World Bank warns China at risk

BEIJING: The World Bank on Wednesday boosted its 2010 growth forecast for China to 10 percent, but warned that global tensions over trade imbalances could cast a shadow over the rosy economic outlook.
The bank based its new prediction on the “still surprisingly strong” 9.6 percent growth in gross domestic product seen in the third quarter, and said the prospects for the world’s second-largest economy “remain sound”.

The Washington-based bank forecast 2011 growth of a more modest but still robust 8.7 percent, slightly up from its previous estimate of 8.5 percent, in its latest quarterly update on China.

Power tariff to be raised by 2pc a month

A joint delegation of IMF, World Bank and ADB called on Federal Minister for Water & Power Raja Pervez Ashraf in Islamabad.—Online

 

ISLAMABAD: The International Monetary Fund (IMF) has criticised slow progress on taxation and power sector reforms and sought in two days a clear plan from the government about controlling the increasing fiscal deficit.

In the first round of policy discussions, a review mission of the IMF and World Bank headed by Adnan Mazarei held meetings on Monday with Finance Minister Dr Abdul Hafeez Shaikh on tax reforms and the macroeconomic situation and with Minister for Water and Power Raja Pervez Ashraf on power sector reforms.

IMF board likely to meet mid-May on Pakistan

WASHINGTON: The International Monetary Fund's board will likely meet in mid-May to consider the next tranche of Pakistan's $11.3 billion loan, a source close to talks between IMF officials and Islamabad said on Friday.

Pakistani finance officials are in Washington this week for spring meetings of the IMF and are also talking to the World Bank and the Asian Development Bank over steps being taken to raise electricity tariffs and other taxes that are unpopular with the public and politically risky for the government.

World Bank lending hits record $100bn due to global crisis

 WASHINGTON: The World Bank has committed a record $100 billion in financial support over the past 18 months to help developing countries recover from the global economic crisis, the poverty-fighting institution said on Wednesday.

The World Bank stepped up lending in July 2008 at the request of member countries as demand from developing countries increased in the face of a worsening world recession and sharp drop in global trade.

World Bank urges more economic reforms

ISLAMABAD: Pakistan's economy has made progress through tough reforms but still needs to boost tax revenues and increase power supplies to improve finances, the World Bank said on Friday.

During two days of meetings with officials, including Abdul Hafeez Sheikh, the new Finance Adviser to the prime minister, World Bank Vice President for South Asia Isabel Guerrero noted substantial economic progress since her last visit in 2008.

Zardari urges WB to finance Pakistan’s energy projects

ISLAMABAD: President Asif Ali Zardari on Thursday called upon the international donor agencies to support Pakistan for strengthening of country’s economy and help in overcoming severe energy and water crisis.

Talking to Vice President World Bank (WB) Isabel Guerrero at Aiwan-e-Sadr, the President said the government had taken difficult and unpopular decisions for economic recovery.

China overtakes Germany as top world exporter

Saturday, January 09, 2010
FRANKFURT: China and its population of 1.3 billion has overtaken Germany, population 82 million, as the world’s top exporter, trade figures from the German national statistics office showed on Friday.

From January to November, Chinese exports were worth 1.07 trillion dollars, while German data showed that exports from Europe’s biggest economy amounted to 734.6 billion euros, or 1.05 trillion dollars.

‘World recovery not guaranteed in 2010’

Saturday, January 09, 2010
PARIS: The world economy may not emerge out of crisis in 2010 due to “bubbles” created by the huge injections of money used to keep the financial system operating, World Trade Organisation chief Pascal Lamy said on Friday.

“You have to be realistic, it is not guaranteed,” the WTO director general said on French radio when asked whether the world economy would recover in 2010.

UK announces one-time tax on bankers’ bonuses

Thursday, December 10, 2009
LONDON: The British government announced a one-time tax on bankers’ bonuses as it laid out plans for the country’s ravaged economy ahead of a looming general election.

Treasury chief Alistair Darling said on Wednesday it was payback time for banks that lost a combined 80 billion pounds ($130 billion) last year and needed taxpayer-funded bailouts to stabilise the system.

WB funded Rs19bn projects in quake-hit areas

 









ISLAMABAD: The World Bank will continue to provide financial assistance for the benefit of marginalised and poor communities of Pakistan, according to a senior official of the bank.

Addressing the closing ceremony of the earthquake relief, rehabilitation and reconstruction project of the Pakistan Poverty Alleviation project on Tuesday, the bank’s country director Yusupha B.

Crookes said $900 million had been provided for poverty alleviation interventions during the last five years in Pakistan.

World Bank chief says Asia to have key role in recovery

Friday, December 04, 2009
NEW DELHI: Asia will have to play a bigger part in the global recovery than in previous downturns as US consumers are cash-strapped, World Bank chief Robert Zoellick said in an interview published on Thursday.

Zoellick told the Financial Times it was difficult to see US consumers assuming the same role as demand drivers that they have in previous economic recoveries because they have to pay off debts and improve their finances.