Tag: World Bank

World Bank puts on hold its ‘Doing Business’ report after irregularities in data by China, 3 others
Business, World

World Bank puts on hold its ‘Doing Business’ report after irregularities in data by China, 3 others

The World Bank had to put on hold its ‘Doing Business’ report after it was reported that China and three other countries had submitted data that was “inappropriately altered”.China, Azerbaijan, the United Arab Emirates and Saudi Arabia appeared to have been inappropriately altered their data, said a source with knowledge of the decision.The move renewed concerns first raised two years ago by the World Bank’s chief economist that the report, called “Doing Business,” was vulnerable to manipulation. According to the Doing Business report, a sharp difference was noted when China rose from 46 to 31 between 2019 to 2020.The World Bank in a statement said: “A number of irregularities have been reported regarding changes to the data in the Doing Business 2018 and Doing Business 2020 reports, publi
Myanmar’s auditor general cautions own govt against Chinese loans
China

Myanmar’s auditor general cautions own govt against Chinese loans

In a startling announcement, Myanmar’s auditor general has cautioned government officials about continued reliance on Chinese loans both pre-BRI and BRI loans that come with high rates of interest."The truth is the loans from China come at higher interest rates compared to loans from financial institutions like the World Bank or the IMF [International Monetary Fund]," Auditor General Maw Than said. "So, I would like to remind the government ministries to be more restrained in using Chinese loans."Myanmar's current national debt stands at about $10 billion, of which $ 4 billion is owed to China, Auditor General Maw Than told reporters in Naypyidaw on Monday. This can push Myanmar to debt trap like Sri Lanka and some African states. The country has to repay as much as $500 million annually t