Tuesday, 18 June 2019

Tag Archives: World bank

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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Pak-India trade can touch $37b mark: World Bank

KARACHI: The World Bank has noted in its report that trade between Pakistan and India could increase to $37 billion from existing only 2 billion dollars if the two South Asian countries ready to reap the benefits of shared land borders. South Asian countries are yet to reap the benefits ...

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World Bank scraps plan to loan Tanzania $300mn

NAIROBI: The World Bank has scrapped a plan to loan Tanzania $300 million after the country reaffirmed its policy of banning pregnant girls from school and recently made it a crime to question official statistics, a bank official said on Wednesday. The Washington-based lender decided against presenting the education program ...

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US calls for separate trade agreements with Europe, Japan, UK

WASHINGTON: US officials announced negotiations for separate trade agreements with Britain, the European Union and Japan as part of efforts by President Donald Trump’s administration to rebalance global commerce. US Trade Representative Robert Lighthizer said the administration notified Congress of its intent to negotiate the three separate trade agreements. “We ...

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Ivanka Trump sat in for her father at G-20 summit

NEW YORK: Ivanka Trump briefly sat in for father, President Donald Trump, during the G-20 summit on Saturday after the president stepped out. The move caused a stir because usually government ministers or senior officials are the ones called to stand in for heads of state. A White House official ...

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