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The Latest Breaking News from World Bank

Fight against poverty has ground to a halt, World Bank warns

The Covid-19 pandemic and Russia's invasion of Ukraine have reversed three decades of progress in reducing poverty, according to the World Bank, which is warning that the global goal of eradicating extreme poverty by 2030 is now out of reach. In its latest report, the Washington-based lender estimates that 70…

France 24

World Bank warns Solomon Islands of unsustainable debt without reform

The Solomon Islands will need to implement fiscal reforms such as alterations to its tax system and more efficient public spending or its debt levels may become unsustainable, the World Bank said in a report on Wednesday.

Reuters

India's crisis a self-inflicted catastrophe

Nearly 80% of the estimated 70 million people around the world who fell into extreme poverty at the onset of Covid-19 in 2020 were from India, a recent World Bank report has revealed. But even this shocking figure could be an underestimation, as the lack of official data makes it…

Bangkok Post

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Ukraine War: German Chancellor Vows To Help Rebuild Ukraine

Rebuilding Ukraine will cost 349 billion US dollars, according to an analysis released last month by the World Bank. Read on for details:

Dynamite News

Putin admits Russia enduring ‘economic difficulties’ due to Western sanctions

President Vladimir Putin on Tuesday acknowledged that his country was experiencing “economic difficulties” because of different “restrictions” imposed on his country due to the war in Ukraine. The UK's new Prime Minister Rishi Sunak, meanwhile, vowed to support Ukraine in its war against Russia, saying it must “be seen successfully…

France 24

World Bank disburses additional $500 million to Ukraine

The World Bank said on Monday it had disbursed an additional $500 million to help Ukraine meet urgent spending needs created by Russia's Feb. 24 invasion and the ongoing war.

Reuters

Lake bridge needs review

The cabinet last week approved 6.6 billion baht for construction of two bridges in southern region -- one of which raises fears about its impact on rare and endangered Irrawaddy dolphins in Songkhla Lake.

Bangkok Post

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Poor nations face peril over elusive G-20 debt relief push

A failure to secure meaningful progress on a debt relief for the world's poorest nations at the International Monetary Fund and World Bank annual meeting in Washington has left policymakers, campaigners and investors frustrated.

Reuters

Multiple issues slow poverty reduction

Thailand has made remarkable progress in reducing poverty from 58% in 1990 to 6.8% in 2020, driven by high growth rates and structural transformation.

Bangkok Post

Economic woes, shifting ties complicate Pakistan’s flood recovery

Government seeking to generate much-needed funding but analysts say domestic and external challenges pose a risk.

Al Jazeera

Janet Yellen Calls OPEC+ Move ‘Unhelpful And Unwise’ For Global Economy

The United States has expressed disappointment in OPEC+'s plans to cut output.

Zenger

World Bank breaks sustainability vow

A new report alleges the World Bank has failed on its promise to align more closely with the Paris agreement

Salon

China’s decade under Xi Jinping explained in seven charts

Xi has overseen rapid economic growth and rising wealth, while spending big on the military, but inequality has widened has and a demographic crisis looms

The Guardian - AU

Pakistan: World Bank estimates floods caused $40B in damages

Pakistan's government says the World Bank estimates that this summer’s record-breaking floods have caused $40 billion in damages in this impoverished country

The Independent UK

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The Conversation

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 Guardian - UK

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

Reuters

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.

Newsroom.co.nz

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.

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360info

The simple technology helping women escape poverty

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

Asharq Al-Awsat

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…

Reuters

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.

Axios

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.

Dynamite News

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:

The Independent UK

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

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