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The Latest Breaking News from World Bank

Vatican Envoy Accuses Lebanese Politicians of Profiting from Country’s Suffering

A Vatican envoy criticized Lebanon's politicians on his visit to Beirut on Tuesday, calling for an end to "the few profiting of the suffering of many" in a financial crisis which has plunged the bulk of the country into poverty. Archbishop Paul Gallagher's remarks come one week after the World…

Asharq Al-Awsat

Lebanon Plan Sees 93% Currency Slide, Turns Bulk of FX Deposits to Pounds

A government plan for tackling Lebanon's financial crisis projects a 93% devaluation of the Lebanese pound and converts the bulk of hard currency deposits in the banking system to local currency, according to a blueprint seen by Reuters. Of $104 billion of hard currency deposits, the plan foresees returning just…

Asharq Al-Awsat

IMF, World Bank Postpone Plans for Annual Meetings in Morocco

The International Monetary Fund and World Bank on Monday said they would postpone plans to hold their 2022 annual meetings in Marrakesh, Morocco, until October 2023, because of uncertainty about the COVID-19 pandemic. This year's annual meetings will instead take place in Washington in October, the two global institutions said…

Asharq Al-Awsat

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Making sense of AdSense: Why political parties spend big bucks advertising on Google

In 2021, the World Bank estimated internet penetration in India stood at 41 percent. With low data charges, this number is set to grow further and that’s good news for advertising platforms like Google and Facebook, which have emerged as major players in the digital advertising space. For the internet…

Newslaundry

Lebanon inks deal with Syria, Jordan to address power crisis

The project, funded by the World Bank, will send 250 megawatts of Jordanian energy to power-starved Lebanon via Syria.

Al Jazeera

World Bank sees ‘critically weak’ outlook for Myanmar this year

The World Bank is maintaining a bleak outlook for Myanmar in the wake of last year’s military coup and the ongoing pandemic, according to its latest Myanmar Economic Monitor, released on Wednesday.

Bangkok Post

World Bank blames Lebanon's rulers for economic meltdown

The World Bank says Lebanon’s political class is to blame for the country's economic collapse, warning that the meltdown threatens Beirut's long-term stability

The Independent UK

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Lebanon’s Economic Depression ‘Orchestrated by Elite,’ World Bank Says

Lebanon's economic depression "is orchestrated by the country's elite" and "has come to threaten the country's long-term stability and social peace," the World Bank said in a press release on Tuesday attached to its latest report on the country. Lebanon's descent into financial ruin began in 2019, the result of…

Asharq Al-Awsat

We can afford to reverse poverty and climate breakdown. What we can’t afford is the alternative

Our global finance system is failing to rise to the challenges we face. It’s time it was reimagined – and grounded in our shared humanity

The Guardian - UK

How Bad Is Lebanon’s Economic Meltdown?

Lebanon is suffering an economic meltdown that began in 2019 when the financial system collapsed under colossal state debts and the unsustainable way they were funded, while politicians have yet to come up with a rescue plan. Just how bad is the situation? - Gross domestic product has plunged to…

Asharq Al-Awsat

Rs 1,000 crore World Bank loan to expand West Bengal’s social schemes

KOLKATA: The World Bank has approved a $125-million loan (around Rs 1,000 crore) to Bengal to expand coverage of around 400 state-run social schemes, especially direct cash transfers targeted at the vulnerable sections, over the next four years.

The Times of India

Minouche Shafik: ‘The idea that you are successful because you are hardworking is pernicious’

The LSE’s director and former Bank of England economist is outspoken over the need for a reset of the wider capitalist system

The Guardian - UK

South Africa gets $750 million World Bank loan to bolster COVID recovery effort

The World Bank has approved a loan of $750 million to South Africa linked to COVID-19, aiming to help protect the poor and support economic recovery from the pandemic, the National Treasury said on Friday.

Reuters

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