World Bank Group

The World Bank and the International Monetary Fund (IMF) were both created at the 1944 Bretton Woods Conference. The World Bank’s mandate is to lend to developing countries to fund capital programs to alleviate poverty. The IMF, an organisation of almost 200 countries, helps alleviate problems among member countries. Since the onset of the global financial crisis in 2008, the IMF has taken part in rescues of countries such as Greece.

China's high-speed rail gets World Bank vote

China's high-speed rail gets World Bank vote

The mainland's high-speed rail has a promising initial traffic, the World Bank said in a paper, praising the world's fastest expanding high-speed rail system again.

Saturday, 20 December, 2014, 6:58am 1 comment

World Bank says Occupy protests fail to impact Hong Kong's business climate

A blockaded section of Nathan Road in Mong Kok. The World Bank assesses that the pro-democracy protests have had little effect on the overall way of doing business in Hong Kong. Photo: EPA

The Occupy protests have not affected Hong Kong's business climate, says the World Bank, which rates the city as the third easiest place in the world to do business.

30 Oct 2014 - 11:47am 47 comments

World Bank urges Beijing to license collateral management firms

Following the fraud cases, the PBOC had included inventory pledges and warehouse receipts in its registry since June.

The Ministry of Commerce should set up regulations and a licensing system for collateral management companies in wake of the Qingdao metals and other major financing frauds.

25 Oct 2014 - 4:54am

World Bank says China needs to speed up reforms

Sri Mulyani Indrawati, managing director of the World Bank Group. Photo: AFP

China needs to accelerate reforms and not rely solely on monetary and fiscal policy to drive growth, a top World Bank official said yesterday.

22 Oct 2014 - 5:28am

World Bank trims growth forecasts for developing East Asia and China

The World Bank said growth in China was likely to slow to 7.4 per cent in 2014 and 7.2 per cent in 2015. Photo: Reuters

The Washington-based lender expects the developing East Asia and Pacific region to grow 6.9 per cent this year and next, down from the 7.1 per cent rate it had previously forecast for both years.

7 Oct 2014 - 5:14am 1 comment

World Bank staff to press Kim on 'frustration' over reform

Jim Yong Kim has launched a sweeping reorganisation aimed at cutting the bank's annual expenditure.

World Bank president Jim Yong Kim has called a public meeting for this morning to discuss staff concerns following the circulation of a staff association memo asking him to discuss the "climate of fear and confusion" at the bank.

6 Oct 2014 - 4:10am

Ebola could deal 'catastrophic blow' to hardest hit African economies, World Bank warns

World Bank President Jim Yong Kim says the mobilisation of more resources to fight Ebola could mitigate much of the economic damage. Photo: EPA

The World Bank warned yesterday that fear of the deadly Ebola virus was choking off economic activity in West Africa with potentially "catastrophic" results.

18 Sep 2014 - 4:59am

World Bank official urges China to be vigilant over rising debt levels

China may counter the impact of US tapering through structural reforms, such as making it easier to start a business. Photo: AFP

Maintaining even a 7 per cent growth rate in the next few years would be a "creditable performance" for the mainland although the government needs to stay vigilant about the fast debt build-up, says World Bank chief economist and senior vice-president Kaushik Basu.

18 Sep 2014 - 5:57am

World Bank warns of global jobs crisis

Global jobs crisis, warns World Bank

The world is facing a global jobs crisis that is hurting the chances of reigniting economic growth and there is no magic bullet to solve the problem, the World Bank warned.

10 Sep 2014 - 3:51am

World Bank cuts growth forecast for China to 7.6pc

Workers from a nearby construction site sleep at the World Trade Center building in Beijing. Photo: Reuters

The World Bank cut its forecast for economic growth in China this year to 7.6 per cent from its projection in January of 7.7 per cent.

12 Jun 2014 - 12:45am

World Bank approves first Russia investment since Ukraine crisis

Canada's Finance Minister Joe Oliver says Canada took a principled stance by voting against the World Bank project. Photo: Reuters

The World Bank approved an investment in Russia for the first time since President Vladimir Putin annexed Crimea, overriding opposition from Canada and lack of support from the US.

5 Jun 2014 - 5:34am

Hongkongers No 4 in world in material well-being

Hongkongers No 4 in world in material well-being

Hongkongers are perched comfortably near the top of a global ranking of material well-being, a new World Bank study shows.

1 May 2014 - 7:46am 10 comments

Talking points

Our editors will be looking ahead today to these developing stories ...

World Bank chief heads to Beijing

25 Feb 2012 - 12:00am

Chinese economist a frontrunner for top World Bank role

Leading Chinese economist Justin Yifu Lin is a frontrunner in the race for the job of World Bank chief economist, bank sources and Professor Lin's assistant said yesterday.

19 Jan 2008 - 12:00am

End the power monopoly at global financial bodies

When the governing board of the World Bank meets this week, it is expected to endorse the nomination of US Deputy Defence Secretary Paul Wolfowitz as the bank's next president. In doing so, without giving serious consideration to any other candidate, the board will pass up a chance to introduce democracy to one of the world's leading anti-poverty institutions.

28 Mar 2005 - 12:00am