Page 10 - World Bank

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

IMF, World Bank urged to boost funding for African nations facing conflict

Many poor countries in Africa face the harshest effects of climate change: severe droughts, vicious heat and dry land, but also unpredictable rain and devastating flooding. The shocks worsen conflict and upend livelihoods because many people are farmers work that is increasingly vulnerable in a warming world. Climate challenges are at the root of vulnerabilities faced by conflict-ridden countries in Africa's Sahel region, such as Burkina Faso, Chad, Mali, Niger and northern Nigeria, experts say. Adapting to these challenges could cost up to USD 50 billion per year, according to the Global Commission on Adaptation, while the International Energy Agency estimates the clean energy transition could cost as much as USD 190 billion a year overwhelming costs for Africa. Countries have limited space in their budgets, and borrowing more to fund climate goals will worsen their considerable debt burdens, argue African leaders, who are seeking a rapid boost in financing. Some leaders suggest

Higher-for-longer rates will keep constricting global economy: World Bank

Both Ajay Banga, the institution's president, and Chief Economist Indermit Gill warned that the fallout from the sudden shift to an era of elevated borrowing costs may be tough

Pakistan: World Bank suggests taxes on agri, real estate to infuse Rs 3 trn

The World Bank has suggested closing all tax exemptions and bringing agriculture, retail, and real estate under a tax bracket that can fetch three per cent of GDP in the cash-strapped Pakistan's kitty, media reports said on Tuesday. The people in two major areas in the provincial jurisdiction real estate and agriculture had most of the untaxed wealth, which should be taxed by the provincial governments to be able to improve services and reduce the financial burden on the centre, which was financing these services, newspaper Dawn quoted WB's Country Director Najy Benhassine and senior economist Tobias Haque as saying. The lender has projected that if agriculture income and properties tax is enforced properly then it could fetch three per cent of GDP in the tax collection on an annual basis, equivalent to slightly over Rs 3 trillion, the Dawn newspaper quoted Haque as saying. He said real estate and agriculture should yield revenue of two per cent and one per cent, respectively, of

IMF, World Bank pledge Africa focus at 1st meetings on continent in 50 yrs

In the shadow of a deadly earthquake in Morocco that caused nearly $12 billion in damage, the world's most powerful economic policymakers said they would focus on Africa as they work to grow and stabilising the global economy during times of war, inequality and climate change. The International Monetary Fund and World Bank are holding their annual meetings in Africa for the first time in 50 years as they face a growing chorus of criticism that poorer nations are underrepresented at the two institutions. Both have recently said they plan to give Africa additional seats on their executive boards. The conference theme was clear Monday during the gathering in Marrakech, although definitive details had yet to be discussed. We're here, Africa, IMF Managing Director Kristalina Georgieva said on a panel with African entrepreneurs. Often lenders of last resort, the IMF and the World Bank use billions in loans and assistance to buoy struggling economies and encourage countries operating in ..

Israel-Hamas conflict may add uncertainty to IMF's growth projections

The IMF on Sunday said it was closely monitoring developments in Israel and Gaza, and it was too early to assess any economic impact

Morocco welcomes annual meeting of IMF, WB a month after its deadly quake

Less than a two-hour drive from where families sleep in tents and earthquake rubble remain in piles, the world's most powerful financial institutions are gathering for a week of discussions on economic challenges during times of war, inequality and climate change. The International Monetary Fund and World Bank decided in 2018 to host their annual meeting in Marrakech, Morocco, bringing the affair to the African continent for the first time in 50 years. Their original timeline was delayed by the pandemic, but the meeting beginning Monday arrives at an apropos time. After a devastating earthquake last month killed nearly 3,000 and wreaked USD 11.7 billion in damages, both officials and civil society groups are eagerly anticipating discussions about how to promote economic resiliency in light of natural disaster. In no other area is the need for international cooperation as evident as in addressing the existential threat of climate change. The world has a responsibility to stand with

Weekend Bites: RBI kills one bird with one stone, future of 50-over cricket

In which we munch over the week's platter of news and views