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World Bank, Ukraine revising project portfolio

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

WORLD BANK 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

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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

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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 »

World Bank cuts growth forecast for Turkey in 2015 to 3% from 3.5%

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ANKARA: The World Bank cut its economic growth forecast for Turkey this year to 3% from 3.5%, and warned that restoring confidence through reforms was crucial to boost investment and increase the economy’s medium-term potential. The unexpected inventory buildup and a series of poor leading indicators suggest the current economic weakness is likely to be extended into the first half ... Read More »

Total global remittance flows to developing countries rise to $436 billion

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KATHMANDU:  The fall in oil prices did not negatively affect the amount of cash sent by workers to their home countries from the GCC last year, with total global remittance flows to developing countries rising to US$436 billion, according to a new report by the World Bank. The World Bank warned, however, that the outlook was “uncertain”, predicting that remittance ... Read More »

World Bank predicts India’s GDP growth at 8% till 2017

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NEW DELHI: World Bank has predicted a GDP growth rate of 8 percent for India by 2017 and said that economic growth would be accelerate in South Asia with positive oil prices. In India, GDP growth is expected to accelerate to 7.5 per cent in fiscal year 2015/16. It could reach 8 per cent in FY 2017/18, on the back ... Read More »

Bangladesh requires no budget support for upcoming fiscal year: World Bank

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DHAKA: World Bank thinks that Bangladesh will not require any budget support for upcoming fiscal year 2015-16. It is, therefore, uncertain whether the government will receive the Bank’s support in the next fiscal year’s budget. But the final decision regarding the matter will come at the spring meeting of the World Bank and International Monetary Fund in Washington DC in ... Read More »

World Bank mission calls on CM

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LAHORE: World Bank Mission led by Vincent Paul Med called on Punjab Chief Minister Muhammad Shahbaz Sharif, here today. Institutional reforms, expediting the pace of social development, increasing resources and improvement of governance were discussed during the meeting. Speaking on the occasion, Chief Minister said that institutional reforms are necessary for the provision of speedy facilities to the people. He said that Punjab government is introducing ... Read More »

Oil prices fell to 50% from June 2014, oil exporting countries could face a $125b revenue loss

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TRIPOLI: The over-50 percent decline in world oil prices from $115 a barrel in June 2014 to less than $60 today will have significant consequences for the economies of the Middle East, according to the World Bank. Its latest MENA Quarterly Economic Brief says that the oil-exporting countries of the GCC are in a much better position due to their ... Read More »