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The Latest Breaking News from World Bank

World’s poorest countries’ debt interest payments rise 35%, report says

Report’s author, the World Bank, states concern over poor countries’ increasing spending on debt

The Guardian - UK

Explained: Why World Bank upgraded India's economic forecast for FY23

NEW DELHI: The World Bank on Tuesday revised upwards its GDP growth forecast from 6.5% for India to 6.9% for 2022-23, saying the country was showing higher resilience to global shocks.

The Times of India

World Bank upgrades India's economic growth forecast from 6.5% to 6.9% in FY23

NEW DELHI: The World Bank on Tuesday upgraded India's gross domestic product (GDP) forecast for the financial year 2022-23 to 6.9% from 6.5% earlier.

The Times of India

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World Bank Provides $150 Million Grant to Address Food Insecurity in Yemen

The World Bank approved an additional $150 million grant for the second phase of the Yemen Food Security Response and Resilience Project. The new funding is designed to address food insecurity, strengthen resilience, and protect livelihoods in Yemen. The financing comprises a $100 million grant from the World Bank's fund…

Asharq Al-Awsat

The G20 pandemic fund – and how Indonesia plays a key role in it

One major achievement during this year’s G20 Summit was the establishment of a global fund dedicated to the prevention and containment of future pandemic threats.

The Conversation

Eduardo Porter: Migrant workers face worse choices than building World Cup stadiums

The global financial crisis of 2008 dealt a blow to thousands of Indian laborers. They were set to join hundreds of thousands of compatriots providing the workforce for a construction boom in Dubai. Then the world economy spasmed, the price of oil tanked and international finance dried up. Hundreds of…

Tribune News Service

Gordon Brown says China must pay into climate fund for poor countries

Former prime minister says US and Europe will pay biggest share of loss and damage fund, but China must too

The Guardian - UK

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Trillions needed to fight climate change

At COP 27, negotiators have been haggling over how to pay for the mounting costs of climate change

Salon

Tackling climate change will require reforming the World Bank and IMF – here are two options

A global transition to a low-carbon economy will require investments of at least US$4 trillion a year (£3.4 trillion) according to the implementation plan agreed at COP27 UN climate change summit in Sharm El-Sheikh, Egypt. Delivering this funding will involve nothing less than “a swift and comprehensive transformation of the…

The Conversation

Lebanon: World Bank Rules out Economic Recovery if Political Paralysis Continues

The World Bank has refuted the anticipations of Banque du Liban (The Central Bank of Lebanon) of a 2 percent growth in GDP in 2022, expecting Lebanon to “contract by 5.4 percent in 2022 amid political paralysis and delays in implementing an economic recovery plan.” “The depth and duration of…

Asharq Al-Awsat

Mind the gaps: the world needs to radically transform its educational systems, not just upgrade them

In September 2022 the United Nations organised the first-ever high-level Transforming Education Summit, inviting stakeholders to put forward commitments and tackle the challenges we face. Once again we heard how staggering the needs are: in lower-income countries, 25% of young people and just over 55% of adults are still illiterate,…

The Conversation

Lebanon MPs Again Fail to Elect President despite Economic Crisis

Lebanese lawmakers failed for a seventh time Thursday to elect a successor to former president Michel Aoun, even though the vacancy is hampering efforts to rescue the stricken economy. Parliament is split between supporters of the powerful Iran-backed Hezbollah movement and its opponents, neither of whom have a clear majority.…

Asharq Al-Awsat

Ukraine war: how the economy has kept running at a time of bitter conflict

November 24 marks nine months since the Russian invasion of Ukraine began. Despite the expectation of the Kremlin – and many international analysts – Ukraine did not fall within days. It repelled Russia’s advance on the capital Kyiv, turned the tide on the battlefields and has now retaken half of…

The Conversation

Rebel with a ‘tingly’ cause: Yao Zhao brings piquant peppers to the US

His company, 50Hertz Tingly Foods, isn’t a chili oil or spice purveyor – it’s a ‘sensory company’ importing the taste of China’s Sichuan province to the US

The Guardian - US

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The New Daily

COP27 Summit: The key takeaways from the 2022 climate conference

The COP27 climate summit in Egypt has delivered mixed results and left some big issues unresolved. Here are some key takeaways.

Asharq Al-Awsat

World Bank Officials: Cooperation in the Region Targets Development, Climate Protection

World Bank officials stressed that climate challenges in the Middle East included water scarcity, food shortage, and energy security, noting that the Saudi Green Initiative was an example to follow in order to address these threats. Asharq Al-Awsat interviewed Paul Noumba Um, the Regional Director of the World Bank’s Infrastructure…

The Guardian - UK

What are the key outcomes of Cop27 climate summit?

From loss and damage to 1.5C goal and World Bank reform, the takeaways from Sharm el-Sheikh

Bangkok Post

Nuan is the cat's whiskers at Apec

The most important news emerging from the Apec summit in Bangkok is that it looks like Downing Street's Larry the Cat has finally got some competition in the ranks of feline celebrities. Catching the eye in the Big Mango this week has been Nuan -- a lady cat who has…

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The Guardian - UK

Cop27: is it right to talk of ‘reparations’?

Negotiations are centred on ‘loss and damages’ – but some think that language does not fully account for climate debt

France 24

Why India is still struggling to provide access to toilets

November 19 is World Toilet Day, a crucial health issue in India. According to the World Bank, nearly 15 percent of the country's population does not have access to a toilet and the consequences are severe: water pollution, waterborne diseases and sexual violence. In 2014, Prime Minister Narendra Modi promised…

The Independent UK

Barbados spearheads push on climate disaster financing

As climate-amped disasters ratchet up the suffering, the staid international finace system designed for an earlier age may be on the brink of change, driven by those on the front lines

The Conversation

COP27 roundup: how the world can stick to its carbon budget fairly

How much CO₂ can humanity emit before we push global temperatures 1.5°C above the pre-industrial average? That was the limit agreed in 2015 which scientists say offers us a reasonable chance of averting climate breakdown. The answer, according to a new assessment of the remaining carbon budget, is 380 billion…

Reuters

COP27: Multi-lateral lenders have failed poorest over climate - Commonwealth head

The world's multi-lateral banks have "demonstrably failed" low and middle income countries when climate disasters hit and need to better assess their vulnerability and resilience when offering support, the head of the Commonwealth told Reuters.

Reuters

Bankers bet billions on new wave of debt-for-nature deals

The Galapagos Islands, whose thousands of unique species inspired Darwin's theory of evolution, have incalculable ecological value. But what are they worth?

360info

Three essentials to cashing in on population growth

The benefits of a growing demographic are not guaranteed. Governments need to ensure the right tools are in place as well.

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