ISLAMABAD (AP) — The World Bank said it will provide about $2 billion in aid to Pakistan, ravaged by floods that have killed more than 1,600 people this year, the largest pledge of assistance so far.
WASHINGTON (AP) — World Bank President David Malpass said Friday he won't resign after coming under criticism for his remarks earlier this week regarding climate change.
At an event sponsored by The New York Times on Tuesday, Malpass wouldn't answer directly when asked whether the burning of fossil fuels has contributed to global warming.
BEIRUT (AP) — Lebanon's central bank lifted its remaining subsidies on fuel on Monday, gas station owners said, ending a year-long process of scaling back on the expensive program.
The Central Bank over a year ago announced it would gradually lift fuel subsidies, to slow down the draining of its foreign exchange reserves.
SEOUL, South Korea (AP) — South Korea says it plans to challenge a World Bank tribunal’s order to pay $216.5 million plus interest to Texas-based Lone Star Funds following a decade-long dispute over the private equity firm’s sale of the Korea Exchange Bank.
BEIRUT (AP) — A judge ordered a gunman who took up to 10 hostages at a Beirut bank to force the release of his trapped savings to stay behind bars Friday, apparently a bid to prevent copycats as desperation deepens over Lebanon's economic meltdown.
BEIRUT (AP) — Lebanese lawmakers on Tuesday voted to use a $150 million World Bank loan to pay for wheat imports into the cash-strapped country.
Already in the throes of a crippling economic crisis, Lebanon is also struggling to cope with a food security crisis that has left half its roughly 6 million people without adequate food.
BANGKOK (AP) — Army-ruled Myanmar’s economy remains fragile as civil strife, inflation and onerous policy decisions add to troubles facing farmers and businesses, reports by the World Bank and other experts said Thursday.
WASHINGTON (AP) — Ukraine is getting an additional $1.7 billion in assistance from the U.S. government and the World Bank to pay the salaries of its beleaguered health care workers and provide other essential services.
CAIRO (AP) — Egypt will receive a $500 million loan from the World Bank to help finance its wheat purchases as prices skyrocket because of the Russian invasion of Ukraine, the bank said Wednesday.
The funds, approved Tuesday by the World Bank Board of Executive Directors, aim at supporting Egypt’s efforts to provide subsidized bread to poor and vulnerable households, it said.
DHAKA, Bangladesh (AP) — Bangladesh’s Prime Minister Sheikh Hasina on Saturday celebrated the opening of the country’s longest bridge, which took eight years to build amid setbacks involving political conflict and corruption allegations.
BEIRUT (AP) — Lebanon, Egypt and Syria signed an agreement Tuesday to import Egyptian gas to a power plant in northern Lebanon through Syria. The deal would increase badly needed electricity supplies in Lebanon, which is suffering under a severe energy crisis and chronic outages.
WASHINGTON (AP) — The World Bank has sharply downgraded its outlook for the global economy, pointing to Russia’s war against Ukraine, the prospect of widespread food shortages and concerns about the potential return of “stagflation” — a toxic mix of high inflation and sluggish growth unseen for more than four decades.
BEIRUT (AP) — The World Bank approved a $150 million soft loan for food security in crisis-hit Lebanon to stabilize bread prices during the coming months, the economy minister said Monday.
Amin Salam told reporters that the loan has a very low interest rate but the minister did not make the rate public.
COLOMBO, Sri Lanka (AP) — Sri Lanka will receive $300 million to $600 million from the World Bank over the next four months to buy medicine and other essential items, the country’s finance minister said Friday, as the Indian ocean island suffers its worst economic crisis in decades.
WASHINGTON (AP) — The mounting economic damage to Ukraine from Russia's ongoing bombardment has the U.S. and its allies speeding billions in aid to the beleaguered country — and looking for other sources of cash as well, including Russia itself.
WASHINGTON (AP) — Treasury Secretary Janet Yellen and Ukraine's Finance Minister Serhiy Marchenko walked out of a Group of 20 meeting Wednesday as Russia's representative started talking.
Several finance ministers and central bank governors also left the room, according an official familiar with the meetings, who spoke on the condition of anonymity because the event was not public.
WASHINGTON (AP) — The heads of the International Monetary Fund and the World Bank warned Wednesday that rising interest rates are squeezing the world's poorest countries as they struggle with the coronavirus and soaring food prices.
BEIRUT (AP) — Lebanon is close to reaching an agreement with the World Bank in which the international agency would give the crisis-hit country a $150 million loan for food security and to stabilize bread prices for the next six months, the economy minister said Tuesday.
WASHINGTON (AP) — Treasury Secretary Janet Yellen plans to meet with Ukrainian Prime Minister Denys Shmyhal during this week's big meetings of global economic leaders in Washington — but she'll be trying to avoid most contact with Russian officials who plan to attend some portions of the event virtually.
WASHINGTON — Ukraine is sending top officials to Washington for next week’s spring meetings of the International Monetary Fund and the World Bank, where discussion will focus on the Russian invasion and its impact on the global economy.
Tesla CEO Elon Musk won’t join Twitter’s board after all
SAN FRANCISCO (AP) — Billionaire Elon Musk, one of Twitter’s biggest shareholders, is reversing course and will no longer join the company’s board of directors, less than a week after being awarded a seat.
LONDON (AP) — The World Bank says Ukraine's economy will shrink by 45.1% this year because of Russia's invasion, which has shut down half of the country's businesses, choked off imports and exports, and damaged a vast amount of critical infrastructure.
SAN JOSE, Costa Rica (AP) — As Costa Rica's future president cast his ballot at a school in the capital, a young woman stood on the sidewalk outside shouting, “Harasser!”
She was surrounded and drowned out by Rodrigo Chaves’ supporters, but stood her ground, a purple handkerchief that read, “For our right to decide” tied around her neck.
BANGKOK (AP) — Disruptions to supplies of commodities, financial strains and higher prices are among the impacts of the war in Ukraine that will slow economies in Asia in coming months, the World Bank says in a report released Tuesday.
SAN JOSE, Costa Rica (AP) — President-elect Rodrigo Chaves said Monday that his runoff victory was a “revolution” by marginalized communities against Costa Rica's elites.
The conservative economist, who was briefly finance minister in the outgoing administration of President Carlos Alvarado, had cast himself as the outsider in the race, noting that his Social Democratic Progress Party had never won at any level before this year.
CAIRO (AP) — The World Bank has approved an additional $300 million for desperately needed aid for the poorest and most vulnerably households in war-torn Yemen, as well as for helping the country fight the coronavirus pandemic, according to a statement released Thursday.
BEIRUT (AP) — Lebanon signed deals on Wednesday to purchase electricity from Jordan via Syria to help the small Mediterranean country deal with its crippling energy crisis.
The deals are expected to bring Lebanon up to 250 megawatts of electricity a day within two months, enough for about two hours of power a day.
BEIRUT (AP) — Lebanon’s economy contracted by more than 58%, the World Bank said Tuesday, warning in a report that the small country’s financial meltdown poses a threat to long-term stability and social peace.
WASHINGTON (AP) — The World Bank is downgrading its outlook for the global economy, blaming continuing outbreaks of COVID-19, a reduction in government economic support and ongoing bottlenecks in global supply chains.
WASHINGTON (AP) — The embattled head of the International Monetary Fund, who successfully fought to keep her job following a data-manipulation scandal, on Wednesday pledged renewed efforts to bolster data integrity while focusing on the main job of helping countries recover from a devastating global pandemic.
WASHINGTON (AP) — The International Monetary Fund expressed “full confidence” in its managing director Tuesday in response to allegations that while she was a World Bank official, she and others pressured staffers to change business rankings in an effort to placate China.
WASHINGTON (AP) — The executive board of the International Monetary Fund said late Friday that it is seeking more “clarifying details” in its investigation into allegations that the head of the IMF pressured staff at the World Bank to change business rankings for China in an effort to placate that country.
WASHINGTON (AP) — The head of the International Monetary Fund said Thursday that a report alleging she had a role in data-rigging at the World Bank when she was a top official there was not an accurate representation of events.
WASHINGTON (AP) — The head of the International Monetary Fund met on Wednesday with her agency's executive board, which is conducting an investigation into alleged data-rigging at the World Bank, the sister global lender where she was formerly was a top executive.
WASHINGTON (AP) — The head of the International Monetary Fund says the agency is trimming its forecast for global growth this year.
IMF Managing Director Kristalina Georgieva on Tuesday cited rising risks from inflation, debt and a divergence in growth prospects between nations with access to coronavirus vaccines and those in need of shots.
WASHINGTON (AP) — The International Monetary Fund said Monday its board of directors has been briefed by attorneys from the law firm whose investigation found that current IMF Managing Director Kristalina Georgieva and other officials pressured World Bank employees to alter data affecting the business rankings of China and other nations.
CAIRO (AP) — The head of the World Bank held talks Thursday with Sudan's transitional leaders, focusing on the country's daunting economic challenges and a reform program the African nation is undertaking to overhaul the battered economy.
KABUL, Afghanistan (AP) — Female Afghan health workers, teachers and rights defenders Tuesday urged the international community to resume financial aid to Afghanistan, saying non-payment has disproportionally impacted women.
BEIJING (AP) — The World Bank on Tuesday cut its economic growth forecast for developing countries in East Asia due to the impact of the coronavirus’s delta variant and called on governments to help the poor and small businesses avoid long-term damage.
KABUL, Afghanistan (AP) — Afghanistan's new Taliban rulers set up a ministry for the “propagation of virtue and the prevention of vice" in the building that once housed the Women's Affairs Ministry, escorting out World Bank staffers on Saturday as part of the forced move.
WASHINGTON (AP) — Under fire for allegations that it bowed to pressure from China and other governments, the World Bank has dropped a popular report that ranked countries by how welcoming they are to businesses.
House to try suspending cap on borrowing authority next week
WASHINGTON (AP) — House Democrats said Friday they planned to take action next week to suspend the cap on the government’s borrowing authority.
WASHINGTON (AP) — Former officials of the World Bank are under pressure after an investigation found that they pressured staff members of the bank to alter data on global business conditions in order to favor China and some other governments.
DUBAI, United Arab Emirates (AP) — A month after the fall of Kabul, the world is still wrestling with how to help Afghanistan’s impoverished people without propping up their Taliban leaders — a question that grows more urgent by the day.
BARCELONA, Spain (AP) — Climate change could push more than 200 million people to leave their homes in the next three decades and create migration hot spots unless urgent action is taken to reduce global emissions and bridge the development gap, a World Bank report has found.
AMMAN (AP) — Egyptian natural gas should reach Lebanon through Jordan and Syria soon after maintenance of pipelines and the review of a deal interrupted 10-years ago are finalized by early October, ministers of the four countries said Wednesday.
KINSHASA, Congo (AP) — Authorities arrested Congo's former public health minister, Dr. Eteni Longondo, late Friday following allegations he misappropriated more than $1 million in funds allocated by the World Bank to fight the COVID-19 pandemic.
BEIRUT (AP) — Lebanon’s government agreed Monday to pay tens of thousands of poor families cash assistance in U.S. dollars from a World Bank loan as the country’s economic crisis deepens.
The decision comes as Lebanon is expected to end subsidies for fuel by the end of next month, a move that is expected to lead to sharp increases in prices of almost all products.
JERUSALEM (AP) — Rebuilding Gaza after the latest devastating war between Israel and the territory's militant Hamas rulers will cost up to $485 million, the World Bank said.
The report says it will take up to $380 million to repair the physical damage alone, with more required for other recovery needs.
CAIRO (AP) — The World Bank and the International Monetary Fund announced that Sudan has met the initial criteria for over $50 billion in foreign debt relief, another step for the East African nation to rejoin the international community after nearly three decades of isolation.