeswoman declined to comment, and a spokesman for the US Treasury did not respond to queries about the decision.

A European diplomatic source said the Trump administration had notified several capitals of the Malpass nomination, adding that European shareholders of the bank were not likely to block it.

Malpass or any other US nominee would still need to win approval from the World Bank's 12-member executive board. While the United States controls the largest share of board voting power and has traditionally chosen the World Bank's leader, challengers could emerge.

If approved, Malpass, the US Treasury's top diplomat as undersecretary for international affairs, would replace Jim Yong Kim in the role. Kim stepped down on Feb. 1 to join private equity fund Global Infrastructure Partners, more than three years before his term ended, amid differences with the Trump administration over climate change and development resources.

Malpass in 2017 criticized the World Bank, the International Monetary Fund and other multilateral institutions for growing larger, more "intrusive" and "entrenched."

Over the past two years, Malpass has also pushed for the World Bank to halt lending to China, which he says is too wealthy for such aid, especially when Beijing has subjected some developing countries including Sri Lanka and Pakistan to crushing debt loads with its "Belt and Road" infrastructure development program. China is the World Bank's third-largest shareholder after Japan.

But last year, Malpass helped negotiate a package of World Bank lending reforms tied to a $13 billion capital increase that aimed to limit the bank's lending and focus resources more on poorer countries. The reforms seek to "graduate" countries to private-sector lending and limit World Bank staff salary growth.

Malpass, 62, was an economic adviser to Trump during his 2016 election campaign. He served as chief economist at Bear Stearns and Co prior to its 2008 collapse and served at the Treasury and State Departments under Presidents Ronald Reagan and George HW Bush.

The Trump administration has notified World Bank shareholders that President Donald Trump intends to pick senior Treasury Department official David Malpass as the US nominee to lead the development lender, people familiar with the decision said on Monday.

The Trump administration has notified World Bank shareholders that President Donald Trump intends to pick senior Treasury Department official David Malpass as the US nominee to lead the development lender, people familiar with the decision said on Monday. The nomination of Malpass would put a Trump loyalist and a sceptic of multilateral institutions in line to lead the world's largest development lender. Politico, which first reported the decision, said it would be announced on Wednesday, citing unidentified administration officials. A White House spokeswoman declined to comment, and a spokesman for the US Treasury did not respond to queries about the decision. A European diplomatic source said the Trump administration had notified several capitals of the Malpass nomination, adding that European shareholders of the bank were not likely to block it. Malpass or any other US nominee would still need to win approval from the World Bank's 12-member executive board. While the United States controls the largest share of board voting power and has traditionally chosen the World Bank's leader, challengers could emerge. If approved, Malpass, the US Treasury's top diplomat as undersecretary for international affairs, would replace Jim Yong Kim in the role. Kim stepped down on Feb. 1 to join private equity fund Global Infrastructure Partners, more than three years before his term ended, amid differences with the Trump administration over climate change and development resources. Malpass in 2017 criticized the World Bank, the International Monetary Fund and other multilateral institutions for growing larger, more "intrusive" and "entrenched." Over the past two years, Malpass has also pushed for the World Bank to halt lending to China, which he says is too wealthy for such aid, especially when Beijing has subjected some developing countries including Sri Lanka and Pakistan to crushing debt loads with its "Belt and Road" infrastructure development program. China is the World Bank's third-largest shareholder after Japan. But last year, Malpass helped negotiate a package of World Bank lending reforms tied to a $13 billion capital increase that aimed to limit the bank's lending and focus resources more on poorer countries. The reforms seek to "graduate" countries to private-sector lending and limit World Bank staff salary growth. Malpass, 62, was an economic adviser to Trump during his 2016 election campaign. He served as chief economist at Bear Stearns and Co prior to its 2008 collapse and served at the Treasury and State Departments under Presidents Ronald Reagan and George HW Bush.

Trump plans to nominate Treasury's Malpass to lead World Bank: Politico

<a href="http://www.wionews.com/entertainment/pm-modi-to-unveil-national-film-museum-in-mumbai-191225">Prime Minister Narendra Modi </a>Friday said India is aiming at being in the list of top 50 countries next year in the 'ease of doing business' category.

The country's ranking has jumped 75 places in the World Bank's ease of doing business rankings, Modi said. India is now ranked 77th in the list.

"I have asked my team to work harder so that India is in the 'Top 50' list in ease of doing business next year. I want our regulations and processes to compare with the best in the world. We have also made doing business cheaper," Modi said in his inaugural address at the 9th edition of the Vibrant Gujarat Global Summit here.

Modi said his government is focused on removing the barriers which were preventing the country from achieving its potential and will continue with the pace of reforms and deregulation.

Implementation of Goods and Services Tax and measures of simplification and consolidation of taxes have reduced transaction costs and made processes efficient, he said.

Digital processes, online transactions and single- point interfaces have also helped in doing business faster, he said.

Modi said doing business smarter has also been the focus of his government. IT-based transactions in procurement and purchases by the government and digital payments have been steps in this direction. He added.

Addressing the gathering in the presence of political and business leaders from different countries, Modi said Indian administration has worked with a focus to reduce government and enhance governance, with the mantra of 'reform, perform, transform and further perform'.

He said the change in terms of direction and intensity has been quite visible since the last four years after his government came to power.

Modi said his government has taken several drastic steps and deeper structural reforms adding to the strength of India and its economy.

Among these reforms was removing the barriers that prevented India from&nbsp; 
achieving full potential, he said.

This has led major global financial institutions like the World Bank and the IMF as well as agencies like Moodys to express confidence in India's economic journey, he said.

We will continue the pace and process of reforms and deregulation, he said.

Modi said his governments' policies have helped bring in a foreign direct investment worth USD 263 billion in the last four years, which he said is 45 per cent of the FDI received in the last 18 years.

"Most sectors of our economy are now open for FDI. More than 90 per cent approvals have been put on the automatic route. Such measures have propelled our economy to a high growth path, he said.

With an average growth rate at 7.3 per cent per year in the last four years, GDP expansion has been the highest since 1991, Modi said.

He said that challenge for India remains the need to grow horizontally as well as vertically.

Horizontally, we have to spread the benefits of development to regions and communities that have lagged behind. Vertically, we have to meet enhanced expectations in terms of quality of life, quality of services and quality of infrastructure," he said.

Expressing the need to create job opportunities for the young population, Modi said his governments' decisions have been directed not just for doing business but also for ease of life of our people.

"We also understand that being a young nation, we need to create job opportunities and better infrastructure. Both are linked with investments. Therefore, in recent years, there has been an unprecedented focus on manufacturing and infrastructure, he said.

Modi said his government is keen to raise investment in next-generation infrastructure in roads, ports, railways, airports, telecom, digital networks and energy to help a 'New India' take shape that will be modern and competitive and yet caring and compassionate.

The Vibrant Gujarat Summit was conceptualised in 2003 by Modi who was then Gujarat chief minister to re-establish the state as a preferred investment destination within India.

The event has evolved into a platform for brainstorming on agendas of global socio-economic development, in addition to being a facilitator for knowledge sharing and forging effective partnerships.

Prime Minister Narendra Modi Friday said India is aiming at being in the list of top 50 countries next year in the 'ease of doing business' category. The country's ranking has jumped 75 places in the World Bank's ease of doing business rankings, Modi said.

Prime Minister Narendra Modi Friday said India is aiming at being in the list of top 50 countries next year in the 'ease of doing business' category. The country's ranking has jumped 75 places in the World Bank's ease of doing business rankings, Modi said. India is now ranked 77th in the list. "I have asked my team to work harder so that India is in the 'Top 50' list in ease of doing business next year. I want our regulations and processes to compare with the best in the world. We have also made doing business cheaper," Modi said in his inaugural address at the 9th edition of the Vibrant Gujarat Global Summit here. Modi said his government is focused on removing the barriers which were preventing the country from achieving its potential and will continue with the pace of reforms and deregulation. Implementation of Goods and Services Tax and measures of simplification and consolidation of taxes have reduced transaction costs and made processes efficient, he said. Digital processes, online transactions and single- point interfaces have also helped in doing business faster, he said. Modi said doing business smarter has also been the focus of his government. IT-based transactions in procurement and purchases by the government and digital payments have been steps in this direction. He added. Addressing the gathering in the presence of political and business leaders from different countries, Modi said Indian administration has worked with a focus to reduce government and enhance governance, with the mantra of 'reform, perform, transform and further perform'. He said the change in terms of direction and intensity has been quite visible since the last four years after his government came to power. Modi said his government has taken several drastic steps and deeper structural reforms adding to the strength of India and its economy. Among these reforms was removing the barriers that prevented India from achieving full potential, he said. This has led major global financial institutions like the World Bank and the IMF as well as agencies like Moodys to express confidence in India's economic journey, he said. We will continue the pace and process of reforms and deregulation, he said. Modi said his governments' policies have helped bring in a foreign direct investment worth USD 263 billion in the last four years, which he said is 45 per cent of the FDI received in the last 18 years. "Most sectors of our economy are now open for FDI. More than 90 per cent approvals have been put on the automatic route. Such measures have propelled our economy to a high growth path, he said. With an average growth rate at 7.3 per cent per year in the last four years, GDP expansion has been the highest since 1991, Modi said. He said that challenge for India remains the need to grow horizontally as well as vertically. Horizontally, we have to spread the benefits of development to regions and communities that have lagged behind. Vertically, we have to meet enhanced expectations in terms of quality of life, quality of services and quality of infrastructure," he said. Expressing the need to create job opportunities for the young population, Modi said his governments' decisions have been directed not just for doing business but also for ease of life of our people. "We also understand that being a young nation, we need to create job opportunities and better infrastructure. Both are linked with investments. Therefore, in recent years, there has been an unprecedented focus on manufacturing and infrastructure, he said. Modi said his government is keen to raise investment in next-generation infrastructure in roads, ports, railways, airports, telecom, digital networks and energy to help a 'New India' take shape that will be modern and competitive and yet caring and compassionate. The Vibrant Gujarat Summit was conceptualised in 2003 by Modi who was then Gujarat chief minister to re-establish the state as a preferred investment destination within India. The event has evolved into a platform for brainstorming on agendas of global socio-economic development, in addition to being a facilitator for knowledge sharing and forging effective partnerships.

India aims 'Top 50' rank next year in ease of doing business: PM Modi

Ivanka Trump will help manage the <a href="http://www.wionews.com/world/nikki-haley-ivanka-trump-among-possible-world-bank-president-nominees-report-189717">Trump administration's selection</a> of a US candidate for the position of World Bank Group president, a White House official said on Monday.

The official, who spoke on condition of <a href="http://www.wionews.com/world/no-equivalency-between-my-private-email-use-and-clintons-ivanka-trump-180060">anonymity because the process </a>is not public, dismissed a report in the Financial Times that floated Ivanka's name as a possible candidate and was repeated by several other media outlets over the weekend.

Treasury Secretary Steven Mnuchin and White House Chief of Staff Mick Mulvaney "have asked Ivanka Trump to help manage the US nomination process as she’s worked closely with the World Bank’s leadership for the past two years," the official said.

"Reports that she is under consideration are false."

A US Treasury spokeswoman could not immediately be reached for comment.

Ivanka Trump has worked with the World Bank and departing President Jim Yong Kim over the past two years, jointly launching a $1.6 billion women's entrepreneurship fund with 13 other donor countries to raise capital for female entrepreneurs in developing countries.

The United States, which has a controlling voting interest in the World Bank, has traditionally chosen the institution's leader since it began operations in 1946.

Kim announced his surprise February 1 departure last week to join private equity fund Global Infrastructure Partners, more than three years before his term ends in 2022, amid differences with the Trump administration over climate change and the need for more development resources..

The World Bank has said its executive board will begin accepting nominations starting on February 7th. It said candidates should be committed to implementing the bank's 2030 development objectives and reforms under the 2018 capital plan.

Candidates should have a proven leadership track record, with experience managing "large organizations with international exposure," diplomatic and communication skill and "a firm commitment to and appreciation for multilateral cooperation," the World Bank said.

Any nominee needs executive board approval and alternative candidates put forth by other countries are seen as likely to emerge, as they did in 2012, when Kim's nomination was unsuccessfully challenged by candidates from Nigeria and Colombia.

Ivanka Trump will help manage the Trump administration's selection of a US candidate for the position of World Bank Group president, a White House official said on Monday.

Ivanka Trump will help manage the Trump administration's selection of a US candidate for the position of World Bank Group president, a White House official said on Monday. The official, who spoke on condition of anonymity because the process is not public, dismissed a report in the Financial Times that floated Ivanka's name as a possible candidate and was repeated by several other media outlets over the weekend. Treasury Secretary Steven Mnuchin and White House Chief of Staff Mick Mulvaney "have asked Ivanka Trump to help manage the US nomination process as she’s worked closely with the World Bank’s leadership for the past two years," the official said. "Reports that she is under consideration are false." A US Treasury spokeswoman could not immediately be reached for comment. Ivanka Trump has worked with the World Bank and departing President Jim Yong Kim over the past two years, jointly launching a $1.6 billion women's entrepreneurship fund with 13 other donor countries to raise capital for female entrepreneurs in developing countries. The United States, which has a controlling voting interest in the World Bank, has traditionally chosen the institution's leader since it began operations in 1946. Kim announced his surprise February 1 departure last week to join private equity fund Global Infrastructure Partners, more than three years before his term ends in 2022, amid differences with the Trump administration over climate change and the need for more development resources.. The World Bank has said its executive board will begin accepting nominations starting on February 7th. It said candidates should be committed to implementing the bank's 2030 development objectives and reforms under the 2018 capital plan. Candidates should have a proven leadership track record, with experience managing "large organizations with international exposure," diplomatic and communication skill and "a firm commitment to and appreciation for multilateral cooperation," the World Bank said. Any nominee needs executive board approval and alternative candidates put forth by other countries are seen as likely to emerge, as they did in 2012, when Kim's nomination was unsuccessfully challenged by candidates from Nigeria and Colombia.

Ivanka Trump to help select US candidate for World Bank president post: White House official

Former UN Ambassador Nikki Haley and US President Donald Trump's daughter and adviser Ivanka are among possible US candidates to replace outgoing <a href="http://www.wionews.com/world/world-bank-president-jim-yong-kim-announces-resignation-188875">World Bank President Jim Yong Kim</a>, The Financial Times reported Friday.

Kim abruptly announced Monday he was cutting short his tenure as the bank's president more than three years before his second term was due to end.

In addition to Trump and Haley, who stepped down as US Ambassador to the United Nations last month, other names being floated include Treasury Undersecretary for International Affairs David Malpass and Mark Green, head of the US Agency for International Development, the newspaper reported.

Ivanka Trump in 2017 was the driving force behind a $1 billion, Saudi-supported World Bank fund to promote entrepreneurship by women.

The Treasury Department told AFP on Friday that it had no comment in potential candidates.

The department has received a "significant number of recommendations," a spokesperson said.&nbsp;

"We are beginning the internal review process for a US nominee. We look forward to working with the governors to select a new leader."

Under an unwritten agreement, the United States, which is the bank's largest shareholder, has always chosen its leader since the institution was founded following World War II.

But the success of a US candidate no longer appears completely assured.

Kim was the first American nominee to face a contested election for the World Bank presidency in 2012 and the bank's board has said its selection process will be "open, merit-based and transparent," implying non-US candidates would not be ruled out.

The World Bank Board said Thursday it would start accepting nominations for a new leader early next month and name a replacement for Kim by mid-April.

Former UN Ambassador Nikki Haley and US President Donald Trump's daughter and adviser Ivanka are among possible US candidates to replace outgoing World Bank President Jim Yong Kim, The Financial Times reported Friday.

Former UN Ambassador Nikki Haley and US President Donald Trump's daughter and adviser Ivanka are among possible US candidates to replace outgoing World Bank President Jim Yong Kim, The Financial Times reported Friday. Kim abruptly announced Monday he was cutting short his tenure as the bank's president more than three years before his second term was due to end. In addition to Trump and Haley, who stepped down as US Ambassador to the United Nations last month, other names being floated include Treasury Undersecretary for International Affairs David Malpass and Mark Green, head of the US Agency for International Development, the newspaper reported. Ivanka Trump in 2017 was the driving force behind a $1 billion, Saudi-supported World Bank fund to promote entrepreneurship by women. The Treasury Department told AFP on Friday that it had no comment in potential candidates. The department has received a "significant number of recommendations," a spokesperson said. "We are beginning the internal review process for a US nominee. We look forward to working with the governors to select a new leader." Under an unwritten agreement, the United States, which is the bank's largest shareholder, has always chosen its leader since the institution was founded following World War II. But the success of a US candidate no longer appears completely assured. Kim was the first American nominee to face a contested election for the World Bank presidency in 2012 and the bank's board has said its selection process will be "open, merit-based and transparent," implying non-US candidates would not be ruled out. The World Bank Board said Thursday it would start accepting nominations for a new leader early next month and name a replacement for Kim by mid-April.

Nikki Haley, Ivanka Trump among possible World Bank president nominees: Report

Senior Economist- World Bank Prospects Group Patrick Kirby said that high levels of public debt, in general, could be one of the biggest risk being faced by the South Asian Region's economic growth.&nbsp;

Speaking exclusively to WION he also added that India would still be the leading growing economy in coming years with GDP growth estimated at 7.3% for 2018-19.

On being asked whether China is adding to the Global Debt Crisis by lending loans to low-income countries and then influencing their policy decisions favouring China, Patrick Kirby further added that debt vulnerabilities in low-income countries have increased substantially in recent years. As a result, in most low-income countries, interest payments are absorbing an increasing proportion of government revenues.&nbsp;

In a recent report conducted by The Center for Global Development, a non-profit research organization, which analyzed debt to China that will be incurred by nations participating in the current Belt and Road investment plan. Eight nations will find themselves vulnerable to above-average debt: Djibouti, Kyrgyzstan, Laos, the Maldives, Mongolia, Montenegro, Pakistan, and Tajikistan.

<img alt="The Center for Global Development" data-entity-type="file" data-entity-uuid="cb1b7b82-94c4-40f1-96f2-9a8fb242a2ff" src="/sites/default/files/inline-images/The%20Center%20for%20Global%20Development.jpg" />

In another report by The Center for Global Development in early 2018 on Examining the Debt Implications of the Belt and Road Initiative from a Policy Perspective stated that countries like Mongolia, Kyrgyzstan, Tajikistan, Pakistan etc are in the High-Risk Category because of BRI Project. While Sri Lanka, Maldives etc are under significant threat because of the BRI Loans.&nbsp;

Here are the excerpts from the exclusive conversation with Patrick Kirby:

WION: The primary reason for India's growth in GDP in the World Banks forecast?

Patrick Kirby:&nbsp;India’s growth accelerated to an estimated 7.3 per cent in FY2018/19 as economic activity continued to recover with strong domestic demand. While investment continued to strengthen amid GST harmonization and a rebound of credit growth, consumption remained the major contributor to growth.

India’s GDP is forecast to grow by 7.3 per cent in FY2018/19 and 7.5 per cent thereafter, in line with June forecasts. Private consumption is projected to remain robust and investment growth is expected to continue as the benefits of recent policy reforms begin to materialize and credit rebounds. Strong domestic demand is envisioned to widen the current account deficit to 2.6 per cent of GDP next year. Inflation is projected to rise somewhat above the midpoint of the Reserve Bank of India’s target range of 2 to 6 per cent, mainly owing to energy and food prices.

WION: What is the growth outlook for the South Asia Region? Also, China recently has been accused of DEBT DIPLOMACY Globally and crushing various economies worldwide forcing countries like Pakistan, Equador, Sri Lanka, Maldives etc in debt crisis thus influencing their regional politics as well. How does the World Bank look at this crisis?&nbsp;

Patrick Kirby:&nbsp;On the outlook for the South Asian region, South Asia remains the world’s fastest-growing region. Growth in the region is projected to accelerate to 7.1 per cent in 2019 from 6.9 in the previous year. Over the medium term, robust domestic demand will continue to underpin growth, which is expected to average 7.1 per cent.&nbsp;

Nevertheless, there are a number of risks to the outlook. For example, we say that South Asian economies have high levels of public debt in general. Fiscal slippages could further worsen already-precarious public debt positions and result in a costly rise in already-elevated interest payments. 
Also, the upcoming election cycle next year elevates political uncertainty in the region. The challenging political environment could adversely affect the ongoing reform agenda and economic activity in some countries (e.g. Afghanistan, Sri Lanka).

In South Asia, non-performing assets are still high despite recent measures taken to improve the recognition of these assets. Especially, public sector banks in India, which represent roughly 70 per cent of the banking sector assets, still report low profitability and high non-performing loans. Credit expansion could be limited in some major South Asia economies unless further steps are taken to deal with financial and corporate balance sheets.

On the external front, the region has relatively low exposure to international trade, which limits the benefits from trade over the long term. However, the low exposure also suggests that it could be more insulated from the effects of rising trade protectionism than other regions. Moreover, the region may even benefit from trade diversion amid the recent dispute between some major economies.

WION: What can be the possible reasons for Slowdown in Chinese Economy?&nbsp;

Patrick Kirby:&nbsp;On the issue of China, growth is estimated to have slowed to a still robust 6.5 per cent in 2018, supported by resilient consumption. Growth is projected to decelerate to 6.2 per cent in 2019, slightly below previous projections as a result of weaker exports, and to further moderate to 6 per cent by the end of the forecast horizon, broadly in line with its potential pace. Domestic demand is projected to remain robust aided by policies to boost consumption. Supportive fiscal and monetary policies undertaken or announced so far are expected to largely offset the negative impact of higher tariffs; however, additional stimulus may have the undesirable effect of slowing the deleveraging and de-risking process

WION: How does the World Bank look at the Global Debt Crisis especially in low-income countries?&nbsp;

Patrick Kirby:&nbsp;On the issue of debt, debt vulnerabilities in low-income countries have increased substantially in recent years. Since 2013, median government debt has risen by 20 percentage points of GDP and has shifted toward non-concessional and private financing. As a result, in most low-income countries, interest payments are absorbing an increasing proportion of government revenues. The majority of low-income countries would be hard hit by a sudden weakening in a trade or global financial conditions are given their high levels of external debt, lack of fiscal space, low foreign currency reserves, and undiversified exports. Efforts to reduce debt-related vulnerabilities are a policy priority for many low-income countries, and a key focus needs to be improving debt management and developing domestic financial systems.

WION: How important is coordination between Central Banks and Policy Makers (Government) in a country's economy? For eg RBI and GOI having different views on Farm Loan Waivers.&nbsp;

Patrick Kirby:&nbsp;On the issue of central banks in general, policymakers in emerging market and developing economies need to uphold a credible commitment to medium-term price stability—one that is supported by macroeconomic frameworks that set attainable inflation targets where appropriate, as well as maintain strong institutional independence and transparency. This will be especially critical if the ongoing period of low and stable global inflation comes to an end, perhaps driven by a slowdown or rollback of the structural factors that have held inflation at bay in recent decades—in particular, trade and financial integration—or erosion of central bank independence.

WION: How should we see Artificial Intelligence replacing humans as a workforce? Can it be seen as a potential threat or a power booster?&nbsp;

Patrick Kirby:&nbsp;On the issue of the future of work, this issue is discussed extensively in the World Bank’sWorld Development Report 2019, The Changing Nature of Work.

Senior Economist- World Bank Prospects Group Patrick Kirby said that high levels of public debt, in general, could be one of the biggest risk being faced by the South Asian Region's economic growth.

Senior Economist- World Bank Prospects Group Patrick Kirby said that high levels of public debt, in general, could be one of the biggest risk being faced by the South Asian Region's economic growth. Speaking exclusively to WION he also added that India would still be the leading growing economy in coming years with GDP growth estimated at 7.3% for 2018-19. On being asked whether China is adding to the Global Debt Crisis by lending loans to low-income countries and then influencing their policy decisions favouring China, Patrick Kirby further added that debt vulnerabilities in low-income countries have increased substantially in recent years. As a result, in most low-income countries, interest payments are absorbing an increasing proportion of government revenues. In a recent report conducted by The Center for Global Development, a non-profit research organization, which analyzed debt to China that will be incurred by nations participating in the current Belt and Road investment plan. Eight nations will find themselves vulnerable to above-average debt: Djibouti, Kyrgyzstan, Laos, the Maldives, Mongolia, Montenegro, Pakistan, and Tajikistan. In another report by The Center for Global Development in early 2018 on Examining the Debt Implications of the Belt and Road Initiative from a Policy Perspective stated that countries like Mongolia, Kyrgyzstan, Tajikistan, Pakistan etc are in the High-Risk Category because of BRI Project. While Sri Lanka, Maldives etc are under significant threat because of the BRI Loans. Here are the excerpts from the exclusive conversation with Patrick Kirby: WION: The primary reason for India's growth in GDP in the World Banks forecast? Patrick Kirby: India’s growth accelerated to an estimated 7.3 per cent in FY2018/19 as economic activity continued to recover with strong domestic demand. While investment continued to strengthen amid GST harmonization and a rebound of credit growth, consumption remained the major contributor to growth. India’s GDP is forecast to grow by 7.3 per cent in FY2018/19 and 7.5 per cent thereafter, in line with June forecasts. Private consumption is projected to remain robust and investment growth is expected to continue as the benefits of recent policy reforms begin to materialize and credit rebounds. Strong domestic demand is envisioned to widen the current account deficit to 2.6 per cent of GDP next year. Inflation is projected to rise somewhat above the midpoint of the Reserve Bank of India’s target range of 2 to 6 per cent, mainly owing to energy and food prices. WION: What is the growth outlook for the South Asia Region? Also, China recently has been accused of DEBT DIPLOMACY Globally and crushing various economies worldwide forcing countries like Pakistan, Equador, Sri Lanka, Maldives etc in debt crisis thus influencing their regional politics as well. How does the World Bank look at this crisis? Patrick Kirby: On the outlook for the South Asian region, South Asia remains the world’s fastest-growing region. Growth in the region is projected to accelerate to 7.1 per cent in 2019 from 6.9 in the previous year. Over the medium term, robust domestic demand will continue to underpin growth, which is expected to average 7.1 per cent. Nevertheless, there are a number of risks to the outlook. For example, we say that South Asian economies have high levels of public debt in general. Fiscal slippages could further worsen already-precarious public debt positions and result in a costly rise in already-elevated interest payments. Also, the upcoming election cycle next year elevates political uncertainty in the region. The challenging political environment could adversely affect the ongoing reform agenda and economic activity in some countries (e.g. Afghanistan, Sri Lanka). In South Asia, non-performing assets are still high despite recent measures taken to improve the recognition of these assets. Especially, public sector banks in India, which represent roughly 70 per cent of the banking sector assets, still report low profitability and high non-performing loans. Credit expansion could be limited in some major South Asia economies unless further steps are taken to deal with financial and corporate balance sheets. On the external front, the region has relatively low exposure to international trade, which limits the benefits from trade over the long term. However, the low exposure also suggests that it could be more insulated from the effects of rising trade protectionism than other regions. Moreover, the region may even benefit from trade diversion amid the recent dispute between some major economies. WION: What can be the possible reasons for Slowdown in Chinese Economy? Patrick Kirby: On the issue of China, growth is estimated to have slowed to a still robust 6.5 per cent in 2018, supported by resilient consumption. Growth is projected to decelerate to 6.2 per cent in 2019, slightly below previous projections as a result of weaker exports, and to further moderate to 6 per cent by the end of the forecast horizon, broadly in line with its potential pace. Domestic demand is projected to remain robust aided by policies to boost consumption. Supportive fiscal and monetary policies undertaken or announced so far are expected to largely offset the negative impact of higher tariffs; however, additional stimulus may have the undesirable effect of slowing the deleveraging and de-risking process WION: How does the World Bank look at the Global Debt Crisis especially in low-income countries? Patrick Kirby: On the issue of debt, debt vulnerabilities in low-income countries have increased substantially in recent years. Since 2013, median government debt has risen by 20 percentage points of GDP and has shifted toward non-concessional and private financing. As a result, in most low-income countries, interest payments are absorbing an increasing proportion of government revenues. The majority of low-income countries would be hard hit by a sudden weakening in a trade or global financial conditions are given their high levels of external debt, lack of fiscal space, low foreign currency reserves, and undiversified exports. Efforts to reduce debt-related vulnerabilities are a policy priority for many low-income countries, and a key focus needs to be improving debt management and developing domestic financial systems. WION: How important is coordination between Central Banks and Policy Makers (Government) in a country's economy? For eg RBI and GOI having different views on Farm Loan Waivers. Patrick Kirby: On the issue of central banks in general, policymakers in emerging market and developing economies need to uphold a credible commitment to medium-term price stability—one that is supported by macroeconomic frameworks that set attainable inflation targets where appropriate, as well as maintain strong institutional independence and transparency. This will be especially critical if the ongoing period of low and stable global inflation comes to an end, perhaps driven by a slowdown or rollback of the structural factors that have held inflation at bay in recent decades—in particular, trade and financial integration—or erosion of central bank independence. WION: How should we see Artificial Intelligence replacing humans as a workforce? Can it be seen as a potential threat or a power booster? Patrick Kirby: On the issue of the future of work, this issue is discussed extensively in the World Bank’sWorld Development Report 2019, The Changing Nature of Work.

High-level debt in South Asian Countries a major risk: World Bank

India's GDP is expected to grow at <a href="http://www.wionews.com/business-economy/world-economy-to-slow-this-year-due-to-us-china-trade-conflict-world-bank-189112">7.3 per cent in the fiscal year 2018-19</a>, and 7.5 per cent in the following two years, the World Bank has forecast, attributing it to an upswing in consumption and investment.

The bank said India will <a href="http://www.wionews.com/business-economy/government-estimates-gdp-growth-at-72-for-2018-19-188853">continue to be the fastest</a> growing major economy in the world.

China's economic growth is projected to slow down to 6.2 each in 2019 and 2020 and 6 per cent in 2021, according to the January 2019 Global Economic Prospects report released by the World Bank on Tuesday.

In 2018, the Chinese economy is estimated to have grown by 6.5 per cent as against India's 7.3 per cent.&nbsp;

In 2017, China with 6.9 per cent growth was marginally ahead of India's 6.7 per cent, mainly because the slowdown in the Indian economy due to demonetisation and implementation of the Goods and Services Tax (GST), the report said. 
&nbsp; 
"India's growth outlook is still robust. India is still the fastest growing major economy," World Bank Prospects Group Director Ayhan Kose said.

"With investment picking up and consumption remaining strong, we expect India to grow 7.3 per cent in the fiscal year 2018-2019, and average 7.5 per cent in 2019 and 2020. India registered quite a bit of pick up in doing business ranking. The growth momentum is there (in India)," Kose informed.

In India, the growth has accelerated, driven by an upswing in consumption, and investment growth has firmed as the effects of temporary factors wane, the World Bank said in its latest report.&nbsp;

Domestic demand has strengthened as the benefits of structural reforms such as the Goods and Services Tax (GST) harmonisation and bank recapitalisation take effect.

"India's growth accelerated to an estimated 7.3 per cent in FY2018/19 (April to March) as economic activity continued to recover with strong domestic demand. While investment continued to strengthen amid the GST harmonisation and a rebound of credit growth, consumption remained the major contributor to growth," the World Bank said.

According to the report, India's GDP is forecast to grow by 7.3 per cent in FY2018/19 and 7.5 per cent thereafter, in line with June forecasts.&nbsp;

Private consumption is projected to remain robust and investment growth is expected to continue as the benefits of recent policy reforms begin to materialise and credit rebounds.

Strong domestic demand is envisioned to widen the current account deficit to 2.6 per cent of GDP next year. Inflation is projected to rise somewhat above the midpoint of the Reserve Bank of India's target range of 2 to 6 per cent, mainly owing to energy and food prices, the bank said. 
&nbsp;&nbsp; &nbsp; 
It said in India the recent introduction of the GST and steps toward demonetisation are expected to encourage a shift from the informal to the formal sector.

"India's recent growth numbers suggest that the economy remains robust despite temporary setbacks (due top demonetisation and GST)," Kose said.&nbsp;

The World Bank's estimate suggest that India's potential growth rate is around seven per cent, and is expected to remain around seven per cent, he said in response to a question.&nbsp;

"The fact is that Indian economy is being able to deliver growth slightly above its potential is a very good sign," he added.

Refraining from commenting on the economic performance of the Modi government that too in an election year, the World Bank official said growth performance of India as compared to other emerging markets has been quite impressive.&nbsp;

"India's growth performance has been quite impressive. Year after year it has delivered strong numbers around its potential growth," he said.

India's GDP is expected to grow at 7.3 per cent in the fiscal year 2018-19, and 7.5 per cent in the following two years, the World Bank has forecast, attributing it to an upswing in consumption and investment.

India's GDP is expected to grow at 7.3 per cent in the fiscal year 2018-19, and 7.5 per cent in the following two years, the World Bank has forecast, attributing it to an upswing in consumption and investment. The bank said India will continue to be the fastest growing major economy in the world. China's economic growth is projected to slow down to 6.2 each in 2019 and 2020 and 6 per cent in 2021, according to the January 2019 Global Economic Prospects report released by the World Bank on Tuesday. In 2018, the Chinese economy is estimated to have grown by 6.5 per cent as against India's 7.3 per cent. In 2017, China with 6.9 per cent growth was marginally ahead of India's 6.7 per cent, mainly because the slowdown in the Indian economy due to demonetisation and implementation of the Goods and Services Tax (GST), the report said. "India's growth outlook is still robust. India is still the fastest growing major economy," World Bank Prospects Group Director Ayhan Kose said. "With investment picking up and consumption remaining strong, we expect India to grow 7.3 per cent in the fiscal year 2018-2019, and average 7.5 per cent in 2019 and 2020. India registered quite a bit of pick up in doing business ranking. The growth momentum is there (in India)," Kose informed. In India, the growth has accelerated, driven by an upswing in consumption, and investment growth has firmed as the effects of temporary factors wane, the World Bank said in its latest report. Domestic demand has strengthened as the benefits of structural reforms such as the Goods and Services Tax (GST) harmonisation and bank recapitalisation take effect. "India's growth accelerated to an estimated 7.3 per cent in FY2018/19 (April to March) as economic activity continued to recover with strong domestic demand. While investment continued to strengthen amid the GST harmonisation and a rebound of credit growth, consumption remained the major contributor to growth," the World Bank said. According to the report, India's GDP is forecast to grow by 7.3 per cent in FY2018/19 and 7.5 per cent thereafter, in line with June forecasts. Private consumption is projected to remain robust and investment growth is expected to continue as the benefits of recent policy reforms begin to materialise and credit rebounds. Strong domestic demand is envisioned to widen the current account deficit to 2.6 per cent of GDP next year. Inflation is projected to rise somewhat above the midpoint of the Reserve Bank of India's target range of 2 to 6 per cent, mainly owing to energy and food prices, the bank said. It said in India the recent introduction of the GST and steps toward demonetisation are expected to encourage a shift from the informal to the formal sector. "India's recent growth numbers suggest that the economy remains robust despite temporary setbacks (due top demonetisation and GST)," Kose said. The World Bank's estimate suggest that India's potential growth rate is around seven per cent, and is expected to remain around seven per cent, he said in response to a question. "The fact is that Indian economy is being able to deliver growth slightly above its potential is a very good sign," he added. Refraining from commenting on the economic performance of the Modi government that too in an election year, the World Bank official said growth performance of India as compared to other emerging markets has been quite impressive. "India's growth performance has been quite impressive. Year after year it has delivered strong numbers around its potential growth," he said.

India's GDP to grow at 7.3%, China to grow at 6.5% this year: World Bank

Growth of the world economy is expected to slow as the US-China trade conflict takes its toll and undermines confidence, the World Bank said Tuesday in its semi-annual forecast.

Rising trade tensions are the <a href="http://www.wionews.com/business-economy/china-expected-to-continue-win-win-solutions-for-world-development-world-bank-184302">most high-profile risk to</a> the global economy but the World Bank warned of other lurking dangers on Tuesday in its semi-annual Global Economic Prospects report.

Growth of the world economy is<a href="http://www.wionews.com/business-economy/india-to-retain-top-position-in-remittances-with-us-80-billion-world-bank-182411"> expected to slow to 2.9 per cent this year</a>, and 2.8 per cent in 2020, slightly below the previous forecast, and the estimates for nearly all regions and countries were downgraded.

At the center of the turmoil, US economic growth is expected to slow this year by four tenths of a point, falling to 2.5 per cent down from 2.9 per cent in 2018, and to slow even further next year to 1.7 per cent.

The report highlights a big jump in borrowing by the poorest nations, much of it in foreign currency and debt that increasingly is coming from private lenders that unlike the World Bank do not provide concessional terms.

And, with the US central bank and others raising interest rates, borrowing costs are increasing.

Total debt has risen worldwide to a record $184 trillion in 2017, according to the International Monetary Fund.

And the World Bank said low-income countries had seen public debt jump to above 50 per cent of GDP, up from 30 per cent in 2013.

"Debt levels are concerns especially when you have financial conditions that are tightening," Kose said, noting that emerging market and developing economies "rely on external financing to roll over their debt liabilities."&nbsp;

Corporate debt also has risen but "irrespective of the source of the debt, when you have balance sheet problems in a certain segment of an economy, ultimately it effects real activity," he said.

"Borrowers need to understand the implications of rapid accumulation of debt while you have interest rates increasing at the global level."

The World Bank said about a third of GDP in emerging market and developing economies comes from the informal sector, and in some countries the share is much higher.

"Informality is a major problem many emerging market and developing economies," Kose said.

"Ultimately informality is also a symptom of underdevelopment. So policies that promote growth also help improve the formal sector and provide the types of incentives for these informal firms to shift to the formal sector."

A key factor is government investments that promote growth, whether in infrastructure or in human capital - which is especially critical to prepare workers for technological change.

"All of these things will stimulate the economy in the short-term while improving the economy's long-term potential."

Regulation too must be tailored to foster business activity, rather than impede it and "should not push firms to the informal sector."

Kose cautioned: "This is not a problem you can solve overnight or over a year, this is a problem you need to solve over time."

Another concern is the decline in per capita GDP growth in sub-Saharan Africa, which the World Bank says will average less than one per cent in the next three years.

That makes it "very difficult if not impossible to have a meaningful reduction in poverty," Kose said.

Given the existing poverty challenge in the region, "policymakers need to find ways to increase growth prospects of the region to address this issue."

"As much as we think these problems are localized problems...at the end of the day they have implications for other countries, for other regions, and the problems require immediate attention."

The share of the world's poor residing in the region could grow to 87 per cent by 2030 unless growth accelerates, the report warned.

Growth of the world economy is expected to slow as the US-China trade conflict takes its toll and undermines confidence, the World Bank said Tuesday in its semi-annual forecast.

Growth of the world economy is expected to slow as the US-China trade conflict takes its toll and undermines confidence, the World Bank said Tuesday in its semi-annual forecast. Rising trade tensions are the most high-profile risk to the global economy but the World Bank warned of other lurking dangers on Tuesday in its semi-annual Global Economic Prospects report. Growth of the world economy is expected to slow to 2.9 per cent this year, and 2.8 per cent in 2020, slightly below the previous forecast, and the estimates for nearly all regions and countries were downgraded. At the center of the turmoil, US economic growth is expected to slow this year by four tenths of a point, falling to 2.5 per cent down from 2.9 per cent in 2018, and to slow even further next year to 1.7 per cent. The report highlights a big jump in borrowing by the poorest nations, much of it in foreign currency and debt that increasingly is coming from private lenders that unlike the World Bank do not provide concessional terms. And, with the US central bank and others raising interest rates, borrowing costs are increasing. Total debt has risen worldwide to a record $184 trillion in 2017, according to the International Monetary Fund. And the World Bank said low-income countries had seen public debt jump to above 50 per cent of GDP, up from 30 per cent in 2013. "Debt levels are concerns especially when you have financial conditions that are tightening," Kose said, noting that emerging market and developing economies "rely on external financing to roll over their debt liabilities." Corporate debt also has risen but "irrespective of the source of the debt, when you have balance sheet problems in a certain segment of an economy, ultimately it effects real activity," he said. "Borrowers need to understand the implications of rapid accumulation of debt while you have interest rates increasing at the global level." The World Bank said about a third of GDP in emerging market and developing economies comes from the informal sector, and in some countries the share is much higher. "Informality is a major problem many emerging market and developing economies," Kose said. "Ultimately informality is also a symptom of underdevelopment. So policies that promote growth also help improve the formal sector and provide the types of incentives for these informal firms to shift to the formal sector." A key factor is government investments that promote growth, whether in infrastructure or in human capital - which is especially critical to prepare workers for technological change. "All of these things will stimulate the economy in the short-term while improving the economy's long-term potential." Regulation too must be tailored to foster business activity, rather than impede it and "should not push firms to the informal sector." Kose cautioned: "This is not a problem you can solve overnight or over a year, this is a problem you need to solve over time." Another concern is the decline in per capita GDP growth in sub-Saharan Africa, which the World Bank says will average less than one per cent in the next three years. That makes it "very difficult if not impossible to have a meaningful reduction in poverty," Kose said. Given the existing poverty challenge in the region, "policymakers need to find ways to increase growth prospects of the region to address this issue." "As much as we think these problems are localized problems...at the end of the day they have implications for other countries, for other regions, and the problems require immediate attention." The share of the world's poor residing in the region could grow to 87 per cent by 2030 unless growth accelerates, the report warned.

World economy to slow this year due to US-China trade conflict: World Bank

World Bank President Jim Yong Kim announced Monday he would step down next month, more than three years before his current term was due to expire.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
I will be stepping down as <a href="https://twitter.com/WorldBank?ref_src=twsrc%5Etfw">@worldbank</a> Group president on February 1. It’s been the greatest privilege I could have ever imagined to lead the dedicated staff of this great institution to bring us closer to a world that is finally free of poverty. <a href="https://t.co/jWGoihu7tu">https://t.co/jWGoihu7tu</a>
— Jim Yong Kim (@JimYongKim) <a href="https://twitter.com/JimYongKim/status/1082319080382758913?ref_src=twsrc%5Etfw">January 7, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

"It has been a great honor to serve as president of this remarkable institution, full of passionate individuals dedicated to the mission of ending extreme poverty in our lifetime," Kim said in a statement.

Kim, who took over leadership of the global lender in 2012, is to join an as-yet-unnamed firm focusing on investments in developing countries.

World Bank CEO Kristalina Georgieva will serve as interim president upon Kim's February 1 departure, the bank said in a statement.

World Bank President Jim Yong Kim announced Monday he would step down next month, more than three years before his current term was due to expire. I will be stepping down as @worldbank Group president on February 1.

World Bank President Jim Yong Kim announced Monday he would step down next month, more than three years before his current term was due to expire. I will be stepping down as @worldbank Group president on February 1. It’s been the greatest privilege I could have ever imagined to lead the dedicated staff of this great institution to bring us closer to a world that is finally free of poverty. https://t.co/jWGoihu7tu — Jim Yong Kim (@JimYongKim) January 7, 2019 × "It has been a great honor to serve as president of this remarkable institution, full of passionate individuals dedicated to the mission of ending extreme poverty in our lifetime," Kim said in a statement. Kim, who took over leadership of the global lender in 2012, is to join an as-yet-unnamed firm focusing on investments in developing countries. World Bank CEO Kristalina Georgieva will serve as interim president upon Kim's February 1 departure, the bank said in a statement.

World Bank President Jim Yong Kim announces resignation

By Kamal Munir

Reluctantly seeking an IMF bailout for its balance-of-payments crisis, Imran Khan’s nascent government in Pakistan has already devalued its currency, hiked utility rates and imposed new taxes in an effort to be “ready” for IMF reforms. As if these measures were not enough to make the government sufficiently unpopular, it now faces demands to immediately privatise large loss-making state-owned enterprises.

For a few reasons, the government has so far been reluctant to sell these off. Two reasons stand out in particular. First, selling of these state-owned enterprises is likely to generate significant unemployment. Politically speaking, this would be a highly unpopular move, as Khan’s new government promised to create millions of jobs within five years. Second, given the outstanding debts of Pakistan’s state-owned enterprises, there will be few takers unless the government clears up the balance sheets first.

Whichever course the government takes, it would be foolish to ignore the lessons from Pakistan’s troubled history of previous privatisations – three spring to mind.

Telecoms and homegrown talent

First, do not sell a state-owned enterprise because you are getting a good price. The 2005 privatisation of Pakistan Telecommunication (PTCL), the national telecoms operator, is illustrative in this regard.

After painting the highly profitable corporation as an inefficient, incompetent, out-of-date behemoth, the government sold off a 26 per cent stake (along with full management control) to Dubai-based Etisalat for $2.6 billion. Yet at the time of its privatisation, PTCL was technologically one of the strongest telecoms players in South Asia with a number of technology firsts in the region. Financially, the company had just posted annual revenues of $1.4 billion with a net profit of $452m.

Within four years of its privatisation, thanks to the incoming, highly inexperienced management, the company’s market value had declined by 75 per cent – resulting in a loss of around $3 billion for the Pakistan government (the majority shareholder). On top of that, Etisalat today still owes the government more than $800m (from the acquisition price), which would be twice the value now. Ironically, rather than recovering this amount, the government is now asking for loans from the UAE.

PTCL’s privatisation not only destroyed a treasure trove of technological capabilities that the enterprise had nurtured over decades, but it also deprived Pakistan of a chance to turn a national champion into a regional, South Asian one.

Energy sector and competition

The privatisation of Pakistan’s energy sector has single-handedly crippled the entire economy. It illustrates the importance of ensuring the new entity competes fairly to earn a profit.

From 1994 onwards, investors were invited to set up power plants in exchange for a guaranteed US dollar-based internal rate of return of 15–18 per cent. This was further backed by sovereign guarantees from the government of Pakistan (which meant an extremely high return with zero risk and zero competition).

The plants were reimbursed for all the fixed costs of the power plant including debt servicing and handed the highly lucrative equity return on top. These payments were to be made irrespective of whether or not the independent power producer was asked to produce electricity. Plus, the investors were reimbursed for all variable costs of production, regardless of the type of fuel used and its market price.

The privatisation landed Pakistan in a vicious debt cycle. Energy prices have only gone up, which is unsurprising given the independent power producers face no competition. The state has been unable to keep up with the exorbitant bills it is presented with by investors and has had to start borrowing in international and domestic markets to honour the contracts. As well as racking up huge debts, Pakistan has suffered from severe and prolonged power outages.

Banks and profitability

The third lesson comes from the privatisation of Pakistan’s banks. They became more profitable after privatisation in the early 2000s. But a closer look at their performance once privatised shows that much of this profitability came from lending to the government. Lending to the private sector actually declined. This shows the importance of not privatising when a state-owned enterprise can do the same job more cheaply.

There is little point having private banks if all they do is lend to the government, which could easily own those banks and lend to itself without having to factor in an equity return. The allocation of credit to different sectors of the economy did not improve either. Manufacturing, agriculture, and small businesses – the sectors which were supposed to benefit from privatisation – continued to be deprived of credit.

But, consistent with the general history of privatisation in Pakistan, banking privatisation was great for the new owners. Many got bargain basement deals – while doing little for the cause of national economic development.

Above all, the government should realise that in the absence of broader national development policy, privatisations are not going to yield the desired benefits. Before contemplating any sell-off, the government needs to first figure out the roles it needs various institutions to play and devise appropriate regulatory and monitoring frameworks.

Goals such as maximising the value of an enterprise before its sale or enhancing its profitability should be supplanted by aims that are in line with a larger development plan. In order to avoid the mistakes of previous governments, longer-term goals must be prioritised.

(This article was originally published on The Conversation. Read the <a href="https://theconversation.com/pakistans-privatisation-dilemma-as-it-seeks-imf-bailout-109092">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL) 
&nbsp;

By Kamal Munir Reluctantly seeking an IMF bailout for its balance-of-payments crisis, Imran Khan’s nascent government in Pakistan has already devalued its currency, hiked utility rates and imposed new taxes in an effort to be “ready” for IMF reforms.

By Kamal Munir Reluctantly seeking an IMF bailout for its balance-of-payments crisis, Imran Khan’s nascent government in Pakistan has already devalued its currency, hiked utility rates and imposed new taxes in an effort to be “ready” for IMF reforms. As if these measures were not enough to make the government sufficiently unpopular, it now faces demands to immediately privatise large loss-making state-owned enterprises. For a few reasons, the government has so far been reluctant to sell these off. Two reasons stand out in particular. First, selling of these state-owned enterprises is likely to generate significant unemployment. Politically speaking, this would be a highly unpopular move, as Khan’s new government promised to create millions of jobs within five years. Second, given the outstanding debts of Pakistan’s state-owned enterprises, there will be few takers unless the government clears up the balance sheets first. Whichever course the government takes, it would be foolish to ignore the lessons from Pakistan’s troubled history of previous privatisations – three spring to mind. Telecoms and homegrown talent First, do not sell a state-owned enterprise because you are getting a good price. The 2005 privatisation of Pakistan Telecommunication (PTCL), the national telecoms operator, is illustrative in this regard. After painting the highly profitable corporation as an inefficient, incompetent, out-of-date behemoth, the government sold off a 26 per cent stake (along with full management control) to Dubai-based Etisalat for $2.6 billion. Yet at the time of its privatisation, PTCL was technologically one of the strongest telecoms players in South Asia with a number of technology firsts in the region. Financially, the company had just posted annual revenues of $1.4 billion with a net profit of $452m. Within four years of its privatisation, thanks to the incoming, highly inexperienced management, the company’s market value had declined by 75 per cent – resulting in a loss of around $3 billion for the Pakistan government (the majority shareholder). On top of that, Etisalat today still owes the government more than $800m (from the acquisition price), which would be twice the value now. Ironically, rather than recovering this amount, the government is now asking for loans from the UAE. PTCL’s privatisation not only destroyed a treasure trove of technological capabilities that the enterprise had nurtured over decades, but it also deprived Pakistan of a chance to turn a national champion into a regional, South Asian one. Energy sector and competition The privatisation of Pakistan’s energy sector has single-handedly crippled the entire economy. It illustrates the importance of ensuring the new entity competes fairly to earn a profit. From 1994 onwards, investors were invited to set up power plants in exchange for a guaranteed US dollar-based internal rate of return of 15–18 per cent. This was further backed by sovereign guarantees from the government of Pakistan (which meant an extremely high return with zero risk and zero competition). The plants were reimbursed for all the fixed costs of the power plant including debt servicing and handed the highly lucrative equity return on top. These payments were to be made irrespective of whether or not the independent power producer was asked to produce electricity. Plus, the investors were reimbursed for all variable costs of production, regardless of the type of fuel used and its market price. The privatisation landed Pakistan in a vicious debt cycle. Energy prices have only gone up, which is unsurprising given the independent power producers face no competition. The state has been unable to keep up with the exorbitant bills it is presented with by investors and has had to start borrowing in international and domestic markets to honour the contracts. As well as racking up huge debts, Pakistan has suffered from severe and prolonged power outages. Banks and profitability The third lesson comes from the privatisation of Pakistan’s banks. They became more profitable after privatisation in the early 2000s. But a closer look at their performance once privatised shows that much of this profitability came from lending to the government. Lending to the private sector actually declined. This shows the importance of not privatising when a state-owned enterprise can do the same job more cheaply. There is little point having private banks if all they do is lend to the government, which could easily own those banks and lend to itself without having to factor in an equity return. The allocation of credit to different sectors of the economy did not improve either. Manufacturing, agriculture, and small businesses – the sectors which were supposed to benefit from privatisation – continued to be deprived of credit. But, consistent with the general history of privatisation in Pakistan, banking privatisation was great for the new owners. Many got bargain basement deals – while doing little for the cause of national economic development. Above all, the government should realise that in the absence of broader national development policy, privatisations are not going to yield the desired benefits. Before contemplating any sell-off, the government needs to first figure out the roles it needs various institutions to play and devise appropriate regulatory and monitoring frameworks. Goals such as maximising the value of an enterprise before its sale or enhancing its profitability should be supplanted by aims that are in line with a larger development plan. In order to avoid the mistakes of previous governments, longer-term goals must be prioritised. (This article was originally published on The Conversation. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Pakistan’s privatisation dilemma as it seeks IMF bailout

The world expects China to chart a different path of development and spread its development lessons all around the globe, said World Bank Group President Jim Yong Kim as he spoke highly of China's win-win solutions on the 40th anniversary of its reform and opening-up.

China entered the World Bank Group in 1980 as the country started to engage more widely in the global economic system. With this year marking the 40th anniversary since the beginning of China's reform and opening-up process, the World Bank chief also praised China's achievements over the past decades.

Speaking in an interview with China Global Television Network (CGTN), Kim said the relationship between China and the World Bank Group has evolved over the years.

"At first we were involved in things like setting up the special economic zones, in establishing the capital markets. But then China joined the World Trade Organization, another very important step in China's development. And recently we are now focusing with China on specific areas that it has set for itself as targets for improvements," said the World Bank chief.

He also listed a few areas of focus including the change in economic growth strategy, urbanization and health care, which have seen some of the biggest reform.

Kim noted that China's role in the World Bank Group has also changed over the years, evolving from being a recipient of loans and assistance, to becoming a major contributor and donor.

"China has now become much more interested in our knowledge and our knowledge is unique at the World Bank Group because what we are hoping to provide for every single country is we take all the experiences that we've had, all the things that we've learned from countries all around the world and then bring them to see if any of these examples of success and failure might be relevant. So we do the same thing for China. But now China has become an extremely important source of just those kinds of innovations. So we are now taking the lessons from China and helping to spread those lessons all over the world. So China has become much more of a knowledge partner than before. But China has also become a donor," said Kim.

The World Bank chief added that China has been one of the fastest-growing countries in terms of donations to the International Development Association (IDA), the World Bank's fund for the poorest countries.

As China now has greater voting power at the World Bank, Kim said the rest of the world is now looking towards China for leadership in setting the tone for how future global development will evolve.

"President Xi has said on many occasions that what China is looking for are win-win solutions. And so with the Belt and Road Initiative, and with the direct assistance, the provision of loans from China directly to countries, I think all of those things, everyone in the world is waiting and hoping and expecting that China will continue to emphasize this notion of win-win solutions and chart a path for development that will look different," he said.

Kim said different from the traditional development path where wealthy countries provide grants and loans to the poor countries, China is proposing solutions that everyone will benefit if they work together on developing the poorest countries.

He is optimistic about China's development in the future.

"That approach of using small and medium enterprises to drive economic growth and job creation is fully alive and functioning in China. Automation, heavy industry is fully alive and functioning in China. China is trying to get the right balance between state intervention, the use of state resources, and market forces and these things are all central to how China will do in the future," said Kim.

The World Bank chief said that his optimism is based on the fact that there are so many different drivers of economic growth already thriving in China, and believes the country has a good chance of continuing to grow whatever global or political challenges it faces.

"I think that the most important message I can send on this 40th anniversary of China opening to the world is that China is now communicating about a leadership strategy that's very different from the traditional leadership strategy. It's not about rich countries providing benefits to poor countries. It's about a country that has gone from being extremely poor to much wealthier in a very short period of time now saying 'we need to find win-win situations.' This is what we do at the world bank every single day -- can we find win-win situations? This is something that we look forward to continuing to do with China," said Kim.

The world expects China to chart a different path of development and spread its development lessons all around the globe, said World Bank Group President Jim Yong Kim as he spoke highly of China's win-win solutions on the 40th anniversary of its reform and opening-up.

The world expects China to chart a different path of development and spread its development lessons all around the globe, said World Bank Group President Jim Yong Kim as he spoke highly of China's win-win solutions on the 40th anniversary of its reform and opening-up. China entered the World Bank Group in 1980 as the country started to engage more widely in the global economic system. With this year marking the 40th anniversary since the beginning of China's reform and opening-up process, the World Bank chief also praised China's achievements over the past decades. Speaking in an interview with China Global Television Network (CGTN), Kim said the relationship between China and the World Bank Group has evolved over the years. "At first we were involved in things like setting up the special economic zones, in establishing the capital markets. But then China joined the World Trade Organization, another very important step in China's development. And recently we are now focusing with China on specific areas that it has set for itself as targets for improvements," said the World Bank chief. He also listed a few areas of focus including the change in economic growth strategy, urbanization and health care, which have seen some of the biggest reform. Kim noted that China's role in the World Bank Group has also changed over the years, evolving from being a recipient of loans and assistance, to becoming a major contributor and donor. "China has now become much more interested in our knowledge and our knowledge is unique at the World Bank Group because what we are hoping to provide for every single country is we take all the experiences that we've had, all the things that we've learned from countries all around the world and then bring them to see if any of these examples of success and failure might be relevant. So we do the same thing for China. But now China has become an extremely important source of just those kinds of innovations. So we are now taking the lessons from China and helping to spread those lessons all over the world. So China has become much more of a knowledge partner than before. But China has also become a donor," said Kim. The World Bank chief added that China has been one of the fastest-growing countries in terms of donations to the International Development Association (IDA), the World Bank's fund for the poorest countries. As China now has greater voting power at the World Bank, Kim said the rest of the world is now looking towards China for leadership in setting the tone for how future global development will evolve. "President Xi has said on many occasions that what China is looking for are win-win solutions. And so with the Belt and Road Initiative, and with the direct assistance, the provision of loans from China directly to countries, I think all of those things, everyone in the world is waiting and hoping and expecting that China will continue to emphasize this notion of win-win solutions and chart a path for development that will look different," he said. Kim said different from the traditional development path where wealthy countries provide grants and loans to the poor countries, China is proposing solutions that everyone will benefit if they work together on developing the poorest countries. He is optimistic about China's development in the future. "That approach of using small and medium enterprises to drive economic growth and job creation is fully alive and functioning in China. Automation, heavy industry is fully alive and functioning in China. China is trying to get the right balance between state intervention, the use of state resources, and market forces and these things are all central to how China will do in the future," said Kim. The World Bank chief said that his optimism is based on the fact that there are so many different drivers of economic growth already thriving in China, and believes the country has a good chance of continuing to grow whatever global or political challenges it faces. "I think that the most important message I can send on this 40th anniversary of China opening to the world is that China is now communicating about a leadership strategy that's very different from the traditional leadership strategy. It's not about rich countries providing benefits to poor countries. It's about a country that has gone from being extremely poor to much wealthier in a very short period of time now saying 'we need to find win-win situations.' This is what we do at the world bank every single day -- can we find win-win situations? This is something that we look forward to continuing to do with China," said Kim.

China expected to continue win-win solutions for world development: World Bank

Respect Ruvimbo Topodzi was 15 and walking home from school in her native Zimbabwe when a 22-year-old man asked her out. She turned him down but it was too late.

Her father saw them and assumed they were already together. He told her she had to marry the man and live with him. She dropped out of school and soon became pregnant.&nbsp;

It was only when her husband became abusive that she was allowed back to the family home. Since then, Topodzi has been working to stop other girls having the same experience.

She took on the government to change the law and increase the minimum legal age of consent for marriage from 16 to 18.&nbsp;

"As a mother and survivor of child marriage, I am so passionate about ending child marriage," she told AFP at a recent conference on the subject in Ghana's capital Accra.

"I know how it feels to be married early and I know how you handle things in your marriage -- that is so difficult."

High rates

According to a new World Bank report, more than a third of girls in sub-Saharan Africa marry before their 18th birthday, which costs countries billions of dollars in lost earnings.

Estimates for 12 countries suggest some $63 billion (55.5 billion euros) is lost because child brides complete fewer years of formal education than their peers who marry later.

Every year of secondary education reduces the likelihood of marrying before the age of 18 by five per cent or more, it added in the report, "Educating Girls and Ending Child Marriage".

West Africa, in particular, has the highest prevalence of marriage before age 15, and of the top 20 countries with the highest rates of child marriage in the world, 18 are in Africa.

Yvette Kathurima Muhia, from the Girls Not Brides organisation of more than 1,000 civil society groups working on the issue, said governments and communities need to work together.

Twenty-four countries have launched national strategies to end the practice since the African Union began a campaign to stop child marriage by 2023.

But she said more needed to be done, particularly to keep girls in school by providing free meals, sanitary items and transport.&nbsp;

"Then the families feel they can send the girls to school, where they have support and incentives rather than if they were at home," she added.

Rooted in poverty&nbsp;

The causes of child marriage are complex and include traditional beliefs, climate change and conflict. But poverty is an underlying factor.

The UN last month said that the drought in western Afghanistan, which has displaced more than 250,000 people, has worsened an already dire humanitarian situation, compelling some families to sell their daughters to pay off debt or buy food.

At least 161 children between the ages of just one month and 16 were sold between July and October, according to Unicef.

Kathurima Muhia, head of Africa engagement at Girls Not Brides, conceded that the AU's 2023 target to eradicate the practice was "not going to happen", describing progress so far as "slow-moving".

As well as addressing policies and legal reforms, social norms must change in communities too, she added.

At the same time, people need to understand that there are no cultural or religious reasons to marry off young girls, she said.

In September, the marriage of a 15-year-old Malaysian girl to a 44-year-old man sparked anger, two months after a girl aged just 11 was married off to a 41-year-old.&nbsp;

But child marriage is not just an issue in the developing world: in June last year, the US state of New York overhauled legislation that allowed children as young as 14 to get married.

The age of consent to marry there is now 18, putting pressure on other US states to follow suit.

Uphill battle

Despite growing awareness of the practice, as policymakers met in Ghana a 17-year-old girl in South Sudan was auctioned for marriage on Facebook, causing international outrage.

The viral post eventually led to the largest dowry ever recorded in the fledgeling war-torn nation, with the highest bidder a man three times older than her.

Others bidding included a deputy state governor, according to reports.

Kathurima Muhia said that indicated the scale of the task at hand.

"One of the challenges we are having on the continent is where the policymakers themselves who are supposed to protect the law are the ones who are breaking it and child marriage is a key way of demonstrating that," she added.

Respect Ruvimbo Topodzi was 15 and walking home from school in her native Zimbabwe when a 22-year-old man asked her out. She turned him down but it was too late.

Respect Ruvimbo Topodzi was 15 and walking home from school in her native Zimbabwe when a 22-year-old man asked her out. She turned him down but it was too late. Her father saw them and assumed they were already together. He told her she had to marry the man and live with him. She dropped out of school and soon became pregnant. It was only when her husband became abusive that she was allowed back to the family home. Since then, Topodzi has been working to stop other girls having the same experience. She took on the government to change the law and increase the minimum legal age of consent for marriage from 16 to 18. "As a mother and survivor of child marriage, I am so passionate about ending child marriage," she told AFP at a recent conference on the subject in Ghana's capital Accra. "I know how it feels to be married early and I know how you handle things in your marriage -- that is so difficult." High rates According to a new World Bank report, more than a third of girls in sub-Saharan Africa marry before their 18th birthday, which costs countries billions of dollars in lost earnings. Estimates for 12 countries suggest some $63 billion (55.5 billion euros) is lost because child brides complete fewer years of formal education than their peers who marry later. Every year of secondary education reduces the likelihood of marrying before the age of 18 by five per cent or more, it added in the report, "Educating Girls and Ending Child Marriage". West Africa, in particular, has the highest prevalence of marriage before age 15, and of the top 20 countries with the highest rates of child marriage in the world, 18 are in Africa. Yvette Kathurima Muhia, from the Girls Not Brides organisation of more than 1,000 civil society groups working on the issue, said governments and communities need to work together. Twenty-four countries have launched national strategies to end the practice since the African Union began a campaign to stop child marriage by 2023. But she said more needed to be done, particularly to keep girls in school by providing free meals, sanitary items and transport. "Then the families feel they can send the girls to school, where they have support and incentives rather than if they were at home," she added. Rooted in poverty The causes of child marriage are complex and include traditional beliefs, climate change and conflict. But poverty is an underlying factor. The UN last month said that the drought in western Afghanistan, which has displaced more than 250,000 people, has worsened an already dire humanitarian situation, compelling some families to sell their daughters to pay off debt or buy food. At least 161 children between the ages of just one month and 16 were sold between July and October, according to Unicef. Kathurima Muhia, head of Africa engagement at Girls Not Brides, conceded that the AU's 2023 target to eradicate the practice was "not going to happen", describing progress so far as "slow-moving". As well as addressing policies and legal reforms, social norms must change in communities too, she added. At the same time, people need to understand that there are no cultural or religious reasons to marry off young girls, she said. In September, the marriage of a 15-year-old Malaysian girl to a 44-year-old man sparked anger, two months after a girl aged just 11 was married off to a 41-year-old. But child marriage is not just an issue in the developing world: in June last year, the US state of New York overhauled legislation that allowed children as young as 14 to get married. The age of consent to marry there is now 18, putting pressure on other US states to follow suit. Uphill battle Despite growing awareness of the practice, as policymakers met in Ghana a 17-year-old girl in South Sudan was auctioned for marriage on Facebook, causing international outrage. The viral post eventually led to the largest dowry ever recorded in the fledgeling war-torn nation, with the highest bidder a man three times older than her. Others bidding included a deputy state governor, according to reports. Kathurima Muhia said that indicated the scale of the task at hand. "One of the challenges we are having on the continent is where the policymakers themselves who are supposed to protect the law are the ones who are breaking it and child marriage is a key way of demonstrating that," she added.

Child marriage costs countries billions in lost earnings: World Bank

The<a href="http://www.wionews.com/world/world-bank-doubles-funding-to-fight-climate-change-to-200-bn-181039"> World Bank</a>'s lead economist for Russia said on Tuesday that the assumption was that sanctions against<a href="http://www.wionews.com/central-asia/russia-has-deployed-s-400-missiles-in-crimea-after-martial-law-in-ukraine-report-180077"> Russia </a>would remain the same as they are currently.

Apurva Sanghi made the remark in response to a question about the World Bank's Russia forecast for 2018-2020.

He did not offer any further details, although his colleague at a news conference in Moscow said it was not an assessment.

"It's not a judgment, it's not an assessment, it's an assumption," said Andras Horvai, country director and resident representative for Russia, Europe and Central Asia.

The World Bank's lead economist for Russia said on Tuesday that the assumption was that sanctions against Russia would remain the same as they are currently. Apurva Sanghi made the remark in response to a question about the World Bank's Russia forecast for 2018-2020.

The World Bank's lead economist for Russia said on Tuesday that the assumption was that sanctions against Russia would remain the same as they are currently. Apurva Sanghi made the remark in response to a question about the World Bank's Russia forecast for 2018-2020. He did not offer any further details, although his colleague at a news conference in Moscow said it was not an assessment. "It's not a judgment, it's not an assessment, it's an assumption," said Andras Horvai, country director and resident representative for Russia, Europe and Central Asia.

Assumption is Russia sanctions will stay the same: World Bank

The World Bank on Monday unveiled $200 billion in climate action investment for 2021-25, adding this amounts to a doubling of its current five-year funding. &nbsp;

The World Bank said the move, coinciding with&nbsp;<a href="http://www.wionews.com/world/act-now-or-risk-disaster-world-told-at-un-climate-summit-181034">a UN climate summit meeting of some 200 nations in Poland</a>, represented a "significantly ramped up ambition" to tackle climate change, "sending an important signal to the wider global community to do the same."

Developed countries are committed to lifting combined annual public and private spending to $100 billion in developing countries by 2020 to fight the impact of climate change -- up from 48.5 billion in 2016 and 56.7 billion last year, according to latest OECD data.

Southern hemisphere countries fighting the impact of warming temperatures are nonetheless pushing northern counterparts for firmer commitments.

In a statement, the World Bank said the breakdown of the $200 billion would comprise "approximately $100 billion in direct finance from the World Bank."

Around one third of the remaining funding will come from two World Bank Group agencies with the rest private capital "mobilised by the World Bank Group."

"If we don't reduce emissions and build adaptation now, we'll have 100 million more people living in poverty by 2030," John Roome, World Bank senior director for climate change, warned.

"And we also know that the less we address this issue proactively just in three regions -- Africa, South Asia and Latin America -- we'll have 133 million climate migrants," Roome told AFP.

- 'Fight the causes' - 
The bank's financing package amounts to "about 40 billion a year, but the direct (finance) is 27 billion per year on average," Roome said.

He added that in the 2018 fiscal year, running from July 2017 to June this year, the World Bank had committed $20.5 billion to climate action, compared with an annual average of $13.5 billion for the 2014-2018 period.

Roome said the money now being earmarked amounted to "about 35 percent" of the World Bank Group's total financing.

Much of the climate action financing is being set aside for reducing greenhouse gas emissions, notably through development of renewable energy strategies.

However, the World Bank stated that "a key priority is boosting support for climate adaptation," given the millions of people already battling the consequences of extreme weather.

"By ramping up direct adaptation finance to reach around $50 billion over (fiscal) 21-25, the World Bank will, for the first time, give this equal emphasis alongside investments that reduce emissions," the bank stated.

Given the urgency to act in the face of sea level rise, flooding and drought "we must fight the causes, but also adapt to the consequences that are often most dramatic for the world's poorest people," said World Bank CEO Kristalina Georgieva.

By stepping up financial aid to developing countries worst affected, Georgieva said the bank was committed to adapting infrastructure while investing in "climate smart agriculture, sustainable water management and responsive social safety nets" as well as early response networks.

"Even if we can keep global warming down to 2 degrees Celsius we know you're gonna need a significant amount of adaptation in places like Chad, Mozambique or Bangladesh," said Roome.

The countries whose representatives are meeting at the UN climate summit which opened Sunday in the Polish city of Katowice are seeking to make good on commitments made in the 2015 Paris climate accord.

That agreement saw countries commit to limiting global temperature rises to well below two degrees Celsius (3.6 degrees Fahrenheit), and to the safer cap of 1.5C if at all possible.

The World Bank on Monday unveiled $200 billion in climate action investment for 2021-25, adding this amounts to a doubling of its current five-year funding. The World Bank said the move, coinciding with a UN climate summit meeting of some 200 nations in Poland, represented a "significantly ramped up ambition" to tackle climate change, "sending an important signal to the wider global community to do the same.

The World Bank on Monday unveiled $200 billion in climate action investment for 2021-25, adding this amounts to a doubling of its current five-year funding. The World Bank said the move, coinciding with a UN climate summit meeting of some 200 nations in Poland, represented a "significantly ramped up ambition" to tackle climate change, "sending an important signal to the wider global community to do the same." Developed countries are committed to lifting combined annual public and private spending to $100 billion in developing countries by 2020 to fight the impact of climate change -- up from 48.5 billion in 2016 and 56.7 billion last year, according to latest OECD data. Southern hemisphere countries fighting the impact of warming temperatures are nonetheless pushing northern counterparts for firmer commitments. In a statement, the World Bank said the breakdown of the $200 billion would comprise "approximately $100 billion in direct finance from the World Bank." Around one third of the remaining funding will come from two World Bank Group agencies with the rest private capital "mobilised by the World Bank Group." "If we don't reduce emissions and build adaptation now, we'll have 100 million more people living in poverty by 2030," John Roome, World Bank senior director for climate change, warned. "And we also know that the less we address this issue proactively just in three regions -- Africa, South Asia and Latin America -- we'll have 133 million climate migrants," Roome told AFP. - 'Fight the causes' - The bank's financing package amounts to "about 40 billion a year, but the direct (finance) is 27 billion per year on average," Roome said. He added that in the 2018 fiscal year, running from July 2017 to June this year, the World Bank had committed $20.5 billion to climate action, compared with an annual average of $13.5 billion for the 2014-2018 period. Roome said the money now being earmarked amounted to "about 35 percent" of the World Bank Group's total financing. Much of the climate action financing is being set aside for reducing greenhouse gas emissions, notably through development of renewable energy strategies. However, the World Bank stated that "a key priority is boosting support for climate adaptation," given the millions of people already battling the consequences of extreme weather. "By ramping up direct adaptation finance to reach around $50 billion over (fiscal) 21-25, the World Bank will, for the first time, give this equal emphasis alongside investments that reduce emissions," the bank stated. Given the urgency to act in the face of sea level rise, flooding and drought "we must fight the causes, but also adapt to the consequences that are often most dramatic for the world's poorest people," said World Bank CEO Kristalina Georgieva. By stepping up financial aid to developing countries worst affected, Georgieva said the bank was committed to adapting infrastructure while investing in "climate smart agriculture, sustainable water management and responsive social safety nets" as well as early response networks. "Even if we can keep global warming down to 2 degrees Celsius we know you're gonna need a significant amount of adaptation in places like Chad, Mozambique or Bangladesh," said Roome. The countries whose representatives are meeting at the UN climate summit which opened Sunday in the Polish city of Katowice are seeking to make good on commitments made in the 2015 Paris climate accord. That agreement saw countries commit to limiting global temperature rises to well below two degrees Celsius (3.6 degrees Fahrenheit), and to the safer cap of 1.5C if at all possible.

World Bank doubles funding to fight climate change to $200 bn

Pakistan's rupee plunged almost five per cent to a record low Friday after what appeared to be a sixth devaluation by the central bank in the past year as the country struggles with an acute balance of payment crisis.

The unit sank to 143 rupees against the dollar just a day after Prime Minister Imran Khan’s government celebrated 100 days in office with a televised conference boasting of its achievements.

The State Bank of Pakistan has indirectly devalued the state-managed unit several times already as it tries to&nbsp;narrow a huge balance of payments deficit.

But traders are growing concerned that neither Khan nor his Finance Minister Asad Umar laid out a comprehensive plan to address the country’s economic woes more than a week after negotiations with the International Monetary Fund ended without a much-needed bailout agreement.

The former cricketer has launched a highly publicised austerity drive since being sworn in, including auctioning off government-owned luxury vehicles and buffaloes, in addition to seeking loans from "friendly countries" and making overtures to the IMF.

"The market was disappointed to see that there was no clear-cut direction of the government regarding raising loans from IMF or taxation policies for the rest of its term," said Hamad Iqbal, director of research at Elixir Securities.

The rupee has lost about a third of its value since the start of the year as&nbsp;Pakistan&nbsp;struggles with chronic inflation as it burns through its dwindling foreign currency reserves, which are down around 40 per cent this year.

Pakistan&nbsp;secured $6 billion in funding from Saudi Arabia and struck a 12-month deal for a cash lifeline during Khan's visit to the kingdom in October.

Despite the pledges, the ministry of finance said Pakistan&nbsp;would still seek broader IMF support for the government's long-term economic planning.

With talks with the IMF still ongoing --Pakistan&nbsp;has been a regular borrower from the IMF since the 1980s -- Khan's new government has been searching for ways to rally its struggling economy.

Islamabad has received billions of dollars in Chinese loans to finance ambitious infrastructure projects, but the US -- one of the IMF's biggest donors -- has raised fears that&nbsp;Pakistan&nbsp;could use any bailout money to repay its debts to Beijing.&nbsp;

The IMF and World Bank forecasts suggest the Pakistani economy is likely to grow by four to 4.5 percent for the year fiscal year ending June 2019 compared to 5.8 percent growth in the last fiscal year.

Pakistan's rupee plunged almost five per cent to a record low Friday after what appeared to be a sixth devaluation by the central bank in the past year as the country struggles with an acute balance of payment crisis.

Pakistan's rupee plunged almost five per cent to a record low Friday after what appeared to be a sixth devaluation by the central bank in the past year as the country struggles with an acute balance of payment crisis. The unit sank to 143 rupees against the dollar just a day after Prime Minister Imran Khan’s government celebrated 100 days in office with a televised conference boasting of its achievements. The State Bank of Pakistan has indirectly devalued the state-managed unit several times already as it tries to narrow a huge balance of payments deficit. But traders are growing concerned that neither Khan nor his Finance Minister Asad Umar laid out a comprehensive plan to address the country’s economic woes more than a week after negotiations with the International Monetary Fund ended without a much-needed bailout agreement. The former cricketer has launched a highly publicised austerity drive since being sworn in, including auctioning off government-owned luxury vehicles and buffaloes, in addition to seeking loans from "friendly countries" and making overtures to the IMF. "The market was disappointed to see that there was no clear-cut direction of the government regarding raising loans from IMF or taxation policies for the rest of its term," said Hamad Iqbal, director of research at Elixir Securities. The rupee has lost about a third of its value since the start of the year as Pakistan struggles with chronic inflation as it burns through its dwindling foreign currency reserves, which are down around 40 per cent this year. Pakistan secured $6 billion in funding from Saudi Arabia and struck a 12-month deal for a cash lifeline during Khan's visit to the kingdom in October. Despite the pledges, the ministry of finance said Pakistan would still seek broader IMF support for the government's long-term economic planning. With talks with the IMF still ongoing --Pakistan has been a regular borrower from the IMF since the 1980s -- Khan's new government has been searching for ways to rally its struggling economy. Islamabad has received billions of dollars in Chinese loans to finance ambitious infrastructure projects, but the US -- one of the IMF's biggest donors -- has raised fears that Pakistan could use any bailout money to repay its debts to Beijing. The IMF and World Bank forecasts suggest the Pakistani economy is likely to grow by four to 4.5 percent for the year fiscal year ending June 2019 compared to 5.8 percent growth in the last fiscal year.

Pakistan rupee hits record low, no news on IMF lifeline

Prime Minister Narendra Modi on Monday chaired a meeting with top industrialists and policymakers over India's vision to break into the top 50 in the World Bank's ease of doing business index.&nbsp;

Addressing the crowd at the meeting 'Reflections on Ease of Doing Business', PM Modi lauded India's efforts towards economic growth and over improvement in quality of life. The Prime Minister stated that all sectors of economy need to improve to take India to the 5 trillion club.

"As per the analysis of Moody and World Economic Forum the position of India has either gone up or is rising. Now our efforts are to take India to the 5 trillion dollar club. To achieve this, we have to improve in all the sectors of the economy," PM Modi said.&nbsp;

India's rank rose 23 places to the 77th spot in the 'Doing Business' rankings released on October 31.

India was ranked 100th in the World Bank's Doing Business Report last year.

"Before 2014, those who had seen instability in policies and policy paralysis, for them it was impossible to believe that India can earn a rank in world’s Top 100 countries," PM Modi said.&nbsp;

"But within 4 years, there has been 180 degree change in the country. We are at 77 rank from 142 rank in ‘Ease of Doing Business’. It’s a record for the country," he added.&nbsp;

The meeting 'Reflections on Ease of Doing Business' was organised by the Department of Industrial Policy and Promotion as the government gears up for India's ranking to leapfrog on the 'Doing Business' index next year and boost the country's investment attractiveness.

Modi also informed that local leaders have been empowered and that implementation of ranking systems is underway on a district level in order to encourage better performance.&nbsp;

"There is a need for infrastructure, development, growth, man force and an increase in per capita income, which will only happen through investments," PM Modi stressed.

&nbsp;

Prime Minister Narendra Modi on Monday chaired a meeting with top industrialists and policymakers over India's vision to break into the top 50 in the World Bank's ease of doing business index.

Prime Minister Narendra Modi on Monday chaired a meeting with top industrialists and policymakers over India's vision to break into the top 50 in the World Bank's ease of doing business index. Addressing the crowd at the meeting 'Reflections on Ease of Doing Business', PM Modi lauded India's efforts towards economic growth and over improvement in quality of life. The Prime Minister stated that all sectors of economy need to improve to take India to the 5 trillion club. "As per the analysis of Moody and World Economic Forum the position of India has either gone up or is rising. Now our efforts are to take India to the 5 trillion dollar club. To achieve this, we have to improve in all the sectors of the economy," PM Modi said. India's rank rose 23 places to the 77th spot in the 'Doing Business' rankings released on October 31. India was ranked 100th in the World Bank's Doing Business Report last year. "Before 2014, those who had seen instability in policies and policy paralysis, for them it was impossible to believe that India can earn a rank in world’s Top 100 countries," PM Modi said. "But within 4 years, there has been 180 degree change in the country. We are at 77 rank from 142 rank in ‘Ease of Doing Business’. It’s a record for the country," he added. The meeting 'Reflections on Ease of Doing Business' was organised by the Department of Industrial Policy and Promotion as the government gears up for India's ranking to leapfrog on the 'Doing Business' index next year and boost the country's investment attractiveness. Modi also informed that local leaders have been empowered and that implementation of ranking systems is underway on a district level in order to encourage better performance. "There is a need for infrastructure, development, growth, man force and an increase in per capita income, which will only happen through investments," PM Modi stressed.

Our efforts are to take India to the 5 trillion dollar club: PM Modi

The World Bank does not agree with US President Donald Trump’s claim that India is a “tariff king” and feels that the Indian taxation system and the economy are much more liberalised than it was a few decades ago, a top official of the international financial institution said Wednesday.

Earlier this month, Trump described India as a “tariff king” as he reiterated his allegations that New Delhi has a high tariff rate on various American goods.

“That (India being a tariff king) certainly is not what we find in our data,” Shanta Devarajan, the World Bank’s Senior Director for Development Economics and Acting Chief Economist, told PTI in an interview when asked about Trump’s statement.

“India has some tariffs, but by no means, it’s not (tariff) king,” said Devarajan, who earlier was chief economist for South Asia at the World Bank.

Even in South Asia India did not have the highest tariffs, he said referring to the experience he had in his previous capacity in the World Bank.

“And they (tariffs in India) have come down quite a bit since then,” he said.

Liberalisation of the Indian economy is showing results, he said.

“Tariffs were very high in 1991 when they liberalised and they found that actually, the economy boomed. That has helped to build political support for further reforms,” Devarajan said.

The World Bank does not agree with US President Donald Trump’s claim that India is a “tariff king” and feels that the Indian taxation system and the economy are much more liberalised than it was a few decades ago, a top official of the international financial institution said Wednesday.

The World Bank does not agree with US President Donald Trump’s claim that India is a “tariff king” and feels that the Indian taxation system and the economy are much more liberalised than it was a few decades ago, a top official of the international financial institution said Wednesday. Earlier this month, Trump described India as a “tariff king” as he reiterated his allegations that New Delhi has a high tariff rate on various American goods. “That (India being a tariff king) certainly is not what we find in our data,” Shanta Devarajan, the World Bank’s Senior Director for Development Economics and Acting Chief Economist, told PTI in an interview when asked about Trump’s statement. “India has some tariffs, but by no means, it’s not (tariff) king,” said Devarajan, who earlier was chief economist for South Asia at the World Bank. Even in South Asia India did not have the highest tariffs, he said referring to the experience he had in his previous capacity in the World Bank. “And they (tariffs in India) have come down quite a bit since then,” he said. Liberalisation of the Indian economy is showing results, he said. “Tariffs were very high in 1991 when they liberalised and they found that actually, the economy boomed. That has helped to build political support for further reforms,” Devarajan said.

India certainly not a ‘tariff king’, says World Bank official on Donald Trump’s remarks

The World Bank in its "ease of doing business" <a href="http://www.wionews.com/business-economy/india-jumps-23-positions-to-rank-77-in-world-banks-ease-of-doing-business-ranking-174700">report informed that Afghanistan, Djibouti</a>, China, Azerbaijan and India were the "10 most improved economies" across three or more areas measured.

The report said Afghanistan had climbed over 10 places to rank No-1 in 10 economies improving the most. This means two major South Asian nations dominated the list.

The standard for ease of doing business includes starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.

Apart from Afghanistan, the others in the list included Djibouti at No-2, China at No-3, Azerbaijan at No-4, India at No-5, Togo ranked No-6, Kenya on No-7, Côte d'Ivoire in Africa at No-8, Turkey at No-9 and Rwanda at No-10.

Together, these economies implemented a total of 62 business regulatory reforms across all areas measured by "Doing Business", the report noted. The top-10 countries implemented the most regulatory reforms, the World Bank report said.

Afghanistan scored on starting a business, getting credit, protecting minority investors, paying taxes and resolving insolvency to capture the top slot ahead of India and China.
<img alt="Ease of doing" data-align="center" data-entity-type="file" data-entity-uuid="02df7a03-bd6f-420a-bb6e-365658ffdafd" src="/sites/default/files/inline-images/Ease%20of%20doing%20business_0.JPG" />
Source: worldbank.org

India which finished in 77th place overall was ranked No-5 in the most improved economies list fulling six criteria - starting a business, dealing with construction permits, getting electricity, getting credit, paying taxes and trading across borders.

"India also focused on streamlining business processes. Under its National Trade Facilitation Action Plan 2017-2020, India implemented several initiatives that improved the efficiency of cross-border trade, reducing border and documentary compliance time for both exports and imports," the report observed.&nbsp;

China which finished No-3 behind Afghanistan and Djibouti fulfilled several scales, in fact as many as seven - starting a business, dealing with construction permits, getting electricity, registering property, protecting minority investors, paying taxes and trading across borders.&nbsp;

"The two economies with the largest populations, China and India, demonstrated impressive reform agendas. Both governments took a carefully designed approach to reform, aiming to improve the business regulatory environment over the course of several years," the World Bank report said.

"India also invested in port equipment, strengthened management and improved electronic document flow. By implementing the Single Window Clearance System in Delhi and the Online Building Permit Approval System in Mumbai during the second half of 2017, India also continued to streamline and centralise its construction permitting process," the report said.

The World Bank in its "ease of doing business" report informed that Afghanistan, Djibouti, China, Azerbaijan and India were the "10 most improved economies" across three or more areas measured.

The World Bank in its "ease of doing business" report informed that Afghanistan, Djibouti, China, Azerbaijan and India were the "10 most improved economies" across three or more areas measured. The report said Afghanistan had climbed over 10 places to rank No-1 in 10 economies improving the most. This means two major South Asian nations dominated the list. The standard for ease of doing business includes starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Apart from Afghanistan, the others in the list included Djibouti at No-2, China at No-3, Azerbaijan at No-4, India at No-5, Togo ranked No-6, Kenya on No-7, Côte d'Ivoire in Africa at No-8, Turkey at No-9 and Rwanda at No-10. Together, these economies implemented a total of 62 business regulatory reforms across all areas measured by "Doing Business", the report noted. The top-10 countries implemented the most regulatory reforms, the World Bank report said. Afghanistan scored on starting a business, getting credit, protecting minority investors, paying taxes and resolving insolvency to capture the top slot ahead of India and China. Source: worldbank.org India which finished in 77th place overall was ranked No-5 in the most improved economies list fulling six criteria - starting a business, dealing with construction permits, getting electricity, getting credit, paying taxes and trading across borders. "India also focused on streamlining business processes. Under its National Trade Facilitation Action Plan 2017-2020, India implemented several initiatives that improved the efficiency of cross-border trade, reducing border and documentary compliance time for both exports and imports," the report observed. China which finished No-3 behind Afghanistan and Djibouti fulfilled several scales, in fact as many as seven - starting a business, dealing with construction permits, getting electricity, registering property, protecting minority investors, paying taxes and trading across borders. "The two economies with the largest populations, China and India, demonstrated impressive reform agendas. Both governments took a carefully designed approach to reform, aiming to improve the business regulatory environment over the course of several years," the World Bank report said. "India also invested in port equipment, strengthened management and improved electronic document flow. By implementing the Single Window Clearance System in Delhi and the Online Building Permit Approval System in Mumbai during the second half of 2017, India also continued to streamline and centralise its construction permitting process," the report said.

Ease of doing business: Afghanistan tops '10 economies improving the most', India ranked 5th

world-bank

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