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Saturday, October 14, 2023

IMF has reached goal to add $3 billion to trust fund for poorest countries-Georgieva

During the IMF and World Bank meetings in Marrakech, Managing Director Kristalina Georgieva announced the achievement of the $3 billion fundraising target for the concessional trust fund, enabling the IMF to provide interest-free financing to low-income countries, with 40 nations contributing, including emerging-market economies.

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Africa hears pledges but little action at IMF-World Bank talks

Pummelled by debt, poverty and natural disasters, African nations heard many pledges of support but saw little action at the first IMF-World Bank talks to be held on their soil since 1973. The myriad troubles facing the continent were front and centre at the week-long talks in Marrakesh, Morocco, which began Monday and end Sunday.

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10 development banks back expert group's recos

During a meeting in Marrakech, UK chancellor Jeremy Hunt committed to providing capital support for multilateral development banks (MDBs), while other countries such as the US, Italy, and Saudi Arabia also expressed openness to the idea. The International Economic Governance (IEG) emphasized the need for more capital for MDBs to enable them to lend more, a suggestion supported by India's finance minister and the World Bank president.

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Friday, October 13, 2023

Bank locker rules: What can you keep in your bank locker and what you cannot

Bank lockers are intended solely for legitimate purposes, such as safeguarding valuables like jewelry and documents. Storing cash or currency in these lockers is not permitted

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World Bank's Banga says exploring longer, cheaper loans as mission expands to climate

World Bank president Ajay Banga on Friday laid out an ambitious agenda aimed at widening the development lender's mission to tackle climate change and other global crises, speeding decision-making and offering more - and cheaper - lending resources.

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