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The Latest Breaking News from World Bank

Africa's agribusiness sector should drive the continent's economic development: Five reasons why

Africa’s agriculture sector accounts for about 35% of the continent’s gross domestic product, and provides the livelihood of more than 50% of the continent’s population. These shares are more than double those of the world average and much higher than those of any other emerging region.

The Conversation

U.S. to push debt relief, Ukraine aid at G20 finance meeting in India

U.S. Treasury Secretary Janet Yellen will travel to India next week for G20 finance meetings that will focus on unblocking distressed-country debt restructuring, boosting support for Ukraine and reforming multilateral development banks.

Reuters

First Thing: latest objects shot down over US not linked to China, Biden says

‘Private companies’ conclusion likely to fuel criticism that downings were overreaction amid pressure over initial balloon discovery. Plus, there may be a reason you want to sleep more in winter

The Guardian - UK

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External backers pour billions into Ukraine to counter war damage

Pictures of devastation in Ukraine following Russia's invasion have sparked urgent questions over how its reconstruction can be paid for. But before they can even begin to be answered, Kyiv is seeking billions just to ride out this year.

Reuters

Climate advocates urge World Bank overhaul as leader exits

Leading climate figures are urging the Biden administration to use the early departure of the Trump-appointed head of the World Bank as an opening to overhaul the powerful financial institution

The Independent UK

Rockefeller Foundation boss favourite to succeed David Malpass at World Bank

Calls for White House to lose stranglehold on choosing bank’s leadership

The Guardian - UK

Biden set to pounce on much-wanted surprise at World Bank

Biden likely to move quickly in picking new World Bank leader.

Axios

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Why World Bank head’s resignation is good news for climate crisis fight

David Malpass’s decision to quit has delighted frustrated developing nations, donors, experts and campaigners

The Guardian - UK

Afternoon Update: Unemployment rises to 3.7%; Queensland shooting declared terrorism; and the ‘perfect’ cosmic explosion

Jim Chalmers says there are ‘human consequences’ for slowing economy

The Guardian - AU

World Bank head criticised over climate stance to step down early

David Malpass led lender through crises including the war in Ukraine but faced criticism over stance on climate change.

Al Jazeera

David Malpass is stepping down as president of the World Bank

Appointed by then-President Trump in 2019, he is leaving before his five-year term expires. Malpass faced backlash over his comments at Climate Week NYC in 2022.

WEKU

Trump pick Malpass stepping down as head of the World Bank

David Malpass is stepping down as president of the World Bank, four years after former President Donald Trump picked him to run the 189-nation agency

The Independent UK

David Malpass will step down as World Bank head

Malpass did not explain his reason for stepping down — but his exit comes months after a climate change-related controversy.

Axios

Al-Shabaab attacks in Somalia affect communities as far as 900km away – aid agencies need to take note

Policymakers tend to assume that the effects of conflict are felt only where violence occurs. As a result, humanitarian aid, protection efforts or asylum policies largely focus on conflict-hit areas.

The Conversation

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Reuters

Yellen wants bolder World Bank steps on climate change, global issues

U.S. Treasury Secretary Janet Yellen urged the World Bank to map out "bolder and more imaginative" steps on Thursday to address global challenges such as climate change even as it continues to aid individual developing countries.

Al Jazeera

In South Africa, ‘load shedding’ takes a toll on small businesses

Small business owners say the scheduled power cuts are hurting their daily operations.

Al Jazeera

Inflation and recession: Can the world defeat both in 2023?

No, it must accept one, per conventional wisdom. But Europe’s showing another way, though it won’t be painless either.

Bangkok Post

Time to prepare for the next health emergency

The Covid-19 pandemic has exposed the weaknesses and lack of preparedness of health systems globally. When the virus was at its peak, many low- and middle-income countries struggled to save lives while sustaining essential medical services such as maternal health care, routine childhood immunisation, and the treatment of non-communicable diseases.

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Asharq Al-Awsat

World Bank Funds Equipping 1,000 Schools in Yemen

The World Bank has launched a project to restore education in Yemen. It aims at facilitating the return of children to schools by providing incentives for teachers and meals for children as well as equipping and rehabilitating more than 1,000 schools across Yemen. “More than 2.4 million school-aged Yemeni girls…

Reuters

World Bank resumed parallel proceedings on concern over Indus Water Treaty - spokesman

- The World Bank said its decision to allow two separate proceedings to resolve a long-running disagreement over water between India and Pakistan to run in parallel was because it feared the stalemate endangered the historic Indus Water Treaty.

Al Jazeera

‘Riding a rollercoaster’ in Myanmar’s post-coup economy

Deepening conflict, sudden changes to regulations and a lack of transparency have made business increasingly hard.

Reuters

Four West African nations get $311 million from World Bank for renewables

The World Bank has signed an agreement with four West and Central African nations worth $311 million to fund renewable energy projects.

Evening Standard

How telecoms is helping unlock Africa’s true potential

City Voices: 4G networks are powering the continent’s leap forward

Asharq Al-Awsat

Regional Power Plan for Lebanon Held up Over Syria Sanctions

Egypt is still seeking assurances that US sanctions will be waived to start exporting gas to Lebanon through Syria under a plan first announced in 2021 to help ease Lebanon's power crisis, a senior French official said on Tuesday. The plan also has yet to go to the World Bank…

Asharq Al-Awsat

IMF Upgrades Outlook for the Global Economy in 2023

The outlook for the global economy is growing slightly brighter as China eases its zero-COVID policies and the world shows surprising resilience in the face of high inflation, elevated interest rates and Russia's ongoing war against Ukraine. That's the view of the International Monetary Fund, which now expects the world…

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