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The Latest Breaking News from the World Bank

After 2 years of peddling Putin’s propaganda, the IMF is returning to Russia in open defiance of the West

It is hardly surprising that Putin’s cronies are taking victory laps and celebrating the IMF’s legitimization of the Kremlin.

Fortune

There are 13 million women ‘missing’ in Gulf states – here’s why it is holding their economies back

When you think of modern, oil-rich Gulf states like Saudi Arabia, Qatar and the United Arab Emirates (UAE), you may picture a life of luxury. But beneath the shots of towering skyscrapers and splendid grand malls, there is a concerning reality: women are frequently missing from the economic picture.

The Conversation

1.2 billion young people will need a job in the next 10 years. The World Bank is trying to help them find one

World Bank president Ajay Banga is in Canberra this week. It’s the first time a World Bank president has visited Australia in seven years.

The Conversation

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In diesel-dependent East Timor, renewable energy transition remains slow despite government pledges

The small Southeast Asian nation of East Timor is at an energy development crossroads

The Independent UK

As China, Africa woo each other, who gains more? It’s complex, say experts

Beijing’s detractors claim it lures in African countries with big loans, but the continent’s leaders also have a choice.

Al Jazeera

For decades, we’ve been told 80% of the world’s biodiversity is found on Indigenous lands – but it’s wrong

Everyday people understandably rely on information quoted by scientists. But when that information turns out to be incorrect, things get complicated.

The Conversation

Ethiopia Says Mega-dam Doubles Electricity Output

Ethiopia said it has more than doubled electricity production from its controversial mega-dam on the Blue Nile after two more turbines started operations.

International Business Times

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The leading alternative to GDP is languishing over a technical disagreement – with grave potential consequences

Many commentators believe that the world should move away from measuring economic success in terms of GDP growth. Yes, growth has brought prosperity and untold riches, but it has had significant negative side effects for the planet, including climate change, pollution and species extinction. None of these are captured in…

The Conversation

It’s August 2024 – and our world is at a turning point. Here’s what we should do now

I see looming political and environmental threats – and too few willing to address them. Where is the urgency, asks former UK prime minister Gordon Brown

The Guardian - UK

The trash in Mali's capital is piling up. Donkey carts are coming to help

Hauling garbage in Mali’s capital, Bamako, can be grim

The Independent UK

Ethiopia’s bold economic reforms target stability and growth, but they come with risks

Ethiopia’s recent macroeconomic reforms, supported by the International Monetary Fund (IMF) and the World Bank, could have profound implications for the country and the region. The key reforms include the use of a floating exchange rate system and of interest rates as a policy tool.

The Conversation

US has its first national strategy to reduce plastic pollution − here are 3 strong points and a key issue to watch

Plastic waste is piling up at a daunting pace around the world. The World Bank estimates that every person on the planet generates an average of 1.6 pounds (0.74 kilograms) of plastic waste daily.

The Conversation

Migrant workers sent $650bn overseas last year – what it means

People living abroad are sending more money to their families at home, but how do money transfers work?

Al Jazeera

Bangladesh parliament dissolved a day after resignation of prime minister

Move comes after longtime leader Sheikh Hasina resigned and fled country after weeks of deadly unrest

The Guardian - AU

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The Guardian - UK

No jobs, no trust: young Africans’ economic struggles fuel protests

Young people have taken to streets in Kenya, Uganda and Nigeria amid cost of living crises and lack of jobs

Fortune

Rich, western countries face a stark choice: 6-day workweeks or more immigration, top economist warns

One of the world's foremost economists, Lant Pritchett, has a plan.

The Guardian - UK

World Bank warns 108 countries risk being stuck in ‘middle-income trap’

Too many nations, including China and India, are relying on outmoded strategies to become advanced economies, says report

Radio France Internationale

Tanzania's Maasai relocation scheme slammed in new HRW report

A Human Rights Watch report says Tanzania is forcibly evicting tens of thousands of Maasai from their ancestral lands, claiming that government rangers beat some members of the community with impunity.

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International Business Times

World Bank Approves $1.5 Billion Ethiopia Rescue Package

The World Bank has approved a $1.5 billion financial package to support cash-strapped Ethiopia's economic reform programme after officials loosened curbs on the local currency.

The Guardian - UK

Trade row won’t hurt US and China’s emissions talks, says US climate chief

John Podesta says negotiations ‘to find a path forward’ continue with urgent discussions planned for Cop29

The Independent UK

Former Mozambique finance minister on trial in US over 'tuna bond' scandal that spurred debt crisis

The “tuna bond” scandal that shook Mozambique’s economy is washing into a U.S. court

The Conversation

How Israel has brought the Palestinian Authority to the brink of financial collapse

Israel’s ultranationalist finance minister, Bezalel Smotrich, announced in May that he would be witholding tax revenues earmarked for Palestine. The decision was made in response to Spain, Ireland and Norway’s recognition of a Palestinian state.

The Conversation

Pacific islands are being ‘debanked’. What does it mean – and why are Australia, NZ and the US concerned?

The withdrawal of major banks from Pacific islands poses significant socio-economic risks to the region, prompting intervention by Australia, the US and New Zealand.

France 24

Mauritanians vote in presidential election as incumbent Ghazouani expected to secure second term

Mauritanians went to the polls on Saturday to elect their next president, with the incumbent Mohamed Ould Ghazouani widely expected to win after positioning Mauritania as an exception in a region swept by coups and violence.

The Guardian - UK

Key takeaways from the Bonn climate conference

Main points from the talks in Germany over who should pay for changes needed to cope with impact of climate breakdown

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