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The Latest Breaking News from World Bank

World Bank Promises ‘Concessionality’ in Debt Restructuring

The World Bank will "provide as much concessionality to the debt treatment" for distressed economies as possible, its president told a meeting with the International Monetary Fund, India, China, and other creditor nations on Saturday. The remarks come amid calls by China, the world's largest bilateral creditor, that global lenders…

Asharq Al-Awsat

G20 Finance Chiefs Differ on Debt, Russia-Ukraine War

Finance leaders of the world's biggest economies were entangled in differences on Saturday over the war in Ukraine and on resolving the debt burden of distressed developing nations, participants said. The meeting of finance ministers and central bank chiefs of the Group of 20 (G20), hosted by India, was likely…

Asharq Al-Awsat

Most G20 nations condemn Russia for war, China silent

Finance chiefs of the world's largest economies strongly condemned Moscow for its war on Ukraine on Saturday, with only China and Russia itself declining to sign a joint statement.

Reuters

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Multilateralism is still the best course of action

The great statesmanship and leadership that the United States showed during and after World War II is well known. America was the world's preeminent political, economic, and military power, and instead of using its position to penalise the losers and demand reparations, it helped plan and found multilateral global-governance institutions…

Bangkok Post

World Bank announces $2.5 billion in additional Ukraine aid

The World Bank on Friday announced $2.5 billion in additional grant financing from the U.S. Agency for International Development (USAID )to support Ukraine's budget and maintain essential services.

Reuters

Ajay Banga’s World Bank appointment shows that financial CEOs aren’t toxic anymore

The nomination of the former Mastercard CEO shows how Wall Street has lost its status as America’s biggest corporate villain.

Fortune

Ajay Banga: Can former Mastercard chief push World Bank to prioritise climate action?

If selected, Banga will assume a crucial job at the 77-year-old institution that oversees the provision of billions of dollars of funding to developing countries

The Independent UK

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How Sri Lanka sleepwalked over a debt cliff

The issues that led Sri Lanka to become an economic basket case in 2022 serve as a warning for other nations.

360info

Pakistan’s debt is a teetering house of cards

Pakistan faces a wave of problems on multiple fronts, but its growing debt can no longer be overlooked as inflation soars and foreign reserves crumble.

360info

Biden selects ex-Mastercard CEO Ajay Banga to lead World Bank after Trump-appointed president resigns over climate row

Ex-Mastercard CEO has worked closely with Vice President Kamala Harris in efforts to address root causes of migration from Central America

The Independent UK

Joe Biden nominates former Mastercard boss Ajay Banga to lead World Bank

US president puts forward choice to oversee new focus on climate crisis after resignation of Trump appointee David Malpass

The Guardian - UK

Biden nominates former Mastercard CEO Ajay Banga to head World Bank

U.S. President Joe Biden nominated former Mastercard Inc CEO Ajay Banga to lead the World Bank, betting the India-born executive's ties to the private sector and emerging markets will jump-start the 77-year-old institution's overhaul to better address climate change.

Reuters

US nominates Ajay Banga for World Bank president

The United States is nominating former Mastercard CEO Ajay Banga to lead the World Bank

The Independent UK

Yellen, G7 urge more aid for Ukraine and adherence to Russia sanctions

Finance ministers from the United States and its G7 allies called for more financial support for Ukraine on Thursday and vowed to maintain tough sanctions on Russia on the eve of the first anniversary of Moscow's invasion.

Reuters

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Asharq Al-Awsat

World Bank Hopes to Select New Chief by May

The World Bank said Wednesday it hopes to find a successor by early May to chief David Malpass, who has announced he will step down nearly a year early. The Washington-based development lender will begin accepting candidate nominations on Thursday, a process that will run until March 29. The bank…

Bangkok Post

'Terrible toll' of Russia's year-long invasion of Ukraine

PARIS: When Russia's President Vladimir Putin ordered the invasion of Ukraine on Feb 24, 2022, he started a war that has killed tens of thousands of people, ravaged cities and pummelled the country's economy.

Reuters

German minister: Next World Bank boss should be a woman

The next World Bank president should be a woman, Germany's international development minister told Reuters in remarks that could strengthen the potential candidacy of Ngozi Okonjo-Iweala, the American-Nigerian head of the World Trade Organization.

Al Jazeera

Russian economy shrank 2.1% in 2022, much less than expected

The economy defied fears of a recession and previous predictions that it would contract by more than 12 percent.

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Reason

Russia's War in Ukraine Threatens Starvation for the World's Poor

Global hunger declined for decades before pandemic policies and Russia’s invasion broke the world.

Asharq Al-Awsat

World Bank: Gulf Economies Are Becoming More Open

Middle East and North Africa (MENA) countries should follow the lead of Saudi Arabia, the United Arab Emirates, and the Gulf states in economic reforms, said World Bank Vice President for Middle East and North Africa Ferid Belhaj. Belhaj explained that Gulf countries worked on deep and structural reforms by…

Salon

Malpass resigns amid climate controversy

When asked about climate change, David Malpass said he’s “not a scientist.” Soon he won’t be a World Bank president

The Guardian - UK

It’s high time to rethink how the World Bank operates

Many believe there is little future in trying to tackle problems of the 2020s with institutions created in the 1940s

The Conversation

Africa's agribusiness sector should drive the continent's economic development: Five reasons why

Africa’s agriculture sector accounts for about 35% of the continent’s gross domestic product, and provides the livelihood of more than 50% of the continent’s population. These shares are more than double those of the world average and much higher than those of any other emerging region.

Reuters

U.S. to push debt relief, Ukraine aid at G20 finance meeting in India

U.S. Treasury Secretary Janet Yellen will travel to India next week for G20 finance meetings that will focus on unblocking distressed-country debt restructuring, boosting support for Ukraine and reforming multilateral development banks.

The Guardian - UK

First Thing: latest objects shot down over US not linked to China, Biden says

‘Private companies’ conclusion likely to fuel criticism that downings were overreaction amid pressure over initial balloon discovery. Plus, there may be a reason you want to sleep more in winter

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