Development Banking

How Russia’s war in Ukraine paralyzed the Brics’s New Development Bank. How Russia’s war in Ukraine paralyzed the Brics’s New Development Bank. FOLLOW US ON GOOGLE NEWS Read original article here Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your…

WASHINGTON—President Biden intends to nominate Ajay Banga, the former chief executive officer of Mastercard Inc., to serve as president of the World Bank, moving swiftly to fill a vacancy atop an institution the U.S. is pushing to overhaul.As the largest shareholder in the World Bank, the U.S. typically selects the leader of the institution, a post that doesn’t require Senate confirmation, though the bank’s board will need to officially appoint Mr. Banga. The…

WASHINGTON—The World Bank sharply lowered its growth forecast for the global economy this year as persistently high inflation has elevated the risk for a worldwide recession.The bank expects global growth to slow to 1.7% in 2023, down from an estimate of 3% growth in June. That would mark the third-weakest pace of global growth in nearly three decades, overshadowed only by the 2009 and 2020 downturns, according to the World Bank. A separate report showed that global inflation, while starting to cool, remains historically…