Tag: WORLD BANK

Categories
-Top News USA

IMF, World Bank to boost financial, policy support to Ukraine

The IMF-World Bank Group are working together to support Ukraine on the financing and policy fronts and are urgently increasing that support…reports Asian Lite News

Amid the deteriorating situation and humanitarian crisis in Ukraine, the World Bank is preparing a USD 3 billion support package for the country in the coming months and the International Monetary Fund (IMF) is soon considering requests for emergency financing.

World Bank Group President David Malpass and IMF Managing Director Kristalina Georgieva announced the support package for Ukraine in a joint IMF-World Bank Group statement on the War in Ukraine on Tuesday (local time).

“We are deeply shocked and saddened by the devastating human and economic toll brought by the war in Ukraine. People are being killed, injured, and forced to flee, and massive damage is caused to the country’s physical infrastructure. We stand with the Ukrainian people through these horrifying developments,” read the statement.

IMF projects 6.6% growth for B’desh

The statement further said that the “war is also creating significant spillovers to other countries.”

“Commodity prices are being driven higher and risk further fueling inflation, which hits the poor the hardest. Disruptions in financial markets will continue to worsen should the conflict persist. The sanctions announced over the last few days will also have a significant economic impact. We are assessing the situation and discussing appropriate policy responses with our international partners,” the statement added.

The statement said that the IMF-World Bank Group are working together to support Ukraine on the financing and policy fronts and are urgently increasing that support.

“At the IMF, we are responding to Ukraine’s request for emergency financing through the Rapid Financing Instrument, which our Board could consider as early as next week. In addition, we continue to work on Ukraine’s Stand-By Arrangement program, under which an additional USD 2.2 billion is available between now and the end of June,” read the statement.

Ukrainian President Volodymyr Zelensky.(Photo_Twitter@ZelenskyyUa)

“At the World Bank Group, we are preparing a USD 3 billion package of support in the coming months, starting with a fast-disbursing budget support operation for at least USD 350 million that will be submitted to the Board for approval this week, followed by USD 200 million in fast-disbursing support for health and education,” the statement added.

The statement further said that the World Bank and the IMF are also working together to assess the economic and financial impact of the conflict and refugees on other countries in the region and the world.

“We stand ready to provide enhanced policy, technical, and financial support to neighboring countries as needed. Coordinated international action will be crucial to mitigate risks and navigate the treacherous period ahead. This crisis affects the lives and livelihoods of people around the world, and we offer them our full support,” the statement added.

ALSO READ: Biden closes US airspace to Russia

Categories
Arab News News World

Lebanon’s 50% population registers for World Bank’s social safety plan

Lebanese Minister of Social Affairs Hector Hajjar said that about 50 per cent of the country’s population have registered for social assistance through the social safety net financing plan funded by the World Bank…reports Asian Lite News

A total of 550,000 families, or 3.5 million individuals, have registered for cash assistance, mostly from areas in Akkar, Baabda and Tripoli, Xinhua news agency quoted Hajjar as saying on Monday.

“Each family will receive a fixed amount of $25 monthly, and an extra $20 for each child in the family, for up to six children,” he explained.

Funded by a World Bank loan of $246 million, the social safety net financing plan aims at helping the most vulnerable families in Lebanon which has been going through its worst economic and financial crisis with a poverty rate exceeding 75 per cent.

ALSO READ: Lebanon’s crisis forces more youth to drop out of school Unicef

Hajjar noted that registrations for the cash assistance revealed that around 250,000 Lebanese families or 2.5 million individuals live under the extreme poverty line.

Categories
Africa News News World

World Bank announces $100 million for flood victims in South Sudan

World Bank announces $100 million for flood victims in South Sudan

The World Bank has announced a $100 million relief package for flood victims in South Sudan…reports Asian Lite News

Ousmane Dione, World Country Director for Eritrea, Ethiopia, South Sudan and Sudan in the Eastern and Southern Africa region, told journalists in the South Sudan capital, Juba on Wednesday that the already approved funds will be available to the government in mid 2022, Xinhua news agency reported.

“We believe the agenda of floods in South Sudan should be taken seriously, funds are already approved and hopefully will be released,” said Dione.

Heavy flooding since May 2021 affected more than 840,000 people across seven states of South Sudan.

According to UN agencies, the floods have further exacerbated the already dire humanitarian situation with 7.2 million people, including millions of children facing risk of hunger.

ALSO READ: WFG decides to resume operations in Western Sudan

The World Bank is already supporting several active projects in agriculture, health, social protection and community resilience sectors to a total tune of 265 million dollars.

Dione added that they have mobilised additional $38 million to support refugee residents in South Sudan and their host communities. In addition, he disclosed that they are not only supporting development programmes, but also financing capacity building in the youngest nation.

South Sudan is struggling to stabilise it’s war-battered economy amid high inflation caused by disruption of oil production by years of conflict since December 2013.

The disruption in international oil price has also hit hard earnings from oil-revenue that Juba depends on 95 per cent to finance its fiscal expenditure.

Categories
-Top News Economy India News

World Bank pegs India’s economic growth at 8.3%

The projection is lower than the forecast by the Reserve Bank of India, which had in December said that the GDP growth rate is likely to be 9.5 percent for the current fiscal, reports Asian Lite News

India’s economic growth is expected to be 8.3 per cent in the current financial year and 8.7 per cent in 2022-23, according to the World Bank’s “Global Economic Prospects” report, released on Tuesday.

The World Bank has maintained its forecast for India’s growth rate at the same level as it had projected in October 2021 even as it expects the global economic growth to slow down sharply.

The World Bank report said global economic growth will “decelerate markedly” this year as coronavirus outbreaks and supply chain snarls persist. At the same time, the support programmes unveiled by several governments are about to end.

The report said that global growth will slow down to 4.1 percent this year from an estimated 5.5 percent in 2021, but warned “Omicron-related economic disruptions could substantially reduce growth” to as low as 3.4 percent.

The report also said that the Indian economy’s growth rate in the current, as well as the next fiscal, will be stronger compared to its immediate geographic neighbours.

Bangladesh is expected to grow at 6.4 and 6.9 percent in 2021-22 and 2022-23, respectively, while Nepal’s growth is expected to be at 3.9 percent this fiscal and at 4.7 percent in the next financial year. Pakistan’s economy will grow by 3.4 percent in the current fiscal and at 4 per cent in 2022-23, the report said.

Incidentally, as per the first advance estimate released by the ministry of statistics and programme implementation on January 8, India’s GDP growth is likely to be 9.2 per cent in the current fiscal.

The projection is lower than the forecast by the Reserve Bank of India (RBI), which had in December said that the GDP growth rate is likely to be 9.5 percent for the current fiscal.

Global growth forecast downgraded to 4.1%

The global economy is on track to grow by 4.1 per cent in 2022, down 0.2 percentage point from a previous projection, the World Bank Group said in its latest Global Economic Prospects release.

“The global recovery is set to decelerate markedly amid continued Covid-19 flare-ups, diminished policy support, and lingering supply bottlenecks,” the semiannual report added on Tuesday.

The global outlook is “clouded by various downside risks,” including renewed Covid-19 outbreaks due to new virus variants, the possibility of unanchored inflation expectations, and financial stress in a context of record-high debt levels, according to the report.

After rebounding to an estimated 5.5 per cent in 2021, global growth is expected to decelerate markedly to 4.1 per cent in 2022, the report noted. The latest projection for 2021 and 2022 is 0.2 percentage point lower than the June forecast, respectively.

The report also noted that the Covid-19 pandemic has raised global income inequality, partly reversing the decline that was achieved over the previous two decades, Xinhua news agency reported.

By 2023, annual output is expected to remain below the pre-pandemic trend in all emerging market and developing economy (EMDE) regions, in contrast to advanced economies, where the gap is projected to close.

Preliminary evidence suggests that the pandemic has also caused within-country income inequality to rise somewhat in EMDEs because of particularly severe job and income losses among lower-income population groups, according to the report.

“The world economy is simultaneously facing Covid-19, inflation, and policy uncertainty, with government spending and monetary policies in uncharted territory,” said World Bank Group President David Malpass.

Noting that rising inequality and security challenges are “particularly harmful” for developing countries, Malpass added that putting more countries on a favourable growth path requires concerted international action and a comprehensive set of national policy responses.

ALSO READ-Dubai Shores Up J&K’s Growth

Categories
-Top News World News

World Bank slashes 2022 global growth outlook

Covid-19 surge could alter daily life for millions in US

The report also noted that the Covid-19 pandemic has raised global income inequality, partly reversing the decline that was achieved over the previous two decades,…reports Asian Lite News

The global economy is on track to grow by 4.1 per cent in 2022, down 0.2 percentage point from a previous projection, the World Bank Group said in its latest Global Economic Prospects release.

“The global recovery is set to decelerate markedly amid continued Covid-19 flare-ups, diminished policy support, and lingering supply bottlenecks,” the semiannual report added on Tuesday.

The global outlook is “clouded by various downside risks,” including renewed Covid-19 outbreaks due to new virus variants, the possibility of unanchored inflation expectations, and financial stress in a context of record-high debt levels, according to the report.

After rebounding to an estimated 5.5 per cent in 2021, global growth is expected to decelerate markedly to 4.1 per cent in 2022, the report noted. The latest projection for 2021 and 2022 is 0.2 percentage point lower than the June forecast, respectively.

The report also noted that the Covid-19 pandemic has raised global income inequality, partly reversing the decline that was achieved over the previous two decades, Xinhua news agency reported.

By 2023, annual output is expected to remain below the pre-pandemic trend in all emerging market and developing economy (EMDE) regions, in contrast to advanced economies, where the gap is projected to close.

Preliminary evidence suggests that the pandemic has also caused within-country income inequality to rise somewhat in EMDEs because of particularly severe job and income losses among lower-income population groups, according to the report.

“The world economy is simultaneously facing Covid-19, inflation, and policy uncertainty, with government spending and monetary policies in uncharted territory,” said World Bank Group President David Malpass.

Noting that rising inequality and security challenges are “particularly harmful” for developing countries, Malpass added that putting more countries on a favourable growth path requires concerted international action and a comprehensive set of national policy responses.

ALSO READ: 7 million cases: Omicron moves fast in Europe

Categories
Africa News World

World Bank Project To help 12 mn Tanzanian children

World Bank Project To help 12 mn Tanzanian children

The World Bank has approved $500 million that will benefit more than 12 million children in pre-primary and primary education in Tanzania’s mainland, the bank has said in a statement…reports Asian Lite News

The programme called ‘BOOST Primary Student Learning Program for Results’ is aimed at making pre-primary and primary education better and more accessible across the east African country, Xinhua news agency reported citing the statement released on Wednesday.

The statement said the education programme supported by World Bank will help make Tanzania primary schools safer, more inclusive, child friendly and enhance teachers’ subject content knowledge.

World Bank Project To help 12 mn Tanzanian children

The overall goal is to ensure an education system that supports all children, including the most marginalised, to enroll early, develop strong foundational skills and complete a quality education, said the statement.

The programme which was jointly formulated with the government and other development partners will support Tanzanian government’s education sector development plan in the next five years by providing result-based financing to catalyze reforms, the statement said.

“Tanzania has made important progress in education by expanding access and reducing gender disparity in basic education,” said Mara Warwick, World Bank Country Director for Tanzania.

“Investing in the education of young and vulnerable children, especially girls, is a critical building block to accelerate the country’s progress towards inclusive growth, poverty reduction and stronger upward mobility of all Tanzanians,” she said.

ALSO READ: World Bank Plans Packages For Poorest Nations

Primary enrollment in Tanzania increased since 2013, the statement said, adding that Tanzania’s mainland now has 12.3 million pupils attending preprimary and primary classes.

Nevertheless, Tanzania’s education sector remains constrained by several key factors including inequitable access to early learning and primary education for rural marginalised and vulnerable groups, inadequate school learning environments exacerbated by declining financing and increasing school populations, and a shortage of teachers and low teacher competencies, said the statement.

Categories
News World World News

World Bank Plans Packages For Poorest Nations

World Bank Plans Packages For Poorest Nations

The World Bank has announced a $93 billion replenishment package of the International Development Association (IDA) to help the poorest countries respond to the raging Covid-19 crisis and boost economic growth…reports Asian Lite News

The World Bank’s IDA, established in 1960, helps the world’s poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve poor people’s lives, reports Xinhua news agency.

IDA’s 19th funding cycle kicked off in July 2020, and a record replenishment of $82 billion was originally expected to finance projects over the three-year period ending June 30, 2023, according to the multilateral lender. The replenishment was advanced by one year due to scaled up pandemic response.

World Bank Plans Packages For Poorest Nations

The latest financing pledge brings together $23.5 billion of contributions from 48 high- and middle-income countries with financing raised in the capital markets, repayments, and the World Bank’s own contributions.

The financing package, agreed over a two-day virtual meeting hosted by Japan, is the largest mobilised in IDA’s 61-year history, according to the World Bank.

“Today’s generous commitment by our partners is a critical step toward supporting poor countries in their efforts to recover from the Covid-19 crisis,” said World Bank Group President David Malpass on Wednesday.

Malpass noted that IDA countries are lagging in Covid-19 vaccinations and economic recovery.

“We have seen that the recovery has been dramatically uneven, with per capita income in advanced economies growing at 5 per cent compared to only 0.5 per cent in low-income countries,” he said.

The funds will be delivered to the world’s 74 poorest countries under the 20th replenishment (IDA20) program, which focuses on helping countries recover from the impacts of the Covid-19 crisis, according to the bank.

ALSO READ: Afghanistan gets 3rd batch of World Bank aid

In these countries, the ongoing pandemic is worsening poverty, undermining growth, and jeopardising the prospects of a resilient and inclusive development, the World Bank noted, adding that countries are struggling with falling government revenues; increasing debt vulnerabilities; rising risks to fragility, conflict, and instability; and dropping literacy rates.

To help countries build back greener, a substantial portion of these funds go to tackling climate change, with a focus on helping countries to adapt to rising climate impacts and preserve biodiversity, the multilateral lender added.

Categories
-Top News Ajman World

Ajman celebrates the world’s Greatest Show

Ajman celebrates the world’s Greatest Show

The official opening ceremony was also streamed live from the Ajman Corniche area…reports Asian Lite News

The emirate of Ajman participated in celebrating the launch of Expo 2020 by broadcasting the official opening ceremony live on big screens located at the Ajman Heritage District, with fireworks launched in sync with the kick-off of the world’s greatest show in Dubai.

The official opening ceremony was also streamed live from the Ajman Corniche area.

Expo 2020

The emirate of Ajman, through its governmental pavilion, is participating in this global event that includes more than 192 countries, all vying for showcasing the latest innovations and a wide array of cultures and arts to enrich the quality of the exhibition.

Adding to the evening’s magic, viewings took place at various locations in Umm Al Quwain, Yas Plaza in Abu Dhabi and across various locations in Ras Al Khaimah, including the Corniche, Al Marjan Island and Manar Mall.

The Fujairah Fort, which hosted a live broadcast, was accompanied by an evening of other festivities that include a mini village, folklore bands, traditional crafts, heritage displays and traditional food.

ALSO READ: THIS IS OUR TIME

Meanwhile, Abdullah Al Muwaiji, Chairman of the Ajman Chamber for Commerce and Industry, has stated that the UAE is reinforcing its leading position as a global pioneer in organising major international events, by hosting Expo 2020 Dubai, which represents qualitative shift in the country’s sustainable development journey.

ABDULLAH AL MUWAIJI, CHAIRMAN, AJMAN CHAMBER FOR COMMERCE AND INDUSTRY: “Thanks to the UAE leadership’s futuristic vision, Expo 2020 Dubai will serve as a key economic driver in the coming period, especially as it coincides with the recovery from the COVID-19 pandemic, which created many challenges that required communities to utilise innovation to over and find effective solutions that will ensure the growth and development of the business and economic sectors,” he said.

Al Muwaiji then commended the efforts of the action teams and all entities involved in organising Expo 2020 Dubai.

EXPO 2020

Salem Al Suwaidi, Director-General of the Chamber, stressed that Expo 2020 Dubai is a unique human gathering that will create incredible opportunities for all sectors to forge partnerships, make major strides, and connect minds from different cultures.

He then highlighted the chamber’s keenness to participate in Expo 2020 Dubai and introduce the world and the international business community to Ajman’s economic potential and investment opportunities, as well as showcase it as one of the world’s most competitive business hubs.

Al Suwaidi called on investors and business leaders to visit Expo 2020 Dubai to leverage from the endless opportunities it will provide.

Categories
-Top News Economy PAKISTAN

World Bank grants $800mn loans to Pakistan

A World Bank (WB) release said that the USD 400 million Pakistan Program for Affordable and Clean Energy (PACE) focuses on measures to improve the financial viability…reports Asian Lite News

The World Bank on Tuesday approved USD 800 million in financing for two programs in Pakistan–the Pakistan Program for Affordable and Clean Energy and the Second Securing Human Investments to Foster Transformation.

A World Bank (WB) release said that the USD 400 million Pakistan Program for Affordable and Clean Energy (PACE) focuses on measures to improve the financial viability of the power sector and support the country’s transition to low-carbon energy.

“Power sector reforms are critical to resolving Pakistan’s fiscal challenges,” said Rikard Liden, World Bank Task Team Leader for the PACE program. “Decarbonizing the energy mix will reduce the dependence on fossil fuel imports and vulnerability to price fluctuations because of movement in exchange rates. PACE prioritizes action on such reforms, which must be sustained to address circular debt and set the power sector on a sustainable path.”

The release said the USD 400 million Second Securing Human Investments to Foster Transformation program (SHIFT II) supports a federal structure to strengthen basic service delivery for human capital accumulation.

The program will help improve health and education services, increase income-generation opportunities for the poor, and promote inclusive economic growth.

“Strengthening services that build human capital in a coordinated manner between provincial and federal authorities, along with improved targeting of social safety nets, will better support families to recover from the COVID-19 crisis, and pave the way for more robust crisis preparedness in the future,” said Tazeen Fasih, World Bank Task Team Leader for the SHIFT II program.

ALSO READ: Terror financing: Doubts mount over Pakistani diplomats

Najy Benhassine, WB Country Director for Pakistan said, “The reforms underpinning PACE and SHIFT can contribute to facilitating sustainable investments and generate welfare gains for those most in need.”

Pakistan has been a member of the World Bank since 1950. Since then, the World Bank has provided $40 billion in assistance.

Recently, the World Bank had estimated that poverty in Pakistan has increased from 4.4 per cent to 5.4 per cent in 2020, as over two million people have fallen below the poverty line.

Using the lower-middle-income poverty rate, the WB estimated that the poverty ratio in Pakistan stood at 39.3 per cent in 2020-21 and is projected to remain at 39.2 per cent in 2021-22 and might come down to 37.9 per cent by 2022-23, reported The News International.

Moreover, by using the upper-middle-income poverty rate, the global financial institution estimated that the poverty stood at 78.4 per cent in 2020-21 and it would be standing at 78.3 per cent in 2021-22 and is projected to come down to 77.5 per cent in 2022-23.

As per the Bank’s estimates, 40 per cent of households suffered from moderate to severe food insecurity in Pakistan.

At a time when the WB has been showing rising trends in poverty, the government has just released poverty figures for 2018-19 and indicated that the poverty declined from 24.3 per cent in 2015-16 to 21.9 per cent in 2018-19 in the pre-COVID-19 period, according to The News International.

According to the WB, the containment measures adopted in response to the COVID-19 pandemic led to a collapse in economic activity during the final quarter of FY20. As a result, the GDP growth is estimated to have contracted by 1.5 per cent in FY20.

During the period, half of the working population saw either job or income losses, with informal and low-skilled workers employed in elementary occupations facing the strongest contraction in employment. (ANI)

ALSO READ: Ban on flights from India, Pakistan to continue

Categories
-Top News Asia News Nepal

World Bank nod to $60mn fund for Nepal’s higher education

Faris Hadad-Zervos

Nurturing Excellence in Higher Education Program builds on Nepal’s previous successful higher education projects supported through results-based financing, said World Bank statement…reports Asian Lite News

The World Bank has approved USD 60 million to improve the quality of Nepal’s higher education, scale up online learning, and expand access to academic institutions for underprivileged students.

“The COVID-19 pandemic has highlighted the critical importance of building back better and prioritizing human capital development,” stated Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal, and Sri Lanka.

“Improving access to quality higher education and helping students acquire the skills that are in demand in the labor market will contribute to Nepal’s COVID-19 recovery and strengthen its resilience.”

In a press release published on Friday, World Bank said that the Nurturing Excellence in Higher Education Program builds on Nepal’s previous successful higher education projects supported through results-based financing.

Nepal

It will help the government of Nepal align its higher education sector with labour market needs, boost collaborative research and entrepreneurship, improve governance, and access to quality higher education, especially for disadvantaged students, the release said.

The COVID-19 pandemic has created strong incentives to expand online platforms and blended learning, which the program will help scale up across Nepal’s universities.

“A key priority of the program is to promote the inclusion of disadvantaged students, including those facing economic hardship due to COVID-19,” stated Mohan Aryal, World Bank’s Program Task Team Leader.

“The program will expand targeted scholarships to help disadvantaged students pursue labor market-driven academic programs and support equity grants to higher education institutions in needy and disaster-affected areas in Nepal.”

1st liquid oxygen plant

Nepal Prime Minister KP Sharma Oli has laid a foundation stone virtually for the construction of the country’s first liquid oxygen plant which is expected to help substitute oxygen import from India.

“As they will be insufficient at the time of a pandemic, the liquid oxygen plant will be important in meeting the deficit in oxygen supplies,” Oli said during the virtual inauguration ceremony on Sunday.

Shankar Oxygen Gas Pvt. Ltd, the sole importer of liquid oxygen in Nepal, is setting up its own liquid oxygen plant in the southwestern city of Bhairahawa, reports Xinhua news agency.

Covering an area of 3,716 square metres, the plant will have a production capacity of 60 tons per day, according to the company.

The excess production could be exported to neighbouring countries and used in the industrial sector once the Covid-19 pandemic is over, said Oli.

Some hospitals in Nepal which were relying on imported liquid oxygen were forced to resort to bottled oxygen for several days last month after Indian authorities ordered a halt to exports due to a surging demand for oxygen at home to cope with a deadly second wave of the pandemic.

In May, some Nepal hospitals had to turn away Covid patients due to an acute shortage of medical oxygen and beds as 8,000-9,000 new cases were reported in most days of the month after a second wave hit the nation in April.

In response, the Nepal government had made it mandatory for hospitals with over 100 beds to establish their own oxygen plants. (ANI/IANS)

ALSO READ: India must step up game to support Nepal