Washington: We, the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, held our ninetieth meeting in Washington, D.C. on October 10, 2013 with Mr. Fernando Aportela, Deputy Minister of Finance and Public Credit of Mexico in the Chair; Mr. Karim Wissa of Egypt as First Vice-Chair; and Mr. Mohammad Safadi, Minister of Finance of Lebanon as Second Vice-Chair.
Khartoum: African finance and monetary officials from 50 countries have called on the World Bank and the International Monetary Fund to help African countries in the area of infrastructure and to assist eligible African countries address their debt arrears and gain full access to debt relief. After two days of meetings in Khartoum, the African Governors of the World Bank Group and the International Monetary Fund, issued the Khartoum Declaration calling on the World Bank Group to partner with other donors to establish a Single Infrastructure Project Preparation Facility for Africa to support large-scale transformational infrastructure projects and urged the IMF make sustained effort to encourage remaining countries to expeditiously submit their pledges on the gold sales windfall distribution to enhance Fund's concessional resources under the Poverty Reduction and Growth Trust (PRGT).
Nairobi: The latest World Bank review of policies and institutions in Sub-Saharan Africa shows an overall stable environment for growth and poverty reduction despite divergence across countries. The review is part of the annual World Bank Country Policy and Institutional Assessment (CPIA) that rates the performance of poor countries. Since 1980, CPIA ratings have been used to determine countries’ allocation of zero-interest financing under the International Development Association, the World Bank Group’s fund for the world’s poorest countries. The scores of 11 countries rose by 0.1 points or more, reflecting a strengthened policy agenda, and the indexes of another 12 countries declined by at least 0.1 points.
We, the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, held our eighty-ninth meeting in Washington, D.C. on April 18, 2013 with Mr. Luis Videgaray Caso, Secretary of Finance and Public Credit of Mexico in the Chair, Dr. Ashraf El-Araby, Minister of Planning and International Cooperation of Egypt as First Vice- Chair, and Mr. Alain Bifani, Director General of Finance of Lebanon as Second Vice-Chair.
New Delhi: Planning Commission Deputy Chairman Montek Singh Ahluwalia, on Wednesday, said that the G-20 countries should find ways for recapitalising multilateral development banks. He made this suggestion at an event organised by the Confederation of Indian Industry (CII). Various industry heads met to gather inputs in the run-up to St. Petersburg G-20 Summit Meeting to be held in September.
Johannesburg: Emerging market economies need to urgently think of ways and means to keep their growth rate up in order to cushion themselves against the harsh effects of the economic slowdown in the euro zone and the United States, a senior World Bank official said on Tuesday. Kaushik Basu, Senior Vice President and Chief Economist of the World Bank, told economists, academics, company executives and journalists in Johannesburg that in the global world a financial crisis in one country affects another country. "No matter how bad the global situation is, emerging markets must strive to do better," Basu said when delivering a lecture on emerging market economies in a changing world at the University of Witwatersrand Business School in Johannesburg.
New Delhi: BRICS nations - Brazil, Russia, India, China and South Africa - are likely to finalise the structure of a development bank that will fund infrastructure in the associate nations at the BRICS summit in Durban in March. The bank, however, may not start functioning before 2014 and is likely to have substantially less initial paid-up capital than the amount of $240 billion that is doing the rounds currently. Officials of BRICS countries are scheduled to meet in Pretoria, South Africa on January 10-11 to look at the viability and feasibility of setting up the bank.
Beijing: The World Bank Group and China have launched a new knowledge hub to improve development outcomes, aiming to spread practical knowledge from China’s successes in reducing poverty both within China as well as to other countries. Initially, the knowledge hub will help find environmentally friendly solutions to expand urban transport in China’s cities.
Fifty-two years after its creation, the International Development Association (IDA) is facing a watershed moment. Drastic changes in the supply of and demand for the World Bank’s concessional finance mean that IDA’s purpose, tools, and broader role within both the international aid system and the World Bank Group need to be reconsidered. Even under conservative assumptions, IDA will face a wave of likely client graduations over the next 10 to 15 years. Its client base will soon be much smaller, more fragile, and almost entirely African, creating major implications for its operational model, future replenishments, and its relationship with other multilateral development institutions.
Tokyo: India has voiced concern over the depleting financial resources of the World Bank, which it thinks could handicap the ability of the multilateral lender's fight against poverty. The issue assumes significance as emerging economies that are part of the BRICS (Brazil, Russia, India, China, South Africa) grouping have proposed a BRICS Development Bank as an alternative to the World Bank.