Business News of Monday, 14 October 2024Source: reuteurs.comThe world's 26 poorest countries, home to 40% of the most poverty-stricken people, are more in debt than at any time since 2006 and increasingly vulnerable to natural disasters and other shocks, a new World Bank report showed on Sunday. The 26 poorest economies studied, which have annual per-capita incomes of less than $1,145, are increasingly reliant on IDA grants and near-zero interest rate loans as market financing has largely dried up, the World Bank said. "At a time when much of the world simply backed away from the poorest countries, IDA has been their lifeline," World Bank chief economist, Indermit Gill said in a statement. IDA normally is replenished every three years with contributions from World Bank shareholding countries. It raised a record $93 billion in 2021 and World Bank President Ajay Banga is aiming to exceed that with over $100 billion in pledges by Dec. 6.

Source: GhanaWeb October 14, 2024 20:04 UTC