News from 2024
World Bank Group Introduces Resilience Rating System to Enhance Climate Resilience
By Globe Banner | Apr 25, 2024
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...
WTO reports significant increase in accession activity in annual report
By Globe Banner | Apr 25, 2024
Ambassador Eldiyor Toshmatov of Uzbekistan, along with other dignitaries, recently participated in an exchange with the Informal Group of Acceding Governments (IGAG). This marked the second interaction with the group since November 2021. The event followed MC13, where the accessions of Comoros and Timor-Leste were significant outcomes for the World Trade Organization (WTO) Membership.
Global Commodity Prices Level Off, Hurting Prospects for Lower Inflation
By Globe Banner | Apr 25, 2024
Global commodity prices are leveling off after a steep descent that played a decisive role in whittling down overall inflation last year, which could make it harder for central banks to cut interest rates quickly, according to the World Bank’s latest Commodity Markets Outlook. The report also finds that a major outbreak of conflict in the Middle East could halt the inflationary decline that has occurred over the past two years."Global inflation remains undefeated," said Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President. "A key force for...
DG Okonjo-Iweala addresses largest gathering of acceding governments at IGAG meeting
By Globe Banner | Apr 25, 2024
The Informal Group of Acceding Governments (IGAG) recently held a meeting, chaired by Ambassador Eldiyor Toshmatov of Uzbekistan and attended by the Director-General (DG) Okonjo-Iweala. This marked the second time DG Okonjo-Iweala has addressed the IGAG, following her initial meeting in November 2021. The participants included representatives from Azerbaijan, the Bahamas, Belarus, Bhutan, Bosnia and Herzegovina, Comoros, Curaçao, Equatorial Guinea, Ethiopia, Iran, Iraq, Libya, Serbia, South Sudan, Sudan, Timor-Leste, Turkmenistan and Uzbekistan. This assembly represented the...
WTO Workshop Reviews Technology Transfer Incentives under TRIPS Agreement
By Globe Banner | Apr 25, 2024
A workshop held by the World Trade Organization (WTO) recently allowed participants to assess the incentives for technology transfer under the TRIPS Agreement, focusing on the challenges and experiences of Least Developed Countries (LDCs) in utilizing technological advancements for economic development.During the workshop, WTO Deputy Director-General Johanna Hill highlighted the significant efforts made by developed members in submitting 318 reports since 2003, detailing actions related to technology transfer in accordance with Article 66.2 of the TRIPS Agreement....
Bending Bamboo Shoots: Strengthening Foundational Skills
By Globe Banner | Apr 25, 2024
On April 25, 2024, a report was released focusing on the economic developments and outlook of Malaysia, as well as the efforts in strengthening foundational skills within the country. The report highlighted key findings and recommendations for the future.In terms of economic developments, Malaysia is projected to experience a higher growth rate of 4.3 percent in 2024, following weaker-than-expected growth outcomes in the previous year. The report emphasized that domestic demand will continue to be the main growth driver, supported by a partial recovery of global demand...
High-level dialogue marks 30 years of TRIPS Agreement
By Globe Banner | Apr 25, 2024
The 30th anniversary of the TRIPS Agreement was commemorated with a high-level dialogue that brought together key stakeholders to reflect on the past, present, and future of international intellectual property (IP) rights. The event featured insightful remarks from prominent figures in the field.Director-General Okonjo-Iweala emphasized the enduring relevance of the TRIPS Agreement in promoting social and economic welfare through a balanced approach to intellectual property rights. She highlighted the pivotal role of the Agreement during the HIV/AIDS crisis, where access...
Interview with World Bank Country Manager Emanuel Salinas on Pension Reform in Albania
By Globe Banner | Apr 25, 2024
Apr 25 2024Emanuel Salinas, the World Bank Country Manager, recently discussed the ongoing pension reform efforts in Albania in an interview with Monitor magazine. Salinas provided insights into the collaborative work between the World Bank and Albanian authorities to address challenges in the public pension scheme.Salinas highlighted the World Bank's involvement in the process, stating, "The value adds we bring to the discussion is the use of our actuarial-based model to carry out long-run financial projections of the pension scheme and the international experience on...
E-commerce negotiators finalize “technical discussions” and outline next steps
By Globe Banner | Apr 25, 2024
E-commerce negotiators have completed their "technical discussions" and are now outlining the next steps towards concluding the negotiations. Ambassador James Baxter of Australia expressed satisfaction with the progress made, stating, "I think it's safe to say that as a group, we achieved our objective for the week of resolving all the technical issues required to move this negotiation to the final decision-making phase."Ambassador Hung Seng Tan of Singapore emphasized the significance of the negotiations, highlighting, "Members have participated actively, contributed...
Improving Early Education Essential to Improve Skills in Malaysia, Support Long-term Growth, World Bank Report Says
By Globe Banner | Apr 25, 2024
KUALA LUMPUR, April 25, 2024— Malaysia's long-term growth prospects hinge on enhancing its human capital through improving learning outcomes for children, as highlighted in the World Bank Malaysia Economic Monitor report titled “Bending Bamboo Shoots: Strengthening Foundational Skills” released today.According to Malaysia's Minister of the Economy Mohd Rafizi Ramli, addressing the dual challenge of economic growth and ensuring public well-being requires a focus on education as a pathway to productive employment. Minister Ramli emphasized, "In the long run, it's about...
Energy Transition Takes Center Stage at WTO Environment Committee Meeting
By Globe Banner | Apr 25, 2024
At a recent thematic session of the Committee on Trade and Environment (CTE), discussions centered around the topic of energy transition and its impact on climate adaptation and mitigation efforts. According to the report given by the United States and Kenya, who co-facilitated the session, participants gained valuable insights from experts during panels that explored various aspects of clean energy and trade-related climate measures."The first panel explored the trade landscape of rapidly evolving areas of clean energy, including hydrogen and wind energy," noted the...
World Bank Group announces funding commitments for new financial tools
By Globe Banner | Apr 25, 2024
The World Bank Group has announced that 11 nations have pledged a total of $11 billion to the Portfolio Guarantee Platform, hybrid capital mechanism, and the new Livable Planet Fund. These initiatives are designed to support sustainable development, tackle climate change, and foster shared prosperity in developing countries.
Healthmark Services Limited partners with JFCRx as supplier of pharmacy adherence technologies
By Globe Banner | Apr 24, 2024
Canadian pharmacies are set to enhance patient safety and adherence through the introduction of new automation equipment and software. This development is a result of a partnership between JFCRx and Healthmark Services Limited, as disclosed in a recent news release.
Members Review Anti-Dumping Actions and Regulations at First Biannual Meeting of 2024
By Globe Banner | Apr 24, 2024
Members of the Committee gathered for their first biannual meeting of 2024 to review anti-dumping actions and regulations. The Chair of the Committee, Mrs Ayşegül Şahinoğlu Yerdeş (Türkiye), presided over the discussions.During the meeting, the Committee reviewed notifications of legislation from various countries. The Chair urged members to promptly submit reports of actions and welcomed the extensive use of the anti-dumping portal for submissions.Questions were raised by several delegations regarding actions contained in the semi-annual reports submitted by multiple...
Nordic economies show mixed performance amid global resilience
By Globe Banner | Apr 24, 2024
The global economy is demonstrating resilience, with prospects for a soft landing appearing more likely.
South Africa Challenges EU Citrus Fruit Measures in WTO Dispute
By Globe Banner | Apr 24, 2024
South Africa has initiated a second dispute complaint against the European Union concerning its measures on citrus fruit imports. The issue at hand involves the EU's ban on importing South African citrus fruit affected by the fungus known as "citrus black spot."According to South Africa, the EU's import prohibition on citrus fruit impacted by citrus black spot may be in violation of the WTO's Agreement on Sanitary and Phytosanitary Measures. This marks the second time South Africa has raised concerns about the EU's import regulations on citrus fruit.The first dispute,...
U.S. Embassy seeks bids for shuttle transportation services in Turkmenistan
By Globe Banner | Apr 24, 2024
The United States Embassy in Turkmenistan has issued a request for quotations for shuttle transportation services, identified as PR12487982.
Trade Growth and Poverty Reduction Over 30 Years
By Globe Banner | Apr 24, 2024
---Global trade has experienced significant growth over the past three decades, resulting in positive impacts on poverty reduction and economic development. According to experts Barbara D’Andrea, Christophe Degain, Florian Eberth, Stela Rubínová, Monia Snoussi-Mimouni, and Ankai Xu, the signing of the Marrakesh Agreement Establishing the World Trade Organization in 1994 marked the beginning of a transformative period in global trade.The World Trade Organization, established as the successor to the General Agreement on Tariffs and Trade, has played a crucial role in...
Reforms and relief: How Somalia turned a page amid a global debt crisis
By Globe Banner | Apr 24, 2024
On April 24, 2024, it was reported that Somalia has made significant strides in implementing reforms with the backing of the international community. Despite facing obstacles from both domestic and external factors, the country has been able to rebuild its economy and state institutions.One of the key factors in Somalia's progress has been the support it has received from the international community. As stated in a report, "With support from the international community, Somalia has successfully implemented wide-ranging reforms aimed at rebuilding its economy and state...
IMF announces discussions with Sierra Leone on new credit facility
By Globe Banner | Apr 23, 2024
The International Monetary Fund (IMF) has reported that it held discussions with Sierra Leonean authorities regarding a new arrangement under the Extended Credit Facility (ECF). The focus of these talks was to gain an understanding of the authorities' development objectives and identify necessary reforms to achieve macroeconomic stability and ensure debt sustainability.