Tag: World Bank

Sudan Lifts State Of Emergency Imposed Since Coup
African Development, Armed Forces, News, Security, Sudan

Sudan Lifts State Of Emergency Imposed Since Coup

Sudan's military government has lifted a state of emergency which it imposed after seizing power in a coup six months ago and recommended freedom for people detained under an emergency law. The decision by Gen. Abdel-Fattah Burhan, head of Sudan’s ruling sovereign council, came hours after the Security and Defense Council, Sudan’s highest body that decides on security matters suggested. The news came the same day as the U.N. envoy for Sudan regretted the killing of 2 anti-coup protestors in Khartoum Saturday. The two were killed in during protests in Khartoum’s Kalakla neighborhood.  One was shot dead by security forces and the other suffocated after inhaling tear gas, according to the Sudan Doctors Committee, which is part of the pro-democracy movement. "Calling...
Okonjo-Iweala will drive Global Trade – World Bank
Economy, Interview, News, Nigeria

Okonjo-Iweala will drive Global Trade – World Bank

The international financial architecture is ‘skewed in favor of rich and creditor countries’, the World Bank said yesterday. President of the bank, David Malpass exposed the partial state of the architecture at the close of the World Bank/IMF Spring Meetings 2021 Development Committee meeting, in Washington D.C. yesterday. He said the disturbing state of the global financial system was exposed last year by the COVID-19 pandemic, which made challenges and staggering needs of every country’s economy even clearer. Malpass said: “One major challenge is that the current international financial architecture is heavily skewed in favor of the rich and creditor countries. It is ever important that all voices are heard. I urge all of us to consider how we can restore growth in developing co...
Poor Nigerians Expected to Reach 100 Million By 2022 – World Bank
Economy, Finance, News, Nigeria

Poor Nigerians Expected to Reach 100 Million By 2022 – World Bank

The World Bank has estimated that the number of poor Nigerians would rise from the current 90 million to about 100 million by 2022 due to the economic impact of the COVID-19 pandemic. The bank projects that about 11 million more Nigerians would plunge into poverty by 2022 due to the COVID-19 crisis. It equally pegged the financial portfolio approved by its board for Nigeria at about $11.5bn. This was disclosed during the bank’s Nigeria Development Update virtual event, themed, 'Rising to the challenge: Nigeria's COVID-19 response'. According to Punch, an economist with the bank, Marco Hernandez, during his presentation said that before the COVID-19 pandemic, about two million Nigerians were expected to fall into poverty in 2020 as population growth outpaced economic growth. ...
Rwanda Seals $150 Million Skills Development Agreement with World Bank
African Development, Finance, News, Rwanda

Rwanda Seals $150 Million Skills Development Agreement with World Bank

Rwanda and World Bank have agreed a $150 million financing agreement to assist the country accomplish skills development in chosen economic sectors. In a statement on Wednesday, Rwanda’s Ministry of Finance and Economic Planning disclosed that half of the fund is a grant while the other half is a concessional loan which is payable within 38 years, with a six-year grace period at 0.75 percent interest rate. The ministry said that the project is planned to improve access to technical and vocational education as well as higher education programs required by labour market and the social and economic growth of Rwanda. Minister of finance and economic planning, Uzziel Ndagijimana in a communique said, “Skills development and employment promotion are central to Rwanda’s National Strategy...