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The Latest Breaking News from World Bank

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…

Asharq Al-Awsat

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…

The Conversation

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.

Reuters

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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…

Reuters

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.

The Conversation

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,"…

Asharq Al-Awsat

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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.

ABC News

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…

Asharq Al-Awsat

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.

Reuters

Incursion could start at ‘any time’, White House warns – as it happened

US relocating remaining embassy staff to Lviv, Antony Blinken confirms

The Guardian - US

Would Your Building Survive An Extreme Weather Event?

FEMA and the World Bank are using 3D aerial maps created by an Israeli startup to protect residents from extreme weather.

Zenger

World Bank Suggests Pricing Cost of Air Pollution in the Middle East

A World Bank report suggests pricing the cost of air pollution and reforming fossil fuel subsidies and creating markets for emissions, along with offering cleaner transportation options in the Middle East. The human and economic cost of air pollution and degraded seas and coastlines is immense, estimated to be more…

Asharq Al-Awsat

Lebanon’s Savers to Bear Burden under New Rescue Plan

Two years into an economic meltdown the World Bank says is one of the worst recorded, Lebanon's rulers have proposed a way to plug a huge hole in the financial system they were blamed for making: savers will foot most of the bill, not banks or the state. The plan,…

Asharq Al-Awsat

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Al Jazeera

Pakistan faces ‘hard choices’ for export growth: Commerce chief

To diversify exports beyond textiles, Pakistan is offering firms incentives and applying pressure to step up exports.

Asharq Al-Awsat

Vatican Envoy Accuses Lebanese Politicians of Profiting from Country’s Suffering

A Vatican envoy criticized Lebanon's politicians on his visit to Beirut on Tuesday, calling for an end to "the few profiting of the suffering of many" in a financial crisis which has plunged the bulk of the country into poverty. Archbishop Paul Gallagher's remarks come one week after the World…

Asharq Al-Awsat

Lebanon Plan Sees 93% Currency Slide, Turns Bulk of FX Deposits to Pounds

A government plan for tackling Lebanon's financial crisis projects a 93% devaluation of the Lebanese pound and converts the bulk of hard currency deposits in the banking system to local currency, according to a blueprint seen by Reuters. Of $104 billion of hard currency deposits, the plan foresees returning just…

Asharq Al-Awsat

IMF, World Bank Postpone Plans for Annual Meetings in Morocco

The International Monetary Fund and World Bank on Monday said they would postpone plans to hold their 2022 annual meetings in Marrakesh, Morocco, until October 2023, because of uncertainty about the COVID-19 pandemic. This year's annual meetings will instead take place in Washington in October, the two global institutions said…

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Newslaundry

Making sense of AdSense: Why political parties spend big bucks advertising on Google

In 2021, the World Bank estimated internet penetration in India stood at 41 percent. With low data charges, this number is set to grow further and that’s good news for advertising platforms like Google and Facebook, which have emerged as major players in the digital advertising space. For the internet…

Al Jazeera

Lebanon inks deal with Syria, Jordan to address power crisis

The project, funded by the World Bank, will send 250 megawatts of Jordanian energy to power-starved Lebanon via Syria.

Bangkok Post

World Bank sees ‘critically weak’ outlook for Myanmar this year

The World Bank is maintaining a bleak outlook for Myanmar in the wake of last year’s military coup and the ongoing pandemic, according to its latest Myanmar Economic Monitor, released on Wednesday.

The Independent UK

World Bank blames Lebanon's rulers for economic meltdown

The World Bank says Lebanon’s political class is to blame for the country's economic collapse, warning that the meltdown threatens Beirut's long-term stability

Asharq Al-Awsat

Lebanon’s Economic Depression ‘Orchestrated by Elite,’ World Bank Says

Lebanon's economic depression "is orchestrated by the country's elite" and "has come to threaten the country's long-term stability and social peace," the World Bank said in a press release on Tuesday attached to its latest report on the country. Lebanon's descent into financial ruin began in 2019, the result of…

The Guardian - UK

We can afford to reverse poverty and climate breakdown. What we can’t afford is the alternative

Our global finance system is failing to rise to the challenges we face. It’s time it was reimagined – and grounded in our shared humanity

Asharq Al-Awsat

How Bad Is Lebanon’s Economic Meltdown?

Lebanon is suffering an economic meltdown that began in 2019 when the financial system collapsed under colossal state debts and the unsustainable way they were funded, while politicians have yet to come up with a rescue plan. Just how bad is the situation? - Gross domestic product has plunged to…

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