Page 18 - World Bank

As Ajay Banga becomes World Bank president, this is where he can start

The world needs international financial cooperation. Banga can draw lessons from how John Maynard Keynes and Harry Dexter White to provide intellectual leadership to the World Bank

Biden made an inspired choice by nominating Banga says Indian Americans

US President Joe Biden has made an inspired choice by nominating Ajay Banga to the crucial position of the World Bank President, eminent Indian Americans said Thursday and described him as a global leader in technology, data, financial services and innovating for inclusion. Biden on Thursday nominated Indian-American business leader Banga, 63, to lead the World Bank. If confirmed by the World Bank Board of Directors, Banga would be the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank. In nominating him to this position, the President has made an inspired choice, Indiaspora founder and chairman M R Rangaswami said after the White House announcement. Especially relevant, given recent commentary around the Bank's mission and objectives, is that Banga brings a sharp focus on climate resiliency and environmental sustainability, said Rangaswami, a venture capitalist and ...

Ajay Banga will be transformative World Bank president: Kamala Harris

Indian-American business leader Ajay Banga, who has been nominated by US President to lead the World Bank, will be a transformative President of the international financial institution, Vice President Kamala Harris said here on Thursday. Banga, 63, currently serves as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, leading the company through a strategic, technological and cultural transformation. He was awarded the Padma Shri in 2016. Ajay Banga will be a transformative World Bank President as the institution works to deliver on its core development goals and address pressing global challenges, including climate change, Harris said in a statement after Biden announced that he nominated Banga for the top World Bank position. If confirmed by the World Bank Board of Directors, Banga would be the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the

The Bank doesn't mean the World to anyone

Ajay Banga is tipped to become World Bank president in the wake of his two immediate predecessors leaving behind unfinished terms and at a time the Bank's role is once again under question

India likely to propose expert G20 group for World Bank reforms: Sources

The World Bank Group's climate change action plan for 2021-2025 has set a target to deploy an average of 35% of the institution's financing in support of climate action

Why is India concerned about lending programme of IMF, WB for poor nations?

Eleven nations have signed a note where they have argued against the Bank taking on the responsibility to lend more, thereby raising interest costs for the borrowers

Covid-19 pandemic made 1.6 mn youth idle in Pakistan: World Bank report

A study finds that preschool enrolment in Pakistan dropped by over 15 percentage points by end of 2021 in the post-pandemic era, reported The News International

World Bank may loosen loan ratio to free up $4 bn a year for climate change

Malpass said the bank's International Bank for Reconstruction and Development (IBRD) arm may lower its equity-to-lending ratio by one percentage point to 19%

Turkey earthquakes: World Bank to provide $1.78 billion for relief

The lender is offering immediate assistance of $780 million through two existing projects to rebuild basic municipal-level infrastructure

World Bank must act on climate change to check poverty, development

As warming intensifies and extreme weather worsens, the developing world will increasingly suffer the worst harms, making it more difficult for countries to meet their development goals

Turkey to get $1.78 bn from World Bank for relief and recovery efforts

The World Bank has announced providing USD 1.78 billion in assistance to Turkey to help with relief and recovery efforts after devastating earthquakes in Turkey and neighbouring Syria.The death toll following the earthquakes that hit Turkey and Syria on Monday has risen to 21,051, CNN reported citing authorities. At least 78,124 people in Syria and Turkey were injured after the quakes, CNN cited the figures from the Turkish government, the White Helmets and Syrian state media.The World Bank in a press release said that it has started a rapid damage assessment to estimate the magnitude of the disaster and identify priority areas for recovery and reconstruction support, based on its extensive experience in disaster risk management from around the world."The World Bank announced today $1.78 billion in assistance to help relief and recovery efforts following devastating earthquakes and aftershocks in Turkiye that have already resulted in massive loss of life, injuries, and very ...

World Bank keen on Rs 2,500-cr green resilient programme for Himachal: CM

Most departments will switch over to EVs by next year in the first phase, says CM Sukhu

Developed world hasn't acted on 2009 climate pledge: G-20 Sherpa Kant

India will be seeking to restructure multilateral financial institutions like the International Monetary Fund and World Bank which are out of sync with present-day challenges, a top official said on Monday. These Bretton Woods bodies were created after the World Bank, and are largely focused on the direct lending which was necessary in the post-second world war period, India's G-20 Sherpa, Amitabh Kant, said. He said 15x more resources can be ploughed in to fight various developmental challenges like education and health and achieve sustainable development goals by using innovative financial instruments like blended finance, credit enhancement and first loss guarantees. So you will need a restructuring of the multilateral financial institutions over a long period of time. And that is critical for the world. I mean, a lot of these are things which are doable within this year's presidency, Kant said during an Asia Society event here late this evening. Earlier in the day, Kant had sai

Against the flow

Pakistan has nothing to complain about the Indus Waters Treaty

Night Time Light radiance in India rose 43% in last 10 years: Report

According to NTL Atlas, released by Isro's National Remote Sensing Centre (NRSC), some states saw a growth of over 400 per cent in the past decade

6 million people in Pakistan facing acute food insecurity: World Bank

A new report from the World Bank has revealed that an alarming six million people in Pakistan are currently experiencing acute food insecurity as a result of the devastating floods

World Bank delays $1.1 billion loan to cash-starved Pakistan until next FY

The Bank's documents also showed that the PACE-II loan might be approved in the next fiscal year

Pace of remittance inflows has slowed for India in the past decade

Cash transfers increased in absolute terms but the rate of growth decelerated

World Bank sees India growth slowing to 6.6% next fiscal from expected 6.9%

India's economic growth rate will slow to 6.6 per cent in next financial year from an expected 6.9 per cent in 2022-23, the World Bank said in its latest economic update. India however is expected to be the fastest growing economy of the seven largest emerging-market and developing economies (EMDEs), it said. The growth rate of 6.9 per cent in current fiscal year (April 2022 to March 2023) compares with 8.7 per cent in the previous year. For 2024-25, the growth rate is projected at 6.1 per cent. "The slowdown in the global economy and rising uncertainty will weigh on export and investment growth," it said. The government has increased infrastructure spending and various business facilitation measures. However, it will crowd-in private investment and support the expansion of manufacturing capacity. "Growth is projected to slow, to 6.6 per cent in FY2023/24 before falling back toward its potential rate of just above 6 per cent," it said. The GDP expanded by 9.7 per cent on an annua

World Bank slashes Pakistan GDP growth projection to 2% as crisis worsens

Pakistan's economic condition is precarious with low foreign exchange reserves and large fiscal and current account deficits, has further worsened by severe flooding