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The Latest Breaking News from the World Bank

Brics expansion: six more nations are set to join – what they’re buying into

One key outcome of the 15th Brics summit, hosted by South Africa, is the decision to invite six more countries to join the group with effect from January 2024. They are Argentina, Ethiopia, Iran, Saudi Arabia, Egypt and the United Arab Emirates. All six had applied for membership. The enlargement…

The Conversation

G20 nations spent record money on fossil fuel subsidies in 2022: report

Despite promises made at the Cop26 climate summit in Glasgow to reduce fossil fuel subsidies, a report has shown that G20 nations poured a record €1.3 trillion into the fossil fuel industry in 2022.

Radio France Internationale

How the BRICS nations failed to rebuild the global financial order

At its launch almost a decade ago, the BRICS nations’ New Development Bank (NDB) was celebrated as a chance for countries across the Global South to break free of the US-dominated IMF and World Bank and rewrite the rules of financing global development. But while the number of nations signed…

France 24

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G20 poured more than $1tn into fossil fuel subsidies despite Cop26 pledges – report

Public money still flowing into industry despite agreement to phase out ‘inefficient’ subsidies, thinktank says

The Guardian - UK

Can BRICS create a new world order?

Dozens of nations want to join the club as an alternative to the US-led order. But internal fissures could limit BRICS.

Al Jazeera

Uganda arrests four people over 'acts of homosexuality'

Ugandan police on Monday arrested four people for allegedly engaging in same-sex activity following a raid on a massage parlour. The arrests come three months after the introduction of repressive anti-gay legislation triggered an international backlash.

Radio France Internationale

Evidence-based digital investments can help governments save up to 15% of health system costs: World Bank report

World Bank report finds health systems use less than 5% of available data to improve patient outcomes. Digital tech and data can help prevent and manage chronic diseases, care for young and ageing populations and prepare for health emergencies. India has shown the way with digital health and Ayushman Bharat.

The Hindu

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World Bank freezes loans to Uganda because of anti-gay laws. But it doesn't mean it's becoming a human rights watchdog

Many people may be tempted to view the World Bank’s recent announcement that it will freeze new loans to Uganda because of the country’s vicious anti-LGBTIQ+ law as a harbinger of the Bank taking a more progressive approach to human rights issues.

The Conversation

Kerala Solid Waste Management Project set to get off the ground next week

Kerala to shift from decentralised to hybrid waste mgmt approach, ₹2400 cr KSWMP to start next week. Project to cover 6 Corp & 87 muni, ₹800 cr for regional facilities, dust bins to return, modern waste collection vehicles, 70% funds from WB & AIIB, 30% from State.

The Hindu

Explained | How One Health can help India respond better to health crises

The economic benefits of One Health are understood in contrast to the cost of managing a pandemic with a non-One-Health approach. An assessment of the G20 Joint Finance and Health Taskforce estimated the latter to be around $30 billion a year. On the other hand, estimates by the World Bank…

The Hindu

The Taliban are entrenched in Afghanistan after 2 years of rule. Women and girls pay the price

After two years in power, the Taliban are entrenched as rulers of Afghanistan, facing no significant opposition that could topple them

The Independent UK

Ugandan leader defiant after World Bank cuts off loans over anti-LGBTQ law

Ugandan President Yoweri Museveni has denounced the World Bank's decision to suspend new funding in response to a law targeting LGBTQ+ people, accusing the lender of using money to try to "coerce" the country's government.

Radio France Internationale

Uganda defiant after World Bank halts funding over anti-LGBTQ law

President Museveni says the country will reduce borrowing and not give in to pressure from foreign institutions.

Al Jazeera

Brothers at ‘war’: Niger citizens bear the brunt of ECOWAS sanctions

The diplomatic standoff between ECOWAS and Niger coup plotters has made life harder for Nigeriens.

Al Jazeera

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The Week

How much is the Russia-Ukraine war costing?

It’s been almost 18 months since Russia began its invasion of Ukraine and an end to the conflict between the two states seems no closer.

Reason

Was the Radical Left Correct About the IMF and World Bank?

Alex Gladstein on how "monetary colonialism" has crippled the Third World

The Independent UK

World Bank says no new funding to Uganda over anti-gay law

The World Bank says it will not consider new loans to Uganda after the East African country earlier this year enacted an anti-gay bill that rights groups and others have condemned

Al Jazeera

World Bank halts new loans to Uganda over anti-LGBTQ law

US-based lender says controversial anti-gay law contradicts its values.

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The Independent UK

Banks from 4 Arab countries are in talks to invest in struggling Lebanese banks, official says

Banks from four Arab countries are interested in investing in Lebanon’s struggling banking sector, which has been hard-hit by the small nation’s three-year economic meltdown

The Conversation

Rate hikes may have slowed inflation in the US – but they have also heightened the risk of financial crises for lower-income nations

The campaign to fight U.S. inflation by upping interest rates has been going on for a year and a half – and its impacts are being felt around the world.

Al Jazeera

Now a wanted man, Lebanon’s central bank head steps down

Amid accusations of fraud, a tarnished end to a governorship that started in 1993 at the request of the PM.

The Hindu

World Bank to provide assessment of damages due to Himachal floods

The World Bank has offered to provide full support to flood-affected Himachal Pradesh and will provide a comprehensive assessment of the damages which will aid reconstruction efforts, a statement issued here on Friday said.

The Guardian - UK

Top economists call for action on runaway global inequality

Gulf between rich and poor increases risk of climate breakdown as well as entrenches poverty, says letter to UN and World Bank

The Conversation

Looking for work? 3 tips on how social media can help young South Africans

South Africa has a growing unemployment rate. Statistics show the unemployment rate to be above 60% for those aged 15-24 and over 40% for those aged 25-34 years. Rankings from the World Bank position South Africa as having the highest unemployment rate in the world.

Al Jazeera

China-based development bank rejects claims of CCP control

Asian Infrastructure Investment Bank says internal review shows lender follows ‘highest standards’ of governance.

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