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The Latest Breaking News from the World Bank

Palestinian Economy Facing Unprecedented Crisis: World Bank

The war in the Palestinian territories is having a catastrophic impact on the local economy, the World Bank said Monday, noting that all sectors have been badly affected by Israel's attacks.

International Business Times

Myanmar's economy set to contract as floods and fighting take heavy toll, the World Bank says

The World Bank forecasts that Myanmar's economy will contract this year, as flooding and fighting take a severe toll nearly four years after the military ousted its government headed by Aung San Suu Kyi

The Independent UK

World Bank Announces Record $100 Bn Support For World's Poorest Countries

The World Bank announced Thursday that it has raised close to $24 billion to provide loans and grants for some of the world's poorest nations, which it can leverage to generate a record $100 billion in total spending power.

International Business Times

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Afghan economy shows modest signs of growth but recovery remains fragile, says World Bank

The World Bank says Afghanistan’s economy is showing modest signs of growth after two years of severe contraction

The Independent UK

Vietnam Pushes Electric Motorbikes As Pollution Becomes 'Unbearable'

In Vietnam's heavily polluted capital Hanoi, teenage taxi driver Phung Khac Trung rides his electric motorbike through streets jammed with two-wheelers belching toxic fumes.

International Business Times

UK increases World Bank contribution, boosting climate finance prospects

Government puts forward £1.98bn in funding over three years, an increase of about 40% on last pledge

The Guardian - UK

Biden Urges Global Action On Climate Change At G20

President Biden advocates for increased funding for climate initiatives in developing nations to combat climate change.

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Debt-saddled Laos Struggles To Tame Rampant Inflation

Suffocating under a mountain of debt to China, communist Laos is struggling to tame rampant inflation, with food prices rising so sharply that a growing number of households are resorting to foraging.

International Business Times

Beirut Businesses Struggle To Stay Afloat Under Israeli Raids

Lina al-Khalil has fled her south Beirut home to escape escalating Israeli attacks on Hezbollah, but she still returns daily to the bombarded area to keep the family business running.

International Business Times

Pakistan's Policies Hazy As It Fights Smog

From banning tuk-tuks and barbecues to demolishing old brick kilns, Pakistan's government is pushing a series of measures to fight record-breaking smog.

International Business Times

Lebanon Economic Losses Top $5 Billion In Year Of Clashes: World Bank

More than a year of clashes that recently escalated into war have cost Lebanon more than $5 billion in economic losses, with actual structural damage amounting to billions more, the World Bank said on Thursday.

International Business Times

Poorer nations need $1tn a year by 2030 in climate finance, top economists find

Study says funding to cope with climate breakdown needed five years earlier than expected

The Guardian - UK

Barbados PM asks Donald Trump for face-to-face meeting on climate

Exclusive: Mia Mottley, who has championed climate action, says she would seek common ground with US president-elect

The Guardian - UK

UK says £58bn climate finance tool to launch on London Stock Exchange

The new capital market mechanism is designed to raise money to help build clean energy projects in developing countries.

Evening Standard

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The Guardian - UK

Cop29: which climate finance ideas are most likely to work?

With $1tn a year needed, we analyse how best to fill the gap, from wealth taxes to levies on flying and oil extraction

The Guardian - UK

Cop29 jargon buster: key terms for this year’s climate conference in Azerbaijan

Here are some of the phrases that are likely to crop up over the coming days in Baku

The Independent UK

Multilateral banks are key to financing the fight against global warming. Here is how they work

International mega banks, funded by taxpayer dollars, are the biggest, fastest-growing source of climate finance for the developing world

The Guardian - UK

What would a good outcome at Cop29 look like?

Focus will be on climate finance and improving on current goal of providing $100bn a year to poor countries

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International Business Times

Banks, Beaches And Boom Times: Four Facts About Mauritius

Mauritius, one of Africa's richest countries and a stable democracy in a sometimes volatile neighbourhood, is holding a legislative election on Sunday.

The Guardian - UK

US cancels $1.1bn of Somalia’s debt in ‘historic’ financial agreement

Commitment by Mogadishu’s largest single lender is latest in series of deals to forgive ‘unsustainable’ $4.5bn debt

The Guardian - UK

Trump or Harris? Whoever wins will face a shift in power in the global economy

West’s dominance is being challenged, with Brics summit showing emerging markets are unwilling to bow to pressure

International Business Times

World Bank Expects Oil Glut To Cause Commodity Price Slump

Global commodity prices should fall to a five-year low next year thanks to a huge oil glut, the World Bank said Tuesday, pointing to oversupply and to flat demand from China.

The Guardian - UK

Petrol and food prices will fall thanks to oil glut, says World Bank

Downward trend in oil price from higher production, falling demand in China and clean energy to continue

Dynamite News

Sitaraman urges World Bank for affordable & Cheaper Lending

Union Finance Minister Nirmala Sitharaman urges the World Bank to offer more affordable lending with competitive pricing models at its 2024 Annual Meetings. Read further on Dynamite News:

The Guardian - UK

Degrowth needs to solve its image problem for the sake of the planet

We need to deal with the climate effects of global capitalism the way we deal with inflation – by applying the brakes

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