Theresa May steps up Brexit charm offensive, reassuring City chiefs at Downing Street and Morgan Stanley party

Prime Minister Theresa May has been stepping up a City charm offensive in recent weeks, hosting top bankers and asset managers at Downing Street, City A.M. can reveal.It is understood an hour-long meeting at No 10 in late February was attended by Aberdeen Asset Management boss Martin Gilbert, Schroders’ Peter Harrison, Barclays chief Jes Staley, HSBC chairman Douglas Flint and Allianz vice chair Elizabeth Corley. whatsapp whatsapp Those in the City more generally are concerned Brexit will mean the end of the valuable rights they currently enjoy, such as passporting, which is a complex set of rules allowing UK financial firms to do business in the other EEA states and vice versa.Many firms are now mulling whether they will need to move some of their operations out of London in an effort to keep one foot in the EU following the UK’s departure. Morgan Stanley, which was a major donor to the Britain Stronger in Europe campaign, has recently been reported to be considering moving about 300 of its jobs currently in London to either Dublin or Frankfurt. The bank has since stressed that no final decision has been made. Meanwhile, HSBC’s Flint has previously warned up to 1,000 jobs at his bank will have to be moved out of London to elsewhere in Europe, most likely Paris, to ensure it can continue with business as usual following Brexit. May is expected to pull the trigger on Article 50, which starts the UK’s formal process for leaving the EU, in a matter of days. She has previously given herself a deadline of the end of this month.  It also emerged today that May attended a Morgan Stanley drinks party at the British Museum last night Read more: Over half of bankers say they like this bit of red tapeSky News first reported May had used the lavish affair to reassure City figures present, including Morgan Stanley chief executive James Gorman, as well as Gilbert and Flint, she would protect the status of the City of London as she heads to the Brexit negotiating table. She also attempted to calm fears the financial sector would be faced with a cliff-edge.Speaking at an Association of Investment Companies conference in London today, Gilbert said that, after the meetings, he was “confident she will negotiate really well”.He said: “She actually does get what is necessary to do the transition arrangements. As you know, what we want – what all of us want, especially the investment banks – one, is a transition arrangement after the two years so we don’t have a cliff-edge. Thursday 9 March 2017 7:30 pm “And we want grandfathering. So we want grandfathering of contracts or swaps. Those are the two key things.”Gilbert added: “She definitely gets the EU nationals point as well. She just doesn’t want to concede that until she gets the reciprocal arrangement on the other side. She’s definitely aware of all of these issues.“She does listen. And the meetings I’ve been at she listens to what financial services require.”Read more: Europe schmeurope: The UK will work with Japan on fintechThis is not the first time the Prime Minister has mingled with bankers to discuss Brexit. A few days after she delivered her landmark Brexit speech in January, she jetted to Davos to meet with bank bosses like Goldman’s Lloyd Blankfein and JP Morgan’s Jamie Dimon. Theresa May steps up Brexit charm offensive, reassuring City chiefs at Downing Street and Morgan Stanley party Share Hayley Kirton and William Turvill by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May Liketibgez10 Signs & Symptoms of Lewy Body Dementiatibgezweniix.comLook The Future of Carsweniix.comWorld of sportTop 20 Healthiest Cities in America in 2021World of sportMiami Real Estate | Search AdsReal Estate Prices in Miami Might Surprise YouMiami Real Estate | Search AdsDo It HousesAntiques Roadshow’s ‘Youngest Collector’ Proves Art Admiration Comes At Any AgeDo It Housesanymuscle.com20 Signs That Your Kidneys Aren’t Working Properlyanymuscle.comHome Foundation FixFoundation Repair Cost May Be More Affordable Than Ever In 2021, Check OptionsHome Foundation Fixfashionblast.clubThese Boots Are Absolute Record Holders Among Autumn Shoes.fashionblast.clubManuka FeedFoods to Avoid with ArthritisManuka Feed More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgPuffer fish snaps a selfie with lucky divernypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgConnecticut man dies after crashing Harley into live bearnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org read more

It’s not just cricket – finance and friendship underpin Britain’s bond with India

first_img Share It’s not just cricket – finance and friendship underpin Britain’s bond with India We are at the start of a journey into an exciting future. This is why I’m backing India, its government’s plan for prosperity, and its prospects for success. It means India will be a great power in the twenty-first century, whose influence is likely to increase hugely and which will become a world leader in key markets including financial services, global currency trading, and fintech – markets in which the UK is also a pioneer. We have a lot to offer India too – the UK is firmly established in financial trading markets and already accounts for 37 per cent  of global foreign exchange trading worldwide – expertise we can share with India as they take their currency global. LONDON, ENGLAND – SEPTEMBER 07: Alastair Cook of England shakes hands with Virat Kohli of India is given a guard of honour as he walks out to bat during day one of the Specsavers 5th Test between England and India at The Kia Oval on September 7, 2018 in London, England. (Photo by Gareth Copley/Getty Images) Tuesday 16 July 2019 4:09 am Opinion As the UK looks to the future, we now want to tighten relations with our closest international allies, to create wealth and jobs on both sides. This week, I’m talking to ministers in the Indian government about further opportunities, including getting the UK stronger access to the Indian financial services market.  India boasts the world’s fastest-growing trillion-dollar economy and the sixth largest overall. Prime Minister Narendra Modi has just been re-elected and has stated his intention to make India a $5 trillion economy by the end of his term. It is a family affair, with parents and children, brothers and sisters  living, working and moving between our two great nations. After three years, the UK is really starting to show what a well-planned international trade policy can deliver for the UK and its partners. This work is all the more crucial with the global headwinds beginning to change. It is no surprise then that such a strong and committed bond brings substantial mutual prosperity, and the economic side of our relationship is worth £20bn a year and growing all the time.center_img whatsapp whatsapp More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comWhy people are finding dryer sheets in their mailboxesnypost.com For all these reasons, the UK is committed to growing the bilateral trading relationship, and the City of London is perfectly placed to help. It is already playing a crucial role in the internationalisation of the rupee, which will give India the advantage it needs on the world stage and shows just some of what the UK can do for India’s economic transformation as it moves into becoming a services-led economy.  Last year, our respective Prime Ministers announced new collaboration on financial services marrying British financial and regulatory expertise with Indian leadership in technology – leading to an agreement for fintech regulation, joint work on pensions systems and regulation, and the training of insolvency professionals in India. The deep love of cricket that the UK and India share was clearly on show last week. But our relationship goes much further than just a passion for sport.  The UK’s foreign direct investment stock in India also grew by 9.4 per cent in 2017 alone, and is currently worth £14.4bn, illustrating the strong foundations we are building upon, and the opportunities to invest more in each other’s economies as we grow together. Main image credit: Getty City A.M.’s opinion pages are a place for thought-provoking views and debate. These views are not necessarily shared by City A.M. The UK’s position as a world-leading finance hub and the European fintech capital also makes us perfectly placed to support India’s aspirations to develop its financial infrastructure and tap into global sources of capital. Liam Fox last_img read more

People / Journalist of the Year Nick Savvides joins The Loadstar

first_imgNick Savvides By Alex Lennane 28/05/2021 The Loadstar is delighted to announce that Nick Savvides will be joining the team as news editor.Mr Savvides has extensive experience in freight reporting over a 30-year career, most recently as managing editor of Container News.A shipping specialist, he has also been editor of The Naval Architect. He is the current holder of Seahorse Awards’ “Feature Journalist of the Year” and “Journalist of the Year” awards.“I am excited and humbled to be joining a great group of journalists, whose reputations are held in such high esteem by the industry in which they work. For me, this is like being signed by the Champions’ League winning team,” he said.center_img “What a challenge it will be to help improve on such a team. I look forward to it.”Gavin van Marle, The Loadstar managing editor, added: “It’s been a challenging past year, with a lot of news to cover. To have such a well-known and respected journalist as Nick joining us is a substantial investment in the future of The Loadstar, and demonstrates our commitment to providing the supply chain and logistics industry with the highest-quality editorial content.”You can contact Nick from Tuesday 1 June, on [email protected]last_img read more

In Pictures: Portlaoise Panto Opening Night goes down a storm

first_img Twitter In Pictures: Portlaoise Panto Opening Night goes down a storm Laois secondary school announces scholarship winners for new academic year Facebook Pinterest Community Community Home Lifestyle In Pictures: Portlaoise Panto Opening Night goes down a storm LifestyleOut and AboutWe Are Laois Previous articleWATCH: Laois Famine Workhouse features in hit US TV Series ‘Who do you think you are’Next articleBig win for Portlaoise RFC U-18s in Leinster Rugby Premier League Julie Anne MillerLaoisToday’s main photographer Julie Anne Miller is a graduate from GMIT. Despite her young age, Julie Anne has years of experience in the food industry. She has worked in Tynan’s at the Storeyard in Portlaoise, Ballymaloe House in Cork and Beach Point Country Club in New York. She has also contributed a food column to the Irish Country Living section of the Irish Farmers Journal. She’s willing to talk about anything – except football! Council By Julie Anne Miller – 22nd January 2019 Nobody was sleeping in the Dunamaise Arts Centre at the weekend as the Portlaoise Panto group’s 2019 production got underway.Rehearsals for what is Portlaoise Pantomine’s Group 35th production have been underway for the past couple of months under the guidance of scriptwriter Peter Kennedy, musical director Niall Pulpeter and choreographer Julieanne McNamara.This year, Sleeping Beauty is the presentation and it got underway on Saturday night.Among the other characters are Princess Beauty (Aisling Kelly) Prince Nicky (Andrew O’Connor) Nanny Annie Cranny – Dame (Damien Halpin Lee), Sir Philip (PJ Mulhall), Uncle Louie (Christy Bannon), The Wicked Queen Dana of Derry (Vikki Byrne), Penny Dreadful (Ciara Dollard), Dopey Dave (Donal Brennan), Jill (Veronica Lanham) and Egbert (Stephen Keegan).Sleeping Beauty runs to Saturday, January 26, with matinees on Saturday 26th at 2.30pm (sharp) and nightly at 8pm in the Dunamaise Arts Centre.Tickets are available from the Dunamaise Box Office visit www.dunamaise.ie or phone 057 8663355.Our photographer Julie Anne Miller went along on the opening night and snapped the following pictures:center_img Pinterest WhatsApp TAGSPortlaoise Panto RELATED ARTICLESMORE FROM AUTHOR Twitter Charlie Flanagan on Electric Picnic: ‘I’d ask organisers to consult with community leaders’ Facebook WhatsApp New Arles road opens but disquiet over who was invited to official opening SEE ALSO – Unusual political marriage as Portlaoise pantomine beginslast_img read more

15kg Drugs Found in the Home of a Chairwoman of the…

first_img News 15kg Drugs Found in the Home of a Chairwoman of the Women’s Union By Daily NK – 2007.02.28 10:51pm Facebook Twitter There are signs that North Korea is running into serious difficulties with its corn harvest tweet AvatarDaily NKQuestions or comments about this article? Contact us at [email protected] North Korea Market Price Update: June 8, 2021 (Rice and USD Exchange Rate Only) News center_img [imText1]A North Korean source informed that a large scale drug dealing enterprise had been discovered in the home of a high official in the city of Hoiryeong, North Hamkyung. In an interview on the 24th, the source from Hoiryeong said “On Feb 24, 20 or so officials from the National Security Agency made a search warrant in the home (#42, Sanup-dong, Hoiryeong) of Suh Kyung Hee (49) Chairwoman of Hoiryeong City’s North Korean Democratic Women’s Union. On location, they found 15kg of drugs known as “ice,” US$30,000 and approx. 200,000 yuan (approx. US $645).”In addition, Chairwoman Suh’s husband “K (former President of Maebong Company)” and daughter seemed to have led the drug organization and have been placed in custody by the National Security Agency. The National Security Agency has also arrested colleagues “P,” “J” from Maebong Company and 30 other people suspicious of being associated to “K” and the drugs that were being traded throughout Hoiryeong and China.Maebong Company falls under the Department of the People’s Army and has its main office in Pyongyang and sub-branches throughout major cities of North Korea. The company exports goods such as seafood and medicinal herbs. K’s driver indicts him to the district security agency [imText2]It seems that Chairwoman Suh has yet to be charged as there has not been any direct sources to state that she had intervened in the selling or manufacture of drugs. However, since Chairwoman Suh was absent at the “2006 Hoiryeong City Evaluation Convention of the Women’ Union” on Feb 21st and at the rally co-sponsored by the Hoiryeong city committee under the Party on the 22nd, it seems that her duties have been suspended for now.It appears that this case was unveiled by K’s driver ‘L’ who voluntarily appeared at the North Hamkyung security agency, affirming that Chairwoman Suh Kyung Hee’s family had built great wealth by selling drugs in China. At present, the driver L is undergoing investigations by North Hamkyung security agency. Chairwoman Suh Kyung Hee was an advisor for North Korean Children’s Union of the Nammoon Elementary School in Hoiryeong and was one of the top figures known in Hoiryeong. The North Korean Democratic Women’s Union is equivalent to Kim Il Sung’s Socialist Youth League, two political groups which pave the way for the North Korean Workers Party. Currently, Chairwoman Suh’s official position is a member of Hoiryeong City’s executive committee under the Workers Party and representative for Hoiryeong People’s Committee. Defectors from Hoiryeong say that the Hoiryeong Chairwoman falls in the top 5 powers in Hoiryeong. “Maebong Company” run by Suh’s husband “K” was a well known enterprise in Hoiryeong. However, since last year, central authorities have been ordering companies sporadically earning foreign currency throughout the districts to amalgamate. Hence, the only companies to remain open in Hoiryeong were “Moran Company” and it is said that ‘Maebong Company’ where K used to be president has also shut down. NewsEconomy SHARE RELATED ARTICLESMORE FROM AUTHOR News US dollar and Chinese reminbi plummet against North Korean won once againlast_img read more

Report suggests evolving capital markets in New Brunswick

Related news “As we have noted in prior years, our capital markets are greatly influenced by individual, large-scale projects,” said said Rick Hancox, chief executive officer of the commission. In New Brunswick’s venture markets, deal activity ticked up, from 16 deals in 2011 to 23 deals last year; but the value of those deals dropped to $21.15 million in 2011 to $8.2 million last year. The report notes that New Brunswick-based companies have fallen behind similar provinces in the amount of VC funding they have been able to attract. It reports that Saskatchewan raised over $53 million, Nova Scotia raised $37 million, and Manitoba raised $31 million. “We note that in Canada VC investment is occurring in many industry sectors yet New Brunswick is lagging in all sectors with the exception of [information technology],” it says. Indeed, it notes that 18 of the 23 VC deals completed during the year were in the tech sector. “The former New Brunswick Securities Commission established its Fullsail initiative to help foster capital markets,” said Hancox. “Educating and informing capital markets stakeholders will continue to be a priority of the Financial and Consumer Services Commission.” The report also looks at merger & acquisition activity in the province for the first time. It found that, in 2012, there were 19 M&A deals worth $215.98 million that involved New Brunswick-based companies; which was a sharp drop from 2011 when there was $533.87 million in deals completed. Facebook LinkedIn Twitter James Langton Share this article and your comments with peers on social media Keywords New BrunswickCompanies Financial and Consumer Services Commission Exempt market investing surged in New Brunswick in 2012, but venture capital activity slumped. That’s according to a new report from the province’s Financial and Consumer Services Commission (FCSC). The report indicates the extent to which a handful of large deals can skew overall results in a relatively small market. For example, the report shows that exempt market activity soared to over $300 million in 2012 from $25 million in 2011, however, the vast majority of this is due to a single $257.6 million deal in the energy sector. N.B. to modernize credit union regulation N.B. online insurance licensing system ready for public testing Venture capital investments in N.B. reach a new high read more

Four Canadian regulators sign on to MOU with U.S. CFTC

first_img The original MOU was signed in 2014 between the CFTC and the provincial securities commissions in Alberta, British Columbia, Ontario and Quebec. Earlier this year, New Brunswick, Nova Scotia and Saskatchewan signed on as well. The arrangement covers markets, trading platforms, central counterparties, trade repositories and intermediaries, such as dealers and other market participants. Related news MX delays extended hours launch Facebook LinkedIn Twitter Montreal Exchange proposes rulebook reforms Share this article and your comments with peers on social mediacenter_img Keywords Derivatives The U.S. Commodity Futures Trading Commission (CFTC), which regulates derivatives trading in the U.S., has added four Canadian provincial securities commission to a memorandum of understanding (MOU) designed to enhance cross-border supervision. Specifically, regulatory authorities in four jurisdictions — the Yukon, Nunavut, and the Northwest Territories, along with Prince Edward Island — have joined an MOU with the CFTC, which sets out the terms of co-operation and exchanging information between the regulators. The agreement is intended to bolster the supervision and oversight of regulated firms that operate on a cross-border basis in the U.S. and Canada. CFTC has collected more than US$1 billion in sanctions via tipsters James Langton last_img read more

Digital shift cushioned blow to post-pandemic growth outlook, BoC deputy says

first_img The economy’s ability to grow coming out of the pandemic isn’t as hobbled by Covid-19 as the central bank first feared, a top Bank of Canada official said.Deputy governor Timothy Lane said that’s because the country quickly embraced digital tools such as videoconferencing for remote work and food delivery apps. Jordan PressCanadian Press Economy grew at 5.6% annual rate in first quarter of year, Statistics Canada says That shift should help the economy grow coming out of the pandemic without sparking a run on inflation, he said, noting the measure should hover around three per cent over the summer largely because of comparisons to rock-bottom prices from the same time last year.But he also warned that the digital transformation that has buoyed the economy also brings challenges in its wake for companies struggling to find skilled workers and workers whose jobs are being replaced by technology.Many of the jobs that may be displaced are those already affected the most during the pandemic, such as retail workers, are disproportionately held by women, young people, low-wage earners and racialized Canadians, Lane said in a speech to Advocis, an association of financial advisors.That speaks to a need for policymakers, businesses and schools to work together to prepare students for jobs in the digital economy, he said, to put people and businesses in the best position to benefit as the economy improves.How much help the economy will need from the central bank and for how long is shrouded in uncertainty, Lane said.He said the technological shift is accelerating structural changes in the economy which makes it harder for the bank to gauge economic growth and when to address higher inflation levels.“This has been such a huge and unusual shock that the economy has been through that there are quite large structural changes going on, in terms of which industries are going to do well after the pandemic … and what jobs are going to be available,” Lane told reporters after his speech.“A lot of those things are going to condition both how the level of economic activity recovers, but also how inflation comes back.”The bank kept its key policy rate on hold at 0.25% on Wednesday, which is where it has been since the onset of the pandemic last year.The bank doesn’t plan to make any changes to its key rate until the economy recovers, which it currently expects to see in the second half of next year.Statistics Canada reported last week that real gross domestic product grew at an annualized rate of 5.6% in the first quarter. The bank’s latest outlook forecast growth of 7% in the first quarter, and 3.5% in the second quarter.Lane said the bank still expects growth this quarter will come close to its expectations, despite the loss of some 275,000 jobs over the last two months. The labour market setback should be temporary with vaccinations rates rising and lockdowns set to loosen, he said.Lane said in his prepared remarks that the bank expects to learn more in the coming weeks about how the economy is bouncing back to inform decisions on its bond-buying program, which remains at about $3 billion per week.CIBC senior economist Royce Mendes said that suggests further tapering of purchases could come as early as next month as long as the reopening of the Canadian economy marches ahead as expected. Keywords EconomyCompanies Bank of Canada Finance Department reports preliminary deficit of $314B for last fiscal year Illustration and Painting iStock Related news Covid vaccine-sharing discussions to dominate G7 summit talks Share this article and your comments with peers on social media Facebook LinkedIn Twitterlast_img read more

Clear skies and sunshine give national parks a chance to dry out

first_imgClear skies and sunshine give national parks a chance to dry out As welcome sunshine replaces grey skies across the State, people planning a visit to national parks are being reminded to check before leaving home as many areas remain waterlogged or damaged. The widespread rain and flooding affected many national parks and NSW National Parks and Wildlife Service (NPWS) crews are working to assess the impacts and ensure areas are open to the public as quickly as it is safe.This includes ensuring the hundreds of affected visitor sites, picnic areas, campgrounds, lookouts and walking tracks are safe to use, along with access to and from these areas.NPWS crews are also busy clearing flood debris, fallen trees and repairing washaways and other damage.People planning to visit a park are urged to check the NPWS website prior to travelling as the situation can change quickly.Check and observe closures. Check the NPWS and live traffic websites frequently, particularly close to travelling. Do not enter closed areas. Do not cross floodwaters. Conditions are currently treacherous. Do not cross flooded creeks and flood waters as the recent rains have likely altered conditions of causeways. Impassable access roads. Some park roads as well as access roads may not be passible and may close at short notice. Check websites or call ahead in remote areas. Access to some parks has changed due to road closures.Be mindful of trees. Soggy ground and sustained rains increase the risk of tree falls and failures. Do not shelter or camp under trees. Notify someone. Using the NPWS trip intention form to notify someone about your trip is a great way to increase your safety. If in doubt, leave it out. If you have doubts about your planned visit, we encourage you to postpone your stay to a drier, sunnier time. Check NPWS Alerts and NSW Live Traffic for up-to-date information before visiting a national park and note it is never safe to drive, ride or walk through flood waters.People who have an existing campground booking may postpone or cancel. Customers in campgrounds now closed due to flooding/severe weather have been contacted to advise their booking has been cancelled and is being refunded. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:AusPol, environment, falls, Government, National Park, New South Wales, NSW, rain, road closure, Safety, visit, weather, website, wildlifelast_img read more

World Bank Group Supports Job Creation, Economic Growth in Malawi through New Country Partnership Framework

first_imgWorld Bank Group Supports Job Creation, Economic Growth in Malawi through New Country Partnership Framework WASHINGTON, May 4, 2021-The World Bank Group’s (WBG) Board of Executive Directors discussed the new Country Partnership Framework (CPF) for Malawi, which supports the creation of more jobs, the strengthening of human capital, and supporting foundations for economic growth and accountability.The new CPF will guide the World Bank Group’s work over the next five years in support of Malawi’s national priorities as set out in Malawi Vision 2063.“COVID-19 has slowed our economy. Investments are needed that can stimulate economic recovery and to our vision of reaching lower-middle-income status by 2030. This requires a solid foundation – and we are very optimistic that over the next five years the World Bank Group will help us to strengthen those foundations by supporting our reform agenda and investing in key sources of growth,” said Felix Mlusu, Minister of Finance.The CPF has three strategic focus areas: (1) bolstering foundations for growth and accountability; (2) promoting private sector-led jobs and livelihoods; and (3) strengthening human capital development. In addition, digital development and women’s empowerment are integrated as cross-cutting themes. The CPF is informed by extensive consultations with a broad range of stakeholders in Malawi including government, civil society, and development partners.“Our program will consolidate World Bank Group investments where we can make an impact: particularly in opening new opportunities for commercial agriculture and in ensuring women are empowered to participate fully in the economy,” said Mara Warwick, World Bank Country Director for Malawi, Tanzania, Zambia and Zimbabwe. “This is a pivotal moment for Malawi and the World Bank Group is renewing its support for the country. We welcome the renewed focus on tackling governance challenges. Strengthening of accountability and transparency is a foundation for growth.”The CPF comes at a time when lives and livelihoods are impacted by the COVID-19 (coronavirus) pandemic. The CPF will support Malawi’s COVID-19 health response and enable affordable and equitable access to vaccines in the immediate term and to support health systems strengthening in over the medium term. The CPF will also guide the Bank’s support for a resilient recovery, through continued support to Malawi’s Social Cash Transfer Program and to the Small and Medium-Sized Enterprises (SMEs).“As part of the World Bank Group, IFC works closely with the Government of Malawi to support Malawi Vision 2063,” said Jumoke Jagun-Dokunmu, IFC’s Regional Director for Eastern Africa. Our advisory and investment services will focus on developing renewable energy and ICT infrastructure, increasing agricultural productivity, and supporting crop diversification, and boosting inclusive finance. This will be crucial to mitigate the economic impacts of the COVID-19 pandemic and to support Malawi’s long-term growth.”While leveraging the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency and International Development Association (MIGA) and International Development Association (IDA) instruments to catalyze private investment in select transformational investments, the CPF recognizes the importance of strengthening the coordination with Malawi’s other development partners to help combined efforts reach scale.“Through deeper collaboration across the World Bank Group, MIGA will work with private investors by applying its de-risking instruments to mobilize cross-border investment over the CPF period to boost job creation, productivity and growth in Malawi as it recovers from the COVID-19 pandemic” said Merli Margaret Baroudi, Director for MIGA Economics and SustainabilityThe World Bank’s current IDA portfolio for Malawi includes 18 national projects and five regional investments with a net commitment value of $2.05 billion. Project objectives range from strengthening access to energy and finance, supporting the commercialization of agriculture as well as supporting Malawi’s Social Cash Transfer Program. The active portfolio will serve as a primary basis for delivering the key objectives of the CPF within its first phase, while the pipeline of new IDA investments is rolled out. Moving forward, IDA support will be directed selectively towards transformational and large-scale, growth-oriented investments, leveraging expertise and instruments across the WBG.The CPF is a joint strategy of the three members of the World Bank Group (WBG): IDA, also known as the World Bank, the IFC, which is focused on the private sector in developing countries, and MIGA, which provides political risk insurance to private sector investors and lenders.* A Country Partnership Framework guides the implementation of programs by the different arms of the World Bank Group – the International Development Association (IDA), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).**The World Bank’s International Development Association, established in 1960, supports the world’s poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve poor people’s lives. IDA is one of the largest sources of assistance for the world’s 77 poorest countries, 39 of which are in Africa. Resources from IDA bring positive change for 2.8 billion people living on less than $2 a day. Since 1960, IDA has supported development work in 112 countries. Annual commitments have averaged about $18 billion over the last three years, with about 50 percent going to Africa. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Africa, Agriculture, Eastern, empowerment, Government, infrastructure, Investment, Malawi, renewable, renewable energy, sustainability, Tanzania, Warwick, World Bank, Zambia, Zimbabwelast_img read more