Page 11 - World Bank

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

World Bank raises India's retail inflation forecast to 5.9% for FY24

Country remains one of the fastest-growing global economies but 'adverse global environment' a challenge, it says

WB ups India's FY24 inflation forecast to 5.9%, growth estimate unchanged

World Bank also said that it expects fiscal consolidation to continue in FY24, with the central government fiscal deficit projected to continue to decline from 6.4% to 5.9%

World Bank slashes 2023 growth forecast for East Asia and Pacific to 5%

World Bank said that while China is expected to grow at 5.1% this year, up from 3% in 2022, the rest of the countries in the region are expected to see a slowdown

ADB unveils capital moves to boost lending by $100 billion over a decade

ADB's move to stretch its balance sheet follows similar measures announced by the World Bank earlier this year that will yield a $50 billion increase in lending over a decade

40% of Pakistan's population lives below poverty line: World Bank

The lender on Friday also revealed that poverty in Pakistan shot up to 39.4% as of last fiscal year with 12.5 million more people falling into the trap due to poor economic conditions

95 mn Pakistanis under poverty, urgent reforms needed: World Bank

Poverty in Pakistan shot up to 39.4 per cent as of last fiscal year, with 12.5 million more people falling into the trap due to poor economic conditions, the World Bank has said, as it urged the cash-strapped country to take urgent steps to achieve financial stability. The Washington-based lender on Friday unveiled draft policy notes that it prepared with the help of all stakeholders for Pakistan's next government ahead of the new election cycle, The Express Tribune newspaper reported. Poverty in Pakistan rose within one year from 34.2 per cent to 39.4 per cent, with 12.5 million more people falling below the poverty line of the USD 3.65 per day income level, according to the World Bank. About 95 million Pakistanis now live in poverty, it said. Pakistan's economic model is no longer reducing poverty, and the living standards have fallen behind peer countries, said Tobias Haque, the World Bank's lead country economist for Pakistan. The global lender urged Pakistan to take urgent ste

World Bank to fund Odisha for better social protection, disaster resilience

World Bank has decided to fund the Odisha government to support its early forecasting systems for improved response to natural disasters and enhance social protection coverage for poor and vulnerable households through digital platforms, an official release said on Thursday. A meeting was held between the Odisha government and a World Bank team here on Wednesday under the chairmanship of development commissioner Anu Garg on the Externally Aided Project (EAP)-Odisha State Capability and Resilient Growth Programme (OSCRGP). The Centre has signed an agreement with the World Bank in July for the programme which costs around Rs 1,183 crore and the state government funding is Rs 367 crore, an official said. The state cabinet had approved this project in December last year. OSCRGP has been declared effective from August 11, 2023 by the World Bank. Garg focused on expediting the World Bank-funded project which is aimed at protecting the poor and vulnerable households from the impact of ...

World Bank's biennial index perception based and narrow, says Centre

Earlier this year, India's rank went up by six places to reach the 38th rank out of 139 countries in the seventh edition of Logistics Performance Index (LPI 2023)

Finmin, World Bank to work closely to create market structure from CSR

The World Bank and the finance ministry on Sunday agreed to work closely to create a market structure from the CSR demand side for maximising social impact. World Bank President Ajay Banga, who was in Delhi to attend the G20 Leaders' Summit, on Sunday met Finance Minister Nirmala Sitharaman. The two leaders during the bilateral meeting discussed the outcomes of G20 India Presidency, the evolution of the World Bank Group and their engagement with India through knowledge exchange and financial assistance for developmental projects, among other issues. "During the meeting, Mr. Banga agreed to work closely with the Department of Economic Affairs, Ministry of Finance @FinMinIndia to create a market structure from the Corporate Social Responsibility #CSR demand side for maximising social impact," the ministry said in a post on X. The finance minister stated that she looks forward to the leadership of the World Bank President in taking forward the recommendations on the triple agenda ...

Biden rallies G20 to boost World Bank support for low-income countries

US President Joe Biden has rallied G20 nations to agree to collectively mobilise more headroom and concessional finance to boost the World Bank's capacity to support low- and middle-income countries, the White House said on Saturday. Biden is currently in New Delhi to attend the annual G20 summit being hosted by India from September 9-10. "We are aiming for our joint contributions to deliver a one-time boost to IBRD (International Bank for Reconstruction and Development) equivalent to three times the World Bank's annual non-concessional lending volume, and to double IDA's crisis lending capacity," the White House said in a press statement. This initiative, it said, will make the World Bank a stronger institution that is able to provide resources at the scale and speed needed to tackle global challenges and address the urgent needs of the poorest countries. "In New Delhi, President Biden rallied G20 partners to agree to collectively mobilise more headroom and concessional finance to

World Bank's G20 report on India's DPI testament to rapid progress: PM Modi

Prime Minister Narendra Modi on Friday cited a G20 report prepared by the World Bank to highlight that India has achieved in just six years financial inclusion targets that would otherwise have taken at least 47 long years. "India's leap in financial inclusion, powered by Digital Public Infrastructure! A G20 document prepared by the World Bank shared a very interest point on India's growth," he said on X. "India has achieved financial inclusion targets in just 6 years which would otherwise have taken at least 47 long years. Compliments to our robust digital payment infrastructure and the spirit of our people. It is equally a testament to rapid progress and innovation," he said. Home Minister Amit Shah said the report acknowledges that the robust Jan Dhan, Aadhaar and mobile trinity infrastructure built by the Modi government has empowered millions. "The report also highlights that our country has saved USD 33 billion through the DBT system. Every rupee saved by our nation is a step

World Bank praises India's digital infra for its transformative potential

Advocating DPI's potential in helping nations leapfrog digital transformation, a G20 document prepared by World Bank has praised India's approach in unlocking the power of digital public infrastructure, including Aadhaar and UPI, for financial inclusion. The impact of DPI goes beyond inclusive finance, to supporting health, education, and sustainability, says the foreward of the document 'G20 policy recommendations for advancing financial inclusion and productivity gains through DPI'. "The India stack exemplifies this approach, combining digital ID, interoperable payments, a digital credentials ledger, and account aggregation. In just six years, it has achieved a remarkable 80 per cent financial inclusion ratea feat that would have taken nearly five decades without a DPI approach," it said. India's digital ID system Aadhaar, digital payment system UPI, data-exchange platform Digilocker and its other showcase platforms have found a special mention among the examples of DPIs "all of .

In G20 document, World Bank lauds India's digital public infrastructure

India's JAM Trinity has propelled financial inclusion rate from 25 per cent in 2008 to over 80 per cent of adults in last six years, a journey shortened by up to 47 years owing to DPIs: WB

Online gig work growing rapidly, but lack job protections: World Bank

Online gig work is growing globally, particularly in the developing world, creating an important source of employment for women and young people in poorer countries where jobs are scarce, according to a World Bank report released on Thursday. The report estimates the number of global online gig workers at as many as 435 million people and says demand for gig work increased 41 per cent between 2016 and the first quarter of 2023. That boost is generating concern, though, among worker rights advocates about the lack of strong job protections in the gig economy, where people work job to job with little security and few employment rights. While location-based gig services such as Uber, Lyft and TaskRabbit require labour like moving and delivery, online gig assignments can be largely done at home. Tasks include image tagging, data entry, website design and software development. For women in the developing world, there aren't enough opportunities and they really struggle to get good quali

US wants G20 to help reshape multilateral development banks like IMF

The US wants the G20 countries to help reshape and scale up multilateral development banks like the International Monetary Fund and the World Bank, a top White House official has said. White House National Security Council Coordinator for Strategic Communication John Kirby said on Wednesday the US will make it clear during President Joe Biden's visit to India that it remains committed to the G20 as a critical forum for all the major economies of the world to come together for global problem-solving. President Biden will arrive in New Delhi on Friday to participate in the G20 Summit. One of our main goals heading into the G20 is to help reshape and scale up multilateral development banks like the IMF, like the World Bank, Kirby told foreign reporters at a news conference here on Wednesday. We know that these institutions are some of the most effective tools for mobilising transparent and high-quality investment in developing countries. And that's why the United States has champione

Debt pause clause soon to be taken up for board approval: World Bank CFO

Speaking at the CII B20 session, world bank official said that countries need to be financially resilient when faced with natural disasters and other kinds of crises

World Bank's return to office spurs grumbling but it comes with perks

The new president of the Washington-based bank, Ajay Banga, is pushing ahead with plans to have employees work in the office four days a week by Sept. 5

What is a developed country, a status India is aiming to achieve by 2047?

PM Modi, in his Independence Day speech on Tuesday, also said that India would become the third-largest economy during his third term

World Bank mulling local currency lending in countries like India: Official

The World Bank is mulling local currency lending in countries like India to help borrowers save on costs, a senior official said on Friday. "How do we do local currency lending for a country like India is also something we are trying to think of at a price which is advantageous to this country," Anshula Kant, the Managing Director and Chief Financial Officer of the World Bank, said. Speaking at the event on global economy organised by the Ministry of Finance and the Reserve Bank of India (RBI) as part of India's G-20 presidency, Kant said the Indian government has a "huge advantage" in local currency borrowing as compared to the World Bank, even though the Washington DC-based multilateral bank is rated AAA. In some countries like the ones in Africa, which do not possess market infrastructure from where the bank can borrow, the bank may not adopt the local currency lending strategy, Kant said. At the event, Chief Economic Advisor to the Government of India V Anantha Nageswaran said