NEW DELHI : The World Bank has estimated that India will need to grow 7.8% on an average over the next 22 years to become a high-income economy by 2047 and underlined the need for a series of reforms to achieve the goal.The latest India Country Economic Memorandum, released on Friday, said India’s growth at…
As the Trump administration imposes deep cuts on foreign aid and renewable energy programs, the World Bank, one of the most important financiers of energy projects in developing countries, is facing doubts over whether its biggest shareholder, the United States, will stay on board. While the Trump administration has voiced neither support nor antipathy for…
Editor’s note: Last week, the United Nations’ climate chief called the global transition away from fossil fuels “unstoppable,” despite the United States’ recent turn away from the fight against climate change under President Trump. That transition is the focus of the revamped version of The Climate Fix. Twice a month on Fridays, we’ll bring you…
The leaders of more than half of Africa’s nations gathered this week in Dar es Salaam, Tanzania’s sprawling seaside metropolis, to commit to the biggest burst of spending on electric-power generation in Africa’s history. The World Bank, African Development Bank and others are pledging at least $35 billion to expand electricity across a continent where…
NEW DELHI: The International Monetary Fund (IMF) on Friday retained India’s growth forecast for 2024-25 at 6.5% but said that growth in the country has slowed more than predicted, led by a sharper-than-expected deceleration in industrial activity.“In India, growth is projected to be solid at 6.5% in 2025 and 2026, as projected in Oct and…
The World Bank has cancelled over $500 million budget support loan to Pakistan after Islamabad could not timely implement some major conditions, including revision of the China-Pakistan Economic Corridor (CPEC) power purchase agreements. The Washington-based lender would also not provide any new budget support loan during the current fiscal year, which may impact the government’s…
