World Bank-IMF meetings end with call for reformOctober 7th, 2009 ISTANBUL - The annual meeting of the World Bank and International Monetary Fund was formally concluded Wednesday in Istanbul with an appeal to nations to pursue reforms while dealing with the global economic crisis. In remarks wrapping up the conference attended by finance ministers, central bank governors and other top officials from 186 countries, plenary session chairman Nguyen Van Giau said further international cooperation was foreseen to master the problems.
World Bank's Zoellick warns of funding constraints by middle of next yearOctober 2nd, 2009 World Bank chief warns of funding constraintsISTANBUL — World Bank president Robert Zoellick warned Friday that the international lender could find money running tight within a year if crisis-driven demands on its funding keep up at their record pace and the richer countries fail to stump up more cash. Speaking to reporters before the start of annual meetings of the World Bank and International Monetary Fund annual meeting here, Zoellick said the World Bank deployed a record $33 billion in its fiscal year to June 2009 and is already on course to lend a further $40 billion this year.
At G20, India to pitch for reform of global financial bodiesSeptember 19th, 2009 NEW DELHI - India will make a pitch for reforms of world financial institutions and concrete steps to mitigate the global crisis when Prime Minister Manmohan Singh participates in the G20 summit of major and emerging economies in Pittsburgh Friday. India will focus on the need for reforms of global financial institutions to reflect ground economic realities as it exist today, Foreign Secretary Nirupama Rao told reporters here Saturday in a curtain-raiser briefing ahead of Manmohan Singh's two-day visit to Pittsburgh starting Thursday.
IMF head sees dawn of global recoverySeptember 17th, 2009 WASHINGTON - The world economy is beginning to turn around after its first recession in decades, the head of the International Monetary Fund (IMF) said Thursday. IMF Managing Director Dominique Strauss-Kahn said poor countries have done a better job than expected of weathering the global economic storm, but will still need massive aid to curb its worst effects.
G20 pledges to implement IMF reforms, fight protectionism (Night Lead)September 5th, 2009 LONDON - Finance ministers of the Group of 20 (G20) countries Saturday pledged to give India and other emerging economies a greater voice in the running of the International Monetary Fund (IMF) and other global financial institutions. In their final communiqu issued here after Sep 4-5 meetings of the group representing 80 percent of world GDP, the finance ministers pledged to implement reforms to the World Bank by Spring 2010 and the next IMF quota review by January 2011.
India has US backing on IMF reformsSeptember 5th, 2009 LONDON - The US has responded positively to a proposal to give India and other leading emerging economies a much greater say in the running of international financial architecture, a source privy to global ongoing discussions in London said. American Treasury Secretary Tim Geithner who attended the latter half of a meeting of the finance ministers of Brazil, Russia, India and China (BRIC) in London Friday was briefed on the BRIC demand for a seven percent shift in International Monetary Fund (IMF) quotas that determine a country's voting powers.
Report: African economic growth rate to halve amid global crisis; reforms to help reboundJuly 27th, 2009 African economic growth seen halving to 2.8 pctJOHANNESBURG — A new report says Africa has been "gravely affected" by the global economic downturn and that its growth rate will halve this year due to collapsing commodity prices and a decline in donor funding. The 2009 African Economic Outlook finds that after a decade of above 5 percent economic growth, the continent can expect only 2.8 percent in 2009.
World Bank spending at record levels during global crisisJuly 2nd, 2009 WASHINGTON - The World Bank Wednesday said it spent a record $58.8 billion on loans, grants, guarantees and social projects over the last year to help poor countries steer through a dramatic global recession. The development bank said its budget jumped 54 percent between July 2008 and June 30 from a year earlier and is now at the highest level in its 60-year history.
Russia faces GDP decline of 7.9 percent this year, World Bank saysJune 24th, 2009 World Bank: Russian economy to shrink 7.9 pctMOSCOW — Russia's economy will shrink by 7.9 percent this year, plunging millions of Russians into poverty and pushing the unemployment rate to 13 percent, the World Bank said Wednesday. The contraction in gross domestic product has been "much larger" than anticipated, and growth is unlikely to pick up even with buoyant oil prices this year, said Zeljko Bogetic, the World Bank's lead economist for Russia.
Poor economies to shrink as private investment plummets: World BankJune 22nd, 2009 WASHINGTON/SEOUL - Most developing economies will slip into recession this year amid a global financial crisis that has prompted wealthy investors to pull their money out of projects for the poor, the World Bank warned Monday. The developing world will grow 1.2 percent this year after growing 5.9 percent in 2008.
World Bank to hasten reforms to give more voice to developing worldApril 27th, 2009 WASHINGTON - The World Bank has agreed to accelerate reforms by its spring meeting in 2010 to give more voice to developing countries as demanded by India and other emerging economies. Urging donor nations to speed up delivery of pledged funds to help poor countries reeling from recessions rooted in rich nations, it said the economic nosedive is turning into a human and development 'calamity,' which already has driven more than 50 million people into extreme poverty this year.
World Bank: Nations should speed aid to poor countries hit by economic crisisApril 26th, 2009 World Bank: Nations should speed aid to poorWASHINGTON — The World Bank on Sunday urged donor nations to speed up delivery of the money they've already pledged — and to give even more — to help poor countries weather the steep global recession. The bank said developing countries face especially serious consequences as the financial and economic crisis turns into what it described as a "human and development calamity."
In a communique, the World Bank's policy steering committee said the crisis has already driven more than 50 million people into extreme poverty, particularly women and children.
World Bank warns of rising protectionism amid global recessionMarch 18th, 2009 WASHINGTON - The World Bank warned Tuesday that protectionism has been on the rise across the globe since the financial crisis plunged the world into recession, despite government promises to avoid moves that restrict global trade. The World Bank said it had identified 47 national measures that restrict trade since the financial crisis exploded in September.
Global economy set to shrink, India loses half a million jobsMarch 9th, 2009 WASHINGTON - With over half a million jobs lost in India alone in recent months, the World Bank predicts the global economy and global trade would both shrink this year for the first time since World War II. While the global economy is likely to grow at least 5 percentage points below potential in 2009, world trade is on track to record its largest decline in 80 years - with the sharpest losses in East Asia.
World Bank chief economist proposes new 'Marshal Plan'February 9th, 2009 WASHINGTON - World Bank's chief economist Justin Lin has called for the establishment of a $2-trillion Global Recovery Fund to help the low-income countries to cope with the current financial crisis. Lin, who proposed for the setting up of the massive fund Monday, said it was in 'the spirit of Marshall Plan for the development' that would help the low-income economies to invest in the bottleneck areas and achieve sustained growth.
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