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The Latest Breaking News from the World Bank

Paris summit aims to shake up the financial system. It will test leaders' resolve on climate

Heads of state, finance leaders and activists are converging in Paris to seek ways to overhaul the International Monetary Fund and World Bank and usher the global development banks into a post-pandemic world with a rapidly changing climate

The Independent UK

Russia’s Wagner mercenary chief says Moscow ‘misleading Russians’ over Ukraine offensive

Wagner chief Yevgeny Prigozhin on Wednesday contradicted Russian President Vladimir Putin’s insistence that that there was a “lull” in Ukraine’s counteroffensive, saying in an audio message that “huge chunks” of Ukrainian territory have been regained by its army. Read our live blog to see how all the day's events unfolded.…

France 24

EU agrees new package of sanctions against Russia; Putin says Sarmat nuclear missiles ready soon – as it happened

EU members agree new sanctions against Russia; Russian president says warheads can soon be deployed for duty

The Guardian - AU

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Macron and world leaders call on private finance to help reduce global poverty

In lead up to Paris meeting on Thursday, open letter states that government loans and grants not enough to spur development

The Guardian - UK

Ukraine lacks capacity to process huge sums in aid, official admits

Largest amount of money Kyiv previously worked with was $6bn a year in 2014, Mustafa Nayyem says

The Guardian - UK

Debt relief urgent for poor countries hit by climate shocks, says IMF chief

Exclusive: Kristalina Georgieva calls for ‘debt for climate swaps’ ahead of world summit on new global financial pact

The Guardian - UK

Paris summit seeks pact to repair broken global financial system

French President Emmanuel Macron will host world leaders in Paris this week for a summit to overhaul a global financial system dating back 80 years so the world is better able to respond to climate change and future pandemics.

Radio France Internationale

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‘Countries are drowning’: climate expert calls for urgent rethink on scale of aid for developing world

World needs to offer trillions, not billions in overseas support, says leading climate economist Avinash Persaud

The Guardian - UK

World Bank approves $150-million loan for Resilient Kerala programme

The World Bank’s Board of Directors has approved a $150-million loan to support the Resilient Kerala programme designed to strengthen Kerala’s preparedness for natural disasters, climate change impact, and disease outbreaks.

The Hindu

Paris talks to focus on funding poor countries to tackle climate crisis

World leaders will meet next week to discuss climate finance, green growth, debt and private investment

The Guardian - UK

UN steps up criticism of IMF and World Bank, the other pillars of the post-World War II global order

From the ashes of World War II, three institutions were created as linchpins of a new global order

The Independent UK

The west has broken its promises to developing countries – and we’re all paying the price

A summit in Paris this month offers a way to tackle this disastrous failure, but only if western leaders bother to turn up, says the Guardian’s economics editor, Larry Elliott

The Guardian - UK

Vast fossil fuel and farming subsidies causing ‘environmental havoc’

World Bank says subsidies costing as much as $23m a minute must be repurposed to fight climate crisis

The Guardian - UK

Whoever takes office will inherit a mess

The election result is clear and the MOU to form a 312-seat government in the 500-seat parliament is agreed. But who will lead Thailand and its economy for the next four years is unclear. Whether it will be a pro-equality government, pro-growth government, or even a pro-big-spending government remains in…

Bangkok Post

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The Hindu

WB team holds talks with Kerala Bank on assistance for KERA project

A team comprising officials from the World Bank visited the Kerala Bank headquarters here on Tuesday and held discussions on the KERA project aimed at ensuring Kerala’s food and nutritional security through climate-resilient farming systems and value addition of food crops.

The Independent UK

Rights group: World Bank, Jordan use flawed formula for aid to kingdom, excluding some poor people

A leading rights group says the World Bank and Jordan are using a “flawed” algorithm to calculate aid for the kingdom, excludes some people who are impoverished, hungry or otherwise struggling

The New Daily

Russian officials report five dead after Ukraine dam disaster

Five people are dead and about 600 square kilometres of the Kherson region in southern Ukraine is under water.

France 24

Russian shelling hits flood-hit Kherson after Zelensky visit, says Ukraine

Nine people were injured Thursday in Russian shelling in the Kherson region as it deals with massive flooding from the destruction of the Kakhovka dam, according to Ukrainian officials. The attacks came shortly after Ukrainian President Volodymyr Zelensky visited Kherson. Moscow meanwhile accused Ukraine of killing two people at an…

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France 24

US SEC sues Coinbase amid deepening crackdown on cryptocurrency sector

America's top markets regulator sues Coinbase for operating as an unregistered securities broker a day after filing similar charges against Binance. Chinese exports drop sharply, and the World Bank warns that slow global growth and high interest rates are creating a debt crisis in developing economies.

Barchart

Crude Prices Under Pressure from Global Energy Demand Concerns

July WTI crude oil (CLN23 ) this morning is down -0.23 (-0.32%), and July RBOB gasoline (RBN23 ) is up +3.75 (+1.49%). July Nymex natural gas (NGN23 ) is up +0.024 (+1.07%). Crude oil and gasoline prices this morning are mixed. A stronger dollar today is weighing on crude prices....

The Independent UK

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 Guardian - 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

ABC News

New Lowy South-East Asia Aid Map finds China overtaken as largest provider of development money in region

New research finds China has surrendered its position as the largest single provider of development finance in South-East Asia in the wake of the COVID-19 pandemic.

Reuters

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.

The Conversation

South Africa's role as host of the BRICS summit is fraught with dangers. A guide to who is in the group, and why it exists

South Africa will host the BRICS summit in August 2023. The event could offer the country an opportunity to exercise leadership in the BRICS’ efforts to reform the arrangements for global economic governance and in supporting sustainable and inclusive development in Africa and the Global South. However, the opportunity has…

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