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The Latest Breaking News from World Bank

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

Report says 2.3 billion people globally use polluting fuel to cook; 675 million have no electricity

A report by five international organizations says up to 2.3 billion people around the world are still using polluting fuels to cook, and 675 million don’t have electricity

The Independent UK

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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

Ghana and the IMF have struck a deal, but hard choices lie ahead

In mid-May 2023 the International Monetary Fund (IMF) finally approved a US$3 billion 36-month arrangement with Ghana. It immediately disbursed the first tranche of US$600 million.

The Conversation

Arkhom coy on diesel excise tax cut

Finance Minister Arkhom Termpittayapaisith has refused to take a stance on whether the diesel excise tax cut needs to be extended, saying it depends on global oil prices.

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

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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

The Independent UK

Trying to keep small islands afloat

It is too early to tell whether all the talk about reforming development finance at this year's International Monetary Fund and World Bank Spring Meetings will translate into meaningful policy action for the Global South. But multilateral financial institutions increasingly recognise the need to evolve to remain relevant in light…

Bangkok Post

Tinubu inherits Nigeria’s high debt – an economist analyses what this means for the country's future

As the 16th president of Nigeria, Bola Ahmed Tinubu inherits an economy that is grappling with inflation, chronic unemployment, extreme poverty, crumbling infrastructure and insecurity.

The Conversation

Takeaways of AP's report on Chinese loans pushing poor countries to brink of collapse

A dozen poor countries are facing economic instability and even collapse because of a common, undeniable factor: their struggle to pay back hundreds of billions of dollars in foreign loans, much of them from the world’s biggest and most unforgiving government lender, China

The Independent UK

'Clock has hit midnight': China loans pushing world’s poorest countries to brink of collapse

A dozen poor countries are facing economic instability and even collapse under the weight of hundreds of billions of dollars in foreign loans, much of them from the world’s biggest and most unforgiving government lender, China

The Independent UK

‘Investors want evidence’: how robust location data can add weight to firms’ environmental reporting

When it comes to risk and reputation, ESG considerations are at the heart of many business decisions. But companies need accurate information from trustworthy sources

The Guardian - UK

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.

Reuters

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The Independent UK

Off-grid solar brings light, time and income to remotest villages

In Indonesia's far-east island of Sumba, off-grid solar is lighting up lives for residents still living out of reach of the country's national electricity provider

The Hindu

World bank team holds discussions with Kerala govt., reviews activities under Rebuild Kerala Initiative

Senior World Bank officials have expressed interest in the various projects planned by Kerala for achieving carbon neutrality by 2050, the State government said on Friday.

The Hindu

World Bank Vice President calls for continued vigilance against zoonotic diseases

Martin Raiser, Vice President for the South Asia Region, World Bank, on Friday underscored the need for continued vigilance against zoonotic diseases.

The Hindu

$315 million World Bank funding in the pipeline for State: World Bank VP

Additional World Bank funding for Kerala totalling $315 million, subject to negotiations and approvals, is in the pipeline, Martin Raiser, Vice President for the South Asia Region, World Bank, said here on Friday.

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The Hindu

Morning Digest | Late night scuffle between wrestlers, Delhi police at Jantar Mantar; Ajay Banga becomes World Bank chief unopposed, and more

The Hindu’s Morning Digest brings readers a select list of stories to start the day

Al Jazeera

World Bank elects US nominee Ajay Banga president

He replaces Malpass, who was criticised for his stance on climate change and will step down nearly a year early.

Asharq Al-Awsat

Global Food Security Remains Under Threat, Despite Drop in Commodity Prices

Global commodity prices are expected to decline this year at the fastest clip since the onset of the COVID-19 pandemic, clouding the growth prospects of almost two-thirds of developing economies that depend on commodity exports, according to the World Bank's latest Commodity Markets Outlook report. However, according to the bank's…

Asharq Al-Awsat

World Bank: MENA Region Faces Unprecedented Water Scarcity

The Middle East and North Africa (MENA) region is going to face unprecedented water scarcity in the future, warned the World Bank. In a report, titled "The Economics of Water Scarcity in the Middle East and North Africa Region – Institutional Solutions," it indicated that by 2030, the water available…

France 24

Reconstruction in Ukraine: Kyiv hopes to attract private investors

Russian forces continue to wage war across Ukraine, but Volodymyr Zelensky's government is already looking ahead to the task of rebuilding. The European Commission and World Bank predict that this could come with a price tag of some $400 billion. Oleksandr Gryban, Ukraine’s Deputy Economy Minister admits that attracting investors…

Reuters

World Bank: Global migration to grow, needs better management

Rapid aging of both wealthy and middle-income countries will make their economies increasingly dependent on migration from poorer countries, and the process needs to be better managed, the World Bank said on Tuesday.

Asharq Al-Awsat

World Bank President Praises Saudi Arabia for Helping Evacuate its Staff from Khartoum

World Bank Group President David Malpass expressed on Tuesday his gratitude and appreciation to Custodian of the Two Holy Mosques, King Salman bin Abdulaziz for the Kingdom’s contribution and support in evacuating the World Bank staff from Sudan to Saudi Arabia. ‎In a letter sent to King Salman, he said:…

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