The Trump administration has notified World Bank shareholders that President Donald Trump intends to pick senior Treasury Department official David Malpass as the U.S. nominee to lead the development lender, people familiar with the decision said on Monday.
The World Bank lowered its growth estimates for Brazil both in 2018 and this year. Last June the multilateral organization bi-annual report indicated that Latin America's largest economy would advance 2.4%, but it has now reduced that to 1.2%, one of the greatest falls for any country in the report.
The World Bank is warning of increasing risks, or what it calls “darkening skies”, for the world economy. In its annual assessment of global prospects the Bank predicts continued, though somewhat slower, growth this year and next.
World Bank President, Jim Yong Kim has made the surprise announcement that he is stepping down after six years in the post. His resignation will take effect from 1 February. Mr Kim, 59, was not due to leave until 2022, after he was re-elected for a second five-year term in 2017.
The number of people living in poverty in Brazil grew by two million last year in the wake of the country's worst recession on record, according to the government statistics bureau.
The collapse of civilization and extinction of much of the natural world is “on the horizon” due to climate change, Sir David Attenborough declared at the opening day UN climate talks in Poland.
Joaquim Levy, managing director and World Bank chief financial officer, has been tapped to be the next president of Brazil’s national economic and social development bank BNDES, news advanced to a column in daily O Estado de S. Paulo published on Sunday.
Right-wing President-elect Jair Bolsonaro vowed in a tweet on Thursday to investigate Brazil’s state-run national development bank, BNDES, for corruption by opening its “black box” of secret transactions. BNDES is the largest development lender in the Americas with a loan book larger than the World Bank’s.
The World Bank and the Inter-American Development Bank are providing Argentina with three loans totaling more than US$1.8 billion, aiming to help the country cope with financial difficulties and support citizens most at risk.
After getting out of its most severe recession in history in 2017, Brazil remains in a state of economic malaise, notching up a mere 1% of growth last year, with public debt forecast to snowball from 77% of GDP to 140% by 2030, according to the World Bank.