World Bank

World Bank Laments Lack of Progress in Tackling Poverty

Ndubuisi Francis in AbujaThe World Bank has lamented the lack of progress since the 1960s in an area that is crucial for reducing poverty and inequality and promoting growth in the world. The Bretton Woods institution, which raised the alarm on Tuesday while marking the 25th anniversary of the International Day to EradicatePoverty, noted that the social status of one’s parents is as influential today as it was 50 years ago in determining a person’s future.It said the development is…

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$5.5bn loan: World Bank’s warning confirmed our fears – PDP

The Peoples’ Democratic Party has said that the warning by the World Bank on the danger inherent in the continued unbridled borrowing by the President Muhammadu Buhari’s administration under the guise of funding national expenditures confirmed its fears that the future of unborn generations is being mortgaged by the federal government. The party had said the plan to obtain a fresh $5.5bn foreign loan would drive Nigeria into further debt. In a statement by its National Publicity Secretary, Dayo Adeyeye,…

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World Bank to continue to support Pakistan to implement broad economic reforms

World Bank says it will continue to support Pakistan to implement broad economic reforms and address current risks towards achieving its development targets, reported by Radio Pakistan. The statement was made after discussions with a Pakistan delegation led by Secretary Finance, Shahid Mahmood and World Bank Vice President, South Asia Region, Annette Dixon in Washington.   The delegation discussed recent performance in revenue mobilization, exports, and remittances. On the macroeconomic outlook, World Bank lauded Pakistan efforts in achieving 10-year high growth…

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Egypt and World Bank discuss 3rd batch of $3B loan: Minister of Investment

Minister of Investment and International Cooperation Sahar Nasr on Tuesday discussed with World Bank Chief Executive Officer Kristalina Georgieva accelerating measures to sign the third batch of a WB loan to Egypt to the value of one billion dollars by the end of this year. The loan is meant to support the Egyptian government’s economic and social reform program. Egypt has already received the first two batches over the past two years worth two billion dollars. The meeting was held…

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World Bank warns Pakistan against rising fiscal deficit

The Pakistani delegation met with a World Bank team led by Annette Dixon, Vice President, South Asia region. (Reuters) The World Bank has warned Pakistan that its increasing fiscal deficit could put macro- economic management at risk and said it needs around USD 17 billion to cover the rising current account deficit and debt payments in the year 2018. “Pakistan is facing headwinds in the external sector and a rising fiscal deficit that could put macro-economic management at risk,” the…

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World Bank help tapped for rebuilding Marawi City

Philippines to draw on international financial institution’s expertise in rehabilitation and construction Manila: The Philippines will be relying on technical advice and expertise of the World Bank for the reconstruction of Marawi City, officials said on Tuesday. As the four-month-long fighting in the Central Mindanao city is expected to wind down dramatically with the elimination of key leaders — Omar Maute and Isnilon Hapilon — of the Daesh-inspired uprising led by the Maute and Abu Sayyaf groups, officials are setting…

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What Buhari told World Bank, by Oshiomhole

FORMER Edo State Governor Adams Oshiomhole said yesterday President Muhammadu Buhari only asked for assistance on humanitarian crisis during a session with World Bank President Dr. Kim Jong. He said it was regrettable that a patriotic request made by the President and borne out of altruistic motivation was now being politicised. He said the idea of trying to read sectional meaning to Buhari’s patriotic request was grossly unfortunate. Oshiomhole, who made the clarifications in a statement in Abuja, said Buhari…

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Hungary to get World Bank support on labor shortages | The Budapest Business Journal on the web

 MTI – Econews  Monday, October 16, 2017, 09:08 Confronted with major labor shortages, the Hungarian government is continuously looking for new solutions. The latest is an agreement on technical support signed with the World Bank Saturday by Minister for National Economy Mihály Varga. Varga (pictured above) signed an agreement on Saturday with the World Bankʼs Vice President for Europe and Central Asia on technical support to ease Hungaryʼs labor market shortages at the Annual Meetings of the Boards of Governors…

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We have investments scattered across Nigeria

World Bank Group says it has an investment portfolio of about $8.5 billion scattered across states and regions in Nigeria. The Senior Communications Officer, World Bank Nigeria, Olufunke Olufon said this in a statement issued in Abuja on Sunday. She said the investments were to assist the 36 states of the federation and the federal capital territory (FCT) to reduce poverty and foster prosperity. [ICYMI: “Let ethnic warriors sheathe their swords | Presidency speaks on Buhari’s World Bank request] Highlights:…

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Budget increases in Education are not the sector’s panacea – World Bank

Despite having the highest share of spending on Education of all developing regions, Sub-Saharan Africa (SSA)’s workforce is the least skilled in the world, according to the World Bank’s Africa Pulse Report. The finding from the report validates the observation in Botswana of the same. World Bank says that without a skilled workforce the economy’s prospects become constrained. On the backdrop of the skills impasse that Botswana finds itself in it is not surprising that the economy is sluggishly moving…

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