Tag: World Bank
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World Bank Group to support Ghana’s COVID-19 response with $100m
The World Bank is providing $100 million to Ghana to assist the country in tackling the COVID-19 pandemic. This $100 million will be made available to the government and the people of Ghana as short, medium and long-term support. This financing package includes $35 million in emergency support to help the country provide improved response…
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COVID-19 impact: Gov’t to rely on IMF, World Bank & Stabilization Fund to close revenue gap
The Finance Minister, Ken Ofori-Atta, has told Parliament that government will rely on a mix of funds from the World Bank, IMF and withdrawals from the Stabilization Fund to finance the budgetary gap expected to be created by the fiscal impact of the Coronavirus pandemic on the Ghanaian economy. According to him, this has become…
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World Bank supports countries badly hit by coronavirus with $12 billion
The World Bank has said that it is supporting countries coping with the health and economic impacts of the COVID-19 outbreak. The global financial institution’s support is to the tune of twelve billion dollars. According to a statement from the Bank, the financing is designed to help member countries take effective action to respond to,…
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IMF/World Bank Spring Meetings in Washington DC cancelled over coronavirus outbreak
The International Monetary Fund and World Bank Group’s Spring Meetings planned for next month in Washington DC in the United States of America has been canceled over health and safety concerns following the outbreak of the deadly coronavirus (COVID-19). A joint statement issued by the two Bretton Woods institutions said the 7-day event will now…
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AfDB refutes World Bank President’s comments on Africa’s debt profile
In several news reports, World Bank President David Malpass was recently quoted as saying some Multilateral Development Banks, including the African Development Bank, have a tendency to lend too quickly and in the process, add to the continent’s debt problems. According to AfDB, the statement made Mr. Malpass is inaccurate and not fact-based. “It impugns…
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World Bank cautions Ghana over rising public debt
The World Bank has cautioned Ghana against piling its external debt and exceeding the sustainability threshold. According to the bank, Ghana is currently rated as a moderate to high-risk debt distressed country and so must tread cautiously. The government last week raised US$3 billion on the Eurobond market. The transaction was hailed as a success…
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Growth in sub-Saharan Africa to rise to 2.9 percent — World Bank
Growth in sub-Saharan Africa is expected to rise to 2.9 percent in 2020, the World Bank said Tuesday in its January 2020 Global Economic Prospect report. The bank cited improved investor confidence in some large economies, easing of energy hurdles, a rise in oil production, which led to a recovery in oil exporters, as indicators.…
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World Bank Country Office signals reduction in number of development projects
The World Bank Country Office says it will be cutting down on the number of projects it undertakes in Ghana to focus more on larger projects that will achieve bigger impacts. The Bank’s Country Director Pierre Laporte speaking at the commencement of stakeholder consultations with other development partners said the World Bank is seeking to…
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Gov’t secures US$250m World Bank funds to start National Development Bank next year
The National Development Bank is expected to commence operations in 2020 to provide access to cheaper and long-term funding to some key companies operating in the agriculture and manufacturing sectors. The Finance Minister delivering the 2020 budget statement to Parliament said the government is set to complete discussions with the World Bank and other development…
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World Bank approves US$150 million loan to support 2.2 million pupils
The World Bank Board of Directors approved today US$150 million in financing to support the government to improve the quality of education for over two million children in low performing basic education schools, and to strengthen the country’s education system. “The project focuses on underserved areas and on improving the quality of education for increased…