Page 10 - World Bank

World Bank to give Rs 2,328 cr for project to divert flood water: Fadnavis

The World Bank has approved financial assistance of Rs 2,328 crore to develop infrastructure to divert flood water from western Maharashtra to Marathwada, Maharashtra Deputy Chief Minister Devendra Fadnavis said on Monday. The state government will contribute Rs 998 crore for the plan, he added. "The World Bank has approved financial assistance of Rs 2,328 crore for the project that will help in diverting flood water from western Maharashtra to Marathwada, which faces water scarcity," he said in a statement. Sangli and Kolhapur districts had witnessed flooding in September 2018, and a World Bank team that visited these areas at the time decided to provide aid for the water diversion project, Fadnavis said.

India, China follow contrasting external lending strategies: World Bank

Escalating debt vulnerabilities in many low or middle-income countries and overlapping crises are forcing an increasing number of countries to seek debt restructuring from external creditors

India tops remittances table with $125 bn inflows: World Bank report

Inflation declining and strong labour markets in high-income source countries boosted transfers by highly skilled Indians, it says

India's inward remittances in 2023 rise 12.3% to $125 billion: World Bank

India continues to be the highest recipient of remittances globally, followed by Mexico ($67 billion) and China ($50 billion)

Developing countries spent record $443.5 bn to service public debts in 2022

In its latest International Debt Report, the bank said the debt-service payments - including principal and interest - rose 5% to a record $443.5 billion from a year earlier

Cash-strapped Pakistan secures $655 million financing package from ADB

Cash-strapped Pakistan has secured a USD 655 million financing package, including an expensive USD 300 million loan at market rates, from the Asian Development Bank, days after Finance Minister Shamshad Akhtar declared the country's public debt as unsustainable. The ADB approved a financing package for Pakistan under three different loans. Among other components, these include USD 300 million for improving domestic resource mobilisation; USD 275 million for rehabilitating schools damaged by the devastating August 2022 floods; and USD 80 million for enhancing agricultural productivity to improve food security, according to an announcement by the ADB on Wednesday. The announcement by the Manila-based lending agency came as the World Bank's Debt Management and Sustainability Mission met with Finance Minister AKhtar to review the debt management of the country, reported the Express Tribune newspaper. Last week, Dr Akhtar announced that Pakistan's debt burden has become unsustainable --

Multilateral Development Banks unlock over $180 bn climate finance at COP28

The Inter-American Development Bank (IDB) announced at COP28 that it will triple its climate lending to US$150 billion over the next decade

World Bank Chief Banga hails COP28 momentum as climate pledges mount

World leaders spent the first three days at the climate conference unveiling a string of announcements from cutting methane emissions to ramping up the flow of money to poorer countries

World Bank global indicators are subjective, says CEA V Nageswaran

As of 2022, India had a percentile rank of 63.2 in governance effectiveness, meaning it was equal to or better than 63.2 percent of countries

Half of Afghanistan's population lives below poverty line: World Bank

World Bank Senior Economist Silvia Redaelli said: "We see that in terms of monetary poverty, we still have half of the population that in 2023 is consuming below the poverty line."

A grainy picture: Tough to measure Covid's impact on poverty without data

The impact of the pandemic on pov­erty and inequality in India has been a contested issue in the absence of govern­ment data

The stunning resilience of emerging markets

Prudent economic policies and central bank independence have allowed them to defy analysts' expectations of a debt spiral

Auditing the Blue Economy: An oceanic responsibility

In a world where environmental concerns and sustainability have taken centre stage, the concept of the Blue Economy emerges as a captivating notion

Global rice prices are not expected to cool down before 2025: World Bank

The Centre has already clamped down on the export of rice from India and imposed hefty import duties on some other variants, thus wiping off almost 40 per cent of supplies from the world rice markets

Commodity outlook would darken if West Asia conflict escalates: World Bank

Report provides a preliminary assessment of the potential near-term implications of the conflict for commodity markets. It finds that the effects should be limited if the conflict doesn't widen

World Bank approves $1 billion loan to help South Africa's energy sector

The World Bank approved a $1 billion loan for South Africa on Wednesday to help it address an energy crisis that has peaked this year with the country's worst electricity blackouts. The energy problem has forced the country to lean on its highly polluting coal-fired power stations. South Africa has experienced scheduled, rolling blackouts for months because of problems generating enough electricity for its 62 million people. The state-run power utility, Eskom, generates approximately 80% of the country's electricity through its coal stations, but they have failed to meet demand due to mismanagement, corruption and regular breakdowns. South Africa's commitment to its climate change targets are in danger of being affected in the short term, with President Cyril Ramaphosa announcing in April that it may delay shutting down some of its coal stations because of the electricity supply problems. The loan endorses a significant and strategic response to South Africa's ongoing energy crisis,

A difficult choice

Postponing IMF reforms in strategic interest

Poverty surges across Pakistan with food, energy prices spike: World Bank

The report indicates that poverty has risen due to declining wages, reduced job quality, and the impact of high inflation on the purchasing power of people living in poverty, according to Dawn

Poverty in India eased in '21, but was above '18 level: World Bank data

World Bank data shows poverty shot up to 176 mn in 2019 from 152 mn in 2018

Pak at tipping point with 40% of population below poverty line: World Bank

The warning comes ahead of the elections. The Bank's policy note is meant to act as a guide for the new government that will take office after the elections for policy reforms