Page 5 - World Bank Group

India abstained from Pakistan's loan request to IMF: Finance ministry

The arrangement provides short-term financial assistance to countries facing balance of payments problems

For sustainable growth of nations, WB's Gill calls for data-driven policies

Middle-income countries like India need to make policies based on reliable data to get into the league of high-income nations in next 3-4 decades as achieving sustainable growth will become harder, World Bank chief economist Indermit Gill said on Thursday. Addressing an event here, Gill said, to grow into higher-income countries, MCIs (Middle Income Countries) will have to reduce deficits in their mid-sized firms. "(Going forward) economic growth will get harder for middle-income countries like India, not easier... If you (middle-income countries like India) want to get into high-income country in the next 3-4 decades then you will have to make policies based on reliable information," he said. Gill pointed out that relatively few countries (31) have grown into high-income countries between 1990 and 2021. Prime Minister Narendra Modi has set an ambitious target of making India a developed nation by 2047. According to the World Bank, the world's middle-income countries (MICs) are a

Need to be realistic about pvt cap mobilisation: FM to World Bank

On the issue of domestic resource mobilisation, the finance minister suggested adopting a holistic approach to raising fiscal resources, which is not limited to taxation

FM to attend World Bank-IMF meet, G20 FMBCBG in Morocco from Oct 11

Finance Minister Nirmala Sitharaman will embark on a six-day official visit on Tuesday to Marrakech, Morocco, to attend the World Bank-International Monetary Fund annual meet, along with the G20 FMCBG meeting. Besides, bilateral meetings with Indonesia, Morocco, Brazil, Switzerland, Germany and France are scheduled to take place on October 11-15, 2023, in Marrakech. The Indian delegation for the annual meetings will be led by the Finance Minister, and comprise officials from the Ministry of Finance and the Reserve Bank of India, an official statement said on Monday. During the visit, it said, Sitharaman and RBI Governor Shaktikanta Das will co-chair the fourth G20 Finance Ministers and Central Bank Governors (FMCBG) meeting. The G20 FMCBG meeting under India's presidency will witness the participation of 65 delegations from G20 countries, invitee countries, and international organisations in multilateral discussions centred around a broad spectrum of important global issues, it ...

MDBs need to be bigger and better, but donor money is constrained: ADB's Um

Woochong Um in a virtual interview said that they need to double, triple and quadruple what they can do and bring in private capital

Emerging economies face China and rate pressures as IMF, World Bank meet

Restructuring efforts for defaulted countries could reach a breakthrough before year-end as talks continue, while the finances of nations like Pakistan and Egypt will also be under scrutiny

Election-year budgets

Govt must adhere to the consolidation path

Pakistan's tax collection insufficient to meet financial needs: World Bank

It also suggested that the country should increase tax collection from major sectors and eliminate income tax, sale tax, and customs duties exemptions

MDB reforms off the block

Driven by the G20 declaration, transformative changes have begun at multilateral banks

ADB unlocks $100 bn funding capacity with capital management reforms

The reforms, carried out through an update of ADB's Capital Adequacy Framework (CAF), would expand the bank's annual new commitments capacity to more than $36 billion

MDBs at the centre of any chance of meeting the climate challenge

Giving a lecture at a Confederation of Indian Industry (CII) event on 'The World is on Fire', Summers spoke about the challenges of overcoming poverty as well as climate change

FM Sitharaman discusses capital adequacy framework with World Bank, ADB

Sitharaman and Banga stated that they look forward to Volume 2 of the report that will be submitted during the 4th FMCBG meeting in Morocco in October

G20 Summit 2023: World Bank report bats for DPI for financial inclusion

Other examples of DPIs include Singapore's Singpass, the Philippines' PhilSys, UAE-Pass, and fast payment systems such as India's UPI, Brazil's Pix, Turkiye's FAST among others

Experts blame grey market, IMF as Pakistani rupee goes into free fall

Tresmark CEO Faisal Mamsa said, "The interim government trying to overstep its perceived capacity, which is sending a conflicting message to markets

The World Bank must reform

Overhauls to multilateral development banks could be a lasting legacy of India's G20 presidency

11 World Bank officials meet Finance Minister Sitharaman in New Delhi

The Executive Directors of the world bank shared their key takeaways with Union Finance Minister Nirmala Sitharaman from their visits to Mumbai, Ahmedabad and Lucknow

How the World Bank group can scale climate finance

IFC should aim to become the leading equity fund manager and fund-of-funds manager for climate mitigation investment in emerging markets

India will be shielded from risks of global slowdown: World Bank President

'India gets a lot of its GDP from domestic consumption'

Predominantly digital exports fuel India's services trade, shows data

Segment accounts for over 15 per cent of total goods and services exports for India, others

Developed world slowdown to apply brakes on India's remittance inflows

Growth in remittance flows into India to decelerate to 0.2% in 2023, from 24% in 2023: World Bank