{"id":19797,"date":"2022-04-19T07:11:24","date_gmt":"2022-04-19T07:11:24","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=19797"},"modified":"2022-04-19T07:16:56","modified_gmt":"2022-04-19T07:16:56","slug":"war-in-ukraine-pushing-poverty-higher-world-bank","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2022\/04\/19\/war-in-ukraine-pushing-poverty-higher-world-bank\/","title":{"rendered":"War in Ukraine pushing poverty higher -World Bank"},"content":{"rendered":"<p><span style=\"font-weight: 400\">World Bank Group President,<\/span><a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/04\/13\/insecurity-world-bank-expresses-concern-proffers-measures-to-curtail-trend\/\"><span style=\"font-weight: 400\"> David Malpass<\/span><\/a><span style=\"font-weight: 400\"> has expressed concern over higher<\/span><a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/04\/16\/senate-president-inaugurates-kalus-constituency-projects-in-abia-north-projects\/\"><span style=\"font-weight: 400\"> poverty rates<\/span><\/a><span style=\"font-weight: 400\"> in developing countries due to the war in<\/span><a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/04\/19\/ukraine-un-chief-turkish-president-express-support-for-istanbul-process\/\"><span style=\"font-weight: 400\"> Ukraine<\/span><\/a><span style=\"font-weight: 400\"> and COVID-19 related shutdown.<\/span><\/p>\n<p><span style=\"font-weight: 400\">A statement issued on Monday by the Bank quoted Malpass as making this known in his opening remark at the World Bank Spring Meetings 2022\u00a0 media roundtable.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u00a0\u201cI am deeply concerned about developing countries. They are facing sudden price increases for energy, fertilizer, and food, and the likelihood of interest rate increases. Each one hits them hard.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cThese plus the war in Ukraine and China\u2019s COVID-related shutdowns, are pushing global growth rates even lower and poverty rates higher.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cWe have lowered our 2022 growth rate to 3.2 percent from 4.1 percent before. People are facing reversals in development for education, health, and gender equality.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cThey are facing reduced commercial activity and trade. Also, the debt crises and currency depreciations have a burden that falls heavily on the poor,\u201d Malpass said.<\/span><\/p>\n<p><span style=\"font-weight: 400\">While noting that many discussions this week would focus on these topics, Malpass said that World Bank expected the debt crisis to continue to worsen in 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to him, debt and inflation are two big problems facing global growth.<\/span><\/p>\n<p><span style=\"font-weight: 400\">He said that countries are under severe financial stress due to high debt and deficit levels.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cAbout 60 percent of low-income countries are already in debt distress or at high risk of it. I participated virtually in our April 13 conference on debt transparency and sustainability and suggested steps to improve the implementation of the Common Framework.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cThese included establishing a timeline for forming creditors\u2019 committees and suspension of debt service payments and penalty interest.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cOthers are expanding eligibility: a simple rule so that it can be evaluated and enforced and engaging commercial creditors at the beginning of the process,\u201d Malpass said.<\/span><\/p>\n<p><span style=\"font-weight: 400\">On the<\/span><a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/04\/16\/nigeria-records-15-92-inflation-in-march-nbs\/\"><span style=\"font-weight: 400\"> inflation<\/span><\/a><span style=\"font-weight: 400\"> problem, he said it was causing immense strain.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Malpass, however, said that policies need to be adjusted to enhance supply, not just increase demand.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cMarkets are forward-looking so it is vital for governments and private sectors to state that supply will increase and that their policies will foster currency stability to bring down inflation and increase growth rates.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cThis is especially important as global supply chains shift away from dependency. Central banks need to use more tools under current policies. The inequality gap has widened materially, with wealth and income concentrating in narrow segments of the global population.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201d Central banks can use more of their tools, not just interest rates. Capital is being misallocated now. One of the focal points should be using all the central bank tools so that capital is allocated in a way that helps increase supply.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cThat will be an effective way to address inflation,\u201d he said.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Malpass listed some of the tools to include changing the duration of their portfolio, encouraging supply through their regulatory policies, and providing forward guidance that fosters currency stability.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>World Bank Group President, David Malpass has expressed concern over higher poverty rates in developing countries due to the war in Ukraine and COVID-19 related shutdown. A statement issued on Monday by the Bank quoted Malpass as making this known in his opening remark at the World Bank Spring Meetings 2022\u00a0 media roundtable. \u00a0\u201cI am [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":19822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[238],"tags":[4396,1462],"class_list":["post-19797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-foreign","tag-david-malpass","tag-ukraine"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>War in Ukraine pushing poverty higher -World Bank &#187; BROAD NEWS \u2014 WITHIN NIGERIA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/04\/19\/war-in-ukraine-pushing-poverty-higher-world-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"War in Ukraine pushing poverty higher -World Bank\" \/>\n<meta property=\"og:description\" content=\"World Bank Group President, David Malpass has expressed concern over higher poverty rates in developing countries due to the war in Ukraine and COVID-19 related shutdown. 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