News

India has achieved financial inclusion targets in just 6 years: World Bank`s G20 document Underlining India's growth, a G20 document prepared by the World Bank has stated that India has achieved financial inclusion targets in just 6 years which would otherwise have taken at least 47 long years. The document highlights the groundbreaking measures taken by Central Government and the pivotal role of government policy and regulation in shaping the Digital Public Infrastructure (DPI) landscape. The document categorically noted that while DPIs’ role in this leapfrogging is ...
India has achieved financial inclusion targets in just 6 years: World Bank`s G20 document
India has achieved financial inclusion targets in just 6 years: World Bank`s G20 document
Source: Accord Fintech
8/09/2023 2:09:39 PM
India`s economy to hold top spot for GDP but not so much for jobs growth India's economy will grow at a solid pace for the rest of this fiscal year and next but well below its potential rate, according to a Reuters poll of economists who also said the employment situation will improve only slightly. The world's most populous country aspires to leapfrog to the status of a developed nation, riding on the unprecedented demographic dividend, which demands an annual gross domestic product (GDP) growth rate of around 8% for the next 25 years. But reaching ...
India`s economy to hold top spot for GDP but not so much for jobs growth
India`s economy to hold top spot for GDP but not so much for jobs growth
Source: Reuters
24/07/2023 9:03:08 AM
Fiji, World Bank sign $200mn agreement for tourism program Fiji on Wednesday signed a $200 million agreement with the World Bank to develop the tourism potential of Vanua Levu, the country's second-largest island. The deal was signed by Fijian Deputy Prime Minister Biman Prasad and World Bank Regional Vice President for East Asia and Pacific Manuela Ferro, Xinhua news agency reported. Prasad, who is also the Finance Minister, said the Fiji Tourism Development Program for Vanua Levu will not only bolster tourism, but lead to the improvement ...
Fiji, World Bank sign $200mn agreement for tourism program
Fiji, World Bank sign $200mn agreement for tourism program
Source: IANS
20/07/2023 11:06:51 AM
GST officials search UpGrad offices, edtech unicorn says 'routine survey' Goods and Services Tax (GST) Department officials made searches at Ronnie Screwvala-founded edtech unicorn upGrad offices on Wednesday. The company said that it was a “routine survey”. In a statement to IANS, Koell Hemdev, Head of Legal at upGrad, said that it is a “routine survey” and “we are fully compliant and cooperating with the GST Department”. Backed by investors such as Temasek, James Murdoch’s Lupa Systems, and World Bank’s Intern...
GST officials search UpGrad offices, edtech unicorn says 'routine survey'
GST officials search UpGrad offices, edtech unicorn says 'routine survey'
Source: IANS
19/07/2023 5:53:16 PM
India should cash in on `China plus one` strategy - World Bank chief India has an opportunity to cash in on global companies' efforts to build factories outside China, the new World Bank president said on Wednesday, as firms seek to diversify their supply chains. His comments follow recent investment announcements by U.S. firms, including chipmaker Micron Technology, in India and come as the United States looks for a strong counterweight to China in Asia amid growing tensions in ties. In recent years, many companies have adopted a "China Pl...
India should cash in on `China plus one` strategy - World Bank chief
India should cash in on `China plus one` strategy - World Bank chief
Source: Reuters
19/07/2023 3:47:50 PM
World Bank chief Banga unveils new plans to boost lending `firepower` World Bank President Ajay Banga unveiled new plans on Tuesday to stretch the bank's balance sheet and help countries tackle climate change and other challenges, but said a capital increase would still eventually be needed. Banga, a former Mastercard CEO who took over the helm of the World Bank on June 2, announced the new proposals to "make our balance sheet work harder" during a meeting of finance officials from the Group of 20 major economies in Gandhinagar, India. The n...
World Bank chief Banga unveils new plans to boost lending `firepower`
World Bank chief Banga unveils new plans to boost lending `firepower`
Source: Reuters
18/07/2023 9:24:13 AM
World Bank`s Ajay Banga named in Carnegie's 2023 `Great Immigrants` list World Bank President Ajay Banga has been named to this year's "Great Immigrants" list by the Carnegie Corporation of New York, which honours contributions by immigrants to American life. Indian-American Banga, who became the 14th president of the top bank this year, was among 35 honorees from diverse backgrounds and fields whose contributions and actions enriched and strengthened American society and democracy. From India, he is the only honouree in the prestigious Carnegi...
World Bank`s Ajay Banga named in Carnegie's 2023 `Great Immigrants` list
World Bank`s Ajay Banga named in Carnegie's 2023 `Great Immigrants` list
Source: IANS
2/07/2023 1:19:57 PM
World Bank approves $1.5 billion financing for India's low carbon energy sector The World Bank said on Friday it has approved $1.5 billion in financing to accelerate the development of India's low carbon energy sector. The financing will help India promote low-carbon energy by scaling up renewable energy, developing green hydrogen and stimulating climate finance for low-carbon energy investments, the bank said in a statement. “The program will support the successful implementation of the National Green Hydrogen Mission that aims to stimulate $100 billion ...
World Bank approves $1.5 billion financing for India's low carbon energy sector
World Bank approves $1.5 billion financing for India's low carbon energy sector
Source: Reuters
30/06/2023 12:52:21 PM
World Bank approves $700mn to help Sri Lanka implement foundational reforms   The World Bank Group said it has approved $700 million in financing for two operations to help Sri Lanka implement foundational reforms as the island nation is trying to overcome its worst-ever economic crisis. 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, rep...
World Bank approves $700mn to help Sri Lanka implement foundational reforms
World Bank approves $700mn to help Sri Lanka implement foundational reforms
Source: IANS
29/06/2023 4:30:46 PM
World Bank approves loan of $200 million to Himachal Pradesh for power reforms The World Bank’s Board of Executive Directors have approved a loan of $200 million to the Himachal Pradesh government to facilitate power sector reforms and increase the share of renewable energy (RE) in the state’s electricity generation. This will contribute to the state’s overall aim of adding 10,000 megawatts (10 gigawatts) of additional RE capacity to make the state’s power supply greener. Himachal Pradesh aims to become a ‘Green State’ by meetin...
World Bank approves loan of $200 million to Himachal Pradesh for power reforms
World Bank approves loan of $200 million to Himachal Pradesh for power reforms
Source: IANS
28/06/2023 5:05:29 PM
World Bank approves $150 mn loan to support Resilient Kerala Program The World Bank's Board of Directors has approved a $150 million loan to support the Resilient Kerala Program to continue strengthening the state's preparedness against natural disasters, climate change impacts, and disease outbreaks. This financing complements the World Bank's earlier investment of $125 million and the overall support of the two projects is expected to protect nearly 5 million people from the impacts of floods. Auguste Tano Kouame, the World Bank's Count...
World Bank approves $150 mn loan to support Resilient Kerala Program
World Bank approves $150 mn loan to support Resilient Kerala Program
Source: IANS
18/06/2023 9:32:16 AM
World Bank approves $150 mn loan to support Resilient Kerala Program The World Bank's Board of Directors has approved a $150 million loan to support the Resilient Kerala Program to continue strengthening the state's preparedness against natural disasters, climate change impacts, and disease outbreaks. This financing complements the World Bank's earlier investment of $125 million and the overall support of the two projects is expected to protect nearly 5 million people from the impacts of floods. Auguste Tano Kouame, the World Bank's Count...
World Bank approves $150 mn loan to support Resilient Kerala Program
World Bank approves $150 mn loan to support Resilient Kerala Program
Source: IANS
17/06/2023 4:19:51 PM
Bangladesh, World Bank ink deals to boost climate-resilient agriculture The Bangladesh government and the World Bank signed two financing deals totaling $858 million to enhance climate-resilient agricultural growth, food security and road safety improvement. The agreements were signed by Sharifa Khan, the secretary of Economic Relations Division, and Abdoulaye Seck, the World Bank country director for Bangladesh and Bhutan, reports Xinhua news agency. One agreement concerns a program on Agricultural and Rural Transformation for Nutrition, Entrepreneurship a...
Bangladesh, World Bank ink deals to boost climate-resilient agriculture
Bangladesh, World Bank ink deals to boost climate-resilient agriculture
Source: IANS
8/06/2023 12:17:39 PM
Yellen urges new World Bank chief to `get the most` from balance sheet U.S. Treasury Secretary Janet Yellen on Thursday told incoming World Bank Group President Ajay Banga to "get the most out of the bank's balance sheet" and mobilize more private capital for climate finance and global development objectives, the Treasury said. During a meeting with Banga a day before the former Mastercard CEO takes office at the World Bank, Yellen "conveyed her strong desire for Treasury to continue close collaboration" with him on the lender's ev...
Yellen urges new World Bank chief to `get the most` from balance sheet
Yellen urges new World Bank chief to `get the most` from balance sheet
Source: Reuters
2/06/2023 9:11:08 AM
India to push back against 'agenda-driven' global ranking firms - Narendra Modi advisor India plans to push back against "agenda-driven", "neo-colonial" country rankings produced by global agencies on topics like governance and press freedom, a key advisor to Indian Prime Minister Narendra Modi told Reuters in an interview on Friday. Sanjeev Sanyal, a member of Modi's Economic Advisory Council, said India has begun to raise this issue at global forums. He said the indices were being compiled by a "tiny group of think-tanks in the North Atlantic,&q...
India to push back against 'agenda-driven' global ranking firms - Narendra Modi advisor
India to push back against 'agenda-driven' global ranking firms - Narendra Modi advisor
Source: Reuters
27/05/2023 9:28:53 AM
Exclusive-IMF, others should give $100 billion climate FX guarantee - document A top-level meeting in Paris next month will lay out a $100 billion plan to drive more money into climate and development finance in poorer countries by providing currency guarantees to investors, according to a document seen by Reuters. The plan, which has not previously been reported, was sent to the world's governments ahead of the "Summit for a New Global Financing Pact" in Paris in June by the Bridgetown Initiative spearheaded by Barbados leader Mia Mottley. The idea,...
Exclusive-IMF, others should give $100 billion climate FX guarantee - document
Exclusive-IMF, others should give $100 billion climate FX guarantee - document
Source: Reuters
27/05/2023 9:09:35 AM
Ranked among top global ports by World Bank, Mumbai`s JNPA celebrates 34th anniv India's biggest state-run, Jawaharlal Nehru Port Authority (JNPA), in Mumbai completes 34 years of operations on Friday (May 26) and now ranks among the World Bank report of ports that turn around box ships in just 22 hours. The latest World Bank's Logistics Performance Index (LPI) Report, 2023 observed that the JNPA 'turns around' box ships in mere 22 hours (or just 0.9 day), which is considered among the best in the world. This distinction came after another superlativ...
Ranked among top global ports by World Bank, Mumbai`s JNPA celebrates 34th anniv
Ranked among top global ports by World Bank, Mumbai`s JNPA celebrates 34th anniv
Source: IANS
26/05/2023 4:20:21 PM
Public investment in agri-food systems up 22% in 2022: FAO report  Public investment in sustainable agriculture rose by more than a fifth last year, according to the 2022 Annual Review released by the UN Food and Agriculture Organisation (FAO) Investment Centre. The FAO Investment Centre monitors some 45 public investment projects in 32 countries, which it said were worth $8.8 billion in 2022. This was an increase of 22 per cent year-on-year, Xinhua news agency reported. The review said on Tuesday that the centre had made some important achieveme...
Public investment in agri-food systems up 22% in 2022: FAO report
Public investment in agri-food systems up 22% in 2022: FAO report
Source: IANS
24/05/2023 8:57:05 AM
World Bank raises Cambodia`s 2023 growth forecast to 5.5% The World Bank on Thursday raised its growth forecast for Cambodia to 5.5 per cent in 2023, up from its earlier projection of 5.2 per cent. "Driven by pent-up consumer demand and the return of foreign tourists, the overall contribution of the services sector to economic growth is returning to the 2019 levels," Maryam Salim, World Bank country manager for Cambodia, said during the launch of the May 2023 Cambodia Economic Update. "Meanwhile, the agriculture sector is benefi...
World Bank raises Cambodia`s 2023 growth forecast to 5.5%
World Bank raises Cambodia`s 2023 growth forecast to 5.5%
Source: IANS
18/05/2023 5:49:44 PM
Jan Dhan scheme speedily narrows banking gap in India, empowers women India has dealt with the problem of unbanked adults effectively as it has managed to get opened over 489.3 million new banking accounts in the past eight to nine years. Interestingly, 56 per cent of these beneficiaries are women while 67 per cent are from rural and semi-urban areas. The scheme, named PM Jan Dhan Yojana (PMJDY), has helped the Government of India make inroads in rural areas and bring underprivileged sections of society under the banking net. The PMJDY was launched in Sep...
Jan Dhan scheme speedily narrows banking gap in India, empowers women
Jan Dhan scheme speedily narrows banking gap in India, empowers women
Source: IANS
18/05/2023 9:32:20 AM
'With many positives', India's growth to hold at 5.8% keeping top spot: United Nations The UN said on Tuesday that "with many positives", India's economic growth this year is expected to hold at 5.8 per cent, affirming a series of international organisations' projections that the country will be the fastest-growing major economy. The Midyear Update to the UN's World Economic Situation and Prospects report projected next year's gross domestic Product (GDP) to hold at 6.7 per cent "supported by resilient domestic demand". Speaking at the ...
'With many positives', India's growth to hold at 5.8% keeping top spot: United Nations
'With many positives', India's growth to hold at 5.8% keeping top spot: United Nations
Source: IANS
17/05/2023 9:50:09 AM
G7 plans new vaccine program for developing nations -Yomiuri The Group of Seven (G7) rich nations is set to agree on establishing a new program to distribute vaccines to developing countries at next week's summit of leaders, Japan's Yomiuri newspaper said on Saturday. In addition to the G7, G20 nations such as India and international groups such as the World Health Organization (WHO) and the World Bank will participate, it added, citing Japanese government sources. During the COVID-19 pandemic, the COVAX facility, backed by WHO and the Gl...
G7 plans new vaccine program for developing nations -Yomiuri
G7 plans new vaccine program for developing nations -Yomiuri
Source: Reuters
13/05/2023 9:54:04 AM
Indian-origin Ajay Banga becomes 14th President of World Bank Ajay Banga, an Indian-origin American, was on Wednesday selected as the President of the World Bank by its executive directors for a five-year term starting June 2. "The Board looks forward to working with Mr. Banga," the World Bank Board said in a statement. Banga was the nominee of President Joe Biden of the US, which has chosen every World Bank President in an unwritten agreement with Europe since 1944, according to which Europe gets to select the President of the Internati...
Indian-origin Ajay Banga becomes 14th President of World Bank
Indian-origin Ajay Banga becomes 14th President of World Bank
Source: IANS
4/05/2023 8:56:44 AM
Initiatives to improve logistics efficiency help India climb 6 places on World Bank's LPI:Government The commerce and industry ministry has said that various initiatives taken by the government to improve its logistics efficiency has helped India climb six places on the recently released World Bank's Logistics Performance Index (LPI) 2023. India has climbed six places on the LPI, now ranking 38th in the 139 countries index, as a result of significant investments in both soft and hard infrastructure as well as technology. India was ranked 44th on the index in 2018 and has now climbed to 3...
Initiatives to improve logistics efficiency help India climb 6 places on World Bank's LPI:Government
Initiatives to improve logistics efficiency help India climb 6 places on World Bank's LPI:Government
Source: Accord Fintech
27/04/2023 12:19:04 PM
India jumps six places to rank 38 out of 139 in Logistics Performance Index 2023  India has improved its position in the logistics ranking of the World Bank, by jumping six places to rank 38 out of 139 countries in the 7th edition of Logistics Performance Index (LPI 2023). On four out of six LPI indicators, India has seen remarkable improvement on the back of various initiatives being implemented over the past few years, official sources said. The World Bank has acknowledged India's efforts towards increasing logistics efficiency, they added. The LPI ind...
India jumps six places to rank 38 out of 139 in Logistics Performance Index 2023
India jumps six places to rank 38 out of 139 in Logistics Performance Index 2023
Source: IANS
27/04/2023 9:39:36 AM
India needs to be vigilant against potential risks of lower agriculture output, elevated prices: Finance Ministry Expressing cautiousness, the Finance Ministry in its March edition of Monthly Economic Review has said that India needs to be vigilant against potential risks of lower agriculture output, elevated prices and geopolitical developments. Although the 6.5 per cent growth projection for India for the current fiscal is in line with the estimates of the World Bank and the Asian Development Bank (ADB), it said there are factors which could affect the favourable combination of growth and inflation out...
India needs to be vigilant against potential risks of lower agriculture output, elevated prices: Finance Ministry
India needs to be vigilant against potential risks of lower agriculture output, elevated prices: Finance Ministry
Source: Accord Fintech
26/04/2023 9:56:05 AM
World Bank Chief Economist Gill calls for new approaches to address `debt crisis` World Bank Chief Economist Indermit Gill is calling for new approaches to address the mounting debt crisis facing many countries, including steps to factor domestic borrowing into assessment of a country's debt sustainability. Gill told Reuters the Common Framework set up by the Group of 20 major economies to help the poorest countries had resulted in only glacial progress because it did not account for 61% of developing countries' external debt held by private creditors, a far lar...
World Bank Chief Economist Gill calls for new approaches to address `debt crisis`
World Bank Chief Economist Gill calls for new approaches to address `debt crisis`
Source: Reuters
26/04/2023 8:54:41 AM
Indian economy to grow at 6.5% in FY24, continue to be fastest-growing major economy: Sanjeev Sanyal Expressing optimism over economic growth, Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal has said Indian economy will grow at around 6.5 per cent in the current fiscal (FY24) and will continue to be the fastest-growing major economy in the world, notwithstanding a modest cut in growth projections by multilateral lending agencies. He further said that given the uncertainties in the global economy, India's performance is clearly far ahead of any other compara...
Indian economy to grow at 6.5% in FY24, continue to be fastest-growing major economy: Sanjeev Sanyal
Indian economy to grow at 6.5% in FY24, continue to be fastest-growing major economy: Sanjeev Sanyal
Source: Accord Fintech
17/04/2023 9:35:07 AM
Ukraine to receive financial assistance from IMF Ukraine will receive a total of $4.5 billion from the International Monetary Fund (IMF) this year as Russia continues its full scale invasion of Kiev, the war-torn country's Finance Ministry said. Ukraine received the first tranche of $2.7 billion earlier this month, and expects to receive two additional tranches totaling $1.8 billion, Xinhua news agency quoted the Ministry as saying. After his meeting with IMF Managing Director Kristalina Georgieva at the Spring Meetings of the IMF...
Ukraine to receive financial assistance from IMF
Ukraine to receive financial assistance from IMF
Source: IANS
16/04/2023 9:56:12 AM
India to chair Commonwealth working group on reform of financial architecture Finance ministers from various Commonwealth countries have called for a systemic reform of the global financial architecture to enhance access to development financing for vulnerable countries. The ministers agreed for India to be the chair and Nigeria to be the deputy chair of the Finance Ministers Working Group for a Commonwealth Call for Reform of the Global Financial Architecture. Their collective call for reform came at the Commonwealth Finance Ministers High-Level Working Group Me...
India to chair Commonwealth working group on reform of financial architecture
India to chair Commonwealth working group on reform of financial architecture
Source: IANS
16/04/2023 9:44:40 AM
FM Nirmala Sitharaman lists progress on key G20 issues during India`s presidency Finance Minister Nirmala Sitharaman on Thursday expressed satisfaction with the progress on multiple subjects that were discussed at the second meeting of G20 finance ministers and central bankers that took place here under the presidency of India, including the vexatious issue of sovereign debt servicing. Sitharaman said that at a roundtable discussion on debt servicing on Wednesday was "absolutely positive" with all stakeholders, including China, "positively engaged"....
FM Nirmala Sitharaman lists progress on key G20 issues during India`s presidency
FM Nirmala Sitharaman lists progress on key G20 issues during India`s presidency
Source: IANS
14/04/2023 12:30:04 PM
G20 Finance Ministers agree to address debt stress, discuss Ukraine and crypto assets G20 Finance Ministers and Central Bank Governors (FMCBG) recognised the urgency to address debt vulnerabilities, including strengthening multilateral coordination toward addressing increasing debt distress in low-income and vulnerable middle-income countries, as well as challenges to the global economy, including Ukraine, during their two-day meeting, which concluded on Thursday in Washington. The members arrived at a consensus that global policy responses to crypto assets are required. ...
G20 Finance Ministers agree to address debt stress, discuss Ukraine and crypto assets
G20 Finance Ministers agree to address debt stress, discuss Ukraine and crypto assets
Source: IANS
14/04/2023 9:35:19 AM
India concerned about global economic outlook, says FM Nirmala Sitharaman Union Finance Minister Nirmala Sitharaman said that despite this year's projected growth rate of over 6 per cent for the Indian economy, it remains concerned about the global economic outlook and geopolitical environment. She made the remarks on Wednesday while attending the Development Committee meeting of the World Bank-IMF Spring Meeting 2023 in Washington D.C. Sitharaman mentioned that the World Bank should continue to work for its vision of a 'World Free of Poverty' and...
India concerned about global economic outlook, says FM Nirmala Sitharaman
India concerned about global economic outlook, says FM Nirmala Sitharaman
Source: IANS
13/04/2023 9:37:22 AM
Sovereign debtors, creditors agree on steps to jumpstart debt restructurings Global creditors, debtor nations and international financial institutions on Wednesday agreed ways to jumpstart and streamline long-stalled debt restructuring efforts, including through improved data sharing and clearer timetables. The World Bank, International Monetary Fund and India, current president of the Group of 20 (G20) major economies, issued a joint statement after the first full-fledged meeting of the new Global Sovereign Debt Roundtable, held during the spring meetings of the I...
Sovereign debtors, creditors agree on steps to jumpstart debt restructurings
Sovereign debtors, creditors agree on steps to jumpstart debt restructurings
Source: Reuters
13/04/2023 9:01:13 AM
India committed to reforms agenda, has investment opportunities: FM Nirmala Sitharaman Union Finance Minister Nirmala Sitharaman has reiterated that the India is committed to pursuing the reform agenda for building a stronger and more dynamic country, to provide plenty of opportunities for collaboration and investments. Participating in a roundtable meeting on "Investing in the India Decade" organised by industry body FICCI and US India Strategic Partnership Forum in Washington D.C. on the sidelines of Spring meetings of the IMF and World Bank, Sitharaman on Tuesda...
India committed to reforms agenda, has investment opportunities: FM Nirmala Sitharaman
India committed to reforms agenda, has investment opportunities: FM Nirmala Sitharaman
Source: IANS
12/04/2023 10:30:28 AM
Companies, banks bet Indian rupee's recovery has more legs Corporates who trade in forex markets and proprietary desks of banks are wagering that the Indian rupee will appreciate further against the U.S. dollar, helped by a narrowing current account deficit and better "carry" returns, several bankers and analysts told Reuters. The rupee reached 81.78 to the U.S. dollar on Monday, its highest in about a month and up about a percent since the beginning of March. It was last at 82 to the dollar. The rupee is on a three week winning run, ...
Companies, banks bet Indian rupee's recovery has more legs
Companies, banks bet Indian rupee's recovery has more legs
Source: Reuters
11/04/2023 3:41:00 PM
World Bank downgrades Ukraine's GDP growth forecast to 0.5% this year The World Bank has lowered its estimate for Ukraine's GDP growth this year to 0.5 from 3.3 per cent estimated in January, state media reported. The economic toll caused by the Russia-Ukraine war was the main factor behind the downgrade, the bank said in a report on Thursday. According to it, the reopening of Ukraine's Black Sea ports and resumption of grain trade, as well as substantial donor support, will help support economic activity in Ukraine this year, the Interfax-Ukraine...
World Bank downgrades Ukraine's GDP growth forecast to 0.5% this year
World Bank downgrades Ukraine's GDP growth forecast to 0.5% this year
Source: IANS
7/04/2023 10:12:04 AM
World Bank forecasts sub-Saharan Africa`s economy to slow to 3.1% in 2023 The World Bank has projected economic growth in sub-Saharan Africa to slow to 3.1 per cent in 2023 from 3.6 per cent in 2022. According to the World Bank's April 2023 economic update for sub-Saharan Africa released on Wednesday, growth across the region remains sluggish, dragged down by uncertainty in the global economy, the underperformance of the continent's largest economies, high inflation, and a sharp deceleration of investment growth. The report says the African government...
World Bank forecasts sub-Saharan Africa`s economy to slow to 3.1% in 2023
World Bank forecasts sub-Saharan Africa`s economy to slow to 3.1% in 2023
Source: IANS
6/04/2023 2:37:40 PM
Sri Lankan economy projected to contract by 4.3%: World Bank 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...
Sri Lankan economy projected to contract by 4.3%: World Bank
Sri Lankan economy projected to contract by 4.3%: World Bank
Source: IANS
5/04/2023 4:23:38 PM
Strong structural reforms can help Bangladesh sustain growth: World Bank Bangladesh made a rapid recovery from the Covid-19 pandemic supported by prudent macroeconomic policies, but its economy faces challenges of global economic uncertainty, inflationary pressure, energy shortages, a balance-of-payments deficit, and a revenue shortfall, the World Bank has said in a report. The Bangladesh Development Update titled 'Trade Reform: An Urgent Agenda', said that accelerating the implementation of structural reforms, including trade reforms and export diversi...
Strong structural reforms can help Bangladesh sustain growth: World Bank
Strong structural reforms can help Bangladesh sustain growth: World Bank
Source: IANS
5/04/2023 1:22:30 PM
World Bank slashes India`s GDP growth forecast to 6.3% for FY24 The World Bank in its latest ‘India Development Update’ (IDU) has slashed the country’s Gross Domestic Product (GDP) growth forecast to 6.3% against the earlier estimate of 6.6 per cent in 2023-24 (FY24). It said growth is likely to be constrained by slower consumption growth and challenging external conditions, it said, adding that government consumption is projected to grow at a slower pace due to the withdrawal of pandemic-related fiscal support measures. The report said ...
World Bank slashes India`s GDP growth forecast to 6.3% for FY24
World Bank slashes India`s GDP growth forecast to 6.3% for FY24
Source: Accord Fintech
5/04/2023 9:49:05 AM
World Bank cuts India's GDP growth to 6.3% for 2023-24 India's GDP is expected to slide down to 6.3 per cent in 2023-24 as against its earlier estimate of 6.6 per cent, mainly due to consumption falling owing to higher borrowing costs, according to a World Bank report released on Tuesday. Since May last year, the Reserve Bank of India has been hiking interest rates to control inflation. In its "India Development Update", the World Bank said that economic growth is likely to be impacted due to sluggish consumption growth, coupl...
World Bank cuts India's GDP growth to 6.3% for 2023-24
World Bank cuts India's GDP growth to 6.3% for 2023-24
Source: IANS
4/04/2023 12:52:37 PM
Accelerated implementation of reforms to accelerate India`s growth: World Bank The World Bank in its latest report ‘Falling Long-Term Growth Prospects: Trends, Expectations, and Policies’ has said that India’s potential growth could benefit from accelerated implementation of an already ambitious reform agenda. The report said addressing the aftermath of financial sector distress in India could unlock significant growth. He said India has a less developed financial system than many of its peers, with a heavy state presence. To improve the sector’s...
Accelerated implementation of reforms to accelerate India`s growth: World Bank
Accelerated implementation of reforms to accelerate India`s growth: World Bank
Source: Accord Fintech
31/03/2023 10:20:08 AM
US expects Biden`s nominee, Ajay Banga, to be elected as World Bank chief U.S. Treasury Secretary Janet Yellen on Wednesday said she expected the U.S. nominee to head the World Bank, former Mastercard CEO Ajay Banga, to be elected as president of the multilateral development bank. In testimony prepared for the State, Foreign Operations, and Related Programs subcommittee of the House Appropriations Committee, Yellen said Banga would be charged with helping evolve the institution to better address new challenges. "This evolution will help the Bank deliver ...
US expects Biden`s nominee, Ajay Banga, to be elected as World Bank chief
US expects Biden`s nominee, Ajay Banga, to be elected as World Bank chief
Source: Reuters
29/03/2023 3:49:24 PM
Bank shares across Europe fall sharply ank shares across Europe have fallen sharply as worries over the financial strength of the sector return, media reports said. Shares in Germany's Deutsche Bank saw the biggest fall, dropping 13 per cent, and there was also a sharp jump in the cost of insuring against losses on its debt, BBC reported. Investors have already been spooked by the collapse of two US banks and the rushed takeover of Swiss giant Credit Suisse by its rival UBS. Stock markets in London, Germany and France...
Bank shares across Europe fall sharply
Bank shares across Europe fall sharply
Source: IANS
25/03/2023 9:59:59 AM
World Bank approves $7bn partnership deal to support Egypt The World Bank said it has agreed to provide Egypt a partnership agreement worth $7 billion to support the country's reforms and sustainable growth. The World Bank's board of executive directors approved Tuesday the Country Partnership Framework with Egypt for the financial years 2023-2027, the international lender said in a statement on Wednesday. The package will help Egypt create "more and better private sector jobs", build equitable health and education services, a...
World Bank approves $7bn partnership deal to support Egypt
World Bank approves $7bn partnership deal to support Egypt
Source: IANS
23/03/2023 12:39:23 PM
World Bank to fund rehabilitation of Mozambique's national road The Mozambican government has announced that the World Bank will fund the rehabilitation of the country's National Road 1 (N1), a 10-year project covering 1,053 km out of the national highway's total stretch that is nearly 2,600 km. The announcement was made in a statement by the Ministry of Public Works, Housing and Water Resources, which said on Monday that the aim of the rehabilitation is to improve road connectivity, safety, and climate resilience and to develop social inclusio...
World Bank to fund rehabilitation of Mozambique's national road
World Bank to fund rehabilitation of Mozambique's national road
Source: IANS
14/03/2023 10:48:50 AM
Transforming agriculture for better tomorrow: Indian Council of Agricultural Research announces first international conference with World Bank The Indian Council of Agricultural Research (ICAR), the apex body for co-ordinating, guiding and managing research and education in agriculture, and the World Bank have come together to announce the first International Conference on "Blended Learning Ecosystem for Higher Education in Agriculture" in India under the National Agricultural Higher Education Project (NAHEP). The three-day event to be held from March 21-23 in New Delhi will be hosted by ICAR - IASRI (Indian Agricultura...
Transforming agriculture for better tomorrow: Indian Council of Agricultural Research announces first international conference with World Bank
Transforming agriculture for better tomorrow: Indian Council of Agricultural Research announces first international conference with World Bank
Source: IANS
13/03/2023 5:30:13 PM