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by Daniel AVIS Agence France-Presse WASHINGTON, United States (AFP) — Countries must do more to avert the costly consequences of growing global trade fragmentation and help avert a “second Cold War,” the International Monetary Fund’s managing director said Thursday. “I am among those who know what are the consequences of a Cold War: it is loss of talent and contribution to the world,” Kristalina Georgieva said during a press conference at the official start of […]
Washington, United States (AFP) by Beiyi SEOW World Bank member countries have endorsed measures allowing a $50 billion lending boost over the next decade, its outgoing president David Malpass said Wednesday. The move, announced during the International Monetary Fund (IMF) and World Bank spring meetings in Washington, is part of an ongoing evolution of the development lender amid pushes for it to meet global challenges like climate change. Earlier on Wednesday, US Treasury Secretary Janet […]
WASHINGTON, United States (AFP) – Two World Bank entities provided a record $75 billion in financing last year, said a letter by its president, as developing countries faced crises like climate change and Russia’s invasion of Ukraine. The aid comes as countries emerging from the Covid-19 pandemic were hit by fallout from war in Ukraine and surging inflation, while climate change brought further devastation, said World Bank President David Malpass in a letter seen by AFP. […]
(Eagle News) — The World Bank will be supporting the Philippine government’s programs to to digitalize services and modernize the bureaucracy, according to Finance Secretary Benjamin Diokno. “I am very pleased to hear of the World Bank’s willingness to extend support for further digitalizing our revenue agencies and modernizing civil service in line with the President’s goal of rightsizing the bureaucracy,” Diokno said in a release by the Department of Finance on Thursday, […]
by Beiyi Seow Agence France-Presse BEIJING, China (AFP) — The World Bank has sharply slashed its annual growth forecast for China, warning in a report Wednesday that Covid disruptions could further slow recovery in the world’s second-largest economy. China is the last major economy wedded to a zero-Covid policy, using rapid lockdowns, mass testing and strict movement restrictions to eliminate outbreaks — but it has tangled supply chains and dragged economic indicators to their […]
WASHINGTON, D.C., United States (AFP) – The World Bank on Tuesday announced more than $1 billion in humanitarian aid for Afghanistan, stating the money will go to UN agencies and international NGOs while remaining “outside the control” of the country’s Taliban rulers. The reallocation from the Afghanistan Reconstruction Trust Fund (ARTF) follows the $280 million in ARTF funds disbursed last December, and is aimed at supporting the humanitarian response over the critical winter months. The […]
(Eagle News) — The World Bank has apologized to the Philippines following its report that indicated that 80% of Filipino schoolchildren fell below the minimum proficiency levels. The international financial institution issued the statement after Education Secretary Leonor Briones demanded the apology, pointing out that the report was based on old Programme for International Student Assessment or PISA data, which was published in 2019, or two years ago. She said this was admitted by no […]
by Heather SCOTT WASHINGTON, United States (AFP) — Fueled by widespread Covid-19 vaccinations in advanced nations, the world economic recovery has picked up speed, but the upbeat outlook obscures a worrying picture in poor nations, the World Bank said Tuesday. The global economy is now expected to grow 5.6 percent this year, 1.5 points faster than projected in January — the fastest post-recession bounceback in 80 years, according to the latest Global Economic Prospects (GEP) […]
https://www.youtube.com/watch?v=kNAUFkCxwzM (Eagle News) – Malacanang said that the World Health Organization (WHO) grant of emergency use listing (EUL) for China’s Sinovac vaccine would enable the country to borrow funds from the World Bank and the Asian Development Bank (ADB) for the payment of the vaccines. Presidential Spokesperson Harry Roque said that this is one of the main benefits of WHO’s grant of EUL to the Chinese vaccine. This is aside from the boost in […]
by Delphine TOUITOU WASHINGTON, United States (AFP) — After kicking their massive lending powers into overdrive to help the nations hardest hit by Covid-19 last year, the IMF and the World Bank are now focusing on getting vaccines to poor countries to keep the pandemic from derailing the global economic recovery. Managing Director of the International Monetary Fund Kristalina Georgieva is spearheading a $50 billion joint effort with the World Health Organization to expand vaccine […]
Advises Galvez not to be discouraged by “brickbats” thrown at him by politicians (Eagle News) — President Rodrigo Duterte stressed that all payments for the vaccines that the Philippines will buy will be coming from the Asian Development Bank and the World Bank, as he chided critics claiming that there could be corruption in the vaccine deals. Duterte also reiterated how the vaccine deals would still have to pass through the Department of Finance, […]
WASHINGTON, United States (AFP) — The World Bank said Tuesday that it approved $12 billion for developing countries to finance the purchase and distribution of Covid-19 vaccines, tests and treatment. The financing “aims to support vaccination of up to a billion people,” the bank said in a statement. The money is part of an overall World Bank Group (WBG) package of up to $160 billion through June 2021 designed to help developing countries battle […]
