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The Latest Breaking News from World Bank

What China looks like after a decade of Xi Jinping's rule

Xi is expected to be selected for a precedent-defying third term at this year's 20th Party congress.

Axios

Business: Avoid Unidimensional View Of Indian Subsidies, Says FM Sitharaman To World Bank

Union Finance Minister Nirmala Sitharaman has said that despite this year's projected growth rate of 7 per cent for the Indian economy, India remains concerned about the global economic outlook and geopolitical environment. Read more on Dynamite News:

Dynamite News

Pakistani finance minister sees gradual recovery from floods

Pakistan’s new finance minister estimated that it could take “close to three years’’ for the south Asian country to recover from devastating floods that killed more than 1,700 people and left nearly 8 million more homeless

The Independent UK

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French development minister backs World Bank reforms, calls for U.S. SDR loans

France's development minister is backing U.S. Treasury Secretary Janet Yellen's call for the World Bank and similar institutions to vastly expand their lending, but said the United States needs to join France and other countries in channeling its IMF monetary reserves to poorer countries.

Reuters

Ukraine's Marchenko to chair IMF, World Bank governing boards in 2023

The shareholders of the International Monetary Fund and World Bank on Friday selected Ukrainian Finance Minister Serhiy Marchenko as the next rotating chair of the boards of governors of both institutions in 2023.

Reuters

UK joins calls for World Bank reform to focus funding on climate crisis

Alok Sharma’s intervention puts pressure on Trump-appointed Bank chief who faces calls to resign

The Guardian - UK

Xi’s economy sees ‘beautiful life’ in China nationalism, control

Chinese President Xi Jinping is presiding over a new era that prioritises political control over economic development.

Al Jazeera

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IMF Sees Middle East Growth at 5%

The Middle East is projected to grow at five percent this year, up from 4.1 percent in 2021.

Asharq Al-Awsat

Commentary: How to foot the bill on urgent climate action

This week’s annual meetings of the World Bank could have important implications for the climate crisis and could help shift the trajectory of global warming. Multilateral development banks can make or break the transition to renewable energy, and governments are their shareholders. It’s time for those governments to step up…

Tribune News Service

Kwasi Kwarteng dashes home early from US for tax U-turn talks as minister insists chancellor’s job is safe

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

The Independent UK

Protesters outside IMF, World Bank meeting venues demand urgent climate action

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.

Reuters

Post-Covid headwinds hit the region

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.

Bangkok Post

IMF chief rebukes UK officials over ‘policy coherence’

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

Al Jazeera

World Bank preparing to disburse another $530 million to Ukraine-Malpass

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.

Reuters

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The Guardian - UK

‘Time may be running out’: global debt crisis reaches critical point

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

ABC News

Treasurer Jim Chalmers warns of US recession prior to meeting with G20 counterparts

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.

Al Jazeera

China needs $17 trillion to meet climate goals

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

Dynamite News

FM Nirmala Sitharaman: Singapore, UAE To Accept RuPay Payment Mechanism

"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:

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Reuters

World Bank defends climate record in meeting with NGOs

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.

Radio France Internationale

Climate and debt crises converge for half of the world's poorest

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.

The Hindu

World Bank extends unconditional loan of $250 million for SALT project in Andhra Pradesh

Media reports that the World Bank has imposed certain curbs to extend the financial assistance is baseless, says Special Chief Secretary (School Education)

Reuters

U.S., allies aim to continue hammering Russia over its 'egregious' war in Ukraine -officials

Western governments plan to ratchet up pressure on Russia over its war in Ukraine, underscoring continued support for Ukraine when finance officials from around the world gather in Washington this week, senior U.S. officials said on Tuesday.

Axios

Larry Summers wants to spend trillions on climate

The former Treasury secretary is looking for the World Bank to increase its lending

Reuters

Sri Lanka to keep 'middle-income' status but seek concessional loans

Sri Lanka will remain a middle-income country but request the World Bank to grant it some loans generally offered to poorer nations, the president's office said on Tuesday, clarifying a cabinet spokesperson's earlier comments on the matter.

Tribune News Service

IMF, World Bank warn of increasing risk of global recession

The heads of the International Monetary Fund and World Bank warned of a rising risk of a global recession as advanced economies slow and faster inflation forces the Federal Reserve to keep raising interest rates, adding to the debt pressures on developing nations.

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