Strong regional growth no reason for complacency Nov 19, 2009
IVAILO Izvorski has the kind of job his World Bank colleagues might envy ... From his boyhood in Bulgaria to a PhD at Yale, Izvorski had experienced quite a range of life even before he moved to Washington and a career in running the world - a trajectory which has arced from writing papers on junk bonds and debt markets to spending three years as World Bank representative in Bosnia-Herzegovina as it struggled to recover from years of war ... Moving to Washington, he became a specialist on the... (Sydney Morning Herald -- Business)
No plans for additional economic stimulus package Nov 19, 2009
We can do it, he said after the launch of Malaysia Economic Monitor, a bi-annual review of the Malaysian economy by World Bank, yesterday ... Nor Mohamed said Malaysia and the World Bank would soon sign a Framework Agreement on Advisory Services that would enable more ministries and agencies to draw in the expertise from the World Bank ... Asked when was the right time for exit from the stimulus package, World Bank chief economist for East Asia and Pacific Region, Vikram Nehru, said it would be... (The Star Online, Malaysia -- Business)
Another Obama nominee faces tax troubles Nov 19, 2009
If confirmed by the Senate, Brainard would oversee American policies on issues including the International Monetary Fund, the World Bank and international tax treaties. Brainard was a deputy national economic adviser for international affairs during the Clinton administration. (MSNBC -- Politics)
Why Yudhoyono needs FDI Nov 19, 2009
World Bank data shows that over half of the country's 240 million people live on less than US$2 a day and that roughly 40 million people are unemployed or underemployed ... Much of the blame lies with the government: according to a 2007 World Bank estimate, Indonesia's investment in infrastructure amounts to only 3% of GDP, while competitors in the region for FDI, such as China and Vietnam, are investing around 10. (Asia Times Online)
Infra play gets a push, IIFCL gets $700 mn loan Nov 19, 2009
In October, World Bank has also sanctioned $1. 2 billion to IIFCL at Libor minus three basis points, he added. (India Times)
Press Release: Parent Banks Reaffirm Commitment to Romania, European Commission and IMF Say Nov 19, 2009
rale, Alpha Bank, Volksbank, and Piraeus Bank) and representatives of the National Bank of Romania, the European Commission, the International Monetary Fund (IMF), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the World Bank Group, the European Central Bank and the home country authorities. The meeting was a follow-up to those held on 26 March and 19 May, when the banks initially committed to maintain their positions in Romania. (IMF News)
High-Level Forum Adopts "Tunis Declaration On Public Procurement Reforms in Africa" Nov 19, 2009
Since the Abidjan conference, several African countries have embarked on procurement reforms programs with the support of the AfDB, the World Bank and other development partners, and the assistance of sub-regional organizations such as the Common Market for Eastern and Southern Africa (COMESA), the West African Economic and Monetary Union (WAEMU), which have adopted regional directives on public procurement ... The four major themes discussed during the two-day Forum were: "Public Procurement... (allAfrica.com)
Key facts and figures on Afghanistan Nov 19, 2009
In 2007, about $288 million of foreign direct investment flowed into Afghanistan, according to the World Bank ... Sources: NATO, U.S. Forces, U.N., World Bank, iCasualties. (AlertNet)
India 84th on corruption index Nov 18, 2009
India 84th out of 180 on index of corruption - India - The Times of India. India 84th out of 180 on index of corruption. (India Times, India)
New Report Finds Four Forces Will Shape the Future of Mobile Banking Nov 18, 2009
Governments, industry can make choices to increase financial inclusion in the next decade. 7 billion people who currently don't use a bank will have access to branchless banking methods such as mobile phones and the internet by 2020 is a huge step towards financial inclusion for people in developing countries. (Canada Newswire)
Africa: Poor Infrastructure Costs Continent a Two Percent Growth Rate Nov 18, 2009
2 percent, according the latest World Bank report ... Cecilia Briceno Garmendia, Senior Infrastructure Economist African region at the World Bank told a media workshop in Johannesburg on Friday that poor infrastructure reduces businesses productivity by 40 percent and holds back the attainment of the Millennium Development Goals (MDGs). (allAfrica.com)
Stop begging, Africa leaders told Nov 18, 2009
And it wants to set up its own financial fund so that aid and grants allocated by organisations like the World Bank or the European Union can be spent faster and not just sit in Western coffers, our correspondent says. LATEST NEWS. (Yahoo News -- Libya)
Ghana ranks 69 in global corruption index Nov 18, 2009
The CPI draws on 13 different polls and surveys from 10 independent institutions, and includes surveys of business people and country analysts from organizations like the World Bank, the Economist Intelligence Unit and Freedom House. Transparency International defines corruption as "The abuse of entrusted power for private gain." At the top of the list stands New Zealand, with a CPI score of 9. (Ghana Web, Ghana)
Geithner testifies G-20 will endure in world economics Nov 18, 2009
Mr. Geithner agreed that funds from institutions like the International Monetary Fund and the World Bank should push developing nations toward a greener future. Continuing with next year's G-20 in Ontario, Canada, it will be a future in which those nations have a more significant say in the global economy. (Pittsburgh Post-Gazette, PA)
The High Level Forum On Public Procurement Reform - Sustaining Economic Development And Poverty Reduction Nov 18, 2009
Since the Abidjan conference, several African countries have embarked on procurement reforms programs with the support of the AfDB, the World Bank and other development partners, and the assistance of sub-regional organizations such as the Common Market for Eastern and Southern Africa (COMESA), the West African Economic and Monetary Union (WAEMU), which have adopted regional directives on public procurement ... The forum on public procurement reforms in Africa is being organized by the (AfDB),... (allAfrica.com)
China Faces Dangers of Asset Bubbles as Economy Expands, PBOC Adviser Says Nov 18, 2009
World Bank President said last week in a Bloomberg Television interview that given the pace of recovery in East Asia, you could start to see some asset bubbles. He added that there will be a need to consider raising interest rates and taking other steps to restrain credit. (Bloomberg -- Asia)
49,795 register with SSNIT Informal Sector Scheme Nov 18, 2009
The Social Security and National Insurance Trust (SSNIT) developed a separate social security scheme purposely tailored to suit the needs of workers in the Informal Sector of Ghana after studies undertaken by the Trusts Research Department and corroborated by a team from the World Bank to the effect that the SSNIT Pension Scheme is not suited to the Informal Sector due to the pattern of incomes in the sector, which is essentially unpredictable and irregular. The study also showed that workers... (Ghana Web, Ghana)
Carbon trading Nov 18, 2009
The World Bank estimates that this investment could grow to 150bn a year if scientific targets for carbon dioxide reductions are to be met ... The system is so complex the World Bank's latest report claims the EU doesn't even know how many credits are in circulation ... The World Bank notes that most current national and regional targets are below those recommended by the Intergovernmental Panel on Climate Change. (BBC News -- Business)
Tomato farmers appeal to government to curb imports Nov 18, 2009
"This situation is due to the unfair trade regulations of the World Trade Organisation and dictates of the International Monetary Fund, the World Bank which demand that Ghana opens her market to artificially cheapened products," he said. Mr. Mensah said the farmers were aware that whilst Ghana did not pay subsidies to farmers, the developed countries did that. (Ghana Web, Ghana)
3% to 4% economic is good but very anemic, says Minister Nov 18, 2009
He was asked to comment on The World Bank's estimation that Malaysia's gross domestic product is to grow by 4 ... The World Bank has also on Tuesday predicted that Malaysia's economy, which has started to show signs of recovery from the global slowdown, will return to its potential six per cent average growth rate by 2012. (The Star Online, Malaysia -- Business)
Malaysia GDP could hit 6% by 2012, says World Bank economist Nov 18, 2009
KUALA LUMPUR: Malaysias gross domestic product (GDP) may rise to 6% by 2012, driven by Government reforms and as the global economy continues to recover, a World Bank economist said ... 1% by the World Bank ... World Bank senior economist Philip Schellekens said the 6% growth was achievable as reforms have encouraged more private sector participation and greater productivity. (The Star Online, Malaysia -- Business)
Afghanistan sinks in new corruption index Nov 18, 2009
The ranking is based on data from country experts and business leaders at 10 independent institutions, including the World Bank, Economist Intelligence Unit and World Economic Forum. For the third year running, the conflict-ridden east African nation of Somalia came in last, this time with a score of 1. (AlertNet)
Become the leader yourself Nov 17, 2009
More than 10 global change icons, including Live Aid founder Bob Geldof (bottom left) and former World Bank managing director Dr Mamphela Ramphela spoke on the opening day of the two-day summit ... The other speakers are former World Bank managing director Dr Mamphela Ramphele, the first Indian F1 driver Narain Karthikeyan, and AirAsia Group CEO Datuk Seri Tony Fernandes. (The Star Online, Malaysia)
TOP ARTICLE: Consensus Can't Be Forced Nov 17, 2009
A recent World Bank study shows that, in the 10 years preceding 2006, India was one of the 20 countries in which CO2 emissions intensity (per unit of GDP on a PPP basis) declined for both halves of this period. Moreover, this decline was more for the latter half than for the first. (India Times, India)
Public Information Notice: IMF Executive Board Concludes 2009 Article IV Consultation with the Dominican Republic Nov 17, 2009
Sources: Dominican authorities; World Bank; and Fund staff estimates. 1/ Fiscal projections include unidentified measures. (IMF News)
Group to lobby G-20 on world hunger Nov 17, 2009
They will urge delegates to keep promises the G-20 already has made, including ending corruption and secrecy in key international lending organizations and increasing the money that the World Bank and International Monetary Fund make available to entrepreneurs in the poorest nations. Although Bread for the World is a Christian organization, the study guide has been designed so Jews and Muslims can use it in reference to their own teachings. (Carroll County Times, MD)
Burundi--Consultative Group Meeting Nov 17, 2009
The authorities should seek World Bank technical assistance to undertake a comprehensive reform of SOEs and other subsidized government agencies ... In collaboration with the World Bank, the government in December 2008 adopted a plan for the state to withdraw from the coffee sector; it also set up the Burundi Coffee Sector Regulatory Authority ... The government in May 2009 adopted a decree setting out the terms for monthly adjustment of retail prices for petroleum products on the basis of a... (IMF News)
IFC to infuse $1 bn into India Nov 17, 2009
MUMBAI: International Finance Corporation (IFC), a member of the World Bank Group, plans to invest $1 billion in India this year ... Being an IDA (international development association) country, part of World Bank, India is a priority market for IFC. Three years ago, IFC did around 25% of its business in IDA countries, which rose to 45% last year ... International Finance Corporation (IFC), a member of the World Bank Group, plans to invest $1 billion in India this year. (India Times)
Korean model triumphs over West Nov 17, 2009
The International Monetary Fund, the World Bank and other compilers showed the country as the world's 15th-biggest economy. As a measure of Korea's progress, its export strength to China is not goods for finishing and re-export, a feature of much of, for example, of Taiwan's and other East Asian economies' export industry, nor were they low-quality "cheap" goods in the pejorative sense. (Asia Times Online)
Bubble Trouble: Why Real Estate Is China's Biggest Headache Nov 17, 2009
Louis Kuijs, a China economist at the World Bank in Beijing, commented in early November that even though Chinese policymakers may not need a "major tightening" right away, "risks of asset price bubbles and misallocation of resources in the face of high liquidity need to be mitigated." Kuijs concluded that "the overall monetary stance will have to be tightened eventually." Beijing's big test is to make sure that doesn't happen too early or too late. With reporting by Chengcheng Jiang / Beijing. (Time.com)
WB grants $40 mln to help Central African countries Nov 17, 2009
BRAZZAVILLE, Nov. 17 (Xinhua) -- The International Finance Corporation (IFC), a member of the World Bank group, has accorded a five-year loan of 40 million U.S. dollars to Central African countries to help with the regional small and medium-sized companies. "Through this loan, IFC will contribute to the development of local capital markets and support long-term funding in local currencies for the local companies," IFC Vice President Nina Shapiro declared on Monday in Brazzaville, the capital of... (Xinhuanet, China)
World stocks in modest pullback from Monday gains Nov 17, 2009
Asian stocks recovered Wednesday after two days of losses as the World Bank upped its growth forecasts for China's economy and stronger commodities prices lifted the region's powerhouse resource companies ... Investors' moods were helped by more optimism about China as the World Bank boosted its forecast for the world's third-largest economy from 7. (Fresno Bee -- Business)
MasterCard Worldwide to Strengthen Global Economic Connections with MoneySend Platform Nov 17, 2009
MasterCard MoneySend(TM) to Make Money Transfers Simpler and Easier for Banks and Cardholders Worldwide. " Peirez added, "That we now offer a better alternative for sending and receiving person-to-person payments is a significant expansion of the functionality of our network. (Canada Newswire)
World Bank: Malaysia can achieve 6% growth by 2012 Nov 17, 2009
KUALA LUMPUR: The World Bank estimates that Malaysia's economy which now is beginning to show signs of recovery from the global slowdown will return to its potential average growth rate of six percent by 2012, thanks largely to bold structural reforms undertaken by the government. "We anticipate that the reform momentum in Malaysia is building up and this will contribute to greater productivity growth and a new dynamism in the economy coupled with continuing improvement in the global economy,... (The Star Online, Malaysia -- Business)
Obama announces Hawaii as site for 2011 APEC meetings Nov 16, 2009
"Hawai'i has never had anything remotely approaching an international meeting where the president of the U.S., president of China, prime minister of Japan, and many other heads of state come at the same time, not to mention something like 75 Cabinet officials, the heads of the World Bank, International Monetary Fund, and World Trade Organization, and leading regional and global business people," Morrison said. He added, "This may be arguably the biggest and most open international meeting of... (Honolulu Advertiser)
Taxes to go up in next budget? Nov 16, 2009
The institute also fears that World Bank prediction that another 500,000 Ghanaians would fall below the poverty line by 2010 may be alarmingly conservative, considering subsequent unimpressive economic indicators since that prediction was made in June ... This would translate into the first reduction in purchasing power after inflation of some important public sector workers like teachers, since 2003," says Mr Otchere-Darko. DI believes that the prediction from the World Bank that another... (Ghana Web, Ghana)
Africa: Continent Needs More FDI to Reduce Poverty Nov 16, 2009
The World Bank estimates that remittances to Sub-Saharan Africa fell by 8,3 percent this year creating difficulties for many African countries. The latest United National Conference on Trade and Development World Investment Report, which was released in September this year indicates that Africa's flows which peaked at US$88 billion in 2008 fell by about 67 percent from that position in 2009. (allAfrica.com)
Africa: Bad Roads Slow Continent's Growth Nov 16, 2009
The study, which was conducted in 24 African countries by a partnership of institutions - including the African Union Commission, the African Development Bank, the New Partnership for Africa's Development, and the World Bank - is one of the most detailed one ever undertaken on the continent ... "Modern infrastructure is the backbone of an economy and the lack of it inhibits economic growth," says Obiageli Ezekwesili, World Bank Vice-President for the Africa Region. (allAfrica.com)
Cess on fuel to stay for 20 years Nov 16, 2009
The government will also help the highways developer negotiate loans from international financial institutions such as World Bank, Asian Development Bank (ADB) and Japan Bank for International Co-operation (JBIC). The government has given in-principle approval to NHAI for providing letter of comfort, confirming availability of cess at least till 2030-31, said a note from the ministry of road transport and highways. (India Times)
Private schools get more popular in Pakistan Nov 16, 2009
But since the mid-1990s, small, inexpensive private schools, once an urban phenomenon, have been sprouting in earnest in the poorer countryside, offering relatively affordable tuition, according to a 2008 World Bank report. Between 2000 and 2005, their number grew from 32,000 to 47,000, the report said. (San Francisco Chronicle)
APEC coming to Hawaii Nov 16, 2009
Hannemann noted that Honolulu is one of the safest cities in America and "has demonstrated time and time again its capability in overseeing security for visits by presidents, heads of state, the World Bank conference and so many other major events." ... Hannemann noted that Honolulu is one of the safest cities in America and "has demonstrated time and time again its capability in overseeing security for visits by presidents, heads of state, the World Bank conference and so many other major... (Honolulu Star-Bulletin)
APEC delegates applaud fuss-free security Nov 16, 2009
" onclick="Next();" src="/images/butt_next (Channelnewsasia.com)
Africa: Continent Urged to Take Advantage of Technology Nov 16, 2009
Johannesburg FOR sub-Saharan Africa, building a knowledge economy "is no longer an option, it is a necessity", World Bank Institute economic adviser Shahid Yusuf said last week at a University of the Witwatersrand symposium on research and training for sustainable development in Africa. The region could no longer rely on its resources alone to promote economic growth. (allAfrica.com)
Africans pay higher for basic services - Report Nov 15, 2009
This was contained in a report, "Africa's Infrastructure: A Time For Transformation", a release from the Accra Office of the World Bank said at the weekend ... The African Union Commission; African Development Bank; Development Bank of Southern Africa; The New Partnership for Africa's Development and World Bank conducted the study. (Ghana Web, Ghana)
Asia-Pac leaders spank Obama on trade backslide Nov 15, 2009
The US economy is picking up but unemployment has breached 10 per cent and economic leaders, including the heads of the International Monetary Fund and World Bank, warned in Singapore that protectionism could choke off recovery. Russian President Dmitry Medvedev said controversial tariffs enacted by his government to shore up ailing industries were temporary and urged his regional colleagues to "do anything we can to refrain from protectionism in any sphere". (Sydney Morning Herald -- World)
Yuan as world currency can be good for India Nov 15, 2009
The fact that World Bank President Robert Zoellick has said that China's yuan may become the glo 00004000 bal reserve currency over the next 15 years assumes significance not just for the world but also for India. It has the potential to make Indian goods relatively more competitive as the Chinese currency today is highly controlled. (India Times)
Country profile: Ethiopia Nov 15, 2009
GNI per capita: US $280 (World Bank, 2008). Internet domain. (BBC News -- Africa)
China's Yuan `Straitjacket' Risks Inflating Asset Bubbles as Growth Surges Nov 14, 2009
Risks of asset-price bubbles and misallocation of resources amidst abundant liquidity need to be addressed, , the World Banks senior economist in Beijing, said in a. China wont start allowing gains until the second half of 2010, says , head of China research at Barclays Capital in Hong Kong and former chief of China affairs at the Hong Kong Monetary Authority. (Bloomberg)
Big test for Afghanistan education Nov 14, 2009
During that period, there were not many educated teachers available, meaning hiring standards were not high, says Mostaeen Jouya, who focuses on education in Afghanistan for the World Bank ... "The Afghan government will not be able to provide for this increase unless the donor community comes forward to provide this difference," says Jouya with the World Bank. (Christian Science Monitor)
IMANI-Ghana and World Bank organise debate on subsidies Nov 14, 2009
org, World Bank Ghana Country Office, and the media to highlight the need for thorough, balanced and quality discussion of issues that would engage the public and policy makers. Participants agreed that subsidies were important to help sustain young domestic industries, make them more competitive and reduce prices of products to ensure affordability by the poor in society. (Ghana Web, Ghana)
Your 10 questions Nov 14, 2009
I would say the career high points would include working in the EPU (Economic Planning Unit) on the NEP (New Economic Policy) in the late 1960s and 1970s, working with NEAC during the financial crisis, becoming a visiting scholar at Harvard Institute of International Development for an academic year, working with the World Bank over a two-year period and as a research fellow at Centre for Research on Inequality, Security and Ethnicity, Oxford University. How do you keep yourself sane from all... (The Star Online, Malaysia -- Business)
Africa: Climate Change Boosts Need for Policies to Support African Farmers Nov 14, 2009
The World Bank is increasing its support for African agriculture, and so are the African Development Bank and the International Fund for Agricultural Development. However, one thing we have to get right: African development plans have to be developed on the continent. (allAfrica.com)
Business people Nov 14, 2009
She recently returned to Anchorage after spending one year in the Mexico City office, where she worked as a biologist responsible for World Bank environmental compliance reviews, environmental impact analysis and feasibility studies. Shaw returns from an eight-month deployment to Iraq, where he served with the U.S. Air Force Reserve at Kirkuk Regional Air Base. (Anchorage Daily News)
Rural Moroccan Rug Weavers Fight Recession Nov 14, 2009
While the World Bank estimate 00004000 s Moroccans make an average of $6 per day, in these arid hills south of the Atlas Mountains, that figure seems optimistic. Seated on the cement floor of a home where she raised seven children, Nid Lchguer said immediate needs have sometimes forced her to sell a finished carpet for as little as $40. (Newsmax)
Does business education have a future in Iraq? Nov 14, 2009
During the last two decades of the 20th Century, the World Bank, along with top U.S. business school faculty, was determined to re-create free market, American-style business education in emerging economies in Eastern Europe and Latin America (often referred to as the "Washington Consensus.") ... And, World Bank funding for these initiatives has dried up. (EurekAlert!)
Obama under fire on trade as Asia-Pac leaders meet Nov 14, 2009
Therefore protectionism is killing North American companies," he said at a pre-summit business forum. "So I think this has to do with the fact that the US government is under strong political pressure that really is not being counteracted from the political perspective" of the Obama administration. The US Congress has turned even more sour on free trade after the worst economic crisis since World War II. One landmark pact with South Korea is languishing and critics say the White House has done... (Channelnewsasia.com)
Chinese leader rejects protectionism Nov 14, 2009
Though he did not mention them by name, the World Bank and the International Monetary Fund have come under criticism for under-representing developing economies. The Chinese leader also promoted more trade within Asia and more domestic consumption in China -- a major focus of the nation's $586 billion economic stimulus package. (CNN -- International)
* Global recovery faces hurdles next year: World Bank Nov 14, 2009
Global recovery faces hurdles next year: World Bank ... The global economy faces serious hurdles next year, including large-scale unemployment in rich nations, asset bubbles and backsliding toward protectionism, the World Bank chief said yesterday ... The World Bank chief said that another little-mentioned risk was the specter of inflation in the Asia-Pacific region after central banks moved to open the tap of liquidity in the face of the crisis. (Taipei Times, Taiwan -- World Business)
Coordination needed to unwind stimulus Nov 14, 2009
World Bank chief Robert Zoellick told the Apec CEO Summit that consumer confidence was the key factor in deciding when to hand back to the private sector the primary role for stimulating growth. If you look at the US stimulus programme, and many other stimulus packages, a lot of the money actually comes in late 2009, the start of 2010. (The Star Online, Malaysia -- Business)
Unemployment in rich nations a danger to economic rebound: World Bank Nov 13, 2009
SINGAPORE: Large-scale unemployment is expected to continue in some of the world's developed countries and would endanger the economic rebound, China's Xinhua news agency reported quoting World Bank President Robert Zoellick as saying here Friday. The World Bank chief's comment came days after Washington announced that the unemployment rate hit 10 ... The World Bank chief also highlighted three other aspects of risks to the global recovery the handover of demand from public to private sectors,... (The Star Online, Malaysia)
7 Reasons why Ntim Must Be The Next NPP Chairman Nov 13, 2009
In order for the NPP to win the general election in 2012 the NPP needs to have great Numbers from their political world bank the Ashanti region. These numbers are all achievable with Stephen Ntim as their chairman. (Ghana Web, Ghana)
Nigeria: Hints of a new chapter Nov 13, 2009
Some new fad, perhaps, from the IMF or the World Bank. No; the picture of a beaming, youngish-looking man in a jumpsuit and bowler hat shows that this is all about the new state governor, Timipre Sylva. (The Economist)
Half of Africa's improved growth from ICT Nov 13, 2009
But serious gaps in infrastructure still exists in countries surveyed by the World Bank November 13, 2009 ... Market liberalisation has encouraged massive private investment in Africa's cellular networks, according to a report released yesterday by the World Bank ... The result was a major revolution in information and communications technology (ICT), which helped boost economic growth to an annual 4 percent between 2001 and 2005, the report on Africa's infrastructure by the World Bank said. (Business Report, South Africa)
Leaders warn against pulling stimulus too quickly Nov 13, 2009
World Bank President Robert Zoellick, also attending the conference, noted that among the greatest threats to recovery were protectionism, lack of private sector initiative, unemployment in the West and inflation. But the general consensus was the balance of global growth has shifted to Asia, with China, India and to some extent Indonesia leading as the global economy emerges from recession. (WCAX.com, VT)
Dollar Decline Too Powerful for Brazil, Korea as Currency Reserves Mount Nov 13, 2009
World Bank President said the recent fall of the dollar is a response to the currencys earlier rise and to market dynamics, giving the U.S. few near-term options for changing its course. The value of the dollar depends on confidence in dollar- denominated assets and also to the movements of other currencies, Zoellick told Asia-Pacific business leaders in Singapore today. (Bloomberg -- Latin America)
