Topic
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.
- The World Bank, in a report on Tuesday, said South Asian nations needed to address several policy weaknesses to accelerate job creation
- The region created an average of 10 million jobs a year from 2000-2023 when the working-age population was growing by an average of 19 million a year
Chinese Academy of Sciences expects China’s economy to grow by 5.3 per cent this year, compared to a 4.5 per cent projection by the World Bank.
Beijing sends out officials to counter this ‘peak status’ perception, acknowledging short-term problems but framing long-term economic growth as inexorable.
Beijing the largest bilateral official lender to countries in Africa but share in sub-Saharan overall sovereign debt still relatively small, according to report.
Nations agreed at last year’s COP27 to set up a dedicated fund to help vulnerable countries cope with climate change but left the details for later; on Saturday, the details were deferred again.
US president draws contrast with authoritarian regimes, including China, and lauds US-led partnerships, including the Quad.
Anna Ng, as IFC’s regional head for East Asia and the Pacific, will focus on strategy implementation as well as fundraising efforts for the World Bank’s financing arm.
The death toll from the Friday’s devastating earthquake reached nearly 2,900 on Monday.
Deputy prime minister announces review of Ottawa’s membership in Beijing-based lender hours after ex-director alleged that ‘party people run the bank’.
China faces a stalemate as it seeks restructuring of debts owed to it by developing nations in distress despite the World Bank’s additional efforts to provide ultra-low interest loans and grants to those countries.
The Indian-born US executive – hailed by some as the ‘face of change’ at the global lender – has big plans for meeting the challenge of climate change.
