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<ul><li>IFC, which is a part of the <keyword id="93417" type="General" weightage="20" keywordseo="world-bank-group" source="Orion">World Bank Group</keyword>, is looking for interns in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> for its Global Internship Program.</li><li>The window for online application will close on Monday, March 7.</li><li>The internship programme will be of four months duration.</li></ul>The <keyword id="166412" type="General" weightage="20" keywordseo="International-Finance-Corporation" source="Orion">International Finance Corporation</keyword> (IFC), which is a part of the World Bank Group, is inviting applications for their internship programme named ‘Global Internship Program (GIP)’ for the New Delhi office. However, candidates can work remotely as well. The online application has already begun and the last date to apply for the opportunity is Monday, March 7. The duration of the internship programme is at least four months, which is expected to start in May this year.<table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Eligibility criteria for the roles — <ol><li>Candidates must be currently enrolled in a masters’ degree level programme with expected graduation date after December 1, 2022 in order to be eligible.</li><li>For Research Climate Finance: Candidates must be from these disciplines — Economics, Climate, Sustainable Finance, or other relevant discipline.</li><li>For India Climate Intern: Candidates must be from these disciplines — Business Administration (MBA), Engineering, or other relevant discipline.</li><li>For India Country Strategy: Candidates must be from these disciplines — Business Administration (MBA), Finance, or Economics, preferably.</li><li>Candidates must have at least 3 years of relevant work experience. </li><li>Candidates must have Indian citizenship or Overseas Citizenship of India (OCI) card.</li></ol>Duties and responsibilities — <ol><li>For Research Climate Finance: Support the Financial Institutions Group (FIG) Advisory team in undertaking market research (secondary) and preparing capacity building/training modules (in the form of structured powerpoint presentations) aimed at middle level and frontline staff of Indian financial institutions to build their knowledge and awareness about various aspects of climate finance. Join the discussions and support the FIG Advisory Team in its other climate/green projects in India.</li><li>For India Climate Intern: Interns will get an opportunity to work on joint initiatives like Country Climate Development Report and conceptualise one transformational project which could unlock climate business opportunity for IFC in the region. Assist team members on strategy, finalising presentation. Identify transformational projects in consultation with team members and presenting the outcome at the end of Internship.</li><li>For India Country Strategy: Support proposals for new investment projects and financial products with corporate conglomerates.</li></ol>Interested candidates are expected to submit their resume and cover letter stating their motivation/reason to apply and how their skills and expertise relate to the internship requirements. Selected candidates will be contacted directly by departments for interviews between Monday, March 21 to Friday, April 29. Selected interns will be offered a competitive salary and a limited medical insurance coverage for the duration of the internship. Interested candidates can seek more information and apply <a href="https://www.ifc.org/wps/wcm/connect/careers_ext_content/ifc_external_corporate_site/ifc+careers/recruitment+programs/global+internship+program">here</a>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/apple-google-and-microsoft-are-hiring-freshers-checkout-eligibility-and-other-details/articleshow/89720898.cms">Apple, Google and Microsoft are hiring freshers — Checkout eligibility and other details</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/indian-freelancers-are-earning-more-than-their-counterparts-in-other-countries/slidelist/89728039.cms">Indian freelancers are earning more than their counterparts in other countries</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/looking-to-freelance-here-are-the-highest-paying-fields-globally/slidelist/89727484.cms">Looking to freelance? Here are the highest paying fields globally</a>

World Bank Group is hiring 60 plus interns including in India — Checkout eligibility, last date and other details

<ul><li>The <keyword id="6354424" type="General" weightage="20" keywordseo="world-bank" source="Orion">World Bank</keyword> is inviting applications for its Bank Internship Programme, which is a part of their Summer Internship Programme 2022.</li><li>The tenure for the internship is five months, starting from May to September.</li><li>The last date to apply for the opportunity is January 31, 2022.</li></ul>The World Bank is inviting applications for its Bank Internship Programme, which is a part of their Summer Internship Programme 2022. The tenure for the internship is five months, starting from May to September in Washington, DC. The online application form is already out and the last date to apply for the opportunity is January 31, 2022. The internship is available in development operations and other business units such as human resources, communications, accounting. However, the duration and availability in any unit depends on the global institution. “The internship allows individuals to bring new perspectives, innovative ideas and research experience into the Bank's work, while improving skills in a diverse environment. In addition, it is a great way to enhance CVs with practical work experience,” says the World Bank on their official website. Eligibility criteria for the internship programme — <ol><li>Candidates must have an undergraduate degree and be enrolled in a full-time graduate study programme (PhD or master’s) with plans to return to school full-time.</li><li>There is no age limit for the programme.</li><li>Candidates should be fluent in English. However, knowledge of languages such as French, Spanish, Russian, Arabic, Portuguese, and Chinese is desirable.</li><li>Women candidates with diverse professional and academic backgrounds are encouraged to apply.</li></ol>Other important information The institution will pay an hourly salary to all interns and will provide an allowance toward travel expenses up to $3,000 at the discretion of the manager. These travel expenses can only include transport expenses (airfare) to or from the duty station city. Interns are responsible for their own accommodations. How to apply for the internship programme? <ol><li>Candidates will have to fill out an online application form <a href="https://login.worldbankgroup.org/worldbankgroupb2c.onmicrosoft.com/b2c_1_wb-bankinternship_sisu/oauth2/v2.0/authorize?client_id=d128c6ac-1d90-4a89-92f9-430cdaea9bfe&amp;redirect_uri=https%3A%2F%2Fwbgbip.worldbank.org%2Fbipform.aspx&amp;response_type=code%20id_token&amp;scope=openid%20profile%20offline_access%20https%3A%2F%2Flogin.worldbankgroup.org%2Fworldbankgroupb2c.onmicrosoft.com%2Foauth2%2Ftoken%3Fp%3DB2C_1_wb-bankinternship_SISU%2Fread%20https%3A%2F%2Flogin.worldbankgroup.org%2Fworldbankgroupb2c.onmicrosoft.com%2Foauth2%2Ftoken%3Fp%3DB2C_1_wb-bankinternship_SISU%2Fwrite&amp;state=OpenIdConnect.AuthenticationProperties%3DQ9OACpZR84EEtJZHR8rzeIOhNQGmWixsjX7EsddFkX9G1sdxvWp4DwE4ahQmQBrFYRvHFKjSSg9Gf1HYVd68pUNdZe05e-fwzDaab2fvbhcqReONyf8oVIoHE2Er5Ly3wDn1PcPNDOedPvnQd6koWNs6wdPG7xNzqqmLc1HL22NYHLyulIel1F9_YSz-bTyzENDjN1ZyFG9vpQKuZu7P_8H_V_x1bRew1Qx6vqbuJw0IWBxaGX-AwMOSCpLJsKJl&amp;response_mode=form_post&amp;nonce=637749724133656722.MTRiNzgxNmItZGM3Ni00MTE4LWIyZjMtYzc0ZDdkNjExMGM2ZGJjNWZiNzAtOTgyOS00YjYyLThkZTAtODVhMWFhODEyYmFl&amp;x-client-SKU=ID_NET461&amp;x-client-ver=5.4.0.0">here</a>. Please complete the application within 90 minutes in one single session to avoid a system timeout.</li><li>Applicants must upload these documents — Curriculum Vitae (CV) or resume, Statement of Interest, proof of enrollment in a graduate degree. Note: Each file should not exceed more than 5 MB and should be in one of the following formats: .doc, .docx, or .pdf</li><li>Once you submit your application, you will not be able to make any further changes/updates.</li><li>Upon submission of your application you will receive an email confirmation providing you with your application number.</li></ol>Shortlisted candidates will be contacted or notified by the hiring managers. Candidates should note that they will hear from the managers only when they are shortlisted. Candidates can seek more information <a href="https://www.worldbank.org/en/about/careers/programs-and-internships/internship">here</a>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/after-giving-up-on-90-minute-delivery-five-years-ago-due-to-lack-of-profitability-grofers-is-now-chasing-10-minute-delivery/articleshow/88253221.cms">After giving up on 90-minute delivery five years ago due to lack of profitability, Grofers is now chasing 10-minute delivery</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/metro-brands-ipo-gmp-and-why-analysts-say-subscribe-for-long-term/articleshow/88252982.cms">The grey market is losing interest in Metro Brands’ IPO, but the analysts are still gung ho ⁠— here’s what the data have to say</a>

Internship at the World Bank — Checkout criteria, how to apply and other details

As coronavirus cases continue to surge in India, restricting several economic activities, the <keyword id="6354424" type="DEFINITION" weightage="20" keywordseo="world-bank">World Bank</keyword> may project a steeper contraction of the Indian economy for the current financial year, revised from the previous estimate of 3.2 per cent. In its report 'India Development Update' for July 2020, the World Bank said that amid rapidly evolving conditions, projections made in May are likely to be revised as new information is incorporated, especially as the daily number of cases continues to increase resulting in several states and districts re-imposing lockdowns, and available high frequency indicators show that the economy has not yet reverted to baseline. In May, the World Bank had projected the Indian economy to contract by 3.2 per cent in FY 2020-21, and predicted rebound slowly in the next fiscal. In its report released on Wednesday, the World Bank said that in the current, rapidly evolving context these projections are likely to be revised as new information is incorporated. "In our revised projections, which would be available in October 2020, we would likely project a steeper contraction in the economy," it said. It noted that although a rebound is expected in FY 2021-22, it will take place "very slowly, reflecting the impact of the crisis not only on India's current growth but also on potential output, which is expected to return to trend only over the next several quarters". Junaid Ahmad, World Bank Country Director in India, said: "While the government of India, with the support of the Reserve Bank of India, is continuing to take action to limit the impact of the COVID-19 pandemic, there is a recognition of both the uncertainty of the nature of the economic revival globally and the emergence of opportunities opened by the current crisis." He noted that the countries that invest in sectoral reforms -- infrastructure, labour and land, human capital -- and ensure that their national systems are connected to the global value chains, are more able to respond to uncertainties and are better placed to take advantage of any global shifts. "Investing in these areas will give India the ability to navigate these uncertainties and be more competitive as the world emerges from the pandemic," Ahmad said. On the government disinvestment plans, the World Bank report said that given unprecedented financial market volatility, planned disinvestment is expected to proceed more slowly in the near-term. As a result, the fiscal deficit and debt of the central government are likely to increase sharply over the next two years, it said. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/difference-between-narendra-modi-make-in-india-and-atma-nirbhar-and-why-the-latter-may-work-better/articleshow/77629449.cms">The difference between Narendra Modi’s ‘Make In India’ and ‘Atma Nirbhar’ programmes⁠— and why the latter may work better</a> <a href="https://www.businessinsider.in/business/ecommerce/news/walmart-ceo-defends-flipkart-valuation-says-learnings-from-india-helped-double-their-e-commerce-sales/articleshow/77626799.cms">Walmart CEO defends Flipkart's valuation, says learnings from India helped double their e-commerce sales</a> <a href="https://www.businessinsider.in/science/news/who-we-are-nowhere-close-to-having-the-herd-immunity-needed-to-stop-the-coronavirus/articleshow/77621705.cms">WHO: 'We are nowhere close' to having the herd immunity needed to stop the coronavirus</a>

World Bank's 'likely' to project steeper contraction in the Indian economy than before

NEW DELHI: Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> has suggested that <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword> should help India in making a visible impact on reducing mass poverty in the under-developed regions of the country to show a perceptible change. 
 Modi had raised the issue during his meeting with World Bank <keyword id="2540" type="POSITION" weightage="20" keywordseo="President">president</keyword> Jim Yong Kim last month in Delhi and the multilateral agency is expected to come back to the government after firming up a strategy that addresses the concerns raised by the government, said sources. 
 
While there was no demand for funds, Kim had later told the World Bank staff that the prime minister wants three things — skills, scale and speed. “A critical priority of this trip was to meet the new PM, Narendra Modi, listen to his vision for development, and seek to enhance our partnership with India. We had a great meeting — one of the most inspiring I’ve had as president of the World Bank,” he had remarked. 
 For the World Bank, India is the largest borrower and the <keyword id="2472353" type="POSITION" weightage="20" keywordseo="head-of-the-multilateral-agency">head of the multilateral agency</keyword> was key to get the new government’s inputs. During the meeting, Modi had sought suggestions on skill development, a key focus area and said he wanted inputs on “enhancing production for the masses, not just mass production”. The statement, officials said, is a pointer to boosting jobs by focusing on manufacturing, especially in the employment-intensive sectors of the economy.

PM Modi Seeks Help Of World Bank To Cut Poverty

The global economy is "dangerously close" to a <keyword id="6357558" type="General" weightage="20" keywordseo="recession" source="Orion">recession</keyword>, as inflation remains elevated, interest rates rise, and growing debt burden hits the developing world, <keyword id="6354424" type="General" weightage="100" keywordseo="world-bank" source="Orion">World Bank</keyword> President David <keyword id="3839455" type="General" weightage="80" keywordseo="malpass" source="Orion">Malpass</keyword> said. "We've lowered our 2023 growth forecast from 3 per cent to 1.9 per cent for the global growth, that's dangerously close to a world recession," Malpass said at a press conference during the IMF and World Bank annual meetings on Thursday. "All of the problems that people have taken note of, the inflation problem, the interest rate rises, and the cutoff of capital flow to developing world hit the poor hard," he said, highlighting the buildup of debt for developing countries. "That's a world recessions could happen under certain circumstances," Malpass said. In a study published in mid-September, the World Bank warned that as central banks across the world simultaneously hike interest rates in response to inflation, the world may be edging toward a <keyword id="44850" type="General" weightage="20" keywordseo="global-recession" source="Orion">global recession</keyword> in 2023, with a growth forecast of only 0.5 per cent, reports Xinhua news agency. The World Bank chief noted at the press conference that world population growth is estimated at 1.1 per cent per year. "So if you get much slower in terms of world growth, that means people are going backward," Malpass said in response to a question from Xinhua. Citing a recent World Bank report, Malpass said that the Covid-19 pandemic dealt the biggest setback to global poverty-reduction efforts since 1990, pushing about 70 million people into extreme poverty in 2020, and the war in Ukraine threatens to make matters worse. According to the Poverty and Shared Prosperity Report, global median income declined by 4 per cent in 2020, the first decline since its measurements of median income began in 1990. "So if we have a world recession now, that would also depress median income, meaning that the people in the lower half of the income scale are going down," Malpass said. The World Bank chief also noted that he has been concerned about the concentration of capital in the world in the top end of the advanced economies. "So that's, I think, one of the issues that the world has to deal with to allow capital to flow to new businesses and to developing countries, that would take a change in the direction of fiscal and monetary policies in the advanced economies," said Malpass. The world is facing very challenging environment from the advanced economies, and that has serious implications, dangers for the developing countries, he said. "My deep concern is that these conditions and trends might persist into 2023 and 2024."

Global economy dangerously close to a recession: World Bank

The recent <keyword id="203626" type="COMPANY" weightage="20" keywordseo="World-Bank-Report">World Bank report</keyword> ‘Ease of Doing Business’ placed <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> at the 134th position in a list of 189 economies. The report, which evaluated countries on various parameters relating to business and regulatory environment, amply reflected how the country is perceived across the globe when it comes to regulatory and infrastructural ambience for setting up companies and doing business. 
 
While Singapore, Hong Kong, New Zealand, the US and Denmark bagged the top five positions, India even lagged countries that have hitherto been considered ‘less civilised’ for enabling business environment due to autocratic and repressive regimes, debilitating internal strife and haunting hunger and famines like Uganda, Ethiopia, Honduras, Mongolia and Nepal. Despite tall claims of being a counterforce to a resurgent China and one among the world’s top economies, being ranked behind some of the most impoverished African nations in terms of business ambience is a tag that will mar the country’s image among global peers for years to come. 
 Why India is perceived so unfriendly when it comes to facilitating business and attracting companies? The country inherited a huge colonial baggage of red-tapism that got entrenched in its social fabric during the socialist era under Jawaharlal Nehru. Over the years, a litany of harsh regulations, niggling rules and serpentine reporting structure meant that doing <keyword id="1190222" type="UNKNOWN" weightage="20" keywordseo="business-in-India">business in India</keyword> is a humongous challenge. Consider these: companies need to get dozens of clearances to operate; complying with labour law requires employers to maintain 16 separate types of worker registries; starting a business requires an entrepreneur to follow 12 procedures which would take at least 30 days. This is in addition to the need for lavishly greasing the palms of politicians and bureaucrats to get things done in a system that is neck deep in corruption. The existing land law that makes acquiring land for industrial purposes virtually impossible adds to the can of worms. The unsurpassable clout of labour unions that can any time throw a spanner in companies’ operations is another thorny hurdle that entrepreneurs have to live with. 
 
Prime Minister Narendra Modi’s vision of cutting the red tape assumes importance against this backdrop. His recent visit to Japan is remembered—among other things like the $33 billion investment he managed to elicit—for the clarion call ‘come make in India’ he made to Japanese companies and investors. It was an extension of his Independence Day speech when he exhorted global firms to come and manufacture anything from electronic items to chemicals, satellites and submarines in India. 
 
The ‘make in India’ campaign, which is expected to do for investment sentiment what the ‘Incredible India’ campaign has done for tourism, is aimed at reviving the manufacturing sector and taking the economy on a sustainable high growth path. As part of the campaign, which is expected to lift manufacturing growth to 10 per cent over the long term, thousands of global companies from across the globe including the US, the UK, Japan, Korea, Sweden, Poland, Australia, China, Italy, Germany and France, are expected to be invited to explore investment possibilities in India and set up manufacturing units in the country to supply to the rest of the world. An eight-member panel under the Department of Industrial Policy and Promotion will help redress grievances and handle queries of global and domestic investors within 24 hours. In addition to interacting with investors, the panel is also given a mandate to coordinate with central and states departments to resolve infrastructural bottlenecks and issues related to policy. Indian embassies around the world too are expected to join the campaign, which is reminiscent of Modi's ‘Vibrant Gujarat’ summits each of which resulted in investments worth billions of dollars in Modi’s home state. 
 
The campaign is seen as the first step to reform the bureaucratic and policy-related machinery to revive the job-generating manufacturing sector by attracting huge investments. But to extend it to a fruitful level, the government has to tackle a host of issues including reforming land laws, revamping infrastructure including constructing bigger ports and better roads, ensuring uninterrupted power for industrial activities and doing away with an uncertain tax regime. 
 
Going by the way ISRO scientists succeeded in putting the fully home-grown Mangalyaan into Mars' orbit, making India the first country to be successful on its maiden Mars mission, the Modi government is on the right path to transform ‘the world’s back office’ to ‘the world’s factory’ too.

Transforming India: From ‘The World’s Back Office’ To ‘The World’s Factory’

<div class="KonaFilter image-container float_right"><div class="image on-image"></div></div>The fury would not have been much greater if anti-capitalist activists had taken over the vast atrium of the World Bank's headquarters in Washington, DC. 
Yet the protesters who did so last month were the Bank's own employees. The goodwill that first greeted the modernisation plans of Jim Yong Kim, the Bank's president since 2012, has turned to rancour.
Mr Kim (pictured) stressed the need for reform from the moment he took charge. He saw, correctly, that the Bank had to do things differently to remain relevant in a world with no shortage of the two things that used to guarantee it lots of business from the governments of poorer countries: cheap capital and economic expertise.
In July the Bank started to implement a new structure which shifts power and money away from country and regional executives to some 14 centralised thematic "global practices" (water, health etc). On October 30th it announced 500 lay-offs over the next three years.
Whether or not these changes are the right ones, they have not been well executed. Staff in the countries where the Bank operates, who used to be charged with looking for new lending opportunities, complain that their budgets have disappeared while the new global practice leaders seem more focused on impressing Mr Kim than on assisting borrowers. Lending remains strong, but the pipeline of future deals is said to be weak.
Meanwhile, the Bank has been slow to identify much of the $400m in annual spending cuts that Mr Kim says are needed, adding to feelings of insecurity at a time when many staff already wonder what role, if any, they will play in the Bank's new, more centralised structure. All the job losses announced so far come from the central administration. Rather than meekly await their fate, many employees have been polishing their CVs.
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>
Among the Bank's 16,000 strong staff, Mr Kim, a health-care expert and former president of Dartmouth College, is increasingly seen as an outsider who does not understand the institution he runs. He has appointed outsiders to many senior jobs and brought in consultants from McKinsey and Booz Allen Hamilton.
Bertrand Badré, the Bank's chief financial officer, whom Mr Kim hired from Société Générale, a French bank, became a target of attack during a meeting held last month to placate the restive staff, after it was revealed that he had been awarded a special bonus of $94,750 on top of his tax-free salary of $379,000. Mr Badré is now giving up this bonus.
Organisational change on this scale is rarely painless. Past efforts to reform the Bank were also tempestuous. Mr Kim seems to take it for granted that things will settle down once the reforms are in place. He airily dismissed the complaints in an interview earlier this year, saying, "There's grumbling about parking and there's grumbling about breakfast." His supporters claim, implausibly, that the unrest has largely been whipped up by one disgruntled mid-level officer, Fabrice Houdart.
Yet even loyalists are increasingly frustrated by Mr Kim's seeming inability to focus on his reforms. His current hyperactivity around the Ebola crisis, which has won him favourable comparisons in the media to Margaret Chan, the head of the World Health Organisation, is privately described as yet another distraction by one of his closest lieutenants: "Last year, he was Mr Climate Change, now he is Mr Ebola."
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>
Since the protests in October, Mr Kim has adopted a more conciliatory tone towards his staff, promising better internal communication and a quick end to the uncertainty over jobs. "Details of budgets hadn't filtered down to some country offices, and they didn't understand their new roles," he concedes.
Yet he is unwavering in his belief that his reforms will enable the Bank to remain the world's leading development-finance institution. He is proud of negotiating an increase in the ceilings on how much the Bank can lend to fast-growing middle-income countries such as China and India, whose frustrations with the previous arrangements helped spur the recent creation of a "BRICS" development bank by Brazil, Russia, India, China and South Africa.
Mr Kim denies that the 14 new practices will make the Bank even more bureaucratic, as his critics contend. Rather, he says, they will enable the Bank to tap its network of expertise around the world more quickly and efficiently, making it more valuable to customers than competitors which offer just capital or consulting.
When Narendra Modi, India's new, reform-minded prime minister, met the World Bank chief recently, he was so impressed by the new practices, Mr Kim notes, that "he tweeted about it".
<blockquote class="twitter-tweet" lang="en">
A great moment! <a href="https://twitter.com/narendramodi">@narendramodi</a> &amp; <a href="https://twitter.com/WorldBank">@worldbank</a> President talking about the importance of water/sanitation w/<a href="https://twitter.com/hashtag/Elmo?src=hash">#Elmo</a> &amp; <a href="https://twitter.com/hashtag/Raya?src=hash">#Raya</a> <a href="http://t.co/eRiOuhsJMw">pic.twitter.com/eRiOuhsJMw</a>
- Global Citizen (@GlblCtzn) <a href="https://twitter.com/GlblCtzn/status/516309385824698371">September 28, 2014</a></blockquote>
Mr Kim may think he has time on his side. After all, he is unlikely to lose his job, if only because America, which forced his appointment over objections from developing countries, has little appetite for another such row. Yet unless Mr Kim now moves decisively to fix the budget problems and win round the staff, his presidency risks becoming a costly failure.
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The World Bank Is In Trouble

<ul><li>The Nepal Development Update, a bi-annual report of the global lender released on Thursday, said that an estimated 31.2 per cent of the population who live close to the <keyword id="141042" type="ORGANIZATION" weightage="20" keywordseo="poverty-line">poverty line</keyword> are at high risk of falling into extreme poverty, reports Xinhua news agency.</li><li>According to the Nepal government, 18.7 per cent the population live under the poverty line currently. </li><li>The warning comes at a time when the COVID-19 <keyword id="43587" type="ORGANIZATION" weightage="20" keywordseo="pandemic">pandemic</keyword>, coupled with lockdowns and travel restrictions imposed by the government, has impacted livelihoods of people in Nepal. </li></ul> The <keyword id="9345522" type="UNKNOWN" weightage="20" keywordseo="ongoing-covid-19-pandemic">ongoing COVID-19 pandemic</keyword> could push nearly one third of Nepal's population below poverty line due to the loss of livelihoods in the wake of the health crisis, <keyword id="255944" type="COMPANY" weightage="20" keywordseo="The-World-Bank">the World Bank</keyword> said in a report. The Nepal Development Update, a bi-annual report of the global lender released on Thursday, said that an estimated 31.2 per cent of the population who live close to the poverty line are at high risk of falling into extreme poverty, reports Xinhua news agency. According to the Nepal government, 18.7 per cent the population live under the poverty line currently. The warning comes at a time when the COVID-19 pandemic, coupled with lockdowns and travel restrictions imposed by the government, has impacted livelihoods of people in Nepal. On July 20, Nepal's cabinet ended the nearly four-month lockdown but still maintaining a few restrictions. "Across all sectors, informal workers or those without social security or assistance will be most vulnerable to falling into extreme poverty," the report said. "Within this group, informal sector workers and self-employed households in urban areas may be more vulnerable than rural households that can fall back on subsistence farming." During the online launch of the report, Finance Minister Yubaraj Khatiwada admitted that measures taken to save lives from the pandemic affected Nepal's fight to eradicate poverty. "Due to urgent measures we had to take to save lives with restriction on the movement of people has substantially affected the chain of production, trade and investment followed by job losses and reversal of achievement made in poverty reduction," he said. Poverty headcount rates were 42 per cent in 1995, 31 per cent in 2003, and 25 per cent in 2010 and which came down further in the last one decade, according to the National Planning Commission of Nepal. The <keyword id="6354424" type="COMPANY" weightage="20" keywordseo="world-bank">World Bank</keyword> report also said that Nepal's economic outlook is uncertain. The Himalayan nation is likely to see a meagre growth of 2.1 per cent in best case scenario to a contraction of 2.8 per cent in the worst case scenario in current fiscal year 2020-21. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/coovid-vaccine-from-oxford-serum-institute-and-astrazeneca-shows-promising-immune-response/articleshow/77069321.cms">The COVID-19 vaccine from Oxford and AstraZeneca shows 'promising' results in early human trials</a> <a href="https://www.businessinsider.in/careers/news/from-intel-and-wipro-to-tcs-and-google-here-are-the-top-job-openings-in-the-multinational-companies/articleshow/77058769.cms">From Intel and Wipro to TCS and Google— Here are the top job openings in the multinational companies</a> <a href="https://www.businessinsider.in/tech/mobile/news/checkout-upcoming-affordable-smartphone-oneplus-nord-launch-price-specifications-features/articleshow/77061620.cms">OnePlus Nord launch price, specs and more – Everything we know about the upcoming affordable OnePlus smartphone</a>

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The World Bank Is In Trouble

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