News from May 2024
World Bank report on Nepal's progress towards fiscal federalism
By Globe Banner | May 13, 2024
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.
World Bank Thailand announces youth economist contest for 2024
By Globe Banner | May 13, 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.
US Embassy in Turkmenistan announces pre-solicitation notice for elevator maintenance
By Globe Banner | May 13, 2024
The Embassy of the United States in Turkmenistan has announced a pre-solicitation notice for elevator maintenance services under PR12561892.
Benin's economic forecast: Adapting to climate change for sustainable growth
By Globe Banner | May 13, 2024
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).
IDA's pivotal role in the complex global aid architecture
By Globe Banner | May 13, 2024
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.
Lao PDR formally accepts WTO's Agreement on Fisheries Subsidies
By Globe Banner | May 13, 2024
The Lao People's Democratic Republic (Lao PDR) has formally accepted the Agreement on Fisheries Subsidies, as confirmed by Director-General Okonjo-Iweala and Ambassador Keomany.
NCUA Chairman Harper announces temporary leave for back surgery
By Globe Banner | May 13, 2024
On May 13, 2024, Todd M. Harper, Chairman of the National Credit Union Administration (NCUA), announced that he will be temporarily stepping away from his daily duties to undergo and recover from back surgery. In a message to the agency's employees, Harper said, “Many of you have likely heard me say on several occasions that if you don’t take care of yourself, you can’t take care of others."
Binance CEO: Nigerian government's detention of employee sets 'a dangerous new precedent for all companies worldwide'
By Globe Banner | May 13, 2024
Binance CEO, Richard Teng, has stated that the Nigerian government's invitation to Binance's Head of Financial Crime Compliance, Tigran Gambaryan, for policy meetings only to later detain him, has set a "dangerous new precedent" for all members of the global business community. Teng made this statement in a post on May 7 about Gambaryan, who has been held in Nigeria since February 26.
Binance delivers law enforcement training in El Salvador to help authorities combat local crime
By Globe Banner | May 12, 2024
Binance, a leading cryptocurrency exchange, recently conducted a training session in El Salvador. The session aimed to equip investigators and legal staff from various agencies with tools to combat local crime. This initiative is part of Binance's broader effort to extend its Law Enforcement Training Program across Latin America.
International Monetary Fund staff reach agreements with Cabo Verde on fourth review under extended credit facility, first review under resilience and sustainability facility
By Globe Banner | May 12, 2024
Following a recent visit to Praia, Cabo Verde, a team from the International Monetary Fund (IMF) and local authorities have reached an agreement. This follows the country's fourth review under the Extended Credit Facility (ECF) and a first review under the Resilience and Sustainability Facility (RSF). Both of these programs offer support to the government in distinct ways.
Binance assists Netherlands authorities in $30M+ ZKasino fraud investigation
By Globe Banner | May 12, 2024
Binance has reported that its compliance procedures and controls played a pivotal role in the arrest of a user who allegedly used the platform for illegal activities. The Fiscal Information and Investigation Service (FIOD) in the Netherlands apprehended a 26-year-old man last month on charges of fraud, embezzlement, and money laundering.
Argentinan legislator claims tobacco tax vote count was miscalculated
By Kate Sarmiento | May 11, 2024
A member of the Argentine National Congress says leaders of its lower chamber miscounted a vote on a measure to raise tobacco taxes in the country, certifiying it as having passed, when it actually didn't.
World Bank projects Mongolia's economy to grow by 4.8% in 2024
By Globe Banner | May 10, 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.
World Bank approves $30 million for Zanzibar's judicial modernization project
By Globe Banner | May 10, 2024
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.
World Bank extends $125 million emergency support to flood-hit Rio Grande do Sul
By Globe Banner | May 10, 2024
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...
World Bank supports post-pandemic health-sector reform in East Asia and Pacific
By Globe Banner | May 9, 2024
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.
New World Bank Country Director Appointed for Viet Nam, Cambodia, and Lao PDR
By Globe Banner | May 9, 2024
The World Bank has appointed Ms. Mariam Sherman as the new Country Director for Viet Nam, Cambodia, and Lao PDR, effective May 1, 2024.
Black & Veatch: ‘Asia Pacific must identify and adopt low-carbon technologies to reduce carbon emissions’
By Globe Banner | May 9, 2024
Black & Veatch, a global leader in engineering, procurement and construction services, will be discussing a variety of strategies that the Asia Pacific region needs to adopt to accelerate its energy transition. The company plans to delve into potential energy assets and systems that could aid the region in its quest for decarbonization.
Sustained Recovery in Tunisia Requires Swift Action to Seize Opportunities
By Globe Banner | May 8, 2024
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.
Maldives Development Update: Economic Challenges and Fiscal Reforms Ahead
By Globe Banner | May 8, 2024
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...