Explore

Asian Development Bank Pledges $210 Million to Fiji for Crisis Response and Resilience

Asian Development Bank Pledges $210 Million to Fiji for Crisis Response and Resilience

The Asian Development Bank (ADB) has committed $210 million to Fiji to assist in managing the economic repercussions of the Middle East conflict, safeguard households and businesses, and bolster the nation's preparedness for future economic and environmental challenges. This financial package, announced by ADB President Masato Kanda, is the second phase of the Fiji Sustainable and Resilient Growth Program. It includes a $200 million loan designated for policy reforms and a $10 million loan specifically for disaster financing. Fiji, like many small island developing states, faces inherent vulnerabilities such as remote locations, dispersed populations, skilled worker emigration, high business costs, and limited access to finance. The current economic climate, marked by persistently high energy prices due to the Middle East conflict and the anticipated effects of El Niño, is expected to impede Fiji's economic growth this year. The program aims to build upon previous reforms by supporting new measures to expa...

World Bank boosts private capital mobilization to record $112 billion

World Bank boosts private capital mobilization to record $112 billion

By Andrea Shalal WASHINGTON, Sept 17 (Reuters) - The World Bank on Thursday said it attracted $112 billion in private capital in the year ended June versus $69 billion a year earlier, and more than triple the amount in fiscal 2022 before former Mastercard CEO Ajay Banga became president.

IMF Legal Department Celebrates 80th Anniversary with Focus on Mandate Guardianship in Washington, DC

IMF Legal Department Celebrates 80th Anniversary with Focus on Mandate Guardianship in Washington, DC

The International Monetary Fund's (IMF) Legal Department is set to commemorate its 80th anniversary with a conference in Washington, DC. To mark this significant milestone, José Enrique Cordero S. has published an article titled "The IMF Legal Department as Guardian of the Fund's Mandate." This article delves into the distinctive role of the Legal Department (LEG) within the IMF's institutional framework. It highlights how the LEG ensures that the Fund's evolving policies and activities consistently adhere to its Articles of Agreement and the rule of law. The article emphasizes that the LEG's guardianship function has been crucial in enabling the IMF to adapt over eight decades while remaining firmly rooted in its legal foundation. The department's responsibilities include interpreting and applying the Articles, supporting surveillance and financing operations, contributing to policy development, and assisting member countries in strengthening their legal and institutional frameworks. This celebration unde...

Cat's out of the bag. Meet the newly discovered cat species

Cat's out of the bag. Meet the newly discovered cat species

Researchers hope the discovery could help free resources to conserve populations.

IDB Approves $50 Million Loan for El Salvador to Modernize Economic Systems and Data

IDB Approves $50 Million Loan for El Salvador to Modernize Economic Systems and Data

The Executive Board of the Inter-American Development Bank (IDB) has approved a US$50 million loan for El Salvador. This funding is specifically aimed at strengthening the production and use of official economic statistics within the country. The program, which will be executed by the Banco Central de Reserva (BCR) over a four-year period, seeks to improve the quality, relevance, timeliness, reliability, and accessibility of economic information for decision-making. A key component of this initiative is the implementation of a new Economic Census, designed to generate more detailed data on El Salvador's productive activities. The program also includes the modernization of statistical systems and the incorporation of digital tools, facilitating the digitization of data collection, management, analysis, and dissemination. Notably, the new census will incorporate data on the informal economy, which plays a significant role in the country's employment and economic activity.

Indonesia parliament discusses changes to fiscal deficit limit

Indonesia parliament discusses changes to fiscal deficit limit

By Stefanno Sulaiman and Gayatri Suroyo JAKARTA, Sept 3 (Reuters) - Indonesia's parliament discussed potential changes to the country's fiscal deficit limit on Thursday, with several lawmakers signalling they would back proposals to allow the government to exceed the current ceiling to improve

Chile weighs ethanol-gasoline blend as government seeks cheaper fuels amid fiscal strains

Chile weighs ethanol-gasoline blend as government seeks cheaper fuels amid fiscal strains

By Kylie Madry Sept 17 (Reuters) - Chile, one of Latin America's largest oil importers, has started to consider adopting ethanol-blended gasoline as spiking oil prices this year have strained the economy and government finances, according to documents seen by Reuters.

Moody's Upgrades Bangladesh's Economic Outlook to Stable Amid Easing Pressures

Moody's Upgrades Bangladesh's Economic Outlook to Stable Amid Easing Pressures

Moody's Upgrades Bangladesh's Economic Outlook to Stable Amid Easing Pressures

Poll shows rising trust in global institutions, less comfort with US as global leader

Poll shows rising trust in global institutions, less comfort with US as global leader

By Andrea Shalal WASHINGTON, Sept 16 (Reuters) - A new poll of over 35,000 people worldwide shows continued support for global cooperation and rising trust in international institutions, but less comfort with the United States or China taking leadership roles. In fact, many view both as a threat.

IMF Renews Chile's Flexible Credit Line for Two Years at Reduced Amount

IMF Renews Chile's Flexible Credit Line for Two Years at Reduced Amount

IMF Renews Chile's Flexible Credit Line for Two Years at Reduced Amount

World Bank names Nobel laureate Michael Kremer as next chief economist

World Bank names Nobel laureate Michael Kremer as next chief economist

By Andrea Shalal WASHINGTON, Sept 16 (Reuters) - The World Bank on Wednesday named Nobel laureate and University of Chicago professor Michael Kremer as its next chief economist, succeeding Indermit Gill, who retired last month.

BOJ set to raise interest rates to 31-year high as inflation risks loom

BOJ set to raise interest rates to 31-year high as inflation risks loom

By Leika Kihara TOKYO, Sept 16 (Reuters) - The Bank of Japan is set to raise interest rates to a 31-year high on Friday and signal readiness to keep pushing up borrowing costs, joining other major central banks in fighting persistent inflation pressures driven by soaring oil costs.