In a report, JIS noted that World Bank President, Ajay Banga, has heaped high praises on Jamaica for its current economic health, saying that “your country has managed your macro situation very well.” “It is not the same for many developing countries, which took on a great deal of debt when interest rates were low, both international and domestic debt,” […]
Photo credit: World Bank Group Newly appointed president of the World Bank, Ajay Banga, says the entity is looking at opportunities to strengthen its relationship with Jamaica. Speaking with journalists at a site visit in Manchester, Mr. Banga said preliminary discussions have started with Finance Minister Dr. Nigel Clarke regarding possible areas of focus. “The most important thing that came […]
The World Bank says based on its estimates, inflation has already peaked in most counties. World Bank Deputy Chief Economist Ayhan Kose says that based on the current path, the increase in the cost of goods and services should regulate by 2024. “At the global level we saw quite high inflation, around nine per cent last year. That number has […]
According to press reports, the World Bank has warned that developing countries are to brace for higher food and commodity prices. It says the shrinking value of the currencies is driving up food and fuel prices, which could further deepen the food and energy crises. It noted that because of currency depreciations, almost 60 percent of oil-importing emerging-market and developing […]
Barbados Prime Minister Mia Mottley has called for a change in the operations of the World Bank. The Prime Minister has urged the World Bank to adopt a similar outlook to the International Monetary Fund (IMF) in how it treats with business in a changing global environment. Miss Mottley told a panel discussion that the World Bank is still a […]
The World Bank has warned against short-term policy decisions to tackle food insecurity. Ayhan Kose Director of the World Bank’s Prospects Group, says while food inflation has hit a record high, some policy directions could send economies into the red. Responding to the crisis with measures such as export bans, food, and fuel subsidies, and price controls should be avoided, […]
The World Bank Board has approved the financing of US$25 million for Grenada’s First Recovery and Resilience Programmatic Development Policy Credit. The World Bank says the COVID-19 pandemic caused massive socio-economic impacts, which are expected to exacerbate the pre-existing vulnerabilities of Grenada as a small island developing state. The financing is expected to help support Grenada’s recovery by promoting a […]
The International Monetary Fund (IMF) has approved $1.4 billion of emergency funding for Ukraine, as the country contends with the onslaught of Russian firepower in an unprovoked invasion. It comes as the IMF predicts Ukraine will see a deep recession this year. Earlier, the World Bank approved a $732 million financial package for Ukraine and is planning more economic assistance […]
The World Bank says global wealth has grown but at the expense of future prosperity and by exacerbating inequalities. The Washington-based financial institution, in its new Changing Wealth of Nations report released recently, noted that although total wealth has almost doubled in Latin America and the Caribbean over the last two decades, there are significant contrasts in the trends of […]
According to a new World Bank report, 4.7 million people have pushed out of the middle class and into vulnerability or poverty in Latin America and the Caribbean last year, thus reversing decades of social gains. The report notes the impact would have proved more dire if the effect of a massive, temporary social transfer program in Brazil is excluded […]
