The World Bank created 93 billion dollars fund to help the poorest countries recover from the crisis caused by the pandemic and to finance other programs. The president of the organization, David Malpass, considers that the “generous commitment” by the partners is essential to “support poor countries in their efforts to recover from the Covid-19 crisis.”

The bank, which is based in Washington, reported that this is one of the largest contributions that the International Development Association (IDA) has made to 74 countries, most of which are African.

The statement specifies that the resources include 23,500 million dollars in contributions from the 48 countries considered high and middle income, in addition to financing obtained in capital markets and contributions from the World Bank itself.

The funds are intended to help countries better train themselves to cope with difficulties such as pandemics, financial crises and natural disasters. Although the resources are for the different countries of the world, Africa is the continent that benefits the most because it receives 70 % of the fund’s resources.

IDA fund resources are reset every three years, but as a result of the pandemic, the last cash injection was brought forward one year and will run until June 2025.

M. Rodríguez

Source: elnacional.com

La entrada World Bank allocates 93,000 million dollars to poor countries apareció primero en Bitfinance.

The president of the World Bank, David Malpass, warned of the negative implications for emerging and developing economies of setting an excessively high minimum corporate tax at the international level, such as the 21 % raised by the United States Secretary of the Treasury, Janet Yellen.

“It seems to me a high corporate rate, but this is not my decision,” Malpass said in statements to the BBC network, when asked about the possibility of setting a hypothetical minimum global corporate tax at 21 %.

In this sense, the president of the World Bank defended that the fundamental thing is to achieve growth for countries around the world and tax rates are an important issue for everyone, therefore, there must also be a legal environment “to attract new investments to the poorest countries.“

For its part, the International Monetary Fund (IMF) has been in favor of the possibility of establishing a minimum tax at the global level to tax the profits of corporations and even proposed introducing temporary tax increases to the highest incomes to help to pay the bill for the crisis.

The president of the United States, Joe Biden, also proposed raising the corporate tax for companies in the country to 28 % from the current 21 %, while in the United Kingdom it is contemplated to raise the tax from 19% to 25% in 2023.

K. Tovar

Source: dpa

La entrada World Bank warns about negative impact of high taxes apareció primero en Bitfinance.

This Tuesday, the president of the World Bank, David Malpass, reported that the crisis and financial climate that has occurred this last year has led the organization to fulfill the responsibility of raising the world’s economies, especially in Latin America.

In this sense, aid has been allocated to the most vulnerable populations, helping to strengthen international trade and the possibility of restructuring government debt with private investors, as reported by the organization’s representative.

Understanding the situation that has been experienced this last year on a global scale, Latin American countries have resorted to debt to be able to pay for spending on social programs and economic stimulus, generating significant weight in the organization, which has led the Bank to reconsider the possibility that the poorest countries pay off their debt as soon as possible while the recovery takes place.

Malpass reported that during the year “we have been working on the moratorium on payments and the G20 has also presented a common framework for debt reduction, which recognizes that the burden and payment of the existing debt is using a very important fiscal space. in the countries.”

Also ensuring that this space “is needed for social safety nets, for education, health, for the basic needs of people”, which means that “If countries are paying their creditors, that exhausts resources available.”

K.Villarroel

Source: elpais

La entrada World Bank calls to avoid extension of debt crisis in Latin America apareció primero en Bitfinance.