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Malawi faces economic hurdles amid drought; urgent reforms needed
By Globe Banner | Jul 25, 2024
LILONGWE, July 25, 2024 – A drought and an incomplete reform agenda are undermining prospects for a rapid economic recovery in Malawi. Economic growth in Malawi fell short of expectations in 2023 and is projected to remain subdued in 2024. While the implementation of planned macroeconomic and structural reforms is expected to boost GDP growth over the medium term, an El Niño-induced drought has worsened the near-term growth outlook. The drought has compounded longstanding macroeconomic imbalances, with large fiscal deficits, balance-of-payments challenges, unsustainable debt,...
Community efforts revive abandoned center near Valle Nuevo National Park
By Globe Banner | Jul 25, 2024
At the border of Valle Nuevo National Park in the Dominican Republic, an abandoned community center known as “Las Golondrinas” stands as a testament to unfulfilled aspirations. Named after the endemic bird species residing in the park, the center was built in 2010 to foster social connections and promote conservation efforts for Valle Nuevo National Park.
World Bank urges urgent reforms for Malawi's economic stability
By Globe Banner | Jul 25, 2024
Malawi's current economic challenges necessitate a blend of immediate response measures and urgent reforms to address longstanding macroeconomic imbalances, including persistent fiscal deficits, balance-of-payments issues, unsustainable debt, and price instability. These factors have significantly impacted the country's economy in recent years, according to the latest World Bank Malawi Economic Monitor (MEM).
Binance announces cryptocurrency investigation training in Sri Lanka
By Globe Banner | Jul 24, 2024
Binance announced that its Financial Crime Compliance team conducted a comprehensive cryptocurrency investigation training for Sri Lanka’s Financial Intelligence Unit and other key law enforcement agencies. The training session was held at the Central Bank of Sri Lanka's Training Center, and participants included officials from the Financial Intelligence Unit of Sri Lanka (FIU) and Sri Lanka Police departments.
World Bank highlights circular economy potential in Central Asia
By Globe Banner | Jul 24, 2024
The World Bank has released a new report titled "Circular Economy as an Opportunity for Central Asia," highlighting the potential benefits of adopting circular economy principles in the region. The report outlines three action plans focused on construction, agri-food, and urban management sectors, based on case studies from Kazakhstan and Uzbekistan.
US commits $667M; Germany pledges $54M towards pandemic fund goal
By Globe Banner | Jul 24, 2024
The United States has pledged up to $667 million and Germany has committed $54 million to the Pandemic Fund, aiming to raise at least $2 billion to address high demand from low- and middle-income countries. This announcement was made on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting in Rio de Janeiro.
World Bank commits as lead knowledge partner in G20 Global Alliance Against Hunger
By Globe Banner | Jul 24, 2024
Poverty and hunger are intertwined and impacted by many challenges that have far-reaching consequences if left unaddressed.
World Bank announces new initiatives targeting global hunger
By Globe Banner | Jul 24, 2024
The World Bank Group today unveiled a comprehensive package of initiatives to address urgent poverty and hunger, aiming to enable vulnerable populations to increase earnings, enhance resilience against climate shocks, and promote empowerment for women and girls.
World Bank announces new partnership framework with Cameroon focusing on jobs and service delivery
By Globe Banner | Jul 23, 2024
WASHINGTON, July 23, 2024 – The World Bank Group (WBG) has announced a new Country Partnership Framework (CPF) for Cameroon, focusing on creating more and better jobs and enhancing effective and inclusive service delivery institutions. This initiative will also pay special attention to climate and fragility issues.
Public Institutions Data and Analytics Global Unit enhances governance through strategic data initiatives
By Globe Banner | Jul 23, 2024
The Public Institutions Data and Analytics Global Unit is responsible for enhancing the use of data and analytics in governance and institutional topics. It provides strategic support for cross-cutting engagements with a focus on how data and evidence can improve the functioning of public institutions. The unit delivers on three main programs: global trends in governance, country-level data and analytics, and climate change and institutions, including the political economy of climate change.
World Bank partners with Japan on $2.76M project benefiting farmers
By Globe Banner | Jul 23, 2024
SAN SALVADOR, July 23, 2024—The World Bank, Japan, and El Salvador are collaborating on a project to improve market access, food security, and dietary diversity in the El Bálsamo mountain range in La Libertad department. This initiative will directly benefit 6,250 farming families and will be implemented by Catholic Relief Services (CRS) of El Salvador.
Trends show fragile states receive less climate adaptation funding
By Globe Banner | Jul 23, 2024
Global funds supporting climate adaptation are essential for low-income countries, particularly those experiencing fragility and conflict. Countries on the World Bank’s Fragile and Conflict-affected Situations (FCS) list are notably underserved in terms of adaptation finance from international funders. The scale and nature of this financing gap remain unclear, as does the allocation of adaptation finance across different fragile and conflict-affected settings.
World Bank reaffirms support to South Africa & Namibia amid developmental progress
By Globe Banner | Jul 23, 2024
A delegation of the World Bank Group’s (WBG) Board of Executive Directors (EDs) has noted South Africa’s and Namibia’s progress in achieving their development goals and reaffirmed the World Bank Group's commitment to providing support. The 11 EDs and Alternate EDs were hosted by the World Bank and International Finance Corporation (IFC) country offices during their visit from July 7-13.
Binance CEO on company's 7th anniversary: 'we continue to focus a lot on efforts on education, to work closely with regulators'
By Globe Banner | Jul 23, 2024
Binance CEO Richard Teng stated that the company will continue to prioritize education, collaboration with regulatory agencies, and supporting a balance between innovation and risk management in emerging fields such as artificial intelligence (AI). Teng shared his statement during a July 16 "ask me anything" (AMA) event on X celebrating the company's seventh anniversary.
World Bank notes steady progress but calls for continued reform in Ghana
By Globe Banner | Jul 22, 2024
ACCRA, July 22, 2024 - The World Bank’s 8th Economic Update for Ghana, titled "Strengthening Domestic Revenue Systems for Fiscal Sustainability," indicates that despite recent increases in exchange rate depreciation and slower-than-expected inflation reduction, Ghana’s economic indicators remain on track for 2024 and beyond.
Algeria moves up income classification amid modernization efforts
By Globe Banner | Jul 22, 2024
The most recent example of this was seen in the release of the World Bank's annual income classification report on July 1, 2024. Algeria was one of only four countries worldwide that moved across the threshold from a lower-middle-income to upper-middle-income classification. The remarkable aspect of this shift for Algeria is that it was primarily due to a modernization of systems to overhaul statistical capacity, which allowed a more accurate measure of the country’s GDP. While the Algerian economy grew by 4.1% in 2023, the main driver of the upward reclassification was a...
Binance CEO: Company collaborates 'with regulators and policymakers' on crypto frameworks
By Globe Banner | Jul 22, 2024
Richard Teng, the CEO of Binance, the largest cryptocurrency exchange in the world by trading volume, stated that the company collaborates with regulatory agencies and lawmakers globally to provide Web3 education and contribute to shaping crypto regulations. Teng shared his statement during a June 17 episode of the Bankless podcast.
Guilherme Nazar moves to Head of Latin America at Binance
By Globe Banner | Jul 20, 2024
Guilherme Nazar was recently named Head of Latin America at Binance. He was the General Manager of Binance Brazil at the time of his appointment, according to the company's July 15 news release.
Federal agencies seek comments on updated anti-money laundering rules
By Globe Banner | Jul 19, 2024
Four federal financial institution regulatory agencies have requested public comment on a proposal to update requirements for supervised institutions to establish, implement, and maintain effective anti-money laundering and countering the financing of terrorism (AML/CFT) programs. These amendments aim to align with changes proposed by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), stemming from the Anti-Money Laundering Act of 2020 (AML Act).
World Bank approves $21M for financial stability and climate resilience in Marshall Islands
By Globe Banner | Jul 19, 2024
The World Bank’s Board of Executive Directors has approved a new support package aimed at strengthening fiscal management and enhancing disaster and climate resilience in the Republic of the Marshall Islands (RMI). The initiative, valued at US$21 million in grants, seeks to address long-term challenges posed by climate change, population decline, and a limited private sector.