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Papua New Guinea Urged to Increase Investment in Education to Address Human Capital Crisis
By Globe Banner | May 1, 2024
Papua New Guinea is facing a critical human capital crisis, as highlighted in the May 2024 edition of the Papua New Guinea Economic Update by the World Bank. The report emphasizes the urgent need for more substantial investments in education to secure the country's long-term economic future.The Economic Update forecasts a positive outlook for Papua New Guinea's economy in 2024, despite a slowdown experienced in the previous year. However, the report underscores the importance of prioritizing education to ensure sustainable growth and development in the nation.A...
NCUA Announces Registration Open for 2024 Diversity, Equity, and Inclusion Summit
By Globe Banner | May 1, 2024
Registration is now open for the National Credit Union Administration’s fifth summit focused on diversity, equity, and inclusion, scheduled to take place from July 9 to 11, 2024, at the Hilton Minneapolis in Minneapolis, Minn. The event aims to provide a platform for stakeholders to address and promote DEI principles within the credit union system and the NCUA.Chairman Todd M. Harper emphasized the importance of participation in this year's Summit, stating, "I encourage all stakeholders to participate in this year’s Summit, deepen their commitment to DEI principles, and...
New World Bank Report Urges Ghana to Bolster Health System Resilience in Face of Climate Change
By Globe Banner | Apr 30, 2024
A new World Bank report released today highlights the urgent need for Ghana to strengthen its health system in response to the challenges posed by climate change. Titled Climate and Health Vulnerability Assessment (CHVA) for Ghana, the report emphasizes the risks and gaps in the country's health sector and offers recommendations for policy actions to enhance resilience.The report points out that climate change in Ghana is leading to extreme weather events such as floods and droughts, resulting in food insecurity, injuries, and the risk of death for 2 million people. It...
Powerful Coalition Launched to Drive African Development, Fueled by IDA
By Globe Banner | Apr 30, 2024
On April 29 in Nairobi, Kenya, African leaders and finance ministers gathered to discuss economic reforms aimed at accelerating the continent's development. The summit, co-hosted by Kenya and the World Bank, highlighted Africa's potential for growth and transformation.Dr. William Ruto, President of Kenya, expressed the urgency for change, stating, “Our people and we, the leaders of Africa, are impatient for change and we want to transform the continent at this moment of tremendous opportunities.”Sellah Bogonko, CEO of Jacob’s Ladder, emphasized the importance of...
Costa Rica and the World Bank Group Renew Partnership to Promote More Inclusive and Sustainable Economic Growth
By Globe Banner | Apr 30, 2024
WASHINGTON, D.C., April 30, 2024 – The World Bank Group (WBG) and Costa Rica have renewed their partnership through the endorsement of the Costa Rica Country Partnership Framework 2024–2028. According to Nogui Acosta, Costa Rica’s Minister of Finance, the new strategy aims to promote private sector-led economic growth, strengthen human capital, and build resilience to various challenges.Acosta stated, “The partnership between Costa Rica and the World Bank underscores our commitment to more broad-based, sustainable growth. To preserve the country’s social contract and...
The World Bank Reinforces Its Support for the Development of Resilient Tourism and Blue Economy in Cabo Verde
By Globe Banner | Apr 30, 2024
WASHINGTON, April 30, 2024 - Today, the World Bank has approved a credit from the International Development Association in the amount of $30 million for the Second Additional Financing of the Resilient Tourism and Blue Economy Development Project in Cabo Verde, increasing the overall value of this project, initially approved in May 2022, to $75 million.This new funding emphasizes the importance of tourism and its connections to the blue economy. Its main goal is to support Cabo Verde's overarching strategies for sustainable tourism and the blue economy, as outlined in the...
World Bank and ARTF Provide Additional Financing to the Afghanistan Community Resilience and Livelihoods Project
By Globe Banner | Apr 30, 2024
WASHINGTON, April 30, 2024—The World Bank’s Board of Executive Directors approved a $84 million grant from the International Development Association for the Afghanistan Community Resilience and Livelihoods Project, which complements $70 million in additional financing from the Afghanistan Resilience Trust Fund.Melinda Good, World Bank Country Director for Afghanistan, expressed, "In the past 18 months, the project has laid the foundation for an effective service delivery platform and operational model at scale for delivering jobs, providing essential services and assets,...
NEPAL: Government, Development Partners Launch Public Expenditure and Financial Accountability Assessments
By Globe Banner | Apr 30, 2024
Nepal has a robust legislative and institutional framework for public financial management, but further reforms are needed to strengthen fiscal and budget outcomes to support green, resilient, and inclusive development, as stated in the third Public Expenditure and Financial Accountability (PEFA) Performance Assessment Reports.During the launch of the PEFA reports, Honorable Barsha Man Pun, Minister of Finance, emphasized the importance of public financial management, stating, “Public financial management has the power to change people's lives and livelihoods.” Minister...
Lao Economic Growth Remains Subdued Says World Bank Report
By Globe Banner | Apr 30, 2024
Economic growth in the Lao People's Democratic Republic (PDR) has been below 2019 levels and is expected to continue at a slow pace in 2024, according to a report released by the World Bank. The report, titled "Accelerating Reforms for Growth," highlights various factors contributing to the subdued growth in the country.The World Bank stated that Lao GDP grew by 3.7% in 2023, with positive contributions from sectors such as tourism, transport, logistics, and mining. However, challenges such as economic instability, low worker skills, out-migration of labor, and a...
World Bank Supports Armenia’s Green, Inclusive and Sustainable Development
By Globe Banner | Apr 29, 2024
Yerevan, April 25, 2024 - The World Bank’s Board of Executive Directors has approved a Development Policy Operation (DPO) in the amount of $116 million equivalent for Armenia to enable reforms aimed at promoting green, resilient, and inclusive development. The DPO includes loan financing from the International Bank for Reconstruction and Development (IBRD) in the amount of EUR 92.3 million ($100 million equivalent) and a grant from the Global Concessional Financing Facility (GCFF) in the amount of $16 million."This development policy operation supports a package of...
Building inclusive and resilient schools in Honduras
By Globe Banner | Apr 29, 2024
Darlin Elvir Gonzalez, a resident of Comayagua, Honduras, expressed her satisfaction with the inclusive features of the newly reconstructed Marcelino Pineda Elementary School, where her son attends. She stated, "I am pleased that the newly reconstructed Marcelino Pineda Elementary School, which my son attends, has included accessible features, such as ramps."According to a World Bank Disability Inclusion report on Latin America and the Caribbean, the situation for persons with disabilities in Honduras is challenging, with almost seven in ten households with disabilities...
Moldova to Benefit from Better Roads and Enhanced Border Crossings with World Bank Support
By Globe Banner | Apr 29, 2024
CHISINAU, April 29, 2024 — The World Bank’s Board of Executive Directors has approved a $105.98 million financing package for the Moldova Rural Connectivity Project (MRCP). This project aims to enhance road connectivity in rural communities, improve transit through border crossings with Romania, and strengthen crisis response capabilities in Moldova.The MRCP will focus on rehabilitating and upgrading approximately 95 km of three priority local roads with climate-resilient designs. These improvements will provide better connectivity to markets, schools, healthcare...
Persistent Gender Disparities Hinder Women's Safety and Productivity in Zimbabwe
By Globe Banner | Apr 29, 2024
In a recent assessment of gender-based violence (GBV) in Zimbabwe, it was revealed that a significant number of women in the country continue to face physical and sexual violence. According to the assessment, approximately 39.4% of women have experienced physical violence, while an estimated 11.6% have been victims of sexual violence.While Zimbabwe has made efforts to address GBV by implementing various laws and policies, there is still a need for more effective enforcement and legal frameworks to combat these issues. Eneida Fernandes, the World Bank Country Manager for...
African Leaders Unveil Bold Transformation Agenda at Summit, Backed by Powerful New Coalition
By Globe Banner | Apr 29, 2024
Leaders from across Africa gathered at a major summit in Nairobi to pledge ambitious economic reforms, with the International Development Association (IDA) at the forefront of their strategy. The summit aimed to improve lives and create new opportunities, with a focus on strengthening governance, unlocking private sector potential, and addressing climate change.President of Kenya, Dr. William Ruto, emphasized the urgency for change and the importance of stronger donor contributions to IDA21, stating, “Our people and we, the leaders of Africa, are impatient for change and...
Former Binance CEO: 'Words cannot explain how deeply I regret my choices'
By Globe Banner | Apr 26, 2024
Changpeng Zhao, commonly known as CZ, the co-founder and former CEO of cryptocurrency exchange Binance, expressed regret over his actions that violated the Bank Secrecy Act. In a letter filed in court on April 23 ahead of his sentencing on April 30, he stated that he would strive to live his life "in a manner that will make everyone proud."
Lao Economic Monitor, April 2024: Accelerating Reforms for Growth
By Globe Banner | Apr 26, 2024
In the latest Lao Economic Monitor released on April 26, 2024, several key findings shed light on the current state of the country's economy. The report highlights various challenges and opportunities that Laos is facing as it strives for economic growth and stability.According to the report, economic growth in Laos remains below 2019 levels due to macroeconomic instability. The Gross Domestic Product (GDP) grew by 3.7% in 2023, with positive contributions from sectors such as tourism, transport, logistics, and mining. However, high inflation caused by the depreciation of...
Nordea responds to Danish FSA's decision on debt collection review
By Globe Banner | Apr 26, 2024
Nordea has received a follow-up decision from the Danish Financial Supervisory Authority (FSA) regarding previous orders related to errors in debt collection.
World Bank Provides Additional Support to Malawi for Food Crisis Response
By Globe Banner | Apr 26, 2024
WASHINGTON, April 26, 2024 — The World Bank has announced additional support for Malawi to assist in the response to the severe food crisis affecting millions in the country. The support comes in the form of a quick-release of $57.6 million through the Catastrophe Deferred Drawdown Option (CAT-DDO), aimed at providing immediate liquidity to address the pressing food security situation exacerbated by El Niño conditions and a series of intense disaster events.According to Hugh Riddell, World Bank Country Manager for Malawi, "Malawi, together with the wider Southern Africa...
Asian Development Bank commits $23.6 billion to climate action, sustainable development in 2023
By Globe Banner | Apr 25, 2024
The Asian Development Bank (ADB) pledged over $20 billion of its resources to aid Asia and the Pacific in sustainable development endeavors, as per its 2023 annual report. The report elaborates on how the bank assisted developing member countries in addressing issues such as the climate crisis, conflict impacts, food insecurity, and other challenges.
World Bank Issues Cat Bond to Provide Financial Protection to Jamaica
By Globe Banner | Apr 25, 2024
The World Bank has once again entered the catastrophe (cat) bond market, this time providing financial protection to the Government of Jamaica against named storm events. Priced at US$150 million, the cat bond will offer insurance coverage to Jamaica for four hurricane seasons. According to the World Bank, Jamaica was the first small island state to independently sponsor a cat bond, highlighting the country's proactive approach to disaster risk financing.Dr. Nigel Clarke, Minister of Finance and the Public Service for the Government of Jamaica, expressed gratitude for the...