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Pandemic Fund launches strategic plan to bolster global health preparedness
By Globe Banner | May 28, 2024
Axel van Trotsenburg, Senior Managing Director at the World Bank, addressed the Pandemic Fund Ministerial Event at the World Health Assembly on May 28, 2024. In his remarks, he emphasized the importance of collective action and solidarity in addressing global health challenges.
Dominican Republic leads adaptive social protection systems against disasters
By Globe Banner | May 28, 2024
When Julia returned home after Hurricane Fiona passed in September 2022, she found a desolate scene. "The hurricane destroyed everything. It was a disaster," she recalls.
Emergency cash transfers aid Dominican women amid climate crises
By Globe Banner | May 28, 2024
"When Hurricane Fiona came, the river flooded our house," says Alexandra Hernández from Higüey, in the province of La Altagracia in the Dominican Republic. "We were in shock."
World Bank launches €80M safe transport initiative in Western Balkans
By Globe Banner | May 28, 2024
Safe and sustainable transport allows for the efficient movement of goods and people, which is crucial for economic activity. Improved transport infrastructure can lead to reduced production and distribution costs, increased trade and investment, and enhanced connectivity with other regions. As a result, businesses can access new markets, and consumers can benefit from a wider variety of products and services. This is particularly crucial for the small and open economies of the Western Balkans, where trade has played a significant role in driving growth and economic progress.
Vietnamese intergenerational self-help clubs aid elderly care amid rapid aging
By Globe Banner | May 28, 2024
Nguyen Thi Tuyen, a 78-year-old woman living with Parkinson’s Disease in Viet Nam’s Nghia Ninh commune in Quang Binh province, faces the challenges of living alone. “I have three children, but they have migrated to other places to earn their living and rarely visit me. I do not eat much and do not need much clothing. What I need more is medications for my disease and have someone to talk with and help me,” she says.
World Bank addresses reverse gender gap impacting Caribbean's socioeconomic landscape
By Globe Banner | May 28, 2024
Boys in the Caribbean are experiencing educational setbacks in what has been termed a "reverse gender gap," posing challenges to the region’s socioeconomic landscape. In Jamaica, for example, fewer boys and men attend upper secondary school and tertiary education, affecting the male population, particularly in rural and socioeconomically disadvantaged areas.
NCUA grants first provisional charter under new pilot initiative
By Globe Banner | May 28, 2024
The National Credit Union Administration (NCUA) has granted a federal charter and Share Insurance Fund coverage to Tribe Federal Credit Union in Minneapolis. This marks the first federal credit union to receive a charter under the NCUA’s provisional charter pilot initiative.
World Bank-backed project improves menstrual hygiene management in Ethiopian schools
By Globe Banner | May 28, 2024
Tesfanesh Eba, a 6th grade student at Lideta Limat school in Addis Ababa, recalls the previous arrangement of shared toilets for both male and female students. “The boys used the ones on the left and the girls used the ones on the right,” she says. This setup was particularly uncomfortable for girls during menstruation, leading many to stay home and miss school.
World Bank highlights role of Islamic finance in achieving sustainable development goals
By Globe Banner | May 27, 2024
Axel van Trotsenburg, the World Bank Senior Managing Director, addressed the Global Forum on Islamic Economics and Finance on May 27, 2024. He extended greetings to several dignitaries including Malaysian Prime Minister Dato’ Seri Anwar bin Ibrahim, Malaysia's Minister of Finance II Datuk Seri Amir Hamzah Azizan, Indonesia's Minister of Finance Sri Mulyani Indrawati, and Goksel Asan from Turkey.
Lebanon Poverty and Equity Assessment 2024 reveals impacts of prolonged economic crisis
By Globe Banner | May 24, 2024
The Lebanon Poverty and Equity Assessment 2024: Weathering a Protracted Crisis is an evidence-based diagnostic tool designed to identify and analyze recent shifts in poverty and inequality in Lebanon. The assessment utilizes data from the Lebanon Household Survey 2022/2023, the first household consumption survey conducted in Lebanon in the past decade. The survey was conducted by the World Bank (WB) in collaboration with the United Nations High Commissioner for Refugees (UNHCR) and the World Food Programme (WFP).
World Bank supports improved access to social services in Uzbekistan
By Globe Banner | May 24, 2024
The World Bank’s Board of Executive Directors has approved a $100 million concessional loan for Uzbekistan to implement the Innovative Social Protection System for Inclusion of Vulnerable People (INSON) Project. The initiative aims to enhance access to and the quality of social services for vulnerable populations in Uzbekistan.
Croatia collaborates with World Bank on public sector wage reform
By Globe Banner | May 24, 2024
In 2021, the Government of Croatia (GoC) committed to reforming its public sector wage-setting mechanism with the primary goal of making the system more equitable, transparent, internally consistent, and financially sustainable. This reform was a key element of Croatia’s National Recovery and Resilience Plan (NRRP), endorsed by the European Commission. The GoC recognized that the existing system was inequitable as not all similar jobs were paid equally. It also lacked transparency and clear rules for setting job complexity coefficients and supplements, as well as for job...
Syria's economy continues contraction as household welfare declines further
By Globe Banner | May 24, 2024
The World Bank has released two reports detailing the worsening economic situation in Syria and the significant decline in household welfare. The "Syria Economic Monitor Spring 2024: Conflict, Crises and the Collapse of Household Welfare" examines Syria's macroeconomic policy within the context of ongoing conflict and regional instability. The report includes findings from "The Welfare of Syrian Households after a Decade of Conflict," which assesses welfare changes from the pre-conflict period (2000-2010) to mid-2022.
Gambian economy shows resilience amid global challenges: World Bank report
By Globe Banner | May 24, 2024
Banjul, May 24, 2024 – The Gambia's economy has shown resilience amid global and regional uncertainties, according to The Gambia’s Fourth Economic Update – Spring 2024. Despite a sluggish global environment, the country's real GDP grew by 5.3% in 2023, signaling continued recovery from the COVID-19 pandemic and persistent external headwinds.
World Bank endorses new partnership framework with Togo
By Globe Banner | May 23, 2024
The World Bank Group (WBG) has endorsed a new Country Partnership Framework (CPF) for Togo, granted a special waiver for the country's access to the Prevention and Resilience Window, and approved three new loans from the International Development Association (IDA) totaling over $600 million. These measures aim to strengthen prevention and resilience, increase access to reliable electricity, improve public administration performance, and support refugees and host communities in northern Togo.
World Bank approves $30 million grant for social safety nets in Central African Republic
By Globe Banner | May 23, 2024
The World Bank has approved a $30 million grant from the International Development Association (IDA) to support the Adaptive and Productive Social Safety Nets Project in the Central African Republic (CAR). The initiative aims to enhance social protection for impoverished and vulnerable families in specific regions and improve the responsiveness of delivery systems to shocks.
Lebanon's poverty rate triples over decade amid prolonged crisis
By Globe Banner | May 23, 2024
Poverty in Lebanon has more than tripled over the past decade, reaching 44% of the total population, according to a new World Bank report released today. Based on a recent household survey covering the five governorates of Akkar, Beirut, Bekaa, North Lebanon and most of Mount Lebanon, the report finds that one out of every three Lebanese in these areas was poverty-stricken in 2022. This underscores the critical need to strengthen social safety nets and create jobs to help alleviate poverty and address widening inequality.
Cambodia's coordinated efforts bolster preparedness against future pandemics
By Globe Banner | May 23, 2024
When the World Health Organization declared COVID-19 a pandemic on March 11, 2020, few countries were prepared for the virus that was rapidly spreading across the globe. Cambodia was no exception. However, to its credit, the Ministry of Health responded swiftly with a COVID-19 National Action Plan that introduced measures to improve case detection and management and increase the availability of critical medical supplies and equipment. The action plan also initiated broader measures to strengthen Cambodia’s health system that today are providing a sure footing for Cambodia to...
Island nations aim for resilience through blue economy initiatives
By Globe Banner | May 23, 2024
Caught in the crosshairs of escalating global crises, Small Island Developing States (SIDS) will meet from May 27-30, 2024, with the international community to discuss ways to tackle issues including their vulnerability to climate change impacts, exposure to pollution, and economic headwinds.
World Bank approves $40 million project for job skill improvement in Cambodia
By Globe Banner | May 23, 2024
Approximately 33,000 Cambodians are expected to receive improved training and labor market services following the approval of a $40 million credit by the World Bank’s Board of Executive Directors on Thursday.