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The Latest Breaking News from World Bank

World Bank Accuses Lebanese Politicians of Cruelty over Deposit Promises

The World Bank accused Lebanese politicians of being cruel by asserting that deposits in the country's collapsed banking sector are sacred, saying such slogans "flagrantly contradict the reality" in a report on Wednesday. Lebanon is in the third year of a financial meltdown that has left eight in ten people…

Asharq Al-Awsat

World Bank accuses Lebanese politicians of cruelty over deposit promises

Reuters

Bangladesh seeking $2 Billion from World Bank, ADB - Bloomberg News

Bangladesh is seeking $2 billion from the World Bank and the Asian Development Bank (ADB) amid efforts to bolster its foreign exchange reserves, Bloomberg News reported on Wednesday.

Reuters

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First shipment of Ukrainian grain reaches Turkish waters

The first shipment of Ukrainian grain since Russia’s invasion reached Turkish territorial waters on Tuesday near the entrance to the Bosphorus Strait. The number of border crossings from Ukraine has surpassed 10 million, the UN Refugee Agency reported. Read about the day's events as they unfolded on our liveblog. All…

France 24

Food prices soaring in developing world amid Ukraine crisis, World Bank finds

Lebanon is worst-hit by food inflation after food grain store explosion in Beirut in 2020

The Guardian - UK

Lebanese Face Long 'Insulting' Queues to Buy Bread

In bankrupt Lebanon, Khalil Mansour has to queue for hours every day just to buy bread for his family and some days he can't afford any. In a country which once boasted the nickname "Switzerland of the Middle East" for its thriving banking sector before financial crisis hit in 2019,…

Asharq Al-Awsat

World Bank refuses new funding for Sri Lanka

COLOMBO: The World Bank has told Sri Lanka it will not offer new funding unless the bankrupt country carries out “deep structural reforms” to stabilise its crashing economy.

Bangkok Post

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The International Monetary Fund: Holy Grail or Poisoned Chalice?

As the global south struggles to grapple with its debt pandemic, experts question the efficacy of the IMF’s conditional lending.

Foreign Policy

World Bank says no new plans for financing for Sri Lanka

The World Bank does not plan to offer new financing to Sri Lanka until an adequate macroeconomic policy framework is in place, it said in a statement on Thursday.

Reuters

Minister: Lebanon to build new silos to ease wheat crisis

Cash-strapped Lebanon plans to build two new grain silos to fight its food security crisis for millions living in poverty

The Independent UK

Morocco, World Bank Sign Agreement to Strengthen Human Capital

The World Bank approved last week $500 million to help strengthen human capital and resilience in Morocco. Minister Delegate in charge of the Budget Fouzi Lekjaa and World Bank Director of Operations for the Maghreb and Malta Jesko Hentschel signed the agreement on Monday, which represents the first tranche of…

Asharq Al-Awsat

Lebanon Approves $150 Million World Bank Wheat Loan

Lebanon's parliament approved on Tuesday a $150 million World Bank loan to import wheat, as shortages of subsidized bread intensify in the cash-strapped country, local media reported. Long lines have formed in front of bakeries and supermarkets where people wait hours for a bag of subsidized Arabic bread -- in…

Asharq Al-Awsat

Lebanon's Parliament votes to spend World Bank loan on wheat

Lebanese lawmakers have voted to use a $150 million World Bank loan to import wheat for its cash-strapped country

The Independent UK

Exclusive: U.S. and Taliban make progress on Afghan reserves, but big gaps remain

U.S. and Taliban officials have exchanged proposals for the release of billions of dollars from Afghan central bank reserves held abroad into a trust fund, three sources familiar with the talks said, offering a hint of progress in efforts to ease Afghanistan's economic crisis.

Reuters

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Los Angeles Times

Haunted by his father's role in Vietnam, he turned to farming to grow a new legacy

WINTERS, Calif. — Craig McNamara had come prepared to talk about heavy things.

Reuters

Senegalese island keeps coastal erosion at bay with stakes in the sand

Simple wooden structures padded with coconut tree fronds are helping residents of Diogue island in southern Senegal to win back stretches of sandy beach from the Atlantic swells that threaten much of the West African coast.

The Independent UK

Mideast nations wake up to damage from climate change

The Middle East is one of the most vulnerable regions in the world to the impact of climate change — and already the effects are being seen

The Guardian - UK

The UN wants to educate children – it will succeed only if it feeds them first

Millions have missed out on education during the pandemic, and school meals programmes are another Covid casualty

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Bangkok Post

Pandemic action must be global

At their meeting in Bali on July 15-16, G20 finance ministers reaffirmed their commitment to coordinated action to get the Covid-19 pandemic under control and better prepare for the next global health emergency.

The Conversation

Sri Lanka's crisis: Can the South Asian economy break from the past and find a route to stability?

Sri Lanka has a new president and prime minister – but a change in who leads the crisis-hit South Asian nation alone will not solve the country’s severe economic problems.

Al Jazeera

Mixed reactions as Nigeria’s state oil firm goes private

For years, the oil firm has been plagued with financial transparency issues. Analysts say going commercial could fix it.

Reuters

Africa's top public health body gets $100 million from World Bank

Africa's main public health body, the Africa Centres for Disease Control and Prevention (Africa CDC), will receive $100 million from the World Bank to help African countries prepare for, detect and respond to disease outbreaks.

Asharq Al-Awsat

World Bank to Fund $100 Million in Food Insecurity Aid to Sudan Through WFP

The World Bank has agreed to provide the UN's World Food Program with $100 million for an “emergency safety net project” to address food insecurity in Sudan, it said in a statement on Thursday. The program, whose funding comes from the European Union, United Kingdom, and several other nations, aims…

Reuters

World Bank to fund $100 million in food insecurity aid to Sudan through WFP

The World Bank has agreed to provide the U.N.'s World Food Programme with $100 million for an “emergency safety net project” to address food insecurity in Sudan, it said in a statement on Thursday.

The Guardian - UK

Revealed: oil sector’s ‘staggering’ $3bn-a-day profits for last 50 years

Vast sums provide power to ‘buy every politician’ and delay action on climate crisis, says expert

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