World Bank

World Bank chief confident of Chinese growth target 0

Jim Yong KimSource: The Star

China should hit its gross domestic product growth target of 7.5% this year, World Bank group president Kim Jim Yong said yesterday.

But he warned that rising interest rates in emerging markets in response to reports that the United States was preparing to scale back its quantitative easing (QE) programme showed that significant risk remained. More…

PH needs 14.6m new jobs, says World Bank 0

worldbankSource: Manila Standard Today

The Philippines needs to generate 14.6 million good jobs by 2016 to uplift the economic status of jobless and underemployed Filipinos as well as new job seekers, the World Bank said Friday.

The World Bank said good jobs should be generated for 3 million unemployed Filipinos, 7 million underemployed individuals and around 1.15 million potential entrants to the labor force annually from 2013 to 2016. More…

Burma govt denies reports that it holds $11B in Singaporean banks 0

Boat manoeuvres in front of skyscrapers of Marina Bay Financial Centre in SingaporeSource: The Irrawaddy

Burma’s government on Thursday denied reports that it holds up to US$11 billion worth of foreign reserves in several bank accounts in Singapore.

The figure was first mentioned by an independent financial researcher, who said that World Bank and Asian Development Bank (ADB) officials had provided him with estimates of Buma’s overseas reserves. More…

Govt to seek WB funds to fix crunch in state banks 0

A money vendor displays crisp Bangladeshi taka notes of different denominations in DhakaSource: The Daily Star

The government will seek financial assistance from the World Bank to help the state banks meet a huge capital shortfall that stemmed from years of bad governance.

The WB finds four state banks have a capital deficit of Tk 17,600 crore ($2.2 billion), while Bangladesh Bank sees the figure at Tk 10,340 crore as of June 30. More…

World Bank is ready to allocate $ 45 mln to finance rehabilitation of the international transport corridor Osh-Isfana 0

worldbankSource: Kabar

First Vice Prime Minister of Kyrgyzstan Djoomart Otorbaev met with World Bank Country Director for Central Asia Saroj Kumar Jha on Friday September 6.

According to the governmental press service, during the meeting the sides discussed issues of mutual cooperation. Thus, the special attention was paid to the road map on reforming of state governing in Kyrgyzstan with the support of the World Bank. More…

IFC supports Bank Republic to increase mortgage lending in Georgia 0

ec_1_ifc1Source: The Messenger

IFC, a member of the World Bank Group, is supporting Bank Republic, a Georgian subsidiary of Societe Generale Group, to increase mortgage lending in Georgia and broaden access to high quality banking services and products. More…

Afghanistan, WB sign $50m agreement 0

worldbankSource: Bakhtar News

Afghanistan has signed a grant costing 50 million US dollar with World Bank for strengthening of economy and financial stability.

Afghanistan Ministry of Finance and World Bank on Wednesday signed a grant agreement costing 50 million US dollar for the purpose of Afghan efforts for economic improvement and financial stability. More…

World Bank allocates $25,000,000 to Kyrgyzstan 0

By Darya Sytenkova

The World Bank allocated to Kyrgyzstan $25,000,000, press service of the Kyrgyz Ministry of Finance informed.

Financing agreement was signed by the Kyrgyz Minister of Finance Olga Lavrova and the World Bank Regional Director for Central Asia Saroj Kumar Jha. More…

World Bank to loan US$ 260 million to Myanmar 0

myanmarSource: Eleven Myanmar

World Bank Group will lend a total of US$261.5 million to Myanmar for infrastructural projects, according to the President Thein Sein.

Myanmar cleared its decades-old debts to World Bank with the help of a bridge loan from Japan Bank for International Cooperation in January. More…

Pakistan to get $12b in next 3 years: Dar 0

Pakistan-flagSource: The Nation

Finance Minister Senator Ishaq Dar on Monday claimed that Pakistan would receive $12b in next three years from different International Financial Institutions (IFIs) in different packages that would help Islamabad in repaying loan to lenders.

Finance Minister expressed hope that Pakistan would not face any problem in repaying previous loans, as country would receive $12 billion from IFIs like International Monetary Fund (IMF), World Bank (WB), Asian Development Bank (ADB), and Islamic Development Bank (IDB) in next three years. “Pakistan held talks with these IFIs during last few weeks”, he added. More…