The World Bank
Recent News About The World Bank
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World Bank report on Nepal's progress towards fiscal federalism
Nepal's progression towards fiscal federalism and public financial management has been marked by a moderate pace, according to the World Bank’s Nepal Fiscal Federalism Update 2024. The country's legal and institutional reforms at provincial and local levels have continued, albeit not as swiftly as anticipated.
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World Bank Thailand announces youth economist contest for 2024
The World Bank Thailand has announced a contest aimed at young leaders and aspiring youth with a passion for development. The contest provides an opportunity to experience the work of a World Bank economist firsthand and contribute towards addressing some of Thailand's most pressing challenges.
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Benin's economic forecast: Adapting to climate change for sustainable growth
Economic growth in Benin is expected to stabilize at 6.2% between 2024 and 2026, with an average per capita growth of 3.5%. This projection is largely driven by investment and the expansion of the Glo-Djigbé Industrial Zone (GDIZ).
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IDA's pivotal role in the complex global aid architecture
Over the past 20 years, the global aid architecture has undergone significant transformation. Official financial flows (OFF) volume has seen a notable increase, particularly benefiting low-income countries. However, this shift has also led to a more complex and fragmented aid structure, with a noticeable decrease in concessional resources.
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World Bank projects Mongolia's economy to grow by 4.8% in 2024
Mongolia's economy is forecasted to grow by 4.8% in 2024, fueled by a thriving mining sector, robust private consumption, and fiscal expansion which counterbalance the agricultural sector's contraction due to severe climatic conditions. This projection comes from the World Bank's latest semi-annual Mongolia Economic Update.
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World Bank approves $30 million for Zanzibar's judicial modernization project
The World Bank has approved new financing aimed at enhancing access to justice, efficiency, and transparency of judicial services for the citizens of Zanzibar. This initiative builds on the government of Zanzibar's ongoing reforms that emphasize the importance of accountable and effective justice institutions and efficient procedures.
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World Bank extends $125 million emergency support to flood-hit Rio Grande do Sul
The World Bank is extending emergency support to the state of Rio Grande do Sul in Brazil, which has been severely affected by recent rains and floods. Approximately US$125 million (around R$625 million) from ongoing projects are immediately available for reallocation. The funds are sourced from the "Urban Resilience Program in Southern Brazil", "Revitalization Program for the Central Area of Porto Alegre", and "Support Program for the New Bolsa Família". Moreover, World Bank teams are offering technical assistance in damage assessment, resource prioritization, and fund...
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World Bank supports post-pandemic health-sector reform in East Asia and Pacific
The COVID-19 pandemic has highlighted the need for reform and investment in national health systems. In response, the World Bank is supporting post-pandemic health-sector changes, with a focus on expanding coverage, improving primary healthcare quality, and strengthening core public health functions. The organization is also preparing for potential future pandemics and working to enhance the efficiency of healthcare delivery and expenditures.
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New World Bank Country Director Appointed for Viet Nam, Cambodia, and Lao PDR
The World Bank has appointed Ms. Mariam Sherman as the new Country Director for Viet Nam, Cambodia, and Lao PDR, effective May 1, 2024.
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Sustained Recovery in Tunisia Requires Swift Action to Seize Opportunities
TUNIS, May 8, 2024 — Tunisia's economic recovery slowed in 2023, due to a severe drought, tight financing conditions and a modest pace of reform, leaving the country's growth below pre-COVID levels, and making it one of the slowest recoveries in the Middle East and North Africa region, according to the Spring 2024 edition of the World Bank's Economic Monitor for Tunisia.
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Maldives Development Update: Economic Challenges and Fiscal Reforms Ahead
The Maldives Development Update (MDU) has two main goals. First, it takes the pulse of the Maldivian economy by providing key developments over the past 12 months. Placing these in a global context, and based on these recent developments, it analyzes the outlook over the medium term. Second, every other edition of the MDU provides a more in-depth investigation of selected economic and policy issues. It has a wide audience including policymakers, policy analysts from think tanks or non-governmental organizations, and business and financial sector professionals interested in...
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Forests, Wetlands, and Landscapes to Restore in Armenia with World Bank Support
The World Bank’s Board of Executive Directors approved the RESILAND: Armenia Resilient Landscapes Project (RESILAND Armenia) on May 8, 2024, to help the government strengthen community engagement and improve the management of forests, wetlands, and protected areas in selected locations in Armenia. The project, supported by the Global Environment Facility (GEF) and co-financed by the Government of Sweden, aims to reinforce the institutional framework for sustainable landscape management, expand areas under sustainable management, mitigate forest fragmentation, increase tree...
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World Bank Vice President Engages with Pakistan on Development Strategies
World Bank Vice President Visits Pakistan, Agrees to Jointly Prepare an Ambitious and Focused New Country Partnership Framework
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Maldives Economy Facing Challenges, Urgent Fiscal Reforms Required for Stability
The Maldives economy is expected to grow by 4.7% in 2024, lower than previous estimates, reflecting a moderation in growth momentum. The outlook faces potential risks due to external and fiscal vulnerabilities, and increased debt risks could arise if fiscal reforms are not implemented, says the World Bank in its twice-a-year update.
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World Bank Expands Leadership in USD SOFR Market with Second Transaction of 2024
The World Bank (International Bank for Reconstruction and Development, IBRD, Aaa/AAA) announced on May 8, 2024, the pricing of a USD 1.5 billion Sustainable Development Bond linked to the Secured Overnight Financing Rate (SOFR), maturing on May 15, 2028. The transaction garnered significant interest from investors, resulting in an order book of nearly USD 2.1 billion.
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Global Sovereign Debt Roundtable fosters understanding on debt sustainability
The Global Sovereign Debt Roundtable (GSDR), a collaborative platform for debtor countries and creditors, aims to foster a shared understanding of debt sustainability and restructuring challenges. The GSDR seeks to develop strategies to effectively address these issues.
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Digitrans Project Aims to Boost Digitalization in European MSMEs
The European Union's dual digital and green transitions, as well as enhancing competitiveness of the EU economy, depend on the widespread adoption and productive use of digital tools by firms. While the COVID-19 pandemic accelerated digitalization among companies, the gap between the most and least digitalized firms has expanded, threatening the collective progress towards achieving these goals. With digital technologies becoming increasingly accessible, the key to successful digitalization lies in the capacity of firms to leverage technology for productive use.
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Nepal Fiscal Federalism Update
May 7 2024The Nepal Fiscal Federalism Update is produced by the World Bank Group annually to report on the progress of fiscal federalism in Nepal. According to the report, it identifies gaps between the vision of fiscal federalism laid out in the 2015 Constitution and the current state of play.The update is intended for a wide audience, including policy makers of all three tiers of government, business leaders, the community of analysts and professionals engaged in the fiscal federalism debate, and the general public.This report serves as a crucial tool...
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World Bank approves Kosovo health project with $20 million in funding
The World Bank's Board of Executive Directors approved today the Kosovo Comprehensive Approach to Health System Strengthening Project (KOMPAS), which aims to strengthen institutional capacity and governance for quality of care in the Kosovo health system.
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About the Digitrans Project
The completion of a dual, digital, and green transformation in the European Union and the increase in the productivity of EU companies will depend on the broad implementation and productive use of digital tools by enterprises. The COVID-19 pandemic accelerated the digitization of companies but also deepened the gap between the most and least digitized companies. From the perspective of the entire economy, this poses a threat to the successful transformation. In an environment where digital technologies are becoming increasingly available, the key to effective digitization is...