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☆ The government is spending so much money that it hurts production: Former World Bank President
▼ + stars: | 2024-03-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe government is spending so much money that it hurts production: Former World Bank PresidentDavid Malpass, former World Bank president, joins 'Squawk Box' to discuss the state of the economy, the cost of excessive government spending, what to do about the national debt, inflation outlook, and more.

Persons: David Malpass Organizations: World Bank

☆ The Fed has 'basically become a giant hedge fund', says former World Bank President David Malpass
▼ + stars: | 2023-12-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed has 'basically become a giant hedge fund', says former World Bank President David MalpassDavid Malpass, former World Bank president and former Treasury official, joins 'Squawk Box' to discuss the Fed's inflation fight, why he believes the central bank can boost economic growth, state of the U.S. and world economy, and more.

Persons: David Malpass David Malpass Organizations: Bank, World Bank, Treasury

☆ Climate Forward Live Event Discussing the Threats of a Rapidly Warming Planet
▼ + stars: | 2023-09-21 | by ( Adam Pasick | The New York Times | ) www.nytimes.com time to read: +3 min

PinnedThe Times climate event will feature interviews and sessions with speakers including (clockwise from upper left) Ajay Banga, Robin Wall Kimmerer, Marie Kondo, Bill Gates, Michael R. Bloomberg and Ebony Twilley Martin. The Climate Forward live event is bringing together some of climate’s most vital newsmakers to share ideas, work through problems and answer tough questions about the threats presented by a rapidly warming planet. The former vice president noted that the United Nations had appointed a top oil executive, Sultan Ahmed al-Jaber of the United Arab Emirates, to lead this year’s global climate talks. “That’s just, like, taking the disguise off,” Mr. Gore said at The New York Times’s Climate Forward event in Manhattan. “It’s enough already.”Expert journalists from across The Times’s newsroom are providing critical analysis of the remarks by guests at the Climate Forward event, who include world leaders, activists, scientists and corporate executives.

Persons: Ajay Banga, Robin Wall Kimmerer, Marie Kondo, Bill Gates, Michael R, Ebony Twilley Martin, ”, Al Gore, Sultan Ahmed al, Jaber, “ That’s, ” Mr, Gore, “ They’ve, “, We’ll, Bill Gates Bill Gates, Paul Allen, Melinda Gates, Ajay Banga Ajay Banga, David Malpass Organizations: Bloomberg, United Nations, United Arab, The, Microsoft, Melinda Gates Foundation, Energy, World Bank, Mastercard Locations: New York City, United Arab Emirates, York, Manhattan, Banga

☆ Is it time to worry about stagflation?
▼ + stars: | 2023-08-10 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +8 min

CNN —For the past two years, economists have been worrying about the risks of high inflation rates. But far less attention has been given to inflation’s sibling: stagflation. Stagflation is the combination of high inflation and a slowing economy. The current state of stagflation: Last year, then-World Bank President David Malpass warned that stagflation risks were high because of supply chain disruptions stemming from lockdowns in China and bans on Russian oil. What’s happening now: The risk of stagflation varies significantly across different regions of the globe.

Persons: Stagflation, David Malpass, Janet Yellen, ”, Lan Ha, stagflation, Andrew Kenningham, “, That’s, ” Kenningham, ” Ha, Ha, Parija Kavilanz, don’t, Dallin Hatch, Biden, Joe Biden, Trump, Matt Egan, It’s Organizations: CNN Business, Bell, CNN, Federal, World Bank, Euromonitor, Capital Economics, Bank of England’s, National Institute of Economic, Social Research, Trump Locations: Israel, lockdowns, China, Europe, Germany, Ukraine, Saudi Arabia

☆ Fmr. World Bank Pres. David Malpass on Fitch downgrade: Worried about the misallocation of capital
▼ + stars: | 2023-08-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. World Bank Pres. David Malpass on Fitch downgrade: Worried about the misallocation of capitalDavid Malpass, former World Bank president, joins 'Squawk Box' to discuss the fallout from the Fitch U.S. rating downgrade, why he believes it amounts to a wakeup call to the Federal Reserve, and more.

Persons: Bank Pres, David Malpass Organizations: Bank, Fitch, World Bank, Federal Reserve

☆ World Bank chief Banga unveils new plans to boost lending 'firepower'
▼ + stars: | 2023-07-18 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

July 18 (Reuters) - 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. The new steps, still being discussed with shareholder countries, come on top of initial steps approved in April that will boost World Bank lending by up to $50 billion over the next decade. "We are building a better bank, but eventually we will need a bigger bank." It proposes to absorb more risk and expand lending by widening conditions for callable capital - money pledged by governments but not currently "paid-in." And it plans to expand very low or zero-interest lending, including through a new $6 billion crisis facility set up for the poorest countries through the International Development Association.

Persons: Ajay Banga, Banga, David Malpass, Janet Yellen, Andrea Shalal, Sonali Paul Organizations: Mastercard, World Bank, Bank, Treasury, International Development Association, Thomson Locations: Banga, Gandhinagar, India, U.S

☆ India predicted to outshine China as Asia remains a bright spot for global growth
▼ + stars: | 2023-06-09 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

In its latest global economic outlook report, the OECD predicted India, China and Indonesia would top gross domestic product projections for 2023 and 2024. The OECD added that looser monetary policy in the second half of next year will help household spending momentum return. The report added that it expects OECD countries' average headline inflation to fall to 6.6% this year, after peaking at 9.4% in 2022. 'Fragile' improvementStill, the OECD warned the global economic recovery remains fragile as central banks continue to tighten monetary policy, which could lead to stress in financial markets. Asia remains brightWhile the global economy could slow down further, Asia is expected to remain a bright spot as regional inflation is expected to remain "relatively mild," OECD says.

Persons: Rashtrapati, Clare Lombardelli, Lombardelli, David Malpass Organizations: Rashtrapati Bhavan, Organization for Economic Cooperation, Development, OECD, India, World Bank Locations: India, New Delhi, Kriangkrai, China, Indonesia, Argentina, Turkey, United States, Ukraine, Asia, Japan

☆ World Bank's new chief asks staff to 'double down' on development, climate efforts
▼ + stars: | 2023-06-02 | by ( David Lawder | ) www.reuters.com time to read: +4 min

[1/2] World Bank President Ajay Banga arrives for his first day of work at World Bank headquarters in Washington, U.S. June 2, 2023. REUTERS/Jonathan ErnstWASHINGTON, June 2 (Reuters) - The World Bank's new president Ajay Banga on Friday asked the lender's 16,000 staff to "double down" on development and climate efforts as he seeks to accelerate the bank's evolution to tackle the most pressing global problems. The World Bank Group is being asked to lead the way, to double down on development and climate efforts and to deliver even more impact and results," he said. He added this would require "all shoulders to the wheel," and all of the World Bank's divisions working together to deliver solutions needed by the world. Banga, 63, was elected to a five-year term as World Bank president by the lender's board of governors in May.

Persons: Ajay Banga, Jonathan Ernst WASHINGTON, Banga, Janet Yellen, Yellen, Joe Biden, David Malpass, Kevin Gallagher, There's, David Lawder, David Holmes, Hugh Lawson Organizations: World Bank, REUTERS, Friday, Mastercard, Reuters, Thursday, U.S, Treasury, Boston, Global, Policy, Thomson Locations: Washington , U.S, Banga, Paris

☆ Yellen urges new World Bank chief to 'get the most' from balance sheet
▼ + stars: | 2023-06-02 | by ( David Lawder | ) www.reuters.com time to read: +3 min

WASHINGTON, June 1 (Reuters) - 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. That includes continuing to implement recommendations from last year's G20 report on capital adequacy, which argued that changes to multilateral development banks could unlock hundreds of billions of dollars in new lending. She also said the World Bank needed to work more closely with its sister development banks. Banga, 63, was elected to a five-year term as World Bank president by the lender's board of governors on May 3. The U.S., the World Bank's largest shareholder, has traditionally chosen an American to run the World Bank, while Europe has chosen the head of the International Monetary Fund.

Persons: Janet Yellen, Ajay Banga, David Malpass, Yellen, Joe Biden, Malpass, David Lawder, Richard Chang, Chris Reese Organizations: . Treasury, World Bank, Treasury, Mastercard, AAA, U.S, International Monetary Fund, Thomson Locations: Banga, Ukraine, U.S, American, Europe

☆ Ajay Banga Era Begins at the World Bank
▼ + stars: | 2023-06-02 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

Ajay Banga officially became the 14th president of the World Bank on Friday and urged staff to join him in developing a “new playbook” for a global institution whose relevance has come into question in recent years. The ascension of Mr. Banga to be the next leader of the bank comes at a pivotal moment in its 77-year history. The global pandemic reversed decades of progress in poverty reduction, Russia’s war in Ukraine continues to be a threat to economic stability and the World Bank is under new pressure to become a more ambitious player in the fight against climate change. Mr. Banga was nominated by President Biden in February after the resignation of David Malpass, the outgoing World Bank president who had been selected by former President Donald J. Trump. The World Bank’s executive board approved Mr. Banga in May following an extensive listening tour that included visits to eight countries and dozens of meetings with government officials around the world.

Persons: Ajay Banga, Banga, Mr, Biden, David Malpass, Donald J, Trump Organizations: World Bank, The New York Times Locations: Ukraine

☆ Debt ceiling crisis: How a US default would ricochet around the world
▼ + stars: | 2023-05-26 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

But if it does, it could make the 2008 global financial crisis feel like a walk in the park. The consequences are frightful.”The belief that America’s government will pay its creditors on time underpins the smooth functioning of the global financial system. During the 2011 standoff over raising the US debt ceiling, the S&P 500 index of leading US shares plunged more than 15%. “It’s unclear in a Treasury default crisis whether the Fed could do enough even with the types of efforts it deployed in March 2020,” Obstfeld said. “A default would be a message to investors all around the world of eroding confidence in America,” he added.

☆ Debt ceiling worries deepen as early June U.S. default reinforced
▼ + stars: | 2023-05-12 | by ( Richard Cowan | ) www.reuters.com time to read: +6 min

The U.S. Congressional Budget Office report, issued Friday morning, confirms Treasury Secretary Janet Yellen's earlier warnings that a default could come as early as June 1. Congress' budget scorekeeper also noted that the federal government's debt payments "will remain uncertain throughout May, even if the Treasury ultimately runs out of funds in early June." She also said she remained optimistic that the debt limit problem would be resolved. A senior Treasury official told Reuters she would do that with board members of the Bank Policy Institute lobby group. Democratic Representative Abigail Spanberger said members of the U.S. Congress ought to have their paychecks withheld until the debt limit problem is resolved.

☆ Debt in advanced economies is piling on to global challenges, says World Bank president
▼ + stars: | 2023-05-12 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

Developed economies across the world are facing a debt problem, and that's piling onto other headaches in the global economy as central banks continue to grapple with persistent inflation, according to World Bank President David Malpass. Speaking to CNBC's Martin Soong at the G-7 finance ministers and central bank governors' meeting in Japan, Malpass emphasized that record-high global debt levels need to be addressed for stability. "The debt-to-GDP ratios for the advanced economies are higher than ever before," he said, adding that developing countries are also facing a similar issue. The World Bank has emphasized the need for transparency in addressing rising debt in the face of a number of global economic issues, including stress in the banking sector and sticky inflation. The organization last month chaired the Global Sovereign Debt Roundtable in Washington D.C. and highlighted its call for information sharing to speed up the process of debt restructuring in the world.

The election came after World Bank board members interviewed Banga for four hours on Monday. Biden congratulated Banga on his "resounding approval" to run the World Bank, which he described as "one of humanity’s most critical institutions to reduce poverty and expand prosperity around the globe." "Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President," Biden said. "The Board looks forward to working with Mr. 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 bank said. The World Bank has been led by an American since its founding at the end of World War Two, while the International Monetary Fund has been led by a European.

Banga, 63, was nominated for the post by U.S. President Joe Biden in late February and was the sole contender to replace departing World Bank chief David Malpass, an economist and former U.S. Treasury official during the Trump administration. Sources familiar with the process said they expect Banga to win the board's approval handily after several meetings with board members in recent weeks and a formal interview on Monday. One of the sources said Banga had impressed World Bank shareholders in recent weeks as a "true change maker" who will help accelerate reforms at the global development bank. The World Bank has been led by an American since its founding at the end of World War Two, while the International Monetary Fund has been led by a European. Banga, who was born in India and spent his early career there, has been a U.S. citizen since 2007.

☆ U.S. Businessman Ajay Banga Approved to Lead World Bank
▼ + stars: | 2023-05-03 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

As economists warn that limiting global warming to 1.5 degrees Celsius will cost many more trillions than anticipated, WSJ looks at how the funds could be spent, and who would pay. Illustration: Preston Jessee/WSJWASHINGTON—The World Bank’s executive board approved Ajay Banga as its next president on Wednesday, putting the India-born American businessman in charge of an effort to expand lending capacity and fight climate change. Mr. Banga, who was nominated for the post by President Biden, succeeds David Malpass , a nominee of former President Donald Trump who is stepping down in June, a year before his term ends.

☆ Ajay Banga Confirmed as World Bank Leader
▼ + stars: | 2023-05-03 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

Ajay Banga, President Biden’s pick to be president of the World Bank and broaden its ambitions to combat climate change, was approved by its executive board on Wednesday. Mr. Banga will assume the job on June 2 and succeed David Malpass, who was nominated by former President Donald J. Trump and has served in the job for four years. The approval by the bank’s board of 25 executive directors was not unanimous. Russia, which has been largely isolated in international forums since its invasion of Ukraine, abstained. The World Bank president is traditionally an American citizen who is chosen by the United States, while the managing director of the International Monetary Fund is chosen by the European Union.

☆ Ajay Banga: Indian American businessman is the new president of the World Bank
▼ + stars: | 2023-05-03 | by ( ) edition.cnn.com time to read: +4 min

The election came after World Bank board members interviewed Banga for four hours on Monday. Biden congratulated Banga on his “resounding approval” to run the World Bank, which he described as “one of humanity’s most critical institutions to reduce poverty and expand prosperity around the globe.”“Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President,” Biden said. “It is a challenging moment, but it’s a moment where the World Bank remains more vital than ever, and where getting the evolution of the World Bank is absolutely critical,” the official said. “The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process … on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries,” the bank said. The World Bank has been led by an American since its founding at the end of World War Two, while the International Monetary Fund has been led by a European.

☆ US World Bank nominee Banga set for vote on Wednesday after 4-hour interview
▼ + stars: | 2023-05-02 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

FILE PHOTO: U.S. nominee to head World Bank, Ajay Banga stands with officials during his visit at the headquarters of Ivorian electricity company of Yopougon in Abidjan, Ivory Coast March 7, 2023. REUTERS/Luc GnagoWASHINGTON (Reuters) - The World Bank’s 25-member executive board is set to vote on the U.S. nominee to run the World Bank, Ajay Banga, on Wednesday after completing a four-hour interview with the ex-Mastercard CEO on Monday, sources familiar with the process said. If approved, Banga could start in the new job in early June after the June 1 departure of Malpass. U.S. President Joe Biden nominated Banga, an Indian-born executive who is now a U.S. citizen, in late February. The World Bank has been led by an American since its founding at the end of World War Two, while the International Monetary Fund has been led by a European.

☆ World Bank's Malpass: debt assessments should reflect growing share of domestic debt
▼ + stars: | 2023-04-26 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, April 26 (Reuters) - Debt sustainability analyses carried out by the World Bank and International Monetary Fund should reflect the growing share of domestic debt in many developing countries' overall debt levels, World Bank President David Malpass said on Wednesday. Malpass called for urgent measures to jump-start sovereign debt restructuring efforts for the many countries that are in or near debt distress, after years of glacial progress under the Group of 20 Common Framework. Speaking at a World Bank event entitled "Breaking the Impasse in Global Debt Restructuring," Malpass said it was critical to get a better understanding of countries' total debt levels, including both domestic and external debt. Carmen Reinhart, the World Bank's previous chief economist, told the event that there were ongoing concerns about "hidden debt" and the transparency of external debt levels, including "severely underreported debt levels" owed to China, now the world's largest bilateral creditor. She said there were no publicly available data on net reserves, and questions about contingent liabilities also compounded the problem of accurately analyzing debt levels.

☆ Yellen wants more World Bank reforms in coming months, eyes subnational lending
▼ + stars: | 2023-04-20 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

Yellen told Reuters World Bank shareholders had "extremely productive" discussions last week after approving an initial round of reforms to ensure the bank can better tackle issues such as climate change, pandemics and conflict, alongside its work to reduce poverty. Now they expected the bank to take further actions on a "rolling basis," in the run up to the October annual meetings in Morocco, she said. Yellen said private sector executives told her they were upbeat that new incentives and reforms at the World Bank could free up more private capital for development goals. Malpass told Reuters the bank would draft a work plan for reforms to continue over the summer. "We'll explore additional avenues to provide resources directly from the MDBs and enable private sector capital."

WASHINGTON, April 17 (Reuters) - Just a month after the biggest banking crisis in more than a decade, the world's top economic and financial policymakers gathered in Washington and said surprisingly little about financial system stability - at least publicly. Some officials conveyed a sense that banking system safety was further down the priority list of global economic problems. "But it's still something where we need to stay vigilant and address potential risks which may emerge in our financial system," Dombrovskis told reporters. He added that the European Union's banking system was stable, well capitalized with ample liquidity. But during the IMFC's closed meeting, the possible spillovers from financial stability risks were a main topic, Ukrainian Finance Minister Serhiy Marchenko told Reuters.

☆ Exclusive: To measure progress on sovereign debt, look to actual deals -World Bank's Malpass
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +3 min

Speaking a day after the first meeting of a new sovereign debt roundtable, Malpass told Reuters several other issues still needed to be resolved, including China's previous insistence that multilateral development banks also accept losses as part of debt restructuring deals. "Progress in debt restructurings will be measured by actual countries that achieve a restructuring. Reuters reported Beijing was poised to drop its demand that multilateral development banks share in debt restructuring losses, partly in exchange for the IMF and World Bank providing earlier access to their debt sustainability analyses for countries receiving debt treatments. China had also raised concerns about how to deal with domestic debt restructuring and how to treat project loans and projects with dedicated revenues, he said. Private sector creditors who also participated in Wednesday's meeting had indicated that they would want to participate in debt restructuring deals as part of their fiduciary responsibility, Malpass said, calling that a positive development.

☆ World Bank steering committee, Yellen urge more reforms at lender this year
▼ + stars: | 2023-04-13 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

"They expect the Board of Executive Directors and World Bank Group management to finalize a work plan with detailed actions to be taken," the committee's chair said in a statement. Members underscored their commitment to "ensuring that the World Bank Group has adequate financial capacity to respond to development challenges and support its expanded mission." Yellen said upcoming events could be leveraged to keep momentum strong for the evolution of the World Bank. Malpass told the committee he felt the bank had responded with "vigor and speed" to Yellen's call for reforms. Development Committee members thanked Malpass for his leadership of the WBG during a historically challenging period, including an unprecedented surge in financing in response to multiple crises.

☆ Yellen pushes for 'bold action,' more reforms at World Bank this year
▼ + stars: | 2023-04-12 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, April 12 (Reuters) - U.S. Treasury Secretary Janet Yellen on Wednesday called for the World Bank to implement further reforms this year to expand its ability to help developing countries meet global challenges such as climate change. Yellen said the changes already approved had sharpened the mission of the World Bank to ensure it was striving to end extreme poverty, boost shared prosperity and build resilience, but more progress and "bold action" was needed. Yellen said the changes were aimed at enhancing the bank’s work so it could better meet 21st century challenges like climate change, fragility and pandemics. Yellen gave no specifics, but said upcoming events could be leveraged to keep momentum strong for the evolution of the World Bank. Outgoing World Bank President David Malpass, who will leave his post on June 1, said the bank had responded with "vigor and speed" to Yellen's call for reforms.

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