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The Latest Breaking News from World Bank

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

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

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$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

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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

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…

Asharq Al-Awsat

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 Conversation

Are freebies affecting the economic growth of India?

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

The Hindu

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…

Asharq Al-Awsat

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.

Al Jazeera

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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.

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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

The Guardian - UK

Droughts in Somalia are partly our fault. We could at least let more migrants in

Global heating has left millions at risk of starvation, and reliant on relatives who have made the journey to Europe, says journalist Sally Hayden

Reuters

Sri Lanka says World Bank agrees to provide $600M in financial aid

The World Bank has agreed to provide Sri Lanka with $600 million in financial assistance to help meet payment requirements for essential imports, the Sri Lankan president's media division said in a statement on Tuesday.

The Guardian - UK

Ukraine war ‘will mean high food and energy prices for three years’

World Bank says biggest commodity shock since 1970s raises spectre of stagflation

Reuters

Food, fuel price shocks from Ukraine war to last at least 3 years, World Bank says

Global food and fuel price shocks linked to the Russia-Ukraine war are set to last until at least the end of 2024 and raise the risk of of stagflation, the World Bank said in its latest Commodities Market Outlook report.

Bangkok Post

Biggest energy shock since 1970s: World Bank

Energy prices have surged since the Russian invasion of Ukraine and, along with other commodities, are likely to remain at "historically high" levels through 2024, endangering economic growth, the World Bank warned Tuesday.

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