Page 4 - World Bank

World Bank unveils $1 bn support plan to boost Sri Lanka's economy

The World Bank on Wednesday announced a package of USD one billion over three years to support job creation and develop private sector growth in Sri Lanka, a press release said. The announcement came after a meeting between World Bank President Ajay Banga and President Anura Kumara Dissanayake here. The initiative aims to expand economic opportunity, strengthen local industry and attract private capital to support long term growth, the release said. The World Bank estimates that nearly one million young people would enter Sri Lanka's work force over the next decade, yet only 300,000 jobs are projected to be created over the same period. The project is expected to mobilise over 800 million dollars in private investment and includes 40 million dollars in guarantees. Dissanayake's office said digitalization, tourism, agriculture and infrastructure development and advancing development of North and Eastern provinces figured at the talks between him and Banga. On April 25, the ...

World Bank forecasts commodity prices to fall to pre-covid levels by 2026

The World Bank report also forecast that gold prices are likely to set a new record in 2025 as investors seek safe havens for capital amid rising uncertainty, but the price will stabilize in 2026

Stronger judicial data grid can boost investments, says CII report

The NJDG was launched in 2015 under the e-Courts Mission Mode Project to track, manage and reduce case pendency across India's judicial system

IMF-World Bank meetings end with little tariff clarity, economic foreboding

Many participants in the IMF and World Bank Spring Meetings had a sense that Trump's administration was still conflicted in its demands from trading partners hit with his sweeping tariffs

Cong slams govt over rising 'inequality', cites World Bank poverty report

Congress leader Jairam Ramesh alleged that while the Modi government is presenting the World Bank report as a success story, it raises serious concerns about persistent inequality

India lifted 171 mn people from extreme poverty between 2011-23: World Bank

India has lifted 171 million people from extreme poverty in the decade between 2011-12 and 2022-23, the World Bank said. "Over the past decade, India has significantly reduced poverty. Extreme poverty (living on less than USD 2.15 per day) fell from 16.2 per cent in 2011-12 to 2.3 per cent in 2022-23, lifting 171 million people above this line, the World Bank said in its Poverty & Equity Brief' on India. It added that rural extreme poverty dropped from 18.4 per cent to 2.8 per cent, and urban from 10.7 per cent to 1.1 per cent, narrowing the rural-urban gap from 7.7 to 1.7 percentage points a 16 per cent annual decline. The brief said that India also transitioned into the lower-middle-income category. Using the USD 3.65 per day LMIC poverty line, poverty fell from 61.8 per cent to 28.1 per cent, lifting 378 million people out of poverty. Rural poverty dropped from 69 per cent to 32.5 per cent, and urban poverty from 43.5 per cent to 17.2 per cent, reducing the rural-urban gap ...

India slashed extreme poverty to 2.3% in FY23, shows World Bank data

Using the $3.65 per day poverty line for lower- and middle-income countries (LMIC), poverty fell from 61.8 per cent to 28.1 per cent, lifting 378 million people out of poverty in India

Urgent need for collaboration to tackle urban begging: World Bank economist

World Bank Lead Economist Benedicte Leroy De La Briere on Friday said there is an urgent need for multi-sectoral collaboration and robust systems to address the intricate challenges surrounding urban begging and street homelessness. Addressing the 'Hard to Reach Population SMILE (Beggary)' seminar, she said there is a need for tailor-made solution to the issue. Because they are so complicated and they need to be so tailored to each individual, governments end up often implementing those programmes through non-governmental organisations, she noted. The cost of providing comprehensive care, including health support, identification services, skill development, and rehabilitation, is high, De La Briere added. They end up per beneficiary being quite expensive, she added at the seminar held by the Ministry of Social Justice and Empowerment in partnership with the World Bank. De La Briere said despite their visibility, people who beg remain hard to reach due to multiple systemic barrier

World Bank not informed of Indus Waters Treaty suspension by India

India maintains there is no need to notify the World Bank, a past neutral broker of the 1960 Indus Waters Treaty, as Pakistan has already been informed

Private investment in India is still a worry: IMF's Krishna Srinivasan

The IMF on Tuesday pared down its FY26 growth forecast for India by 30 basis points to 6.2 per cent, citing escalating trade tensions and global uncertainty in its latest World Economic Outlook

Indus Waters Treaty in abeyance may hurt Pakistan's food security

The treaty that was signed between India and Pakistan in 1960, brokered by the World Bank

Bessent says IMF, World Bank need reform, sees chance for China deal

Treasury Secretary Scott Bessent leveled harsh criticism at the operations of the World Bank and the International Monetary Fund on Wednesday even as he tried to reassure nervous investors that the United States would maintain its global leadership role. America first does not mean America alone, he said in a speech to the Institute of International Finance, where he also promised support for the multilateral banks' core missions. "To the contrary, it is a call for deeper collaboration and mutual respect among trade partners. Although Bessent said the IMF and the World Bank are falling short, he did not call for the US to withdraw from the institutions, as some conservatives had advocated in a Project 2025 proposal created by the Heritage Foundation. He said the institutions serve critical roles in the international system. And the Trump administration is eager to work with them so long as they can stay true to their missions. It was the latest example of how Bessent, a former hed

Finance secretary Seth to lead Indian delegation as FM cuts short US visit

"Finance secretary and secretary DEA Ajay Seth shall represent India in the absence of FM," a senior finance ministry official said

World Bank trims India's FY26 growth forecast to 6.3% amid uncertainty

Lowers South Asia's FY25 outlook and urges region's nations to carry out reforms and revenue mobilisation

Centre releases over ₹4,200 crore to Andhra for Amaravati capital project

The Central Government has released over Rs 4,200 crore to Andhra Pradesh for Amaravati Capital Development project after it (centre) received the first disbursement of USD 205 million from the World Bank, a senior official has said. The World Bank and Asian Development Bank (ADB) together committed to fund USD 1600 Million (Rs 13,600 crore), USD 800 Million each, for Amaravati capital city phase-I development, while the Centre will be contributing remaining Rs 1,400 crore, out of the Rs 15,000 crore committed by the Central Government for phase-I of the development. According to the World Bank documents the project became effective on January 22 this year and the first disbursement of USD 205 million for program advance was done last month. "Out of this total Rs 15,000 crore, there is a sharing between the World Bank, ABD and the centre. The also may have given same amount. I do not know exactly how much the has given to the Government of India. The Centre has also released its ...

World Bank approves $300 mn loan for clean air project in Pakistan's Punjab

The World Bank has approved a USD 300 million loan for Pakistan to combat air pollution in its Punjab province, according to a media report on Sunday. The loan provided under the International Development Association (IDA) for the Punjab Clean Air Programme (PCAP) was approved by the World Bank Group's board of directors on Friday, the Dawn newspaper reported. The PCAP aims to strengthen air quality management and address environmental pollution in the province. It will support the Punjab government's Smog Mitigation Action Plan' (SMAP) in tackling the pressing issue of smog and air pollution with the launch of several comprehensive initiatives aimed at improving air quality and public health across the province. It will cover key sectors such as transport, agriculture, industry, energy, and municipal services, said a press release issued by the World Bank (WB) mission in Islamabad on Saturday. The Punjab Clean Air Programme supports the province's Smog Mitigation Action Plan and

India, World Bank may ink $500 million deal for rural housing project

"SHIELD is designed to make rural housing cooler, more energy efficient, and more disaster resilient," another government official said

NaBFID in talks with ADB, WB for counter-guarantees to infra projects

DFI's loan book expected to touch Rs 3 trillion by FY28

Absolute poverty virtually eliminated, says Niti Aayog's Arvind Virmani

Share of those falling under the 'vulnerable' category has dropped to 15 per cent from over 50 per cent 12 years ago

Absolute poverty almost eliminated from India: NITI Aayog member

Vulnerability will be eliminated in seven years