Chief Minister Revanth Reddy said it was heartening that the talks with the World Bank representatives were held in a cordial atmosphere to help the state retire high-cost loans and convert them into low-cost ones.

A senior official of the urban development department in the state secretariat said top officials of the AP Capital Region Development Authority (APCRDA) accompanied the World Bank team during the visit to Amaravati.

This announcement follows the Maldives Ministry of Finance's recent report that public and publicly guaranteed debt has surged to nearly 110 per cent of the nation’s GDP. The Maldives, heavily reliant on tourism, was severely impacted by the COVID-19 pandemic and has only started to recover in 2023.

"India's economy has been buoyed by strong domestic demand, with a surge in investment, and robust services activity," the World Bank report noted. The report also highlighted the resilience of commodity importers, excluding China, with particular emphasis on India. This resilience is largely due to continued strong domestic demand, with growth being more muted in other commodity importers.

World Bank president Ajay Banga expressed hope that donor contributions could add up to an additional $100 billion to the poorest countries through its lending arm, the International Development Association (IDA). The Bank has initiated efforts to add more financing to its portfolios to support low-income countries with very low-cost financing and grants.

Seth attributed India's economic success to sustained consumption and investment demand, underpinned by a proactive approach to reforms and sustainable growth initiatives

The President of the European Central Bank, Christine Lagarde, aptly identifies the essential elements that propels India to greater heights, a path that the nation must tread upon, she states, “India’s story is one of the most compelling in the world, It has all the right ingredients for economic success, a young and dynamic population, a growing middle class, a diverse economy and a vibrant democracy”

With an eye on strengthening collaboration and collective action, Shehan articulated the significance of the talks in securing the next tranche of the USD 2.9 billion International Monetary Fund bailout.

IMF chief Kristalina Georgieva has indicated a slight uptick in the global growth forecast, though cautioning that the world is set for a "sluggish and disappointing decade". This forecast adjustment reflects a mixture of slowing growth, persistent inflation, high interest rates, escalating debt levels, and geopolitical risks that continue to rattle markets.

In 2023, South Asia's employment ratio stood at 59%, significantly lower than the 70% observed in other emerging market and developing economy regions. Notably, South Asia is the only region witnessing a decline in the employment of working-age men over the past two decades and exhibits the lowest share of working-age women in employment.

The report painted a grim picture of Pakistan's economy, indicating that over 10 million more people are at risk of falling into poverty in the cash-strapped nation. Despite a nascent economic recovery, poverty alleviation efforts remain insufficient, with economic growth projected to stagnate at a paltry 1.8%, leaving approximately 98 million Pakistanis struggling with poverty.

According to the report, the overall growth in South Asia is anticipated to be robust, with a projected growth rate of 6.0 per cent in 2024. This growth is primarily attributed to the strong performance of the Indian economy, along with recoveries observed in Pakistan and Sri Lanka.