Video PlayerClose CAIRO, Oct. 16 (Xinhua) -- The World Bank (WB) has agreed a new financing deal of three billion U.S. dollars with Egypt, Egyptian Investment Ministry said in a statement on Tuesday. The deal came in light of the WB's trust in the economic reform measures in Egypt and the bank's keenness to continue support for Egypt in implementing its current social and economic reform, Minister of Investment Sahar Nasr said. Egypt secured a loan of similar size in 2016 from the WB. WB Chief Executive Officer Kristalina Georgieva voiced support for the Egyptian efforts in the process of the economic and social transaction and for the government's steps in luring foreign investments. She stressed the bank gives priority for some sectors like developing Sinai Peninsula and the infrastructure, transportation and agricultural projects. In 2016, Egypt has started a strict three-year economic reform program based on austerity measures including fuel and energy subsidy cuts and tax hikes, … [Read more...] about Egypt reaches 3-bln-USD financing deal with World Bank
International monetary fund and world bank
Video PlayerClose MANILA, Oct. 4 (Xinhua) -- The World Bank downgraded on Thursday its economic growth prospects for the Philippines for 2018 to 6.5 percent from the earlier forecast of 6.7 percent amid slower-than-expected growth in the first six months of this year. The report named Philippine Economic Update released by the World Bank said that "heightened global market uncertainty and rising domestic inflation weighed on the Philippine economy in the first half of 2018." "The Philippines' economic growth outlook remains positive, yet downside risks have increased." the report pointed out. The report added that an expected slowdown in global trade in the medium term is likely to further dampen Philippine exports. Nevertheless, the report said baseline economic growth is projected at 6.5 percent in 2018, 6.7 percent in 2019, and 6.6 percent in 2020. The report also cautioned that persistent high domestic inflation could have a dampening effect on consumption and investment growth. … [Read more...] about World Bank downgrades Philippine economic outlook for 2018
Video PlayerClose RABAT, Oct. 14 (Xinhua) -- Morocco has been officially nominated as the host of the 2021 annual meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), Moroccan official MAP news agency reported on Sunday. WBG President Jim Yong Kim, IMF Managing Director Christine Lagarde and Morocco's Economy and Finance Minister Mohamed Benchaaboun signed an agreement on the hosting of the event Sunday following the end of the annual meetings of the two international institutions in Bali, the same source said. The 2021 edition will be an opportunity to highlight the structural reforms undertaken by Morocco as well as the various advances made by the kingdom, the source added. The IMF is confident in the capacity and potential of Morocco, a country that stands out with a plural identity and opens to the world, Lagarde was quoted as saying at the official signing ceremony. Last April, Morocco was chosen to host the 2021 edition of the WBG-IMF annual … [Read more...] about Morocco formally nominated host of IMF-World Bank 2021 annual meetings
Like many countries, the Greek government relies on borrowed money to balance its books. The recession has made this harder to achieve, because tax revenues are falling just as welfare payments start to rise. It doesn't help that, in Greece, tax evasion is commonplace and pension rights are unusually generous – but, to be fair, using public spending to even out the bumps of the global downturn is what most large developed economies are trying to do right now. Unfortunately, investors have lost confidence in the Greek government's ability to walk this tightrope – so they have been demanding ever higher rates of interest to compensate for the risk that they might not get their money back. The higher its borrowing costs, the harder it is for the Greek economy to grow itself out of trouble. Events began to spiral out of control when credit rating agencies downgraded Greek government debt to "junk" status, pushing the cost of borrowing so high that the country effectively had … [Read more...] about Greek debt crisis: how did the Greek economy get into such a mess?
SATARA, India (Reuters) - India’s dependency on cash may slow the country’s transition to digital payments despite large numbers of internet and mobile phone users. FILE PHOTO: A cashier checks Indian rupee notes inside a room at a fuel station in Ahmedabad, India, September 20, 2018. REUTERS/Amit Dave/File Photo For many citizens living in rural areas, cash is still the bedrock of daily existence because of a lack of facilities. Sudhir Shinde, a farmer from Satara district in India’s western state of Maharashtra says he withdraws more money from his bank than required as the money vending machine in his village has not been operational for months. “If I need money urgently, I must make a 32 kilometre (20 mile) trip to Satara town, which is not always possible,” said the 37-year-old sugarcane farmer Shinde, while buying fertilisers for his winter-sown crops. “I always keep money in hand assuming family emergencies like hospitalization or … [Read more...] about Love of cash hinders India’s move to digital economy