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World Bank

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Myanmar economy hampered by junta restrictions, power cuts: World Bank

Rolling power cuts and economic restrictions imposed by Myanmar’s junta are hindering the country’s economy, says the World Bank. The nation’s GDP remains significantly lower than in 2019, and businesses struggle with access to foreign exchange and licenses. Power cuts are also impacting economic activity. Despite some signs of stabilization, the World Bank forecasts a three percent growth for the year.

IMF, World Bank under pressure to boost climate change financing

IMF and World Bank officials join Paris summit to address poverty alleviation and climate change financing challenges.

World Bank, IMF spring meetings to get underway in complex economic environment

The IMF and World Bank’s spring meetings will focus on an ambitious reform and fundraising agenda, but concerns over high inflation, rising geopolitical tension, and financial stability are likely to overshadow discussions. The IMF predicts global growth to fall below 3% this year, with close to 90% of the world’s advanced economies experiencing slowing growth. The meetings also provide an opportunity to reform the World Bank to better tackle long-term issues like climate change, with the US pushing for changes to the bank’s mission statement and financial capacity.

China ramping up bailout loans to ‘Belt and Road’ countries: report

China has provided $240 billion in bailout loans to 22 developing countries in danger of default, mainly in Belt and Road Initiative (BRI) countries like Sri Lanka, Pakistan, and Turkey, according to a report by AidData, the World Bank, Harvard Kennedy School, and the Kiel Institute for the World Economy. The report noted that China’s bailout loans have accelerated between 2016 and 2021, with Beijing distributing 80% of its rescue lending during that period. Critics have accused China of luring developing countries into debt traps by providing massive, unaffordable loans.