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The Latest Breaking News from World Bank

Europe Investigators to Visit Lebanon in Central Bank Chief Probe

European investigators will visit Lebanon next month as part of a probe into the wealth of central bank governor Riad Salameh, a judicial official said on Tuesday. The long-serving central bank chief, 72, is among top officials widely blamed for Lebanon's unprecedented economic crisis, dubbed one of the worst in…

Asharq Al-Awsat

How Putin’s war and small islands are accelerating the global shift to clean energy, and what to watch for in 2023

The year 2022 was a tough one for the growing number of people living in food insecurity and energy poverty around the world, and the beginning of 2023 is looking bleak.

The Conversation

World Bank Approves $500 Mln to Expand Social Security in Egypt

The World Bank's executive board has approved $500 million in development financing for Egypt to expand its social safety net and protection program in the face of global economic pressures filtering through to the country's economy, the international cooperation minister said on Friday. The funds will support the government's Takaful…

Asharq Al-Awsat

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World Bank approves $500 million to expand social security in Egypt - ministry

The World Bank's executive board has approved $500 million in development financing for Egypt to expand its social safety net and protection programme in the face of global economic pressures filtering through to the country's economy, the international cooperation minister said on Friday.

Reuters

World Bank to lend $500 million to help Brazil meet climate goals

The World Bank´s board of directors approved late on Thursday a $500 million project in Brazil to expand sustainability-linked finance and strengthen the private sector’s capacity to access carbon credit markets and help the country curb deforestation.

Reuters

Lebanon PM Says Sweeping Reforms Still Needed despite Return to Growth

Lebanon's caretaker Prime Minister Najib Mikati said Thursday that sweeping reforms remain vital to rescue the stricken economy, despite a return to modest growth this year. Mikati said the economy had grown by nearly two percent in 2022 after two straight years of severe recession that saw Gross Domestic Product…

Asharq Al-Awsat

World Bank Cuts China Growth Forecasts on Property Slump, Reopening Complications

Real GDP growth is expected to slow to 2.7% this year, before rebounding to 4.3% in 2023

Caixin Global

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COVID-19 case numbers are exploding in China. Here's how the surge could impact the global economy

COVID-19 cases have surged in China since stringent restrictions were lifted and there are concerns about the economic ramifications this could bring.

ABC News

World Bank approves additional $610 million in financing for Ukraine

The World Bank on Tuesday said it had approved an additional financing package totaling $610 million to address urgent relief and recovery needs in Ukraine as the war with Russia continues.

Reuters

World Bank cuts China growth outlook on COVID, property woes

The World Bank has cut its China growth outlook for this year and next, citing the impact of the abrupt loosening of strict COVID-19 containment measures and persistent property sector weakness.

Reuters

World Bank approves $1.69 billion for Pakistan flood relief projects

The World Bank has approved financing of $1.69 billion for flood relief projects in Pakistan, it said in a statement on Monday.

Reuters

World Bank slashes China growth forecasts on Covid woes, property crisis

Beijing (AFP) - The World Bank on Tuesday slashed its China growth forecast for the year as the pandemic and weaknesses in the property sector hit the world's second largest economy.

AFP

World Bank slashes China growth forecasts

Beijing (AFP) - The World Bank on Tuesday slashed its China growth forecast for the year as the pandemic and weaknesses in the property sector hit the world's second largest economy.

AFP

Strong Growth Seen for Emerging Asian Economies in 2023

Emerging markets in Asia remain a bright spot on the investment horizon. Emerging Asia, which includes China, India, Indonesia, the Philippines, Thailand and Vietnam, has outperformed other emerging markets during the past two decades. The IMF has penciled in annual GDP growth of 4.6% for emerging and developing Asia in…

The Street

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The Street

What Are Remittances? Definition & Impact on Economies

What Are Remittances?Remittances are payments for goods or services, or gifts, and are typically wire transfers in which a person from one place sends money to a person in a different place. Remittances are often transfers of capital from people in “developed” countries to people in “developing” ...

Asharq Al-Awsat

World Bank Launches $2 bn Ukraine Private Sector Aid Package

The World Bank on Thursday announced a $2 billion package to support Ukraine's private sector, in a bid to help pave the way for reconstruction amid the devastation resulting from Russia's invasion. The latest package by the International Finance Corporation (IFC), the bank's development arm focused on private-sector development in…

France 24

EU denounces Russia's 'indiscriminate terror' in Ukraine after fresh missile attacks

The European Union's foreign policy chief Josep Borrell on Friday condemned the "indiscriminate terror" that Russia's latest missile attacks were inflicting on Ukraine. Read FRANCE 24's liveblog below to see how the day's events unfolded. All times are Paris time (GMT+1).

Reuters

World Bank's private arm launches $2 billion program to help Ukrainian businesses

The World Bank's private investment arm on Thursday said it had launched a $2 billion support package for Ukraine to help build the resilience of the Ukrainian private sector devastated by Russia's war and to prepare for reconstruction.

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Bangkok Post

World Bank eyes slower Thai growth

The Thai economy is projected to recover faster than expected this year, but will face slower growth in 2023 because of global headwinds, according to the World Bank.

Asharq Al-Awsat

World Bank: Iraq Must Pursue Greener Growth Model

Iraq, a top oil exporter battered by climate change impact, must diversify its economy and pursue a “greener growth model,” the World Bank said Tuesday. In a new report presented to authorities in Baghdad, the Washington-based institution said $233 billion must be invested by 2040 to allow Iraq to embark…

Bangkok Post

Economy can withstand global risks, says finance minister

The Thai economy is still on the recovery path and should grow 3.4% in 2022 and 3.8% next year, supported by a rebound in the vital tourism sector, Finance Minister Arkhom Termpittayapaisith said on Wednesday.

Bangkok Post

Thailand aims high for 2037

The government has approved a blueprint for higher education development as part of efforts to steer Thailand to become a developed country by 2037.

Bangkok Post

Investing in nature pays dividends

The mega-challenges engulfing the world today -- from Covid-19 to climate change -- have highlighted the interdependencies between people, planet, and the economy. As we chart a course to reignite global growth and drive green, resilient, and inclusive development, we must not ignore these interlinkages. Nature -- meaning biodiversity and…

France 24

Paris conference to put Ukrainian civil society at 'heart of humanitarian response'

Paris is hosting a bilateral conference to help Ukraine resist and rebuild after the war with Russia. The objective: to identify the immediate needs of Ukrainians and how to meet them, and to help them recover from the conflict once it is over. The meeting comes as winter sets in…

Reuters

G7 says it is setting up multi-agency platform to coordinate aid to Ukraine

Group of Seven rich nations on Monday said they would set up a multi-agency platform to coordinate aid to Ukraine and support its repair, recovery and reconstruction, with senior representatives to convene as soon as possible in January.

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