White House Sets Aside Skepticism, Backs Funding Increase for World Bank

WASHINGTON—The Trump administration is backing a $13 billion increase in funding for the World Bank, putting aside its skepticism of the big government-backed institutions that manage the global economy, in part because it wants the World Bank as a counterweight to China’s growing international influence. The change, which will allow the bank to increase lending to poor-country clients, comes after what European and other officials described as difficult negotiations over tough terms demanded by the U.S. One official described the…

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The Latest: World Bank approves increase in lending…

By Associated Press Published: 11:32 EDT, 21 April 2018 | Updated: 17:42 EDT, 21 April 2018 WASHINGTON (AP) – The Latest on the global finance meetings in Washington (all times local): 5:15 p.m. The World Bank’s policy committee has approved a $13 billion increase in the bank’s lending capacity. International Monetary Fund (IMF) Managing Director Christine Lagarde accompanied by (IMFC) Chair and South Africa’s Reserve Bank Governor Lesetja Kganyagothey attend the International Monetary and Financial Committee (IMFC) conference during the…

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World Bank and Egypt Sign US$500 Million Project to Bring Learning Back to Public Schools – Egypt

Washington, April 21st, 2018 –The Egyptian government and the World Bank signed an agreement today for the US$500 million Supporting Egypt Education Reform project, which aims to improve teaching and learning conditions in Egypt’s public education system.  The signing took place on the margins of the World Bank Group and International Monetary Fund Spring Meetings, with Dr. Sahar Nasr, Minister of Investment and International Cooperation signing on behalf of Egypt and Dr. Asad Alam, Country Director for Egypt, Yemen and Djibouti,…

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US supports increase in World Bank funding

By Afp Published: 10:58 EDT, 21 April 2018 | Updated: 14:23 EDT, 21 April 2018 US Treasury Secretary Steven Mnuchin said changes in lending policies at the World Bank will free up more resources for poorer countries US Treasury Secretary Steven Mnuchin on Saturday said Washington supports a World Bank request for a sharp increase in lending capacity in exchange for reforms to curb loans to higher income countries like China. The United States, the institution’s biggest shareholder, rejected the…

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US calls on IMF and World Bank to develop a joint action plan on debt transparency and sustainabili- The New Indian Express

WASHINGTON: The US has called on the IMF and the World Bank to develop a joint action plan on debt transparency and sustainability to guide future work, ensure strong coordination between institutions, and boost visibility around these efforts. The action plan should include concrete steps to obtain more comprehensive debt data from member countries, to more clearly flag data deficiencies in debt sustainability analyses, and to enhance debt sustainability through strengthened use of debt limits and non-concessional borrowing policies, US…

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80% adult Indians now have bank accounts, thanks to Aadhaar, Jan Dhan Yojna, says World Bank

80% adult Indians now have bank accounts, thanks to Aadhaar, Jan Dhan Yojna: World Bank (Image: Reuters) In India, 80% adult Indians now have bank accounts and the World Bank says it has been made possible due to Prime Minister Narendra Modi’s Jan Dhan Yojna and verification through Aadhaar. The World Bank latest Global Findex Database showed that in India 80% of adult Indians have bank accounts and the government-provided biometric identification cards (Aadhaar) were among the factors enabling a…

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US$20M World Bank loan to help with oil and gas laws, skills – Jordan – Stabroek News

US$20M World Bank loan to help with oil and gas laws, skills – Jordan – Stabroek News Log into your account Log in for full access to stabroeknews.com. You can also post comments, and manage your email subscription. Winston Jordan The government will be channeling the bulk of a soon to be accessed US$20 million oil and gas capacity building loan from the World Bank into hiring of skilled personnel and training to maximise oversight of the sector. How exactly…

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World Bank Says In a Single day in 2022, Zambia Must Repay $750m and $1bn In 2024 – Tumfweko

ZAMBIA, in a single day, must repay US$750 million and US$1billion towards the Euro-bonds in 2022 and 2024 respectively, the World Bank has revealed. And the World Bank says Zambia has stopped publishing the country’s debts with the annual debt reports only being made public on Ministry of Finance website in 2012. According to the World Bank’s 10th Zambia Economic Brief titled ‘How Zambia Can Borrow Without Shame’ produced in December 2017, money borrowed in a single day must be…

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world bank: World Bank report cites India’s efforts in fiscal inclusion: Rajiv Kumar, Financial services secretary

The finance ministry said its efforts towards financial inclusion has yielded results with the World Bank acknowledging the progress. Financial services secretary Rajiv Kumar said in a tweet on Friday said that that the Global Findex Report released by World Bank has recognised India’s financial inclusion efforts. The World Bank released the report on Thursday. “@WorldBank #GlobalFindexReport recognises India’s Financial Inclusion efforts. Of the 51.4 Crore bank accounts opened from 2014-17 globally, a whopping 55% from #India. Banking the unbanked…”…

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IMF and World Bank Meet on 10-Year Anniversary of Financial Crisis : Indybay

World leaders, finance ministers, the private sector and nongovernmental organizations begin the Spring International Monetary Fund and World Bank meetings on the 10-year anniversary of the global financial crisis. World leaders, finance ministers, the private sector and nongovernmental organizations begin the Spring International Monetary Fund and World Bank meetings on the 10-year anniversary of the global financial crisis. On Tuesday the IMF’s economic outlook report predicts short-term global growth to 3.9%, it highlights debt levels, trade policies, decreased labor participation…

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World Bank cautions Ghana on 142.5 billion cedis debt

The World Bank has revealed that Ghana’s debt level could have a rippling effect on it’s economy World Bank has revealed that Ghana’s current debt situation is rising in a distressful manner. Ghana’s debt level stands at 142.5 billion cedis as at the end of 2017 which according to the World Bank, could make Ghana return to a debt situation if the country fails to manage. The situation, the World Bank added, would have negative impact on foreign investments into…

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No Proof Required: Plagiarism at the World Bank?

Written by Surjit S Bhalla | Updated: April 21, 2018 12:29:20 am Given that my book was published well before the World Bank study, it stands to reason that the Bank should have done two things — refer to my work, and suggest why their work is more accurate and/or significantly different than mine. (Illustration: CR Sasikumar) In a recent article entitled, ‘The wealth of nations’ (Business Standard, April 12), Shankar Acharya, one of India’s most respected columnists, applauds the…

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Nigeria, Africa Not Competitive in Global Digital Economy- World Bank President

President of the World Bank Group, Mr. Jim Yong Kim Poor human capital development low, worrisome The President of the World Bank Group, Dr. Jim Yong Kim, has said policy makers in Nigeria and other African countries are ill-prepared to compete in the digital technology space, expressing concern over the continent’s low level of investment in human capital. Kim, who made the statement at the 2018 IMF/World Bank spring meetings opening press conference in Washington D.C., pointed out that investment…

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World Bank cautions over issuing bonds

Business News of Friday, 20 April 2018 Source: thebftonline.com 2018-04-20 World Bank Africa Region Chief Economist, Albert Zeufack holding a copy of the African Pulse Report The 2018 African Pulse Report by the World Bank has cautioned African governments to reduce their high appetite for borrowing from the markets, especially internationally, as it argues this poses significant risk to economies on the continent. “The composition of public debt has changed – away from traditional toward new sources of financing. The…

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World Bank Group, UNHCR sign memorandum to establish joint data center on forced displacement – World

World Bank Group Chief Executive Officer Kristalina Georgieva and UN High Commissioner for Refugees Filippo Grandi signed a Memorandum of Understanding today to establish a new Joint Data Center on forced displacement. Set to begin operating later this year, the new Center responds to growing demand for more and better data, to inform a stronger global response to forced displacement and improve policies and programming to help affected people. Facing historically high levels of forced displacement, currently with about 66…

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