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According to a new analysis, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> contributed $1.28 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> through <keyword id="20401772" type="General" weightage="20" keywordseo="multilateral-development-banks" source="keywords">multilateral development banks</keyword> (MDBs) in 2022, surpassing the contributions of many developed countries. The study, conducted by the UK-based think tank ODI and the <keyword id="23038658" type="General" weightage="20" keywordseo="Zurich-Climate-Resilience-Alliance" source="Orion">Zurich Climate Resilience Alliance</keyword>, comes amid a renewed push by some developed countries to broaden the donor base for climate finance to include developing countries like China and <keyword id="50996" type="General" weightage="20" keywordseo="Saudi-Arabia" source="Orion">Saudi Arabia</keyword>. The report reveals that only 12 developed countries provided their fair share of international climate finance in 2022. These countries are -- Norway, France, Luxembourg, Germany, Sweden, Denmark, Switzerland, Japan, the Netherlands, Austria, Belgium and Finland. Researchers noted that the significant gap in climate finance is largely due to the United States failing to contribute its fair share. Australia, Spain, Canada and the United Kingdom also performed relatively poorly in this regard. The analysis has identified the top 30 non-Annex II countries that provided substantial climate finance to developing countries in 2022 through multilateral contributions to development banks and climate funds. This group includes former economies in transition like Poland and Russia, countries that have achieved high-income status since 1992, such as Chile, Kuwait, Saudi Arabia and South Korea, and middle-income countries with large populations, including Brazil, China, India, Indonesia, Mexico, Nigeria, the Philippines and Pakistan. India provided $1.287 billion in climate finance to other developing countries through MDBs in 2022, a sum larger than what was contributed by some developed countries like Greece ($0.23 billion), Portugal ($0.23 billion), Ireland ($0.3 billion) and New Zealand ($0.27 billion). China provided $ 2.52 billion in climate finance through MDBs in 2022, Brazil gave $ 1.135 billion, South Korea gave $1.13 billion and Argentina gave $1.01 billion. According to the United Nations Framework Convention on Climate Change (<keyword id="21931277" type="General" weightage="20" keywordseo="UNFCCC" source="keywords">UNFCCC</keyword>), adopted in 1992, high-income, industrialised countries (referred to as Annex-II countries) are responsible for providing finance and technology to help developing countries combat and adapt to climate change. These countries, including the US, Canada, Japan, Australia, New Zealand and European Union (EU) member states, such as Germany, France and the UK, have historically benefitted from industrialisation and contributed the most to greenhouse gas emissions. At COP15 in Copenhagen in 2009, these developed countries pledged to jointly provide $100 billion each year by 2020 to help developing countries mitigate and adapt to climate change. However, this target has not been fully met, leading to a significant finance gap. This shortfall has eroded trust and hindered climate action in developing countries. In May, the Organisation for Economic Cooperation and Development (<keyword id="19916574" type="General" weightage="20" keywordseo="OECD" source="keywords">OECD</keyword>) claimed that developed countries had met the long-standing $ 100 billion-a-year promise by providing nearly $ 116 billion in climate finance to developing countries in 2022, with nearly 70 % of the money given in the form of loans. The ODI researchers pointed out that many developed countries, despite performing well in terms of climate-finance contributions, would make "markedly less progress towards meeting their fair share if the finance provided was accounted for on grant-equivalence terms" -- in other words, if it reflected their real fiscal effort. The report calls for the inclusion of a "burden-sharing mechanism" in the New Collective Quantified Goal (NCQG) to provide clarity on each country's obligations and hold countries accountable. The NCQG refers to the new, larger amount that developed nations must mobilise annually, starting 2025, to support climate action in developing countries. Countries are expected to finalise the NCQG at this year's UN climate conference -- <keyword id="20082972" type="General" weightage="20" keywordseo="COP29" source="keywords">COP29</keyword> -- in Baku, Azerbaijan in November. The current $100 billion annual climate-finance goal is a collective commitment by developed countries. Its collective nature has meant that individual developed countries are not accountable for specific sums of money, potentially reducing the overall amount of climate finance provided due to the lack of individual scrutiny. The inclusion of a burden-sharing arrangement among developed countries could potentially strengthen the NCQG by fostering greater accountability and trust among parties, according to the ODI researchers. Many developing countries, including India, have recently advocated for such an arrangement to enhance accountability among developed countries.

India provided more climate finance in 2022 than many rich nations, noted recent report

By Sahil Pandey New Delhi [India], September 6 (ANI): <keyword id="2721952" type="General" weightage="100" keywordseo="crypto" source="Orion">Crypto</keyword> common framework may emerge as one of the major achievements of India's presidency of G20, which has been agreed upon by the participating nations, official sources have confirmed. As per sources, "<keyword id="165221" type="General" weightage="20" keywordseo="g20-nations" source="Orion">G20 nations</keyword> agree on global framework for regulation of crypto asset. The International Monetary Fund (IMF) and Financial Stability Board (FSB) have laid down synthesis paper and a comprehensive framework has been developed and further discussion will take place during leaders' summit." "Indian G20 Presidency recommended to have common framework for resolution of debt vulnerability where it also addressed debt vulnerability of countries like Zambia, Ghana and Ethiopia along with support for Sri Lanka from outside the framework," the sources added. As per sources, several working groups have made recommendations on <keyword id="980749" type="General" weightage="50" keywordseo="multilateral-development-banks" source="Orion">Multilateral Development Banks</keyword> (MDBs). "Working groups have made recommendations to address future financing challenges and MDBs are also keen to implement stated recommendations. There has been a consensus to have USD 200 billion fund to meet financing need during course of next 10 years," the sources said. Highlighting further, the sources stated that G20 nations have assessed high volatility in food and energy security. "G20 under India's presidency has emphasised on greater cooperation stability in food and energy security which is essential for sustainable growth and it will be discussed during leaders' summit scheduled to be held later this week in the national capital," sources mentioned. On international taxation, the sources state that India under the G20 Presidency has recommended a pillar taxation system on international taxation and "significant progress" has been made so far with regard to that aspect. India is all set to host the <keyword id="42982" type="General" weightage="20" keywordseo="g20-summit" source="Orion">G20 Summit</keyword> scheduled to be held in New Delhi from September 9-10. Notably, India assumed the G20 presidency on December 1 last year and about 200 meetings related to G20 were organized in 60 cities across the country. The 18th G20 Heads of State and Government Summit in New Delhi will be a culmination of all the G20 processes and meetings held throughout the year among ministers, senior officials, and civil societies. A G20 Leaders' Declaration will be adopted at the conclusion of the <keyword id="1497802" type="General" weightage="50" keywordseo="new-delhi-summit" source="Orion">New Delhi Summit</keyword>, stating Leaders' commitment towards the priorities discussed and agreed upon during the respective ministerial and working group meetings. (ANI)

'G20 nations agree on framework for regulation of crypto assets': Sources

The government on Tuesday proposed a <keyword id="20789519" type="General" weightage="20" keywordseo="transit-oriented-development" source="keywords">transit-oriented development</keyword> plan for 14 large cities with a population of over 30 lakh in its budget for 2024-25 and said it will formulate a framework for the creative redevelopment of cities. Presenting the Budget in the Lok Sabha, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> underscored that the Union government will work with states to facilitate the development of cities as "growth hubs". "This will be achieved through economic and transit planning, and orderly development of peri-urban areas utilising <keyword id="22517779" type="General" weightage="20" keywordseo="town-planning-schemes" source="keywords">town planning schemes</keyword>", the minister said. "Transit-oriented development plans for 14 large cities with a population above 30 lakh will be formulated, along with an implementation and financing strategy," Sitharaman said in her budget speech. The minister also announced Central assistance of Rs 2.2 lakh crore for <keyword id="20957520" type="General" weightage="20" keywordseo="urban-housing" source="keywords">urban housing</keyword> over the next five years as well as an <keyword id="22517780" type="General" weightage="20" keywordseo="interest-subsidy-scheme" source="keywords">interest subsidy scheme</keyword> to facilitate loans at affordable rates for urban housing works. She said the Central government will put in place measures for an efficient and transparent <keyword id="20071228" type="General" weightage="20" keywordseo="rental-housing" source="keywords">rental housing</keyword> market with enhanced availability. The minister proposed a scheme to support the development of 100 weekly haats or street food hubs in select cities. Sitharaman added that rental housing with dormitory type accommodation for industrial workers will be facilitated in PPP (public-private partnership) mode with VGF (viability gap funding) support and commitment from anchor industries." Enabling policies and regulations for efficient and transparent rental housing markets with enhanced availability will also be put in place, she said. About <keyword id="19939560" type="General" weightage="20" keywordseo="water-supply" source="keywords">water supply</keyword> and <keyword id="20082835" type="General" weightage="20" keywordseo="sanitation" source="keywords">sanitation</keyword>, the minister announced that the Centre in partnership with state governments and multilateral development banks will promote water supply, sewage treatment and <keyword id="19973309" type="General" weightage="20" keywordseo="solid-waste-management" source="keywords">solid waste management</keyword> projects and services for 100 large cities through bankable projects. According to her, these projects will also envisage use of treated water for irrigation and filling up of tanks in nearby areas. The minister stressed that the Central government will encourage states, which continue to charge high stamp duty, to moderate the rates for all, and also consider further lowering duties for properties purchased by women. This reform will be made an essential component of urban development schemes, she added.

Budget 2024-25: Govt announces transit-oriented development plan for large cities

Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced <keyword id="20404375" type="General" weightage="20" keywordseo="income-tax-relief" source="keywords">income tax relief</keyword> for the <keyword id="20071167" type="General" weightage="100" keywordseo="middle-class" source="keywords">middle class</keyword>, a Rs 2 lakh crore outlay for <keyword id="22517841" type="General" weightage="20" keywordseo="job-creation-schemes" source="keywords">job creation schemes</keyword> over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled <keyword id="20509939" type="General" weightage="20" keywordseo="Modi-3-0" source="keywords">Modi 3.0</keyword> government's first budget after the general elections. With rural distress and unemployment being blamed for BJP losing its majority, Sitharaman in her seventh straight budget provided Rs 2.66 lakh crore for <keyword id="20027688" type="General" weightage="20" keywordseo="rural-development" source="keywords">rural development</keyword> and maintained spending on long-term infrastructure projects at Rs 11.11 lakh crore to boost <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. She abolished 'angel tax' for all classes of investors in startups, cut customs duty on mobile phones and gold and simplified capital gains tax. She, however, raised the securities transaction tax (STT) on futures and options of securities, which led to tanking of stock markets. "India's economic growth continues to be the shining exception (in a world that is gripped by policy uncertainties) and will remain so in the years ahead," she said. "In this budget, we particularly focus on <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword>, MSMEs, and the middle class." Besides Rs 2 lakh crore provided over a five year period for schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth, "I have made a provision of Rs 1.48 lakh crore for education, employment and skilling," she said. For Bihar, where assembly elections are due next year, the finance minister announced spending of Rs 60,000 crore on infrastructure projects like expressways, power plant, heritage corridors and new airports. The support to Bihar, whose ruling party and BJP's partner JD-U has been demanding an economic package and special category status for the state, is in the form of capital projects but not subsidy or cash dole. Similarly, for Andhra Pradesh, whose ruling TDP recently joined BJP-led NDA, she allocated Rs 15,000 crore in financial aid through multilateral agencies. A similar request for support to Bihar will be expedited, she said. For the middle class, she raised standard deduction -- a flat deduction from total salary earned by an employee in a year before calculating applicable income tax rate -- by 50 per cent to Rs 75,000 and tweaked tax slabs for taxpayers opting for the new income tax regime. This will lead to taxpayers under the new tax regime -- which offers lower rates of taxes but permits limited deductions and exemptions -- saving up to Rs 17,500 in tax annually, she said. To spur employment, the Budget provided for incentives for companies, including paying for one-month salary for first-time employees, incentive at specified sale to both employee and empower with respect to their retirement fund contribution in the first four years of employment and reimbursing employers up to Rs 3,000 per month for 2 years towards EPFO contribution of each additional employee. Also, a programme to improve skills as well internship for students and subsidised loans for higher education will be provided, she said. India's official unemployment rate in urban areas is pegged at 6.7 per cent but private agencies put it at much higher levels. Buoyed by robust tax collections and a higher-than-expected dividend receipt from the Reserve Bank, Sitharaman said the government's fiscal deficit -- the difference between the total revenue earned and total expenditure -- will be trimmed to 4.9 per cent of the GDP in 2024-25, below the 5.1 per cent figure estimated in the interim budget she presented in February. She reduced gross market borrowing marginally to Rs 14.01 lakh crore. The Budget for 2024-25 fiscal (April 2024 to March 2025) allocated Rs 1.52 lakh crore for agriculture and allied sectors, aid for building 3 crore affordable housing units in urban and rural areas, provided credit support to small and medium businesses, raised small loans to Rs 20 lakh for small business, proposed setting up 12 industrial parks, and provided for setting up a Rs 1,000 crore venture capital fund for space sector.

Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

New Delhi, Jul 1 () Heads of WTO and six multilateral development banks on Wednesday promised to address shortages in trade finance, so that issues arising from the COVID-19 pandemic do not prevent viable trade transactions, including for essential goods. A joint statement regarding this was issued by the World Trade Organization (WTO), International Finance Corporation (IFC), European Bank for Reconstruction and Development (EBRD), Asian Development Bank (ADB), African Development Bank Group (AfDB), Islamic Trade Finance Corporation (ITFC) and the InterAmerican Development Corporation (IDB Invest). They committed to do more to support trade finance providers in the coming months, and urged other institutions to join their ongoing efforts to provide vital financing support for cross-border trade, the WTO said in a statement. The seven agency heads said the COVID-19 pandemic was severely disrupting the provision of trade finance, which was already in short supply in developing countries and for smaller businesses. Under normal financial circumstances, trade finance is low risk, which is reflected in its cost, but as economic conditions around the world deteriorate, banks have become increasingly risk-averse, it said, adding they are particularly skittish about financing cross-border transactions for fear of non-payment. "The heads of the WTO and six multilateral development banks on July 1 issued a joint statement promising to address shortages in trade finance, so that financial market stresses arising from the COVID-19 crisis do not prevent otherwise-viable trade transactions, including for essential goods such as food, drugs and medical equipment," it said. It also said that in many developing countries, trade finance shortages impede imports of essential food and medical goods as well as exports of key income-generating products. Such shortages disproportionately weigh on the micro, small and medium-sized enterprises (MSMEs) that account for the bulk of employment, which means they have a particularly strong effect on the livelihoods of poor people, it added. "The agency heads vowed to continue to assess market developments as needs evolve and...act within our respective mandates to reduce trade finance gaps that emerge during this crisis. They called on other players to join their efforts, with a view to boosting trade and driving a strong economic recovery," it added. WTO Director-General Roberto Azevêdo said inadequate trade finance would make it harder for countries to import essential food and medical equipment in the short term. "It would make it harder for trade to help drive the strong economic recovery the world will need once this health crisis starts to recede," he said. India is a member of WTO since 1995. There are a total of 164 members in the Geneva-based body which deals with global export and import related issues. RR RVK

Heads of WTO, six multilateral development banks promise to address shortages in trade finance

<ul><li>The COVID-19 pandemic has set back the fight against poverty in <keyword id="21718" type="General" weightage="100" keywordseo="asia" source="Orion">Asia</keyword> and the Pacific by at least two years, Asian Developement Bank claims. </li><li>Prevalence of extreme poverty in <keyword id="119132" type="General" weightage="80" keywordseo="asia-pacific" source="Orion">Asia Pacific</keyword> is expected to come down below 1 per cent by 2030.</li><li>About 25 percent of Asia-Pacific population may reach at least the middle-class status, earning ₹1,197 per day. </li></ul> Had COVID-19 not struck, Asia Pacific could have brought down extreme poverty to a level achievable in 2020 itself, enabling more people to improve living standards from surviving at less than USD 1.90 per day, an <keyword id="6355976" type="General" weightage="80" keywordseo="adb" source="Orion">ADB</keyword> report said. People surviving with less than $ 1.90 (about ₹ 152) per day fall under extreme poverty. The COVID-19 pandemic has set back the fight against poverty in Asia and the Pacific by at least two years, said the latest report by <keyword id="50190" type="General" weightage="50" keywordseo="asian-development-bank" source="Orion">Asian Development Bank</keyword> (ADB). The Manila-headquartered multilateral funding agency said many living in the Asia Pacific region will likely find it harder than before to come out of extreme poverty. "The region's economic growth this year is expected to reduce extreme poverty -- defined as living off less than $ 1.90 a day -- to a level that would have been achieved in 2020 had the pandemic not happened," according to <keyword id="14801692" type="General" weightage="50" keywordseo="key-indicators-for-asia" source="Orion">Key Indicators for Asia</keyword> and the Pacific 2022 released on Wednesday. Citing data simulations, ADB said those with lower pre-pandemic levels of social mobility, the ability to escape poverty, may witness "longer-lasting setbacks". COVID-19 has interrupted a long trend of poverty reduction, it said, adding that despite the economies seeming to be recovering the progress remains uneven. The pandemic may also have worsened forms of poverty beyond income, such as food insecurity and inadequate access to health services and education, said the report. "The poor and the vulnerable have been hit hardest by COVID-19, and while economies are recovering, many people may find that getting out of poverty is even more difficult than before," ADB Chief Economist Albert Park stated. Park said governments in the region should focus on resilience, innovation and inclusiveness to provide more balanced economic opportunities and greater social mobility for everyone. Going ahead, the prevalence of extreme poverty in Asia Pacific is expected to come down below 1 per cent by 2030, while about 25 per cent population may reach at least the middle-class status, meaning to have income/consumption of USD 15 or more in a day (about ₹1,197 per day) adjusted to purchasing power parity. However, ADB said this outlook is threatened by differences in social mobility as well as other uncertainties. "Developing Asia faces the potential for stagflation, ongoing conflicts involving key global actors, increased food insecurity, and energy price shocks." ADB has a total of 68 members of which 49 are from the Asia Pacific region.

Pandemic pushes back Asia Pacific's fight against extreme poverty by 2 years: ADB

Cash-strapped Pakistan and the <keyword id="6355408" type="General" weightage="80" keywordseo="imf" source="Orion">IMF</keyword> have kicked off the much-awaited loan review talks for the release of the USD 710 million second tranche of a USD 3 billion bailout package on a generally positive note. Caretaker Finance Minister Dr Shamshad Akhtar and the International Monetary Fund's (IMF) mission chief for Pakistan, <keyword id="14447716" type="General" weightage="50" keywordseo="nathan-porter" source="Orion">Nathan Porter</keyword>, led their sides to the opening round of two-week-long negotiations to discuss the next tranche based on Pakistan's performance in the first quarter that started in July. Porter "appreciated the government's commitment" to meeting the first-quarter targets, the Ministry of Finance said in a statement after the meeting, which has set the stage for a deep dive into forward-looking reforms under a nine-month bailout package, slated to be completed in March next year. He also "commended the government's efforts and measures taken in some critical areas" and underscored the importance of continuing these efforts to stay on track for ensuring the country's economic stability, the ministry said. According to The Express Tribune newspaper, Porter inquired the Pakistani authorities about the next general elections and the functioning of the <keyword id="18202562" type="General" weightage="50" keywordseo="special-investment-facilitation-council" source="Orion">Special Investment Facilitation Council</keyword> -- the two most crucial issues that affected the country's political and economic landscapes. Hours after the IMF-Pakistan opening session on Thursday, it was announced that Pakistan's general elections will be held on February 8, ending uncertainty over the much-awaited polls in the cash-strapped country. The announcement came after the election commission officials met President Arif Alvi at the directives of the Supreme Court. The clarity on the election date will strengthen the hands of the Ministry of Finance during the negotiations, although the IMF has not explicitly attached any such condition. The meeting was attended by IMF's resident representative in Islamabad, <keyword id="19370273" type="General" weightage="50" keywordseo="esther-perez" source="Orion">Esther Perez</keyword> Ruiz, State Bank Governor Jameel Ahmed, Federal Board of Revenue (FBR) Chairman Amjed Zubair Tiwana, Securities and Exchange Commission of Pakistan Chairman Akif Saeed, Finance Secretary Imdadullah Bosal, senior finance ministry officials and several IMF delegates. Akhtar reported Pakistan's official position on the progress made so far on the USD 3 billion short-term loan agreement - called the Standby Arrangement (SBA) - and explained the fiscal measures being taken to improve the economic situation, according to the Dawn newspaper. These measures included a tight control on expenditures, both in terms of restricting the development programme and reducing subsidies and provincial fiscal controls, more than the programme's requirements for the first quarter of the fiscal year, resulting in higher-than-targeted primary surplus and non-revenue collections. The finance minister and other members of her team also held discussions with the visiting team on overall comprehensive reforms and the measures undertaken by the FBR, resulting in higher-than-targeted revenue collections, not only at the end of the first quarter but even in October, the first month of the second quarter. During the review talks, the government team also generally updated the IMF's mission chief on the latest situation on the power sector's circular debt, which was also in line with the indicative targets, as the consumer-end tariff had been rebased in July, as required under the structural benchmark. The IMF team was also updated on the government's strategies to address the circular debt issue as agreed under the SBA, both in the power and gas sectors, particularly the recent decisions for a massive increase in natural gas tariff to a level that there would be no circular debt addition during the current fiscal year. Also, the petroleum development levy targets for the first quarter had not only been achieved but had now exceeded the indicative target for the entire fiscal to achieve an average of Rs 55 per litre levy on petrol and diesel, as its rate had been increased to Rs 60 for both products in the second quarter to help create a cushion for any possible fiscal slippage for unseen factors, the government told the IMF. Sources said the targets on Net International Reserves (NIR) of the central bank were also generally in line with the first-quarter target of negative USD 14.55 billion, but the second-quarter target of negative USD 13.8 billion NIR could be a challenge, as total disbursements from multilateral and bilateral sources in the first half of the year are targeted at USD 12.2 billion, including USD 5.45 billion in the first quarter and USD 6.73 billion in the second. Officials said the technical-level discussions with relevant ministries and agencies would begin on Friday, resume on Monday and continue throughout the following week. During the next week, the IMF team would engage with power and petroleum divisions - being the main areas of past failures and rising fiscal slippages - the FBR, the SBP and key state-owned enterprises besides officials of the Benazir Income Support Programme. Based on these technical discussions, the two sides are expected to take a break over the weekend and start a policy-level dialogue before wrapping up the review on November 16. The critical discussions would remain on structural reforms, mainly in the State Owned Enterprises (SOEs), quarterly national accounts and climate-related public investment management assessment action plans. Finance Minister Akhtar also reaffirmed the government's commitment to working closely with the IMF to ensure the successful completion of the SBA and achieve economic objectives, according to the report. While approving the USD 3 billion loan in July this year, the Washington-based global lender had also released the first tranche of USD 1.2 billion. Although essentially a bridge loan, it offered much respite to Pakistan, battling an acute balance of payments crisis and falling foreign exchange reserves. Pakistan's shaken economy has compelled it to approach several nations seeking fiscal help through loans. 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Pak, IMF commence negotiations for release of $710 million second tranche of $3 billion loan

The fourth day of the <keyword id="6355408" type="General" weightage="100" keywordseo="imf" source="Orion">IMF</keyword>-World Bank Annual Meetings in Marrakech shed light on the pressing need for global cooperation, as outlined by IMF Managing Director <keyword id="2200950" type="General" weightage="50" keywordseo="kristalina-georgieva" source="Orion">Kristalina Georgieva</keyword>. In a world marked by severe shocks, slow growth, and economic fragmentation, Georgieva unveiled her Global Policy Agenda, emphasizing that many nations and communities are grappling with the consequences of natural disasters and conflicts, such as the ongoing war in Ukraine and the Middle East. "We have to stand firm against the forces that divide us," Georgieva stated, underlining the imperative of unity in an increasingly shock-prone world. The Marrakech Principles for Global Cooperation, jointly released by the IMF, <keyword id="6354424" type="General" weightage="50" keywordseo="world-bank" source="Orion">World Bank</keyword>, and Moroccan authorities, provide a comprehensive framework for harnessing multilateralism for the common good, she added. While the global economy has displayed resilience, with macroeconomic policies yielding positive results, declining inflation, and stabilized financial markets, it remains characterized by slow and uneven recovery. The medium-term growth outlook appears weak, and there is a risk of further divergence among countries. The IMF's two key policy priorities are to safeguard macroeconomic stability, enhance prosperity through growth-oriented and green reforms, and bolster international cooperation to strengthen the global financial safety net and debt architecture. The IMF reaffirms its commitment as a trusted advisor, financial support provider, and a platform for cooperation to unite countries in addressing global challenges. During a seminar, First Deputy Managing Director of the IMF, <keyword id="154034" type="General" weightage="50" keywordseo="gita-gopinath" source="Orion">Gita Gopinath</keyword>, highlighted the growing challenges facing countries due to record-high debts, elevated interest rates, and sluggish economic growth. By 2030, emerging markets and developing economies will require approximately USD 3 trillion in additional spending, equivalent to about 5.5 per cent of their gross domestic product, to finance their development goals and the necessary climate transition. Gopinath stressed the importance of prioritizing spending in areas that enhance productivity. For example, Canada aims to invest in early learning and childcare, as Deputy Prime Minister Chrystia Freeland explained. Germany is working on reforms in labour and energy markets to address these issues. German Finance Minister Christian Lindner proposed that some developing economies could increase their tax burden by 8-9 per cent of GDP while remaining efficient, a contrast to many advanced economies with already high tax levels. Efforts to tackle informality, enhance tax efficiency through digitalization, and ensure tax compliance were also deemed crucial. However, Egyptian Finance Minister Mohamed Maait cautioned that traditional solutions might not always be practical or politically feasible, underscoring the complexities of addressing these economic challenges. The discussions at the IMF Annual Meetings signify the importance of collective efforts to navigate the evolving global economic landscape.

IMF MD spells out policy priorities for shock-prone world

<ul class="summary-list"><li>Two China-based banks suspended operations with <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> as of Thursday, according to Financial Times.</li><li>This may start tensions between Russia and <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword>, which tend to remain neutral.</li></ul>Two China-based development banks have paused relations with Russia and Belarus as it continues to wage war against <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>, the <a href="https://www.ft.com/content/5cdc910e-7a8a-4a3b-8c37-b831a0699cfb?segmentId=3f81fe28-ba5d-8a93-616e-4859191fabd8">Financial Times</a> reported Thursday.According to the report, the decision of the Beijing-based Asian Infrastructure Investment Bank to pause investments with Russia and Belarus may put tension on the relationship between Russia and China.Thus far, China has not joined many other nations in levying sanctions on Russia.AIIB is a "multilateral institution with a global shareholder base," per <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Flivecoverage%2Frussia-ukraine-latest-news-2022-03-03%2Fcard%2Fbeijing-based-multilateral-lender-suspends-russia-related-activities-62Z9MLgC5yhNDWOXX0c4">The Wall Street Journal</a>, however, China has 27% of the voting power of the bank and Russia has 6%. NATO members account for 23% of the voting shares of the bank, per WSJ."As the war in Ukraine unfolds, the Asian Infrastructure Investment Bank (AIIB) extends its thoughts and sympathy to everyone affected. Our hearts go out to all who are suffering," the bank said in a <a href="https://www.aiib.org/en/news-events/news/2022/AIIB-Statement-on-war-in-Ukraine.html">statement</a> on their website."We the management will do our utmost to safeguard the financial integrity of AIIB, against the backdrop of the evolving economic and financial situation," AIIB continued.The Shanghai-based New Development Bank also suspended business with Russia, per a <a href="https://www.ndb.int/press_release/a-statement-by-the-new-development-bank/">statement</a> on its website Thursday. Russia is one of five shareholders, who each hold 20% of the company, according to NBD's <a href="https://www.ndb.int/wp-content/uploads/2018/08/factheet-3.jpg">factsheet</a>.In its statement, NBD said it "will continue to conduct business in full conformity with the highest compliance standards as an <keyword id="6356001" type="UNKNOWN" weightage="100" keywordseo="international" source="Orion">international</keyword> institution."The suspensions come as Russia launched a war on its neighboring country of Ukraine. The war has <a href="https://www.businessinsider.com/live-updates-russia-ukraine-crisis-2022-2?_ga=2.18876728.1808544058.1646172320-1791466818.1624918175">resulted</a> in sanctions, the occupation of one major city, and the fleeing of at least one million refugees.

2 China-based development banks have opted to suspend business with Russia

<ul><li>The global and Indian financial systems have charted somewhat different trajectories since the last Financial Stability Report (<keyword id="6625600" type="General" weightage="80" keywordseo="fsr" source="Orion">FSR</keyword>) came out in 2022.</li><li>Das has expressed optimism about the <keyword id="6356076" type="General" weightage="70" keywordseo="indian-economy" source="Orion">Indian economy</keyword> in the forward to the current edition of the report.</li><li>The RBI Governor has warned that economic fragmentation is threatening macroeconomic prospects, especially among emerging market</li></ul> Mumbai, <keyword id="50847" type="General" weightage="80" keywordseo="reserve-bank" source="Orion">Reserve Bank</keyword> Governor <keyword id="6359111" type="General" weightage="80" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Wednesday said that the Indian economy has made a solid recovery and is among the fastest-growing large economies despite heightened uncertainties and formidable headwinds. He said that financial stability is non-negotiable and all stakeholders in the financial system must work to preserve this at all times. "The Reserve Bank and the other financial regulators remain steadfast in their commitment to safeguard financial stability in the face of potential and emerging challenges," he said in a foreword to Financial Stability Report (FSR). In this fragile global milieu, he said, balancing the policy trade-offs, preserving macroeconomic and financial stability, shoring up confidence and supporting sustainable growth are top priorities for policymakers the world over. Over the last three years, the global economy has been navigating successive high-amplitude shocks: the COVID-19 pandemic waves; protracted geopolitical hostilities; rapid monetary policy tightening; and the recent banking turmoil. Economic fragmentation is threatening macroeconomic prospects, especially among emerging market and developing economies (EMDEs), he said. Since the last issue of the FSR in December 2022, the global and Indian financial systems have charted somewhat different trajectories. The global financial system has been impacted by significant strains since early March 2023 from the banking turmoil in the US and Europe. Earlier this year, US-based Silicon Valley Bank and Signature Bank collapsed. It was followed by the bailout of UBS, the Switzerland's largest bank, by Credit Suisse in March. Since the last issue of the FSR in December 2022, the global and Indian financial systems have charted somewhat different trajectories, it said, adding, the global financial system has been impacted by significant strains since early March 2023 from the banking turmoil in the US and Europe. In contrast, it said, the financial sector in India has been stable and resilient, as reflected in sustained growth in bank credit, low levels of non-performing assets and adequate capital and liquidity buffers. Both banking and corporate sector balance sheets have been strengthened, engendering a 'twin balance sheet advantage' for growth, he said, adding, the reach and depth of financial intermediation are being aided by technology and growing digitalisation, which provide new opportunities for growth and financial inclusion. As the recent banking turmoil in certain advanced economies (AEs) suggests, new risks have necessitated reassessment of global standards on financial sector regulations, he said. While international cooperation among regulators on these issues is of paramount importance, he said, so far as India is concerned, both regulators and regulated entities need to stay the course with an unwavering commitment to ensuring a stable financial system. It has to be remembered that seeds of vulnerability often get sown during good times when risks tend to get overlooked, he said. International cooperation and regulatory focus are also needed to tackle other challenges such as cyber risks and climate change, he said. Through its G20 presidency, India is striving to improve the efficacy of multilateralism in several such areas. These efforts are fittingly captured in India's theme for G20: One Earth, One Family, One Future.

Indian economy making solid recovery despite global headwind: RBI Governor Das

Incheon, Finance minister <keyword id="129243" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Thursday exuded confidence that the incoming World Bank President <keyword id="44475" type="General" weightage="20" keywordseo="Ajay-Banga" source="Orion">Ajay Banga</keyword> will utilise his corporate world experience in pursuing the goals of the multilateral lending agency. Banga, 63, will take over as the President of the World Bank on June 2. He will succeed President David Malpass. "Hearty congratulations Ajay Banga on being selected as the President of @WorldBank. I am confident that you'll bring your wide experience in the corporate world for meeting the goals of the Bank," Sitharaman tweeted. The minister is currently in Incheon in South Korea to attend the 56th annual meeting of the Asian Development Bank (ADB). Banga will be the first-ever Indian-American to head the global financial institution. "The Executive Directors of the World Bank today selected Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023," the World Bank had said. In February, United States President Joe Biden announced that the US would be nominating Banga to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history". Banga, who was awarded the Padma Shri in 2016, most recently served as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, a global organisation with nearly 24,000 employees. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/pixel-7a-with-tensor-g2-chipset-and-dual-camera-setup-to-launch-in-india-on-may-11/articleshow/99952642.cms">Pixel 7a with Tensor G2 chipset and dual camera setup to launch in India on May 11</a> <a href="https://www.businessinsider.in/tech/gadgets/news/oneplus-pad-review-feature-packed-tablet-with-a-sleek-design/articleshow/99848436.cms">OnePlus Pad review: feature-packed tablet with a sleek design</a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-19-in-q1-2023-5g-smartphones-share-increases/articleshow/99815120.cms">Three out of five smartphones sold above ₹45,000 in India were iPhones between Jan-March: Counterpoint</a>

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