Jaitley meets WB President, eyes enhanced capital support
The Dollar Business Bureau The Finance Minister of India, Arun Jaitley, held a meeting with Jim Yong Kim, President, World Bank Group in Washington to look for innovative financing solutions as the country was eyeing the enhanced capital support from the Bank. “While discussing policy issues related to the World Bank Group, Finance Minister Arun Jaitley indicated India's strong support for capital increase and its readiness to take larger share than the dynamic formula would require,” the Finance Ministry said in a statement on Thursday. In his discussions with Jim Yong Kim, Jaitley stated that the World Bank Group should collectively work with member nations to look for innovative financing solutions. The finance minister arrived in Washington from Canada to attend the annual meeting of ...
Multiple risks threaten hard fought gains in many countries : WB
PTI Developing countries continue to struggle amidst sluggish global economy, the World Bank President said today and warned that multiple risks threaten hard-fought gains in many countries."Developing countries continue to struggle amidst a sluggish global economy. Many countries have been hit by falling commodity prices and stagnating global trade," the World Bank President Jim Yong Kim, told reporters at a news conference on the sidelines of the annual fall meeting of the International Monetary Fund and the World Bank."We now have the highest number of developing countries in recession since 2009, and we've been working to meet rising demands for assistance to help countries manage global challenges," he said, adding that the Bank is playing a strong counter-cyclical role in the ...
World Bank unanimously reappoints President Jim Yong Kim
The Dollar Business Bureau The World Bank has announced that it unanimously agreed to name Jim Yong Kim as President, World Bank for the second term. Kim was the only contender for the post and the process was criticised by World Bank staffers and campaigners as being dominated and run by the US. Announcing his candidature, the Bank extolled Kim’s achievements such as reducing the administrative costs by $400 million and reinvesting the saved money to support the Bank’s goals, setting a goal of eliminating global poverty by 2030 and an internal process of reorganising the running of the Bank to bring about better coordination among its employees. The last of the changes didn’t go well with the employees of the Bank who ...
World Bank lends support to Trade Facilitation Agreement
The Dollar Business Bureau | @TheDollarBiz World Bank Group President Jim Yong Kim speaking at Howard University in Washington DC on the need to reduce global inequality in October 2014 (Pic. source - World Bank) The World Banks has said that adoption of the Trade Facilitation Agreement (TFA) by members of the World Trade Organisation (WTO) will help reduce poverty in several developing countries, particularly those in Africa. Eradication of poverty by 2030 is one of the objectives of the World Bank and it sees TFA as a crucial factor in this endeavour. Jim Yong Kim, President, World Bank Group, said yesterday, “Trade is a critical component to ending poverty and boosting shared prosperity and we are pleased to work ...
