Globe Banner News
IMF completes first review under extended credit facility for Ethiopia
By Globe Banner | Oct 18, 2024
The International Monetary Fund (IMF) Executive Board has completed the first review of Ethiopia's 48-month Extended Credit Facility (ECF) arrangement. This decision enables an immediate disbursement of approximately US$340.7 million, aiding Ethiopia in meeting its balance of payments needs. With this development, total disbursements under the arrangement have reached about US$1.363 billion.
WTO supports trade-focused events at COP29 in Baku
By Globe Banner | Oct 18, 2024
The World Trade Organization (WTO) Secretariat will actively support trade-focused events at the upcoming COP29 conference in Baku. The Director-General is scheduled to participate in the World Leaders Climate Action Summit on November 12-13, along with several high-level events at the COP29 Trade and Investment House and other venues. During the conference, the Secretariat, along with its partners, plans to launch several publications.
IMF completes fifth review of Ukraine's extended fund facility
By Globe Banner | Oct 18, 2024
The International Monetary Fund (IMF) Executive Board has completed the fifth review of the Extended Fund Facility (EFF) arrangement for Ukraine, allowing the nation to access US$1.1 billion for budget support. This brings total disbursements under the program to US$8.7 billion. The 48-month EFF arrangement, which was approved on March 31, 2023, provides Ukraine with SDR 11.6 billion, equivalent to US$15.5 billion or about 577 percent of its quota.
Kingston waterfront redevelopment aims to enhance economy and community well-being
By Globe Banner | Oct 18, 2024
The World Bank and the Government of Jamaica have entered into a $12 million investment agreement aimed at revitalizing the Kingston waterfront. This initiative is expected to boost economic opportunities, improve quality of life, and attract private investments in Jamaica's capital.
World Bank plans extensive program at COP16 focusing on biodiversity
By Globe Banner | Oct 18, 2024
The World Bank has organized a series of events at the COP16 conference on biodiversity, scheduled to take place in Cali, Colombia from October 21 to November 1, 2024. The events will occur primarily in the Blue Zone and will follow Colombia time (COT - UTC/GMT -5 hours).
Pandemic Fund allocates $418M for global pandemic preparedness
By Globe Banner | Oct 18, 2024
The Pandemic Fund has approved $418 million in new grants to enhance pandemic preparedness in 40 countries across six regions. This marks the second round of funding, following a previous allocation of $128.89 million for five fast-tracked projects supporting ten countries affected by the mpox Public Health Emergency of International Concern. The total funding under this round amounts to $547 million, aiming to mobilize an additional $4 billion for pandemic prevention, preparedness, and response (PPR) investments.
WTO emphasizes youth role in promoting 'Trade for Peace' during Geneva event
By Globe Banner | Oct 18, 2024
The World Trade Organization (WTO) recently hosted an event focusing on the role of youth in promoting "Trade for Peace" in fragile states. Deputy Director-General Xiangchen Zhang emphasized the importance of young people in decision-making processes, stating, “The youth are not just the leaders of tomorrow; they are the change-makers of today.” He highlighted the WTO's Trade for Peace (T4P) Programme’s Future Leaders Initiative, which aims to empower youth as active agents of stability and prosperity.
World Bank approves $63M for post-hurricane recovery in St. Vincent & Grenadines
By Globe Banner | Oct 18, 2024
The World Bank has approved $63 million in financing to support recovery efforts in St. Vincent and the Grenadines after Hurricane Beryl caused widespread destruction in July 2024. The funding, provided by the International Development Association, aims to aid communities affected by the hurricane, which was the most powerful storm to hit the region since 1875.
IMF reaches staff-level agreement with Honduras after economic policy review
By Globe Banner | Oct 18, 2024
An International Monetary Fund (IMF) team, led by Ricardo Llaudes, visited Tegucigalpa, Honduras, from October 7 to 18, 2024. This visit was part of ongoing discussions that have been both in-person and virtual over recent months. At the conclusion of the visit, Mr. Llaudes issued a statement outlining the outcomes of their discussions.
World Bank boosts renewable energy projects in Haiti with $20 million grant
By Globe Banner | Oct 18, 2024
The World Bank has approved an additional $20 million in financing for the "Haiti: Renewable Energy for All Project." This funding, provided by the International Development Association, is intended to enhance renewable energy investments and improve electricity access across Haiti. The current state of Haiti's electricity sector presents a significant barrier to economic growth and effective emergency responses, with only 47.1 percent of the population having access to electricity as of 2021.
Small business group discusses global support strategies for MSMEs
By Globe Banner | Oct 18, 2024
The recent meeting focused on the significant role of business support organizations like the Enterprise Europe Network and the International Trade Centre. These entities assist small businesses in connecting with partners, facilitating exports to international markets, and leveraging opportunities from free trade agreements. The discussions highlighted how these organizations aid in the flow of information between public and private sectors, particularly benefiting small businesses by providing feedback and advisory services to access financing.
WTO seminar informs Latin American journalists on global trade challenges
By Globe Banner | Oct 18, 2024
The joint seminar organized by the Friedrich Ebert Stiftung (FES) and the World Trade Organization (WTO) for journalists from Latin America concluded recently. The event was opened by WTO Deputy Director-General Johanna Hill, who emphasized the importance of promoting knowledge and critical discussion on key issues for the future of global trade. She highlighted that these discussions are crucial in the current context marked by significant changes and challenges to the multilateral trading system.
Market access committee discusses strategies for resilient global supply chains
By Globe Banner | Oct 18, 2024
The Committee on Market Access recently held its third thematic session focused on supply chain resilience. The session was moderated by Mr. Iain Fifer from the United Kingdom, who highlighted the importance of trade data in understanding and improving supply chains. He pointed out challenges in obtaining reliable data and emphasized its role in decision-making.
Former chief of IRS - Criminal Investigations: Ex-U.S. government agent 'without a doubt, is being held captive in a Nigerian prison'
By Globe Banner | Oct 17, 2024
Former IRS Criminal Investigation Chief Richard Weber has expressed his belief in the innocence of his former colleague, Tigran Gambaryan. He claims that the Nigerian government is using Gambaryan to "get something" from his current employer, Binance. Weber shared these views during a podcast on October 3.
Women empowerment key for economic growth in South Asia
By Globe Banner | Oct 17, 2024
Across South Asia, stories of successful working women coexist with a troubling statistic: the region has one of the lowest female labor force participation rates globally. According to the World Bank’s latest South Asia Development Update: Women, Jobs and Growth, only 32 percent of working-age women are employed compared to 77 percent of men.
Economic outlook for Europe and Central Asia shows mixed results
By Globe Banner | Oct 17, 2024
Economic growth in the developing economies of Europe and Central Asia is projected to slow down to 3.3% in 2024, compared to 3.5% in 2023. This deceleration is largely attributed to economic slowdowns in the region's two largest economies, the Russian Federation and Türkiye. The primary drivers of growth are private consumption and supportive fiscal policies, though external demand remains weak due to sluggish economic growth among major trading partners like the European Union.
World Bank releases latest Nigeria Development Update
By Globe Banner | Oct 17, 2024
The Nigeria Development Update (NDU) is a biannual report series by the World Bank. The NDU evaluates recent economic and social developments and prospects in Nigeria, placing these within a longer-term and global context. It also offers an in-depth examination of selected economic and policy issues, as well as an analysis of Nigeria’s medium-term development challenges. The report targets a broad audience, including policymakers, business leaders, financial market participants, and analysts engaged in Nigeria's evolving economy.
International Development Association aids low-income nations through sustainable nature investments
By Globe Banner | Oct 17, 2024
In many low-income countries, nature serves as a path out of poverty. Sectors such as forestry, fishing, and ecotourism can create jobs, boost economies, and increase resilience to climate change if managed sustainably. However, these countries are also the most affected by the unprecedented loss of biodiversity today. The loss of just a few key ecosystem services could cost low-income countries 10% of their annual GDP by 2030. Many have begun to see recent development progress undermined by environmental degradation, pollution, and climate impacts.
World Bank predicts stable Albanian economy amid structural reform efforts
By Globe Banner | Oct 17, 2024
Albania's economic growth is projected to remain strong in 2024 at 3.3%, supported by private consumption, tourism, and construction. The World Bank's Western Balkans Regular Economic Report anticipates a slight acceleration to 3.4% in 2025.
World Bank reports progress on poverty reduction efforts in Tonga
By Globe Banner | Oct 17, 2024
The World Bank has released the Tonga Poverty and Equity Assessment, a report that examines poverty and inequality trends in Tonga from 2015 to 2021. The assessment, based on Household Income and Expenditure Surveys, provides insights into monetary poverty changes and offers future recommendations.