The Finance World Magazine| Edition: May 2023

Global News
Global agreement to protect world from future pandemic
The World Health Organization’s
(WHO) member countries have
made progress in negotiating
a global agreement on
pandemic prevention, preparedness,
and response. During the fifth meeting
of the Intergovernmental Negotiating
Body, representatives from all 194
countries discussed their ideas,
concerns, and suggestions. They also
agreed to accept additional written
proposals until 22nd April. All proposals
made will be compiled into a package
and made available to all drafting
group participants. The INB Bureau
will provide a text, including options
based on submissions received, to
the drafting group for consideration
in June. The aim is to present a draft
accord for approval at the World Health
Assembly in May 2024.
World Bank could
lend $50B more over
decade with reform
Treasury Secretary Janet Yellen
has revealed that the World
Bank’s ongoing reform could
lead to an extra $50B in lending
over the next ten years. Yellen explained
that one of the key topics for discussion
at the forthcoming spring meetings in
Washington will be the World Bank’s
role in meeting global challenges, such
as climate change. Yellen said that she
expected the bank to update its mission
to include “building resilience against
climate change, pandemics, and conflict
and fragility” as core goals. She also
suggested that the bank will adopt
changes or endorse changes that will
enable it to stretch its financial capacity
to meet these objectives.
IMF Chief urges Central Banks to keep up fight
against inflation
International Monetary Fund
Managing Director Kristalina
Georgieva has urged central
banks to continue the fight against
inflation by increasing interest rates,
despite concerns about financial
stability. Central banks have been
raising benchmark lending rates since
last year to combat high inflation levels.
The recent collapse of Silicon Valley
Bank after taking on too much interestrate
risk has complicated central banks’
efforts, creating turbulence in the
banking sector. Despite this, Georgieva
Electronic payments see surge in Jordan after
pandemic
According to a report by
the Jordan Payments
and Clearing Company
(JOPACC), over 78 million
electronic payment transactions were
conducted in Jordan in 2022. The
report emphasized the rapid growth
of digital payments in Jordan, stating
that 3.606 million people used the
eFAWATEERcom service by the end of
the year. Additionally, CliQ, a payment
system launched in June 2020, had
634,000 customers in February 2023,
with 1.35 million transactions worth
believes central banks must stay the
course and prioritize fighting inflation
while also supporting financial stability
through different instruments.
JD 234M. The report also highlighted
that the value of cleared cheques in
the Electronic Cheque Clearing Unit
(ECCU) grew by up to 8.4%.
94 www.thefinanceworld.com May 2023