ISLAMABAD: Minister for Finance Shaukat Tarin has said the incumbent government has introduced reforms in various sectors, including housing and agriculture. In an interview with a private news channel, the Finance Minister said that the government is focusing on sustainable economic growth and empowering youth. He stated that the Kamyab Jawan Program, Health Card Scheme, … Read more
JOHANNESBURG: South Africa is the most unequal country in the world, with race playing a determining factor in a society where 10 per cent of the population owns more than 80 per cent of the wealth, a World Bank report said on Wednesday. “South Africa… is the most unequal country in the world, ranking first … Read more
The government will face a tough time in sustaining the poverty level on the back of higher fuel prices, the rupee depreciation and an increase in the electricity and gas tariffs on regular intervals. The latest poverty headcount based on the 2018/19 Household Economic Survey showed around 22 per cent of the estimated 227.9 million … Read more
WASHINGTON – The humanitarian crisis in Afghanistan has been worsening and it has left more than 20 million people desperate for assistance, as per the United Nations. After the Taliban took over the war torn country in August 2021, several countries around the world halted or cut the funding to Afghanistan. Hence, recently, the World … Read more
ISLAMABAD: Pakistan has signed agreements with the Saudi Fund for Development (SFD) for suspension of debt servicing of $846 million for six years under the G20’s Debt Service Suspension Initiative (DSSI). The total amount of Pakistan’s external debt that has been suspended and rescheduled under the DSSI framework is about $3.688 billion, covering the period … Read more
WASHINGTON: The World Bank on Tuesday announced more than $1 billion in humanitarian aid for Afghanistan, stating the money will go to UN agencies and international NGOs, while remaining “outside the control” of the country’s Taliban rulers. The reallocation from the Afghanistan Reconstruction Trust Fund (ARTF) follows the $280 million in ARTF funds disbursed last … Read more
Sadia Afrin has her eyes squarely set on her dream job. Afrin, who lives in Bangladesh, is combining a passion for graphic design, cartoons, and information technology in the hope of becoming a professional animator. Just one generation ago, this dream would have rested beyond the realm of possibility. Growing up, her father was a … Read more
The outbreak of Covid-19 pandemic and the restrictions imposed by the governments on the movement of the people and goods compelled the companies to shift towards innovative solutions by adopting high-tech business practices. Similarly, the Pakistan government also took several initiatives to shift towards the fast growing digitalisation by promoting e-commerce, teleconferencing, remote working, paperless … Read more
BEIRUT: Once the economy’s crown jewel, Lebanon’s banks are shutting branches and laying off employees in droves, resizing to the bleak reality of a crisis they are widely blamed for. Before the onset in 2019 of a financial collapse deemed one of the world’s worst since the 1850s by the World Bank, the small Mediterranean … Read more
KARACHI: Pakistan is facing a severe energy crisis that has affected all the sectors of the economy, with parts of the country experiencing unannounced hours long power outages on a daily basis. The country generates its power from an energy mix that includes oil, natural gas and liquefied natural gas (LNG), coal, renewable resources, including … Read more
We often hear that climate change disproportionately impacts the poor and the scenarios are worrisome. For example, climate change will lead to up to a 300 per cent increase in extreme poverty in Latin America and the Caribbean (LAC) by 2030. Beneath this alarming headline, we know that climate-related losses will fluctuate across time and … Read more
Federal Minister for Finance and Revenue Shaukat Tarin held a meeting with Country Director, World Bank, Najy Benhassine and his team at Finance Division here on Tuesday. The meeting reviewed the progress on the ongoing World Bank’s projects and programmes in Pakistan, according to press statement issued by the finance ministry. Read more: Abad urges govt … Read more
BEIJING: China’s GDP has expanded at 8.1 per cent in 2021, growing the fastest in nearly a decade and landing well above the government’s annual target of achieving a growth rate above 6 per cent. The robust expansion, which beats the market expectation and eclipses most of other major economies in two-year terms, spells out … Read more
JOHANNESBURG: The World Bank has approved a $750-million (660-million-euro) loan to support South Africa’s Covid response and to bolster the economic recovery from the pandemic, the Treasury said on Friday. In a statement, the Treasury said the loan aims at “protecting the poor and vulnerable from the adverse socioeconomic impacts of the pandemic and supporting … Read more
KARACHI: Housewife Maira Tayyab has considered begging for money to feed her family in inflation-hit Pakistan, while shop owner Mohammad Hanif finds his thoughts turning to crime. They’re too proud and honest to act on the impulse, but their woes are shared by millions of Pakistanis whose disgruntlement threatens Prime Minister Imran Khan’s chances of … Read more
WASHINGTON: The World Bank has approved $90 million in additional financing for Iran, to help fight against the Covid-19 pandemic, a spokesperson said Friday. The Washington-based development lender’s board of directors approved the aid on December 21, a World Bank spokesperson said, which “will be utilised only for procuring additional lifesaving, essential medical equipment to … Read more
WASHINGTON: The global economy is on track to grow by downwardly revised 4.1 per cent this year amid new waves of the pandemic, rising inflation and continued supply chain bottlenecks, the World Bank Group said in its latest Global Economic Prospects released on Tuesday. The global outlook is “clouded by various downside risks,” including renewed … Read more
YAOUNDÉ: The Africa Cup of Nations, kicking off Sunday in Cameroon after a delay over Covid concerns, is also posing major security, political and organisational challenges for the host nation. Some were fearing yet another postponement, with African football chief Patrice Motsepe saying late last month that the rapid spread of the Omicron variant in a country with … Read more
ISLAMABAD: Prime Minister Imran Khan has stressed the need to control global warming for our upcoming generations. The prime minister said this while speaking at an agreement signing ceremony held on Tuesday between Ministry of Climate Change and World Bank for the launch of “Green Stimulus – Turning Concept into Reality”. Under the agreement, the … Read more
KABUL, Dec. 29 (Xinhua) — The United Nations Children’s Fund (UNICEF) has provided medical supplies to over 1,000 health facilities in Afghanistan last month, the organization announced on Wednesday. “Over 1,000 health facilities were provided with medical supplies. These services are a lifeline for millions of children and mothers,” the agency wrote on social media … Read more
BEIRUT: Lebanon is mired in an economic crisis branded by the World Bank as one of the worst in modern times, but officials are yet to strike an international bailout deal. The financial meltdown began in 2019, and Lebanon defaulted on its debt last year. Politicians have failed to enact significant reforms to rescue the Mediterranean … Read more
The World Bank’s board of executive directors has approved $195 million in financing to support Pakistan in improving electricity distribution and implementing energy sector reforms to increase service quality for the consumers. The Electricity Distribution Efficiency Improvement Project (EDEIP) will help the distribution companies improve operations to manage the supply more efficiently and increase the … Read more
UNITED NATIONS: The UN Security Council on Wednesday unanimously adopted a US-proposed resolution to help humanitarian aid reach desperate Afghans, while seeking to keep funds out of Taliban hands. The resolution, a first step by the UN after months of wrangling over how to avert a humanitarian catastrophe amid economic meltdown in Afghanistan, was welcomed by … Read more
DHAKA — The World Bank has approved 500 million U.S. dollars to help Bangladesh expand and modernize the electricity distribution system and support the sustainable transformation of its electricity system. The “Electricity Distribution Modernization Program” will deliver improved electricity services to about 40 million people in Dhaka and Mymensingh Division in the northern part of … Read more
LAHORE: Board of Investment chairman Muhammad Azfar Ahsan has said that the government is giving due importance to local investors. Speaking at a meeting at the Lahore Chamber of Commerce and Industry (LCCI) on Monday, he said the satisfaction of local investors is key to attracting foreign investment. LCCI president Mian Nauman Kabir, senior vice president Mian Rehman … Read more
ISLAMABAD: The World Bank’s board of executive directors has approved $195 million in financing to support Pakistan in improving electricity distribution and implementing energy sector reforms to increase service quality for the consumers. The Electricity Distribution Efficiency Improvement Project (EDEIP) will help the distribution companies improve operations to manage the supply more efficiently and increase … Read more
JAKARTA: The World Bank has estimated that Indonesia’s economy would grow by 3.7 per cent in 2021 and by 5.2 per cent in 2022, if there would be no other severe waves of Covid-19 and the country’s vaccination rate continues to be high. The World Bank sees Indonesia’s economy continuing to recover with various sources … Read more
ISLAMABAD: Pakistan and Indonesia trade and goods agreement is being negotiated and is likely to be implemented soon for increased trade activities, a diplomat said. Preferential Trade Agreement (PTA) already exists between the two countries and the Free Trade Agreement (FTA) is also being reviewed, Indonesian Ambassador to Pakistan Adam Mulawarman Tugio said this, while … Read more
