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The Latest Breaking News from World Bank

UK says £58bn climate finance tool to launch on London Stock Exchange

The new capital market mechanism is designed to raise money to help build clean energy projects in developing countries.

Evening Standard

Who’s who at Cop29? The world leaders and others who will attend

Crucial question for summit will be how to help developing countries cope with extreme weather caused by high temperatures

The Guardian - UK

US Writes Off Over $1 Billion Of Somalia Debt

The United States and Somalia reached an agreement on Tuesday for Washington to cancel more than $1 billion debt owed by the troubled Horn of Africa nation.

International Business Times

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Gas Prices Dropping Across United States, National Average Likely To Fall Below $3

Gas prices across the country have dropped, with a new average price of $2.99 per gallon.

International Business Times

World Bank Expects Oil Glut To Cause Commodity Price Slump

Global commodity prices should fall to a five-year low next year thanks to a huge oil glut, the World Bank said Tuesday, pointing to oversupply and to flat demand from China.

International Business Times

Petrol and food prices will fall thanks to oil glut, says World Bank

Downward trend in oil price from higher production, falling demand in China and clean energy to continue

The Guardian - UK

Sitaraman urges World Bank for affordable & Cheaper Lending

Union Finance Minister Nirmala Sitharaman urges the World Bank to offer more affordable lending with competitive pricing models at its 2024 Annual Meetings. Read further on Dynamite News:

Dynamite News

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Treasurer: Conflict casts dark shadow over the economy

While visiting Washington, DC, for a series of meetings with the G20, IMF and World Bank, the treasurer also sat down with Republican and Democrat advisers.

AAP

US Plans To Contribute $20 Bn For Ukraine Loan: Yellen

The United States plans to contribute $20 billion to a G7 loan package for Ukraine and could soon announce new sanctions targeting Russian weapons procurement, Treasury Secretary Janet Yellen said Tuesday.

International Business Times

IMF Predicts Slightly Slower Global Growth In 2024 And 2025

Global growth is expected to ease slightly to 3.2 percent this year and remain at that level in 2025, the IMF announced Tuesday, while warning that the stable figures masked "important" regional and sectoral shifts.

International Business Times

Debt will overshadow IMF gathering as World Bank boss pleads for poorest countries

In Washington, finance ministers will face pressure for action to reduce their own debt and offer more resources to poorer nations

The Guardian - UK

World Bank President Focused On Job Creation Ahead Of Annual Meetings

The World Bank will unveil plans to tackle job creation, gender disparities, and food security at next week's gathering of the world's finance ministers and central bankers in Washington, its president said in an interview.

International Business Times

Global Finance Leaders Navigate Uncertainty Amid U.S. Election

Explore the potential impact of the U.S. presidential election on global economic policies and the IMF and World Bank's roles in maintaining economic stabi...

Top News

IMF Chief Calls For Unity On Shared Challenges In 'Deeply Troubled Times'

The international community must come together despite the "difficult geopolitical environment" to tackle shared challenges like lackluster growth and the existential threat posed by climate change, the head of the IMF said Thursday.

International Business Times

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The Guardian - UK

Wars, debt, climate crisis and Covid have halted anti-poverty fight – World Bank

Setbacks mean UN goal of ending extreme poverty by 2030 is impossible to hit, report finds

Al Jazeera

Malaysia could reach high-income status by 2028, World Bank says

Southeast Asian economy on track to reach milestone within four years after 2024 growth forecast raised to 4.9 percent.

AAP

Emerging markets could miss out on AI wins: World Bank

Artificial intelligence may not necessarily make the fight against inequality any easier, the World Bank president has said during an Australian visit.

The Conversation

1.2 billion young people will need a job in the next 10 years. The World Bank is trying to help them find one

World Bank president Ajay Banga is in Canberra this week. It’s the first time a World Bank president has visited Australia in seven years.

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The Conversation

The leading alternative to GDP is languishing over a technical disagreement – with grave potential consequences

Many commentators believe that the world should move away from measuring economic success in terms of GDP growth. Yes, growth has brought prosperity and untold riches, but it has had significant negative side effects for the planet, including climate change, pollution and species extinction. None of these are captured in…

The Conversation

Ethiopia’s bold economic reforms target stability and growth, but they come with risks

Ethiopia’s recent macroeconomic reforms, supported by the International Monetary Fund (IMF) and the World Bank, could have profound implications for the country and the region. The key reforms include the use of a floating exchange rate system and of interest rates as a policy tool.

The Conversation

Sudan’s catastrophe: farmers could offer quick post-war recovery, if peace is found

More than a year of conflict between the Sudanese Armed Forces and the Rapid Support Forces has weakened the country’s fragile economy. This is in addition to triggering a humanitarian crisis, loss of lives, property destruction and income disruptions.

The Guardian - UK

World Bank warns 108 countries risk being stuck in ‘middle-income trap’

Too many nations, including China and India, are relying on outmoded strategies to become advanced economies, says report

International Business Times

World Bank Approves $1.5 Billion Ethiopia Rescue Package

The World Bank has approved a $1.5 billion financial package to support cash-strapped Ethiopia's economic reform programme after officials loosened curbs on the local currency.

The Conversation

How Israel has brought the Palestinian Authority to the brink of financial collapse

Israel’s ultranationalist finance minister, Bezalel Smotrich, announced in May that he would be witholding tax revenues earmarked for Palestine. The decision was made in response to Spain, Ireland and Norway’s recognition of a Palestinian state.

Al Jazeera

What do the IMF and foreign debt have to do with Kenya’s current crisis?

Critics say IMF provides loans to desperate African countries on stringent terms, disproportionately affecting the poor.

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