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The Latest Breaking News from World Bank

'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.

Bangkok Post

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.

Reuters

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.

Al Jazeera

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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.

Reason

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…

Asharq Al-Awsat

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

Salon

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 Guardian - UK

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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.

The Conversation

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.

Reuters

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

The Guardian - UK

External backers pour billions into Ukraine to counter war damage

Pictures of devastation in Ukraine following Russia's invasion have sparked urgent questions over how its reconstruction can be paid for. But before they can even begin to be answered, Kyiv is seeking billions just to ride out this year.

Reuters

Climate advocates urge World Bank overhaul as leader exits

Leading climate figures are urging the Biden administration to use the early departure of the Trump-appointed head of the World Bank as an opening to overhaul the powerful financial institution

The Independent UK

Rockefeller Foundation boss favourite to succeed David Malpass at World Bank

Calls for White House to lose stranglehold on choosing bank’s leadership

The Guardian - UK

Biden set to pounce on much-wanted surprise at World Bank

Biden likely to move quickly in picking new World Bank leader.

Axios

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The Guardian - UK

Why World Bank head’s resignation is good news for climate crisis fight

David Malpass’s decision to quit has delighted frustrated developing nations, donors, experts and campaigners

The Guardian - AU

Afternoon Update: Unemployment rises to 3.7%; Queensland shooting declared terrorism; and the ‘perfect’ cosmic explosion

Jim Chalmers says there are ‘human consequences’ for slowing economy

Al Jazeera

World Bank head criticised over climate stance to step down early

David Malpass led lender through crises including the war in Ukraine but faced criticism over stance on climate change.

WEKU

David Malpass is stepping down as president of the World Bank

Appointed by then-President Trump in 2019, he is leaving before his five-year term expires. Malpass faced backlash over his comments at Climate Week NYC in 2022.

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The Independent UK

Trump pick Malpass stepping down as head of the World Bank

David Malpass is stepping down as president of the World Bank, four years after former President Donald Trump picked him to run the 189-nation agency

Axios

David Malpass will step down as World Bank head

Malpass did not explain his reason for stepping down — but his exit comes months after a climate change-related controversy.

The Conversation

Al-Shabaab attacks in Somalia affect communities as far as 900km away – aid agencies need to take note

Policymakers tend to assume that the effects of conflict are felt only where violence occurs. As a result, humanitarian aid, protection efforts or asylum policies largely focus on conflict-hit areas.

The Times of India

India: China should take losses in poor-nation debt rework

NEW DELHI: China must stop taking positions that block debt relief to some of the world’s poorest nations and be willing to take losses on its loans to them, India said in its capacity as the current Group of 20 leader.

Reuters

Yellen wants bolder World Bank steps on climate change, global issues

U.S. Treasury Secretary Janet Yellen urged the World Bank to map out "bolder and more imaginative" steps on Thursday to address global challenges such as climate change even as it continues to aid individual developing countries.

Al Jazeera

In South Africa, ‘load shedding’ takes a toll on small businesses

Small business owners say the scheduled power cuts are hurting their daily operations.

Al Jazeera

Inflation and recession: Can the world defeat both in 2023?

No, it must accept one, per conventional wisdom. But Europe’s showing another way, though it won’t be painless either.

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