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The Latest Breaking News from World Bank

On the road with the minister tasked with defending Britain’s painful aid cuts to Ghana

Jenny Chapman is shown the impact of her government’s ever-diminishing assistance on her first trip accompanied by the media since taking charge of development

The Guardian - UK

India suffered Rs 24,000 crore losses this monsoon: Do we have a plan to fix this?

This monsoon season has brought severe destruction to India’s northern states. There were cloudbursts in Uttarakhand, flash floods in Himachal Pradesh, landslides in Jammu and Kashmir, and Punjab saw its worst flood since 1988.

Newslaundry

Ethiopia Inaugurates Africa's Biggest Dam

Ethiopia was set to inaugurate Africa's largest hydroelectric project on Tuesday that has promised to revolutionise the country's energy sector but sparked diplomatic rows with downstream neighbour Egypt.

International Business Times

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Mozambique welcomes $6 billion electricity project from World Bank backing

Mozambique has won World Bank backing for a $6 billion hydroelectric plant

The Independent UK

‘Without water nothing can exist’: the Malawians repeatedly displaced by drought

Unpredictable weather fuelled by the climate crisis is forcing millions from their homes, with many struggling to access water

The Guardian - UK

Has extreme poverty really plunged since the 1980s? New analysis suggests not

Data from the World Bank suggests that extreme poverty has declined dramatically over the past four decades, from 47% of the world’s population in 1981 to around 10% today.

The Conversation

In oil-rich Angola, poverty, hunger and deadly unrest over fuel price hikes

Critics say most people in Africa’s third-largest oil-producing nation have not seen benefits from that natural wealth.

Al Jazeera

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Explained: Why India’s inequality is underestimated

India’s consumption gap appears to shrink, but income inequality is rising fast, as per analysis of India’s consumption data by the World Bank.

Newslaundry

Trump’s tariff bullying: Why India must stand its ground

Donald Trump’s chaotic act continues. His latest move: slapping a 25 percent tariff and a penalty on Indian goods exports to the United States.It’s vintage Trump – unapologetic – designed to get the other side, in this case India, to surrender to his demands. He is like a kid in…

Newslaundry

Indonesia bets a new sovereign wealth fund will finally unlock its potential

Rosan Roselani, Danatara CEO and ally of president Prabowo Subianto, needs to streamline Indonesia's lumbering state-owned giants.

Fortune

Funding for some aid organisations and countries to be cut, minister says

The minister for development said the Government is ‘modernising’ its approach.

Evening Standard

Sudan’s war is an economic disaster: here’s how bad it could get

Since April 2023, Sudan has been engulfed in a devastating war between the Sudanese Armed Forces and the Rapid Support Forces. What began as a struggle for power has turned into a national catastrophe. More than 14 million people have been displaced. Health and education systems have collapsed and food…

The Conversation

Modi government’s equality boast draws ‘intellectual dishonesty’ accusation

IN FULL

The Independent UK

Modi government called ‘out of touch’ for claiming India is one of world’s most equal nations

World Bank data seized upon by government – but economists say it doesn’t paint the full picture

The Independent UK

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International Business Times

World Bank's IFC Ramps Up Investment Amid Global Uncertainty

While the world economy faces instability from US President Donald Trump's threats of a global trade war, the International Finance Corporation (IFC) is dramatically ramping up its investment activities.

The Guardian - UK

The global south needs more than tinkering at a conference: debt forgiveness is the only fair way

Next week, a UN summit in Seville will discuss the future of financing the world’s poorer nations. It should first concede that the old methods have failed

The Independent UK

World Bank warns that 39 fragile states are falling further behind as conflicts grow, get deadlier

The world’s most desperate countries are falling further and further behind, their plight worsened by conflicts that are growing deadlier and more frequent

The Independent UK

Wealthy Wall Street recluse claims he was duped by Harvard fellow into funding weapons for alleged coup in South Sudan

Financier Robert Granieri was allegedly duped into handing over millions to fund the purported attempt to topple the South Sudanese government

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Euronews

World Bank approves $1bn for development projects in Iraq, Syria and Lebanon

The biggest amount went to Iraq, where the World Bank approved $930 million to help improve the country’s railway infrastructure, boost domestic trade and create jobs.

The Independent UK

World Bank grants South Africa a $1.5B loan for infrastructure upgrade and green energy transition

South Africa's National Treasury says the World Bank has granted South Africa a $1.5 billion loan to upgrade transportation infrastructure and help it transition toward a low-carbon economy

International Business Times

World Bank And IMF Climate Snub 'Worrying': COP29 Presidency

The hosts of the most recent UN climate talks are worried international lenders are retreating from their commitments to help boost funding for developing countries' response to global warming.

Fortune

World Bank warns the global economy is barreling toward its weakest decade in 50 years

The World Bank cut growth forecasts for 70% of global economies.

The Conversation

Ghana and Zambia have snubbed Africa’s leading development bank: why they should change course

The governments of Ghana and Zambia recently took a decision that could have serious consequences for other African countries. The decision relates to arrangements on how the two countries will repay the debt they owe to Africa Export-Import Bank (Afreximbank).

Euronews

World Bank: Economy set for worst run since 2008 outside of recessions

The group has cut its growth forecasts in nearly 70% of all economies — across all regions and income groups.

The Independent UK

Citing trade wars, the World Bank sharply downgrades forecast for global economic growth to 2.3%

President Donald Trump’s trade wars are expected to slash economic growth this year in the United States and around the world, the World Bank forecast Tuesday

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