Tag: World Bank

Seamless transport connectivity with India may boost Bangladesh’s income: World Bank
11Mar By Joe RodriguezNo Comments
Asia

Seamless transport connectivity with India may boost Bangladesh’s income: World Bank

A recent report by the World Bank has estimated that the transport connectivity between India and Bangladesh has the potential to increase the latter's national income by as much as 17 per cent.The report titled 'Connecting to Thrive: Challenges and Opportunities of Transport Integration in Eastern South Asia' analyses the Bangladesh-Bhutan-India-Nepal (BBIN) Motor Vehicles Agreement (MVA), compares it with international best practices and identifies its strengths as well as gaps for seamless regional connectivity.The report states that seamless transport connectivity between India and Bangladesh has the potential to increase national income by as much as 17 per cent in Bangladesh and 8 per cent in India."Thick border slows down transport and economies and easing border restriction generat...
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Cannot mediate in Pakistan-India water dispute: World Bank
24Aug By Mike TrudellNo Comments
World

Cannot mediate in Pakistan-India water dispute: World Bank

In the long outstanding water dispute between India and Pakistan, the World Bank has refused to take an independent decision on appointment of a neutral expert or court of arbitration saying the two countries will have to bilaterally choose one option.The World Bank’s former Country Director of Pakistan, Patchamuthu Illangovan said, “Both India and Pakistan should come together as to which option to take forward.”Pakistan had made a request for appointment of a Court of Arbitration (COA) while India had sought a neutral expert to resolve their dispute on two hydroelectric projectsHowever, Illango said because of two conflicting positions under the 1960 Indus Waters Treaty, the World Bank was facilitating the two governments to find ways in resolving differences and move forward.“There is n...
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COVID impact: Economy to contract even more than estimated earlier, says World Bank
10Jun By Michael SmithNo Comments
Asia

COVID impact: Economy to contract even more than estimated earlier, says World Bank

Due to COVID-19 outbreak, Pakistan’s economy would actually perform even worse than what previous estimates had warned about, The World Bank forecast said on Monday.In its latest report, ‘Global Economic Prospects’, the World Bank assessed that the country’s economy was likely to go into the red this fiscal year and would be unable to recover even next year.It forecast a negative GDP growth of -2.6pc for the current fiscal year (2019-20) and -0.2pc during the next (20-21).“Pakistan (-2.6pc in FY2019/20) and Afghanistan (-5.5pc in 2020) are both projected to experience contractions as mitigation measures are anticipated to weigh heavily on private consumption. Key labor-intensive export sectors are expected to contract sharply and recover only slowly”, the Bank said in its report.This would...
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Vietnam ratifies free trade deal with European Union
8Jun By Joe RodriguezNo Comments
China

Vietnam ratifies free trade deal with European Union

Vietnam ratified a free trade agreement with the European Union on Monday that will cut or eliminate 99% of tariffs on goods traded between the Southeast Asian country and the bloc, and provide Vietnam with a much-needed post coronavirus pandemic boost.Deputies in the National Assembly voted by over 94% in favour of the European Union Vietnam Free Trade Agreement (EVFTA).The EVFTA, expected to take effect in July, is the European Union's second deal with a member of the Association of Southeast Asian nations (Asean) after Singapore, and one of few with a developing country.Vietnam will have a transition period of up to 10 years for some imports, such as cars.It will open up Vietnam's services, including post, banking and shipping and public procurement markets, align some standards and pro...
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