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The Latest Breaking News from World Bank

Ukrainian economy will shrink at rate eight times that of Russia, World Bank forecasts

Kyiv economy will contract by 35% in 2022, compared with a 4.5% fall in Russian GDP

The Guardian - UK

Head of EU's lending signals joint action plan for COP and giant Ukraine fund

The head of the European Union's powerful lending arm has urged leaders not to backslide on climate targets amid the energy crisis and signalled a joint action plan from the world's top development banks at next month's COP 27 summit and on Ukraine.

Reuters

World Bank: Ukraine's war-torn economy will sink 35% in '22

Devastated by Russia’s invasion eight months ago, the Ukrainian economy will plunge 35% this year

The Independent UK

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Cop27 host Egypt warns UK not to backtrack from climate agenda

Unusual diplomatic intervention prompted by fears over Liz Truss’s commitment to net zero

The Guardian - UK

Four decades on, World Bank funded beneficiaries in city slums yet to get sale deeds

A report released by IRCDUC observes the key issue in the issuance of sale deeds is the non-transfer of land to TNUHDB by other departments

The Hindu

World Bank criticised over climate crisis spending

Oxfam research suggests up to 40% of bank’s reported climate-related spending cannot be accounted for

The Guardian - UK

High interest rates paid by poorer nations spark fears of global debt crisis

Campaigners say low-income countries urgently need debt relief on foreign borrowings as their interest rates soar

The Guardian - UK

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World Bank to Give Ukraine $530 Mln in Additional Aid

The World Bank has said it will provide an additional $530 million in support to Ukraine, bringing the total aid by the bank to $13 billion, as Russia's invasion of the country continues, reported Reuters. The aid is supported by the United Kingdom ($500 million) and the Kingdom of Denmark…

Asharq Al-Awsat

Ukraine’s forces enter strategic town of Lyman as Russia ‘withdraws’ troops

Ukrainian forces on Saturday entered the eastern town of Lyman in the Donetsk region, a logistics hub for Russian forces that has been under Moscow’s control since spring, a spokesperson for Ukraine’s military said. Russia’s defence ministry said its troops had withdrawn from the town hours after Ukraine’s army said…

France 24

World Bank to give Ukraine $530 million in additional aid

The World Bank has said it will provide an additional $530 million in support to Ukraine, bringing the total aid by the bank to $13 billion, as Russia's invasion of the country continues.

Reuters

UN farm fund in talks with IMF to join forces on resilience trust -president

The United Nations International Fund for Agricultural Development (IFAD) is in talks with the International Monetary Fund on joining forces on a new financing programme designed to shore up sustainable growth in poorer countries.

Reuters

Michigan researchers use planes to find major undercounted source of climate pollution

The fires that burn excess gas at oil fields, landfills and manufacturing plants pollute the atmosphere more than they are given credit for, University of Michigan scientists found in a recent study.

Tribune News Service

3 million children may miss a semester in flood-hit Pakistan

Pakistani officials say almost 3 million children in flood-hit areas may miss at least one semester because of damage the disaster has inflicted on schools

The Independent UK

World Bank Cuts 2022 East Asia Growth Outlook

Economic growth in East Asia and the Pacific will weaken sharply in 2022 due to China's slowdown, but the pace of expansion will pick up next year, the World Bank said on Tuesday. The Washington-based lender said in a report it expected 2022 growth in the East Asia and Pacific…

Asharq Al-Awsat

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Bangkok Post

World Bank report upgrades Thai growth for 2022 to 3.1%

The World Bank has increased its forecast for Thai economic growth this year to 3.1% from 2.9%, according to its "East Asia and Pacific October 2022 Economic Update" released on Monday.

Reuters

Teachers' strike and soaring fees: Lebanon’s public school pupils miss class

School teacher Claude Koteich, her teenager daughter and 10-year-old son should have all been back in class weeks ago – but a crisis in Lebanon's education sector has left them lounging at home on a Monday afternoon.

France 24

Sterling recovers after dramatic fall but remains at historic low

After statements from the Bank of England and the UK Finance Minister Kwasi Kwarteng on Monday, the British pound recovered slightly on Tuesday morning but remained at its lowest level in decades against the dollar. All eyes will now be on the UK central bank's November meeting and a potential…

The Guardian - AU

China growth lags Asia-Pacific for first time in decades as World Bank cuts outlook

East Asia and Pacific annual growth forecasts downgraded from 5% to 3.2% as China’s economy cools, largely due to zero-Covid policy

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Al Jazeera

World Bank slashes economic outlook for Asia over China slowdown

The Washington-based lender expects the region to grow 3.2 percent in 2022, down from a 5 percent forecast in April.

Bangkok Post

World Bank forecasts Thai GDP growth at 3.1% this year

Thailand's economy is expected to grow 3.1% this year, higher than a forecast in June of 2.9%, supported by private consumption and exports, the World Bank said on Tuesday.

Benzinga

Alibaba, JD, Nio Mixed: Hang Seng Muted As Investors Await Cues, Gloomy World Bank Forecast For China Weighs

Hong Kong stocks opened mixed on Tuesday, with the benchmark Hang Seng Index edging 0.05% lower and investors searching for cues, as global markets continued to bleed in the aftermath of the U.S. Federal Reserve’s aggressive rate hike and projections.

Financial Times

China growth to fall behind rest of Asia for first time since 1990

World Bank is latest financial institution to slash Chinese economic forecast

The Guardian - UK

First Thing: Giorgia Meloni hails ‘night of pride’ in Italian elections

Far-right leader poised to become Italy’s first female prime minister. Plus, the gallery letting insects run wild

Asharq Al-Awsat

World Bank Pledges $2 Billion for Flood-ravaged Pakistan

The World Bank said it will provide about $2 billion in aid to Pakistan, ravaged by floods that have killed more than 1,600 people this year, the largest pledge of assistance so far. Unprecedented monsoon rains and flooding this year — which many experts attribute to climate change — have…

The Independent UK

World Bank pledges $2 billion for flood-ravaged Pakistan

The World Bank says it will provide about $2 billion in aid to Pakistan, ravaged by floods that have killed more than 1,600 people this year, the largest pledge of assistance so far

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