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The Latest Breaking News from World Bank

Scott Bessent says the World Bank and IMF need a total overhaul: 'Mission creep has knocked these institutions off course'

Treasury Secretary Scott Bessent, in remarks to the Institute of International Finance on Wednesday, said the two agencies are falling short.

Fortune

From Doing Business to B-READY: World Bank’s new rankings represent a rebrand, not a revamp

In 2021, the World Bank shut down one of its flagship projects: the Doing Business index, a global ranking system that measured how easy it was to start and run a business in 190 countries.

The Conversation

US Treasury Chief Says IMF, World Bank Must Be 'Fit For Purpose'

The International Monetary Fund and the World Bank "must be made fit for purpose again," US Treasury Secretary Scott Bessent said Wednesday, arguing the institutions should be promoting economic growth instead of social issues.

International Business Times

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Treasury Secretary Scott Bessent says China has ‘opportunity for a big deal’ with US as trade war appears to cool

The Treasury Secretary says the U.S. and China can work together to ‘rebalance’ their respective economies

The Independent UK

Southeast Asia's Muslim market comes of age—and authenticity is in

From banking to fashion, local businesses are targeting a growing middle-class consumer base keen to buy 'halal'.

Fortune

Global Uncertainty Will 'Certainly' Hit Growth: World Bank President

The uncertainty kicked up by Donald Trump's stop-start tariff rollout will undoubtedly hit growth, the president of the World Bank said Wednesday, ahead of next week's semi-annual meeting of global financial leaders in Washington.

International Business Times

Penguins, vaccines: Can negotiations save Trump’s oddest tariff targets?

Barely inhabited islands, countries the US enjoys a trade surplus with, and a tariff formula that isn’t about tariffs.

Al Jazeera

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World Bank employees accused of ‘intimidating’ au pair into forced labor and threatening to have her deported

Exclusive: An au pair from Indonesia claims in a lawsuit obtained by The Independent that the couple refused to let her leave the house without their permission and threatened to have her deported if she told anyone about the mistreatment

The Independent UK

World Bank announces multimillion-dollar redress fund after killings and abuse claims at Tanzanian project

Communities in Ruaha national park reject response to alleged assault and evictions of herders during tourism scheme funded by the bank

The Guardian - UK

Foreign aid cuts could mean 10 million more HIV infections by 2030 – and almost 3 million extra deaths

In January, the Trump administration ordered a broad pause on all US funding for foreign aid.

The Conversation

‘All the birds returned’: How a Chinese project led the way in water and soil conservation

The Loess plateau was considered the most eroded place on Earth until China took action and reversed decades of damage from grazing and farming

The Guardian - UK

Trans-Atlantic differences remain as Trump huddles with NATO boss - Roll Call

President Trump and NATO Secretary General Rutte spoke on several topics of disagreement as they met at the White House on Thursday.

Roll Call

World Bank estimates $11B needed to rebuild Lebanon after Israel-Hezbollah war

The World Bank says the cost of reconstruction and recovery for Lebanon following the 14-month Israel-Hezbollah war is estimated at $11 billion

The Independent UK

World Bank Report: Global Economy Growth Slows

World Bank's report forecasts modest global economic growth with challenges for developing economies. Impacts of COVID-19 and geopolitical events influence...

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The Independent UK

World Bank says the global is economy is growing steadily, but not fast enough to help ease poverty

The world economy is growing steadily in the face of global conflict, protectionist trade policies and high interest rates

The Conversation

Afghanistan shows what investing in women’s education – or divesting – can do to an economy

When the Taliban fell from power in Afghanistan in 2001, women were once again allowed to go to school after being banned since 1996. I, along with World Bank education expert Raja Bentaouet Kattan and American University economist Rafiuddin Najam, analyzed the economic benefit of this societal change, using data…

The Independent UK

Myanmar's economy set to contract as floods and fighting take heavy toll, the World Bank says

The World Bank forecasts that Myanmar's economy will contract this year, as flooding and fighting take a severe toll nearly four years after the military ousted its government headed by Aung San Suu Kyi

International Business Times

World Bank Announces Record $100 Bn Support For World's Poorest Countries

The World Bank announced Thursday that it has raised close to $24 billion to provide loans and grants for some of the world's poorest nations, which it can leverage to generate a record $100 billion in total spending power.

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The Independent UK

Afghan economy shows modest signs of growth but recovery remains fragile, says World Bank

The World Bank says Afghanistan’s economy is showing modest signs of growth after two years of severe contraction

The Guardian - UK

UK increases World Bank contribution, boosting climate finance prospects

Government puts forward £1.98bn in funding over three years, an increase of about 40% on last pledge

The Guardian - UK

Multilateralism faces a toxic brew of debt, climate crisis and war. It’s time for a reboot

The stakes are high for donors at next month’s IDA summit in Seoul, but not investing in development means more instability globally

The Conversation

Ghana’s economic diplomacy: how three presidents with different ideologies dealt with the IMF and World Bank

Since independence in 1956, Ghana’s leaders have followed a variety of global ideologies, from centre-right to socialist. But the country has also blended these with local priorities, like anti-colonialism and economic independence, while balancing the pressures from the IMF and World Bank.

International Business Times

Defiant Lebanese Harvest Olives In The Shadow Of War

On a mountain slope in south Lebanon, agricultural worker Assaad al-Taqi is busy picking olives, undeterred by the roar of Israeli warplanes overhead.

International Business Times

Biden In 'Historic' Pledge For Poor Nations Ahead Of Trump Return

US President Joe Biden announced a "historic" $4 billion pledge for a World Bank fund that helps the world's poorest countries, the White House said Monday, before Donald Trump takes office with a new cost-cutting agenda.

International Business Times

Debt-saddled Laos Struggles To Tame Rampant Inflation

Suffocating under a mountain of debt to China, communist Laos is struggling to tame rampant inflation, with food prices rising so sharply that a growing number of households are resorting to foraging.

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