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The Latest Breaking News from World Bank

War leads to surge in money transfers to Ukraine

As more Ukrainians abroad send funds home, World Bank expects remittances to Russia-linked countries to fall

The Guardian - UK

How central banks in India, US and other economies are fighting inflation

NEW DELHI: Global inflationary pressures are being faced by all economies alike. The surge in prices of key commodities has spiked more markedly and is persistent in most economies than anticipated, especially at a time when they are recovering from slowdown caused by Covid pandemic in the last 2 years.

The Times of India

Studies linking nature to better mental health focus on wealthy nations — here's why that's a huge problem

In a new review, researchers found that most of the studies on the connection between better mental health and nature were from Westernized nations.

Inverse

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World Bank Urges Donors to Boost Financial Support for Palestinian Authority

The World Bank urged on Monday donors to boost support for the Palestinian Authority (PA), which it said was facing a destabilizing budget crisis linked partly to “record low” foreign aid contributions. In a report, published ahead of a donor conference in Brussels, the World Bank paints a contrasting view…

Asharq Al-Awsat

World Bank Approves Emergency Loan to Fund Wheat for Lebanon

The World Bank (WB) approved a $150 million emergency loan for food security to support wheat imports to Lebanon and provide stability of bread prices during the coming nine months, a Lebanese minister announced on Monday. Economy and Trade Minister Amin Salam said in a press conference that he had…

Asharq Al-Awsat

Sri Lanka is the first domino to fall in the face of a global debt crisis

The south Asian country is the first to buckle under economic pressures compounded by Russia’s war on Ukraine, but it won’t be the last

The Guardian - UK

World Bank grants Lebanon $150 million food security loan

Lebanon's economy minister says the World Bank has approved a $150 million soft loan for food security in crisis-hit Lebanon to stabilize bread prices during the coming months

The Independent UK

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Costa Rica's new leader takes over with a blast at the past

Rodrigo Chaves has begun a four-year term as Costa Rica’s new president, taking office with a lengthy list of reproaches for his predecessor and the country’s political class while promising great change

The Independent UK

$100 Billion Needed Annually to Sustain Infrastructure in MENA Region

Navid Hanif, Director of Financing for Sustainable Development Office at the United Nations, said that the Middle East and North Africa region would need to spend at least 8.2 percent of GDP to achieve infrastructure goals by 2030. “With the population of the Middle East and North Africa expected to…

Asharq Al-Awsat

NGT clears decks for inland waterway project on Ganga river from Prayagraj to Haldia

The Inland Waterways Authority told the tribunal that the Allahabad High Court, in its April 28, 2016, order, allowed the project subject to receipt of all required statutory clearances

The Hindu

Sri Lanka to replace 'unrealistic' budget, in talks to extend World Bank aid

Sri Lanka plans to replace its current "unrealistic" budget and is in talks with the World Bank to extend its support by $300 million to $700 million, the country's finance minister said on Wednesday.

Reuters

Russia’s war in Ukraine ‘causing £3.6bn of building damage a week’

Kyiv School of Economics estimates cost of conflict could rise to $600bn, almost four times the nation’s GDP

The Guardian - UK

The global stagflation shock of 2022: How bad could it get?

The double blow of pandemic and war has caused inflation to surge and growth to slow around the world. But experts do not expect a return to the 1970s

Financial Times

Policymakers need data about us despite privacy fears

Governments need accurate and detailed information about citizens to tackle anything from Covid to climate change

The Guardian - UK

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Asharq Al-Awsat

Lebanon: Concerns Rise of Total Darkness after the Polls

Warnings are growing in Lebanon that the country’s lingering electricity crisis could worsen after its parliamentary elections on May 15, amid fears of total darkness engulfing the nation in light of dysfunctional public services. Walid Fayyad, Lebanon’s Energy Minister declared that the completion of the contract to import gas from…

The Conversation

Kibaki's capitalist outlook on education in Kenya brought mixed results

Emilio Mwai Kibaki, retired third president of independent Kenya who has died , had a rich and multifaceted legacy as a long serving public official.

The Hindu

Are freebies affecting the economic growth of India?

There are subsidies that are productive and then there are those that are wasteful

Asharq Al-Awsat

Biden Seeks $33Bln for Ukraine, Signaling Long-Term Commitment

President Joe Biden asked Congress on Thursday for an additional $33 billion to help Ukraine fend off Russia's invasion, a signal that the US is prepared to mount a robust, long-term campaign to bolster Kyiv and weaken Moscow as the bloody war enters its third month with no sign of…

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Al Jazeera

Biden seeks powers to use Russian oligarchs’ assets for Ukraine

The proposal to Congress accompanies a request for billions more in funding to aid Ukraine’s military.

The Independent UK

Biden seeks new powers to use oligarchs' assets for Ukraine

President Joe Biden is asking Congress on Thursday for new powers to seize and repurpose the assets of Russian oligarchs as part of a new funding request to aid Ukraine in its defense against Russia’s invasion

Reuters

Analysis-Complex web of creditors, politics threatens Sri Lanka restructuring

Social unrest, political uncertainty and a complex web of creditors could scupper Sri Lanka's push for a swift overhaul of its $12 billion overseas debt, analysts warn, saying the South Asian nation is fast running out of road.

Los Angeles Times

Russia takes economic aim at countries aiding Ukraine, where it continues shelling the east

KHARKIV, Ukraine — Moscow on Wednesday turned off the natural-gas spigot to the front-line Eastern European states of Poland and Bulgaria, signaling its willingness to take sharp economic aim at those who aid Ukraine.

Tribune News Service

Biden will ask Congress for money to combat global hunger

WASHINGTON — President Joe Biden’s next supplemental spending request for Ukraine will include money to deal with a spiraling global food crisis, the United States’ No. 1 diplomat said in testimony before a Senate panel Wednesday.

Roll Call

Biden will ask Congress for money to combat global hunger

President Joe Biden will ask Congress in his next supplemental funding request for Ukraine to include money to combat global hunger.

The Independent UK

Ukraine war contributing to largest commodity shock in 50 years, says World Bank

Report warns energy and food price surges with highest increase expected for natural gas in Europe

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