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The Latest Breaking News from World Bank

World Bank halts all programs in Russia, Belarus

The World Bank said on Wednesday it had stopped all programs in Russia and Belarus with immediate effect, following the Russian invasion of Ukraine and "hostilities against the people of Ukraine."

Reuters

World Bank Announces More than $1 bn in Aid for Afghanistan

The World Bank on Tuesday announced more than $1 billion in humanitarian aid for Afghanistan, stating the money will go to UN agencies and international NGOs while remaining "outside the control" of the country's Taliban rulers. The reallocation from the Afghanistan Reconstruction Trust Fund (ARTF) follows the $280 million in…

Asharq Al-Awsat

Oil price jumps to nearly $114; natural gas prices reach record highs – as it happened

US and European shares push higher, while rouble drops 8% and Moscow stock exchange stays shut for third day, as Russia bombards Ukrainian cities

The Guardian - UK

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World Bank board backs plan to shift $1 billion from frozen Afghan trust fund -source

The executive board of the World Bank on Tuesday approved a plan to use more than $1 billion from a frozen Afghanistan trust fund to fund urgently needed education, agriculture, health and family programs, a source familiar with the decision said.

Reuters

World Bank, IMF racing to get aid to Ukraine in coming weeks, months

The International Monetary Fund and World Bank on Tuesday said they were racing to provide billions of dollars of additional funding to Ukraine in coming weeks and months, adding the war there is creating "significant spillovers" to other countries.

Reuters

Latest Ukraine updates: UNGA votes to demand Russian withdrawal

Russia-Ukraine news from March 2: UN General Assembly resolution condemns Russia for the invasion of Ukraine.

Al Jazeera

Exclusive-World Bank pushes for $350 million Ukraine loan approval within days -sources

The World Bank is pushing for "fast-track" approval of an additional $350 million loan for Ukraine within days, to provide emergency cash for its efforts to defend against Russia's invasion, people familiar with the plans said.

Reuters

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World Bank may be able to disburse Ukraine aid funds in days - Malpass

World Bank President David Malpass said on Sunday the bank may be able to provide Ukraine with more financial resources within days and that additional aid for the war-torn country will be discussed by G7 finance leaders on Tuesday.

Reuters

Understanding the Indus Waters Treaty

What is the river water-sharing treaty between India and Pakistan and why are delegations from both countries set to meet in March?

The Hindu

World Bank preparing ways to support Ukraine as fallout assessed

The World Bank said on Thursday it was preparing options to provide immediate support to Ukraine's government, as the development lender and the International Monetary Fund assess the economic fallout from the conflict in Ukraine.

Reuters

South Africa and international financial institutions: a liaison group could recalibrate relations

Since the onset of the COVID pandemic in 2020, South Africa has borrowed a total of about US$7 billion (about R106 billion). The money has come from the International Monetary Fund, the New Development Bank, the African Development Bank, and the World Bank.

The Conversation

Kenya’s incumbent President Kenyatta endorses long-time rival Raila Odinga

In tonight's edition: Kenya's incumbent President Uhuru Kenyatta is backing his long-time rival Raila Odinga in the upcoming election. And opposition parties in South Africa protest the budget and World Bank loans. Finally, we head to Kinshasa, where Congolese rumba, which emerged in the 1940's, is still being celebrated today.

France 24

Thais urged to embrace disruptive tech

Accelerating the roll-out of digital and disruptive technologies while promoting a circular economy approach in key industries could generate up to US$3.4 billion per year through investment flows, savings and revenues for Thailand, according to a new World Bank Group report launched on Tuesday.

Bangkok Post

Sudan Govt Reverses Decision to Raise Price of Cooking Gas

The Sudanese government reversed on Sunday a decision to raise the price of cooking gas only a few hours after announcing the hike. In a statement reported by Sudan’s official news agency SUNA, the Ministry of Energy and Oil announced a new rise in cooking gas prices for the second…

Asharq Al-Awsat

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Bangkok Post

Digital, circular economy can earn Thailand B110bn a year extra - World Bank

Digital and disruptive technologies and development of a circular economy can earn Thailand up to 110.1 billion baht (US$3.4 billion) each year in additional investments, savings and revenue, the World Bank said on Tuesday.

Asharq Al-Awsat

Lebanon's 'Zombie Banks' Downsize to Weather Crisis

Once the economy's crown jewel, Lebanon's banks are shutting branches and laying off employees in droves, resizing to the bleak reality of a crisis they are widely blamed for. Before the onset in 2019 of a financial collapse deemed one of the world's worst since the 1850s by the World…

The Conversation

Ghana's debt makes development impossible: here are some solutions

By the year 2000, the government of Ghana had borrowed so much that the country was in debt distress. It then subscribed to the Heavily Indebted Poor Countries initiative of the International Monetary Fund and World Bank. Consequently, much of the country’s external debt of over US$4 billion was written…

Reuters

World Bank readies $350 million Ukraine disbursement, pledges more support

The World Bank Group on Saturday said it is readying a $350 million disbursement to Ukraine that the group's board will consider by the end of March as part of a plan for short- and long-term financing for the country.

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Reuters

Exclusive-World Bank proposal would shift about $1 billion from Afghan trust

The World Bank's management has approved a plan to use some $1 billion in a frozen Afghanistan trust fund for education, agriculture, health and family programs, according to a bank paper and two sources, in what would be a major boost to efforts to ease the country's worsening humanitarian and…

The Conversation

Uganda needs a mind shift to address poor growth and persistent inequality

Uganda aspires to become an upper-middle-income country by 2040. This is classified by the World Bank as a country with Gross National Income per capita income above $4,096. That’s far and above Uganda’s latest figure of under $1,000.

Asharq Al-Awsat

Tunisia Says World Bank to Lend it $400 Mln

The World Bank will lend Tunisia about $400 million to finance social reforms, the Tunisian government said on Tuesday, as it started talks with the International Monetary Fund on economic reforms. The country, which is suffering from a financial crisis, is seeking to obtain a rescue package from the IMF…

Asharq Al-Awsat

Tunisian President Will Launch a Committee to Audit Loans and Grants

Tunisian president Kais Saied said on Tuesday he will launch a committee to audit all the loans and grants that Tunisia has obtained in the past years, accusing former officials of corruption and looting of funds. "Where did the money go? The people's money should go back to the people,"…

ABC News

Tonga faces $125 million damage bill, a month after volcano, tsunami devastate Pacific island

A month after the volcanic eruption and tsunami which devastated much of Tonga, the World Bank estimates the Pacific kingdom's recovery will be costly.

Asharq Al-Awsat

World Bank Temporarily Relocates Staff from Ukraine

The World Bank is temporarily relocating staff from Ukraine and has suspended staff missions to the country due to the tensions on the border with Russia, according to an internal memo seen by Reuters on Monday. The World Bank said it was closely monitoring the situation at the border, where…

Reuters

World Bank relocates some staff from Ukraine, operations continue

The World Bank said on Monday it is temporarily relocating some of its staff from Ukraine and has suspended missions to the country due to the tensions on the border with Russia, but its Ukraine financing operations would continue.

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