The World Bank Group is strongly committed to helping the people of Afghanistan by promoting growth and reducing poverty during and beyond the withdrawal of Western security forces in 2014, World Bank Group President Jim Yong Kim said.
Europe's debt crisis is pushing the 17-country eurozone toward recession and dragging down the global economy, the Organization for Economic Cooperation and Development said Thursday.
Even growth in traditional economic powerhouse Germany is slowing, and the OECD's interim assessment said that Europe's largest economy could slip into recession by the end of the year.
"The negative elements of the global economy . . . stemming mostly from Europe are there, and they are somewhat stronger than they used to be a few months ago," OECD chief economist Pier Carlo Padoan told reporters.
WASHINGTON—The International Monetary Fund approved Wednesday a €920 million ($1.16 billion) loan tranche for Ireland, lauding the country's ability to meet bailout program targets despite a slowdown in growth.
The IMF financing is part of a larger €85 billion joint European Union-IMF bailout approved in 2010 in the wake of an acute financial crisis in the country. In recent months, Ireland has been able to once again tap financial markets for its debt, despite considerable headwinds from the wider euro crisis. ...