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The Latest Breaking News from World Bank

Why migrants bring gifts from abroad. A sense of obligation and a fear of social backlash

An estimated 281 million migrants span the globe. The remittances they send home get a lot of attention from policymakers and development agencies like the World Bank due to their positive impacts on developing economies. This is because the movement of money is – for the most part – quantifiable,…

The Conversation

A healthy workforce means a healthy economy. Britain can’t afford to be so ill

For all Liz Truss’s talk about growth, there is little attempt to deal with the rising numbers of people with long-term sickness, says Prof Devi Sridhar

The Guardian - UK

World Bank cites overdue payments, puts loans to Belarus in 'nonperforming' status

The World Bank said on Monday it had placed all loans made by its main lending arm to Belarus into "nonperforming" status effective immediately, citing overdue payments amounting to $68.43 million.

Reuters

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Behind the mask: Zero-Covid China must look to outside world for investment

As NZ officially moves out of epidemic status this week, President Xi Jinping has doubled down on China's zero-Covid strategy. Prof Siah Hwee Ang examines what this means for trade.

Newsroom.co.nz

Bankrupt Sri Lanka slashes fuel prices

Colombo (AFP) - Crisis-hit Sri Lanka slashed fuel prices on Monday, the second cut in as many weeks, after the World Bank warned that the economy will shrink an unprecedented 9.2 percent this year.

AFP

The simple technology helping women escape poverty

A formal identity and a mobile phone are two key weapons in the global fight against poverty.

360info

IMF, Egypt Agree to Finalize Work to Reach Staff-level Agreement ‘Very Soon'

The International Monetary Fund (IMF) and the Egyptian authorities have agreed to finalize work to reach a staff-level agreement ‘very soon’, the multilateral lender said on Saturday. “IMF staff and the Egyptian authorities have held very productive in-person discussions on the margins of the IMF and World Bank Annual Meetings…

Asharq Al-Awsat

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World Bank says Ukraine has tenfold increase in poverty due to war

Russia's attacks on civilian infrastructure in Ukrainian cities away from the front lines will complicate the dire economic situation facing the country, which has already seen a tenfold increase in poverty this year, a top World Bank official said on Saturday.

Reuters

Zimbabwe engaging with World Bank, IMF on clearing IFI debt, says finance minister

Zimbabwe is engaging with the World Bank and International Monetary Fund on how to clear its debts with international financial institutions, finance minister Mthuli Ncube said at an IMF press conference on Saturday.

Reuters

What China looks like after a decade of Xi Jinping's rule

Xi is expected to be selected for a precedent-defying third term at this year's 20th Party congress.

Axios

Pakistan vows IMF reforms as flood damage estimated at over $16 bn

Washington (AFP) - Pakistan's finance minister has promised international lenders to stay true to economic reforms despite a new estimate that his country quickly needs more than $16 billion to recover from devastating floods.

AFP

Business: Avoid Unidimensional View Of Indian Subsidies, Says FM Sitharaman To World Bank

Union Finance Minister Nirmala Sitharaman has said that despite this year's projected growth rate of 7 per cent for the Indian economy, India remains concerned about the global economic outlook and geopolitical environment. Read more on Dynamite News:

Dynamite News

Pakistani finance minister sees gradual recovery from floods

Pakistan’s new finance minister estimated that it could take “close to three years’’ for the south Asian country to recover from devastating floods that killed more than 1,700 people and left nearly 8 million more homeless

The Independent UK

French development minister backs World Bank reforms, calls for U.S. SDR loans

France's development minister is backing U.S. Treasury Secretary Janet Yellen's call for the World Bank and similar institutions to vastly expand their lending, but said the United States needs to join France and other countries in channeling its IMF monetary reserves to poorer countries.

Reuters

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Reuters

Ukraine's Marchenko to chair IMF, World Bank governing boards in 2023

The shareholders of the International Monetary Fund and World Bank on Friday selected Ukrainian Finance Minister Serhiy Marchenko as the next rotating chair of the boards of governors of both institutions in 2023.

The Guardian - UK

UK joins calls for World Bank reform to focus funding on climate crisis

Alok Sharma’s intervention puts pressure on Trump-appointed Bank chief who faces calls to resign

Al Jazeera

Xi’s economy sees ‘beautiful life’ in China nationalism, control

Chinese President Xi Jinping is presiding over a new era that prioritises political control over economic development.

Asharq Al-Awsat

IMF Sees Middle East Growth at 5%

The Middle East is projected to grow at five percent this year, up from 4.1 percent in 2021.

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Tribune News Service

Commentary: How to foot the bill on urgent climate action

This week’s annual meetings of the World Bank could have important implications for the climate crisis and could help shift the trajectory of global warming. Multilateral development banks can make or break the transition to renewable energy, and governments are their shareholders. It’s time for those governments to step up…

The Independent UK

Kwasi Kwarteng dashes home early from US for tax U-turn talks as minister insists chancellor’s job is safe

Chancellor leaves IMF meetings early but trade minister Greg Hands downplays significance

Reuters

Protesters outside IMF, World Bank meeting venues demand urgent climate action

Dozens of protesters demonstrated outside the annual meetings of the International Monetary Fund and the World Bank in Washington D.C. on Thursday, expressing opposition to funding of fossil fuels and demanding urgent action to tackle climate change.

Bangkok Post

Post-Covid headwinds hit the region

As the five economies in mainland Southeast Asia re-emerge from the Covid-19 pandemic, their prospects for recovery and return to growth and development appear challenged, characterised by deteriorating balance of payments, fiscal weaknesses, currency depreciations, and rising inflation amidst global monetary tightening and recession risks.

AFP

G20 struggles for harmony again, as US-Saudi spat emerges

Washington (AFP) - The G20 closed talks in Washington on Thursday without issuing a joint communique, as a growing US-Saudi feud created new tensions in a group already divided over Russia's invasion of Ukraine.

Al Jazeera

IMF chief rebukes UK officials over ‘policy coherence’

Kristalina Georgieva told UK’s finance minister and central bank chief that their policies should not be contradictory.

AFP

G20 meets amid Ukraine war, US-Saudi tensions

Washington (AFP) - The G20 held talks in Washington on Thursday, but Russia's presence in the club made any consensus unlikely despite the multiple crises facing the world.

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