Tag: WORLD BANK

Categories
Economy Environment India News

World Bank Officials Laud Namami Gange

Director General, National Mission for Clean Ganga has given presentation on Namami Gange to World Bank Executive Directors during an impact assessment meeting in Agra….reports Asian Lite News

During their visit to Agra, Uttar Pradesh earlier this month, the World Bank’s Executive Directors convened to comprehend the transformative impact of the Bank’s projects within India. G. Asok Kumar, Director General of the National Mission for Clean Ganga (NMCG), presented an elaborate overview of the Namami Gange initiative to the global cohort of World Bank Executive Directors. The event was also attended by Auguste Kouame, Country Director of the World Bank for India.

In the meeting, discussions were held with the World Bank EDs on various aspects of river rejuvenation and the role of the World Bank. The EDs appreciated the development across water sector enabled by transformational reforms and private sector participation, especially under Namami Gange Mission, in India’s pursuit of becoming water-secured nation. They appreciated that NMCG has started a new chapter of public participation with multiple stakeholders including people, educational institutes, social organizations and civil society become part of Namami Gange becoming a global name to reckon with in river rejuvenation. The EDs appreciated the clarity of vision of the leadership and were especially impressed by the HAM model, One City One Operator Model, Arth Ganga initiative and Public Participation efforts put under Namami Gange mission.

Nine EDs of the World Bank Group were present during the meeting: Jack Kurski, Poland; Khalid Bawazier, Saudi Arabia; Zainab Shamsuna Ahmed, Nigeria; Junhong Chang, China; Erivaldo Gomes, Brazil; Ernesto Acevedo, Mexico; Cecilia Nohan, Argentina; and Robin Tasker, United Kingdom. Bhaskar Dasgupta, ED, Finance, NMCG and D.P. Mathuria, ED, Technical, NMCG were also present. A tour to the iconic Taj Mahal was also organised. 

Giving a detailed presentation to the dignitaries on the Namami Gange Programme, the Mr. G. Asok Kumar said that water has been recognized as one of the most important component for India’s economic growth and a lot of initiatives have been taken up the water sector in the past 7-8 years. In 2019, under the leadership of Prime Minister Mr. Narendra Modi, Jal Shakti Ministry was created by bringing together various departments to enable quick decision-making without conflict. Some of the major initiatives in the water sector include Jal Jeevan Mission, that aims to provide household tap connections to all by 2024, Atal Bhujal Yojana for effective management of groundwater through participatory approach and Swachh Bharat Mission as part of which more than 100 million toilets were built, taking the burden off the world in the direction of sanitation for all.

DG, NMCG informed that dignitaries about Catch the Rain: Where it Falls, When it Falls campaign that was launched for decentralized storage of rainwater (in-situ storage of water) as part of which lakhs of rainwater harvesting structures were constructed.

Giving an overview of the Namami Gange Programme, he said it is a holistic and integrated river rejuvenation programme not just to clean River Ganga but restore its entire riverine ecosystem through public participation. Namami Gange is premised on the five important pillars of – Nirmal Ganga (unpolluted river), Aviral Ganga (unrestricted flow), Jan Ganga (People’s Participation), Gyan Ganga (knowledge and research based interventions) and Arth Ganga (people-river connect through the bridge of economy). “442 projects worth around 4.5 billion US $ have been sanctioned out of which 193 pertain to sewage management,” he informed, adding, “The funding is also sourced from organisations like the World Bank, JICA, Asian Development Bank etc.” Explaining the 5-tier structure of NMCG, he talked about the National Ganga Council meetings headed by the Prime Minister held in Kanpur (2019) and Kolkata (2022) and emphasized on the unwavering political commitment to the Namami Gange Programme.

He said that Namami Gange was chosen as one of the world’s top ten restoration flagships to revive the natural world. Namami Gange, selected from over 160 eco-restoration programmes around the world, was awarded at Montreal, Canada during the UN Conference on Biological Diversity (COP15) on 13th December 2022. NMCG was the only entity from India to participate in the United Nations World Water Conference held in New York in March 2023.

He said that the increased sightings and thriving of aquatic species like Gangetic Dolphins and local fishes is indicative of improved water quality in the Ganga River. “In 2014, there were two polluted stretches in Category V and one each in Category II and III. In comparison, in 2023, two stretches (Haridwar to Sultanpur and Buxar to Bhagalpur) are now ‘unpolluted’ and the remaining two in Category V (Kannauj to Varanasi and Triveni to Diamond Harbour) are exceeding the accepted range by minor points,” he said.

DG, NMCG explained in detail the Hybrid Annuity Model used for sewage management projects in the Ganga Basin under Namami Gange. Under this model, the development, operation and maintenance of the STP is undertaken by a Special Purpose Vehicle (SPV) at the local level. As per this model, 40% of the Capital cost would be paid during construction while the remaining 60% of the cost will be paid over the life of the project as annuities along with operation and maintenance cost (O&M) expenses for the next 15 years. The Annuity and O&M payments are linked to the performance of the STP. This will ensure continued performance of the assets created due to better accountability, ownership and optimal performance. There are total 32 projects sanctioned HAM, out of which 7 are funded by the World Bank. “It ensures performance-based contracting and improved governance,” DG, NMCG added.

Shri Kumar also spoke on the River-Cities Alliance (RCA) initiative under Namami Gange which was launched in November 2021 with 30 members. Now, with 142 members, including the international city of Aarhus, RCA has become a desirable platform to ideate, discuss and exchange information for sustainable management of urban rivers. RCA Global witnessed participation of high ranking officials from Embassies. Cities of Manchester, Arhus, Copen Hagen and Hamberg made presentations on their efforts to use rivers flowing by them as growth engines.

ALSO READ: RBI Governor meets World Bank President during G20 meet

Categories
-Top News India News

RBI Governor meets World Bank President during G20 meet

Talking about private sector investment, Banga said that there is no easy answer to private sector capital…reports Asian Lite News

Reserve Bank of India Governor Shaktikanta Das met World Bank President Ajay Banga during the G20 Summit in Gandhinagar, Gujarat and discussed various issues.

Taking to Twitter, the Reserve Bank of India said, “Governor @DasShaktikanta and Ajay Banga, President, @WorldBank met at #Gandhinagar during the #G20summit and held discussions on a range of issues.” Indian-American Ajay Banga, who is in Gandhinagar in Gujarat to attend the third G20 Finance Ministers and Central Bank Governors Meeting, had earlier spoken with ANI on Monday and said that he is more optimistic today about India economically than he has been for a long time and lauded the government’s initiatives towards digitization of infrastructure.

The World Bank President referred to IMF and World Bank predictions about the world getting a little challenging for a year or so and asserted that a forecast is not destiny.

In an interview on the sidelines of the meeting, Banga said digitisation has made it easier for people to access services and he is a “big fan” of it.

“You can’t just do digitization of lending without digitizing the infrastructure. What India has done over the last 15-20 years, is digitising the infrastructure. And that is enabling all these terrific applications to be built, which makes it easier for people to access services online. So I’m a big fan of it,” he said.

“I am more optimistic today about India as a whole, economically, than I have been for a long time,” he added.

Banga is the first person of Indian origin to head either the World Bank or the International Monetary Fund.

“The fact is that the world economy is in a difficult place. It has outperformed what everybody thought. But it does not mean it won’t be more challenging. The IMF forecast, the World Bank forecast is that the world will get a little challenging for a year or so but as I said in my speech this morning, the forecast is not equal to destiny. We can change destiny. And that’s what you should think about,” he added.

The World Bank President also stated that India has enormous opportunities for financing for cities. “…Nobody has ever done enough on everything,” Banga added.

Talking about private sector investment, Banga said that there is no easy answer to private sector capital.

“What I’m trying to do is to set up a private sector investment Lab,” he said.

The Lab is headed by Mark Carney and Shriti Vadera and 15 CEOs have agreed to become a part of it.  The investment lab is co-Chaired by Mark Carney, UN Special Envoy on Climate Action and Finance and Co-Chair of GFANZ, and Shriti Vadera, Chair of Prudential plc.

The Lab will meet regularly and report directly to Ajay Banga and World Bank Group leadership.

Banga said they will meet every month and “they will give us some ideas to help reduce the friction for the private sector to invest in the emerging markets”.

“So I don’t have the answers for you yet. But over the next few months, we will learn more.”

The World Bank last week named 15 Chief Executive Officers and Chairs who will make up the Private Sector Investment Lab.

“The World Bank is on a mission to create a world free of poverty – but on a livable planet. Achieving this vision demands that we build a better bank, but also reimagine partnerships and pull in the private sector to confront – and beat – intertwined development challenges like poverty, climate, and fragility, Banga had said.

“The business leaders who are lending their time, talents, and expertise to this work are a crucial piece of the puzzle, and I am beyond grateful to have them onboard. Results won’t come overnight, but if successful this group has the potential to unlock significant investment that will deliver jobs and better quality of life for people living throughout the Global South – the surest way to drive a nail into the coffin of poverty.”

Banga, a finance and development expert,  took over as World Bank President last month. (ANI)

ALSO READ-Banga calls for greater role for private sector in climate fight

Categories
-Top News Asia News Sri Lanka

World Bank nod to USD 700 million for Sri Lanka

About USD 500 million will be allocated to support reforms that help improve economic governance, enhance growth and competitiveness, and protect the poor and vulnerable…reports Asian Lite News

The World Bank has approved USD 700 million for two operations to help Sri Lanka implement foundational reforms to restore macroeconomic stability and sustainability and support an inclusive, private-sector-led recovery and growth path.

“The World Bank Board of Directors also approved USD 700 million in financing for two operations to help Sri Lanka implement foundational reforms that restore macroeconomic stability and sustainability, mitigate the impact of current and future shocks on the poor and vulnerable, and support an inclusive and private-sector-led recovery and growth path,” World Bank announced in a press release.
About USD 500 million will be allocated to support reforms that help improve economic governance, enhance growth and competitiveness, and protect the poor and vulnerable.

Furthermore, USD 200 million has been approved to support Sri Lanka in providing better-targeted income and livelihood opportunities to the poor and vulnerable and improving the responsiveness of the social protection system.

“The Sri Lanka Resilience, Stability and Economic Turnaround (RESET) Development Policy Operation (USD 500 million) will support reforms that help improve economic governance, enhance growth and competitiveness, and protect the poor and vulnerable. It will provide budget support in two equal tranches against agreed prior actions,” World Bank announced in a press release.

Flag of Sri Lanka

It further said, “The Social Protection Project (USD 200 million) seeks to support Sri Lanka in providing better-targeted income and livelihood opportunities to the poor and vulnerable and improving the responsiveness of the social protection system.”

On Wednesday, the World Bank Group’s Board of Executive Directors discussed the new Country Partnership Framework (CPF) for Sri Lanka, which aims to help restore economic and financial sector stability and build a strong foundation for a green, resilient, and inclusive recovery.

The Country Partnership Framework comes at a time when Sri Lanka is facing an economic crisis that is affecting people’s lives and livelihoods.

According to World Bank’s press release, Sri Lanka’s poverty rate is estimated to have doubled from 13.1 to 25 per cent between 2021 and 2022.

“The extent of the crisis in Sri Lanka is unprecedented, but offers a historic opportunity for deep reforms to reset the country’s economic storyline,” said Faris H Hadad-Zervos, World Bank Country Director for Sri Lanka.

He further said, “The CPF supports this shift. Through a phased approach, the World Bank Group strategy focuses on early economic stabilization, structural reforms, and protection of the poor and vulnerable. If sustained, these reforms can put the country back on the path towards a green, resilient and inclusive development.”

Earlier in March, the Executive Board of the International Monetary Fund (IMF) approved a 48-month extended arrangement under the Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (395 per cent of quota or about USD 3 billion) for Sri Lanka. (ANI)

ALSO READ: War of Lanka

Categories
-Top News Education India News

World Bank’s $ 255 mn loan for Indian technical education

More than 3,50,000 students will benefit annually from the project’s assistance of 275 government-run technical institutes over the course of the next five years…reports Asian Lite News

The World Bank has approved a USD 255.5 million loan to assist India in raising the standard of its technical education and expanding the number of jobs prospects available to students.

More than 3,50,000 students will benefit annually from the project’s assistance of 275 government-run technical institutes over the course of the next five years, the US-based multilateral institution said in a statement.
India’s tertiary education has been expanding gradually, from 29 million students enrolled in 40,000 colleges in 2011-12 to 39 million students enrolled in 40,000 universities in 2019-20. Despite being one of the largest in the world, India’s tertiary education system has recently been found to have growing gaps in both technical and non-technical abilities like reasoning, interpersonal communication, and conflict resolution.

Through a stronger emphasis on research, entrepreneurship, and innovation as well as improved governance in technical institutions, the Multidisciplinary Education and Research Improvement in Technical Education Project will assist in increasing student employability and skills.

“As part of the project, students will get access to upgraded curricula including emerging technologies in communication and climate resilience. They will also benefit from better internship and placement services, including opportunities to network with professional associations,” the statement said.

“India has one of the largest and fastest-growing tertiary education systems in the world. The project will support the Government of India’s National Education Policy 2020, which calls for modernizing this critical sector to better prepare students for emerging jobs and business opportunities,” said Auguste Tano Kouame, the World Bank’s Country Director for India. “Improving female participation in technical education will receive special attention,” it said.

The project will support participating institutions to organize outreach programs providing prospective female students, parents, and guardians with more and better information on technical education program options, building sensitivity to gender issues, and addressing misconceptions about women’s capabilities in the science, technology, engineering and math (STEM) fields.

In order to encourage them to finish their courses and have an early introduction to the workforce, female students will also be urged to engage with mentors and alumni. Undergraduate engineering students currently make up less than 30 per cent of the student body, and women from scheduled castes and scheduled tribes are doubly disadvantaged, the World Bank said.

According to the official statement, studies also highlight the need to strengthen India’s links with business and society in terms of innovation and research. Only 504 of the 9,581 technical education institutions have founded at least one company, and 525 have founded between two and four in the previous two years. Research and innovation in high-priority fields including climate change and sustainable energy will be supported through the initiative.

“The project will also help participating institutions strengthen their governance and internal quality assurance mechanisms by building their capacity for self-assessment, developing institutional quality policies, and preparing for accreditation,” said Nina Arnhold and Namrata Tognatta, Task Team Leaders for the project, according to the press release of the World Bank.

“At the state level, the project will help set up quality assurance cells to support the country’s goal of providing greater empowerment and autonomy to educational institutions while also holding them accountable for delivering on learning and employability outcomes,” they said.

The USD 255.5 million loan from the International Bank for Reconstruction and Development (IBRD) has a final maturity of 14 years including a grace period of five years. (ANI)

ALSO READ: John Kirby: India a ‘world player’

Categories
-Top News Environment World News

World Bank President welcomes private sector in climate fight

Ajay Banga, the World Bank’s new President made a pitch for scaling up private sector participation….reports Asian Lite News

Ajay Banga, the World Bank’s new President, called for the private sector to play a larger role to help emerging countries in their battle against climate change in his first interviews on Sunday.

He argued that countries from countries — essentially of the developed world, the World Bank, philanthropies and multilateral development banks (MDBs) will not be enough to meet the requirements of the emerging markets to help them transition from fossil fuel to clean fuel.

“The only way forward is to find a way to get the private sector to believe that this is part of their future,” said Banga, who took charge on June 2 as the 14th President of the World Bank, to CBS news.

He spoke also to CNN and made a similar pitch for scaling up private sector participation.

“What I think we have to do is… to find ways in the MDB system to think of a different playbook — to take on the risks that they cannot take on,” he added.

Banga is the first Indian-American to hold this position and called himself “Made in India” in the CNN interview, when he asked about the need for someone other than an American should lead the World Bank, which has always been headed by an American in an unwritten agreement with Europe, which, in return, gets to name the head of the International Monetary Fund.

Banga said he was born and raised in India and worked in both the developed and developing world and, thus, embodies the kind of diversity people may want to see at the leadership level.

Developing and less developed countries have long argued that in order to transition to clean energy they need help in resources and technology from the developed countries who caused most of the global warming with large-scale and unregulated industrialisation. And a climate fund set up to that effect has fallen way short of the committed targets.

ALSO READ: US Vice President Harris calls on World Bank chief Ajay Banga

Categories
-Top News Economy USA

US Vice President Harris calls on World Bank chief Ajay Banga

Harris praised the steps taken to evolve the World Bank–including expanding its mission to include building resilience to global challenges…reports Asian Lite News

Vice President Kamala Harris called on World Bank President Ajay Banga at the White House.

This meeting was the first official US engagement since President Banga took charge of the office. At their meeting, the Vice President underscored the Biden-Harris Administration’s strong support for World Bank efforts to make investments and spur policy reforms that reduce poverty and advance achievement of the Sustainable Development Goals, the White House informed in a statement.

Harris praised the steps taken to evolve the World Bank–including expanding its mission to include building resilience to global challenges like climate change, pandemics, fragility and conflict.

She underscored that addressing these global challenges is interlinked with and indivisible from the Bank’s work to eliminate extreme poverty and promote shared prosperity. The Vice President welcomed President Banga’s commitment and high ambition in driving forward this evolution initiative, the statement added.

The Vice President conveyed the United States’ intention to work with World Bank shareholders and President Banga in the leadup to the September G20 Leaders Summit.

Recognizing that the public sector alone cannot meet the immense development needs, the Vice President also underscored our commitment to work with the World Bank and other shareholders to develop and implement an action plan to raise the level of ambition in mobilizing private investment, according to the White House.

The Vice President discussed with President Banga her work around the world, from Southeast Asia to Africa to the Caribbean. In particular, as the Vice President has made clear in this and other meetings, countries should have access to the finance and tools they need to accelerate the clean energy transition and build resilience to shocks.

The Vice President and President Banga also discussed ongoing work to galvanize private investment in developing countries, particularly in Central America and Africa. This meeting comes just before the Vice President’s upcoming trip to The Bahamas on June 8 to participate in the US-Caribbean Leaders Meeting, alongside President Banga, where she will further discuss the US commitment and actions to support sustainable and inclusive economic development in the Caribbean.

To this end, she raised the importance of all creditors offering Climate Resilient Debt Clauses to allow a temporary suspension of debt service after a natural disaster, the statement added. (ANI)

ALSO READ: DeSantis gaining ground on Trump in Iowa

Categories
-Top News Arab News UAE News

UAE’s non-oil economy to grow by 4.8%: World Bank

The economies of the Gulf Cooperation Council (GCC) are projected to grow to grow by 2.5 percent in 2023 and 3.2 percent in 2024….reports Asian Lite News

The World Bank has projected that the real GDP of the UAE will grow by 2.8 percent in 2023, as the non-oil sector is expected to achieve strong growth of 4.8 percent, driven by robust domestic demand, particularly in tourism, real estate, construction, transportation, and manufacturing sectors.

In a press conference held today in Dubai to announce the new World Bank Gulf Economic Update (GEU) titled, “The Health and Economic Burden of Non-Communicable Diseases in the GCC”, the bank officials said that the current account balance in the UAE is expected to rise to 11.7 percent in 2023, as well. The report expected the UAE to achieve a surplus in public finances of 6.2 percent in 2023.

The economies of the Gulf Cooperation Council (GCC) are projected to grow to grow by 2.5 percent in 2023 and 3.2 percent in 2024. The region had a remarkable GDP growth of 7.3 percent in 2022, which was fuelled by a strong increase in oil production for most of that year.

This issue of the GEU focuses on how non-communicable diseases (NCDs) have become the leading cause of mortality and morbidity, accounting for close to 75 percent of all deaths and disability in the region. Of these deaths and disability, more than 80 percent are attributed to just four main NCD categories: cardiovascular diseases, diabetes, cancer, and respiratory diseases.

The report also highlights the substantial cost of NCDs to the economies of the GCC countries. A recent study published in the Journal of Medical Economics, a collaborative effort between experts at the World Bank and key stakeholders from across the GCC, estimated the direct medical costs of seven major NCDs to be around US$16.7 billion in 2019 alone.

The report added that many of the GCC countries have already taken impressive steps to address such risk factors, including taxing tobacco products and sugary drinks, restricting or banning the advertisement, promotion or sponsorship of tobacco.

ALSO READ: UAE spotlights humanitarian role & health response in Geneva

Categories
-Top News USA World News

Banga appointed as President of World Bank

Joe Biden, Kamala Harris congratulate Banga on his resounding approval by the World Bank’s Board of Governors…reports Asian Lite News

India-born Ajay Banga has been elected as the World Bank’s next president. A 25-member executive board elected the ex-Mastercard CEO who was nominated for the post by US President Joe Biden in late February.

“The Board looks forward to working with Mr Banga on the World Bank Group Evolution process,” the bank said in a statement published shortly after the board voted to approve his leadership for a five-year term. Banga, a finance and development expert, will take over the role on June 2. He was the sole contender to replace departing World Bank chief David Malpass whose term ends early next month.

Sources familiar with the process said that Banga won the board’s approval after several meetings in recent weeks and a formal interview on Monday.

President Joe Biden congratulated Ajay Banga on his resounding approval by the World Bank’s Board of Governors. He stated that Banga will be a “transformative leader, bringing expertise, experience, and innovation to the position of World Bank President.”

“I want to congratulate Ajay Banga — my nominee for the next President of the World Bank — on his resounding approval by the Bank’s Board of Governors,” US President Joe Biden said in a statement released by the White House.

“Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President. And together with World Bank leadership and shareholders, he will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction–including climate change,” he added.

Biden said Ajay Banga will also be integral in bringing together the public and private sectors, alongside philanthropies, to usher in the fundamental changes in development finance that this moment requires.

Biden said that he looked forward to working with Banga in his new role and supporting his efforts to transform the World Bank.

Over the course of his career, Ajay Banga has become a global leader in technology, data, financial services and innovating for inclusion.

Vice President Kamala Harris congratulated India-born Ajay Banga on being elected as the President of the World Bank.

Appreciating Banga for his past work, Harris tweeted, “Congratulations to Ajay Banga on his election as President of the World Bank. Ajay has been an incredible partner in our work in Central America, helping to deliver hope and opportunity on the ground. I look forward to our continued work together.” On Wednesday, Banga has been elected as the World Bank’s next president. A 25-member executive board elected the ex-Mastercard CEO who was nominated for the post by US President Joe Biden in late February.

“The Board looks forward to working with Mr Banga on the World Bank Group Evolution process,” the bank said in a statement published shortly after the board voted to approve his leadership for a five-year term.

Banga, a finance and development expert, will take over the role on June 2. He was the sole contender to replace departing World Bank chief David Malpass whose term ends early next month.

He became an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021. Previously, Ajay Banga served on the Boards of the American Red Cross, Kraft Foods and Dow Inc. He has worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America.

Banga is a co-founder of The Cyber Readiness Institute and served as a member of President Obama’s Commission on Enhancing National Cybersecurity. He is a past member of the U.S. President’s Advisory Committee for Trade Policy and Negotiations.

He was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.

India’s FM congratulates Banga

Meanwhile, India’s Finance Minister Nirmala Sitharaman congratulated Banga. “Hearty congratulations Ajay Banga on being selected as the President of @WorldBank. I am confident that you’ll bring your wide experience in the corporate world for meeting the goals of the bank,” she said in a tweet.

In a statement, the World Bank said that its “board looks forward to working with Banga on the World Bank Group Evolution process, as discussed at the April 2023 Spring Meetings, and on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries”.

The president of the World Bank Group is also the Chair of the Board of the Executive Directors of the International Bank for Reconstruction and Development (IBRD). (ANI)

ALSO READ: Strategic diplomacy elevates India’s global status

Categories
-Top News India News World

Modi: Fight against climate change starts at home

Prime Minister Narendra Modi was delivering the keynote address, virtually at a LiFE initiative titled ‘How Behavioral Change can Tackle Climate Change’ at the World Bank, reports Reena Bhardwaj

Bringing India’s viewpoints on ‘How Behavioural Change can Tackle Climate Change’ to the fore, Prime Minister Narendra Modi on Friday said one of the most powerful ways to fight climate change is a behavioural change that must begin at every home.

“Climate change cannot be fought from conference tables alone, it has to be fought from the dinner tables in every home. When an idea moves from discussion tables to dinner tables, it becomes a mass movement. Making every family and every individual aware that their choices can help the planet can provide scale and speed,” said PM Modi while delivering the keynote address, virtually at a LiFE initiative titled ‘How Behavioral Change can Tackle Climate Change’ at the World Bank. “Mission LiFE is about democratizing the battle against climate change. Then people become conscious that simple acts in their daily lives are powerful, there will be a very positive impact on the environment,” Modi said in his prepared remarks.

Prime Minister Narendra Modi’s remarks got together global leaders to advance new ideas, insight and solutions to the biggest challenges facing the future of energy, environment and climate.

He also lauded the efforts put in by the people of India, citing examples of behaviour change that have made an impact.

“The people of India have done a lot in the last few years. People, even efforts to improve the sex ratio in many parts of India. It was the people who led a massive cleanliness drive, beach, reverse beaches or roads. They are ensuring public places are free of litter. And it was the people who made this switch to LED bulbs a success,” PM informed the audience saying how the cautious use of energy, and resources and regulating India’s consumption patterns has led to substantial change.

“These efforts will save over 22 billion units of energy. Save 9 trillion litres of water reduce waste by 375 million tonnes recycle almost 1 million tons of E-waste and generate around $170 million of additional cost saving by 2030. Or it will help us reduce the wastage of 15 billion tonnes of food,” PM Modi added.

Through his speech PM emphasised behavioural change, he also informed that the World Bank Group is looking to increase climate finance from 26% to 35%.

“As a share of total financing the focus of this climate finance is usually on concern conventional aspects, adequate financing matters need to be worked out for behavioural initiatives to a show of support by the World Bank towards behavioural initiatives such as mission LiFE will have a multiplier effect,” the Prime Minister concluded.

David Malpass - World Bank

PM’s remarks were followed by a panel discussion in which India’s Finance Minister, Nirmala Sitharaman also participated and stressed the efforts that the administration has put in so far when it comes to fighting Climate Change.

Also present at the event was World Bank Chief David Malapass. “Great to hear from @NarendraModi today on India’s LiFE initiative focusing on the relationship between communities & their environment,” he said.

“Adequate pricing policies & institutions combined with the right incentives can alter deeply entrenched habits & help protect the environment,” Malapass tweeted. (ANI)

ALSO READ: PM Modi is fashioning a post-colonial India

Categories
-Top News Asia News

World Bank: Sri Lanka’s economy to contract by 4.3%

People wait with empty gas cylinders in Maradana, the suburb of Colombo, Sri Lanka, on May 20, 2022. (Photo by Ajith Perera/Xinhua/IANS)

Sri Lanka’s heightened fiscal, external, and financial imbalances and its fluid political situation pose significant uncertainty for the country’s economic outlook…reports Asian Lite News

Amid the ongoing economic crisis, the Sri Lankan economy is projected to contract by 4.3 per cent in 2023 as demand continues to be subdued, job and income losses intensify, and supply-side constraints adversely affect production, the World Bank announced.

Sri Lanka’s heightened fiscal, external, and financial imbalances and its fluid political situation pose significant uncertainty for the country’s economic outlook, the World Bank said in its twice-a-year update, underscoring the need to address the root causes of the country’s economic crisis and build a strong and resilient economy to prevent future crises, reports Xinhua news agency.

“The economic crisis in Sri Lanka has had deep impacts with over half a million jobs lost and 2.7 million additional people falling into poverty between 2021 and 2022,” said Faris H. Hadad-Zervos, World Bank country director for Maldives, Nepal, and Sri Lanka.

“The prolonged recovery from the scarring effects of this crisis in addition to a slow debt restructuring process, limited external financing support, and an uncertain global environment pose significant risks to the country’s economic growth,” the country director said.

The economy will continue to face significant challenges in 2023 and beyond, and a lower-level external trade equilibrium could have contagion effects on domestic trade, economic activity, jobs and incomes, according to the World Bank.

Strong and effective implementation of the government’s reform program, supported by financing from international partners, could boost confidence and attract fresh capital inflows that are key to improving job prospects and restoring livelihoods, said the World Bank.



As Sri Lanka is still undergoing its worst ever economic crisis since independence in 1948, the island nation last month had finally secured a $2.9 billion bailout from the International Monetary Fund (IMF), which came as a lifeline for the island nation that has billions of dollars in loans.

The Covid-19 pandemic, rising energy prices, populist tax cuts and inflation of more than 50 per cent has battered Sri Lanka.

A shortage of medicines, fuel and other essentials also pushed the cost of living to record highs, triggering violent nationwide protests which overthrew the Gotabaya Rajapaksa government in 2022.

As a result the country defaulted on its debts with international lenders last May for the first time in its history.

ALSO READ: ADB: Lanka’s gradual recovery expected next year