Biden urges the G20 to increase World Bank assistance for low-income nations.

1. Biden calls on the G20 to expand World Bank support for developing countries.

Biden is now in New Delhi for the annual G20 conference, which will be held from September 9–10 at India’s invitation.

According to the White House, US Vice President Joe Biden persuaded G20 governments to agree to jointly mobilize greater headroom and concessional financing to increase the World Bank’s capacity to serve low- and middle-income countries.

Biden is now in New Delhi for the G20 conference, which will be held there from September 9 to 10.

“We are aiming for our joint contributions to deliver a one-time boost to IBRD (International Bank for Reconstruction and Development) equivalent to three times the World Bank’s annual non-concessional lending volume, and to double IDA’s crisis lending capacity,” the White House said in a press release.

According to the program, the World Bank will become a stronger organization, able to offer resources at the scale and speed required to address global concerns and the immediate needs of the poorest countries.

The statement read, “President Biden galvanized G20 partners in New Delhi to agree to jointly mobilize more headroom and concessional credit to improve the World Bank’s capacity to serve low- and middle-income nations.

In order to more effectively deliver poverty reduction and inclusive economic growth while better tackling global challenges that can undermine the fulfillment of these exact goals, Biden is leading a major new project with G20 partners, according to the statement.

The G20 member nations account for over two-thirds of global population, over 75% of global trade, and about 85% of the world’s GDP.

The World Bank’s goal and vision, incentives, operating model, and financial capability are all being reformed, according to the White House.

“With measures implemented and identified under the G20’s Capital Adequacy Review, the multilateral development bank system could unlock USD 200 billion in new lending capacity over the next decade,” it stated.

President Biden has requested Congress for support, which would enable more than USD 25 billion in new concessional World Bank financing simply from US action, in order to increase the impact of the World Bank’s current reforms and accelerate progress on a global scale.

In order to give borrowers more breathing room and enable them to tackle global challenges, Biden has requested the US Congress for financing to unleash USD 25 billion in new International Bank for Reconstruction and Development (IBRD) concessional lending capacity.

“This new lending capacity will enable the World Bank to better support developing countries by providing more resources on better terms, and helping countries pursue more ambitious reforms and development projects with regional and global benefits,” the statement read.

The World Bank, according to the White House, must continue to focus enough attention on the needs of the poorest and most vulnerable nations, who are dealing with a number of interconnected crises, including those brought on by global issues.

“President Biden has requested funding from Congress to provide a USD 1 billion contribution to support the International Development Association’s (IDA) immediate crisis response in the world’s poorest countries,” the statement read.

According to the statement, Biden will keep pressing G20 leaders to commit to more advancement in reforming the World Bank and other multilateral development banks during the coming year. He will also push for tangible outcomes by the Rio de Janeiro Summit in 2024, when Brazil will hold the G20 Presidency.

Argentina, Australia, Brazil, Canada, China, France, Germany, Greece, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union (EU) are all members of the G20.

The African Union joined the Group of 20 (G20) on Saturday, marking the first expansion of the important bloc since its founding in 1999 and a key development under India’s G20 chairmanship.

(Only the report’s headline and image may have been changed by the Business Standard team; all other material was likely created automatically from a syndicated feed.)

2. Two ISIS terrorists are detained after a terrorist attempt is thwarted in Pakistan’s Punjab region.

The Counter Terrorism Department (CTD) of the Punjab Police spokesperson said that the terrorists were detained in the cities of Gujranwala and Rawalpindi.

During intelligence-based operations, Pakistani law enforcement authorities thwarted a significant terror plot to attack important installations in the Punjab province and detained two ISIS militants, according to police on Saturday.

The Counter Terrorism Department (CTD) of the Punjab Police spokesperson said that the terrorists were detained in the cities of Gujranwala and Rawalpindi.

“The CTD has thwarted a significant terror plan in Punjab province and has detained two suspected Daesh (ISIS) terrorists who were in possession of firearms, explosives, and other illegal items. The terrorists planned to target significant installations throughout the province with sabotage, the official stated.

Zakirulla and Muhammad Eisha have been recognized as the terrorists.

They had about 1.5 kg of explosives, eight detonators, 13 feet of safety fuse wire, and prohibited books.

According to the spokesperson, the terrorists were moved to a secret place for further investigation after the police in Gujranwala and Rawalpindi filed two cases against them.

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