Finance & Economics | WPN World People News

The COVID-19 crisis has demonstrated governments’ ability to respond to a major global crisis with extraordinary flexibility, innovation and determination. However, emerging evidence suggests that much more could have been done in advance to bolster resilience and many actions may have undermined trust and transparency between governments and their citizens, according to a new OECD report.

The measures put in place by national governments to reduce the spread of the Coronavirus (Covid-19) may have impacted on the ability to field surveys, and so, in turn, on the quality of statistics typically produced. In addition, because of differences in national practices used to determine whether individuals are unemployed when under confinement, international comparability has also been affected

Notwithstanding, the recent rise in COVID cases, Pakistan has been showing signs of a fragile economic recovery with a gradual resumption of economic dynamism, according to a new World Bank report.

The Executive Board of the International Monetary Fund (IMF) approved an outright purchase of SDR 191.1 million (about US$270.83 million) to Namibia under the Rapid Financing Instrument (RFI), on March 31. This will help the country address urgent balance of payments and fiscal financing needs stemming from the negative impact of the COVID-19 pandemic. IMF financing will also contribute to catalyzing additional financing from development partners.

The combination of infrastructure and logistics improvements, reduction in border delays and tariffs, and harmonized standards across countries could have a significant positive impact on Central Asian economies, said experts during an online regional briefing “Connectivity in Central Asia: Challenges and Opportunities” hosted by the World Bank.

Officials said Tuesday the backlog of ships trying to pass through the Suez Canal could take about four days to work through, following nearly a week in which the vital waterway was blocked by a massive container ship.

Latin America and the Caribbean (LAC) suffered more health and economic damage from the COVID 19 pandemic than any other region, although there is potential for significant transformation in key sectors as the region begins to rebound, according to a new World Bank Report.

The World Bank on March 29, approved a $500 million International Development Association (IDA) credit to support Ethiopia’s goal of achieving universal electricity access by 2025.

*EIB Group to provide EUR 200m of funding to Raiffeisen- Leasing Group through a EUR 538m securitisation transaction
*EIB group’s investment expects to mobilise total fresh investment of up to EUR 560m by Raiffeisen-Leasing
*Transaction is aimed at immediate Covid-19 response with strong focus on climate action

The Republic of Sudan has cleared its arrears to the International Development Association (IDA), enabling its full re-engagement with the World Bank Group after nearly three decades, and paving the way for the country to access nearly $2 billion in IDA grants for poverty reduction and sustainable economic recovery. By clearing its arrears, Sudan has also completed a key step for receiving comprehensive external debt relief under the Heavily Indebted Poor Country (HIPC) Initiative.