W’Bank Group reveals least developed nations’ debt hits $744bn in 2019

World Bank: COVID-19 to push over 100mn people into extreme poverty in 2020

The World Bank Group has again raised concerns over the bloating debt burden of the globe’s 73 least developed countries, which rose by 9.5 per cent to $744 billion at the end of 2019, from the previous year according to the latest edition of the International Debt Statistics (IDS) report. It is a response to an urgent need for greater debt transparency, a statement by the World Bank noted. The statement recalled that in response “to a call from the World Bank and the International Monetary Fund, the G20 endorsed…

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COVID-19’s Negative Impact on Health and Education May Last Decades

I would like to provide another update on some of the work underway at the World Bank Group to address the COVID-19 pandemic and other significant development challenges. The pandemic is hitting developing countries hard, and the inequality of that impact is clear. From declining remittances to the collapse of the formal and informal markets, the pandemic has disproportionately impacted the world’s poorest, especially women and children. It threatens to push over 100 million people into extreme poverty and is exacerbating inequality throughout the world. The negative impact on health…

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Sad! Why million more Nigerians will be poor in 2020

debt profile

  As global economy contracts by 5.2% The year 2020, being the turn of another decade, was expected to bring many fortunes due to individuals’ personal resolve to make the twin year worth everything. Little was it known that what the year has in stock were in sharp contrast with the high hope of businesses to grow their bottom line; aspirations of organizations to expand their influence and individuals’ dream to record landmark achievements. The Coronavirus pandemic had heralded an era of dashed hopes and despondency as the fallout of…

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