News published on Globe Banner in October 2024

Washington, DC – On October 23, 2024, World Bank Group President Ajay Banga delivered remarks at the "Agriculture and Food as an Engine of Sustainable Growth and Jobs" event during the 2024 World Bank Group Annual Meetings. Banga outlined a new strategic approach to agribusiness that leverages emerging shifts in agriculture to address global food demand projected to increase by 50 to 60 percent in the coming decades.

Global Sovereign Debt Roundtable reviews progress on debt restructuring

The Global Sovereign Debt Roundtable (GSDR) convened today in Washington, DC, to evaluate progress on enhancing debt restructuring processes and timelines. The discussions also focused on identifying priority areas for future work aimed at addressing debt vulnerabilities.

WhatsApp channel launched for U.S. citizens in Brazil

U.S. citizens residing in Brazil now have an additional way to receive important messages and alerts from the U.S. Embassy and Consulates through WhatsApp.

KfW report shows tougher credit conditions for German businesses

Banks in Germany have tightened their loan criteria for businesses during the third quarter, according to recent findings from the KfW ifo Credit Constraint Indicator.

Global economic outlook focus of ninth high-level RFA dialogue

The ninth High-level Regional Financing Arrangements (RFAs) Dialogue took place on October 23, 2024, in Washington, DC. The meeting occurred amid a global economic outlook that is improving yet remains fragile due to a complex geoeconomic environment and policy uncertainty. Recent volatility in global financial markets highlighted the necessity of a robust Global Financial Safety Net, which includes collaboration between the International Monetary Fund (IMF) and RFAs.

World Bank suggests taxing harmful products could benefit Brazil's low-income families

Brazil is considering a strategic approach to taxation that could enhance public health and government revenue, according to a new policy note from the World Bank. The focus is on taxing tobacco, alcohol, and sugary drinks to reduce mortality rates.

Report outlines pathways for coordinated global climate action

Five international organizations have released a comprehensive report aimed at promoting coordinated approaches to climate action, carbon pricing, and addressing policy spillovers. The Joint Task Force on Climate Action, Carbon Pricing, and Policy Spillovers presented the report titled "Working Together for Better Climate Action: Carbon Pricing, Policy Spillovers, and Global Climate Goals" on October 23 in Washington, DC. This task force was convened by the World Trade Organization (WTO) and included contributions from the International Monetary Fund (IMF), the Organization...

Attorneys general urge Biden to secure release of ex-federal agent from Nigeria: 'It is miraculous that he has managed to survive'

A bipartisan group of 18 state attorneys general has called on President Joe Biden and Secretary of State Antony Blinken to secure the release of Binance employee Tigran Gambaryan from a Nigerian prison. The attorneys general shared their statement in an October 18 letter.

World Bank's van Trotsenburg outlines four pillars for tackling climate crisis

Axel van Trotsenburg, Senior Managing Director, addressed the V20 Ministerial Dialogue XIII, emphasizing four key elements crucial to tackling the climate crisis and fostering sustainable growth. He began by highlighting the importance of solid national policies as foundational for building climate ambition. "They can set a clear direction of travel to redirect subsidies to be more effective," he stated.

IMF reaches staff-level agreement on reviews of Rwanda's financial arrangements

From October 7 to October 20, 2024, an International Monetary Fund (IMF) team led by Ruben Atoyan engaged in discussions with Rwandan authorities regarding the nation's policy priorities and reform progress. These discussions took place within the framework of the fourth reviews of Rwanda’s Policy Coordination Instrument (PCI) and Resilience and Sustainability Facility (RSF), along with the second review of the Stand-by Credit Facility (SCF) arrangement. The IMF Executive Board is expected to consider these reviews in December 2024. Following this review, Rwanda may access...

African Caucus meeting discusses strategies for strengthening Africa's economic resilience

On October 22, 2024, Mr. Wale Edun, Nigeria’s Minister of Finance and Chair of the African Caucus, alongside Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), released a statement following the conclusion of an African Caucus meeting in Washington, DC.

WTO hosts regional trade policy course in Saudi Arabia

The World Trade Organization (WTO) is currently conducting a regional trade policy course in Saudi Arabia. This initiative involves experts from the WTO Secretariat, regional institutions, and King Saud University who will share insights on various topics such as tariff schedules, agriculture, trade remedies, services, intellectual property rights, e-commerce, and fisheries subsidies. The course aims to foster collaboration and knowledge-sharing among participants.

G-24 addresses global economic concerns amid geopolitical tensions

The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24) recently convened in Washington, D.C., addressing several pressing global issues. The meeting, chaired by Ralph Recto from the Philippines, focused on humanitarian crises, economic stability, and multilateral cooperation.

Kuwait accepts fisheries subsidies agreement; joins other Arab nations in sustainable efforts

Kuwait has formally accepted the Agreement on Fisheries Subsidies, becoming the seventh Arab nation to do so. Director-General Okonjo-Iweala welcomed this move, stating that Kuwait's acceptance is a significant step towards sustainable marine fisheries and combating illegal fishing activities. She emphasized the importance of eliminating illegal, unreported, and unregulated (IUU) fishing to advance global food security.

World Bank launches global programs tackling major development issues

The World Bank Group has introduced a series of Global Challenge Programs (GCPs) designed to address significant development issues with increased efficiency and impact. These programs are a part of the Better Bank initiative, aiming to integrate public and private solutions to global challenges more effectively. The GCPs represent a strategic shift from minor adjustments to substantial innovation, targeting areas where the World Bank Group can make a notable difference.

World Bank highlights Panama's progress but stresses need for equity

Despite its status as a high-income country, Panama continues to grapple with significant inequality. The nation has made strides in reducing poverty and closing social gaps, yet challenges remain on the path to a more equitable society.

IMF board approves reforms reducing borrowing costs by $1.2 billion annually

The International Monetary Fund (IMF) Executive Board has concluded its review of charges and the surcharge policy, marking the first time these elements have been jointly assessed alongside commitment fees. This review is part of ongoing efforts to ensure that the IMF's lending policies are effective in supporting member countries amid global challenges.

Liechtenstein joins International Monetary Fund as its newest member

The Principality of Liechtenstein has officially joined the International Monetary Fund (IMF) as its 191st member. The membership was formalized when Prime Minister Daniel Risch signed the IMF's Articles of Agreement during a ceremony held in Washington, D.C., on October 21, 2024.

IMF reaches staff-level agreement with São Tomé for extended credit facility

The International Monetary Fund (IMF) has reached a staff-level agreement with São Tomé and Príncipe on an Extended Credit Facility (ECF) arrangement. This announcement follows discussions led by Slavi Slavov, the IMF Mission Chief for São Tomé and Príncipe, who visited the country from May 23 to June 5, 2024, and held subsequent virtual meetings.

Morocco-World Bank partnership strengthens one year after Marrakech Annual Meetings