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The Latest Breaking News from World Bank

Paris hosts summit to secure debt relief and climate cash for developing countries

On 22 and 23 June, Paris is hosting a summit for a “New Global Financing Pact” at the Palais Brogniart. Heads of state, international organisations and representatives of civil society will be gathering to discuss ways to boost solidarity toward the Global South. The aim is also to contribute to…

The Conversation

Zelensky seeks to recruit army of CEOs to rebuild Ukraine after Putin’s destruction

Volodymyr Zelensky sought on Wednesday to mobilise an army of top bosses to rebuild Ukraine in the biggest reconstruction effort since the Second World War.

Evening Standard

London conference urges private investors to help Ukraine rebuild

Britain opens a recovery conference for Ukraine on Wednesday with a promise to unlock $3 billion worth of World Bank loans to help rebuild the war-ravaged country, even as Russia’s invasion continues.

Radio France Internationale

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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

Gold fraud: the Goldenberg scam that cost Kenya billions of dollars in the 1990s – and no one was jailed

The Goldenberg scandal in the early 1990s is Kenya’s largest documented gold fraud. The scheme involved Goldenberg International Limited, which pretended to export gold and diamonds, and in exchange received substantial subsidies from the government for “earning” foreign exchange. Kenyan businessman Kamlesh Pattni – who was at the centre of…

The Conversation

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

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

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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

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 Hindu

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…

France 24

Stocks Post Modest Gains as Regional Bank Stocks Rally

What you need to know… The S&P 500 Index ($SPX ) (SPY ) Tuesday closed up +0.245%, the Dow Jones Industrials Index ($DOWI ) (DIA ) closed up +0.03%, and the Nasdaq 100 Index ($IU XX) (QQQ ) closed up +0.01%. Stock indexes Tuesday rose modestly as strength in regional...

Barchart

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 Independent 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

The Guardian - UK

Report says 2.3 billion people globally use polluting fuel to cook; 675 million have no electricity

A report by five international organizations says up to 2.3 billion people around the world are still using polluting fuels to cook, and 675 million don’t have electricity

The Independent UK

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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

Ghana and the IMF have struck a deal, but hard choices lie ahead

In mid-May 2023 the International Monetary Fund (IMF) finally approved a US$3 billion 36-month arrangement with Ghana. It immediately disbursed the first tranche of US$600 million.

Bangkok Post

Arkhom coy on diesel excise tax cut

Finance Minister Arkhom Termpittayapaisith has refused to take a stance on whether the diesel excise tax cut needs to be extended, saying it depends on global oil prices.

Bangkok Post

Thailand must raise revenue to boost spending: World Bank

Thailand must bolster its revenue collection in the long term to meet growing public spending needs stemming from an ageing population, according to the World Bank.

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The Independent UK

World Bank approves $300 million financing to help poor people in Lebanon

The World Bank has approved a $300 million additional financing to Lebanon's poor, giving cash to families struggling in the country’s historic economic meltdown

Bangkok Post

Trying to keep small islands afloat

It is too early to tell whether all the talk about reforming development finance at this year's International Monetary Fund and World Bank Spring Meetings will translate into meaningful policy action for the Global South. But multilateral financial institutions increasingly recognise the need to evolve to remain relevant in light…

The Conversation

Tinubu inherits Nigeria’s high debt – an economist analyses what this means for the country's future

As the 16th president of Nigeria, Bola Ahmed Tinubu inherits an economy that is grappling with inflation, chronic unemployment, extreme poverty, crumbling infrastructure and insecurity.

The Independent UK

Takeaways of AP's report on Chinese loans pushing poor countries to brink of collapse

A dozen poor countries are facing economic instability and even collapse because of a common, undeniable factor: their struggle to pay back hundreds of billions of dollars in foreign loans, much of them from the world’s biggest and most unforgiving government lender, China

The Independent UK

'Clock has hit midnight': China loans pushing world’s poorest countries to brink of collapse

A dozen poor countries are facing economic instability and even collapse under the weight of hundreds of billions of dollars in foreign loans, much of them from the world’s biggest and most unforgiving government lender, China

The Guardian - UK

‘Investors want evidence’: how robust location data can add weight to firms’ environmental reporting

When it comes to risk and reputation, ESG considerations are at the heart of many business decisions. But companies need accurate information from trustworthy sources

Reuters

World Bank suspends $1 billion worth of project funding in Congo

The World Bank has suspended funding for humanitarian and development projects in Democratic Republic of Congo worth more than $1 billion after the government dissolved the project fund without warning, the lender said.

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