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The Latest Breaking News from World Bank

World Bank says war shocks to drag on Asian economies

A report by the World Bank says disruptions to supplies of commodities, financial strains and higher prices are among the shocks from the war in Ukraine that will slow economies in Asia in coming months

The Independent UK

NEWSMAKER-Unheralded Costa Rican economist's unlikely path to presidency

Rodrigo Chaves was an unheralded economist in his native Costa Rica until a series of personal setbacks propelled him into a brief, ill-fated spell in government, then into the race for the presidency, which he won on Sunday.

Reuters

Costa Rican maverick Chaves makes pitch to opposition after presidency win

Economist Rodrigo Chaves extended a hand to the opposition upon winning the Costa Rican presidency on Sunday after a bruising election campaign in which the former World Bank official vowed to break with traditional politics.

Reuters

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Ex-finance minister wins runoff to be Costa Rica's president

A former finance minister who surprised many Costa Ricans by making it into the presidential runoff vote has easily won that ballot and is to become the Central American country’s new leader next month

The Independent UK

Economist Chaves projected to win Costa Rica election: preliminary tally

Economist and former World Bank official Rodrigo Chaves was projected to win Costa Rica's presidential election with around 52.9% of the vote, according to the electoral tribunal's preliminary partial tally of Sunday's run-off ballot.

Reuters

Costa Ricans to choose between outsider and former leader in presidential vote

Costa Ricans will choose a new president on Sunday to steer the Central American country through mounting debt woes and social discontent in a run-off between an anti-establishment outsider and former leader.

Reuters

Rising hunger looms in Sudan, with little aid in sight

Millions more Sudanese are set to go hungry this year as economic turmoil and erratic rains drive up prices and reduce harvests, with a halt to foreign assistance and the war in Ukraine putting food supplies at further risk.

Reuters

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World Bank allocates $300 million to help Yemen key services

The World Bank has approved an additional $300 million for desperately needed aid for the poorest and most vulnerable households in war-torn Yemen, as well as for helping the country fight the coronavirus pandemic

The Independent UK

Sri Lanka teeters on economic edge, from pandemic-fueled financial crisis and Ukraine war spillovers

An unprecedented economic crisis is unfolding in Sri Lanka. And while the country’s problems have been brewing for years, spillovers from the crisis in Ukraine have sent the island nation over the edge.

The Conversation

Combative economist and former president face off in Costa Rica election

Costa Ricans vote on Sunday for a new president in what looks primed to be a close contest between a former leader promising continuity and a pugnacious economist who could pull the country down an anti-establishment path.

Reuters

Afghanistan aid pledges could fall far short of target, officials fear

Taliban’s increasingly repressive rule could lead to donor backlash at UN pledging conference on Thursday

The Guardian - UK

World Bank approves $400 million for Tunisia to help vulnerable households

The World Bank said on Tuesday it approved $400 million for Tunisia to help about 900,000 vulnerable Tunisian households cope with the health and economic impacts of the COVID-19 crisis.

Reuters

World Bank freezes Afghan projects after Taliban bans girls from high school

The World Bank has put four projects in Afghanistan worth $600 million on hold amid concerns over a decision by the country's ruling Islamist leaders to ban girls from returning to public high schools, the bank said.

Reuters

Food supplies take Ukraine war hit

The war in Ukraine is causing immense, heart-wrenching human suffering. At the World Trade Organization (WTO), an institution based on the rule of law and established to help forge peace, we find the violence abhorrent to our fundamental principles. We echo UN Secretary-General Antonio Guterres's call for the bloodshed to…

Bangkok Post

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The Hindu

A.P. intensifies research on groundwater table in Godavari, Krishna regions

World Bank is funding the National Hydrology Project

Al Jazeera

As prices soar in crisis-hit Sri Lanka, many forced to moonlight

Low-income workers take on multiple jobs to survive as the economic crisis sees food, fuel and medicine costs surge.

The Independent UK

Juxtaposition: Opulent resort hosts climate summit in Dubai

The United Arab Emirates is hosting a United Nations-backed climate summit next week

Asharq Al-Awsat

Iran Ready to Supply Wheat to Lebanon, Lebanese President Cites Iranian FM

Lebanese President Michel Aoun tweeted on Friday that Iranian Foreign Minister Hossein Amirabdollahian assured him after their meeting in Beirut that Iran was ready to support Lebanon in all fields, "most notably in the provision of wheat". Lebanon bought the bulk of its wheat from Ukraine until Russia's invasion, and…

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Reuters

Sri Lanka to seek World Bank support alongside IMF loan programme - sources

Sri Lanka will seek World Bank assistance to stave off a severe economic crisis in addition to an International Monetary Fund (IMF) rescue plan to be discussed next month, two sources said.

Bangkok Post

Ukraine war's spillover swamps poor countries still reeling from Covid-19

Over the past 120 years, a Beirut bakery has survived civil war, Lebanon's financial crisis and the Covid-19 pandemic. Fighting in Ukraine, disrupting food and energy supplies world-wide, may soon put it out of business.

Al Jazeera

Russia-Ukraine war is hurting Zimbabwe’s struggling economy

The war’s ripple effects are hitting developing nations like Zimbabwe hard as supplies of fuel, food are disrupted.

Asharq Al-Awsat

Economic Impact of Saudi Geospatial Information Stands at $10.6b Annually

The economic impact of geospatial information according to 7 major sectors in Saudi Arabia is estimated between SAR 22 billion ($5.8 billion) and SAR 40 billion ($10.6 billion) annually. Saudi Arabia’s General Authority for Survey & Geospatial Information, in cooperation with the World Bank, announced the results of a study…

Bangkok Post

Will Putin's war slow China's economic growth?

On March 5, China announced a GDP growth target for this year of about 5.5%, the lowest target since 1991. But that should not come as a surprise. In 2013, World Bank economists and the Chinese State Council projected that China's annual growth rate would decline to 5% by 2030.…

The Hindu

Govt kickstarts USD300 million solid waste management project

World Bank, AIIB to provide assistance

Asharq Al-Awsat

Lebanon Cabinet Approves Electricity Reform Plan

Lebanon's Cabinet on Wednesday approved a plan to reform and restructure the country's crippled electricity sector, a main condition of Western donors and the World Bank to provide financing for regional deals to increase the country's power supply. Al Jadeed TV reported that the Cabinet had endorsed the plan with…

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