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The Latest Breaking News from the World Bank

Paris finance reforms could untie poor countries’ hands in climate crisis

Changes to the World Bank could unlock developing states access to loans and to the means of staving off disaster

The Guardian - UK

Paris climate finance summit fails to deliver debt forgiveness plan

Countries in debt distress thrown financial lifeline but critics say measures fall short of what is needed

The Guardian - UK

Rich nations pledge to unlock hundreds of billions for climate fight

Multilateral development banks like the World Bank are expected to find $200 billion in extra firepower for low-income economies by taking on more risk, a move that may require wealthy nations to inject more cash, world leaders said on Friday.

Radio France Internationale

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Governments at Paris summit to finalise climate finance roadmap

Almost 40 leaders to present plans for overhaul of public financial institutions including World Bank

The Guardian - UK

EU and Western allies commit to Ukraine's post-war reconstruction

The European Union and Ukraine's Western allies have promised to make Russia pay for its invasion, as governments and private investors met in London this week look at funding the country's reconstruction from the ravages of war.

Radio France Internationale

'We only have this planet': Barbados PM urges unified climate finance response

Between brainstorming ways to fix the global financial system and appearing onstage at a Paris pop concert, Barbados Prime Minister Mia Mottley stopped to record a message about the storm looming near her Caribbean nation.

Radio France Internationale

World Bank offers developing countries debt pauses if hit by climate crisis

Move at Paris summit on global finance will only apply to repayments on new loans

The Guardian - UK

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Shifting S. Africa coal plant for clean energy needs millions in loans; experts say that's a problem

Plumes of heat-trapping pollutants last billowed from the giant stacks of South Africa's Komati Power Station in October

The Independent UK

The climate crisis is this century’s biggest threat. We need a global finance pact that reflects the task ahead

As climate change ministers, we urge multilateral banks to come together to help vulnerable nations, who face cascading challenges

The Guardian - AU

Marshall Plan for Ukraine? Allies pledge billions as war rages on

$400 billion is how much the World Bank estimates could be needed to rebuild Ukraine. This Wednesday at a major conference in London, Ukraine's allies did promise significant chunks of cash – not just for the war effort but also for Ukraine's reconstruction. But with the conflict still raging and…

France 24

Paris summit aims to overhaul global financial system for 'climate solidarity' with South

Around 50 heads of state, along with representatives from international institutions and civil society, will attend a summit hosted by French President Emmanuel Macron on Thursday and Friday in Paris. Their objective is to develop a new global financial system so the most vulnerable countries will be better equipped to…

France 24

Paris hosts summit to secure debt relief and climate cash for developing countries

On 22 and 23 June, Paris is hosting a summit for a “New Global Financing Pact” at the Palais Brogniart. Heads of state, international organisations and representatives of civil society will be gathering to discuss ways to boost solidarity toward the Global South. The aim is also to contribute to…

The Conversation

Paris summit aims to shake up the financial system. It will test leaders' resolve on climate

Heads of state, finance leaders and activists are converging in Paris to seek ways to overhaul the International Monetary Fund and World Bank and usher the global development banks into a post-pandemic world with a rapidly changing climate

The Independent UK

Russia’s Wagner mercenary chief says Moscow ‘misleading Russians’ over Ukraine offensive

Wagner chief Yevgeny Prigozhin on Wednesday contradicted Russian President Vladimir Putin’s insistence that that there was a “lull” in Ukraine’s counteroffensive, saying in an audio message that “huge chunks” of Ukrainian territory have been regained by its army. Read our live blog to see how all the day's events unfolded.…

France 24

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The Guardian - AU

EU agrees new package of sanctions against Russia; Putin says Sarmat nuclear missiles ready soon – as it happened

EU members agree new sanctions against Russia; Russian president says warheads can soon be deployed for duty

The Guardian - UK

Macron and world leaders call on private finance to help reduce global poverty

In lead up to Paris meeting on Thursday, open letter states that government loans and grants not enough to spur development

The Guardian - UK

Ukraine lacks capacity to process huge sums in aid, official admits

Largest amount of money Kyiv previously worked with was $6bn a year in 2014, Mustafa Nayyem says

The Guardian - UK

Debt relief urgent for poor countries hit by climate shocks, says IMF chief

Exclusive: Kristalina Georgieva calls for ‘debt for climate swaps’ ahead of world summit on new global financial pact

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Radio France Internationale

Paris summit seeks pact to repair broken global financial system

French President Emmanuel Macron will host world leaders in Paris this week for a summit to overhaul a global financial system dating back 80 years so the world is better able to respond to climate change and future pandemics.

The Guardian - UK

‘Countries are drowning’: climate expert calls for urgent rethink on scale of aid for developing world

World needs to offer trillions, not billions in overseas support, says leading climate economist Avinash Persaud

The Hindu

World Bank approves $150-million loan for Resilient Kerala programme

The World Bank’s Board of Directors has approved a $150-million loan to support the Resilient Kerala programme designed to strengthen Kerala’s preparedness for natural disasters, climate change impact, and disease outbreaks.

The Guardian - UK

Paris talks to focus on funding poor countries to tackle climate crisis

World leaders will meet next week to discuss climate finance, green growth, debt and private investment

The Independent UK

UN steps up criticism of IMF and World Bank, the other pillars of the post-World War II global order

From the ashes of World War II, three institutions were created as linchpins of a new global order

The Guardian - UK

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

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