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The Latest Breaking News from World Bank

Turkey intends to hold elections on May 14 despite quake

Turkey's president has indicated that his government intends to hold elections in May despite an earthquake that devastated parts of southern Turkey

The Independent UK

India's Q3 GDP at 4.4%; economy to grow at 7% in FY23

NEW DELHI: India's gross domestic product for the third quarter (September-December 2022) of financial year 2022-23 grew by 4.4%, data released by the Centre showed on Tuesday.

The Times of India

Sudan to Raise Import Duties on 130 Items

The Sudanese authorities have raised customs duties on 130 commodities, including gasoline and wheat, to cover the expected deficit in this year's budget. The tariff hike, which immediately entered into force, would increase the prices of many imported and local goods amid the country's stagflation. The Customs Authority stated that…

Asharq Al-Awsat

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World Bank: Feb. 6 Quakes Caused $34.2 Bln in Damage in Türkiye

The two major earthquakes which hit Türkiye on Feb.

Asharq Al-Awsat

Toxic Smog: Iran Criticized for Winter ‘Air Pollution Catastrophe’

In Iran this winter, hospital emergency rooms have been full, schools regularly closed, and many people unable to work or even leave their homes due to toxic smog, which a leading United Nations expert is calling an "air pollution catastrophe". Dirty air is a chronic problem in Iran. Many of…

Asharq Al-Awsat

UK will be poorer than eastern Europe if Tory ‘low wage doom-loop’ continues, warns Keir Starmer

According to Labour's analysis of World Bank data, it predicts that wealth prospects in Britain are set to be surpassed within the next 20 years by eastern European rivals

Manchester Evening News

The Guardian view on Germany’s economic miracle: it was built on debt relief

Editorial: Cancelling loans put the Wunder into Wirtschaftswunder. Treat poor nations the same today

The Guardian - UK

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G20 Warns War Repercussions Exacerbate Global Economy Fragility

Finance ministers of the world's largest economies on Saturday strongly condemned Moscow's war on Ukraine, with only China and Russia refusing to sign a joint statement. India, the current chair of the Group of Twenty (G20), was reluctant to raise the issue of the war, but Western countries insisted they…

Asharq Al-Awsat

Yellen says World Bank nominee's credentials will overcome selection criticism

U.S. Treasury Secretary Janet Yellen said on Saturday that she believes the strong qualifications of the U.S. nominee to lead the World Bank, ex-Mastercard CEO Ajay Banga, will overcome any criticism of the selection process.

Reuters

Stalemate as China seeks to soften G20 statement on Ukraine war

G20 finance ministers struggled on Saturday to agree a joint closing statement after their talks in India, with China seeking to water down any reference to the Ukraine war, according to officials.

Radio France Internationale

China ‘seeks to water down’ Ukraine statement

BENGALURU, India: G20 finance ministers failed on Saturday to agree on a joint statement on the global economy at talks in India, as China sought to water down any reference to the Ukraine war, officials said.

Bangkok Post

Analysis-Incoming World Bank chief faces tests before he gets to climate

Ajay Banga, U.S. President Joe Biden's pick to run the World Bank, will face a tough slate of issues around the institution's finances and capital structure from the get-go, thorny problems he must address as he reshapes the bank into a force for combating climate change on top of its…

Reuters

World Bank Promises ‘Concessionality’ in Debt Restructuring

The World Bank will "provide as much concessionality to the debt treatment" for distressed economies as possible, its president told a meeting with the International Monetary Fund, India, China, and other creditor nations on Saturday. The remarks come amid calls by China, the world's largest bilateral creditor, that global lenders…

Asharq Al-Awsat

G20 Finance Chiefs Differ on Debt, Russia-Ukraine War

Finance leaders of the world's biggest economies were entangled in differences on Saturday over the war in Ukraine and on resolving the debt burden of distressed developing nations, participants said. The meeting of finance ministers and central bank chiefs of the Group of 20 (G20), hosted by India, was likely…

Asharq Al-Awsat

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Reuters

Most G20 nations condemn Russia for war, China silent

Finance chiefs of the world's largest economies strongly condemned Moscow for its war on Ukraine on Saturday, with only China and Russia itself declining to sign a joint statement.

Bangkok Post

Multilateralism is still the best course of action

The great statesmanship and leadership that the United States showed during and after World War II is well known. America was the world's preeminent political, economic, and military power, and instead of using its position to penalise the losers and demand reparations, it helped plan and found multilateral global-governance institutions…

Reuters

World Bank announces $2.5 billion in additional Ukraine aid

The World Bank on Friday announced $2.5 billion in additional grant financing from the U.S. Agency for International Development (USAID )to support Ukraine's budget and maintain essential services.

Fortune

Ajay Banga’s World Bank appointment shows that financial CEOs aren’t toxic anymore

The nomination of the former Mastercard CEO shows how Wall Street has lost its status as America’s biggest corporate villain.

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The Independent UK

Ajay Banga: Can former Mastercard chief push World Bank to prioritise climate action?

If selected, Banga will assume a crucial job at the 77-year-old institution that oversees the provision of billions of dollars of funding to developing countries

360info

How Sri Lanka sleepwalked over a debt cliff

The issues that led Sri Lanka to become an economic basket case in 2022 serve as a warning for other nations.

360info

Pakistan’s debt is a teetering house of cards

Pakistan faces a wave of problems on multiple fronts, but its growing debt can no longer be overlooked as inflation soars and foreign reserves crumble.

The Independent UK

Biden selects ex-Mastercard CEO Ajay Banga to lead World Bank after Trump-appointed president resigns over climate row

Ex-Mastercard CEO has worked closely with Vice President Kamala Harris in efforts to address root causes of migration from Central America

The Guardian - UK

Joe Biden nominates former Mastercard boss Ajay Banga to lead World Bank

US president puts forward choice to oversee new focus on climate crisis after resignation of Trump appointee David Malpass

Reuters

Biden nominates former Mastercard CEO Ajay Banga to head World Bank

U.S. President Joe Biden nominated former Mastercard Inc CEO Ajay Banga to lead the World Bank, betting the India-born executive's ties to the private sector and emerging markets will jump-start the 77-year-old institution's overhaul to better address climate change.

The Times of India

US President Joe Biden nominates Indian-American Ajay Banga to lead World Bank

NEW DELHI: Former chief executive officer (CEO) of Mastercard Ajay Banga has been nominated by United States to lead the World Bank, President Joe Biden announced on Thursday.

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