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The Latest Breaking News from World Bank

World Bank's private arm launches $2 billion program to help Ukrainian businesses

The World Bank's private investment arm on Thursday said it had launched a $2 billion support package for Ukraine to help build the resilience of the Ukrainian private sector devastated by Russia's war and to prepare for reconstruction.

Reuters

World Bank eyes slower Thai growth

The Thai economy is projected to recover faster than expected this year, but will face slower growth in 2023 because of global headwinds, according to the World Bank.

Bangkok Post

World Bank: Iraq Must Pursue Greener Growth Model

Iraq, a top oil exporter battered by climate change impact, must diversify its economy and pursue a “greener growth model,” the World Bank said Tuesday. In a new report presented to authorities in Baghdad, the Washington-based institution said $233 billion must be invested by 2040 to allow Iraq to embark…

Asharq Al-Awsat

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Economy can withstand global risks, says finance minister

The Thai economy is still on the recovery path and should grow 3.4% in 2022 and 3.8% next year, supported by a rebound in the vital tourism sector, Finance Minister Arkhom Termpittayapaisith said on Wednesday.

Bangkok Post

Thailand aims high for 2037

The government has approved a blueprint for higher education development as part of efforts to steer Thailand to become a developed country by 2037.

Bangkok Post

Investing in nature pays dividends

The mega-challenges engulfing the world today -- from Covid-19 to climate change -- have highlighted the interdependencies between people, planet, and the economy. As we chart a course to reignite global growth and drive green, resilient, and inclusive development, we must not ignore these interlinkages. Nature -- meaning biodiversity and…

Bangkok Post

Paris conference to put Ukrainian civil society at 'heart of humanitarian response'

Paris is hosting a bilateral conference to help Ukraine resist and rebuild after the war with Russia. The objective: to identify the immediate needs of Ukrainians and how to meet them, and to help them recover from the conflict once it is over. The meeting comes as winter sets in…

France 24

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G7 says it is setting up multi-agency platform to coordinate aid to Ukraine

Group of Seven rich nations on Monday said they would set up a multi-agency platform to coordinate aid to Ukraine and support its repair, recovery and reconstruction, with senior representatives to convene as soon as possible in January.

Reuters

Helping Ukraine is 'self-preservation,' finance chief says

Ukraine's finance minister says crucial Western financial aid is “not charity” but “self-preservation" as donor countries share the price of turning back Russian aggression

The Independent UK

Economists upbeat on 2023

Thailand's economic outlook remains positive for next year despite global headwinds, according to economists.

Bangkok Post

Fired state TV chief's World Bank job shocks many in Poland

The former head of Poland’s state broadcaster says he now has a job the World Bank

The Independent UK

World’s poorest countries’ debt interest payments rise 35%, report says

Report’s author, the World Bank, states concern over poor countries’ increasing spending on debt

The Guardian - UK

World Bank Provides $150 Million Grant to Address Food Insecurity in Yemen

The World Bank approved an additional $150 million grant for the second phase of the Yemen Food Security Response and Resilience Project. The new funding is designed to address food insecurity, strengthen resilience, and protect livelihoods in Yemen. The financing comprises a $100 million grant from the World Bank's fund…

Asharq Al-Awsat

The G20 pandemic fund – and how Indonesia plays a key role in it

One major achievement during this year’s G20 Summit was the establishment of a global fund dedicated to the prevention and containment of future pandemic threats.

The Conversation

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Tribune News Service

Eduardo Porter: Migrant workers face worse choices than building World Cup stadiums

The global financial crisis of 2008 dealt a blow to thousands of Indian laborers. They were set to join hundreds of thousands of compatriots providing the workforce for a construction boom in Dubai. Then the world economy spasmed, the price of oil tanked and international finance dried up. Hundreds of…

The Guardian - UK

Gordon Brown says China must pay into climate fund for poor countries

Former prime minister says US and Europe will pay biggest share of loss and damage fund, but China must too

Salon

Trillions needed to fight climate change

At COP 27, negotiators have been haggling over how to pay for the mounting costs of climate change

The Conversation

Tackling climate change will require reforming the World Bank and IMF – here are two options

A global transition to a low-carbon economy will require investments of at least US$4 trillion a year (£3.4 trillion) according to the implementation plan agreed at COP27 UN climate change summit in Sharm El-Sheikh, Egypt. Delivering this funding will involve nothing less than “a swift and comprehensive transformation of the…

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Asharq Al-Awsat

Lebanon: World Bank Rules out Economic Recovery if Political Paralysis Continues

The World Bank has refuted the anticipations of Banque du Liban (The Central Bank of Lebanon) of a 2 percent growth in GDP in 2022, expecting Lebanon to “contract by 5.4 percent in 2022 amid political paralysis and delays in implementing an economic recovery plan.” “The depth and duration of…

The Conversation

Mind the gaps: the world needs to radically transform its educational systems, not just upgrade them

In September 2022 the United Nations organised the first-ever high-level Transforming Education Summit, inviting stakeholders to put forward commitments and tackle the challenges we face. Once again we heard how staggering the needs are: in lower-income countries, 25% of young people and just over 55% of adults are still illiterate,…

Asharq Al-Awsat

Lebanon MPs Again Fail to Elect President despite Economic Crisis

Lebanese lawmakers failed for a seventh time Thursday to elect a successor to former president Michel Aoun, even though the vacancy is hampering efforts to rescue the stricken economy. Parliament is split between supporters of the powerful Iran-backed Hezbollah movement and its opponents, neither of whom have a clear majority.…

The Conversation

Ukraine war: how the economy has kept running at a time of bitter conflict

November 24 marks nine months since the Russian invasion of Ukraine began. Despite the expectation of the Kremlin – and many international analysts – Ukraine did not fall within days. It repelled Russia’s advance on the capital Kyiv, turned the tide on the battlefields and has now retaken half of…

The Guardian - US

Rebel with a ‘tingly’ cause: Yao Zhao brings piquant peppers to the US

His company, 50Hertz Tingly Foods, isn’t a chili oil or spice purveyor – it’s a ‘sensory company’ importing the taste of China’s Sichuan province to the US

The New Daily

COP27 Summit: The key takeaways from the 2022 climate conference

The COP27 climate summit in Egypt has delivered mixed results and left some big issues unresolved. Here are some key takeaways.

Asharq Al-Awsat

World Bank Officials: Cooperation in the Region Targets Development, Climate Protection

World Bank officials stressed that climate challenges in the Middle East included water scarcity, food shortage, and energy security, noting that the Saudi Green Initiative was an example to follow in order to address these threats. Asharq Al-Awsat interviewed Paul Noumba Um, the Regional Director of the World Bank’s Infrastructure…

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