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World

Myanmar Coup: World Bank halts payment requests to military junta

The World Bank halted payments to projects in Myanmar on withdrawal requests that were made after the coup, the bank said in a letter to Myanmar’s finance ministry. The World Bank also updated its general statement about the military seizure of power to reflect the payment halt. “Effective February 1, we have temporarily put a […]

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World

Coronavirus pandemic will push 60 million people into extreme poverty: World Bank

The head of the World Bank warned on Tuesday that the coronavirus crisis has threatened to push up to 60 million people into extreme poverty, wiping out the gains made over the past three years. The global lending institution is already financing aid programs in 100 countries, under its commitment to spend $160 billion over […]

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World Bank slashes India’s growth forecast to 6% for current fiscal year

The World Bank slashed India’s growth forecast for the current fiscal year to 6%, down from 7.5%. The body warned of “severe” slowdown in the country’s financial sector. In its last forecast in April, the bank had said that India’s economic outlook was strong and expected growth of 7.5% during the current fiscal year that […]