Tag: World Bank

World Bank’s Banga wants to make gains in tackling the effects of climate change, poverty and war

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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There was no shortage of stressors to the global economy when Ajay Banga took charge at the World Bank almost a year ago: inflation eating at nations drowning in debt, a once-in-a-generation pandemic, climate disasters and Russia’s invasion of Ukraine.

Factor in the Israel-Hamas war and rising tensions between powerful nations, and today’s agenda is even fuller as the World Bank and the International Monetary Fund hold their spring meetings in Washington this week.

“The world’s intertwined challenges of poverty — which clearly we have seen great setbacks over the past few years — combined with fragility and conflict and violence, combined with climate change, is coming into a perfect storm,” Banga said in an interview with The Associated Press. ”We need to put all of our efforts into this.”

Banga highlighted new initiatives being announced at the meetings, including plans to provide 300 million people in Africa with electricity by 2030 and 1.5 billion people worldwide with health care access over the same time frame.

He stressed the bank’s role in financing climate projects and renewing its focus on major cross-border projects that can affect large numbers of people, especially as member nations increasingly compete in trade and isolationism is on the rise.

Banga took over after David Malpass resigned as the bank’s president last June following a backlash when Malpass appeared to cast doubt on the science that says the burning of fossil fuels causes global warming. Malpass apologized and said he had misspoken.

President Joe Biden, who nominated Banga, said upon Banga’s approval by the bank’s board that the ex-Mastercard CEO “would help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction — including climate change.”

Now Banga is under pressure to deliver on putting climate at the forefront, while climate activists and advocates for developing nations have their own ideas about how to proceed.

Simon Stiell, the U.N. climate secretary, said recently that climate finance needs to include decision-making between developed and developing countries as a way to build a financial system ”fit for the 21st century.”

Banga said developing nations “feel like they weren’t the ones who created this situation — their energy consumption is still small in proportion to many developed nations.” But under the World Bank model, because countries vote on many issues based on an allocated share of stocks in the bank, smaller countries are often limited in decision-making on issues that affect them most.

”There are a whole series of things the World Bank is doing to be a hand on countries’ backs, rather than trying to force feed them into situations” that are unfavorable to smaller nations, he said.

The bank is the world’s largest financier of climate projects in developing countries, delivering $38.6 billion in the 2023 budget year.

Another challenge is dealing with powerful shareholders, namely the U.S. and China, as trade tensions have risen.

”I think we can find spaces where the potential for geopolitics and national security fears don’t interfere with what we want to do with development,” he said, pointing to the new project to expand health care services to people with limited access.

He also cited World Bank funding for a project with the African Development Bank that will give electricity access — a “basic human right” — to more than 300 million people in 2030.

“There are 1.1 billion young people in the Global South who are going to become ready for jobs in the next decade,“ Banga said. ”It’s hard to get people productive if you don’t give them access to electricity.”

Current conflicts around the world are pushing the bank to the forefront for recovery efforts.

A World Bank and U.N. report this month said the cost of the destruction from the Israel-Hamas war had reached roughly $18.5 billion, equivalent to 97% of the combined gross domestic product of the West Bank and Gaza in 2022. Tens of thousands of people have died in the war, which has destroyed housing, commercial areas, water treatment plants, schools, highways and hospitals.

“While we can help in the short term with money for humanitarian aid, which we’ve done,” Banga said, ”the problem is currently getting it into Gaza.”

He said the World Bank has assembled a group of Palestinians, Israelis, Americans and Europeans to try to figure out what the bank can do in bringing together investments after the war ends.

“The World Bank is going to have to play a role in the shorter term, but also on medium-term and longer-term issues,” he said.

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World Bank upgrades India’s growth forecast to 7.5% for FY24, pegs rate at 6.6% for FY25

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian economy is expected to have grown 7.5% in the 2023-24 fiscal year, the World Bank said in its latest report on April 2, revising its earlier forecast of 6.3%. This compares to the Reserve Bank of India’s (RBI) real GDP growth rate projection of 7.3%.

While the World Bank expects higher growth for the last fiscal year on the back of robust growth in the third quarter, it estimates growth to moderate to 6.6% in the 2024-25 fiscal year before it picks up again in subsequent years as a “decade of robust public investment yields growth dividends.”

The forecast is lower than that of India’s central bank, which has pegged the growth rate at 7% for FY25. For Q1, RBI has estimated 7.2% GDP growth, Q2 GDP is estimated at 6.8%, Q3 at 7% and Q4 at 6.9%.

The World Bank, in its latest South Asia Development Update, asserted that the expected slowdown in growth between FY23/24 and FY24/25 mainly reflects a “deceleration in investment from its elevated pace in the previous year”. Growth in services and industry is expected to remain robust, the latter aided by strong construction and real estate activity, it noted.

The World Bank is of the view that inflationary pressures shall subside, creating more policy space for easing financial conditions. Over the medium term, the fiscal deficit and government debt are projected to decline, supported by robust output growth and consolidation efforts by the central government, it added.

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According to the report, South Asia is expected to remain the fastest-growing region in the world for the next two years, with growth projected to be 6.1% in 2025.

In neighbouring Bangladesh, output is expected to rise by 5.7% in FY25 with high inflation and restrictions on trade and foreign exchange constraining economic activity, the report said.

It added that following the contraction in FY23, Pakistan’s economy is expected to grow by 2.3% in FY25 as business confidence improves. In Sri Lanka, output growth is expected to strengthen to 2.5% in 2025, with modest recoveries in reserves, remittances, and tourism.

Martin Raiser, World Bank Vice President for South Asia, believes that South Asia’s growth prospects remain bright in the short run, but fragile fiscal positions and increasing climate shocks are dark clouds on the horizon.

He suggests nations adopt policies to boost private investment and strengthen employment growth to make growth more resilient.

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World Bank unlocks secret data for emerging market finance

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The World Bank Group has published a trove of proprietary data it says can help boost investment in emerging markets by providing investors with the tools they need to better assess risk.

“The publication of this data is aimed at one goal: getting more private-sector capital into developing economies to drive impact and create jobs,” World Bank President Ajay Banga said in a statement. The statistics, published Thursday, detail the credit-risk profile of private and public sector investments across a host of developing countries.

They include historic sovereign default and recovery rate data from the International Bank for Reconstruction and Development, the World Bank’s lending arm, as well as private sector default statistics broken down by internal credit ratings from International Finance Corp.

Over the past few years, the World Bank and a group of 24 other multilateral development banks have faced mounting pressure from investors and bankers, as well as the G20, to share their collective data on $1.5 trillion of emerging market debt, currently housed in Luxembourg in the Global Emerging Markets Risk Database, or GEMs.

A sweeping debt crisis in the emerging markets has brought the issue to the fore, and Banga has made it a priority to address the issue since he joined the World Bank last June.

Officials at Citigroup Inc, Mitsubishi UFJ Financial Group Inc and other banks contend that access to such data will, allow them to adjust their risk calculations, closing the gap between perceived and real risks. This, in turn, could allow them to charge less to lend and possibly offer financing in places and for projects they would otherwise avoid.

The statistics published by the World Bank are separate from but “complement” GEMs and may be combined with that data in the future, according to the World Bank. GEMs published new information on Monday related to recovery rates for private and sub-sovereign borrowers.

“These disclosures will be important in informing investment decisions in emerging markets and developing countries,” said Faheen Allibhoy, global head of multilateral institutions and development banks at JP Morgan Chase & Co, in a statement.

The data also is useful for credit-rating companies and may help protect the debt ratings of multilateral development banks, or MDBs, as they look to deploy more capital in development and climate finance.

Kathrin Muehlbronner, senior vice president of the sovereign risk group and global MDB lead at Moody’s Ratings, said the data published by the World Bank is “important detail” that “goes towards what we have been asking for.” Moody’s would now “like the same level of detail” from other MDBs, she said.

Muehlbronner said such data could offer “downside protection” for MDBs as they seek to extend their lending in emerging markets. Leverage and the riskiness of lending are important aspects of an MDB’s credit profile, so granular data may help adjust the risk evaluation and help compensate for any increase in leverage, she said.

Julie Monaco, head of Citigroup’s public sector group for corporate banking business, added in a statement that the release of the World Bank and GEMs data is “an important step in the evolution of MDBs and their ability to crowd in private capital to tackle climate change and development.”

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Women enjoy just two-thirds legal rights in comparison to men, reveals World Bank report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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On Monday, March 4, the World Bank released a report, Women, Business, and the Law, pointing out that women enjoy fewer than two-thirds the rights of men when legal differences involving violence and childcare are taken into account. It added that no country provides equal opportunity for women—not even the wealthiest economies.

The two indicators—safety from violence and access to childcare services—can be critical in opening up or restricting women’s options, the report said. Upon inclusion of these two indicators, women on average enjoy only 64% of the legal protections that men do—far fewer than the previous estimate of 77%. However, almost all economies performed poorly in the two categories being tracked for the first time.

The report also assesses the gap between legal reforms and actual outcomes for women in 190 economies. The report highlights that countries, on average, have established less than 40% of the systems needed for full implementation.

Of the 98 countries that have enacted laws mandating equal pay for women for work of equal value, only 35 countries have adopted the law or enforced the issue to address the pay gap.

The implementation gap is a testament to the work that lies ahead in instituting equal-opportunity laws.

In 2023, the government asserted three categories of legal equal-opportunity reforms—pay, parental rights, and workplace protections.

Most concerning is women’s safety, as women enjoy barely a third of the needed legal protections against domestic violence, sexual harassment, child marriage and femicide. Out of 151 countries that have laws in place prohibiting sexual harassment in the workplace, just 39 have laws prohibiting it in public spaces, according to the report.

Most countries have scored poorly on childcare laws. “Expanding access to childcare tends to increase women’s participation in the labor force by about 1 percentage point initially, and the effect more than doubles within five years. Today, only 78 economies—fewer than half—provide some financial or tax support for parents with young children,” the report added.

Also, only 62 countries have quality standards governing childcare services, which might help women go to work while their children remain in care.

The report also highlighted that women face impediments in the area of entrepreneurship, as just one in five economies has added gender-sensitive criteria for public procurement processes. Women also earn just 77% of what men earn, as per the report.

Indermit Gill, Chief Economist of the World Bank Group and Senior Vice President for Development Economics, said, “All over the world, discriminatory laws and practices prevent women from working or starting businesses on an equal footing with men. Closing this gap could raise global gross domestic product by more than 20%—essentially doubling the global growth rate over the next decade—but reforms have slowed to a crawl. WBL 2024 identifies what governments can do to accelerate progress toward gender equality in business and the law.” 

The report’s lead author, Tea Trumbic, emphasised on the urgency of the matter and the need to accelerate efforts to reform laws and enact public policies that empower women to work and start and grow businesses.

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Trumbic said, “Today, barely half of women participate in the global workforce, compared with nearly three out of every four men. This is not just unfair—it’s wasteful. Increasing women’s economic participation is the key to amplifying their voices and shaping decisions that affect them directly. Countries simply cannot afford to sideline half of their population,” Trumbic added. 

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India needs to grow at 8% to become a developed nation by 2047: World Bank

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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As the global economy grapples with challenges and uncertainties, India emerges as a beacon of hope, displaying robust economic growth amid a backdrop of sluggish global recovery.

In an interview with CNBC-TV18, Anna Bjerde, Managing Director of Operations at the World Bank, shed light on India’s economic prospects, emphasising its potential and the necessary measures to achieve sustainable growth.

In a recent forecast, the World Bank projected global growth for 2024 at a modest 2.4%. Bjerde highlighted that this figure is buoyed by growth in emerging markets, with India leading the charge at an estimated 6-7%. Despite the global economic challenges, India’s high growth rate positions the country favourably.

However, Bjerde points out that for India to realize its aspiration of becoming a high-income and developed nation by 2047, it needs to sustain an annual growth rate of around 8%.

To maintain its upward trajectory, she advised India to continue its focus on renewable energy. Bjerde emphasised the importance of this path, considering the critical role energy transition plays in economic development.

“Energy transition is something that pretty much every country is thinking through. Energy consumption tends to go hand in hand with economic growth, and India has already transitioned quite a bit, I believe 40% of installed capacity is new and renewables. But there’s more that can be done,” Bjerde said.

Acknowledging the significance of logistics and digital connectivity, the World Bank is actively engaging with India to support advancements in these sectors. Bjerde highlighted the importance of efficient railway connectivity and digital infrastructure, commending India’s strength in the latter. She highlighted that the focus now needs to shift to optimising these strengths to ensure the widespread availability of services, thereby contributing to increased growth and job creation.

Bjerde lauded India’s “innovative approach” to addressing hard-to-decarbonise industries through green hydrogen initiatives. She expressed excitement about India’s efforts to deploy green hydrogen in heavy industries and manufacturing, where conventional decarbonisation methods face challenges.

Bjerde underscored the need for policies that foster investments in emerging technologies, ultimately driving demand and technological deployment.

Watch the accompanying video for the entire conversation.

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World Bank, others issue offshore India rupee bonds as demand soars

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Wonld Bank’s lending arm and other global institutions have issued $1,4 billion worth of offshore rupee-denominated bonds this year, so far, to meet strong demand spurred by India’s inclusion in JP Morgan’s widely track.ed emerging market debt index, two banking sources said

The bond issuance since January is almost half the $3.3 billion issued in all of 2023, said the sources, who actively trade these supranational bonds and who based their tally on data from several financial institutions.

Most of lest year’s issuance was in the fourth quarter the sources seid, when foreign investors piledinto rupee debt after JP Motgan said lncia wilbte part of the Emerging Market Bond Index (EMBI) from June 2024.

These offshore bonds, with matunities ranging from four years to 10 years, are denominated in Indian rupees but settled in US dollars, the sources said. They declined to be named as they were not authorised to speak to the media.

The bond yields are usually lower than Indian govemnment bonds. They allow issuers to raise US funds at cheaper rates while giving overseas investors access to rupee debt without having to get a special licence to operate onshore or pay local texes, investment bankers added.

The fact that you may just have some investors that don’t want to go through the registration process. They may just continue to use the supra market, and to be honest the supra market is growing quite quickly” Singapore-based Kenneth Akintewe, head of Asian sovereign debt at abrcn, said, adding that global investors are “generally ovenweight”on India risk.

Mitul Kotecha, head of currency and emerging market macro strategy for Asia at Barclays said the issuance of rupee bonds offshore had picked up following the JP Morgan inclusion, acding that they were a “straightforward channel” for investors wanting to own debt without having to set up local arrangements.

The ₩orld Bank’s lending arrn, the international Bank for Reconstruction & Development (IBRD), has issued several bonds so far, inclucing a 6-year bond
issued this month at a yield of 6,89%, lower the onshore sovereign yield of 7.06%.

Other supranationals, all of them “AAA” rated, including the European Bank for Reconstruction & Development, Inter-American Developrent Bank and the Asian Infrastructure lnvestment Bank have also issued rupee bonds. JP Morgan, Golciman Sechs, Standard Chartered Bank and HSBC were among the arrangers, bankers said.

Issuers typically convert the rupee bond proceeds into US dollars to finance global projects. The high demand for rupee debt means the dollar funds are 15-25 basis points cheaper than prevailing US rates.

“The appeal for issuers is that they shave off a few basis points of the dollar cost and that it provides them access to a wider set of investors,’ a managing director for emerging markets at Britain-headquartered bank said, declining to be named.

Long-only traditional asset managers pick up around three-fourths of the total issued amounts, with the rest absorbed by a short-term investors looking to front-run the passive investment inflows that index inclusion will spur, the banker addec.

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Ahead of COP28, climate Loss and Damage Fund talks conclude without agreement

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A key discussion about climate “loss and damages” prior to COP28 ended without a consensus on October 21. Representatives from countries worldwide couldn’t finalise an agreement, per an AFP report.

The COP28 summit is scheduled for next month where members of the transition committee will negotiate the global loss and damage fund.

In an Instagram post, COP28 President Sultan Al Jaber said, “I welcome the decision of the Transitional Committee to continue the discussion on the Loss and Damage Fund in Abu Dhabi. I believe all issues are solvable, and it is essential that consensus is found, and clear recommendations are delivered, ahead of COP28.”

For a considerable time, climate-vulnerable developing nations have been demanding that rich industrialized countries, responsible for a major portion of cumulative carbon emissions, compensate them for damages caused by intensifying storms, floods, heat waves, and rising sea levels, all exacerbated by climate change.

The UN climate talks (COP27) in Egypt’s Sharm El Sheikh last year achieved a major milestone by establishing a Loss and Damage Fund to help people recover from devastating climate impacts.

After the breakthrough at COP27, the UN formed a 24-member Transitional Committee to develop recommendations for the operationalisation of the new fund and funding arrangements. Despite multiple meetings, a high-level ministerial, and two workshops, no agreement has been reached on the key issues related to hosting the fund and making it accessible to vulnerable communities and countries.

At the fourth and final Transitional Committee meeting at Egypt’s Aswan which concluded on Saturday, rich countries were expected to force the World Bank as the option to host the Fund, instead of creating a new standalone Fund under the UN.

“The World Bank has no climate culture. It recently made climate part of its mission, and we have been fighting climate change since the Rio conference,” Pedro L Pedroso Cuesta, Chair of the Group of the 77 and China, said in an online press conference on the stalemate in the negotiations at the last meeting.

“The way in which the World Bank has been assisting countries in their development policies is not fit for the purpose in relation to what we’re looking for from this new climate facility,” he said. Cuesta said that the US came to the meeting with a fixed idea — either it’s the World Bank or nothing.

With inputs from PTI

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IMF-World Bank 2023 Annual Meetings: Ajay Banga urges collaboration to fight ‘perfect storm’ of poverty, climate change

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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World Bank President Ajay Banga delivered a speech on Friday (October 13) at the 2023 Annual Meetings Plenary of the World Bank Group and the International Monetary Fund (IMF) held in Marrakesh, Morocco. During his address, Banga acknowledged the challenges faced by the rapidly changing world and called for collaboration between countries.

Expressing his concern over the declining progress in the fight against poverty, the World Bank president also pointed towards the existential climate crisis, food insecurity, and the impact of conflicts worldwide such as the ongoing Israel-Hamas war.

One of the key points in Banga’s address was the decline in economic growth in the developing world. He pointed out that economic growth has been falling from 6% to 5% over two decades and is on track for just 4% over the next seven years. Banga highlighted the grim consequences of this, with every lost percentage point pushing millions into poverty.

The speech also emphasised the importance of focusing on women and young people, particularly in the workforce. Banga called for gender equality and youth employment, recognising the demographic challenges faced by the Global South.

Banga also unveiled the World Bank’s new vision and mission — to create a world free of poverty on a liveable planet. He stressed the urgency of this mission and highlighted the need for innovative approaches to finance a different world where a “perfect storm” of climate change, post-pandemic consequences and poverty is brewing.

“We face declining progress in our fight against poverty, an existential climate crisis, food insecurity, fragility, a fledgling pandemic recovery, and are feeling the effects of conflicts beyond the front,” Banga said. “A perfect storm of intertwined challenges and geopolitical complexity that taken together exacerbate inequality.”

Further, Banga discussed the importance of collaboration with the private sector to mobilise resources and drive sustainable progress. He outlined the World Bank’s initiatives, such as the Private Sector Investment Lab, aimed at increasing private investment in renewable energy and the energy transition in developing countries.

“Though we don’t have all the answers now, and those we are working toward will take time, we do have desire, energy, and focus,” Banga said.

The speech ended with a call to action, urging governments, shareholders, and philanthropies to step up and support the World Bank’s efforts. Banga emphasised the need for a new, streamlined approach that focuses on achieving impact at scale.

The plenary was also attended by Ukraine’s Finance Minister Sergii Marchenko and IMF Managing Director Kristalina Georgieva.

“We are custodians of an institution with a tremendous responsibility at a time of uncertainty and great consequence,” Banga said, referring to the annual meetings of the IMF and World Bank.

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Ajay Banga wants to build a better, more efficient World Bank

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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World Bank President Ajay Banga has expressed the bank’s ambition to achieve an incremental lending capacity of $150 billion in the coming decade, all the while acknowledging that though it is a substantial figure, it remains “insufficient” to tackle the world’s pressing issues.

“The idea of a better World Bank is that it is more efficient in its own processes,” he said while speaking on the sidelines of the World Bank-International Monetary Fund annual meetings in Morocco.

Efficiency in the bank’s processes is also a paramount goal.

Banga revealed that it can take up to 27 months for a project to progress from initial discussion to approval, and up to a decade for full implementation. He underscored the significance of streamlining these processes, citing the principle that “development delayed is development denied”.

He said the institution is setting aside 50% of its money that goes into climate work into mitigation. Banga said he is making significant strides in redefining the bank’s vision to focus on eradicating poverty while simultaneously addressing the urgent challenges posed by climate change. He emphasised the need to consider various perspectives on climate change and incorporate them into the bank’s mission.

He noted that climate change holds diverse meanings depending on one’s geographical context. While some may view it as a matter of avoiding carbon-intensive growth, those residing in the Global South are grappling with issues such as the loss of biodiversity, decreased rainfall, and soil degradation.

Recognising the multiplicity of views on climate change, Banga stressed the importance of investing in both perspectives. The World Bank has committed to allocating 50% of its climate-related funds towards mitigation efforts, with a focus on preventing heavy emissions-driven growth.

Banga also emphasised the necessity of inclusivity, especially concerning women and young people, as part of the World Bank‘s evolving mission to address the unique challenges faced in the Global South.

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World Bank report on India: These are the top 10 highlights

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian economy may witness slower growth at 6.3 percent in the current fiscal year 2023-24 compared to 7.2 logged in the previous year, the World Bank said in its latest update. This is even as India will remain one of the fastest-growing global economies, it said.

These are some highlights from the report:

India will still be among the fastest-growing economies
India’s 6.3 percent growth will come in the context of waning growth globally.

Key reasons for slowing Indian growth

The expected growth slowdown is due to the high base effect.

The base effect refers to the phenomenon that makes it more difficult to achieve subsequent growth after strong growth previously. For instance, if a company’s revenue goes from 10 to 20 during a period, it has increased its top line by 10 units to achieve 100 percent growth. But in the next period, it will need to add 20 units to its top line the next time to achieve the same 100 percent growth.

Companies and economies that grow very fast in a particular period sometimes struggle with growth in the next due to the high base effect.

Inflation to remain elevated

The World Bank projected inflation to average 5.9 percent in FY24, just a tad under the RBI’s 6.0 percent comfort zone of 4% +/- 2%. Consumer inflation remains high despite the central bank’s rate hike battle over the last year, even as analysts will continue to watch out for upside risks from a boil in the oil.

Fiscal deficit to fall

According to the World Bank, India’s fiscal deficit will decline to 8.7 percent in FY24 from 9 percent of GDP in FY23. The fiscal deficit is the gap between what the government earns and spends. The deficit of most countries took a hit after COVID, thanks to expansionary programs but all economies including India are trying to rein in their deficit over the next few years.

In the Union Budget, the government projected to bring down the fiscal deficit to 5.9 percent of the gross domestic product (GDP) in the current 2023-24 financial year.  It aims to pursue a broad path of fiscal consolidation to attain a level of fiscal deficit lower than 4.5 percent of GDP by FY 2025-26.

Fiscal consolidation could be delayed

The plan to bring down the fiscal deficit over the next few years could be hit as the government expands its food subsidy programs to limit the impact of high prices ahead of general elections in 2024, the World Bank said. However, no relaxation of the fiscal consolidation path is seen because of the upcoming elections.

Current account deficit to narrow

The current account balance will shrink to a deficit of 1.4 percent of GDP in FY24, led by a fall in the merchandise trade deficit. A current account deficit occurs when a country spends more on imports, investment income, and direct transfers abroad than it earns from exports and income from abroad. Generally, India makes a surplus in its services trade but it is not enough to offset the deficit in the goods trade where imports are consistently more than exports.

Public debt should stabilise

India’s public debt will continue to remain stable near 83 percent of GDP, only falling to 82.4 percent by FY25/26, the World Bank said. A large part of India’s debt is held domestically, which means currency risks continue to remain low. Still, India would like to reduce the overall debt, which increased following the spending incurred during COVID.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow