The Latest Breaking News from World Bank

Chancellor leaves IMF meetings early but trade minister Greg Hands downplays significance

Dozens of protesters demonstrated outside the annual meetings of the International Monetary Fund and the World Bank in Washington D.C. on Thursday, expressing opposition to funding of fossil fuels and demanding urgent action to tackle climate change.

As the five economies in mainland Southeast Asia re-emerge from the Covid-19 pandemic, their prospects for recovery and return to growth and development appear challenged, characterised by deteriorating balance of payments, fiscal weaknesses, currency depreciations, and rising inflation amidst global monetary tightening and recession risks.

Kristalina Georgieva told UK’s finance minister and central bank chief that their policies should not be contradictory.

World Bank President David Malpass said on Thursday that the lender is preparing to disburse another $530 million to Ukraine by the end of October, financing enabled by guarantees from Britain and Denmark that brings total World Bank disbursements to the war-torn country to about $11 billion this year.

Eclipsed by rich countries’ own problems, a crunch a decade in the making is coming to a head

Treasurer Jim Chalmers acknowledges the "deteriorating global economy and rising inflation" would put pressure on his upcoming budget, ruling out changes to legislated stage 3 tax cuts.

Climate change poses a significant threat to China, especially for its teeming, economically critical coastal cities.

"We are talking to different countries. Singapore and UAE have all come forward now to make Rupay acceptable in their countries," Sitharaman said at the Brookings Institute think-tank during a fireside conversation with eminent economist Eshwar Prasad. Read further on Dynamite News:

World Bank President David Malpass defended the institution's commitment to tackling climate change on Tuesday, telling civil society groups that have criticized his leadership on the issue that the bank is focused on global warming.

Countries home to half of the world's poorest people are facing a systemic debt crisis that will significantly diminish their ability to fight the impacts of climate change, a UN report warned on Tuesday.