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The Latest Breaking News from World Bank

UN urges Ukraine grain release, World Bank pledges extra $12 bn

United Nations (United States) (AFP) - The UN warned Wednesday that a growing global food crisis could last years if it goes unchecked, as the World Bank announced an additional $12 billion in funding to mitigate its "devastating effects."

AFP

Can we still unite to do big things?

When US Secretary of the Treasury Henry Morgenthau opened the Bretton Woods Conference almost 80 years ago, he reminded delegates that failures of international cooperation had led to the Great Depression, social division and ultimately war. "Prosperity, like peace, is indivisible," he concluded, "we cannot afford to have it scattered…

Bangkok Post

World Bank to provide additional $12 bn to address 'devastating' global food crisis

Washington (AFP) - The World Bank announced Wednesday an additional $12 billion in funding to mitigate the "devastating effects" of severe growing global food insecurity driven by climate change and Russia's invasion of Ukraine.

AFP

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World Bank pledges $12bn to support low-income countries hit by shortages

Move follows warning from head of UN World Food Programme about high prices leading to social unrest

The Guardian - UK

World Bank to offer $30 billion as Ukraine war threatens food security

The World Bank said on Wednesday it will make $30 billion available to help stem a food security crisis threatened by Russia's war in Ukraine, which has cut off most grain exports from the two countries.

Reuters

US, banks unveil plan to ease food crisis from Russia's war

Ahead of the G7 finance ministers’ meetings, the U.S. Treasury, several global development banks and other groups have unveiled a multi-billion dollar plan meant to address a worldwide food security crisis exacerbated by Russia’s war in Ukraine

The Independent UK

Export only surplus cotton: Piyush Goyal

Minister holds talks with stakeholders to soften rising prices of the commodity

The Hindu

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More pain in Sri Lanka before any resolution to crisis

Sri Lanka's central bank has secured foreign exchange to pay for fuel and cooking gas shipments that will ease crippling shortages, its governor said on Thursday, as the prime minister said supplies had been locked in for at least a month.

Reuters

When Africans asked for COVID shots, they didn't get them. Now they don't want them

It's noisy inside the Mamprobi clinic in Accra as kids clamber over their mothers while they wait to get their measles vaccines. Outside, an area reserved for COVID-19 shots is empty. A health worker leans back in his chair and scrolls on a tablet.

Reuters

Ethiopia to get $300m World Bank grant for reconstruction

Fighting in the northern region of Tigray has eased since a unilateral ceasefire was declared by the federal government.

Al Jazeera

Ethiopia, World Bank sign $300 million grant agreement for reconstruction

Ethiopia and the World Bank have signed an agreement for a $300 million grant to help with reconstruction and recovery in conflict-hit areas, the finance ministry said.

Reuters

Inflation rises in Nigeria amid fuel scarcity and insecurity

The hike in inflation means purchasing power of Nigerians, some of whom live on $50 monthly minimum wage, is declining.

Al Jazeera

Yellen meets war refugees in Poland, pushes food crisis plan

U.S. Treasury Secretary Janet Yellen has met with Ukrainian refugees and urged the need to confront Russian brutality as she visited Poland ahead of a meeting of finance ministers for the Group of Seven leading economies

The Independent UK

UK’s new aid strategy condemned as ‘double whammy to world’s poor’

Liz Truss unveils plan to almost halve budget to multilateral bodies, challenge ‘malign actors’ and boost trade-linked deals

The Guardian - UK

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The Guardian - UK

‘We are worse off’: Afghanistan further impoverished as women vanish from workforce

From civil servants, teachers and doctors to journalists and business owners, loss of female workers under the Taliban has already cost the economy $1bn

The Guardian - UK

‘Cash, coal, cars and trees’: what progress has been made since Cop26?

Six months on, the war in Ukraine and ongoing Covid-19 pandemic have derailed some changes agreed on in Glasgow

The Independent UK

Pricey tortillas: LatAm's poor struggle to afford staples

Across Latin America, the sharpest price spike in a generation has left many widely consumed local products suddenly hard to attain

Benzinga

Biden Says US Ready To Share COVID-19 Vaccine Related Technology

President Joe Biden said that the U.S. will share technologies used to make COVID-19 vaccines through the World Health Organization and is working on expanding rapid testing and antiviral treatments for hard-to-reach populations. "We are making available health technologies that are owned by the United States government, including stabilized spike protein that…

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Reuters

Lebanon to vote in first election since financial meltdown

Lebanese vote on Sunday in the first election since their country's economic collapse, a test of whether Iran-backed Hezbollah and its allies can preserve their parliamentary majority amidst soaring poverty and anger at ruling parties.

AFP

Remittances to Ukraine to jump over 20 percent: World Bank

Washington (AFP) - Payments from workers living abroad to low- and middle-income countries are expected to rise 4.2 percent this year, with Ukraine as the main beneficiary of the increase, the World Bank said Wednesday.

The Guardian - UK

War leads to surge in money transfers to Ukraine

As more Ukrainians abroad send funds home, World Bank expects remittances to Russia-linked countries to fall

Inverse

Studies linking nature to better mental health focus on wealthy nations — here's why that's a huge problem

In a new review, researchers found that most of the studies on the connection between better mental health and nature were from Westernized nations.

Asharq Al-Awsat

World Bank Urges Donors to Boost Financial Support for Palestinian Authority

The World Bank urged on Monday donors to boost support for the Palestinian Authority (PA), which it said was facing a destabilizing budget crisis linked partly to “record low” foreign aid contributions. In a report, published ahead of a donor conference in Brussels, the World Bank paints a contrasting view…

Asharq Al-Awsat

World Bank Approves Emergency Loan to Fund Wheat for Lebanon

The World Bank (WB) approved a $150 million emergency loan for food security to support wheat imports to Lebanon and provide stability of bread prices during the coming nine months, a Lebanese minister announced on Monday. Economy and Trade Minister Amin Salam said in a press conference that he had…

The Guardian - UK

Sri Lanka is the first domino to fall in the face of a global debt crisis

The south Asian country is the first to buckle under economic pressures compounded by Russia’s war on Ukraine, but it won’t be the last

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