World Bank hopes China will boost donations to finance poorest countries

World Bank president David Malpass said he hoped China would increase its donation to the International Development Association’s fund for the poorest countries. Malpass told the Bretton Woods Project, a UK-based watchdog group, that he is reaching out to China, Russia, Turkey, Britain and other donor countries as the bank wants some $100 billion for … Read more

IMF backs Georgieva after World Bank data fraud scandal | Business and economic news

The board of directors of the International Monetary Fund (IMF) has expressed full confidence in managing director Kristalina Georgieva after studying allegations she has pressured. World Bank staff in her previous job to change data in favor of China. But United States Treasury Secretary Janet Yellen informed Georgieva that she would closely monitor the IMF’s … Read more

The IMF expresses “complete confidence” in the leadership of Kristalina Georgieva

Kristalina Georgieva, Managing Director of the International Monetary Fund, is speaking at a press conference on March 4, 2020 in Washington DC. Liu Ji | Xinhua | Getty Images The International Monetary Fund (IMF) has decided to retain Kristalina Georgieva as managing director, despite allegations that China influenced the report while at the World Bank. … Read more

The ancient capital of Senegal on the front line against the rising sea

With its unique layout surrounded by water, Saint-Louis is on the front line against rising sea levels and coastal erosion In the northern Senegalese town of Saint-Louis, excavators are ripping open the beach to lay giant blocks of basalt in an 11-hour effort to keep the sea at bay. When the work is done, a … Read more

‘Simply false’: IMF’s Georgieva pushes back on World Bank investigation | Banks News

‘Simply false’: IMF’s Georgieva pushes back on World Bank investigation |  Banks News

The report puts IMF director Kristalina Georgieva at risk of undermining her authority just weeks before an annual meeting of global financial leaders. IMF director Kristalina Georgieva this week gave the lender’s board a more detailed defense against allegations that she improperly influenced a report in favor of China in her previous job at the … Read more

Climate change could displace 216 million by 2050: report | Climate news

Climate change could displace 216 million by 2050: report |  Climate news

World Bank warns that the number of ‘climate migrants’ will run into the tens of millions in three decades, even if urgent action is taken. Climate change could force more than 200 million people to leave their homes by 2050 unless urgent action is taken, the World Bank has warned. In a landmark report published … Read more

Western Union resumes money transfer services to Afghanistan | Banks News

Western Union resumes money transfer services to Afghanistan |  Banks News

The money transfer company suspended services in Afghanistan two weeks ago after the Taliban took Kabul. Western Union Co will resume money transfer services to Afghanistan, the company said Thursday, after suspending operations in the Central Asian country two weeks ago as the Taliban approached Kabul. “Effective September 2, 2021, Western Union is pleased to … Read more

Central American Countries Ask: Can Bitcoin Reduce Transfer Fees? | Banks News

Central American Countries Ask: Can Bitcoin Reduce Transfer Fees?  |  Banks News

Central American countries are eagerly awaiting whether El Salvador’s adoption of Bitcoin as a parallel legal tender will lower the cost of remittances, a major source of income for millions of people, the region’s development bank says. Congressional allies of President Nayib Bukele have already passed legislation giving the cryptocurrency official currency status alongside the … Read more

Investor’s Dilemma: Giving Up Billions or Collaborating with the Taliban? | Business and economic news

Investor’s Dilemma: Giving Up Billions or Collaborating with the Taliban?  |  Business and economic news

As foreign governments, aid agencies and companies scramble to evacuate personnel from Afghanistan, a crucial question arises: should they get involved with the ruling Taliban or give up years of investment in the country and 38 million Afghans? The Taliban have last week pledged peaceful relations with other countries, women’s rights and independent media — … Read more