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The Latest Breaking News from World Bank

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

The Independent UK

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.

Reuters

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.

Los Angeles Times

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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.

Tribune News Service

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.

Roll Call

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 Independent 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

The Guardian - UK

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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.

Reuters

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

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

The Guardian - UK

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.

Reuters

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.

Bangkok Post

How to design a pandemic fund

With over two-thirds of the African continent still unvaccinated against Covid-19, it is clear that the global pandemic preparedness and response (PPR) regime remains seriously underfunded and lacking in resilient, effective delivery systems. While the World Health Organization's Access to Covid-19 Tools Accelerator (ACT-A) has helped to address the gross…

Bangkok Post

World Bank and IMF gathering underscores a bleak global outlook

If Russia’s invasion of Ukraine is hurting developed countries, it’s proving a hammer blow for the poor

The Guardian - UK

Egypt Seeks Increasing Private Sector Participation in Economic Activities

Egypt has a new document for the state ownership policy, a national strategy aimed at maximizing the participation of the private sector in economic activity, announced Finance Minister Mohamed Maait. The Minister indicated that this "reassures" local investors, attracts foreign investments, and enhances the confidence of international institutions. Maait met…

Asharq Al-Awsat

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Asharq Al-Awsat

Saudi Arabia Expects Stronger Growth in Non-Oil Sector

Saudi Minister of Finance Mohammed al-Jadaan said he is expecting stronger-than-expected growth this year in the non-oil sector underpinned by the structural reforms under Vision 2030. Jadaan asserted that the Kingdom remains committed to prudent policies to maintain monetary and financial stability and preserve a solid fiscal position while accelerating…

ABC News

The Philippines may vote Bongbong Marcos into office, even though his parents stole billions from the country

On a plane stuffed with diamonds, art, gold and $1 million in cash, Imelda and Ferdinand Marcos fled the Philippines in disgrace. Three decades later, their son is set to become the country's next president.

The Independent UK

Russia's standing in G-20 not threatened by Ukraine invasion

Despite Russia's invasion of Ukraine, Moscow's membership in the Group of 20 remains firmly intact

Reuters

Indonesia's Indrawati says palm oil export ban will hurt other countries, but necessary

Indonesia's new palm oil export ban will hurt other countries but is necessary to try to bring down the soaring domestic price of cooking oil driven up by Russia's war in Ukraine, Indonesia's finance minister told Reuters on Friday.

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Reuters

World Bank, IMF, WTO leaders urge quick action on action plan to address food security

The leaders of the International Monetary Fund, World Trade Organization and the World Bank on Friday called for quick work on a new action plan on food security to be prepared by international financial institutions.

Asharq Al-Awsat

Saudi Arabia Stresses Importance of Cooperation to Support Global Economic Recovery

Saudi Arabia underlined the importance of international cooperation to support global economic recovery and prevent negative repercussions amid the current international circumstances. Saudi Minister of Finance Mohammad Al-Jadaan revealed the Kingdom’s continuous efforts to support people and countries in need, including its recent provision of urgent support in the amount…

Al Jazeera

Russia-Ukraine war: List of key events on day 58

As the Russia-Ukraine war enters its 58th day, we take a look at the main developments.

ABC News

Ukraine latest: Russia's second phase aims for full control of Ukraine's south and corridor to Moldova, commander says

A deputy commander says Russia plans to take full control of Donbas and southern Ukraine, improving access to Moldova and a pro-Russian breakaway region Kyiv fears could be used to launch fresh attacks.

The Guardian - UK

Russia-Ukraine war latest: UN secretary general set to meet Putin and Zelenskiy – as it happened

Invasion of Ukraine ‘intended only as a beginning’, president says, as Moldova summons Russian ambassador over military commander’s comments on breakaway region

The Guardian - AU

Russia plans to hold sham independence vote in southern Ukraine, Zelenskiy says

Ukraine president warns citizens against handing over personal information, as satellite images of mass graves emerge near Mariupol

The Guardian - AU

Russia-Ukraine war: what we know on day 58 of the invasion

Zelenskiy says Russia rejected a proposed Easter truce, but remains hopeful of prospects for peace, as Moscow faces accusations of war crimes in Mariupol

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