News by Globe Banner Reports

Yerevan, April 25, 2024 - The World Bank’s Board of Executive Directors has approved a Development Policy Operation (DPO) in the amount of $116 million equivalent for Armenia to enable reforms aimed at promoting green, resilient, and inclusive development. The DPO includes loan financing from the International Bank for Reconstruction and Development (IBRD) in the amount of EUR 92.3 million ($100 million equivalent) and a grant from the Global Concessional Financing Facility (GCFF) in the amount of $16 million."This development policy operation supports a package of...

Moldova to Benefit from Better Roads and Enhanced Border Crossings with World Bank Support

CHISINAU, April 29, 2024 — The World Bank’s Board of Executive Directors has approved a $105.98 million financing package for the Moldova Rural Connectivity Project (MRCP). This project aims to enhance road connectivity in rural communities, improve transit through border crossings with Romania, and strengthen crisis response capabilities in Moldova.The MRCP will focus on rehabilitating and upgrading approximately 95 km of three priority local roads with climate-resilient designs. These improvements will provide better connectivity to markets, schools, healthcare...

Persistent Gender Disparities Hinder Women's Safety and Productivity in Zimbabwe

In a recent assessment of gender-based violence (GBV) in Zimbabwe, it was revealed that a significant number of women in the country continue to face physical and sexual violence. According to the assessment, approximately 39.4% of women have experienced physical violence, while an estimated 11.6% have been victims of sexual violence.While Zimbabwe has made efforts to address GBV by implementing various laws and policies, there is still a need for more effective enforcement and legal frameworks to combat these issues. Eneida Fernandes, the World Bank Country Manager for...

African Leaders Unveil Bold Transformation Agenda at Summit, Backed by Powerful New Coalition

Leaders from across Africa gathered at a major summit in Nairobi to pledge ambitious economic reforms, with the International Development Association (IDA) at the forefront of their strategy. The summit aimed to improve lives and create new opportunities, with a focus on strengthening governance, unlocking private sector potential, and addressing climate change.President of Kenya, Dr. William Ruto, emphasized the urgency for change and the importance of stronger donor contributions to IDA21, stating, “Our people and we, the leaders of Africa, are impatient for change and...

Philip Morris faces SEC Whistleblower complaint, claims it bribed Argentina National Congress to tax tobacco rivals

By Globe Banner News Service | Apr 27, 2024

The CEO of an Argentinian cigarette maker has filed a whistleblower complaint with the U.S. Securities and Exchange Commssion, accusing Virginia-based tobacco giant Philip Morris of bribing members of that country's National Congress in order "to maintain a market monopoly and manipulate product pricing structures to the detriment of both public health and fair market competition."

Former Binance CEO: 'Words cannot explain how deeply I regret my choices'

Changpeng Zhao, commonly known as CZ, the co-founder and former CEO of cryptocurrency exchange Binance, expressed regret over his actions that violated the Bank Secrecy Act. In a letter filed in court on April 23 ahead of his sentencing on April 30, he stated that he would strive to live his life "in a manner that will make everyone proud."

Proposed Agenda Items for the Dispute Settlement Body Meeting on April 26, 2024

Items proposed for consideration at the next meeting of the Dispute Settlement Body on April 26, 2024 include a range of topics. According to the agenda, the meeting will focus on addressing various issues related to international disputes and trade.The proposed agenda items were highlighted in a recent announcement, with one of the key points being, "." This suggests that a significant discussion will be centered around this particular subject during the upcoming meeting.Furthermore, the meeting is scheduled to delve into specific matters with the intention of...

Lao Economic Monitor, April 2024: Accelerating Reforms for Growth

In the latest Lao Economic Monitor released on April 26, 2024, several key findings shed light on the current state of the country's economy. The report highlights various challenges and opportunities that Laos is facing as it strives for economic growth and stability.According to the report, economic growth in Laos remains below 2019 levels due to macroeconomic instability. The Gross Domestic Product (GDP) grew by 3.7% in 2023, with positive contributions from sectors such as tourism, transport, logistics, and mining. However, high inflation caused by the depreciation of...

World Bank Provides Additional Support to Malawi for Food Crisis Response

WASHINGTON, April 26, 2024 — The World Bank has announced additional support for Malawi to assist in the response to the severe food crisis affecting millions in the country. The support comes in the form of a quick-release of $57.6 million through the Catastrophe Deferred Drawdown Option (CAT-DDO), aimed at providing immediate liquidity to address the pressing food security situation exacerbated by El Niño conditions and a series of intense disaster events.According to Hugh Riddell, World Bank Country Manager for Malawi, "Malawi, together with the wider Southern Africa...

Members welcome appointment of facilitator for WTO dispute settlement reform talks

New facilitator of dispute settlement reform processThe Chair of the DSB, Ambassador Petter Ølberg of Norway, noted that on 18 April he communicated to members that Ambassador Usha Dwarka-Canabady of Mauritius had accepted the role of facilitator for the dispute settlement reform talks following the departure of Mr Marco Molina, the convenor of the informal dispute settlement reform process.The Chair said the new facilitator will report at each regular meeting of the General Council, and to the DSB, as appropriate. She will present a work plan and a timetable for the...

International Monetary Fund launches regional office in Riyadh, Saudi Arabia during regional conference

The International Monetary Fund (IMF) has announced the establishment of a new regional office in Riyadh, Saudi Arabia. The inaugural director of this office will be Abdoul Aziz Wane, a Senegal national with prior experience at the IMF.

Asian Development Bank commits $23.6 billion to climate action, sustainable development in 2023

The Asian Development Bank (ADB) pledged over $20 billion of its resources to aid Asia and the Pacific in sustainable development endeavors, as per its 2023 annual report. The report elaborates on how the bank assisted developing member countries in addressing issues such as the climate crisis, conflict impacts, food insecurity, and other challenges.

Asian Development Bank, Buskowitz Solar sign $12 million contract for clean, affordable solar energy in the Philippines

The Asian Development Bank (ADB) and Buskowitz Solar have entered into an agreement that is expected to significantly reduce carbon dioxide emissions while generating clean electricity. The project aims to cut 54,000 tons of CO2 emissions and produce 88 gigawatt-hours of clean electricity annually by focusing on solar energy for commercial and industrial consumers.

Under Secretary Marisa Lago speaks at 2024 U.S. Hispanic Chamber of Commerce Legislative Summit

In her keynote address at the 2024 Hispanic Chamber of Commerce Legislative Summit, Under Secretary of Commerce for International Trade Marisa Lago highlighted the work of The International Trade Association (ITA) in finding international partners for business owners, including those who are Hispanic-owned. Lago, representing the U.S. International Trade Administration, also discussed the ITA's efforts to liaise with foreign governments and U.S. companies operating overseas to eliminate trade barriers and advocate for transparent business practices.

World Bank Issues Cat Bond to Provide Financial Protection to Jamaica

The World Bank has once again entered the catastrophe (cat) bond market, this time providing financial protection to the Government of Jamaica against named storm events. Priced at US$150 million, the cat bond will offer insurance coverage to Jamaica for four hurricane seasons. According to the World Bank, Jamaica was the first small island state to independently sponsor a cat bond, highlighting the country's proactive approach to disaster risk financing.Dr. Nigel Clarke, Minister of Finance and the Public Service for the Government of Jamaica, expressed gratitude for the...

Growth and New Opportunities Follow Boost to Surinamese Small Businesses

Entrepreneurs in Suriname, many of them women, are breaking down barriers and growing their businesses thanks to the World Bank-financed initiative SURGE, which is providing crucial support to small and medium enterprises in the country.The SURGE project has already made a significant impact, assisting more than 200 firms in improving their business operations and granting funds to 130 enterprises, with 60 percent of them being women-owned. One of the success stories emerging from this initiative is Regina Wachter Wijmans, a former small-scale farmer whose life...

World Bank Group Introduces Resilience Rating System to Enhance Climate Resilience

The World Bank Group has introduced a Resilience Rating System (RRS) to enhance climate resilience in projects, offering guidance and criteria for assessing resilience along two dimensions of project design.The RRS, as described by the World Bank Group, is unique in its approach to evaluating resilience. It focuses on assessing the confidence that expected investment outcomes will be achieved despite climate and disaster risks, as well as the project's contribution to the resilience of beneficiaries and communities. Projects are rated on a scale from A+ to C for each...

Global Commodity Prices Level Off, Hurting Prospects for Lower Inflation