News from 2024
World Bank emphasizes youth empowerment initiatives in Africa
By Globe Banner | Jun 13, 2024
The population of young people aged 15-24 in Africa is projected to reach 500 million by 2080. This growing working-age population presents an opportunity to enhance economic growth and lead to greater prosperity for billions on the continent. However, this potential can only be realized if the population is healthy, educated, and skilled.
World Bank Group engages stakeholders in developing new partnership framework for Pakistan
By Globe Banner | Jun 13, 2024
The World Bank Group (WBG) has initiated stakeholder consultations in Pakistan as part of the development of a new Country Partnership Framework (CPF). The CPF is designed to outline key objectives and development results to support Pakistan in its efforts to reduce poverty and enhance shared prosperity.
World Bank approves $4 million grant for inclusive carbon credit program in Ghana
By Globe Banner | Jun 13, 2024
The World Bank and Solidaridad West Africa (SWA) have signed a grant agreement for a US$4 million project aimed at enhancing social inclusion in the Ghana Cocoa Forest Reducing Emissions from Deforestation and Forest Degradation (REDD+) Program (GCRP). The initiative will engage 20,000 farmers from 100 communities, including women, youth, migrant farmers, and persons with disabilities, to improve their participation in climate action and ensure equitable access to emissions reduction benefits.
Nigeria embarks on significant economic reforms amid rising poverty
By Globe Banner | Jun 13, 2024
“Naija no dey carry last” is a popular term in Nigeria that conveys the resilient and enterprising spirit of Nigerians. Despite this optimism, many Nigerians, especially the youth, have become less hopeful about Nigeria’s potential to stand tall as a giant nation due to its inability to accelerate economic progress.
Bangladesh advised on adopting comprehensive strategies for sustainable development
By Globe Banner | Jun 13, 2024
DHAKA, June 13, 2024 — To achieve its vision of becoming an Upper Middle-Income Country by 2031, Bangladesh will need to adopt green growth strategies. This approach can be realized through institutional strengthening, regulatory reforms, climate-responsive public and private finance, and an enabling policy framework, according to a new World Bank report launched today.
Argentina urged to diversify economy for sustained growth
By Globe Banner | Jun 13, 2024
Argentina, endowed with abundant natural resources and a well-educated workforce, holds significant potential for sustained and inclusive economic growth. The country is home to the world's second-largest lithium deposits, the second-largest gas reserves, and the fourth-largest petroleum reserves. Additionally, Argentina ranks third in global soybean production.
Canada pledges $200 million to World Bank's hybrid capital initiative
By Globe Banner | Jun 13, 2024
Canada Pledges US$200 Million to World Bank’s Hybrid Capital
World Bank's Africa Office guides policy reforms with timely research
By Globe Banner | Jun 13, 2024
The Office of the Chief Economist in the Africa Region provides guidance on strategic priorities and generates timely, relevant knowledge on policy and institutional reforms in Sub-Saharan Africa. It produces research articles and reports on pressing development issues, disseminates knowledge widely, provides inputs that enrich the World Bank’s work in African countries, and fosters a strong community of economists within the World Bank and on the continent to advance the region’s development.
DPP outlines post-MC13 strategy focusing on plastics pollution
By Globe Banner | Jun 13, 2024
Several coordinators of the Dialogue — Australia, China, Ecuador, and Morocco — welcomed Mongolia and Mozambique as new members of the DPP, nearing the milestone of reaching half of the WTO membership. Praising the strong engagement of members, they said the Dialogue is moving to a new phase and will focus its work on specific items to achieve concrete outcomes.
World Bank Group initiates stakeholder consultations in Pakistan
By Globe Banner | Jun 13, 2024
The World Bank Group (WBG) will conduct a series of consultative discussions and surveys throughout June and July 2024 to engage stakeholders in Pakistan. The purpose is to gather inputs on the country's development priorities.
Myanmar's economic outlook remains bleak amid ongoing conflicts
By Globe Banner | Jun 12, 2024
YANGON, June 12, 2024 — Myanmar’s economy continues to face significant challenges and growth is expected to remain feeble as conflict, macroeconomic instability, and dislocation constrain production, according to a new report.
World Bank supports reform in Ghana's energy sector with $260 million funding
By Globe Banner | Jun 12, 2024
WASHINGTON, June 12, 2024 – The World Bank has approved a $250 million credit from the International Development Association (IDA) and a $10 million grant from the Energy Sector Management Assistance Program for a four-year Ghana Energy Sector Recovery Program for Results (PforR). This initiative aims to support Ghana’s Energy Sector Recovery Programme (ESRP) by enhancing the financial viability of electricity distribution and increasing access to clean cooking solutions.
World Bank funds $30 million governance reform project in Liberia
By Globe Banner | Jun 12, 2024
WASHINGTON, June 12, 2024 – The World Bank approved financing for the Governance Reform and Accountability Transformation (GREAT) Project. This flagship project, funded by an International Development Association (IDA) credit of US$30 million, aims to enhance access to selected digitally provided public services, raise tax revenues, and improve the openness and accountability of institutions. It will also strengthen the use of country systems and sustainably build the capacity of civil servants to implement reform programs.
Government Procurement Committee addresses gender issues; reviews Albania's accession progress
By Globe Banner | Jun 12, 2024
Gender and Albania’s accession take centre stage at Government Procurement Committee
WTO DG Okonjo-Iweala welcomes President Assoumani of Comoros
By Globe Banner | Jun 12, 2024
President Assoumani and Director-General Okonjo-Iweala agreed that capacity-building support from the WTO and development partners, such as the World Bank, the African Development Bank, and the UN Trade and Development Agency (UNCTAD), is key to ensuring a successful post-accession strategy. They stated that the upcoming WTO Global Review of Aid for Trade on June 26-28 presents a good opportunity to engage with these and other institutional partners in preparing Comoros for WTO membership.
WTO conducts trade policy review for Iceland
By Globe Banner | Jun 12, 2024
The World Trade Organization (WTO) has released documents related to the Trade Policy Review of Iceland, conducted on June 12, 2024. The available documents include a Secretariat report and a Government report.
Senegal sees GDP growth amid declining inflation
By Globe Banner | Jun 12, 2024
Senegal's economy experienced growth in 2023, driven by the resilience of the primary sector. Real GDP growth is estimated at 4.3%, translating to 1.5% in per capita terms for the year. This marks a slight increase from the 3.8% growth rate recorded in 2022 and surpasses initial projections of 4.1%. Inflation, which had reached a peak of 9.7% in 2022, declined to 5.9%. Additionally, improvements in the current account deficit have bolstered international reserves.
Senegal's economic resilience highlighted amid political tensions
By Globe Banner | Jun 12, 2024
DAKAR, June 12, 2024 - According to the World Bank’s 2024 Economic Update for Senegal, economic growth in the country remained resilient in 2023 despite political tensions and persistent, albeit declining, inflation.
Blinken urges urgent action at humanitarian conference on Gaza
By Globe Banner | Jun 12, 2024
Secretary of State Antony J. Blinken addressed the "Call for Action: Urgent Humanitarian Response for Gaza" conference, expressing gratitude to King Abdullah, President El-Sisi, and Secretary-General Guterres for organizing the event.
Blinken discusses Gaza ceasefire with Jordan's King Abdullah II
By Globe Banner | Jun 12, 2024
Secretary of State Antony J. Blinken held a meeting with King Abdullah II of Jordan at the Dead Sea, as reported by Spokesperson Matthew Miller.