World Bank （6do encyclopedia）

[brief (簡報編譯)]

The World Bank is a vital multilateral financial institution that was established in 1944. It has its headquarters in Washington D.C., United States. The primary goal of this institution is to aid the economic advancement of developing nations by offering them with financial assistance, technical knowledge, and other necessary resources.

The bank started operations in 1946 with the objective of financing rehabilitation efforts after World War II. The institution has since then broadened its scope of assistance to developing nations worldwide, assisting countries in putting up and implementing applicable economic policies that align with their specific developmental objectives. This global financial institution offers long-term loans, equity investments, as well as technical support to developing countries.

The World Bank’s primary goal is to minimize poverty and stimulate economic growth to improve living conditions in the planet’s least developed countries. As of 2021, the International Bank for Reconstruction and Development (IBRD) has been providing long-term loans to developing countries with middle-income that have the potential to support the current global development goals. Furthermore, it also assists with knowledge, advisory services, and technical support through its other branches, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).

Verticals of the World Bank:
The World Bank is divided into two main areas of operations, which are commonly referred to as verticals. These verticals are tasked with independently executing the organization’s goals and strategies.

The two main verticals of the World Bank are:

1. International Bank for Reconstruction and Development (IBRD):
   The International Bank for Reconstruction and Development, also known as the World Bank, is tasked with assisting developing nations with long-term loans and advisory services. This division of the World Bank offers member nations low-interest rate loans and credit with extended repayment periods of up to 25 years for specific development projects.

The IBRD provides lending services to middle-income developing nations, including South Africa, India, and China, among others.

2. International Development Association (IDA):
   The International Development Association (IDA) offers grants and low-interest loans without the prerequisite of a payment of interest.
   The World Bank founded this vertical to provide concessional financing to the planet’s least developed countries, which are nations primarily located in Africa and south Asia.

The goal behind this assistance is to ensure that such countries can get adequate financial resources to carry out development projects and, in the long run, help in reducing poverty levels, boosting economic growth, and improving the standard of living for the citizens.

Structure of the World Bank:
The World Bank comprises of two main institutions, the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). The World Bank institution comprises of a Board of Governors, Board of Directors, and President.

The Board of Governors is the highest decision-making body of the World Bank. Each member country appoints one governor, usually from among the country’s representatives to the World Bank, to represent them. The Board of Governors meets once each year to approve the Bank’s annual report and accounts and discuss general policy issues regarding Bank operations.

The Board of Directors, on the other hand, is responsible for the Bank’s daily management operations. Each member country is represented on the Board of Directors by a single executive director who is appointed by a specific constituency of countries.

The President is also a vital part of the World Bank structure. The President reports to the Board of Governors and is responsible for the management of the institution’s day-to-day activities. The President is appointed by the Board of governors, who are authorized to appoint more than one president in the institution’s lifetime.

Conclusion:
The World Bank has played a crucial role in financing development projects and helping curb poverty levels in developing nations worldwide. The bank’s focus on aiding developing nations in improving critical sectors like education, healthcare, infrastructure, and governance has helped change the lives of millions of individuals globally. The World Bank’s approach to development assistance has been to provide countries with financial and technical resources that are essential for sound economic management to ensure sustained economic growth and poverty reduction.

---

Disclaimer
6do Encyclopedia represents the inaugural AI-driven knowledge repository, and we cordially invite all community users to collaborate and contribute to the enhancement of its accuracy and completeness.
Should you identify any inaccuracies or discrepancies, we respectfully request that you promptly bring these to our attention. Furthermore, you are encouraged to engage in dialogue with the 6do AI chatbot for clarifications.
Please be advised that when utilizing the resources provided by 6do Encyclopedia, users must exercise due care and diligence with respect to the information contained therein. We expressly disclaim any and all legal liabilities arising from the use of such content.

[brief (簡報編譯)]

Rebuilding a community: Hiroshima after the bomb

Japan Times

23-05-14 22:00

Hiroshima's history of overcoming tragedy and rebuilding will be highlighted at the forthcoming G7 summit in the city, as geopolitical tensions rise in many parts of the world amidst ever-growing fears of nuclear war. Almost 92% of all buildings in the city were destroyed or burnt, whilst roughly 140,000 people, or 40% of the city's population at the time, died within a year of the atomic bomb exploding in 1945. Discussion topics at the forthcoming summit feature global issues including terrorism, refugees and climate change, with mounting concerns over nuclear threats closing the two-day talks.

https://www.japantimes.co.jp/news/2023/05/15/national/history/hiroshima-bombing-reconstruction/

[brief (簡報編譯)]

Ghana expects first $600 mln tranche from IMF after Wednesday meeting - minister

Reuters

23-05-14 17:23

https://cloudfront-us-east-2.images.arcpublishing.com/reuters/GKR5HYEVYJOHPIW3NYQUR36UC4.jpg（图片大于 4 MB）

The International Monetary Fund (IMF) is expected to approve a $600m first loan to Ghana on Wednesday, according to Mohammed Amin Adam, Minister of State in the Finance Ministry, who added the funds could be disbursed within a week of the decision. The African country is seeking $3bn to help shore up its economy. It faces a debt overhaul after economic fallout from the coronavirus pandemic and Russia's invasion of Ukraine led to it buckling under the strain. Some $5.4bn of debt to official creditors has been earmarked for restructuring, according to government data, as well as $14.6bn of debt to private overseas creditors.

https://www.reuters.com/world/africa/ghana-expects-first-600-mln-tranche-imf-after-wednesday-meeting-minister-2023-05-14/

[brief (簡報編譯)]

How China came to dominate the black market for money laundering

Telegraph

23-05-14 13:00

Criminal gangs are using Chinese fixers to clean cash in a growing problem for global law enforcement agencies, with some experts believing that Chinese-controlled entities and individuals are now responsible for up to 50% of money laundering worldwide. Mexican and Colombian drug cartels are increasingly using Chinese launderers to service their empires, according to US lawmakers. Fixers charge up to 6%, if not nothing, for their services, and rely on trusted contacts to move illicit funds. Once in a bank account, laundered dollars can be sold to Chinese elites, or can be used to buy overseas property or pay college tuition fees. In exchange, the Chinese elite will send the corresponding amount of renminbi plus a fee from their Chinese account to the gang’s account in China. Europeans have been warned of the danger of Chinese “mules” being used to move illicit money into and out of the UK.

https://www.telegraph.co.uk/business/2023/05/14/china-black-market-money-laundering-drug-cartels/

[brief (簡報編譯)]

Off-grid solar brings light, time and income to remotest villages in Indonesia

South China Morning Post

23-05-14 07:30

Off-grid solar systems are providing people in remote areas of Indonesia with electricity, social gatherings, and more money. The International Energy Agency says that in 2022, around 775 million people globally were without electricity, keeping them in poverty and making it hard to participate in a modern economy. Although Indonesia has taken significant strides in extending electricity access—rising from 85% to about 97% between 2005 and 2020—more than half a million people still have no access to it. Off-grid solar projects such as those in eastern Indonesia could help bring clean energy and electricity directly to people in isolated communities who are unelectrified.

https://www.scmp.com/news/asia/southeast-asia/article/3220508/grid-solar-brings-light-time-and-income-remotest-villages-indonesia

[brief (簡報編譯)]

The Shell-backed gas project poised to profit Iran

Financial Times

23-05-14 04:20

Iranian company Mapna Group is the largest beneficiary of a power plant set to supply the Basrah Gas Company, which is 44%-owned by the UK’s Shell Energy. The plant, owned by Jordan’s Shamara Holding and built by Tehran’s Mapna, is entitled to 78% of the revenue from electricity sales. Neither Shell nor Basrah Gas have had any dealings with Mapna, with payments made via Iraq’s ministry of electricity. There is no sign such payments would violate US or European sanctions on dealings with Iran. Many international oil companies operating in Iraq, including ExxonMobil and BP, run operations that rely on Iraq's national grid for power. The Rumaila plant’s construction also reflects how investors were impacted by changing geopolitical considerations, which saw investment cool from Western firms amid the rise of ISIS whilst also opening up for renewed engagement from Iranian companies.

https://www.ft.com/content/09c0358c-6e95-4358-8863-3077c5749e85

[brief (簡報編譯)]

EBRD: Inflation has peaked, but rising gas prices will pressure households

Reuters

23-05-16 04:13

https://cloudfront-us-east-2.images.arcpublishing.com/reuters/D537V5LFJRPV3KGZKI6LA4V3FQ.jpg（图片大于 4 MB）

The European Bank for Reconstruction and Development (EBRD) has said inflation in emerging Europe, central Asia, and north Africa has peaked, but household finances will still be put under pressure by rising winter gas prices. According to the bank, markets are anticipating an uptick in energy prices this autumn and winter and more than half of households in the EBRD region were living from paycheck to paycheck. Javorcik noted Armenia, Azerbaijan, and Georgia were experiencing strong growth. In contrast, Turkey's growth has been revised down to 2.5% from 3% for 2023 due to the economic effects of the February earthquake.

https://www.reuters.com/markets/ebrd-inflation-has-peaked-rising-gas-prices-will-pressure-households-2023-05-16/

[brief (簡報編譯)]

China’s Youth Jobless Rate Hits Record 20.4% in Danger Sign

Bloomberg

23-05-16 02:41

China's youth jobless rate hit a record high of 20.4% in April, indicating the wider economy is struggling to absorb new workers and the labour force is declining. It is a major concern as 11.58 million students are expected to graduate from universities and colleges this year. The rise came despite the general jobless rate declining to 5.2%. The debt woes and lack of private sector confidence are holding back growth in the country, and a declining supply of labor may add to inflationary pressures, as per a Bloomberg report. The data shows more employment opportunities need to be created for young people to address this issue.

https://www.bloomberg.com/news/articles/2023-05-16/china-s-youth-jobless-rate-jumps-to-record-20-4-in-danger-sign?srnd=next-china

[brief (簡報編譯)]

Making the four-day week work for Britain

Reuters

23-05-16 06:19

https://cloudfront-us-east-2.images.arcpublishing.com/reuters/SUY4GBIZBNO5FKGWCSYFVSREC4.jpg（图片大于 4 MB）

British skincare brand Five Squirrels has been operating on a four-day work week since June 2021. After 56 of the companies who participated in a four-day week trial reported that the policy maintained overall productivity and performance, more businesses are looking into the logistics of how this could work in practice, without disrupting production schedules. One of the larger companies that has attempted it to date is Unilever. During an 18-month pilot in New Zealand for its 80 staff, the company claims that careless meetings were scrapped and sales were boosted while employees were less stressed and had more energy. Meanwhile, Spain is spending €10m in subsidies to small manufacturers so they can participate in an upcoming two-year trial that will see a 10% reduction in working hours while maintaining pay. Experts suggest that there is a moral case to be made for a shorter working week given the high number of workers currently reporting poor mental health. However, companies need to be aware that not all industries can adopt it, and it’s important to understand the logistics of how such a policy will work.

https://www.reuters.com/world/uk/making-four-day-week-work-britain-2023-05-16/

[brief (簡報編譯)]

Inflation rises to 4.4% in April. Here’s what that means for the cost of living in Canada

The Globe and Mail

23-05-16 17:00

Canada's inflation rate fell in September, marking the third consecutive month it had slowed on an annual basis. Canada's Consumer Price Index fell 6.9% in September from a year earlier – down from 7% in August and 7.6% in July. Core inflation (excluding food and energy) rose 5.4% over the past year, up from 5.3% in August. Analysts are divided on the extent to which the Bank of Canada will raise its policy rate – now at 3.25% – but are pencilling in no less than another 50 basis points. Several factors are driving inflation, including supply-chain disruptions that have led to product shortages, much higher commodity prices, and cheap borrowing rates that fueled a boom in home purchases.

Interest rate increases theoretically bring down inflation by prompting banks to increase interest rates on deposits, loans and mortgages. Higher interest rates encourage saving, and discourage borrowing and spending, resulting in reducing inflation. Meanwhile, Canada’s unemployment rate fell to 5.2% in September as fewer people looked for work, and around two-thirds of Canadians have seen inflation outpace their wage gains over the past year. According to Bank of Canada surveys, Canadian consumers and businesses expect inflation to remain high for the next two years, which could keep CPI on an elevated path for some time. The Bank of Canada expects inflation of 7.2% this year and 4.6% in 2023, having revised its CPI forecast higher several times.

https://www.theglobeandmail.com/business/article-canada-inflation-rate-2023/

[brief (簡報編譯)]

Africa faces a mounting debt crisis

Economist

23-05-16 18:12

Ghana and Zambia have highlighted the urgent need for co-operation between western creditors, multilateral lenders and China over the restructuring of debt in African countries. Ghana, which has have been in 16 IMF programmes since gaining independence in 1957, will this month enter into a $3bn programme. Zambia, meanwhile, has struggled to agree detailed terms for the restructuring of its debt. Both countries point to a new era of austerity in Africa, where public debt is now at its highest level in decades, and which will have a significant impact on African economies and domestic politics. “Frontier Africa” – where the two countries are placed – need to borrow about $30bn a year to service existing foreign debts, it has been calculated. Debt service is chewing up government revenue in better-run countries such as Ivory Coast and Senegal, accounting for about one-quarter of revenue.

https://www.economist.com/middle-east-and-africa/2023/05/16/africa-faces-a-mounting-debt-crisis

[brief (簡報編譯)]

How energy is powering China’s relationships with Central Asia

South China Morning Post

23-05-17 02:00

China is looking to Central Asia for a new energy partner source to offset growing tensions between it and the US-led West. Leaders from Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan join President Xi in China, where the main focus will be the joint projects between the nations aimed at pushing forward cooperation in other areas from the economy to security and politics. Beside abundant reserves of traditional fossil fuels, there is huge untapped hydropower potential in Tajikistan and Kyrgyzstan. Piped natural gas from Central Asia to China is traditionally considered to be more secure and cheaper than other countries, especially the US. Central Asia supplied over two-thirds of China's pipeline gas imports in 2017, with the bulk of it coming from Turkmenistan, which has the world's fourth-largest gas reserves after Qatar, Iran and Russia.

https://www.scmp.com/news/china/diplomacy/article/3220788/how-energy-powering-chinas-relationships-central-asia

[brief (簡報編譯)]

A billion new air conditioners will save lives but cook the planet

Japan Times

23-05-17 05:03

Demand for air conditioning is rising fast in countries experiencing population growth, rising incomes and higher temperatures, such as India, Indonesia, China and the Philippines. While this will have positive effects on public health and economic productivity, it could also have negative results for greenhouse gas emissions, as one of the coolants used by most air conditioning units is responsible for causing major climate damage. Efforts by wealthier, more temperate countries to regulate air conditioning have led to improvements in energy efficiency and reduced energy use from cooling appliances. However, purchasing a unit remains costly for many people in hot, poorer nations.

Most people in countries where demand for air conditioning is highest still largely rely on coal-fired power and can only afford the cheapest, least energy-efficient units. This presents a significant risk to climate stability, which, if unaddressed, could have devastating consequences for people and the environment.

The majority of global air conditioning demand continues to come from developed countries, but this is changing as more people in emerging economies embrace these appliances. By one estimate, there will be one billion more air conditioning units in the world by 2020, which could reinforce damaging climate trends and make it more difficult to mitigate the effects of global warming.

https://www.japantimes.co.jp/news/2023/05/17/world/billion-air-conditioners-save-lives-cook-planet/

[brief (簡報編譯)]

‘Low fertility trap’: Why Italy’s falling birth rate is causing alarm

CNN

23-05-17 12:36

Italy's population, now under 60 million, is in a state of decline, registering fewer than 400,000 births in 2022. This figure is the lowest recorded since data collection began in 1861, and may negatively impact the pension system, which is a pay-as-you-go. Maria Rita Testa, a professor of demography at Luiss University in Rome, warned CNN: “The projections by the government show that the peak in terms of pension spending will be reached in 2044... By 2030, Italy can expect 2 million workers to have entered retirement with no corresponding new members of the workforce to pay their pensions.” To increase the country's birth rate, the Italian government has considered incentives for large families, though some critics find it to be insufficient.

https://edition.cnn.com/2023/05/17/europe/italy-record-low-birth-rate-intl-cmd/index.html

[brief (簡報編譯)]

Triumph or tragedy? — India’s demographic dilemmas

Financial Times

23-05-17 10:19

As India prepares to overtake Germany and Japan as the world's third-largest economy, the country's potential for growth is considered by different economists from opposing perspectives. Narendra Modi's pro-business government has invested in initiatives such as digitisation, whilst critics claim the country suffers from the underinvestment in human capital first outlined by Nehru, resulting in an economy that fails to produce enough jobs or skilled workers. Meanwhile, Whole Numbers and Half Truths by Rukmini S provides an empirical look at India's complex society, covering all aspects from consumption to employment and identifies underemployment as behind India's relatively low official jobless rate.

https://www.ft.com/content/7ef2a3b0-ca44-4f00-b229-01b4ceed92a1

[brief (簡報編譯)]

Almost 250,000 flee floods in Somali city that 'became like an ocean'

Reuters

23-05-17 17:16

Floods in central Somalia resulting from the Shabelle river breaking its banks have caused nearly a quarter of a million people to leave their homes. The floods have struck even as the country is experiencing its most severe drought in 40 years. Aid agencies and scientists have blamed climate change for increasing such emergencies. Seasonal rains in Somalia and the Ethiopian highlands affected almost 500,000 people and killed 22. Over six seasons of low rainfall will need to be undone before vegetation will completely regrow and the adverse impact of the drought will be overcome, according to the UN humanitarian office.

https://www.reuters.com/world/africa/almost-250000-flee-floods-somali-city-that-became-like-an-ocean-2023-05-17/

[brief (簡報編譯)]

Six Pacific countries at high risk of debt distress - World Bank

Reuters

23-05-18 05:54

Six Pacific countries are at a high risk of debt distress due to government spending in response to the COVID-19 crisis, according to a report by the World Bank. Fiscal consolidation is needed in Kiribati, the Republic of the Marshall Islands, Federated States of Micronesia, Samoa, Tonga and Tuvalu. These countries lack access to domestic debt markets and international capital markets, the report said, meaning high debt levels could pose a problem. Vanuatu was rated as medium-risk, while Palau and Nauru’s debt was rated as sustainable. The report recommended improving tax collection and allocating more to social assistance and protection measures.

https://www.reuters.com/world/asia-pacific/six-pacific-countries-high-risk-debt-distress-world-bank-2023-05-18/

[brief (簡報編譯)]

The Global Economy’s Future Depends on Africa

Foreign Affairs

23-05-18 04:00

With China's once plentiful supply of young workers now decreasing due to aging, the global economy needs a new source of growth. Many have pointed to India as the "next China," but India is facing similar demographic issues, and within a few decades, its prime-age workforce will start to decline along with China's. Therefore, there is a growing need to look towards Africa. Africa's population, at present, is increasing due to its high fertility rate. In the coming decades, African youth will account for 98% of the net labor-force growth in the world, proving that Africa's youth is central to the future of the global economy.

Since the West is often afraid of uncontrolled immigration, they often see the African population’s growth entirely differently. However, their youthfulness isn’t a problem but an opportunity upon which the prosperity of the entire world depends. By 2050, Africa’s prime-age working population will be five times as large as that of Europe and larger than China and India’s combined. Moreover, it’s essential to recall that China was once considered desperately poor, much less developed than Africa is currently. In the next 20 years, African countries will increase their prime-age working population by 400 million workers, which is inarguably a remarkable opportunity for global growth.

However, since China’s economic growth was an environmental disaster, Africa needs to follow a different path to avoid similar consequences. Africa’s growth must be clean in terms of power generation and not damage the continent’s natural resources and landscape. Fortunately, Africa has plentiful sources of renewable energy, including hydro, solar, wind, and geothermal power. Africa can also benefit from technological advancements that have resulted in the decrease in the price of clean energy over the past decade, making renewable power cheaper than burning coal in most places.

https://www.foreignaffairs.com/africa/global-economys-future-depends-africa

[brief (簡報編譯)]

China and the West take a step to ease Africa’s debt crisis

Economist

23-05-18 09:11

China and Western governments may have found an answer to the problem of restructuring billions of dollars of African country debt by reaching a compromise over test case Ghana. The IMF agreed a $3bn bailout for Ghana last month, with a $600m first tranche released, following assurances from China and the Paris Club of mainly Western countries that they would take losses on their loans. However, worries remain that other countries facing high levels of debt will be unable to obtain the write-downs they require, with cuts to education and health funding undermining progress. African government debt in most countries is the highest in two decades, and the average cost of servicing external debt now consumes 17% of government revenues. Donors may need to help with concessional loans and grants, and debts must be restructured to prevent a repeat of past austerity.

https://www.economist.com/leaders/2023/05/18/china-and-the-west-take-a-step-to-ease-africas-debt-crisis

[brief (簡報編譯)]

Women, children trek miles in summer heat to get water near India's Mumbai

Reuters

23-05-18 09:10

https://cloudfront-us-east-2.images.arcpublishing.com/reuters/QEC2FTAHFZNGFIZXGGIQAYJRYY.jpg（图片大于 4 MB）

The residents of Telamwadi in Maharashtra, a poor village an hour and a half's drive from Mumbai, struggle for water as 18 droughts in 22 years and rapid industrialisation have caused a critical water shortage in the region. Mumbai's Vaitarna dam, which would provide water to the village, is just 50km away, but isn't linked to the village. India ranks among the world's most water-stressed nations, with only 4% of global water resources, despite having 18% of the world's population.

https://www.reuters.com/world/india/women-children-trek-miles-summer-heat-get-water-near-indias-mumbai-2023-05-18/