Page 10 - Development Reports News Today : Breaking News, Live Updates & Top Stories | Vimarsana

3. Development Application Reports & Related Bylaws

The World Bank today approved a suite of groundbreaking tools to help developing countries better respond to crises and strengthen preparedness for future shocks. These new tools will further expand the Crisis Preparedness and Response Toolkit unveiled recently, empowering nations in a world where crises have become the “new normal,” driving impactful development, and ultimately contributing to creating a world free of poverty on a livable planet.

The world is facing a perfect storm of intertwined challenges—from the intensifying climate impacts and growing pandemic risks to deepening conflicts and the slowest half-decade of gross domestic product growth in 30 years.

The World Bank announced a significant expansion of the use of catastrophe bonds, reinsurance and instruments such as parametric risk transfer for

At the World Bank-IMF Annual Meetings last fall in Marrakesh, the Bank governors endorsed innovative financial instruments to boost lending at the International Bank for Reconstruction and Development (IBRD)—the Bank’s arm that lends to creditworthy countries. Some donor countries have signaled their readiness to provide additional financial support with the objective of strengthening the World Bank’s role in providing global public goods (GPGs), such as Germany (in the form of hybrid capital) and the US (in the form of guarantees).