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The Latest Breaking News from World Bank

ASX dives again amid rate rise and recession fears, gold and oil stocks fall

The ASX and Wall Street stumble again on worries about steep interest rate rises next week by the Federal Reserve, and after the Reserve Bank governor says more rate rises are needed to curb inflation. The World Bank warns of a global recession because of higher rates.

ABC News

How central banks are risking a global recession

Major economies are delivering interest rate increases to quash domestic inflation.

Axios

World Bank earmarks $30 billion to help offset food shortages worsened by war in Ukraine

The World Bank is willing to provide up to $30 billion to combat global food shortages aggravated by Russia's invasion of Ukraine and has so far disbursed almost $10 billion in financial aid pledged to Kyiv, a senior bank official said on Thursday.

Reuters

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Factbox-Just how bad is Lebanon's economic crisis?

Savers held up two banks in Lebanon on Wednesday to demand access to their own deposits frozen in the country's paralysed financial system, underlining desperation among citizens unable to access savings since an economic crisis began in 2019.

Reuters

Lebanon: Central Bank lifts all expensive fuel subsidies

The Lebanese Central Bank has lifted its remaining subsidies on fuel

The Independent UK

World Bank: Truce Agreement, Transfer of Power are 'Glimmers of Hope' for Yemen

The World Bank commended the recent developments in Yemen, describing them as "glimmers of hope" provided by the UN-sponsored truce agreement, the transfer of power, and the $3.3 billion Saudi and Emirati financing package. However, the World Bank said in a recent study that despite these encouraging developments, achieving a…

Asharq Al-Awsat

Report: Ukraine Reconstruction to Cost $349 Bn

Rebuilding Ukraine following the devastation caused by the Russian invasion will cost an estimated $349 billion, according to a report issued Friday. But the figure, which totals 1.5 times the size of the Ukrainian economy, is considered a minimum and is expected to grow in the coming months as the…

Asharq Al-Awsat

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Externally Aided Projects should be completed on time, says Jagan

CM directs officials to link tanks with lakes

The Hindu

Rebuilding Ukraine after Russian invasion may cost $350 billion, experts say

Russia's invasion caused over $97 billion in direct damages to Ukraine through June 1, but it could cost nearly $350 billion to rebuild the country, a report released Friday by the World Bank, Ukrainian government and European Commission shows.

Reuters

WTO head Ngozi Okonjo-Iweala: how trade can help beat inequality

In a recent study South Africa was identified as ranking first of 164 countries in the World Bank’s global poverty database. Underlying this inequality is its very high rates of unemployment. Professor Dori Posel spoke to World Trade Organisation (WTO) Director General Dr Ngozi Okonjo-Iweala about why trade is important…

The Conversation

Drought and hunger in Somalia, Ethiopia and region: What to know

Millions of people are facing food shortages due to the worst drought in 40 years and rising global food costs.

Al Jazeera

Free school lunch programmes boosts learning

The world's governments are gearing up for their own big education moment. At the United Nations Transforming Education Summit during Sept 16-19, they have a chance to tackle a global learning crisis that has been amplified by the Covid-19 pandemic and rising levels of child poverty and malnutrition.

Bangkok Post

Special Report: Literacy beyond the classroom

Literacy begins before school and extends throughout a lifetime. 360info considers ways to support access to literacy outside traditional settings.

360info

Some Economists Rethink When, if Ever, China Will Pass U.S. in GDP

The sharp slowdown in China's growth in the past year is prompting many experts to reconsider when China will surpass the U.S. as the world's largest economy -- or even if it ever will.

Bangkok Post

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Asharq Al-Awsat

'Rampant Chaos': Lebanon State Sector Eroded by Grinding Crisis

Even as he battles Lebanon's summer heat without air-conditioning, judge Faysal Makki tries not to drink too much water because the toilets at the Justice Palace are broken. His printer still works, but if he wants to use it he needs to bring his own paper and ink cartridges because…

WEKU

IMF set to provide $2.9 billion to help crisis-hit Sri Lanka

The International Monetary Fund will provide Sri Lanka $2.9 billion over four years to help salvage the country from its worst economic crisis under a preliminary agreement the agency announced

The Conversation

Indonesia's energy subsidy dilemma: how can the government better protect the poor?

The Indonesian government’s policy of providing subsidies to shield the public from the effects of global energy price hikes will burden the state budget. It’s also potentially insufficient to protect the poor.

The Independent UK

South Korea objects to World Bank's order to pay Lone Star

South Korea says it plans to challenge a World Bank tribunal’s order to pay $216.5 million plus interest to Texas-based Lone Star Funds following a decade-long dispute over the private equity firm’s sale of the Korea Exchange Bank

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The Hindu

India managed to get many things right during COVID, says World Bank

Health Ministry seeks to improve precaution dose COVID vaccine coverage

The Conversation

Uber files: how World Bank-sponsored research on gender painted the company in a positive light

The recent leak of 124,000 confidential Uber documents has shed light on some of the ethically questionable activities that have arguably helped fuel the ride-hailing company’s global rise. Among allegations of law breaking and the secret lobbying of government figures, the “Uber files” show that the company paid academics to…

Asharq Al-Awsat

Tracy Chamoun Announces Run for Lebanon’s Presidency

The granddaughter of a former Lebanese president and ex-diplomat Monday announced her candidacy for the cash-strapped country’s upcoming presidential elections on a platform critical of Iran-backed Hezbollah party. The country’s political woes are compounded by its crippling economic crisis, which the World Bank says is the worst worldwide in over…

Reuters

Ukraine's schools race to build bomb shelters before term starts

Svitlana tears up thinking of the bombing that leveled her son Illia's school in Lysychansk, a city in the eastern Ukrainian region of Luhansk now occupied by Russian forces, but she is determined to ensure the eighth-grader continues his studies.

The Hindu

World Bank panel mulls investigation into complaints against Vishnugadh hydropower project

Residents of a village have alleged that the muck threatens a historic temple and construction has affected their livelihood and access to water

Reason

Freedom Was Giving Us Prosperity and Full Bellies. Political Leaders Squandered What We Had.

Government officials broke the world, and we’re all paying the price.

The Conversation

Why we should abandon the concept of the 'climate refugee'

It is entirely reasonable to assume that as climate change intensifies, it will result in more human migration and displacement. Images of Bangladeshis seeking refuge from the latest cyclone or Californians fleeing suburban wildfires affirm a sense that climate change is driving the next great migration. And yet the great…

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