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The Latest Breaking News from the World Bank

Vast fossil fuel and farming subsidies causing ‘environmental havoc’

World Bank says subsidies costing as much as $23m a minute must be repurposed to fight climate crisis

The Guardian - UK

The west has broken its promises to developing countries – and we’re all paying the price

A summit in Paris this month offers a way to tackle this disastrous failure, but only if western leaders bother to turn up, says the Guardian’s economics editor, Larry Elliott

The Guardian - UK

Whoever takes office will inherit a mess

The election result is clear and the MOU to form a 312-seat government in the 500-seat parliament is agreed. But who will lead Thailand and its economy for the next four years is unclear. Whether it will be a pro-equality government, pro-growth government, or even a pro-big-spending government remains in…

Bangkok Post

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WB team holds talks with Kerala Bank on assistance for KERA project

A team comprising officials from the World Bank visited the Kerala Bank headquarters here on Tuesday and held discussions on the KERA project aimed at ensuring Kerala’s food and nutritional security through climate-resilient farming systems and value addition of food crops.

The Hindu

Rights group: World Bank, Jordan use flawed formula for aid to kingdom, excluding some poor people

A leading rights group says the World Bank and Jordan are using a “flawed” algorithm to calculate aid for the kingdom, excludes some people who are impoverished, hungry or otherwise struggling

The Independent UK

Russian officials report five dead after Ukraine dam disaster

Five people are dead and about 600 square kilometres of the Kherson region in southern Ukraine is under water.

The New Daily

Russian shelling hits flood-hit Kherson after Zelensky visit, says Ukraine

Nine people were injured Thursday in Russian shelling in the Kherson region as it deals with massive flooding from the destruction of the Kakhovka dam, according to Ukrainian officials. The attacks came shortly after Ukrainian President Volodymyr Zelensky visited Kherson. Moscow meanwhile accused Ukraine of killing two people at an…

France 24

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US SEC sues Coinbase amid deepening crackdown on cryptocurrency sector

America's top markets regulator sues Coinbase for operating as an unregistered securities broker a day after filing similar charges against Binance. Chinese exports drop sharply, and the World Bank warns that slow global growth and high interest rates are creating a debt crisis in developing economies.

France 24

Crude Prices Under Pressure from Global Energy Demand Concerns

July WTI crude oil (CLN23 ) this morning is down -0.23 (-0.32%), and July RBOB gasoline (RBN23 ) is up +3.75 (+1.49%). July Nymex natural gas (NGN23 ) is up +0.024 (+1.07%). Crude oil and gasoline prices this morning are mixed. A stronger dollar today is weighing on crude prices....

Barchart

World Bank offers dim outlook for the global economy in face of higher interest rates

The global economy is likely slowing sharply this year, hobbled by high interest rates, the repercussions of Russia’s invasion of Ukraine and the lingering effects of the coronavirus pandemic

The Independent UK

Poorest countries are biggest losers from economic shocks, says World Bank

Combined impact of Covid crisis, Ukraine war and tough measures by central banks taking heavy toll

The Guardian - UK

New Lowy South-East Asia Aid Map finds China overtaken as largest provider of development money in region

New research finds China has surrendered its position as the largest single provider of development finance in South-East Asia in the wake of the COVID-19 pandemic.

ABC News

World Bank's new chief asks staff to 'double down' on development, climate efforts

The World Bank's new president Ajay Banga on Friday asked the lender's 16,000 staff to "double down" on development and climate efforts as he seeks to accelerate the bank's evolution to tackle the most pressing global problems.

Reuters

South Africa's role as host of the BRICS summit is fraught with dangers. A guide to who is in the group, and why it exists

South Africa will host the BRICS summit in August 2023. The event could offer the country an opportunity to exercise leadership in the BRICS’ efforts to reform the arrangements for global economic governance and in supporting sustainable and inclusive development in Africa and the Global South. However, the opportunity has…

The Conversation

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Radio France Internationale

African countries agree major soil fertiliser deal to combat food crisis

Seventeen countries in West Africa and the Sahel have agreed a deal to make soil fertilisers more accessible and affordable. The region, heavily dependent on imports, is facing a major food crisis that has been exacerbated by climate change.

The Guardian - AU

Albanese government urged to push international banks to stop funding fossil fuel development

Exclusive: Report claims Australia’s shareholdings in development banks has made it responsible for investing $828m in fossil fuel projects over five years

Reuters

World Bank lends $50.8 million to cut air pollution in Bosnian region

The World Bank has approved a 46.1 million euro ($50.8 million) loan to help Bosnia's autonomous Bosniak-Croat Federation tackle alarming air pollution and its health and economic consequences, the bank said on Wednesday.

Reuters

World Bank approves $1 billion loan to Kenya

The World Bank said on Tuesday it approved a $1 billion loan to Kenya to support its budget as East Africa's economic powerhouse confronts high debts and a weakening currency.

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Bangkok Post

Thailand must raise revenue to boost spending: World Bank

Thailand must bolster its revenue collection in the long term to meet growing public spending needs stemming from an ageing population, according to the World Bank.

Bangkok Post

Thai economy resilient, on path to full recovery: Arkhom

Thailand's economy is on a solid path to recovery and showing resiliency, helped by good revenue collection and a normalisation of its tourism sector, while inflation should come in below 3% this year, the finance minister said on Monday.

The Independent UK

World Bank approves $300 million financing to help poor people in Lebanon

The World Bank has approved a $300 million additional financing to Lebanon's poor, giving cash to families struggling in the country’s historic economic meltdown

Reuters

As drought withers Tunisian fields, state feels financial pinch

As rains failed, Tunisian farmers watched their crops wither this spring, harvesting early to salvage some as animal feed and piling costs on a state struggling to afford wheat imports with bakeries running out of bread.

The Conversation

60 years of African unity: what's failed and what's succeeded

Africa Day this year marks 60 years since the founding of the Organisation of African Unity (OAU). The anniversary begs the question: How much of the vision of the OAU’s founding fathers has been realised 60 years on? What would not be there but for the efforts of the organisation…

Reuters

World Bank suspends $1 billion worth of project funding in Congo

The World Bank has suspended funding for humanitarian and development projects in Democratic Republic of Congo worth more than $1 billion after the government dissolved the project fund without warning, the lender said.

The Hindu

World Bank grant to help set up AI cameras, traffic management systems in Himachal Pradesh’s Shimla and Nurpur

The World Bank has approved a grant of ₹51 crore to set up an integrated road safety enforcement system in Shimla and Nurpur police districts and develop the Palampur-Sheela chowk in Kangra as a “safe corridor”, officials said here.

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