President Joe Biden announced that Indian American Ajay Banga is uniquely equipped to lead the global institution at this critical moment.
Indian American Ajay Banga has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results, US President Joe Biden said in a statement.
Indus Waters Treaty: Following Islamabad's "intransigence" in resolving disputes, India has also sent a notice to Pakistan seeking a review and modification of the 62-year-old IWT for the management of cross-border rivers.
Pakistan's actions have adversely impinged on the provisions of IWT and their implementation, and forced India to issue an appropriate notice for modification of IWT, they said.
The World Bank report also noted that rising interest rates in developed economies like the United States and Europe will attract investment capital from poorer countries, thereby depriving them of crucial domestic investment.
Nirmala Sitharaman on subsidies: As an illustration, she said that by providing free LPG connections under the Pradhan Mantri Ujjwala Yojna over the last six years, the Indian Government has ensured that access to clean cooking methods has achieved near saturation for women in India.
Auguste-Tanoa-Kouame most recently served as the World Bank's Country Director for Turkey where he led the expansion of the bank's country programme and deepened its support to Ankara's climate agenda.
Indian Railways is the fourth-largest rail network in the world, transporting 1.2 billion tonnes of freight in the fiscal year ending March 2020.
In April, the World Bank had trimmed the forecast from 8.7 per cent to 8 per cent and now it is projected at 7.5 per cent. The GDP growth compares to an 8.7 per cent expansion in the previous 2021-22 fiscal.
Recent media reports have inaccurately stated that the World Bank is planning support for Sri Lanka in the form of a bridge loan or new loan commitments, among other incorrect assertions, the Bank said in a statement.
In her first public appearance before the Atlantic Council think-tank, the finance minister told a select group of Washington audience about how the people together with the Indian government successfully faced the challenge posed by COVID-19 and the subsequent lockdowns.
Russian forces launched military operations in Ukraine on February 24, three days after Moscow recognized Ukraine's breakaway regions - Donetsk and Luhansk - as independent entities.
High levels of non-performing loans and hidden debt impair access to credit, and "disproportionately" reduce access to finance for low-income households and small businesses, the report noted.
In order to provide evidence of continued progress towards the PDO as well as achievement of intermediate outcomes, the state government and the Bank have agreed on a set of Disbursement-Linked Indicators (DLIs).
In emerging and developing economies, growth is expected to drop from 6.3 per cent in 2021 to 4.6 per cent in 2022 and 4.4 per cent in 2023, the World Bank report stated.
Remittances to low and middle income countries are projected to have grown a strong 7.3 per cent to reach USD 589 billion in 2021, the bank said.
Noting that inequality is worsening across country groups, Malpass said per capita income in advanced economies is growing nearly 5 percent in 2021, compared to only 0.5 percent in low-income countries.
Finance Minister Nirmala Sitharaman has said that institutions such as United Nations, World Bank and International Monetary Fund will have to look at reforming themselves.
As part of official visit to the US, Nirmala Sitharaman will also address investors including large pension funds and private equity players and will invite them to participate in India's growth story.
To avail of the World Bank loan the state government will have to engage an Independent Verification Agency (IVA) that will verify the Disbursement Linked Results (DLR).
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