World Bank

Why is the Ebola response still underfunded?

Questions raised about 'epidemic funds' which have not been released
The World Health Organisation recently declared the Ebola outbreak in the east of the Democratic Republic of Congo a public health emergency of international concern, hoping this would raise the profile of the crisis and increase funding.   

However, there are concerns that funding which could be saving lives in DR Congo is not reaching the people in need.   

The Pandemic Emergency Financing Facility (PEFF) is a financial instrument that was created to ensure that disasters have emergency funding available. And yet, the response is still operating on a deficit.    

Laurie Garrett, who won a Pulitzer prize for her coverage of the 1995 Ebola epidemic and author of the book The Coming Plague, explained the situation to Newsday's Alan Kasujja.

(Photo: The Ebola response in Beni, DRC. Credit: Getty Images)

Will the post-war IMF and World Bank leadership deal hold?

Andrew Walker

World Service economics correspondent

Who will take over at the IMF? The nominations will start coming in soon enough.

But the selection raises once again an old sore in arrangements for the leadership of the IMF and the World Bank.

There was a post-second world war understanding – or carve-up if you prefer – that the top job at the IMF would go to a European, while an American would run the World Bank.

Christine Lagarde continued that tradition. She was the IMF’s fifth French managing director.

The issue was last reopened earlier this year, when a vacancy suddenly arose at the top of the World Bank.

President Trump’s nominee David Malpass got the job.

There have been challenges to the established practice. When Ms Lagarde was selected, the Mexican central banker Agustin Carstens ran against her, and there were non-European nominations before that.

It would not be a surprising if there were more this time.

So far, however the post war deal has held up.

New World Bank boss David Malpass will work with China
David Malpass, the World Bank's new president, pledges to evolve its relationship with China.

Remittances to hit new record

migrant worker in UK agriculture
PA

Money transfers to poor and developing countries - mostly from migrant workers sending part of their earnings home - are set to become the largest source of external financing for those nations this year, the World Bank says.

Quite a bit of that cash gets siphoned off by banks and money transfer operators though. Reducing those costs is a priority.

Migrant workers and others sent home an estimated $529bn to low- and middle-income countries last year, up 9.6% from the year before.

The figure is set to hit a record $550bn this year.

David Malpass writes to World Bank staff

David Malpass
CQ Roll Call / Getty Images

David Malpass, who has been officially appointed as World Bank president, has written a note to World Bank Group (WBG) staff.

In his letter, he thanks Kristalina Georgieva, who served as interim president for three months.

He also stresses the urgent need to help alleviate extreme poverty, which now affects over 700 million people in the world.

"We must work tirelessly to foster broad-based growth for each and every borrower, and a stronger, more stable global economy for all; and to provide WBG leadership on crisis preparedness, prevention and management, global public goods, and fragile and conflict-affected situations," he wrote.

He stressed that he is keen to meet with staff once he starts work at the World Bank next week.

More on David Malpass

David Malpass
AFP

More on David Malpass, who has been appointed as the next World Bank president.

Mr Malpass previously served as under secretary of the Treasury for International Affairs for the US. He represented the US at several international meetings, including the G7, the G20 and annual World Bank-IMF meetings.

He played a crucial role in the implementation of several major World Bank Group reforms and initiatives, such as the Debt Transparency Initiative, which increased public disclosure of debt.

Before joining the Treasury for International Affairs, Mr Malpass worked as an international economist and founded a macroeconomics research firm in New York.