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The Latest Breaking News from the World Bank

South Asia is expected to grow by nearly 6% this year, making it the world's fastest-growing region

The World Bank says South Asia is expected to grow by 5.8% this year, making it the fastest-growing region in the world even as the pace remains below pre-pandemic levels

The Independent UK

Allocation of funds in Karnataka gram panchayats influenced by the elite, says World Bank research paper

Though the Karnataka government has taken many legislative measures to decentralise powers to rural local bodies during the last three decades, fund allocations in gram panchayats (GPs) are most influenced by the elite, according to a research paper of the World Bank. Men and ‘upper’ caste individuals in GPs ensure…

The Hindu

India’s statistical performance on the global stage

Questions have been raised about the credibility of the statistics India produces and the competence of the official statisticians

The Hindu

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Investigation launched into killings and evictions on World Bank tourism project

Tanzania government blamed for violence against villagers in national park, while thousands more people face losing their homes

The Guardian - UK

Somali piracy, once an unsolvable security threat, has almost completely stopped. Here's why

In 2011, pirates carried out 212 attacks in a vast area spanning Somali waters, the Indian Ocean, the Red Sea and the Gulf of Aden, actions that the World Bank said cost the world economy US$18 billion a year.

The Conversation

Jaishankar, Guterres discuss reform of global financial institutions and sustainability

External Affairs Minister Jaishankar held talks with UN secretary general Guterres and UNGA President Francis on India's G20 Presidency, reform of international financial institutions and India's advocacy for the Global South. He also discussed development partnership, millets and rice production, digital delivery and defense cooperation with Madagascar Foreign Minister Sylla.…

The Hindu

Idea of green growth losing traction among climate policy researchers, survey of nearly 800 academics reveals

When she took to the floor to give her State of the Union speech on 13 September, European Commission president Ursula von der Leyen largely stood by the script. Describing her vision of an economically buoyant and sustainable Europe in the era of climate change, she called on the EU…

The Conversation

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World Bank to fund Odisha to increase social protection, disaster resilience

The State cabinet had approved this project in December last year. OSCRGP has been declared effective from August 11, 2023 by the World Bank.

The Hindu

First Thing: World Bank spent billions of dollars backing fossil fuels in 2022, study finds

Campaigners estimate about $3.7bn in trade finance was supplied to oil and gas projects despite bank’s green pledges. Plus, the rapid descent of Tucker Carlson

The Guardian - UK

World Bank spent billions of dollars backing fossil fuels in 2022, study finds

Campaigners estimate about $3.7bn in trade finance was supplied to oil and gas projects despite bank’s green pledges

The Guardian - UK

At the G20, Biden joins forces with India and the Middle East, sidelining China

President Biden and other world leaders announced a new corridor to link India with the Middle East and Europe. It's one of several initiatives aimed at countering China's Belt and Road Initiative.

WEKU

How Biden wants to use G20 summit to prove US is a better partner than China

President Joe Biden hopes to demonstrate to the world at the upcoming Group of 20 summit in India and during a visit to Vietnam that the United States and like-minded allies can be more trustworthy partners than China on economic and security issues

The Independent UK

Biden aims to use G20 summit and Vietnam visit to highlight US as trustworthy alternative to China

The Independent UK

Biden is off to India and Vietnam. It's part of his push to counter China's influence

President Biden is using the G20 summit to push for a bigger, better World Bank as an alternative to China's massive lending programs, which have left some low-income countries with massive debt.

WEKU

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The Hindu

Janet Yellen to attend India G20 summit, focus on economy, climate: U.S. Treasury

She will “continue to build momentum” for her drive to evolve the World Bank and other multilateral lenders to boost financing capacity to aid developing countries’ clean energy transitions, tackle pandemics, fragility and conflict, the Treasury said.

The Independent UK

India shows an impressive 7.8% economic growth in April-June quarter

India’s economy has clocked up impressive growth of 7.8% in the first quarter of the current financial year, mainly due to good performance by the agricultural and financial sectors

The Hindu

Cross the boulders in the Indus Waters Treaty

The Indus Waters Treaty, which has again become a source of contention between India and Pakistan, considerably encapsulates the principle of equitable allocation

WEKU

Uganda starts charging people under extreme anti-LGBTQ law, raising execution fears

Two men in Uganda are the first to be charged with "aggravated homosexuality" under a harsh new law that carries the death penalty. Their cases highlight the threats for LGBTQ+ people in Uganda.

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The Guardian - AU

Australia tells big development banks to ‘lift their game’ in the Pacific

There are concerns the World Bank and ADB are giving contracts to low-price bidders who then demand more when budgets blow out

The Guardian - UK

In a multipolar world the dollar’s dominance won’t last forever

While we shouldn’t read too much into the Brics expansion, the geopolitical landscape is shifting

The Conversation

Brics expansion: six more nations are set to join – what they’re buying into

One key outcome of the 15th Brics summit, hosted by South Africa, is the decision to invite six more countries to join the group with effect from January 2024. They are Argentina, Ethiopia, Iran, Saudi Arabia, Egypt and the United Arab Emirates. All six had applied for membership. The enlargement…

Radio France Internationale

G20 nations spent record money on fossil fuel subsidies in 2022: report

Despite promises made at the Cop26 climate summit in Glasgow to reduce fossil fuel subsidies, a report has shown that G20 nations poured a record €1.3 trillion into the fossil fuel industry in 2022.

France 24

How the BRICS nations failed to rebuild the global financial order

At its launch almost a decade ago, the BRICS nations’ New Development Bank (NDB) was celebrated as a chance for countries across the Global South to break free of the US-dominated IMF and World Bank and rewrite the rules of financing global development. But while the number of nations signed…

The Guardian - UK

G20 poured more than $1tn into fossil fuel subsidies despite Cop26 pledges – report

Public money still flowing into industry despite agreement to phase out ‘inefficient’ subsidies, thinktank says

Al Jazeera

Can BRICS create a new world order?

Dozens of nations want to join the club as an alternative to the US-led order. But internal fissures could limit BRICS.

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