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The Latest Breaking News from World Bank

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

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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

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…

Asharq Al-Awsat

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.

Reuters

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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

The Guardian - UK

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.

France 24

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.

Reuters

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.

Fortune

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:

Dynamite News

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.…

Asharq Al-Awsat

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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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

The Conversation

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.

Axios

Exclusive: Biden's World Bank pick sets ambitious course

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

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news in one place.

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Fortune

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.

The Guardian - UK

Graham Pyatt obituary

Other lives: Warwick University economics professor and World Bank development economist

The Conversation

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 Guardian - US

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

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 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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