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The Latest Breaking News from the World Bank

Egypt, Europe Agree to Support ‘Food Security’ Efforts

Egypt and the EU have signed a grant agreement of $40 million to support food security challenges. The grant comes within the framework of the European Union's support for the food security in Egypt program, funded by a grant of €100 million.

Asharq Al-Awsat

Thailand records current account surplus of $1.3bn

Thailand recorded a current account surplus of US$1.3 billion in February, after a revised deficit of $2.1 billion in the previous month, the Bank of Thailand (BoT) said on Friday.

Bangkok Post

World Bank says recoveries in Asian economies losing steam

The World Bank says developing economies in Asia have mostly regained ground lost during the pandemic but are seeing their recoveries stall as productivity lags

The Independent UK

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Myanmar economy to remain "severely diminished" amid conflict -World Bank

Myanmar's economic growth remains "severely diminished" and GDP is expected to increase just 3% in the fiscal year to September, the World Bank said on Friday, as the country remains embroiled in conflict two years after the military seized power in a coup.

Reuters

World Bank maintains Thailand's 2023 growth outlook at 3.6%

The Thai economy is expected to grow by 3.6% this year, up from 2.6% last year, supported by stronger private consumption, a recovery in the tourism sector and strong pent-up demand following China's reopening, the World Bank said on Friday.

Bangkok Post

Biden pick Ajay Banga cleared to take top job at World Bank

The Biden administration’s choice to run the World Bank — former Mastercard CEO Ajay Banga — appears to have a lock on the job

The Independent UK

World Bank chief calls for dramatic hike in funding to help developing world

Outgoing boss David Malpass says more money needed to combat overlapping crises of war, pandemics and climate emergency

The Guardian - UK

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Can this former CEO fix the World Bank and solve the world's climate finance and debt crises as the institution's next president?

Over the past two years, a drumbeat of calls for reforming the World Bank has pushed its way onto the front pages of major newspapers and the agenda of heads of state.

The Conversation

US aims to counter China's influence in global institutions, Yellen says

The United States is working hard to counter China's influence in international institutions and in lending to developing countries, U.S. Treasury Secretary Janet Yellen said on Wednesday.

Reuters

Exclusive: Biden's World Bank pick sets ambitious course

Ajay Banga: World Bank should focus on both poverty and climate change.

Axios

China spent $240 billion bailing out 'Belt and Road' countries - study

China spent $240 billion bailing out 22 developing countries between 2008 and 2021, with the amount soaring in recent years as more have struggled to repay loans spent building "Belt and Road" infrastructure, a study published on Tuesday showed.

Reuters

Global economy is skidding towards a 'lost decade,' World Bank warns

The past 30 years of economic growth and development could be reversed this decade if governments don't act.

Fortune

The World Bank used to cause untold harm - but 30 years ago it started reforming. What went right

Development projects can have profound impacts on their societies. There are many benefits that flow from building new roads and power plants, and from modernising agricultural practices. But they can also have permanent negative consequences.

The Conversation

From Bush to Blix: what happened to the key figures in the Iraq war?

The ex-president is a painter, his VP an avid fly fisher, while Tony Blair has built a property empire. They appear unrepentant

The Guardian - US

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Al Jazeera

World Bank says $411bn cost to rebuild war-torn Ukraine

World Bank said the figure of $411bn over the next 10 years should be considered a minimum as the war continues.

The Independent UK

World Bank puts cost of rebuilding Ukraine at $411 billion

A new World Bank report puts the cost of Ukraine’s recovery and rebuilding from Russia’s invasion at $411 billion over the next decade

The Independent UK

Ukraine clinches £12.7bn IMF loan to shore up finances amid Russian invasion

Cost of rebuilding from Putin’s war rises to £336bn

The Guardian - UK

Pressure grows on shipping industry to accept carbon levy

World Bank among those urging levy to fund climate action in developing world and encourage fleets to upgrade

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Asharq Al-Awsat

World Bank Agrees $7 Bln Framework with Egypt

The World Bank approved a new country partnership framework (CPF) for Egypt for the financial years 2023-2027 providing the country with $7 billion in funds, the lender said on Wednesday. The CPF will entail $1 billion per year from the International Bank for Reconstruction and Development (IBRD) and about $2…

Reuters

Sri Lanka's economic crisis: From protests to IMF bailout

The International Monetary Fund (IMF) has approved a nearly $3 billion bailout for Sri Lanka, which could help the country unlock up to $7 billion more from other lenders such as the World Bank and the Asian Development Bank.

Bangkok Post

Making use of big data for gender equality

'What gets measured gets done." It is a well-worn maxim attributed to everyone from management guru Peter Drucker to physicist Lord Kelvin. Regardless of who said it first, the point is a crucial one: If there are no data illustrating a problem or imbalance, it is unlikely to be a…

Reuters

World Bank estimates Syria's three-year earthquake recovery needs at $7.9 billion

The World Bank on Monday said the February earthquakes are expected to have caused Syria's real GDP output to contract by 5.5% in 2023, with recovery and reconstruction needs estimated at $7.9 billion over three years.

Reuters

Chile inks $630 million earthquake insurance deal with World Bank

Chile has agreed to an earthquake insurance program with the World Bank protecting it from $630 million worth of damage from strong earthquakes, in an effort to shore up risks to public debt from possible natural disasters.

Asharq Al-Awsat

Lebanon Banking Chief Maintains Innocence in European Embezzlement Probe

Lebanese central bank governor Riad Salameh maintained his innocence Friday following a second and final day of questioning in Beirut before European investigators in a probe into his personal wealth. Salameh, 72, is part of the Lebanese political class widely blamed for a crushing economic crisis that began in late…

Asharq Al-Awsat

World Bank Sets Conditions for Lebanon to Access Electricity Funding

Lebanon has to audit its state electricity company among other reforms the World Bank has required before it will consider funding Lebanon's worn-down electricity sector, the bank's regional vice president Ferid Belhaj said on Tuesday. Public provision of electricity in Lebanon has been poor since the country's 1975-90 civil war…

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