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The World Bank has issued a stark warning to the Maldives, highlighting that the island nation has been spending "beyond its means" for decades, leading to high debt distress risk and significant financing challenges.

World Bank warns Maldives of high debt distress

June 12, 2024, 03:49 AM - 3 mins read

This announcement follows the Maldives Ministry of Finance's recent report that public and publicly guaranteed debt has surged to nearly 110 per cent of the nation’s GDP. The Maldives, heavily reliant on tourism, was severely impacted by the COVID-19 pandemic and has only started to recover in 2023.

The World Bank has revised its forecast for India's GDP growth for the current financial year 2024-25, increasing it from 6.4% to 6.6%.

World Bank boosts India's 2024-25 GDP forecast

June 12, 2024, 12:35 AM - 3 mins read

"India's economy has been buoyed by strong domestic demand, with a surge in investment, and robust services activity," the World Bank report noted. The report also highlighted the resilience of commodity importers, excluding China, with particular emphasis on India. This resilience is largely due to continued strong domestic demand, with growth being more muted in other commodity importers.

The annual World Bank and IMF meetings have concluded without a concrete plan to mobilize the trillions of dollars needed to combat climate change.

Climate finance stalls at World bank and IMF meetings

April 20, 2024, 11:56 PM - 3 mins read

World Bank president Ajay Banga expressed hope that donor contributions could add up to an additional $100 billion to the poorest countries through its lending arm, the International Development Association (IDA). The Bank has initiated efforts to add more financing to its portfolios to support low-income countries with very low-cost financing and grants.

The latest reports from the World Bank confirm India's exceptional performance amidst a backdrop of global uncertainty.

India's economy outpacing global growth trends: Economic Secy Ajay Seth

April 19, 2024, 02:20 AM - 2 mins read

Seth attributed India's economic success to sustained consumption and investment demand, underpinned by a proactive approach to reforms and sustainable growth initiatives

“India’s economy is a sleeping giant. Once it awakens, it will be a force to be reckoned with”, quoted the Chinese business magnate Jack Ma.
Certainly, with time India's economic journey has garnered international attention with influential global agencies revising their GDP forecasts upwards.

Is India becoming globally endorsed economically?

April 18, 2024, 12:47 AM - 6 mins read

The President of the European Central Bank, Christine Lagarde, aptly identifies the essential elements that propels India to greater heights, a path that the nation must tread upon, she states, “India’s story is one of the most compelling in the world, It has all the right ingredients for economic success, a young and dynamic population, a growing middle class, a diverse economy and a vibrant democracy”

As Sri Lanka prepares for crucial negotiations at the IMF and World Bank's spring meetings in Washington, optimism looms over potential breakthroughs in the island nation's ongoing debt restructuring efforts.

Sri Lanka pursues debt restructuring at IMF and World Bank spring meetings

April 14, 2024, 07:01 AM - 2 mins read

With an eye on strengthening collaboration and collective action, Shehan articulated the significance of the talks in securing the next tranche of the USD 2.9 billion International Monetary Fund bailout.

As world leaders converge in Washington for the International Monetary Fund (IMF), World Bank, and Group of 20 (G-20) meetings, they are met with a landscape fraught with economic challenges and geopolitical tensions.

Global economic concerns dominate IMF and WB meetings

April 13, 2024, 07:23 PM - 2 mins read

IMF chief Kristalina Georgieva has indicated a slight uptick in the global growth forecast, though cautioning that the world is set for a "sluggish and disappointing decade". This forecast adjustment reflects a mixture of slowing growth, persistent inflation, high interest rates, escalating debt levels, and geopolitical risks that continue to rattle markets.

The World Bank's biannual regional outlook has forecasted robust growth for South Asia, reaching 6.0% in 2024, primarily driven by India's strong performance and the recovering economies of Pakistan and Sri Lanka.

Job creation crisis, South Asia's rapid growth hindered by employment challenges: World Bank

April 3, 2024, 11:14 PM - 2 mins read

In 2023, South Asia's employment ratio stood at 59%, significantly lower than the 70% observed in other emerging market and developing economy regions. Notably, South Asia is the only region witnessing a decline in the employment of working-age men over the past two decades and exhibits the lowest share of working-age women in employment.

The World Bank has issued a sobering assessment of Pakistan's economic trajectory, projecting a modest growth of 1.8% for the current fiscal year ending in June 2024.

World Bank forecasts grim economic future for Pakistan, urges structural reforms

April 3, 2024, 02:59 AM - 2 mins read

The report painted a grim picture of Pakistan's economy, indicating that over 10 million more people are at risk of falling into poverty in the cash-strapped nation. Despite a nascent economic recovery, poverty alleviation efforts remain insufficient, with economic growth projected to stagnate at a paltry 1.8%, leaving approximately 98 million Pakistanis struggling with poverty.

The World Bank has revised its projections for the Indian economy, expecting it to grow at a rate of 7.5 per cent in 2024, marking a notable upward adjustment of 1.2 per cent from earlier estimates.

Indian economy to grow at 7.5% in 2024, World Bank projects

April 2, 2024, 07:48 PM - 3 mins read

According to the report, the overall growth in South Asia is anticipated to be robust, with a projected growth rate of 6.0 per cent in 2024. This growth is primarily attributed to the strong performance of the Indian economy, along with recoveries observed in Pakistan and Sri Lanka.

The World Bank needs to reinvent and restructure itself so as to become 'better, bolder and bigger' and harness private capital on the strength of its own balance sheet, said N K Singh

World Bank needs to reinvent, restructure itself, attract private capital: N K Singh

February 23, 2024, 03:54 AM - 2 mins read

A high-level expert group, led by N K Singh and former US Treasury Secretary Larry Summers, was set up by the G20 under India's presidency. In its report, the group had proposed a 30-point roadmap to reform Multilateral Development Banks (MDBs) and triple their lending by 2030, which includes attracting private investors and introducing pooled portfolio guarantees.