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The Latest Breaking News from World Bank

Climate and debt crises converge for half of the world's poorest

Countries home to half of the world's poorest people are facing a systemic debt crisis that will significantly diminish their ability to fight the impacts of climate change, a UN report warned on Tuesday.

Radio France Internationale

World Bank extends unconditional loan of $250 million for SALT project in Andhra Pradesh

Media reports that the World Bank has imposed certain curbs to extend the financial assistance is baseless, says Special Chief Secretary (School Education)

The Hindu

U.S., allies aim to continue hammering Russia over its 'egregious' war in Ukraine -officials

Western governments plan to ratchet up pressure on Russia over its war in Ukraine, underscoring continued support for Ukraine when finance officials from around the world gather in Washington this week, senior U.S. officials said on Tuesday.

Reuters

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Larry Summers wants to spend trillions on climate

The former Treasury secretary is looking for the World Bank to increase its lending

Axios

Sri Lanka to keep 'middle-income' status but seek concessional loans

Sri Lanka will remain a middle-income country but request the World Bank to grant it some loans generally offered to poorer nations, the president's office said on Tuesday, clarifying a cabinet spokesperson's earlier comments on the matter.

Reuters

IMF, World Bank warn of increasing risk of global recession

The heads of the International Monetary Fund and World Bank warned of a rising risk of a global recession as advanced economies slow and faster inflation forces the Federal Reserve to keep raising interest rates, adding to the debt pressures on developing nations.

Tribune News Service

World Bank's Malpass, IMF's Georgieva See Rising Risks of Global Recession

World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said inflation remained a continuing problem after Russia's invasion of Ukraine. "There's a risk and real danger of a world recession next year," Malpass said in…

Asharq Al-Awsat

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Is the US economy in a recession and taking the world with it?

The US is facing rising recession fears even as economic indicators point to mixed signals.

Al Jazeera

State to use ₹1,400-cr. World Bank aid to help Krishibhavans launch value-added products

There are 1,041 Krishibhavans in Kerala, and each of them will be empowered to look into strategies for developing and marketing products, says Minister

The Hindu

Nirmala Sitharaman U.S. visit | Slew of multilateral and bilateral parleys lined up

Sitharaman will hold meetings with major U.S. investors who are members of the USIBC and the US India Strategic Partnership Forum

The Hindu

Ghana and the IMF: debt restructuring must go hand-in-hand with managing finances better

Ghana is struggling with managing its debt, 20-year high inflation, a weak currency, and rising inequality. For example, inflation rose to 33.9% in August 2022 from 9.7% a year earlier, while the cedi has depreciated by 41% year-to-date against the US dollar. These vulnerabilities have been worsened by the aftershocks…

The Conversation

Bumpy road to recovery

Even as Thailand continues on its path to economic recovery in the fourth quarter, buoyed by tourism and domestic consumption, businesses are still unnerved by pressing challenges, including high inflation, a weaker baht, surging energy prices and flooding, which could hamper the rebound.

Bangkok Post

Ukraine seeks to rebuild economy with defiant small businesses

Victoriia Maslova abandoned her herbal cosmetics factory in the Ukrainian town of Bucha on the first day of Russia's invasion of the country, fleeing to Poland with her mother and three younger brothers when rockets began hitting a nearby airport.

Reuters

Morning Digest | India objects to U.S. envoy’s PoK visit; EC seeks Uddhav’s response on Shiv Sena symbol dispute, and more

A select list of stories to read before you start your day

The Hindu

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Reuters

World Bank chief says will keep 'intense' focus on addressing climate change

World Bank President David Malpass said on Friday that he was keeping an "intense" focus on the bank's efforts to address climate change and was embracing the U.S. Treasury's call to dramatically boost lending capacity to address this and other global problems.

The Hindu

Slow lane driving: On the World Bank’s dire growth forecast for India

The World Bank has warned India’s uneven recovery could soon falter

The Hindu

India can lead G20 on education, climate and debt sustainability: World Bank President

World Bank President David Malpass points to India’s involvement in restructuring debts in Sri Lanka and it being a major creditor to African nations; calls the country a leader in education

The Hindu

World Bank has downgraded Indian economy but PM is still resorting to empty slogans, alleges Congress

Ms. Shrinate said rupee has hit a historic low.

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The Hindu

Andhra Pradesh: Potharaju canal causes misery again as rainwater floods colonies in Ongole

Modernisation of the canal up to a width of 120 feet at a cost of ₹80 crore, though proposed in 2015, has been going on at a snail’s pace

Al Jazeera

Imran Khan: ‘This government will push Pakistan to the brink’

Ex-PM attacks the government over its handling of the flood-ravaged economy and once again calls for swift elections.

StockNews.com

2 Beaten-Down Nasdaq Stocks to Avoid

The NASDAQ Composite has been facing significant turmoil due to successive rate hikes. As recessionary fears loom over the economy, beaten-down stocks DraftKings (DKNG) and Affirm Holdings (AFRM) might be best avoided until further notice. Read more….

The Hindu

World Bank pares India FY23 growth projection to 6.5%

The Indian economy’s expansion is expected to speed up to 7% in the next fiscal year, before settling back down to 6.1% in FY24-25

The Guardian - UK

World Bank ‘has given nearly $15bn to fossil fuel projects since Paris deal’

A group of 50 NGOs found that bank and subsidiaries had funded oil refinery and gas processing

Bangkok Post

Western Brands Divided Over 'Made in Myanmar' After Coup

Western retailers are increasingly divided over whether to buy clothes made in Myanmar, a country that had emerged as one of the world's fastest-growing garment exporters before the military staged a coup last year.

Al Jazeera

Goal of ending extreme poverty by 2030 out of reach, report says

Effects of COVID and Ukraine war make it unlikely for eradicating extreme poverty by decade’s end, World Bank says.

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