Page 7 - World Bank Group

Low growth and high inflation expected this year: N Chandrasekaran

The World Bank last month cut India's economic growth forecast for the current fiscal to 7.5 per cent owing to rising inflation, supply chain disruptions and geopolitical tensions

World Bank grants India $1.75 bn loan for health, private investment

The World Bank has approved loans totalling USD 1.75 billion (about Rs 13,834.54 crore) to fund India's PM Ayushman Bharat scheme and private investment to boost the economic growth. Of the total loan, USD 1 billion will go towards the health sector, while the rest USD 750 million will be in the form of development policy loan (DPL) to fill the financing gaps through private sector investment in the economy. The World Bank Board of Executive Directors approved two complementary loans of USD 500 million each to support and enhance India's health sector. Through this combined financing of USD 1 billion, the World Bank will support India's flagship Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission (PM-ABHIM), launched in October 2021, the World Bank said in a release on Friday. The funds will be used to improve public healthcare infrastructure across the country. In addition to the national-level interventions, one of the loans will prioritize seven states namely Andhra .

World Bank agrees on $500-mn aid to help Egypt fund wheat purchases

Egypt will receive a USD 500 million loan from the World Bank to help finance its wheat purchases as prices skyrocket because of the Russian invasion of Ukraine, the Bank said on Wednesday. The funds, approved on Tuesday by the World Bank Board of Executive Directors, aim at supporting Egypt's efforts to provide subsidized bread to poor and vulnerable households, it said. It said the funds will help the government of the Arab world's most populous country finance procurement of imported wheat. This emergency operation comes at a very critical juncture when the food security of many countries is threatened by the war in Ukraine, said Marina Wes, World Bank Country Director for Egypt Yemen, and Djibouti. Egypt is the world's largest wheat importer, and the country's supply is subject to price changes on the international market. The war in Europe has already hiked prices of the grain since both Russia and Ukraine export nearly a third of the world's wheat. Around 70 million Egyptian

Ukraine gets 4.5 bn euros in international aid since start of conflict

Over the past week, Ukraine received $500 million in grant funds from the World Bank, said Ukrainian Prime Minister Denys Shmyhal

Rescue countries facing debt stress in these uncertain times: Sitharaman

Sitharaman during a meeting with World Bank Group prez David Malpass, said India remains concerned about the risks to global recovery due to rising uncertainty amidst enhanced geopolitical tensions

World faces human catastrophe due to Russia-Ukraine war: David Malpass

World Bank President David Malpass said said that if the war continues, there will be record increases in food prices which would push hundreds of millions people into poverty and lower nutrition

IMF, World Bank chiefs warn of debt squeeze in world's poorest nations

As interest rates rise, the debt pressures are mounting on developing countries, and we need to move urgently towards solutions, World Bank President David Malpass said

World Bank ready to provide emergency support to Sri Lanka: Report

World Bank Vice President Hartwig Schafer held talks with Sri Lankan Finance Minister Ali Sabry in Washington on Tuesday, the Colombo Gazette reported on Wednesday

World Bank cuts India's FY23 GDP growth forecast to 8% from 8.7%

In India, household consumption will be constrained by the incomplete recovery of the labour market from the pandemic and inflationary pressures, the bank said

Three-member World Bank team calls on J&K Chief Secretary Arun Mehta

A three-member team from the World Bank had a meeting with J&K Chief Secretary Arun Kumar Mehta on Saturday regarding the World Bank-funded projects being implemented in Jammu and Kashmir.

Making $923 million of financing available for Ukraine, says World Bank

The World Bank is making $923 million in financial aid available for Ukraine, World Bank President David Malpass said on Monday

World Bank approves $723 mn loans, grants for Ukraine amid Russia invasion

The World Bank said its executive board on Monday approved a $723 million package of loans and grants for Ukraine, providing government budget support as the country battles a Russian invasion

World Bank's Ukraine loan disbursement grows to 460 million euros: Report

A World Bank emergency cash disbursement to Ukraine will grow to 460 million euros ($509 million) with contributions from Sweden and the Netherlands, and will be submitted for board approval on Friday

World Bank stops all projects in Russia, Belarus with 'immediate effect'

'The banking organisation, with 189 member countries across the globe, has not approved any new loans or investments in Russia since 2014, when the country annexed the Crimean Peninsula in Ukraine'

World Bank, IMF racing to get aid for Ukraine in coming weeks and months

IMF, World Bank said they were racing to provide billions of dollars of additional funding to Ukraine in coming weeks and months, adding the war there is creating crucial spillovers to other countries

Other suppliers may replace Russia in gas market in 5 yrs: World Bank prez

The world has enough energy suppliers to provide an alternative to Russia in the gas market within the next five years, World Bank President David Malpass said on Sunday.

World Bank's India head Junaid Ahmad appointed vice president of operations

Ahmad has been appointed as a Vice President of the international lending institution.

World Bank chief flays Microsoft's $69 bln, questions capital allocation

David Malpass says more capital needed to flow into poor countries, but such allotments have been disrupted.

Afghanistan continues to face economic hardships under the Taliban

Afghanistan is facing economic hardships after the takeover of the Taliban in August this year and its financial crisis has increased further.Afghanistan's economy continues to plummet with the Taliban takeover. Afghanistan's economy is largely made up of the agriculture and services sector, both of which have already shown a decline. Agriculture has been the biggest source of employment has taken a huge hit due to the rising insecurity in the country and widespread droughts, according to the International Forum for Rights and Security.Further, nine out of ten Afghan families are already unable to obtain sufficient food stocks and over 1 million children could face malnutrition and even death by starvation with further scares of the outbreak of diseases like measles and polio throughout the population, it added.Earlier, the World Food Programme (WFP) has warned of the emerging food insecurity in Afghanistan will affect almost 14 million people.Further, in the regional hospital in ...

IMF board decides to keep Georgieva as chief after data-fixing scandal

Georgieva is a Bulgarian economist and the first person from an emerging-market nation to run the IMF.