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The Latest Breaking News from the World Bank

World Bank spent billions of dollars backing fossil fuels in 2022, study finds

Campaigners estimate about $3.7bn in trade finance was supplied to oil and gas projects despite bank’s green pledges

The Guardian - UK

At the G20, Biden joins forces with India and the Middle East, sidelining China

President Biden and other world leaders announced a new corridor to link India with the Middle East and Europe. It's one of several initiatives aimed at countering China's Belt and Road Initiative.

WEKU

How Biden wants to use G20 summit to prove US is a better partner than China

President Joe Biden hopes to demonstrate to the world at the upcoming Group of 20 summit in India and during a visit to Vietnam that the United States and like-minded allies can be more trustworthy partners than China on economic and security issues

The Independent UK

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Biden aims to use G20 summit and Vietnam visit to highlight US as trustworthy alternative to China

The Independent UK

Biden is off to India and Vietnam. It's part of his push to counter China's influence

President Biden is using the G20 summit to push for a bigger, better World Bank as an alternative to China's massive lending programs, which have left some low-income countries with massive debt.

WEKU

Janet Yellen to attend India G20 summit, focus on economy, climate: U.S. Treasury

She will “continue to build momentum” for her drive to evolve the World Bank and other multilateral lenders to boost financing capacity to aid developing countries’ clean energy transitions, tackle pandemics, fragility and conflict, the Treasury said.

The Hindu

India shows an impressive 7.8% economic growth in April-June quarter

India’s economy has clocked up impressive growth of 7.8% in the first quarter of the current financial year, mainly due to good performance by the agricultural and financial sectors

The Independent UK

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Cross the boulders in the Indus Waters Treaty

The Indus Waters Treaty, which has again become a source of contention between India and Pakistan, considerably encapsulates the principle of equitable allocation

The Hindu

Uganda starts charging people under extreme anti-LGBTQ law, raising execution fears

Two men in Uganda are the first to be charged with "aggravated homosexuality" under a harsh new law that carries the death penalty. Their cases highlight the threats for LGBTQ+ people in Uganda.

WEKU

Australia tells big development banks to ‘lift their game’ in the Pacific

There are concerns the World Bank and ADB are giving contracts to low-price bidders who then demand more when budgets blow out

The Guardian - AU

In a multipolar world the dollar’s dominance won’t last forever

While we shouldn’t read too much into the Brics expansion, the geopolitical landscape is shifting

The Guardian - UK

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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The Guardian - UK

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

Al Jazeera

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.

Radio France Internationale

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.

The Hindu

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.

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The Conversation

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 Hindu

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 Independent UK

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

Radio France Internationale

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.

Al Jazeera

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.

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