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June 27, (THEWILL) – The World Bank on Tuesday, said the $800 million loan to Nigeria was approved in December 2021.
“The World Bank approved additional financing of $700m for Nigeria to scale up the Adolescent Girls Initiative for Learning and Empowerment programme whose goal is to improve secondary education opportunities among girls in targeted states.
The World Bank has followed along with the IMF’s statements and also recently predicted a sharp global economic downturn in 2023 leading to widespread instability.
The World Bank has long promoted private financial investments in development, as well as ‘blended finance’ and PPPs more recently.
The World Bank has noted that the poverty rate surges to 39.4 % with almost a 5% increase on a year-on-year basis, posing equal challenges to the survival of the South Asian economy together with its over 240 million masses.
The World Bank hasn’t issued a new policy increasing support for gas nor made any firm commitments.
The World Bank increased this number from 33,1% to 34,1% for 2024, and from 31,6% to 32,7% for 2025.
The World Bank is funding the Ghana Accountability for Learning Outcomes Project (GALOP) with a total amount of $214.5 million, of which $150 million is International Development Assistance (IDA) and $64.5 million Trust Fund.
The World Bank lists sanctions among several shocks that have hit economic conditions, alongside armed conflict, drought, and the effects of a financial crisis in neighboring Lebanon.
The World Bank made its prediction known in its latest Global Economic Prospects report released on Tuesday, titled: “Leveraging Resource Wealth During The Low Carbon Transition.”
The World Bank of 41.5 for the United States in 2019.
Source: https://www.counterpunch.org/2023/01/11/why-this-country-might-want-to-lower-its-expectations/
The World Bank reports that over half of the nations in Sub-Saharan Africa are either in serious debt trouble or are very likely to experience it soon.
The World Bank said it had released about $299.99 million of the $800 million loan requested by Nigeria to the from the approved $800 million allotted for the National Social Safety Net Programme-Scale Up.
The World Bank said the loan also aims to develop a catastrophe insurance market in the Philippines to prevent people from falling into poverty following natural disasters.
The World Bank says Malawi’s fiscal deficit is among the highest in Africa and a key driver of the country’s growing public debt, which analysts says is fast becoming unsustainable.
Source: https://mwnation.com/fiscal-deficit-too-high-world-bank/
The World Bank Task Team Leader, Dr Manieve Sene, earlier, noted that in spite of the initial challenges facing the project in the country, it was able to record huge successes.