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The Latest Breaking News from the World Bank

Who is Ajay Banga, the next president of the World Bank?

Washington (AFP) - Ajay Banga, confirmed Wednesday as the World Bank's next president, is an Indian-born American executive who has been hailed by media in his birth country as the global development lender's "face of change."

AFP

Ex-Mastercard CEO Ajay Banga confirmed as World Bank leader

Former Mastercard CEO Ajay Banga, an Indian army officer’s son with decades of corporate experience, has been confirmed to lead the World Bank for a five-year term that starts next month

The Independent UK

US pick Ajay Banga confirmed as new World Bank president

Washington (AFP) - The World Bank confirmed Wednesday that Ajay Banga will be its next president, handing him the reins at a pivotal time as it looks to reshape its role to better address climate change.

AFP

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Tracking the impact of U.S.-China tensions on global financial institutions

NPR's Steve Inskeep asks the president of a China-led development bank about the impact of the friction between the U.S. and China.

WEKU

World Bank: Lebanon Tops World’s Food Price Inflation Rate

In its latest reports on food security around the world, the World Bank said that Lebanon recorded the highest nominal food price inflation rate in the world during the February 2022 – February 2023 period. The country registered 261% annual change in the food Consumer Price Index (CPI), followed by…

Asharq Al-Awsat

Saudi Arabia Makes Great Strides in Global Logistics Services

Saudi Arabia has jumped 17 ranks in the World Bank’ Logistics Performance Index (LPI) 2023, which allows it to attract more investments, and increase the volume of exports, imports, and international trade, experts told Asharq Al-Awsat. The Kingdom’s progress in the international index came after achieving large leaps in several…

Asharq Al-Awsat

The Stats Guy: Double export status gives Australia a rare geopolitical advantage

A nation that exports more than it imports is a net exporter. Being self-sufficient is great as you don’t rely on trade.

The New Daily

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Global Food Security Remains Under Threat, Despite Drop in Commodity Prices

Global commodity prices are expected to decline this year at the fastest clip since the onset of the COVID-19 pandemic, clouding the growth prospects of almost two-thirds of developing economies that depend on commodity exports, according to the World Bank's latest Commodity Markets Outlook report. However, according to the bank's…

Asharq Al-Awsat

World Bank: MENA Region Faces Unprecedented Water Scarcity

The Middle East and North Africa (MENA) region is going to face unprecedented water scarcity in the future, warned the World Bank. In a report, titled "The Economics of Water Scarcity in the Middle East and North Africa Region – Institutional Solutions," it indicated that by 2030, the water available…

Asharq Al-Awsat

France, Barbados, Zambia back new climate finance advocacy campaign

The leaders of France, Spain, Barbados and Sierra Leone were among those to back a new coalition on Thursday aiming to accelerate the flow of climate-related finance to the world's poorest countries.

Reuters

Is a 1960 treaty between Pakistan and India killing the mighty Ravi River?

A water treaty has survived three wars between India and Pakistan. Now the agreement is in trouble, but some say a new is treaty needed for both political and environmental reasons.

WEKU

World Bank: Global migration to grow, needs better management

Rapid aging of both wealthy and middle-income countries will make their economies increasingly dependent on migration from poorer countries, and the process needs to be better managed, the World Bank said on Tuesday.

Reuters

Finance companies ‘may make $30bn’ by delaying debt relief for five countries

Exclusive: Debt Justice says hardline stance is preventing progress on alleviating poverty

The Guardian - UK

Saudi Arabia Advances 17 Ranks in World Bank's Logistics Performance Index

Saudi Arabia advanced 17 places in the global Logistics Performance Index (LPI) issued by the World Bank. Among 160 countries, the Kingdom has advanced to the rank 38th in the World Bank's Logistics Performance Index after achieving wide leaps in performance efficiency through several sub-indicators, most notably the indexes of…

Asharq Al-Awsat

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Reuters

World Bank warns Fiji to cut debt urgently or risk stalling pandemic recovery

Fiji must take urgent action to reduce a debt burden that exceeds 90% of gross domestic product or put at risk its recovery from the COVID pandemic and plans for sustainable economic development, the World Bank said on Tuesday.

Bangkok Post

Trade takes a tumble

Prospects for Thai exports look weak this year as a storm of economic uncertainties are expected to slow down shipping.

The Independent UK

Slow start on World Bank reform angers climate-hit countries

World Bank meetings in Washington were supposed to be a first step in a new era of affordable loans for developing nations hard hit by climate change

The Guardian - UK

Age of globalisation is now the age of instability – and we need a plan

Bridgetown Initiative could be way for rich nations’ development finance words to become action

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Asharq Al-Awsat

World Bank: Peace Deal in Yemen Would Push Toward Sustainable Growth

The World Bank has revealed that in case a lasting truce or peace arises, the Yemeni economy could register more sustainable growth within months of the agreement.

AFP

Climate focus shouldn't 'dilute' Africa development needs: World Bank official

Washington (AFP) - The World Bank must ensure that its ambitious climate agenda does not come at the expense of the pressing development needs of its African members, a senior bank official said Friday.

Reuters

Ukraine secures another $5 billion in funding after meetings, prime minister says

Ukraine secured promises of $5 billion in additional funding to support its ongoing fight against Russia amid "fruitful meetings" in Washington this week, Ukrainian Prime Minister Denys Shmyhal told reporters on Friday.

AFP

Foreign aid stalls as Africa's debt spirals

Paris (AFP) - Africa is battling decades-high levels of debt after the pandemic and Russia's invasion of Ukraine, but the international community is struggling to agree on extending its financial support for the region.

Foreign Policy

The World Bank Is Still Failing the Poor

Poverty alleviation in the economically weakest parts of the world will require giving the poor a real seat at the table—which the World Bank has…

WEKU

Separating climate change and inequality won't work, says Biden's World Bank nominee

Ajay Banga, the next nominee to lead the World Bank, says it will take trillions of dollars of investment and global partnerships to meet the world's challenges.

The Independent UK

Workers at anti-poverty World Bank struggle to pay bills

As finance leaders from around the world meet at the World Bank in Washington this week, food service workers at the poverty-fighting organization are highlighting what they see as a galling situation: The workers who put food on the table for an organization whose mission is to fight poverty are…

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