Unprecedented monsoon rains and flooding this year, which many experts attribute to climate change, have also injured some 13,000 people across the country since mid-June.
Vatsal Nahata, 23, wrote a LinkedIn post about how amid the COVID-19 pandemic, he stayed determined to find a job in the US.
The funding will come from World Bank arm International Bank of Reconstruction and Development (IBRD), carrying a maturity of 18 years including a grace period of 5.5 years.
The report calls for some very delicately-balanced trade-offs in emerging markets and developing economies between fighting inflation and preserving growth
The agreements were inked by Finance Secretary Krishna Hari Pushkar on behalf of the Nepal government and Faris Hadad-Zervous, World Bank Country Director for the Maldives, Nepal, and Sri Lanka, in the presence of Finance Minister Janardan Sharma and World Bank Vice President for South Asia Martin Raiser
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3% on Friday, after U.S. stocks ended the previous session with mild losses. The index is down 4.1% so far this month.
The world's three largest economies - the United States, China, and the euro area - have been slowing sharply, and even a "moderate hit to the global economy over the next year could tip it into recession," the bank said in a new study.
The grant, arranged by the U.S. Treasury and the U.S. Agency for International Development and administered through the World Bank, was first reported by Reuters.
Bangladesh's $416 billion economy has been one of the fastest-growing in the world for years, but rising energy and food prices because of the Russia-Ukraine war have inflated its import bill and the current account deficit.
In a statement, the World Bank said Sri Lanka needed to adopt structural reforms that focus on economic stabilisation and tackle the root causes of its crisis, which has starved it of foreign exchange and led to shortages of food, fuel and medicines.
This comes at a time, when the World Bank appointed Indermit Gill as the second Indian chief economist and senior vice president for development economics.
Indermit Gill worked at the World Bank from 1993 to 2016, where his assignments included Director of Development Policy in Development Economics, chief economist for Europe and Central Asia, and acting chief economist for East Asia and the Pacific, among others.
Indermit Gill's tenure as the chief economist of World Bank will start from September 1, 2022
The loan cleared on June 28, 2022 comprises two complementary loans of USD 500 million each namely for Transforming India’s Public Health Systems for Pandemic Preparedness Program (PHSPP) and India’s Enhanced Health Service Delivery Program (EHSDP)
Proponents of the independent report - due be released on the sidelines of a meeting of G20 finance officials in Indonesia this week - believe the changes would free up much-needed funds for poorer countries at a time when high inflation is making it difficult for rich nations to boost spending overseas.
Indians overseas remitted $87 billion last year, the biggest inflow for any country tracked by the World Bank. The remittances market, where it costs $13 on average to send $200 across borders, is ripe for disruption, according to Ritesh Shukla, chief executive officer of NPCI International Payments Ltd.
Indian officials are rushing to make more coal available for utilities as shortages in the July-September quarter are forecast to be wider than initially estimated due to expectations of high power demand.
The World Bank announced on Thursday that it had authorised three loans totaling USD 562 million (about Rs 4,393.70 crore) to support projects for education in Gujarat, social protection in Tamil Nadu, and the rehabilitation of the fisheries industry after the epidemic.
World Bank, Rail Logistics, Indian Railways, India, international banks, Dedicated Freight Corridor Corporation of India Limited
South Africa has recorded the most coronavirus cases and deaths on the African continent, with over 3.9 million confirmed cases and more than 101,000 deaths. It initially struggled to secure vaccines due to limited supplies and protracted negotiations, but it is now well-supplied with doses.
China is the last major economy wedded to a zero-Covid policy, using rapid lockdowns, mass testing and strict movement restrictions to eliminate outbreaks -- but it has tangled supply chains and dragged economic indicators to their lowest levels in around two years.
The World Bank said in a statement that the latest round of funding for Ukraine is supported by financing guarantees from Britain, the Netherlands, Lithuania and Latvia. The project is also being supported by parallel financing from Italy and contributions from a new Multi-Donor Trust Fund.
The Washington-based lender reduced its estimate for global growth this year to 2.9% from a January prediction of 4.1%
The revised growth forecast for India is sharply lower from 8.7 percent the World Bank had predicted in January