Tag Archives: World Bank

Human Capital Index: Bangladesh beats India, Pakistan

human capital

MNA Business Desk: The World Bank Group unveiled a new system on Thursday to rank countries based on their success in developing human capital, an effort to prod governments to invest more effectively in education and healthcare, reported news agency. The bank’s “Human Capital Index,” showed Bangladesh ahead of India and Pakistan, but one neighbour in South Asia shines brighter — Sri Lanka. Poor African countries fared the worst in the rankings, with Chad and South Sudan taking the two lowest spots, while Singapore topped the list, followed by South Korea, Japan and Hong Kong. The rankings, based on health, ...

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WB to provide $520m to improve secondary education

carbon tax

MNA Business Desk: The World Bank (WB) will provide $520 million for a programme to improve the secondary education system and student performance in Bangladesh. Out of the amount, the Washington-based lending agency will provide $510 million in loan while the rest $10 million as grants, said an official at the Economic Relations Division (ERD). The WB-funded ‘Transforming Secondary Education for Results’ (TSER) programme will benefit 13 million students from grade 6 to 12, reported news agency. The programme will enhance quality of teaching and learning as well as improve access and retention of students, especially girls and children from ...

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WB shareholders back $13b capital increase

shareholders

MNA Business Desk: The World Bank’s shareholders on Saturday endorsed a $13 billion paid-in capital increase that will boost China’s shareholding but bring lending reforms that will raise borrowing costs for higher-middle-income countries, including China. The multilateral lender said the plan would allow it to lift the group’s overall lending to nearly $80 billion in fiscal 2019 from about $59 billion last year and to an average of about $100 billion annually through 2030. “We have more than doubled the capacity of the World Bank Group,” the institution’s president, Jim Yong Kim, told reporters during the International Monetary Fund and ...

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Muhith calls WB ex-chief Zoellick ‘worthless’

Zoellick

MNA Business Desk: Finance Minister AMA Muhith on Monday slammed former World Bank President Robert Zoellick over the Padma Bridge graft conspiracy, calling him a very ‘bad’ and ‘worthless’ person. ‘On the last day of his tenure (June 30, 2011), this former World Bank president cancelled the Padma Bridge loan bringing an allegation that we’re conspiring to appoint a particular consultant and take bribe,’ he said. The minister was speaking at a ceremony marking the distribution of awards among the highest VAT payers of Dhaka International Trade Fair-2018 at the National Board of Revenue (NBR) conference room. He also said ...

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WB approves $300 million loans for BD

carbon tax

MNA Business Desk: The World Bank on Wednesday approved a $300 million loans for improving the transparency as well as efficiency of major cash transfer programmes in Bangladesh and benefitting about 5 million of the country’s poorest and most vulnerable people. With the finance, the World Bank’s total commitment in the social protection sector stands at over $1.3 billion. The credit provided by the International Development Association (IDA), the World Bank’s concessional lending arm, is interest-free and repayable in 38 years, including a 6-year grace period and 0.75 percent service charge. “Bangladesh has cut by half the number of people ...

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WB chief economist Romer quits

forecast

MNA Business Desk: World Bank’s chief economist Paul Romer stepped down on Wednesday after he came under fire for saying that Chile’s rankings in a closely watched “Doing Business” report may have been deliberately skewed under socialist President Michelle Bachelet. Romer’s resignation, just 15 months after taking the job, was announced in an internal note that was posted by World Bank President Jim Yong Kim and seen by Reuters. “Paul Romer has informed me that he is stepping down from his position as chief economist, effective immediately,” Kim said in the announcement. “I appreciated Paul’s frankness and honesty, and I ...

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WB suggests need of more aid as Rohingya crisis grows

crisis

MNA Editorial Desk: The Rohingya refugee crisis is growing in Bangladesh rapidly and support is needed to help cope with the influx, the World Bank said. World Bank South Asia Region Vice President Annette Dixon lauded the Bangladesh government for sheltering and caring for the Myanmar refugees. He also said the organization was ready to help the country and the displaced Rohingyas. “The scale of the influx is enormous. As far as the eyes can see, lines after lines of shelters—made of plastic sheets and bamboos—stretched over the deforested hills. It is creating huge pressure on the infrastructure and services ...

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BD economy may grow 6.4%: WB

carbon tax

MNA Business Desk: The World Bank has revised upwards its growth forecast for Bangladesh and said the economy is expected to attain a 6.4 percent growth in current fiscal. In last June, the bank predicted a 6 percent growth for the financial year. The revised growth forecast came at the global lender’s half-yearly report ‘Global Economic Prospect’ released on Wednesday. However, the government eyes an economic growth of 7.8 percent in the 2017-18 fiscal year. Earlier, the bank predicted a 6 percent GDP growth in the 2016-17 fiscal which has now been revised at 7.2 percent. According to the Bangladesh ...

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Pollution leads to GDP loss: World Bank

carbon tax

MNA Business Desk: Bangladesh must check environmental degradation, particularly in the urban areas and become climate resilient to achieve an upper-middle income status, the World Bank says in a study. The preliminary findings of the report ‘Country Environment Assessment for Bangladesh’ discussed at a workshop say that the country is losing 1 percent GDP every year due to air pollution. Noncompliant industries and inadequate waste management of hazardous and nonhazardous materials are polluting the cities’ air as well as surface and ground water. For one tonne of fabric, the dyeing and finishing factories discharge 200 tonnes of wastewater to rivers ...

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WB to provide $515m for health sector

expectations

MNA Business Desk: The World Bank (WB) will provide $515 million for financing in the health sector and ensure that all citizens have access to better health services. The government and the WB will sign an agreement on Monday. According to the health ministry, the Health Sector Support Programme (HSSP) will support in implementation of strategically focused Fourth Sector Programme of the government, which will be implemented in the next five years for an estimated cost of $14.8 billion to ensure quality health services and healthy environment for all. HSSP is consistent with the government’s programme and policies and will ...

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Congestion kills 3.2m working hours per day: WB

congestion

MNA Exclusive Desk: The traffic congestion in Dhaka eats up 3.2 million working hours per day, according to a new World Bank analysis shared at a high-level international conference in the city on Wednesday. The average traffic speed in capital Dhaka has dropped from 21 kms per hour to 7 kms, slightly above the average walking speed, in the last 10 years, it said. The World Bank arranged the daylong conference on ‘Development Options for Dhaka Towards 2035’ at Songaon Hotel. The participants discussed the preliminary findings of the draft report ‘Towards Great Dhaka: A New Urban Development Paradigm Eastward,’ ...

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Budget long on hopes, short on measures: World Bank

hopes

MNA Business Desk: Terming the proposed national budget for the fiscal year 2017-18 an ambitious one, the World Bank on Tuesday said it is ‘long on hopes, short on measures’. “The budget has many good hopes and ambitions to increase the country’s GDP by raising huge revenue through implementation of VAT law. But it lacks the specific actions, especially, necessary structural reforms in the financial sector,” said Zahid Hussain, the lead economist of the World Bank Dhaka office. He said the targets are impossible to be achieved without reforms. The World Bank came up with its observation about the budget ...

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GDP growth in outgoing fiscal year to reach 6.8pc: WB

expectations

MNA Business Desk: Bangladesh’s GDP growth rate in the outgoing fiscal year will reach 6.8 per cent while it will further come down to 6.4 per cent in the next fiscal year (FY18), according to a World Bank report. The Washington-based lending agency in its report ‘Global Economic Prospect’ released Sunday, attributed the decline in the growth to sliding remittance and fall in internal demand and industrial production. The report also says the GDP growth rate for Bangladesh in the FY19 will reach 6.7 per cent while it will rise further to 7 per cent in FY20. It also says ...

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113m deal with WB to strengthen weather forecast

weather

MNA Business Desk: The government on Wednesday signed a $113 million financing agreement with the World Bank to modernize the country’s meteorological and hydrological information system, including weather forecasting, early warning systems, and delivery of weather and climate services. The Bangladesh Weather and Climate Services Regional Project (BWCSRP) will help strengthen the water, disaster risk and climate information services in Bangladesh. The project will also pilot a community-level early warning system for flash floods, thunderstorms and droughts in four districts – Netrakona, Sunamganj, Rajshahi and Naogaon. The pilots will benefit more than 1 million people, said a press release. The ...

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World Bank’s 16 vehicles, passbooks summoned

carbon tax

MNA Editorial Desk: Customs Intelligence summoned sixteen cars of World Bank’s Bangladesh branch and those vehicles’ passbooks on charges of exploiting duty-free facilities. Dr. Moinul Islam Khan, director general of the Customs Intelligence and Investigation Directorate, confirmed the news. He said citizens of several countries including Koreans are working in Bangladesh branch of World Bank. They enjoyed the facility of using duty-free vehicles and were asked to use documents and passbooks for keeping records of their movements. However, before leaving the country, the foreign employees of World Bank did not submit their cars, passbooks, and documents. The Customs Intelligence Directorate ...

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Better fishing can generate extra $83bn per year: WB

better fishing

MNA Business Desk: Less and better fishing can help generate an additional $83 billion each year for the fisheries sector, creating a much-needed revenue stream in developing countries and improving global food security, according to a new World Bank Group report. The Sunken Billions Revisited, an update on a 2009 study, shows that reducing the global fishing effort would allow fish stocks to recover from over exploitation and lead to increases in the weight, value and price of fish landed, boosting the profitability of the fisheries sector from an estimated $3 billion a year to $86 billion. It will also ...

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BNP suggested Joy to seek explanation from World Bank

World Bank

MNA National Desk: The BNP on Sunday suggested the prime minister’s son Sajeeb Wazed Joy to seek an explanation from the World Bank (WB) over Padma Bridge project graft as a Canadian court acquitted the accused. “The prime minister’s son has said those people — from Dr Yunus to opposition parties — shouted bringing the corruption allegation to seek apology following the Canadian court’s verdict. It’s the World Bank that had brought the allegation. Why are you not seeking an explanation from them?” said BNP senior joint secretary general Ruhul Kabir Rizvi. Speaking at a discussion, he further said, “We’re ...

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Sri Lanka gets $1.34 billion loan from World Bank

Sri Lanka

MNA Business Desk: Sri Lanka has secured $1.34 billion in loans from the World Bank to boost the cash-strapped island’s economy over the next three years, the finance ministry said on Saturday. The loans would be at concessionary rates and repayments spread out over 15 years, the ministry said in a statement. “This is a great victory for us and it will help us in the fiscal consolidation programme that the new government has started,” Finance Minister Ravi Karunanayake said. The new government, which came to power in January last year, also secured a $1.5bn bailout from the International Monetary ...

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World Bank to give $1 billion aid for childcare

aid

MNA National Desk: The World Bank President Jim Yong Kim has assured to raise its aid to Bangladesh by 50 percent. Kim said that WB will also give an extra $1 billion for tackling malnutrition and childcare at a press conference. The money will be given in the next two years and spent for improving child health and nutritional situation, the WB chief pointed out. “We are with Bangladesh. We continue to assist Bangladesh in several areas including climate change, infrastructure development,” Kim said on Monday after meeting Finance Minister AMA Muhith. The finance minister at the Secretariat said, “The ...

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World Bank President Jim Yong Kim arrived in Dhaka

development

MNA National Desk: The World Bank Group President Jim Yong Kim has arrived in Dhaka on Sunday afternoon on a two-day visit.  Finance Minister AMA Muhith received him at Shahjalal International Airport. He will ‘see firsthand the progress Bangladesh has made in transitioning successfully to a lower-middle income country, despite daunting development challenges’, a WB release stated earlier. Kim will join a public event to mark End Poverty Day to celebrate Bangladesh’s achievements in lifting more than 20 million people out of poverty in less than two decades. It has been achieved with its strong economic performance, innovative work with ...

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