The World Bank must become a better institution to address the “intertwined challenges the world faces today”, the group's president Ajay Banga said while speaking on the reforms the entity has made in the last year.
Since becoming World Bank president a year ago, Mr Banga has sought to transform the institution into a larger and more efficient one.
His nomination came as the World Bank faced calls for reform as well as criticism over its response to the Covid-19 pandemic, which resulted in dozens of countries facing high levels of debt.
And G20 nations last year backed a joint agreement that called for a “better, bigger, more effective World Bank” to increase its lending capacity.
“The G20 leaders challenged the World Bank to change and to be a bigger part of the solution. They gave us a road map to evolve, an ambition for speed, simplicity levelling up our balance sheet by engaging partners and the private sector,” Mr Banga told reporters on Thursday.
The World Bank, whose core value has historically been poverty reduction, has also recently expanded its focus on climate change, food security and future pandemics.
“We need a better bank to address all these challenges, but also a better bank for the challenges of tomorrow,” he told reporters.
Mr Banga hopes to display this new-and-improved version of the World Bank during the Spring Meetings in Washington next week, where finance ministers and central bankers are expected to gather to discuss a range of global issues, from debt distress to price stability.
He noted several reforms the World Bank has made since last year, including quickening its approval process for projects and establishing a liveable fund that can be funded by governments and charities.
Debt distress a 'generational challenge', Treasury official says
Meanwhile, a top US Treasury official warned of the “generational challenge” debt-laden developing nations face today.
“And like prior generational challenges in debt and development, it calls for the international community to step up and take decisive, co-ordinated actions,” Jay Shambaugh, US undersecretary for international affairs, said at the Peterson Institute for International Economics in Washington.
According to a World Bank analysis, developing countries spent a record $443.5 billion on debt in 2022. More than 50 low and middle-income countries faced net outflows of public debt to bilateral lenders from 2021 to 2021, which Mr Shambaugh said was the largest amount in two decades.
During his remarks, which largely focused on China's emergence as a creditor, Mr Shambaugh highlighted the debt burdens that many developing nations currently face.
“Many countries operating in good faith are caught in these conditions with significant official bilateral and market debt and facing alarming trade-offs due to falling flows and rising debt service,” he said at the Peterson Institute for International Economics in Washington.
Cumulative net debt flows from China since 2019 are now negative for more than 40 low and middle-income countries, Mr Shambaugh said, noting that most of these countries have had recent International Monetary Fund programmes, he said.
Outlining the US vision for global debt, Mr Shambaugh said private creditors should join efforts by multi-development banks like the World Bank to incorporate debt clauses into loan agreements.
Mr Shambaugh also said the international community must help developing countries undertaking ambitious climate and pandemic-related challenges from falling into high levels of debt.
He also said Washington officials had brought up the issue of debt distress on a recent visit to China.
“Sovereign debt distress in low-income countries is a global challenge. We need to be able to work together on it,” he said.
THE BIO
Favourite holiday destination: Whenever I have any free time I always go back to see my family in Caltra, Galway, it’s the only place I can properly relax.
Favourite film: The Way, starring Martin Sheen. It’s about the Camino de Santiago walk from France to Spain.
Personal motto: If something’s meant for you it won’t pass you by.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
South Africa World Cup squad
South Africa: Faf du Plessis (c), Hashim Amla, Quinton de Kock (w), JP Duminy, Imran Tahir, Aiden Markram, David Miller, Lungi Ngidi, Anrich Nortje, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada, Tabraiz Shamsi, Dale Steyn, Rassie van der Dussen.
Company%20profile
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
The five pillars of Islam
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Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
ACL Elite (West) - fixtures
Monday, Sept 30
Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)
Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)
STAR%20WARS%20JEDI%3A%20SURVIVOR
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My Country: A Syrian Memoir
Kassem Eid, Bloomsbury
Race card
5pm: Maiden (PA) Dh80,000 (Turf) 1,600m
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m
6pm: Arabian Triple Crown Round-1 Listed (PA) Dh230,000 (T) 1,600m
6.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
7pm: Maiden (PA) Dh80,000 (T) 1,200m
7.30pm: Handicap (TB) Dh100,000 (T) 2,400m
BLACKBERRY
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Company%20profile
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UAE currency: the story behind the money in your pockets
Zayed Sustainability Prize
Engine: 3.5-litre V6
Transmission: eight-speed automatic
Power: 290hp
Torque: 340Nm
Price: Dh155,800
On sale: now
RIVER%20SPIRIT
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Company%20profile
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EEjari%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%2C%20Saudi%20Arabia%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EYazeed%20Al%20Shamsi%2C%20Fahad%20Albedah%2C%20Mohammed%20Alkhelewy%20and%20Khalid%20Almunif%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EPropTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3E%241%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3ESanabil%20500%20Mena%2C%20Hambro%20Perks'%20Oryx%20Fund%20and%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E8%3C%2Fp%3E%0A
MATCH INFO
Barcelona 5 (Lenglet 2', Vidal 29', Messi 34', 75', Suarez 77')
Valladolid 1 (Kiko 15')
UAE currency: the story behind the money in your pockets
THE%20SPECS
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UAE%20ILT20
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UAE currency: the story behind the money in your pockets
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
The specs: 2018 Mazda CX-5
Price, base / as tested: Dh89,000 / Dh130,000
Engine: 2.5-litre four-cylinder
Power: 188hp @ 6,000rpm
Torque: 251Nm @ 4,000rpm
Transmission: Six-speed automatic
Fuel consumption, combined: 7.1L / 100km
MEDIEVIL%20(1998)
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