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The Latest Breaking News from World Bank

Soaring energy and food prices triggered by Russia's invasion of Ukraine could exacerbate existing food security concerns in the Middle East and Africa, and may fuel growing social unrest, World Bank chief economist Carmen Reinhart said.

Reuters

Lebanon Central Bank Seeks Names of Those Who Failed to Repatriate Funds amid Crisis

Lebanon's central bank has asked commercial banks to provide the names of political figures who failed to comply with a circular ordering them to repatriate funds sent abroad in the lead-up to the country's 2019 financial meltdown. Lebanon's financial crisis, which the World Bank has labeled one of the deepest…

Asharq Al-Awsat

Explainer-Ousting Russia from WTO, IMF would mark end of an era

Amid the devastation of World War Two, the United States and its allies created the institutions that have governed the post-war global economic order, focused on rebuilding Europe, fighting poverty and bringing rivals together to work out trade disputes peacefully.

Reuters

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Bahraini Women: From Empowerment to Progress

Bahraini women are making remarkable progress on the national level, according to recent reports by several international institutions, such as the United Nations Women, the World Bank, and the World Economic Forum (WEF). Bahrain's Supreme Council for Women (SCW) is a body concerned with Bahraini women's affairs, aiming to empower…

Asharq Al-Awsat

World Bank approves $723 million in loans, grants for Ukraine

The World Bank said its executive board on Monday approved a $723 million package of loans and grants for Ukraine, providing desperately needed government budget support as the country battles a Russian invasion.

Reuters

Britain pledges $100 million to help keep Ukrainian state running

Britain will provide $100 million (75.6 million pounds) to Ukraine through the World Bank, seeking to keep core state functions running and mitigate financial pressures caused by Russia's invasion, Prime Minister Boris Johnson's office said.

Reuters

Russia faces lasting consequences from Ukraine war, World Bank chief says

Russia's war in Ukraine has "horrified" the World Bank's shareholders and will have lasting consequences for Russian President Vladimir Putin and Russia's standing on the global stage, the global lender's president said on Friday.

Reuters

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World Bank Halts all Projects in Russia and Belarus

The World Bank on Wednesday announced it was halting all of its ongoing projects in Russia and Belarus in response to the invasion of Ukraine. Citing the "hostilities against the people of Ukraine," the development lender said it "has stopped all its programs in Russia and Belarus with immediate effect."…

Asharq Al-Awsat

World Bank halts all programs in Russia, Belarus

The World Bank said on Wednesday it had stopped all programs in Russia and Belarus with immediate effect, following the Russian invasion of Ukraine and "hostilities against the people of Ukraine."

Reuters

World Bank Announces More than $1 bn in Aid for Afghanistan

The World Bank on Tuesday announced more than $1 billion in humanitarian aid for Afghanistan, stating the money will go to UN agencies and international NGOs while remaining "outside the control" of the country's Taliban rulers. The reallocation from the Afghanistan Reconstruction Trust Fund (ARTF) follows the $280 million in…

Asharq Al-Awsat

Oil price jumps to nearly $114; natural gas prices reach record highs – as it happened

US and European shares push higher, while rouble drops 8% and Moscow stock exchange stays shut for third day, as Russia bombards Ukrainian cities

The Guardian - UK

World Bank board backs plan to shift $1 billion from frozen Afghan trust fund -source

The executive board of the World Bank on Tuesday approved a plan to use more than $1 billion from a frozen Afghanistan trust fund to fund urgently needed education, agriculture, health and family programs, a source familiar with the decision said.

Reuters

World Bank, IMF racing to get aid to Ukraine in coming weeks, months

The International Monetary Fund and World Bank on Tuesday said they were racing to provide billions of dollars of additional funding to Ukraine in coming weeks and months, adding the war there is creating "significant spillovers" to other countries.

Reuters

Latest Ukraine updates: UNGA votes to demand Russian withdrawal

Russia-Ukraine news from March 2: UN General Assembly resolution condemns Russia for the invasion of Ukraine.

Al Jazeera

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Reuters

Exclusive-World Bank pushes for $350 million Ukraine loan approval within days -sources

The World Bank is pushing for "fast-track" approval of an additional $350 million loan for Ukraine within days, to provide emergency cash for its efforts to defend against Russia's invasion, people familiar with the plans said.

Reuters

World Bank may be able to disburse Ukraine aid funds in days - Malpass

World Bank President David Malpass said on Sunday the bank may be able to provide Ukraine with more financial resources within days and that additional aid for the war-torn country will be discussed by G7 finance leaders on Tuesday.

The Hindu

Understanding the Indus Waters Treaty

What is the river water-sharing treaty between India and Pakistan and why are delegations from both countries set to meet in March?

Reuters

World Bank preparing ways to support Ukraine as fallout assessed

The World Bank said on Thursday it was preparing options to provide immediate support to Ukraine's government, as the development lender and the International Monetary Fund assess the economic fallout from the conflict in Ukraine.

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The Conversation

South Africa and international financial institutions: a liaison group could recalibrate relations

Since the onset of the COVID pandemic in 2020, South Africa has borrowed a total of about US$7 billion (about R106 billion). The money has come from the International Monetary Fund, the New Development Bank, the African Development Bank, and the World Bank.

France 24

Kenya’s incumbent President Kenyatta endorses long-time rival Raila Odinga

In tonight's edition: Kenya's incumbent President Uhuru Kenyatta is backing his long-time rival Raila Odinga in the upcoming election. And opposition parties in South Africa protest the budget and World Bank loans. Finally, we head to Kinshasa, where Congolese rumba, which emerged in the 1940's, is still being celebrated today.

Bangkok Post

Thais urged to embrace disruptive tech

Accelerating the roll-out of digital and disruptive technologies while promoting a circular economy approach in key industries could generate up to US$3.4 billion per year through investment flows, savings and revenues for Thailand, according to a new World Bank Group report launched on Tuesday.

Asharq Al-Awsat

Sudan Govt Reverses Decision to Raise Price of Cooking Gas

The Sudanese government reversed on Sunday a decision to raise the price of cooking gas only a few hours after announcing the hike. In a statement reported by Sudan’s official news agency SUNA, the Ministry of Energy and Oil announced a new rise in cooking gas prices for the second…

Bangkok Post

Digital, circular economy can earn Thailand B110bn a year extra - World Bank

Digital and disruptive technologies and development of a circular economy can earn Thailand up to 110.1 billion baht (US$3.4 billion) each year in additional investments, savings and revenue, the World Bank said on Tuesday.

Asharq Al-Awsat

Lebanon's 'Zombie Banks' Downsize to Weather Crisis

Once the economy's crown jewel, Lebanon's banks are shutting branches and laying off employees in droves, resizing to the bleak reality of a crisis they are widely blamed for. Before the onset in 2019 of a financial collapse deemed one of the world's worst since the 1850s by the World…

The Conversation

Ghana's debt makes development impossible: here are some solutions

By the year 2000, the government of Ghana had borrowed so much that the country was in debt distress. It then subscribed to the Heavily Indebted Poor Countries initiative of the International Monetary Fund and World Bank. Consequently, much of the country’s external debt of over US$4 billion was written…

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