Ajay Banga – The News Desk

World bank president Ajay Banga outlines move to make World Bank ‘better, bigger’, calls for more capital from shareholders

11Oct

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World bank president Ajay Banga outlines move to make World Bank ‘better, bigger’, calls for more capital from shareholders

MARRAKECH: World Bank President Ajay Banga on Wednesday outlined a series of steps that the multilateral agency has initiated to make it “better” and more focused on “output”, instead of just the scale of financing, and underlined the need for shareholders to expand the capital base to make it “bigger”.At a press conference, Banga -- who took over 130 days ago and insisted on being referred to by his first name and making public his “allergy” to being called president -- said the measures would result in allowing the World Bank to provide additional support of around $150 billion over 10 years.“A lot of work has gone into capital adequacy. Loan-to-equity ratio has been moved to generate additional lending of $40 billion over 10 years… Hybrid capital and portfolio guarantees can be used to...

World Bank maps out plans to further boost lending by $100 bln-plus over a decade

28Sep

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World Bank maps out plans to further boost lending by $100 bln-plus over a decade

WASHINGTON: The World Bank on Thursday proposed steps that would boost its lending to developing countries by an additional $100 billion over a decade as part of an ongoing reform process aimed at helping the bank expand its mission to include climate change. In a 24-page report to the joint ministerial committee that oversees the bank and the International Monetary Fund, the bank's management said it would ask shareholders to approve a hybrid capital measure and a new portfolio guarantee platform that together could boost lending by over $100 billion. That amount would come on top of measures already being implemented that will boost the bank's lending to developing countries by up to $50 billion.!(function(f, b, e, v, n, t, s) { function loadFBEvents(isFBCampaignActive) { if (...

India’s G20 presidency set path for world: World Bank president Ajay Banga

10Sep

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India’s G20 presidency set path for world: World Bank president Ajay Banga

NEW DELHI: World Bank President Ajay Banga on Sunday said that India in its G20 presidency has set a path for the world and lauded that the G20 declaration was anonymously adopted by all G20 nations."I consider the fact that there was a declaration, a tribute to the fact that the G20 leadership found a way to give and take and negotiate and find a right way to agree and set a path for the world. The world is watching, the G20 has got the developed world and the developing countries,” Banga said.While speaking to ANI, Banga emphasised that challenges will always exist but India had shown the way by working out a consensus.He added, “80% of the world's GDP was sitting in the room. If they would not agree that would not give a good message. I actually compliment India, its leadership and the...

India will be shielded from risks of global slowdown: World Bank President

19Jul

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India will be shielded from risks of global slowdown: World Bank President

Amidst risk of a global slowdown in the early part of next year, India is expected to remain shielded from its effects due to robust domestic consumption, World Bank President Ajay Banga said in New Delhi on Wednesday. “The outlook for the world economy is better than expectations, but there is more risk on the downside in terms of a slowdown in the early part of next year. Since India gets a lot of its gross domestic product from domestic consumption, even if the world were to slow down for a few months, India has a natural cushion against (it),” Banga, who is on his first visit to India, told the media following his meeting with Finance Minister Nirmala Sitharaman. Besides, there were discussions between the finance minister and the global lending head regard...

More optimistic about India now than ‘in a long time’: WB chief Ajay Banga

17Jul

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More optimistic about India now than ‘in a long time’: WB chief Ajay Banga

Banga, who took over as president of the Washington-headquartered development lender in early June, noted that digitisation has allowed citizens to easily access multiple services online. Photo: Bloomberg World Bank president Ajay Banga on Monday said amid global challenges, he is more optimistic about India and its economy now than he has been "in a long time". Talking to the media on the sidelines of the third G20 Finance Ministers and Central Bank Governors meeting here, the first-ever Indian-American to head the top global financial institution said the world economy is in a difficult place. Banga (63) showered praises on India for its digital infrastructure, saying he is a "big fan" of such initiatives taken by the world's fifth largest economy. "I am more optimistic about I...

World Bank Prez Ajay Banga to travel to India next wk to attend G20 meet

8Jul

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World Bank Prez Ajay Banga to travel to India next wk to attend G20 meet

World Bank President Ajay Banga will travel to India next week, his first visit to the country after taking over the helm of the global lender, to attend the G20 Finance Ministers and Central Bank Governors Meeting in Ahmedabad. Indian-American Banga, 63, took over as the President of the World Bank in June, making him the first person of colour to head either of the two global financial institutions, the World Bank and the International Monetary Fund. The Executive Directors of the World Bank selected Banga as the 14th President of the World Bank in May for a five-year term after being nominated by US President Joe Biden for the post. This would be Banga's first trip to India after he took over as the World Bank president. India is currently holding the...