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The Latest Breaking News from World Bank

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…

Asharq Al-Awsat

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

The Independent UK

Head of World Bank under pressure after White House condemns his ‘climate denial’ comments

David Malpass apologises after saying he ‘doesn’t know’ if he accepts climate science

The Guardian - UK

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Capitalism is bad for your health: study

A new study reveals that the rise of capitalism has coincided with worse living conditions — unless regulated

Salon

World Bank head says he's not a climate denier, won't quit

World Bank President David Malpass says he won’t resign after coming under criticism for his remarks earlier this week regarding climate change

The Independent UK

Climate activists want Biden to fire the head of the World Bank. Here's why

Climate activists have never liked Trump-appointed World Bank President David Malpass. But this week, his comments on climate change fueled calls for President Biden to make a change.

WEKU

World Bank president should 'not mince words' on climate -White House adviser

A top climate adviser to President Joe Biden on Friday said the head of the World Bank should "not mince words" on the scientific consensus on climate change and is out of step with the American public.

Reuters

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World Bank president declines calls to step down

“It was a poorly chosen line, I regret that, because we as an organization are using the science every day."

Axios

White House condemns World Bank chief Malpass's climate comments

The White House on Friday said it condemned recent comments on climate change by World Bank President David Malpass, who came under fire this week after he declined to say whether he accepts the scientific consensus on global warming.

Reuters

Scoop: Biden administration may try to oust World Bank head

David Malpass is a holdover from the Trump administration who some officials see as weak on climate.

Axios

World Bank boss makes U-turn on his ‘regrettable’ climate comments after Al Gore called for his ousting

‘I’m not a scientist,’ David Malpass told an audience earlier this week when asked directly if burning fossil fuels was causing climate crisis

The Independent UK

Facing calls to resign, World Bank's Malpass changes answer on climate crisis

Under pressure to resign for declining to say whether he accepts the scientific consensus on global warming, World Bank President David Malpass said on Thursday it was clear greenhouse emissions are causing climate change and defended his record as bank chief.

Reuters

4 Stocks to Buy With Market-Beating Potential

The stock market has been under pressure amid the high inflation and the Fed’s hawkish tilt. The Fed launched another 75 basis-point rate hike on Wednesday and indicated that it would keep increasing rates to bring down inflation to the target level. Thus, we think fundamentally solid stocks AbbVie (ABBV),…

StockNews.com

3 No-Brainer Stocks to Buy if You Have Money to Spend

Raging inflation and the Fed’s commitment to bring it under control with rate hikes are raising recession worries. However, according to BofA, the market could see a rally later this year. Given the macro uncertainties, we think investors should add fundamentally solid stocks Microsoft (MSFT), Merck & Co. (MRK), and…

StockNews.com

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Asharq Al-Awsat

World Bank Calls on G5 Sahel Countries to Diversify Economies, Scale Up Reforms

The World Bank on Monday urged five West African countries to diversify their economies to adapt to climate change, warning they are extremely vulnerable to extreme weather patterns. A report said Burkina Faso, Chad, Mali, Mauritania, and Niger -- all in the arid Sahel region -- are among the world’s…

Asharq Al-Awsat

Lebanon: Gas Import Agreement from Egypt Disrupted by Unsecured WB Financing

An agreement to transport Egyptian gas to Lebanon via Syria is currently disrupted by Lebanon’s failure to meet the conditions for obtaining a World Bank loan and Washington’s reluctance to give an official approval confirming that the deal is not affected by the Caesar Act, sources told Asharq Al-Awsat on…

The Conversation

Kenya has breached its public debt ceiling – how it got there and what that means

Kenya’s newly elected president, William Ruto, has earned more legal space to borrow for his grandiose economic plan after parliament recently raised the country’s public debt ceiling to KSh10 trillion (US$100 billion). The new administration says the country is broke but Kenya is already living beyond its means and the…

Asharq Al-Awsat

IMF Adamant on Linking Agreement with Lebanon to Reform Laws

Lebanese caretaker Economy Minister Amin Salam affirmed on Tuesday that the International Monetary Fund (IMF) delegation visiting Beirut this week carries a very clear message stressing an urgency that Lebanon approves and passes reform laws. “The IMF carries a very clear message, which is the urgency in approving these laws;…

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The Guardian - UK

Will China’s plan for a ‘green silk road’ live up to environmental promises?

China has pledged to make its Belt and Road initiative greener, but critics say environmental guidelines ‘nonexistent’

StockNews.com

3 Stocks Bullish Traders Tend to Fall in Love With

The Fed’s continued monetary policy tightening and consequent recession fears are expected to keep the stock market under pressure in the upcoming months. However, bullish traders could keep paying with fundamentally strong stocks The Coca-Cola Company (KO), AbbVie (ABBV), and Merck & Co. (MRK). Read more….

Reuters

Exclusive-Ukraine calls for bespoke IMF and World Bank programmes

Ukraine will push for unprecedented and bespoke International Monetary Fund and World Bank packages worth tens of billions of dollars in the coming weeks to shore up its war-ravaged finances, the country's top debt management chief told Reuters.

Reuters

U.S. Treasury official criticizes China's 'unconventional' debt practices

A top adviser to U.S. Treasury Secretary Janet Yellen warned on Tuesday that China's foot-dragging on debt relief could burden dozens of low- and middle-income countries with years of debt servicing problems, lower growth and underinvestment.

The Hindu

It is the people of Pakistan who are suffering

A humanitarian act can also be part of smart diplomacy, and India ought to make a distinction between Islamabad and the people of the country

The Conversation

Tanzania and Zambia want to upgrade the 'Uhuru Railway' – but can they?

Half a century ago, the Tanzania-Zambia Railway (Tazara) stood out as a crucial symbol of Africa’s struggle for independence. The 1,860km-long railway connects Kapiri Mposhi in Zambia with Dar es Salaam at the Indian Ocean.

Asharq Al-Awsat

World Bank Urges PA to Implement More Administrative, Financial Reforms

The World Bank (WB) said in a report issued Sunday that Palestinian reforms are needed on both the revenue and expenditure sides for a more sustainable fiscal position, stressing that the Palestinian Authority’s (PA) progress in its reform agenda will be met with robust support from international partners. The World…

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