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☆ High inflation could be here to stay as commodity prices spike again after a 2-year decline, World Bank says
▼ + stars: | 2024-04-25 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

High inflation will stay for longer as commodity prices rallied again after falling for two years, World Bank Group says. The bank expects global inflation to jump by a solid percentage point by 2024 due to the flip-flop oil prices driven by geopolitical risks. But this sluggish decline will buoy commodity prices around 38% higher than pre-COVID averages, offering little relief for inflation-weary economies. The World Bank warned that a significant disruption could propel oil prices beyond $100 per barrel, hiking global inflation by almost a full percentage point in 2024. That fear of lower growth and high inflation was on display in the US on Thursday, as first-quarter GDP came in much lower than expected even as consumer prices remained high in the quarter.

Persons: —, wanes, Indermit Gill, Ayhan Kose Organizations: World Bank, Service, World Bank Group, Bank Locations: Israel, Iran, Ukraine, Russia

☆ High company valuations a 'worry,' IMF's capital markets chief says
▼ + stars: | 2024-04-17 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

High corporate valuations could pose a significant risk to financial stability as market optimism becomes untethered from fundamentals, the IMF's director of the Monetary and Capital Markets Department said Tuesday. Financial markets have been on a tear for much of this year, buoyed by falling inflation and hopes of forthcoming interest rate cuts. But that "optimism" has stretched company valuations to a point where that could become vulnerable to an economic shock, Tobias Adrian said. "We do worry in some segments where valuations have become quite stretched," Adrian told CNBC's Karen Tso Tuesday. Adrian, who was speaking on the side lines of the IMF's Spring Meeting in Washington, said that credit markets were a particular area of concern.

Persons: Tobias Adrian, Adrian, Karen Tso Organizations: Monetary, Capital Markets, International Monetary Fund, World Bank Group, Washington DC, Capital Markets Department, Financial Locations: Washington, United States

☆ Yellen says U.S. plans to ‘underscore’ need for China to shift policy
▼ + stars: | 2024-04-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

U.S. Treasury Secretary Janet Yellen said Monday that future discussions between the U.S. and China will focus on Beijing's need to shift its policy on industry and the economy, as she wrapped up the fourth and final full day of her trip to China on April 8. Pedro Pardo | Afp | Getty ImagesBEIJING — U.S. Treasury Secretary Janet Yellen said Monday that future discussions between the U.S. and China will focus on Beijing's need to change its policy on industry and the economy. Yellen said her conversations with Chinese officials during the trip discussed plans Beijing had for its economy, but she did not elaborate. Yellen also declined to share what tools the U.S. might use to prevent China's industrial policy from resulting in the loss of American jobs. During her trip, Yellen met with top Chinese officials including Premier Li Qiang in Beijing and Vice Premier He Lifeng in Guangzhou.

Persons: Janet Yellen, Pedro Pardo, Yellen, Yue Su, Su, Premier Li Qiang Organizations: Treasury, U.S, Afp, Getty, International Monetary Fund, World Bank Group, EV, The Economist Intelligence Unit, ASEAN, Consumer, Premier, Lifeng Locations: China, BEIJING, U.S, Guangzhou, Beijing, Washington ,, Europe, Hong Kong, Washington

She replaces Mafalda Duarte, who left in July 2023 to lead the Green Climate Fund. Luis Tineo, interim CEO, will lead CIF until March, 2024. "Developing countries are at the forefront of the climate crisis, and we will only meet this decisive moment by working together to scale climate finance where it is needed most," Gbadegesin said in a statement. Among the largest multi-lateral climate funds in the world, CIF offers projects highly concessional capital that can leverage development bank and private sector money to fund low carbon, climate-resilient development. As well as the World Bank Group, including the International Finance Corp, CIF invests through the African Development Bank, the Asian Development Bank, the European Development Bank, and the Inter-American Development Bank.

Persons: Mafalda Duarte WASHINGTON, Tariye Gbadegesin, Gbadegesin, Mafalda Duarte, Luis Tineo, ”, Bob Natifu, Edward Webber, Simon Jessop, Valerie Volcovici, David Gregorio Our Organizations: Global, Investment Funds, World Bank, ARM Harith Infrastructure Investments, Climate Fund, Initiative, International Monetary Fund, Boston Consulting, Africa Finance Corp, Trust Fund Committee, International Finance Corp, African Development Bank, Asian Development Bank, European Development Bank, Inter, American Development Bank, Thomson Locations: South Africa, Indonesia

☆ Peace talks in the Middle East will take time to resume, World Bank chief says
▼ + stars: | 2023-10-25 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

MARRAKESH, MOROCCO - OCTOBER 13: Ajay Banga, President of the World Bank Group, speaks during the International Monetary Fund (IMF) meeting in Marrakesh, Morocco on October 13, 2023. Ajay Banga told CNBC that the onset of the Israel-Hamas war has thrown nascent normalization talks off course, making regional cooperation much more difficult. The president of the World Bank on Tuesday said that it will be some time before progress toward a more peaceful Middle East can resume in earnest. Banga was speaking at the Future Investment Initiative Institute conference in Riyadh, where business leaders are gathered to discuss economic and investment prospects of the Middle East region. The World Bank chief said that the conflict could have ramifications not only for the region, but also for the wider global economy — most notably for energy markets.

Persons: Ajay Banga, Abu Adem Muhammed, Banga, CNBC's Dan Murphy, I'm, Kristalina Georgieva Organizations: World Bank Group, International Monetary Fund, Anadolu, Getty, CNBC, World Bank, Future Investment Initiative Institute, Palestinian, Israel Locations: MARRAKESH, MOROCCO, Marrakesh, Morocco, Israel, Riyadh, East, Gaza, Saudi Arabia, Banga, Russia, Ukraine

☆ Top economists unanimous on 'higher for longer' rates as inflation threats linger
▼ + stars: | 2023-10-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Pedestrians walk past a billboard announcing the World Bank Group and International Monetary Fund annual meetings, on the side of the International Monetary Fund headquarters in Washington DC on October 5, 2023. Mandel Ngan | Afp | Getty ImagesTop economists and central bankers appear to be in agreement on one thing: interest rates will stay higher for longer, clouding the outlook for global markets. Despite the pause, Fed officials have signaled that rates may have to remain higher for longer than markets had initially expected if inflation is to sustainably return to the central bank's 2% target. The European Central Bank last month issued a 10th consecutive interest rate hike to take its main deposit facility to a record 4% despite signs of a weakening euro zone economy. "We may have more shocks that may drive inflation up, and that's why of course we have to remain very cautious about inflation developments."

Persons: Mandel Ngan, Ajay Banga, Greg Guyett, Guyett, Boris Vujčić, Vujčić, Mārtiņš Kazāks, CNBC's Joumanna Bercetche, Silvia Amaro, Austrian National Bank Governor Robert Holzmann Organizations: World Bank Group, International Monetary Fund, Washington DC, Afp, Getty, U.S . Federal Reserve, World Bank, IMF, Bank, Labor Department, U.S ., HSBC, CNBC, European Central Bank, Council, Croatian National Bank, U.S, Bank of Latvia, ECB, Governing Council, Austrian National Bank Governor Locations: Washington, Central, U.S, Marrakech, Morocco, ECB's, Europe, Marrakech ., Israel

The Group of 20 major economies did reach consensus on an official communique but omitted any mention of the Israel-Hamas war. Senior World Bank Group officials were more pointed in a statement to staff, saying they were "shocked and appalled by the unprecedented escalation of violence in Israel and Gaza." "We condemn terrorism in all forms, including the abhorrent targeting of innocent civilians and kidnapping," the leaders of the World Bank, the International Finance Corp and the Multilateral Investment Guarantee Agency, said in an internal statement seen by Reuters. "Geopolitical shocks are economic shocks now and economic shocks are geopolitical shocks - and they're trying to detach the two." Reporting by Andrea Shalal and David Lawder; Editing by Giles Elgood and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Kristalina Georgieva, that's, Rachel Nadelman, Joe Biden, China's Xi, Ajay Banga, Josh Lipsky, Andrea Shalal, David Lawder, Giles Elgood, Stephen Coates Organizations: Global, International Monetary Fund, World Bank, IMF, West Bank, Reuters, Research Center, U.S, Treasury, Bank Group, International Finance Corp, Multilateral Investment Guarantee Agency, GeoEconomics, Thomson Locations: MARRAKECH, Morocco, Israel, Gaza, Lebanon, Ukraine, United States, China, Africa

A child collecting chunks of coal looks on at a colliery while smoke rises from the Duvha coal-based power station owned by state power utility Eskom, in Emalahleni, in Mpumalanga province, South Africa, June 2, 2021. South Africa is facing its worst power crisis, with Eskom's ageing, coal-fired plants often breaking down. "It's a policy development loan which supports critical reforms," Marie-Nelly said of the potential World Bank funding. The World Bank loan would also support South Africa to make a "just transition" away from coal, to ensure vulnerable people do not suffer as a result, Marie-Nelly said. In November 2022, the World Bank approved $497 million in financing to decommission and repurpose one of Eskom's coal-fired power plants.

Persons: Siphiwe, Marie Francoise Marie, Nelly, Marie, Eskom, Rachel Savage, Jorgelina, Kopano Gumbi, Mark Potter, Mike Harrison Organizations: REUTERS, World, Reuters, Bank, South, World Bank, Thomson Locations: Emalahleni, Mpumalanga province, South Africa, MARRAKECH, Morocco, Marrakech, Africa, Rosario

☆ 'Time to set the record straight': Saudi minister defends China's lending to developing nations
▼ + stars: | 2023-10-13 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Kristalina Georgieva, managing director of the International Monetary Fund (left), Ajay Banga, president of the World Bank Group (center) and Mohammed Al-Jadaan, Saudi Arabia's finance minister, during a panel session at the annual meetings of the International Monetary Fund and World Bank in Marrakesh, Morocco, on Thursday, Oct. 12, 2023. "Maybe it's time to set the record straight," Finance Minister Mohammed al-Jadaan said Thursday at the World Bank and International Monetary Fund joint conference in Marrakesh, Morocco. China built infrastructure that they cannot carry with them to China, it will actually be in Africa. China took the risks, when people didn't want to take the risks," he said at a panel discussion on debt reform priorities. He was speaking on a Marrakesh panel discussion, which included the heads of both the World Bank and International Monetary Fund, as well as Zambia's Minister of Finance and National Planning, Situmbeko Musokotwane.

Persons: Kristalina Georgieva, Ajay Banga, Mohammed Al, Mohammed al, Jadaan Organizations: International Monetary Fund, World Bank Group, World Bank, Finance, National Locations: Saudi, Marrakesh, Morocco, Saudi Arabia, China, Beijing, Africa, Musokotwane

☆ Watch: IMF's Georgieva and other leaders discuss debt relief and reforms on CNBC panel
▼ + stars: | 2023-10-12 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: 1 min

[The stream is slated to start at 10:45 a.m. Please refresh the page if you do not see a player above at that time.] CNBC's Joumanna Bercetche is moderating a panel at the annual meetings of the International Monetary Fund and World Bank in Marrakech, Morocco. Titled, "Reform Priorities for Tackling Debt," the seminar will include Kristalina Georgieva, the managing director of the IMF, Ajay Banga, the president of the World Bank Group, Mohammad Al-Jadaan, the minister of finance for Saudi Arabia, Situmbeko Musokotwane, minister of finance for Zambia, and Anna Gelpern, professor of law and international finance at Georgetown LawSubscribe to CNBC on YouTube.

Persons: Kristalina, Ajay Banga, Mohammad Al, Situmbeko Musokotwane, Anna Gelpern Organizations: International Monetary Fund, World Bank, World Bank Group, Georgetown Law, CNBC, YouTube Locations: Marrakech, Morocco, Saudi Arabia, Zambia

☆ Rich countries can be 'more generous' to get Sustainable Development Goals back on track, World Bank MD says
▼ + stars: | 2023-10-10 | 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 EmailRich countries can be 'more generous' to get Sustainable Development Goals back on track, World Bank MD saysAxel van Trotsenburg, senior managing director at the World Bank Group, says financing is needed from many sources to solve global issues and that OECD nations can be a "little bit more generous" despite their own challenges.

Persons: Axel van Trotsenburg Organizations: Sustainable, World Bank Group, OECD

The White House has been working urgently in the past 24 hours to get a Senate confirmation process in motion for President Joe Biden's nominee to be U.S. ambassador to Israel, according to two White House officials. But the White House officials said they hope lawmakers in both parties will agree with the president on the need to quickly confirm Lew amid the war between Israel and Hamas. "Everyone understands the importance behind it," one White House official said. Tom Nides, Biden's former ambassador to Israel, told NBC News in an interview that the Senate needs to confirm his successor "immediately" upon return. One official said Lew is "eager" to get to work, and the White House hopes he is confirmed with bipartisan support.

Persons: Jack Lew, Joe Biden's, Obama, Biden, Lew, Tom Nides, Nides, Sen, Chris Murphy, Israel, Chris Coons, Coons, hasn't, Ted Cruz, Bill Clinton Organizations: International Monetary Fund, World Bank Group, IMF, White, Foreign Relations, White House, West Bank, Palestinian Health Ministry, NBC News, Connecticut, U.S, State, Counterterrorism, U.S . Agency for International Development, USAID, Republicans, Senate, Washington, Management, Israel, Organization, Economic Locations: Europe, Washington , DC, Israel, Gaza, U.S, Oman, Kuwait, Egypt, Ted Cruz of Texas

☆ The next United Nations Secretary General? This Caribbean climate leader makes diplomats 'jump' with excitement
▼ + stars: | 2023-09-29 | by ( Stephanie Fillion | ) edition.cnn.com time to read: +8 min

United Nations CNN —Asked last week if she will run to become the United Nations’ next Secretary General, Prime Minister Mia Mottley of Barbados gave a thumbs up, smiled, and walked away. Fighting for a woman at the helmThe UN’s next Secretary General would take office in January 2027. “There’s always lots of men that want to run,” said Ben Donaldson, head of campaigns at the United Nations Association of the United Kingdom. “It’s not so much about talking about a Julie or Anne, or Mary, it is more about talking about a Madame Secretary General as a general proposition, and then making sure that we pave the way to get there,” she said. “I believe that men should run next time around as I believe women should run in their numbers,” he said.

Persons: United Nations CNN —, Mia Mottley, Mottley, Juan Manuel Santos –, –, Santos, Rafael Grossi, António Guterres, Alicia Bárcena, Rebeca, Maria Fernanda Espinosa Garcés, “, Ralph Gonsalves, Saint Vincent, ”, Guterres, Obama, Richard Gowan, ” Elina Valtonen, ” Valtonen, it’s, Ben Donaldson, “ I’m, Susana Malcorra, It’s, Julie, Anne, Mary, Dennis Francis, doesn’t, ” Julia Maciel Organizations: United Nations CNN, United Nations ’, UN, United Nations, International Atomic Energy Agency, Assembly, CNN, International Monetary Fund, General, Chevron, European Union, Bridgetown Initiative, IMF, World Bank, Crisis, UN Security Council, Security Council, Security, United Nations Association of, Global, Madame Locations: Barbados, America, Caribbean, New York, Colombian, Costa Rica, Ecuador, Grenadines, Venezuela, Bridgetown, COP28, New York City, UN, Portuguese, United Kingdom, Trinidad and Tobago, Ukraine, Paraguay

☆ World Bank chief sees $100 bln-plus lending boost from capital moves
▼ + stars: | 2023-09-26 | by ( David Lawder | ) www.reuters.com time to read: +4 min

Ajay Banga, World Bank president, participates in global infrastructure and investment forum in New York, Thursday, Sept. 21, 2023. They would include U.S. President Joe Biden's proposed $2.25 billion supplemental budget request for the World Bank, along with expected contributions from Germany, Japan, South Korea, Saudi Arabia and Nordic countries, he said. The bank is also examining other ways to expand lending, including providing more loan guarantees, lending against callable capital that is pledged but not paid-in, and special bonds that can serve as hybrid capital. China, India and Brazil got larger shareholdings in the bank in a 2018 capital increase and would likely want more say in a future capital increase, Banga said. "That is a pimple on a dimple on an ant's left cheek compared to what we need in the world," Banga said.

Persons: Ajay Banga, Seth Wenig, Banga, Joe Biden's, I'm, David Lawder, Paul Grant, Rosalba O'Brien Organizations: World Bank, Bank, Foreign Relations, International Development Association, MasterCard, CFR, Bank for Reconstruction, Development, Thomson Locations: New York, Germany, Japan, South Korea, Saudi Arabia, U.S, Marrakech, Morocco, United States, China, India, Brazil

CEO of Goldman Sachs David Solomon participates in a panel titled "Empowering Women as Entrepreneurs and Leaders" at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, U.S., April 13, 2023. Goldman Sachs is shedding its consumer businesses after its foray into retail banking flopped. "I definitely do feel better about the capital markets," Solomon said in the wide-ranging interview. Solomon also said U.S. regulatory proposals for stricter bank capital rules have "gone too far." "I am focused on Goldman Sachs," he said.

Persons: Goldman Sachs David Solomon, Elizabeth Frantz, Goldman Sachs, David Solomon, that's, Solomon's, Solomon, SoftBank, Banks, Saeed Azhar, Lananh Nguyen, Jonathan Oatis, Jamie Freed, Deepa Babington Organizations: World Bank Group, International Monetary Fund, REUTERS, CNBC, T Arm Holdings, Federal Reserve, Thomson Locations: Washington , U.S, U.S

☆ World Bank to increase exposure to Turkey to $35 bln within three years - Anadolu
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

The World Bank logo is seen at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, U.S., April 13, 2023. REUTERS/Elizabeth Frantz/File photo Acquire Licensing RightsANKARA, Sept 7 (Reuters) - The World Bank plans to increase its exposure to Turkey to $35 billion within three years, the bank's Turkey country director was quoted as saying by Turkish state-owned news agency Anadolu on Thursday. Humberto Lopez told Anadolu the World Bank planned to add $18 billion worth of new operations to its existing %17 billion exposure in the country, adding this figure included providing direct credits to the government supporting the private sector. Lopez said the $35 billion package was in response to the "strong commitment" by Ankara to re-establish macroeconomic stability and to support steps in that direction, according to Anadolu. Reporting by Nevzat Devranoglu; Writing by Tuvan Gumrukcu; Editing by Daren ButlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Elizabeth Frantz, Humberto Lopez, Lopez, Nevzat Devranoglu, Daren Butler Organizations: World Bank Group, International Monetary Fund, REUTERS, Rights, Bank, Anadolu, World Bank, Thomson Locations: Washington , U.S, Rights ANKARA, Turkey, Turkish, Ankara, Anadolu

☆ Join the Times Climate Event With Bill Gates, Marie Kondo and Others
▼ + stars: | 2023-09-07 | by ( The New York Times | ) www.nytimes.com time to read: +1 min

Climate change is an issue that stretches across borders, touching every facet of our lives. On Sept. 21, The New York Times will bring together newsmakers, including innovators, activists, scientists and policymakers, for an all-day event examining the actions needed to confront climate change. Signing up for the livestream will also give you an opportunity to connect with other online attendees on the messaging platform Slack. Each day will feature a different topic and guests, along with prompts from Times editorial staff. Details about the Slack channel and event schedule will be shared after registering.

Persons: Ajay Banga, Al Gore, United States Bill Gates, Melinda Gates, Ebony Twilley Martin, Greenpeace USA Eleni Myrivili, Marie Kondo, Michael R, Bloomberg L.P, Bloomberg Philanthropies Robin Wall Kimmerer, David Gelles, Somini Sengupta, Kim Severson Organizations: New York Times, Times, World Bank, United, Breakthrough Energy, Greenpeace USA, Resilience, KonMari, Bloomberg Locations: United States

A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. "Uganda's Anti-Homosexuality Act fundamentally contradicts the World Bank Group's values. World Bank President Ajay Banga, who took office in June after the Ugandan law was enacted, has come under pressure to respond to the Ugandan law. The existing portfolio will continue to disburse funds, even as new lending is put on hold, a World Bank source said. It said the IFC and MIGA would also implement additional measures to "ensure inclusion and non-discrimination as needed."

Persons: Johannes P, Ajay Banga, Banga, Kanishka Singh, Andrea Shalal, Leslie Adler, Jonathan Oatis, Richard Chang Organizations: Bank, International Monetary Fund, REUTERS, United Nations, World Bank, International Development Association, International Finance Corporation, Multilateral Investment Guarantee Agency, Reuters, IFC, Thomson Locations: Nusa Dua, Bali, Indonesia, Uganda, Washington

☆ Biden's Federal Reserve Board nominees clear key Senate committee
▼ + stars: | 2023-07-12 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +2 min

WASHINGTON — The Senate Banking Committee approved President Joe Biden's three nominees to the Federal Reserve Board of Governors on Wednesday, teeing up a vote in the full Senate later this year. The committee unanimously approved Philip Jefferson as Biden's nominee for vice chair of the Federal Reserve. Lisa Cook, who Biden has nominated for a full, 14-year term on the Federal Reserve Board, was approved 13-10 by the panel. The third nominee the committee advanced was Adriana Kugler, whom Biden tapped in May to join the Federal Reserve Board of Governors for the first time. Jefferson would be only the second Black person to hold the vice chair position in the history of the Fed board.

Persons: Philip Jefferson, WASHINGTON —, Joe Biden's, teeing, Jefferson, Lael Brainard, Lisa Cook, Biden, Cook, Adriana Kugler, Kugler, South Dakota Republican Sen, Mike Rounds Organizations: Federal, Capitol, WASHINGTON, Federal Reserve, Governors, Fed, National Economic, Federal Reserve Board, South Dakota Republican, World Bank, World Bank Group, U.S, American, Fed's, of Governors Locations: Washington , U.S

☆ World Bank approves $700 mln for crisis-hit Sri Lanka
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] People wait in line to buy domestic gas tanks near a distributor, amid the country's economic crisis, in Colombo, Sri Lanka, May 23, 2022. REUTERS/Dinuka Liyanawatte/File PhotoCOLOMBO, June 29 (Reuters) - The World Bank approved $700 million in budgetary and welfare support for Sri Lanka on Thursday, the biggest funding tranche for the crisis-hit island nation since an International Monetary Fund (IMF) deal in March. "Through a phased approach, the World Bank Group strategy focuses on early economic stabilization, structural reforms, and protection of the poor and vulnerable," the World Bank's country director for Sri Lanka, Faris Hadad-Zervos, said in a statement. Sri Lanka is struggling with the worst financial crisis since its independence from Britain in 1948 after the country's foreign exchange hit record lows and triggered its first foreign debt default last year. The IMF approved a bailout of nearly $3 billion in March, which Sri Lanka expects will bring additional funding of up to $4 billion from the World Bank, the Asian Development Bank and other multilateral agencies.

Persons: Dinuka, Faris Hadad, Zervos, Uditha Jayasinghe, Chris Reese, Sonali Paul Organizations: REUTERS, World Bank, Sri, Monetary Fund, World Bank Group, IMF, Asian Development Bank, Thomson Locations: Colombo, Sri Lanka, Britain, China, Japan, India

☆ World Bank approves $700 million for crisis-hit Sri Lanka
▼ + stars: | 2023-06-28 | by ( ) edition.cnn.com time to read: +1 min

Colombo CNN —The World Bank approved $700 million in budgetary and welfare support for Sri Lanka on Thursday, in the biggest funding tranche for the crisis-hit island nation since an International Monetary Fund (IMF) deal in March. About $500 million of the funds will be allocated for budgetary support while the remaining $200 million will be for welfare support earmarked for those worst hit by the crisis. “Through a phased approach, the World Bank Group strategy focuses on early economic stabilization, structural reforms, and protection of the poor and vulnerable,” the World Bank’s country director for Sri Lanka, Faris Hadad-Zervos, said in a statement. Sri Lanka is struggling with the worst financial crisis since its independence from Britain in 1948 after the country’s foreign exchange hit record lows and triggered its first foreign debt default last year. The IMF approved a bailout of nearly $3 billion in March, which Sri Lanka expects will bring additional funding of up to $4 billion from the World Bank, the Asian Development Bank and other multilateral agencies.

Persons: Faris Hadad, Zervos, ” Zervos Organizations: Colombo CNN, Bank, Sri, Monetary Fund, World Bank Group, IMF, World Bank, Asian Development Bank Locations: Sri Lanka, Britain, China, Japan, India

☆ At recovery summit, UK's Sunak to unveil major Ukraine support
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +3 min

At the beginning of the two-day Ukraine recovery conference in London, Sunak will outline a package which will also include 240 million pounds ($306 million) of bilateral assistance and an expansion of British International Investment in Ukraine. "I'm proud that today we're announcing a multi-year commitment to support Ukraine's economy, and over the next three years, we will provide loan guarantees worth $3 billion." The United States is also expected to set out "a new, robust" assistance package for Ukraine on Wednesday. His office said he would also launch the London Conference Framework for War Risk Insurance at the summit and that some major companies had already signed up to the so-called Ukraine Business Compact, a statement of support for Ukraine's recovery. ($1 = 0.7851 pounds)Reporting by Elizabeth Piper Editing by Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Volodymyr Zelenskiy, Rishi Sunak, Sunak, Ajay Banga, Elizabeth Piper, Alexandra Hudson Organizations: British, Presidential Press Service, REUTERS, Bank, British International Investment, World Bank Group, Ukraine, Wednesday, Insurance, World Bank, European Commission, United Nations, Alexandra Hudson Our, Thomson Locations: Hiroshima, Japan, Ukraine, London, Britain, Russia, United States, Ukrainian

☆ World Bank's new chief wants 'better bank' before pushing for bigger bank
▼ + stars: | 2023-06-15 | by ( David Lawder | ) www.reuters.com time to read: +4 min

"I think a better bank is an important thing" to achieve. "And then I earn the right to come back ask for a bigger bank," he said. The bank's current mission statement refers to ending extreme poverty within a generation and promoting shared prosperity. This includes promoting more inclusion of women and youth in the bank's development work, with a strong emphasis on job creation. On several occasions during visits in Peru and Jamaica, Banga said the various divisions of the World Bank Group needed to work together better as "one bank," saving countries the difficulties of dealing with them separately, and speeding its approval processes.

Persons: Ajay Banga, Banga, Janet Yellen, David Lawder, Sonali Paul Organizations: Reuters, U.S, Treasury, World Bank, Bank, Thomson Locations: MANDEVILLE, Jamaica, Peru

☆ Exclusive: World Bank chief to 'push' its balance sheet, vows to protect 'AAA' rating
▼ + stars: | 2023-06-14 | by ( David Lawder | ) www.reuters.com time to read: +3 min

The World Bank Group made total lending commitments of $104 billion last year. U.S. Treasury Secretary Janet Yellen told Banga as he took office on June 2 that she wanted him to "get the most" from the World Bank's balance sheet. But Banga said he viewed the idea as largely unviable, because long-term project loans against liquid central bank assets could create a dangerous asset-liability maturity mismatch. Using "callable capital" -- funds pledged but not paid-in by rich countries that can be called on to back World Bank losses -- is another option, advocated in a G20 report on multilateral development bank capital adequacy. He said he hoped to be able to provide details on what the bank could do in this regard by the time of its annual meeting in October.

Persons: Ajay Banga, Banga, Janet Yellen, I'm, David Lawder, Kim Coghill Organizations: Reuters, Bank, AAA, World Bank Group, MasterCard, Treasury, World Bank, Thomson Locations: KINGSTON, Jamaica, Peru, Banga, U.S

☆ Global growth will remain weak into 2024, World Bank says
▼ + stars: | 2023-06-06 | 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 EmailGlobal growth will remain weak into 2024, World Bank saysAyhan Kose, deputy chief economist at the World Bank Group, says global growth is set to dip to 2.1% this year — lower than the average pace over the past decade — with the uptick next year set to be "tepid." He adds that growth in emerging market and developing economies looks particularly poor due to tighter financial conditions.

Persons: Ayhan Kose Organizations: Bank, World Bank Group

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