India received USD87 billion in remittances in 2021
Business | November 18, 2021 7:16 ISTRemittances to low and middle income countries are projected to have grown a strong 7.3 per cent to reach USD 589 billion in 2021, the bank said.
Remittances to low and middle income countries are projected to have grown a strong 7.3 per cent to reach USD 589 billion in 2021, the bank said.
Noting that inequality is worsening across country groups, Malpass said per capita income in advanced economies is growing nearly 5 percent in 2021, compared to only 0.5 percent in low-income countries.
Finance Minister Nirmala Sitharaman has said that institutions such as United Nations, World Bank and International Monetary Fund will have to look at reforming themselves.
As part of official visit to the US, Nirmala Sitharaman will also address investors including large pension funds and private equity players and will invite them to participate in India's growth story.
Georgieva said she was looking forward to meeting with the IMF board to brief them on her actions.
To avail of the World Bank loan the state government will have to engage an Independent Verification Agency (IVA) that will verify the Disbursement Linked Results (DLR).
The report highlights ways cities can tackle these challenges, such as reducing water demand, recycling wastewater, harvesting storm water, and redesigning urban areas.
On health, economic and social fronts, the World Bank has spent more than $157 Billion to fight COVID pandemic.
"In view of the surging demand for World Bank vaccine finance, I am pleased to announce today that the World Bank is expanding its financing available for Covid-19 vaccine financing to $20 billion over the next 18 months, adding $8 billion to the previously announced $12 billion," said World Bank Group President David Malpass, in the statement.
India's economy, which is facing the heat of the second wave of coronavirus, has been projected to grow at 8.3 per cent in 2021, according to World Bank.
The World Bank's Board of Executive Directors has approved a USD 500 million program to support India's nationwide initiative to revitalise the MSME sector
Inflation and depleted incomes have raised household indebtedness and food insecurity, it said, urging the IMF and the World Bank to scale up its work to address rising levels of food insecurity and to support countries in achieving Sustainable Development Goal 2 and nutrition for all.
David Malpass said it's also the concern of inequality in terms of vaccinations and median income that's not going up very fast for some countries.
The Washington-based global lender, in its latest South Asia Economic Focus report released ahead of the annual Spring meeting of the World Bank and the International Monetary Fund (IMF), said that the economy was already slowing when the COVID-19 pandemic unfolded.
India’s economy is estimated to contract by 9.6 per cent in the fiscal year 2020-21, reflecting a sharp drop in household spending and private investment, and the growth is expected to recover to 5.4 per cent in 2021, the World Bank said on Tuesday.
The National Highways of India carry about 40 per cent of road traffic. However, several sections of these highways have inadequate capacity, weak drainage structures and black spots prone to accidents.
The World Bank on Wednesday approved four India projects worth over USD 800 million to support development initiatives.
The world is experiencing one of the deepest recessions since the Great Depression in the 1930s owing to the novel coronavirus, World Bank President David Malpass has said, terming the COVID-19 pandemic a "catastrophic event" for many developing and the poorest countries.
The World Bank has approved $12 billion in financing to help developing countries buy and distribute coronavirus vaccines, tests, and treatments, aiming to support the vaccination of up to 1 billion people.
The Washington-based global lender, in its latest South Asia Economic Focus report ahead of the annual meeting of the World bank and International Monetary Fund, forecasts a sharper than expected economic slump across the region, with regional growth expected to contract by 7.7 per cent in 2020, after topping six per cent annually in the past five years.
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