WorldBank
Washington (AFP) - The World Bank raised its global growth outlook on Tuesday on the back of resilient consumer spending in the United States, but warned that growth remains weak by historical standards. In updated forecasts, the Washington-based development lender said it now expects the world economy to grow by 2.6 percent this year in real terms, up 0.2 percentage points from its last update in January. Its global growth forecast for 2025 remains unchanged at 2.7 percent -- below the average rate of 3.1 percent seen in the decade before the Covid-19 pandemic. "Growth is at lower levels tha...
AFP
Abidjan (AFP) - Sub-Saharan Africa will have a "stronger voice" at the International Monetary Fund as it will get a third seat on the global lender's executive board, IMF chief Kristalina Georgieva told AFP. Georgieva delivered the news ahead of next week's IMF and World Bank meetings in Marrakesh, Morocco -- the first gathering on the continent since 1973. The IMF executive board, which is chaired by Georgieva, is responsible for conducting the Washington-based institution's day-to-day business and currently has 24 directors. The United States, as the world's biggest economy, has the largest ...
AFP
Washington (AFP) - World Bank President Ajay Banga said Tuesday that he is working to reform "dysfunctionality" among the leadership of the development lender, and pledged to refocus its mission to better address the challenges posed by climate change. The former Mastercard chief executive told the Council on Foreign Relations in New York that the bank should alter its current twin mandate of poverty alleviation and boosting shared prosperity to include climate change. "I think the twin goals have to change to being elimination of poverty, but on a livable planet, because of the intertwined ...
AFP
Washington (AFP) - US Treasury Secretary Janet Yellen said Tuesday that international financial institutions like the IMF and World Bank "reflect American values" and serve as key counterweights to "unsustainable lending from others like China." Speaking before the House Financial Services Committee, she sought congressional support for the United States to lend more money to such organizations, going towards helping developing countries. "Our leadership at these institutions is one of the core ways of engaging with emerging markets and developing countries," Yellen told lawmakers. Assistance ...
AFP
Washington (AFP) - Ajay Banga began his first day at the helm of the World Bank Group on Friday, taking charge of the development lender as it grapples with questions about its future direction. "We are at a critical moment in the arc of humanity and the planet," Banga wrote Friday morning in an email to staff obtained by AFP, calling on the bank to "evolve" to meet the challenges it now faces. An Indian-born, naturalized US citizen, Banga was nominated to the position by US President Joe Biden after a successful business career which included a long stretch running the payments company Master...
AFP
Washington (AFP) - Ajay Banga, confirmed Wednesday as the World Bank's next president, is an Indian-born American executive who has been hailed by media in his birth country as the global development lender's "face of change." His leadership for a five-year term comes as the bank pivots to face climate change, a crucial transition that the former Mastercard chief sees as closely tied to vanquishing inequality -- and he has big plans for the private sector's role in that task. Banga, the first World Bank president from South Asia, takes over on June 2 from outgoing president David Malpass, who ...
AFP
Washington (AFP) - The World Bank confirmed Wednesday that Ajay Banga will be its next president, handing him the reins at a pivotal time as it looks to reshape its role to better address climate change. "The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process," the development lender wrote in a statement published shortly after executives voted to approve his leadership for a five-year term. The bank said it looked forward to working with Banga on its "ambitions and efforts aimed at tackling the toughest development challenges facing developing countries." ...
AFP
Washington (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 the World Bank and IMF's spring meetings. "I don't want to see that repeating," she said, adding that the world should "rationally accept there will be some cost, there will be some fra...
AFP
Washington (AFP) - 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 Yellen urged the World Bank to continue taking on added reform measures this year. "We should use the rest of the year to undertake a...
AFP
Washington (AFP) - The International Monetary Fund slightly lowered its outlook for the global economy on Tuesday, while predicting that most countries will avoid a recession this year despite economic worries and geopolitical strains. Concerns over high inflation, rising geopolitical tensions and financial stability hang over the updated forecasts, with the impact of war in Ukraine continuing to dampen growth and drive up consumer prices in many countries. Persistent economic concerns could overshadow plans by the IMF and World Bank to promote an ambitious reform and fundraising agenda at th...
AFP
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