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The Latest Breaking News from World Bank

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

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

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

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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

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

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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

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.

Reuters

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

The Guardian - UK

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.

Al Jazeera

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.

Asharq Al-Awsat

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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.

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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.

Reuters

World Bank preparing to disburse another $530 million to Ukraine-Malpass

World Bank President David Malpass said on Thursday that the lender is preparing to disburse another $530 million to Ukraine by the end of October, financing enabled by guarantees from Britain and Denmark that brings total World Bank disbursements to the war-torn country to about $11 billion this year.

The Guardian - UK

‘Time may be running out’: global debt crisis reaches critical point

Eclipsed by rich countries’ own problems, a crunch a decade in the making is coming to a head

ABC News

Treasurer Jim Chalmers warns of US recession prior to meeting with G20 counterparts

Treasurer Jim Chalmers acknowledges the "deteriorating global economy and rising inflation" would put pressure on his upcoming budget, ruling out changes to legislated stage 3 tax cuts.

Al Jazeera

China needs $17 trillion to meet climate goals

Climate change poses a significant threat to China, especially for its teeming, economically critical coastal cities.

Dynamite News

FM Nirmala Sitharaman: Singapore, UAE To Accept RuPay Payment Mechanism

"We are talking to different countries. Singapore and UAE have all come forward now to make Rupay acceptable in their countries," Sitharaman said at the Brookings Institute think-tank during a fireside conversation with eminent economist Eshwar Prasad. Read further on Dynamite News:

Reuters

World Bank defends climate record in meeting with NGOs

World Bank President David Malpass defended the institution's commitment to tackling climate change on Tuesday, telling civil society groups that have criticized his leadership on the issue that the bank is focused on global warming.

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