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Tag Archives: World Bank

Govt committed to implement structural reforms, protect vulnerable segments: Hammad

ISLAMABAD: Federal Minister for Finance, Revenue, Industries and Production, Mohammad Hammad Azhar said that the government was fully committed to implementing structural reforms, protecting social spending and boosting social safety nets in order to protect the vulnerable segments of the society. He made these remarks in a virtual meeting with Vice President South Asia Region, World Bank Group, Hartwig Schafer, ... Read More »

Hammad eyes Pakistan’s sustainable growth with World Bank

ISLAMABAD: Najy Benhassine, Country Director of the World Bank Group made a courtesy call on the Federal Minister for Finance and Revenue Muhammad Hammad Azhar at the Finance Division. While welcoming the Country Director, the Finance Minister acknowledged the pivotal role being played by the World Bank in implementing a series of reforms aimed at strengthening the social sector, broadening ... Read More »

Pakistan, ADB to expand  cooperation in various fields

ISLAMABAD: Pakistan and Asian Development Bank (ADB) on Monday agreed to expand cooperation in various sectors. The understanding came during a virtual meeting between Minister for Economic Affairs Makhdum Khusro Bakhtyar and Director General, the Central and West Asia Department of the Asian Development Bank Yevgeniy Zhukov. Both sides discussed and agreed to expand cooperation in the areas of trade ... Read More »

WB to provide 1.3b dollars to support Pakistan’s social sector development

ISLAMABAD: World Bank is to provide 1.3 billion dollars to Pakistan to support its initiatives in different sectors. An agreement to this effect was signed in Islamabad on Friday. This financing will support the government s initiatives in social protection, climate change, agriculture and food, governance and human capital development. Speaking on the occasion, Minister for Economic Affairs Khusro Bakhtyar ... Read More »

Pakistan improves position on WB Ease of Doing Business Index: report

ISLAMABAD: Pakistan has improved its position on World Bank (WB) Ease of Doing Business Index for the second consecutive year, according to the annual report issued by Security and Exchange Commission of Pakistan (SECP). As per World Bank’s latest rankings on ease of doing business for 2020, Pakistan has improved its position by 28 points from 136 to 108 which ... Read More »

World Bank provides $12m grant for FATA’s, displaced families

ISLAMABAD: World Bank has provided additional grant worth of US $ 12 million for FATA, Temporarily Displaced Persons Early Recovery Project (TDP-ERP) to earlier recovery of displace families in former tribal areas of Khyber Pakhtunkhwa (KPK). Minister for Economic Affairs, Makhdum Khusro Bakhtyar witnessed the signing ceremony of Additional Grant Agreement of “FATA Temporarily Displaced Persons Emergency Recovery Project” worth ... Read More »

World Bank, Ukraine revising project portfolio

KIEV: The World Bank and Ukraine are currently passing the important phase of cooperation – the revision of the project portfolio, Ukrainian Finance Minister Oleksandr Danyliuk said in a video blog from Washington in early hours of Monday, presenting the results of his visit to the annual meeting of the International Monetary Fund (IMF) and the World Bank. “We will ... Read More »

World Bank, Vietnam to make trade information website

HANOI: The World Bank will help the General Department of Customs develop the Viet Nam Trade Information Portal under a programme to support Viet Nam in implementing the World Trade Organisation’s Trade Facilitation Agreement (TFA). A declaration to this effect was signed between the WB and the General Department of Customs yesterday, under which the WB will also help establish ... Read More »

World Bank, IMF urges Kenya to cut expenditure on non priority projects

NAIROBI: The World Bank and the IMF wants the government to cut expenditure on non-priority projects to ease pressure on the Sh2.1 trillion budget amid a high interest regime. The Treasury last week borrowed Sh26.84 billion at 21.6 per cent through the Treasury bills, raised Sh24.97 billion at 19.06 per cent through a one-year Sh30 billion bond last month and ... Read More »

Kenya scored above African average of 3.2 in latest CPIA, World Bank

NAIROBI: Kenya is among five countries in Africa that have made progress in supporting development and poverty reduction in 2014. According to a World Bank report released last week, Kenya scored above the African average of 3.2 in the latest Country Policy and Institutional Assessment (CPIA). The Government’s effort to enhance economic growth by initiating development projects, and its implementation of ... Read More »

World Bank expands Financial Guarantees to 50MW Solar Projects In Jordan

AMMAN: Jordan’s solar power program has received yet another boost as the World Bank has extended financial guarantees to four solar power projects in the country. The Multilateral Investment Guarantee Agency, part of the World Bank Group, has announced investment guarantees to cover for political and other risks to four solar PV power projects in Jordan with total generation capacity ... Read More »

Sri Lanka economy growth expects to slow down: World Bank

COLOMBO: The World Bank in a report said economic growth in Sri Lanka is expected to slow down with the new government revisiting the investment-led growth model, though it will be partially offset by increase in consumption and strong tourism and remittance inflows. The World Bank forecasts a growth of 6.9 percent for this year, slightly down from the 7 ... Read More »

World Bank forecasts Russian economy to grow 2.8% in 2015-16

MOSCOW: World Bank said on Monday it expects Russia’s economy to contract less sharply than previously thought in 2015, citing a recovery in oil prices in recent months, a stronger ruble and slowing inflation. The bank, which also raised its forecast for 2016, said it now sees gross domestic product falling by 2.7 percent this year as opposed to by ... Read More »

World Bank transfers $77 million to Palestine

CANBERRA: The World Bank said in a press release that the money, provided by Norway, Australia, Japan, Kuwait and Britain is meant to help the Palestinian Authority budget, including the current reforms in the Palestinian economic system. The Fund was established on April 10 2008, as part of an agreement signed between the World Bank and the Palestinian Authority. The ... Read More »

World Bank recommends tax reforms for Ukraine

KIEV: The World Bank has issued a report outlining a number of recommended fiscal reforms to help Ukraine establish sustainable public finances. The report noted that Ukraine has been running general Government deficits for the last 20 years. Despite fiscal tightening in 2014, the fiscal deficit remained high at 4.6 percent of gross domestic product (GDP) due partly to weak ... Read More »

World Bank expects GDP growth in Ukraine

KIEV: The World Bank expects GDP growth in Ukraine by two per cent – starting from 2016.This may be possible provided that the situation in the east of Ukraine doesn’t worsen. According to the WB data the improvement of economic situation is observed compared to 2013 – 2014, including the reduced deficit of payment balance and slowing decline in exports. ... Read More »

World Bank lowers outlook for Ukraine economy

KIEV: The World Bank has lowered its outlook for Ukraine’s economy as the crisis in the country’s eastern region enters its second year.In a report published on Wednesday, the international lender said it expects the Ukrainian economy to shrink 7.5 percent this year, compared to the 2.3 percent it projected back in January. The new forecast is grimmer than figures ... Read More »

World Bank lowers outlook for Ukraine economy

KIEV: The World Bank has lowered its outlook for Ukraine’s economy as the crisis in the country’s eastern region enters its second year.In a report published on Wednesday, the international lender said it expects the Ukrainian economy to shrink 7.5 percent this year, compared to the 2.3 percent it projected back in January. The new forecast is grimmer than figures ... Read More »

World Bank extends support to Nepal

KATHMANDU: Extending support to earthquake-hit Nepal, World Bank President Jim Yong Kim has said the global body would help the Himalayan country in assessing the damage and reconstruction work. “We were shocked and deeply saddened to learn of the tragedy in Nepal, with its terrible human toll and material destruction,” Kim said in Paris, where he is travelling. “We are ... Read More »

World Bank’s forecast Bangladesh’s GDP growth to hit 5.6% in 2015

DHAKA: World Bank said GDP growth of Bangladesh is expected to grow at 5.6% in this fiscal year, cutting from its October’s forecast of 6.2%. Bangladesh Planning Minister, AHM Mustafa Kamal, has ruled out the World Bank’s latest economic growth projection for the fiscal year 2014-15. At a press briefing held at the planning ministry office yesterday, the minister said ... Read More »