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☆ 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.

☆ Yellen urges continued 'significant, predictable and timely' aid for Ukraine
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, April 12 (Reuters) - U.S. Treasury Secretary Janet Yellen on Wednesday called for continued significant aid to Ukraine as it battles against Russia's invasion, and lauded Ukrainian authorities for their focus on good governance and anticorruption. We welcome the efforts by our allies and partners to provide significant, predictable, and timely assistance, and urge all of us to continue doing so," Yellen said. Your commitment to making sure that international assistance is being used responsibly is essential," Yellen said. She said the United States had plans to provide additional aid through September — all as grants — and to support Ukraine's energy security and early recovery efforts, but gave no details. Yellen said a recent $15.6 billion lending program agreed by the IMF would anchor international support "in a sound macroeconomic framework and catalyze further reforms essential to Ukraine’s recovery."

☆ World Bank chief says Western European countries need to help fund Ukraine reconstruction
▼ + stars: | 2023-04-11 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, April 11 (Reuters) - The World Bank is ready to do its part in rebuilding Ukraine after the devastation of Russia's invasion, but international financial institutions cannot shoulder the sums involved alone and Western European countries will have to chip in, World Bank President David Malpass said on Tuesday. Malpass, speaking at the spring meetings of the International Monetary Fund and World Bank, noted that the World Bank had played a big role in rebuilding Europe's steel industry after World War Two and could play a similar role in Ukraine. The number, calculated by the World Bank, United Nations, European Commission and Ukraine, was up sharply from an estimate of $349 billion released last September. U.S. Treasury Secretary Janet Yellen on Tuesday repeated Washington's commitment to support Ukraine for as long as needed. Washington has also allocated some money for immediate short-term reconstruction needs, including rebuilding its electricity grid.

☆ IMF: Banking crisis boosts risks and dims outlook for world economy
▼ + stars: | 2023-04-11 | by ( Julia Horowitz | ) edition.cnn.com time to read: +4 min

“Uncertainty is high, and the balance of risks has shifted firmly to the downside so long as the financial sector remains unsettled,” the organization said in its latest report. Changing forecastsInvestors are looking for additional pockets of vulnerability in the financial sector. The “fog around the world economic outlook has thickened,” it said. Looking ahead to 2028, global growth is estimated at 3%, the lowest medium-term forecast since 1990. The body’s forecast for global growth this year is now closer to that from the World Bank.

☆ World Bank Chief Calls Russia’s Arrest of Gershkovich a Brazen Act
▼ + stars: | 2023-04-10 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

WASHINGTON—World Bank President David Malpass said the detention of Evan Gershkovich , a Wall Street Journal reporter held in a Russian prison and accused of spying, is a “brazen act” by the Russian government that violates freedom of the press. Mr. Malpass said on the first day of the bank’s semiannual meetings in Washington that the multilateral lender considers freedom of the press vital, saying that includes ensuring the safety of journalists.

WASHINGTON, April 10 (Reuters) - World Bank Group President David Malpass said on Monday that the lender has revised its 2023 global growth outlook slightly upward to 2% from a January forecast of 1.7% but the slowdown from stronger 2022 growth will increase debt distress for developing countries. Advanced economies, including the U.S. and in Europe, are also doing a bit better than the World Bank anticipated in January, Malpass said as the World Bank's and International Monetary Fund's Spring Meetings week kicked off. But the departing World Bank chief warned that turmoil in the banking sector and higher oil prices could again put downward pressure on growth prospects in the second half of 2023. A bank asset maturity mismatch will take some time to work through and banks are likely to pull back credit for businesses, slowing growth, he said. The World Bank's forecasts tend to be a bit lower because they are based on market exchange rates, while the IMF's forecasts are based on purchasing power parity exchange rates.

☆ World Bank boosts 2023 global growth forecast slightly, Malpass says
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: 1 min

☆ Developing countries still have 'grim' economic outlook: World Bank president
▼ + stars: | 2023-04-10 | 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 EmailDeveloping countries still have 'grim' economic outlook: World Bank presidentDavid Malpass, World Bank president, joins 'Squawk on the Street' to discuss the World Bank's outlook for the economy, China's reopening and the future of the U.S. dollar.

☆ Yellen to push for 'speedy' action on debt relief for Zambia, Ghana
▼ + stars: | 2023-04-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, April 10 (Reuters) - U.S. Treasury Secretary Janet Yellen will push this week for urgent resolution of requests by Zambia and Ghana for restructuring of their sovereign debts, and moves to conclude a debt treatment for Sri Lanka, Treasury said on Monday. "During the week, Secretary Yellen will ... maintain urgency for the speedy resolution of Common Framework cases like Zambia and Ghana to remove debt overhangs and foster growth in developing countries," Treasury said. Sri Lanka, Zambia and Ghana have already defaulted on their overseas debt and are working towards debt reworks with creditors. Yellen will discuss the debt issue in separate meetings with officials from the G20 group of major economies and the Global Sovereign Debt Roundtable on Wednesday, the official said. The official expressed hope the global sovereign debt roundtable meeting on April 12 would yield "actual accomplishments," the official said.

☆ US World Bank nominee Banga endorses lending expansion, pledges more
▼ + stars: | 2023-04-05 | by ( David Lawder | ) www.reuters.com time to read: +3 min

"That's good, we should do it," Banga said of the $5 billion lending expansion plan proposed by departing World Bank President David Malpass. But he said that to raise the trillions of dollars needed annually to reach 2030 and 2050 global emissions reduction goals, the World Bank needs to help catalyze private capital. The World Bank cannot do this alone," he said. Banga is now in the final stages of the World Bank executive board's selection process after emerging from a March nomination period as the sole candidate. He is expected to be confirmed as World Bank president by early May.

☆ US expects Biden's nominee, Ajay Banga, to be elected as World Bank chief
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, March 29 (Reuters) - U.S. Treasury Secretary Janet Yellen on Wednesday said she expected the U.S. nominee to head the World Bank, former Mastercard (MA.N) CEO Ajay Banga, to be elected as president of the multilateral development bank. "This evolution will help the Bank deliver on its vital poverty alleviation and development goals," Yellen will tell lawmakers who control the Treasury Department's purse strings. He has won the support of enough other governments to virtually assure his confirmation as World Bank president, including India, Britain, France, Germany, Italy, Japan, Bangladesh, Colombia, Egypt, Ivory Coast, Kenya, Saudi Arabia and South Korea. The World Bank will accept nominations from other countries until March 29, but no competitors have been announced. 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.

A capital increase was among proposals the World Bank made in January. It would not be possible without the support of the United States, the World Bank's dominant shareholder. "We are not requesting a capital increase," Yellen said during a budget hearing of the U.S. House of Representatives Appropriations Subcommittee on State, Foreign Operations, and Related Programs. "We do want to see better mobilization of private resources alongside World Bank investments as well, but we're not requesting a capital increase at this time." Yellen has previously called for the World Bank to take "bolder and more imaginative" steps to unlock more lending for climate change.

☆ U.S. pick for World Bank, Ajay Banga, to meet with Modi in native India
▼ + stars: | 2023-03-23 | by ( David Lawder | ) www.reuters.com time to read: +2 min

The Treasury said Banga will visit New Delhi on March 23 and 24, where his likeness has already been posted on billboards. "These discussions will focus on India’s development priorities, the World Bank, and global economic development challenges," the Treasury said in a statement. The World Bank will accept nominations from other countries until March 29, but no competitors have been announced. 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. In India, Banga will also visit a vocational skills development institute funded in part by the World Bank, the Treasury said.

☆ World Bank president expresses deep concern on Zambia debt restructuring
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, March 21 (Reuters) - World Bank President David Malpass said on Tuesday he remained deeply concerned about the debt restructuring stalemate in Zambia and that the bank is working with India and the International Monetary Fund on the G20 debt restructuring process. Zambia meanwhile has been stuck in default since it became the first COVID-era African nation to do so in November 2020. Its finance minister has said it is pushing to finish the long-delayed Common Framework restructuring by end of March or shortly after. Ghana defaulted on its external debts in December and has since sealed a domestic debt swap and requested a restructuring of its bilateral debts via the G20's Common Framework vehicle. Malpass also said Sri Lanka was now eligible to get $1.75 billion over four years.

☆ World Bank President on the Fed's deposits guarantee: When you guarantee something, it's not costless
▼ + stars: | 2023-03-17 | 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 EmailWorld Bank President on the Fed's deposits guarantee: When you guarantee something, it's not costlessWorld Bank President David Malpass joins 'Squawk Box' to discuss containing the global banking crisis, interest rates causing a misallocation of assets, and more.

☆ US pick to lead World Bank, Ajay Banga, wins more support
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, March 9 (Reuters) - Three Nobel laureates and dozens of civil society, climate change and philanthropic leaders on Thursday endorsed U.S. President Joe Biden's nominee to lead the World Bank, ex-Mastercard (MA.N) Chief Executive Officer Ajay Banga. "Ajay Banga possesses a rare combination of leadership; track record of building successful alliances across the public, private, and social sectors; and experience working in developing countries," they wrote. "He's the right person to lead the World Bank at this critical moment." "He understands that the World Bank must serve as a force multiplier by setting the right agenda and then catalyzing action across governments, the private sector, multilateral development banks, civil society, and philanthropies," they said. The World Bank has been headed by someone from the United States, the lender's dominant shareholder, since its founding at the end of World War Two.

☆ Russia says it is considering a challenge to US nominee to head World Bank
▼ + stars: | 2023-03-08 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, March 7 (Reuters) - Russia is consulting with its allies about challenging the U.S. nominee to head the World Bank, Moscow's top representative at the bank said on Tuesday, a move that could complicate what was expected to be a smooth succession process. Russia remains a voting member of the World Bank, although the bank halted all programs in Russia and Belarus last March, citing what it called "hostilities against the people of Ukraine" following Russia's invasion. Roman Marshavin, the World Bank executive director who represents Russia and Syria, told Reuters the "listing of potential candidates and consultations are still ongoing," but gave no details. Banga, who is traveling in Africa this week, last week said he had already won support from India, Ghana and Kenya. The World Bank has been headed by someone from the United States, the lender's dominant shareholder, since its founding at the end of World War Two.

☆ Russia says it may challenge Biden’s nominee to head the World Bank
▼ + stars: | 2023-03-08 | by ( ) edition.cnn.com time to read: +2 min

Russia is consulting with its allies about challenging the US nominee to head the World Bank, Moscow’s top representative at the organization said Tuesday. Russia remains a voting member of the World Bank, although the bank halted all programs in Russia and Belarus last March, citing what it called “hostilities against the people of Ukraine” following Russia’s invasion. Roman Marshavin, the World Bank executive director who represents Russia and Syria, told Reuters the “listing of potential candidates and consultations are still ongoing,” but gave no details. US President Joe Biden last month nominated ex-Mastercard CEO Ajay Banga, 63, to replace David Malpass at the helm of the World Bank, which oversees billions of dollars in funding for developing countries. The World Bank has been headed by someone from the United States, the lender’s dominant shareholder, since its founding at the end of World War Two.

WASHINGTON, March 6 (Reuters) - The World Bank is pausing future work with Tunisia after statements by the country's president on migrants from African countries triggered racist harassment and violence, World Bank President David Malpass told staff in a note seen by Reuters. He said the World Bank viewed the situation as deeply concerning, but viewed steps announced by the Tunisian government to protect and support migrants and refugees as a positive step and would be monitoring their impact. He said the bank was working to ensure the safety of all its staff in Tunisia, and especially Africans, including through additional security measures. The safety measures could affect delivery of World Bank programs, but "staff safety will override program-related concerns," Malpass said. The World Bank has been a major donor to Tunisia, helping it finance food imports and business development as the government seeks an International Monetary Fund bailout for it state finances.

☆ World Bank promises 'concessionality' in debt restructuring
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 25 (Reuters) - The World Bank will "provide as much concessionality to the debt treatment" for distressed economies as possible, its president told a meeting with the International Monetary Fund, India, China, and other creditor nations on Saturday. The United States, meanwhile, has repeatedly criticised China over its "foot-dragging" on debt relief for dozens of low-and middle-income countries. "The World Bank is committed to providing net positive flows in a way that maximizes concessionality in the restructuring process," David Malpass said at the Global Sovereign Debt Roundtable in India's Bengaluru city on the sidelines of the G20 financial leaders' meet. "We will provide as much concessionality to the debt treatment as possible." On Friday, Chinese Finance Minister Liu Kun told the G20 financial leaders that international financial institutions and commercial creditors should follow the principle of "joint action, fair burden" in debt settlements.

The key to it all, of course, is money, and as organized and funded now, the World Bank would be stretched to meet those goals. He also serves on the advisory board of Beyond Net Zero, a climate finance fund. This will be especially difficult for the World Bank's top shareholder, the United States, due to political brawling between the Biden administration and the Republican-majority House of Representatives. The House has major sway over the country's purse strings and its leaders are not disposed to widen the World Bank's role in fighting climate change. In fiscal 2022, the World Bank committed more than $104 billion to projects around the globe, according to the bank's annual report.

☆ Germany signals support for U.S. pick to lead World Bank
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 24 (Reuters) - The German government has signalled its support for the United States' nomination of Ajay Banga for president of the World Bank, with German Finance Minister Christian Lindner calling Banga's nomination a "very remarkable" proposal on Friday. U.S. President Joe Biden nominated former Mastercard Inc (MA.N) CEO Ajay Banga to lead the World Bank on Thursday, betting the India-born executive's ties to the private sector and emerging markets will jump-start the 77-year-old institution's overhaul to better address climate change. The finance minister added that Germany would follow the nomination with "great attention" and expressed "sympathy" for the proposal. French Finance Minister Bruno Le Maire had also previously showed support for Banga's nomination. Reporting by Christian Kraemer, Writing by Maria Martinez, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ World Bank board aims to pick next president by early May, U.S. nominee expected soon
▼ + stars: | 2023-02-23 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

[1/2] 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. The bank's executive directors affirmed their commitment to an "open, merit-based and transparent selection process" for the new leader, and said countries could nominate candidates beginning Thursday through March 29. The World Bank board gave a list of criteria and relevant experience for would-be applicants, including "effective communication and diplomatic skills" and also said it "would strongly encourage women candidates to be nominated." The bank has never had a permanent woman president in its 77-year history, although current International Monetary Fund chief Kristalina Georgieva served as acting president for about two months in early 2019. The United States has historically selected the president of the bank, but some developing countries and civil society groups are challenging that tradition.

☆ World Bank pick Ajay Banga comes with green finance cred
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

U.S. President Joe Biden on Thursday nominated Ajay Banga to be the World Bank’s next president, replacing David Malpass, who announced last week he would step down a year ahead of schedule. It’s a strong signal that the United States wants to help developing countries switch to greener forms of energy. Both Banga and Malpass spent time at big banks, but that’s where the similarities end. As the World Bank’s biggest donor, the United States has traditionally installed government careerists who used the post to promote Cold War-era priorities. By choosing a banker who cares about the planet, Washington is signalling that green finance is a political priority.

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