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Nigeria seeks billions from lenders over virus

Apr 06, 2020 - 11:55 PM

Africa's most populous nation and biggest oil producer is battling to halt the spread of the coronavirus

An aerial view shows empty streets in Lagos on March 31, 2020. - Lagos was deserted on March 31, 2020, after Nigeria locked down its economic hub and shuttered its capital Abuja, in the continent's latest effort to brake the juggernaut of COVID-19 coronavirus. Businesses were closed, markets abandoned and streets empty as the usually chaotic megacity of 20 million, along with the capital Abuja, shuddered to a halt on the first full day of a two-week shutdown. (Photo by Pierre FAVENNEC / AFP)

World Bank to roll out $160-billion emergency aid over 15 months

Apr 03, 2020 - 11:00 AM

India will be the largest beneficiary of the first wave of programs with a facility for $1 billion, followed by Pakistan with $200 million and Afghanistan with a little over $100 million

A roadside fruit vendor waits for customers during a government-imposed nationwide lockdown as a preventive measure against the COVID-19 coronavirus, in Allahabad on April 2, 2020. (Photo by SANJAY KANOJIA / AFP)

G20 vows to fight coronavirus impact on poor nations

Apr 01, 2020 - 9:35 AM

A report says two-thirds of the global population based in developing countries – excluding China – face 'unprecedented economic damage' from the crisis

PEDDLERS. Children wearing face masks sell masks to motorists amid concerns of the COVID-19 coronavirus in Banda Aceh on March 27, 2020. Photo by Chaideer Mahyuddin/AFP

Worst-case scenario: PH economy may contract 0.5%, says World Bank

Mar 31, 2020 - 12:40 PM

A drastic slowdown in domestic consumption, public infrastructure delays, and postponement of private investments due to the coronavirus are seen to drag down growth in 2020

World Bank warns China growth could screech to a halt

Mar 31, 2020 - 12:25 PM

The World Bank says the coronavirus pandemic is causing 'an unprecedented global shock, which could bring growth to a halt and could increase poverty' across East Asia and the Pacific

Day labourers wearing face masks hold signs advertising their skills as they wait to get hired for renovation works in Shenyang in China's northeastern Liaoning province on March 27, 2020. (Photo by STR / AFP) / China OUT

IMF, World Bank call for suspending debt payments by poorest nations

Mar 26, 2020 - 12:20 AM

'It is imperative at this moment to provide a global sense of relief for developing countries,' say the International Monetary Fund and the World Bank in a joint statement

(FILES) This file aerial photo shows a view of the houses in the neighborhood of Fort National in Port-au-Prince, on December 13, 2018. - The International Monetary Fund and World Bank on March 25, 2020 called for governments to put a hold on debt payments from the world's poorest nations so they can battle the coronavirus pandemic. "The World Bank Group and the IMF believe it is imperative at this moment to provide a global sense of relief for developing countries as well as a strong signal to financial markets," the Washington-based development lenders said in a joint statement. (Photo by HECTOR RETAMAL / AFP)

World needs coordinated fiscal response to pandemic – IMF chief

Mar 16, 2020 - 10:05 PM

'There is a lot more work to do,' says International Monetary Fund Managing Director Kristalina Georgieva

IMF. In this file photo taken on October 10, 2017, a logo for the 2017 Annual Meetings is seen inside the International Monetary Fund headquarters in Washington, DC. File photo by Andrew Caballero-Reynolds/AFP

Depth of economic slowdown depends on response – IMF

Mar 13, 2020 - 1:20 AM

'This is not something that stops at national borders, we need to work together,' says International Monetary Fund spokesman Gerry Rice

DISINFECTION. This photo taken on February 22, 2020 shows a man (L) who has recovered from the COVID-19 coronavirus infection being disinfected by a medical staff before leaving the hospital in Wuhan in China's central Hubei province. Photo by AFP

IMF to test working from home in case coronavirus strikes

Mar 10, 2020 - 10:00 AM

The International Monetary Fund instructs its employees to work from home on Friday, March 13, as part of 'crisis preparedness efforts'

IMF. In this file photo taken on September 4, 2018, the logo of the International Monetary Fund is seen at the IMF headquarters in Washington, DC. File photo by Jim Watson/AFP

IMF calls for 'substantial' stimulus, coordination against coronavirus

Mar 10, 2020 - 4:20 AM

(UPDATED) The International Monetary Fund urges policymakers to help households and businesses through a 'coordinated, international response'

SPRAY. Market workers wearing protective gear spray disinfectant at a market in the southeastern city of Daegu on February 23, 2020 as a preventive measure after the COVID-19 coronavirus outbreak. Photo by Yonhap/AFP

IMF chief calls for all-out offensive to counteract epidemic

Mar 04, 2020 - 11:25 PM

(UPDATED) 'At a time of uncertainty...it is better to do more than to do not enough,' says International Monetary Fund Managing Director Kristalina Georgieva

TRADE IMPACT. A container ship sits in the San Francisco Bay on May 13, 2019, in Oakland, California. File photo by Justin Sullivan/Getty Images/AFP

World Bank unveils $12-billion aid package to combat coronavirus

Mar 04, 2020 - 9:45 AM

The funds, some of which are targeted to the world's poorest nations, can be used for medical equipment or health services, among others

South Korean soldiers wearing protective gear spray disinfectant as part of preventive measures against the spread of the COVID-19 coronavirus, at Dongdaegu railway station in Daegu on February 29, 2020. - South Korea confirmed 594 more coronavirus cases on February 29, the biggest increase to date for the country and taking the national total to 2,931 infections with three additional deaths. (Photo by - / YONHAP / AFP) / - South Korea OUT / REPUBLIC OF KOREA OUT NO ARCHIVES RESTRICTED TO SUBSCRIPTION USE

IMF, World Bank to hold April meetings in 'virtual format'

Mar 04, 2020 - 8:45 AM

'Given growing health concerns related to the virus,' the April 16 to 18 meetings of the International Monetary Fund and World Bank will be done in a 'virtual format'

(FILES) In this file photo taken on October 10, 2017 a logo for the 2017 Annual Meetings is seen inside the International Monetary Fund (IMF) headquarters in Washington, DC. - The spring gathering of finance ministers and central bankers held in Washington in April will be shifted to a "virtual format" due to the coronavirus epidemic, the IMF and World Bank said March 3, 2020. The twice-yearly meetings of the development lending institutions attract thousands of officials and private sector participants from 180 member countries -- just the kind of gathering health authorities say should be avoided. (Photo by Andrew CABALLERO-REYNOLDS / AFP)

IMF, World Bank funds ready to fight virus outbreak

Feb 28, 2020 - 7:30 AM

While they have yet to receive a request for aid, the International Monetary Fund and World Bank 'have now developed contingency plans'

CORONAVIRUS SCARE. This photo taken on February 1, 2020 shows security personnel checking the temperature of a passenger wearing a face mask at Beijing Railway Station in Beijing. Photo by Noel Celis/AFP

World Bank to attack poverty in conflict zones

Feb 28, 2020 - 7:00 AM

The World Bank has $18.7 billion earmarked for conflict-affected countries through its poverty-reduction grant arm

YEMEN WAR. A Yemeni child buys sweets from Majd al-Din al-Shamiri (unseen), a 16 year-old Yemeni who set up a shop in his family's car that was destroyed during the ongoing war in his country, in the Jabal Sabr area of the southwestern city of Taez, on September 28, 2019. File photo by Ahmad Al-Basha/AFP

World Bank aid 'leakage' may flow to tax havens – study

Feb 20, 2020 - 7:20 PM

A study finds that World Bank 'aid disbursements to the most aid-dependent countries coincide with significant increases in deposits held in offshore financial centers'

CORRECTION NEEDED? The Department of Finance and Department of Trade and Industry say the World Bank inaccurately downgraded the country's ease of doing business ranking. Shutterstock photo

World Bank to lower global growth forecast over virus outbreak

Feb 05, 2020 - 3:55 PM

The World Bank says it will revise its estimates downward 'for at least the first part of 2020,' as the novel coronavirus outbreak threatens global supply chains

TRADE TENSIONS. A container ship sits in the San Francisco Bay on May 13, 2019, in Oakland, California. The United States and China are locked in an escalating trade dispute. File photo by Justin Sullivan/Getty Images/AFP

World Bank calls for global effort against virus

Feb 04, 2020 - 10:30 AM

If the epidemic reaches the same severity as the Spanish flu in 1918, it could cost the global economy between 1% and 10% of growth, says World Bank President Jim Yong Kim

KIDS. Students at the Araullo High School don face masks as the Manila City local government led by Mayor Isko Moreno provided 500,000 face masks to public school students for protection against the Novel Coronavirus on January 31, 2020. Photo by Ben Nabong/Rappler

Global economy faces fragile recovery beset by risks – World Bank

Jan 09, 2020 - 6:25 PM

The World Bank projects the global economy will grow by 2.4% in 2020. But forecasts for nearly every country are cut compared to previous estimates.

[OPINION] Paul Volcker and the triumph of integrity

Dec 21, 2019 - 10:00 AM

The late Paul Volcker was a hero for saving the Philippine peso during the worst economic crisis of the 1980s

Indonesia hit with $5.2 billion in forest fire losses – World Bank

Dec 12, 2019 - 8:11 AM

The World Bank's cost estimate does not include longer-term effects of repeated exposure to haze, such acute respiratory illnesses, or lost school time after students and teachers were advised to stay home

FUTILITY. A young boy tries to extinguish a fire at a peatland area near their neighborhood in Pekanbaru, Riau province, Indonesia on October 4, 2019. Photo by Wahyudi/AFP

Trump calls on World Bank to stop lending to China

Dec 07, 2019 - 12:19 PM

'Why is the World Bank loaning money to China? Can this be possible? China has plenty of money, and if they don’t, they create it. STOP!' Donald Trump writes on Twitter

SLAMMING THE WORLD BANK. U.S. President Donald Trump hosts a roundtable discussion with small business owners and members of his administration in the Roosevelt Room at the White House December 06, 2019 in Washington, DC.  Photo by Chip Somodevilla/Getty Images/AFP

World Bank loans Philippines $300 million for conditional cash transfers

Nov 28, 2019 - 5:05 PM

The World Bank has contributed a total of $1.26 billion to the Pantawid Pamilyang Pilipino Program since it first provided funding in 2010

World Bank urges Lebanon to form gov't, warns of recession

Nov 06, 2019 - 11:35 PM

The warning comes as anti-government demonstrators push on with rallies and hundreds of school children boycott classes

PROTESTS. A Lebanese protester takes part in a sit-in to block a central bridge during ongoing anti-government demonstrations in the capital Beirut, on November 4, 2019. File photo by Anwar Amro/AFP

Philippines to miss 2019 economic growth target – World Bank

Oct 10, 2019 - 10:05 PM

Global trade tensions and domestic politics spoil the Philippines' dream to be among Asia's economic juggernauts

Developing country debt jumps to $7.8 trillion in 2018 – World Bank

Oct 03, 2019 - 4:45 PM

The 5% increase in the total foreign debt of developing nations in 2018 is driven by a surge in Chinese debt

(FILES) This file picture taken on September 24, 2013 shows Chinese 100-yuan (RMB) bank notes being counted at a bank in Huaibei, in eastern China's Anhui province. China's central bank on August 11, 2015 devalued its yuan currency by nearly two percent against the US dollar, as authorities seek to push market reforms and boost the world's second-largest economy. CHINA OUT AFP PHOTO / FILES

Africa poses critical challenge for World Bank, IMF

Jul 21, 2019 - 8:15 PM

There is a need for massive investment in infrastructure and job creation in the coming years just to keep pace with Africa's growing population

POVERTY. People walk along an open sewer in a slum in Africa. Photo from Shutterstock

Ivory Coast must overhaul key cocoa sector – World Bank

Jul 11, 2019 - 10:45 PM

'Despite its importance to the Ivorian economy and society, the cocoa sector is not playing its role as the engine of economic development,' says the World Bank

Women sort cocoa beans at a cocoa exporter's in Abidjan, on July 3, 2019. - In June key producers Ivory Coast and Ghana threatened to stop selling their production to buyers unwilling to meet a minimum price of $2,600 per tonne. The two African nations -- which together account for 60 percent of the world's cocoa production -- want to end a situation where cocoa producers make only $6 billion in a global chocolate market worth around $100 billion. (Photo by Sia KAMBOU / AFP)

FALSE: Aquino admin obtained 'secret' $500-million loan from World Bank

Jul 06, 2019 - 7:27 PM

The World Bank approved a loan for Yolanda victims in 2013 but the Aquino administration did not hide this information

Crumbling roads, grids cost poor nations billions due to storms – World Bank

Jun 20, 2019 - 3:15 PM

The World Bank says the effects of disasters in low- and middle-income nations are worsened by poor management of bridges, roads, and electricity grids

A police line is placed at a damaged bridge following torrential rain in Bogor, West Java on April 28, 2019. Photo by Rangga Firmansyah/AFP

Reforms, transparency needed for Belt and Road success – World Bank

Jun 20, 2019 - 2:10 PM

The World Bank says China's Belt and Road Initiative has the potential to boost trade and investment, but only if China and other nations make policy reforms

BELT AND ROAD. Chinese President Xi Jinping (C) and other leaders pose for a group photo session at a welcoming banquet for the Belt and Road Forum at the Great Hall of the People in Beijing on April 26, 2019. Photo by Jason Lee/Pool/AFP

World Bank slashes 2019 growth as global trade slackens

Jun 05, 2019 - 9:25 AM

The greatest danger on the horizon is the prospect of worsening trade clashes between major world economies

OAKLAND, CALIFORNIA - MAY 13: A container ship sits in the San Francisco Bay on May 13, 2019 in Oakland, California. China retaliated to U.S. President Donald Trump's 25 percent tariffs on $250 billion of Chinese goods entering the United States with a 25 percent tariff on $60 billion of U.S. goods entering China. The Dow Jones Industrial Average plunged over 700 points on the news in morning trading. Justin Sullivan/Getty Images/AFP

Venezuela claims 130,000% inflation, below international estimates

May 29, 2019 - 6:24 PM

Millions of people have fled the country as astronomical rises in the cost of consumer goods and broader economic woes have made food and basic supplies unobtainable for average people

Philippines eyes better ease of doing business ranking

Apr 16, 2019 - 8:00 PM

Trade Secretary Ramon Lopez says the Philippines is aiming for a ranking higher than 95th, after accomplishing 33 out of 43 planned reforms

Photo from Shutterstock

Cyclone Idai damages estimated at $2 billion: World Bank

Apr 13, 2019 - 10:02 AM

"To date, about three million people have been affected, with near total damage in the worst affected areas," says the World Bank

AFTERMATH. Fernando Joao Sengelani helps to clean his friend's shop in Buzi, Mozambique, on March 23, 2019, after the area was hit by the Cyclone Idai. Photo by Yasuyoshi Chiba / AFP

Brexit delay averts 'terrible outcome' – IMF's Lagarde

Apr 12, 2019 - 12:57 PM

However, the IMF chief says: 'It's obvious that it's continued uncertainty and it does not resolve, other than by postponing what would have been a terrible outcome'

ARAB DEBT. Christine Lagarde warns of high public debt among Arab nations. File photo courtesy of the IMF

[ANALYSIS] How the Marcos-World Bank partnership brought PH economy to its knees

Apr 02, 2019 - 9:15 AM

The World Bank provided dictator Ferdinand Marcos a curtain of international legitimacy behind which he and his cronies plundered the public till

World Bank cuts 2019 Philippine growth outlook again

Apr 01, 2019 - 2:30 PM

The World Bank says the Philippines' delayed 2019 budget and El Niño are likely to hurt economic growth

World Bank leadership search likely to end with U.S. candidate – again

Feb 05, 2019 - 2:45 PM

The World Bank has been led by an American ever since it was founded in the aftermath of World War II. Will this change?

A person walks by the building of the Washington-based global development lender, The World Bank Group, in Washington on January 17, 2019. - World Bank current President Jim Yong Kim announced on January 7, 2019, that he would cut short his tenure as president more than three years before his second term was to end. The World Bank Board said it would start accepting nominations for a new leader early next month and name a replacement for Kim by mid-April 2019. (Photo by Eric BARADAT / AFP)

Ivanka Trump to help U.S. choose candidate for World Bank

Jan 15, 2019 - 3:22 PM

Jessica Ditto, the White House Deputy Director of Communications, says reports that Ivanka Trump 'is under consideration are false'

IVANKA. In this file photo, Ivanka Trump walks through the lobby of Trump Tower on November 21, 2016 in New York City. File photo by Spencer Platt/Getty Images/AFP

World Bank warns brewing trade storm jeopardizes global economy

Jan 09, 2019 - 3:29 PM

Growth of the world economy is expected to slow to 2.9% this year, and 2.8% in 2020, slightly below the previous forecast

World Bank President Jim Yong Kim announces resignation

Jan 08, 2019 - 9:02 AM

World Bank CEO Kristalina Georgieva will serve as interim president upon Kim's February 1 departure

RESIGNATION. In this file photo, World Bank President Jim Yong Kim speaks at a press conference during the 2016 International Monetary Fund, World Bank Spring Meetings at the IMF headquarters on April 14, 2016. File photo by Mandel Ngan/AFP

[ANALYSIS] Ease of doing business: Why is the PH rank plummeting?

Nov 08, 2018 - 9:30 AM

Under President Duterte's watch, we've gone down the global Doing Business ranking by 25 notches all in all – by far the largest decline in ASEAN

Philippines: bad for business, hotbed for journo murders | Evening wRap

Nov 02, 2018 - 8:48 PM

Watch the evening wRap with Quita Chuatico

PH slips 11 notches in World Bank's ease of doing business ranking

Nov 02, 2018 - 1:28 PM

The Philippine government rejects the findings, as Philippine finance and trade officials urge the World Bank to correct the 'inaccurate and understated findings'

Nearly half the world lives on less than $5.50 a day – World Bank

Oct 17, 2018 - 4:35 PM

According to the report, the number of poor worldwide is still 'unacceptably high,' while the fruits of economic growth are 'shared unevenly across regions and countries'

Seeds of next global financial crisis being sown, top officials warn

Oct 14, 2018 - 7:02 PM

The world economy is still growing but faces an 'unprecedented' combination of threats, the International Monetary Fund warns during an annual meeting with the World Bank

EXPERTS. International Monetary Fund Managing Director Christine Lagarde (C-front) poses with finance ministers and Central Bank governors during a group photo at the International Monetary Fund (IMF) and World Bank annual meeting in Nusa Dua, on Indonesia's resort island of Bali on October 13, 2018. Photo by Stephen Jaffe/International Monetary Fund/AFP

World Bank offers disaster-hit Indonesia $1 billion in loans

Oct 14, 2018 - 2:59 PM

World Bank CEO Kristalina Georgieva says the funds could be used for reconstruction and the country's disaster resilience efforts

AFTERMATH. A man walks past vehicle wreckage as a collapsed mosque is seen in the background in Palu, Indonesia's Central Sulawesi on September 30, 2018, following the September 28 earthquake and tsunami. Photo by Adek Berry/AFP

'Winter is coming,' Indonesian leader warns amid economic gloom

Oct 12, 2018 - 3:08 PM

Joko Widodo's offbeat reference to the wildly popular show draw applause from the audience attending the annual meetings of the International Monetary Fund and World Bank in Bali

'WINTER IS COMING.' Indonesia President Joko Widodo delivers his speech at the International Monetary Fund (IMF) and World Bank annual meetings in Nusa Dua, on Indonesia's resort island of Bali on October 12, 2018. Photo by Sonny Tumbelaka/AFP

[ANALYSIS] Upper-middle income Philippines by 2019: How true?

Oct 10, 2018 - 10:18 AM

If becoming an upper-middle income country was hard enough – it took us more than 3 decades to do that – becoming a high-income country (like Singapore or South Korea today) will be harder still