Wednesday, 16 October 2019

Tag Archives: World bank

World Bank cuts India’s growth projection to 6 per cent

NEW DELHI: The World Bank said that the India’s growth rate is projected to fall to 6 per cent after a deceleration of the economy in the initial quarters of this fiscal year. In 2018-19, the growth rate of India stood at 6.9 percent. Established in 1944, the five institutions ...

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World Bank to allocate $120m for Lebanon’s

BEIRUT: Lebanese Health Minister Jamil Jabak said Sunday that the World Bank has decided to allocate 120 million U.S. dollars to equip primary care centers and finance people’s medical needs in Lebanon, the National News Agency reported. “The World Bank will offer 120 million U.S. dollars to equip centers and ...

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Pakistan to pay gold mining firm $6bn fine

ISLAMABAD: Pakistan will have to pay almost $6 billion in damages to a foreign gold mining firm whose dig was shut down by the government in 2011, the World Bank said on Sunday. The consortium Tethyan Copper company – of which Canadian gold firm Barrick and Chile’s Antofagasta Minerals control 37.5 ...

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World Bank, Pakistan ink loan agreements worth $918 million

ISLAMABAD: Pakistan and World Bank on Tuesday signed loan agreements worth of $918 million that would help the country to raise revenue and reduce compliance cost with a goal of providing better services to the people. Secretary, Economic Affairs Division, Noor Ahmed signed the financing agreements on behalf of government ...

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Tanzania agrees $1.7bn financing deal with World Bank

DAR ES SALAAM: Tanzania has agreed a new $1.7 billion financing deal with the World Bank to fund various projects during fiscal year 2019/20, its finance ministry said. The agreement, which is comprised of low-interest loans and grants, includes a $400m loan for education and $300m for a poverty reduction ...

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IMF to block $400 Mn worth of Venezuelan funds until ‘govt recognition’

CARACAS: The international financial body froze Venezuela’s access to its money earlier in January. The International Monetary Fund announced Wednesday it will continue to block Venezuela’s access to approximately $400 million of special drawing rights until the “issue of government recognition” is clarified. The IMF and the World Bank have stated they are ready to move ...

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Pakistan’s GDP to slow down to 2.7 percent in FY20: World Bank

NEW YORK: Pakistan’s GDP growth is projected to decelerate to 3.4 percent in the fiscal year FY19 from 5.8 percent a year before, and to 2.7 percent in FY20, as fiscal and monetary policies are tightened to address macroeconomic imbalances, the World Bank said in a report. Domestic demand is ...

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World Bank offers Afghanistan $235 million

KABUL: The World Bank provided a grant of 235 million US dollars to Afghan government to support its efforts for development and stimulating growth in the country, Afghan Ministry of Finance reported on its website. Acting Minister of Finance Humayon Qayoumi and World Bank country director for Afghanistan Shubham Chaudhuri ...

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World Bank president to resign next month

WASHINGTON: The World Bank has confirmed a recent report on its current President Jim Yong Kim’s decision to resign, also naming an interim president. The World Bank has announced that Kristalina Georgieva will assume the role of interim president effective February 1. The organisation also confirmed that Jim Yong Kim ...

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Facebook secretly developing cryptocurrency for WhatsApp users

CALIFORNIA: Tech giant Facebook is secretly working on developing a cryptocurrency that will let users transfer money on WhatsApp. Initially it will be launched in India, people familiar with the matter say. Bloomberg reported that the company is developing a stablecoin – a type of digital currency pegged to the ...

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