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The Latest Breaking News from World Bank

'We need to stay engaged with developing countries': World Bank's van Trotsenburg

The World Bank and International Monetary Fund's Spring Meetings kicked off this week with concerns over high inflation, rising geopolitical tensions, climate change and financial instability. World Bank Senior Managing Director Axel van Trotsenburg told FRANCE 24 that "we need to stay engaged with developing countries. More than ever, problems…

France 24

Brazil's Lula takes swipe at IMF and World Bank on China trip

Brazilian President Luiz Inacio Lula da Silva has praised the Shanghai-based New Development Bank (NDB) on his trip to China, saying it "frees emerging countries from submission to traditional financial institutions". The NDB was created by the BRICS group and is headed by his predecessor Dilma Rousseff. Meanwhile in Washington,…

France 24

First Thing: Pentagon leaks linked to young gun enthusiast employee – report

Man known online as ‘OG’ said to have access to classified material and to regard intelligence services as repressive. Plus, why America’s most popular flower ‘never goes out of style’

The Guardian - UK

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New India-born World Bank chief: Real change or rebranding?

The incoming president of the World Bank was born in India and had his early success in business there

The Independent UK

How China changed the game for countries in default

The fragile process for dealing with insolvent economies is now at risk of unravelling completely owing to a powerful and unpredictable force in sovereign debt

Financial Times

Zelenskyy calls for confiscating Russian Central Bank funds

Ukraine’s president is renewing his call to confiscate Russian Central Bank assets held around the world and use them to help rebuild Ukraine

The Independent UK

The Guardian view on the world economy: another bleak era beckons

Editorial: The 2010s were a wasted decade for economies and the environment. The 20s have all the makings of a second

The Guardian - UK

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World Bank staff were told to give special treatment to son of Trump official

Exclusive: Leaked recording raises concerns over governance at development bank, at which David Malpass is now president

The Guardian - UK

UN 'appalled' by video of alleged Ukraine POW beheading

Ukrainian President Volodymyr Zelensky on Wednesday denounced Russian "beasts" after a video surfaced on social media purporting to show the decapitation of a Ukrainian prisoner of war. The grisly footage, which prompted outrage and condemnation from UN and EU officials, came as Washington reaffirmed its confidence in Ukraine's military "capability"…

France 24

Countries facing most climate disasters already ‘drowning in debt’

Thirty eight out of 63 most climate vulnerable countries are slashing spending on vital public services

The Independent UK

UK on track to be worst-performing G7 economy this year, says IMF – as it happened

International Monetary Fund forecasts UK GDP will shrink by 0.3% in 2023, worse than other G7 countries

The Guardian - UK

G20 finance heads face reform calls from Global South

Finance ministers and central bank governors are meeting at the IMF to discuss challenges facing global economy.

Al Jazeera

IMF's Georgieva says 44 countries interested in new resilience trust loans

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said on Monday that 44 countries have expressed interest in borrowing from its $40 billion Resilience and Sustainability Trust after an initial five had arranged loans.

Reuters

World Bank's Malpass says Russia's detention of WSJ reporter is 'brazen act'

Russia's detention of Wall Street Journal reporter Evan Gershkovich is a "brazen act" and violates the vital freedom of the press, including the safety of journalists, World Bank President David Malpass said on Monday.

Reuters

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Asharq Al-Awsat

US Treasury: World Bank Could Lend $50b More Over Decade With Reform

The World Bank's ongoing reform could result in a $50 billion lending boost over the next decade, US Treasury Secretary Janet Yellen told AFP ahead of stakeholders' meetings next week where key changes are expected to be announced. Central bankers, finance ministers and participants from more than 180 member countries…

Reuters

Pakistan finance minister cancels US trip due to political crisis

Pakistan Finance Minister Ishaq Dar on Saturday said he had canceled his trip to Washington for the spring meetings of the International Monetary Fund and World Bank on the orders of the prime minister due to the political situation in the country.

The Guardian - UK

Cop28 president: world needs business mindset to tackle climate crisis

Exclusive: Sultan Al Jaber aims to use UN talks to set out how private sector can limit greenhouse gas emissions

France 24

The US wants to elevate China to ‘developed country’ status; Beijing disagrees

The US House of Representatives has voted to strip China of its status as a developing country. China has condemned the move and refuses to join the ranks of developed or "wealthy" nations. At stake are critical economic and geopolitical issues for the world’s second-largest economy.

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Reuters

US welcomes World Bank reforms, pushes for more ambitious changes

The United States on Monday welcomed plans by the World Bank to boost annual lending by $5 billion to middle-income countries to fight climate change and other global crises over 10 years, but said it was pushing for more ambitious changes soon.

Fortune

The World Bank warns that the U.S.—China rift could hurt Asia's growth and 'the global availability of knowledge'

A prolonged U.S.-China trade war will impact investment in Asia, but the reopening of China will boost regional economies for now, World Bank said.

Dynamite News

Indian-origin Ajay Banga poised to be World Bank chief unopposed

Indian-American business leader Ajay Banga is poised to become the next President of the World Bank. Read further on Dynamite News:

Asharq Al-Awsat

World Bank Says Recoveries in Asian Economies Losing Steam

Developing economies in Asia have mostly regained ground lost during the pandemic but are seeing their recoveries stall as productivity lags, the World Bank said in a report released Friday. The report forecasts that growth in the region including China will pick up pace this year after the world's No.…

The Independent UK

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

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 Guardian - 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

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