Saturday , April 11 2020
Breaking News
Home / Tag Archives: World Bank (page 3)

Tag Archives: World Bank

Ex-IMF official welcomes addition Asian Infrastructure Investment Bank

New York: A formers IMF official has welcomed addition of Asian Infrastructure Investment Bank (AIIB). “Institutions like the Asian Infrastructure Investment Bank (AIIB) are very useful addition to the existing multilateral institutions and beneficial to global governance,” said a former International Monetary Fund (IMF) official in an exclusive interview with a Chinese news agency recently. Eswar Prasad, the former head ... Read More »

Pakistan drops to 128 in World Bank’s doing business ranking

KARACHI: The bleak economic scenario, political instability and protest rallies have caused dropping of Pakistan’s rank among the comity of nations for doing business. Pakistan ranking has dropped from 127 to 128 in the world business ranking 2015. This was revealed in the World Bank’s (WB) report ‘Doing Business.’ Singapore was, as in recent past years, on top with a score ... Read More »

Dar determined to cut public debt ratio to 55pc, deplores $4.5b loss

LAHORE: Federal Minister for Finance Ishaq Dar has said the government was committed to bring the fiscal deficit from 8.8 per cent to 4 per cent in the next three to four years. Addressing the participants of the 101st session of National Management College Lahore here, Ishaq Dar said the foremost challenge facing the government today was reducing the fiscal ... Read More »

World Bank wants China to slash economic growth target to 7%

BEIJING: World Bank Wednesday urged Beijing to get rid of rigid growth objectives and cut its economic growth target to 7 percent next year without hurting its labor market. At its thrice-yearly review of the Chinese economy, the World Bank warned China against carrying its “ambitious” 2014 economic growth target of 7.5 percent into next year, saying that such a ... Read More »

IDB to finance $1.17 billion CASA-1000 project

 ISLAMABAD: The Islamic Development Bank (IDB) has given $1.17 billion Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) a push by agreeing on giving the project financial assistance. The World Bank had already agreed to give $526 million loan, about 50 per cent of the total cost, for the project which would help Pakistan overcome prevailing power shortage. The ... Read More »

NAB to grab former PM Ashraf on favoring son-in-law

ISLAMABAD: The National Accountability Bureau (NAB) has filed a reference against former prime minister and Pakistan People’s Party (PPP) leader Raja Pervez Ashraf as he has appointed  his son-in-law Azim-ul-Haq to the World Bank and violated the rules and regulations by misusing his authorities. The NAB Chairman Qamar Zaman Chaudhry decided in an executive board meeting (EBM) to file corruption ... Read More »

New World Financial Order

At least 21 countries, Including Pakistan, have signed a memorandum of understanding at Great People’s Hall in Beijing to set up Asian Infrastructure Development Bank with paid up capital of $50 billion. The establishment of the bank indicates China desire to promote investment at the regional level as well as the nature of its competitive relationship with the United States. ... Read More »

China launches Rs50 billion Asian Bank as biggest rival to World Bank

BEIJING: China and 20 other Asian nations have launched World Bank rival in Asia called Asian Infrastructure Investment Bank. Officials signed a memorandum of understanding in Beijing on October 24 to establish the bank. China’s $50 billion Asian Infrastructure Investment Bank (AIIB) is seen as a challenge to the World Bank and Asian Development Bank, both multilateral lenders that count ... Read More »

Fixing economic woes

Pakistan is 27th largest economy in the world based on its purchasing power, but a quarter of its population lives below the poverty line despite having adequate natural resources and industrial infrastructure. According to experts, internal political chaos, regional instability,energy crisisand lack of interest of developed nations to involve Pakistan in business and tradeactivities are a few causes to be ... Read More »

China, 20 nations launch Asian Bank, biggest rival of World Bank

BEIJING: China and 20 other Asian nations have launched World Bank rival in Asia called Asian Infrastructure Investment Bank. Officials signed a memorandum of understanding in Beijing on October 24 to establish the bank. China’s $50 billion Asian Infrastructure Investment Bank (AIIB) is seen as a challenge to the World Bank and Asian Development Bank, both multilateral lenders that count ... Read More »

Syndrome of corruption in Pakistan

In its annual assessment report, the Federal Board of Revenue (FBR) has revealed that corruption has reached a pathetic stage in Pakistan and even the policy makers and international institutions have now admitted that corruption is the biggest issue all over the world. The governments in various countries are trying their best to overcome this menace and many have controlled ... Read More »

Dar terms Dassu, Diamer Bhasha projects vital to curb energy crisis

ISLAMABAD: Federal Finance Minister Ishaq Dar has said that Dassu and Diamer-Bhasha projects are very important as they will help curb energy crisis in the country. He said this while chairing a high-level meeting with his ministry’s officials to chalk out a comprehensive plan for follow up of important decisions taken in his meetings during visit to the US. He ... Read More »

82 million people earn less than $1 a day in China

BEIJING: The world’s second-largest economy, China, have more than 82 million poor people who earn less than $1 a day as its official poverty standard is an annual income of 2,300 yuan ($375). A senior government official, Zheng Wenkai, told media that China’s poor would rise to more than 200 million if the international standards were applied as World Bank’s ... Read More »

World Bank backs Benazir Income Support Programme

ISLAMABAD: World Bank (WB) to help Benazir Income Support Programme (BISP) improve coordination between the federal government and the related units through knowledge sharing system. This was discussed during a meeting between BISP Chairman Enver Baig, World Centre for Sustainable Development Director Dr Romulo Paes de Sousa, WB Senior Specialist Yasuhiko Matsuda and WB Senior Social Protection Specialist Iftikhar Malik. ... Read More »

Country’s public debt climbs to $149b, each Pakistani owes $825

LAHORE: The country’s total public debt has rocketed to $149 billion, including foreign debt of $65 billion and domestic debt of $84 billion. According to the data, provided by Institute for Social and Economic Justice (ISEJ) Campaign for Abolition of Third World Debt (CADTM Pakistan) and Tax Justice Roundtable during a press briefing in connection with Global Week of Action ... Read More »

FBR Board-n-Council approves $ 80,000 for human resource development

ISLAMABAD: The Board-n-Council meeting of the Federal Board of Revenue has approved allocation of $ 80,000 for the purpose of human resource development to enhance working capacity of the employees. The Department for International Development (DFID) of British Government is likely to provide an amount of $1.5 million to the World Bank to initiate numerous development projects with FBR. This ... Read More »

Asia stocks rise as oil slumps further

TOKYO: Asian stock markets rose on Wednesday as oil prices slipped further which benefited them. Japan’s Nikkei 225 stock average increased by 0.2 percent at 14,971.79 and Hong Kong’s Hang Seng increased 0.7 percent to 23,205.38. China’s Shanghai Composite value increased 0.4 percent to 2,369.76 and Seoul’s Kospi was little changed at 1,928.08. Markets in Southeast Asia, Australia and New ... Read More »

Databank to enhance tax net

The Federal Board of Revenue (FBR), in collaboration with the World Bank, has decided to set up a data warehouse in which information will be collected from all utility agencies, motor vehicle registration authorities, airlines, banks, NADRA, excise department and other federal and provincial departments to increase tax net in the country. According to newspaper reports, the World Bank will ... Read More »

IMF to release $1.1 billion in December: Dar

WASHINGTON: The Pakistan Finance Minister Ishaq Dar announced that the International Monetary Fund (IMF) will release two tranches mounting $ 1.1 billion by December. “I had conducted numerous meetings with financial institutions including World Bank, OPIC, IMF and EXIM Bank as well as with the finance leaders of China, Britain and Iran to discuss cooperating in the areas of trade ... Read More »

US extols AfPak electricity transit pact

WASHINGTON: The United States has lauded electricity transit fees agreement between Pakistan and Afghanistan. On Saturday, Finance Minister Ishaq Dar and his Afghan counterpart Omar Zakhilwal signed agreement over transit pricing for the Central Asia South Asia electricity transmission project (CASA-1000) during the annual meetings of the World Bank and IMF in Washington DC. Parsing the agreement, the US State ... Read More »