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The Latest Breaking News from World Bank

Pakistan’s debt is a teetering house of cards

Pakistan faces a wave of problems on multiple fronts, but its growing debt can no longer be overlooked as inflation soars and foreign reserves crumble.

360info

Biden selects ex-Mastercard CEO Ajay Banga to lead World Bank after Trump-appointed president resigns over climate row

Ex-Mastercard CEO has worked closely with Vice President Kamala Harris in efforts to address root causes of migration from Central America

The Independent UK

Joe Biden nominates former Mastercard boss Ajay Banga to lead World Bank

US president puts forward choice to oversee new focus on climate crisis after resignation of Trump appointee David Malpass

The Guardian - UK

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Biden nominates former Mastercard CEO Ajay Banga to head World Bank

U.S. President Joe Biden nominated former Mastercard Inc CEO Ajay Banga to lead the World Bank, betting the India-born executive's ties to the private sector and emerging markets will jump-start the 77-year-old institution's overhaul to better address climate change.

Reuters

US President Joe Biden nominates Indian-American Ajay Banga to lead World Bank

NEW DELHI: Former chief executive officer (CEO) of Mastercard Ajay Banga has been nominated by United States to lead the World Bank, President Joe Biden announced on Thursday.

The Times of India

US nominates Ajay Banga for World Bank president

The United States is nominating former Mastercard CEO Ajay Banga to lead the World Bank

The Independent UK

Yellen, G7 urge more aid for Ukraine and adherence to Russia sanctions

Finance ministers from the United States and its G7 allies called for more financial support for Ukraine on Thursday and vowed to maintain tough sanctions on Russia on the eve of the first anniversary of Moscow's invasion.

Reuters

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World Bank Hopes to Select New Chief by May

The World Bank said Wednesday it hopes to find a successor by early May to chief David Malpass, who has announced he will step down nearly a year early. The Washington-based development lender will begin accepting candidate nominations on Thursday, a process that will run until March 29. The bank…

Asharq Al-Awsat

'Terrible toll' of Russia's year-long invasion of Ukraine

PARIS: When Russia's President Vladimir Putin ordered the invasion of Ukraine on Feb 24, 2022, he started a war that has killed tens of thousands of people, ravaged cities and pummelled the country's economy.

Bangkok Post

German minister: Next World Bank boss should be a woman

The next World Bank president should be a woman, Germany's international development minister told Reuters in remarks that could strengthen the potential candidacy of Ngozi Okonjo-Iweala, the American-Nigerian head of the World Trade Organization.

Reuters

Russian economy shrank 2.1% in 2022, much less than expected

The economy defied fears of a recession and previous predictions that it would contract by more than 12 percent.

Al Jazeera

Russia's War in Ukraine Threatens Starvation for the World's Poor

Global hunger declined for decades before pandemic policies and Russia’s invasion broke the world.

Reason

World Bank: Gulf Economies Are Becoming More Open

Middle East and North Africa (MENA) countries should follow the lead of Saudi Arabia, the United Arab Emirates, and the Gulf states in economic reforms, said World Bank Vice President for Middle East and North Africa Ferid Belhaj. Belhaj explained that Gulf countries worked on deep and structural reforms by…

Asharq Al-Awsat

Malpass resigns amid climate controversy

When asked about climate change, David Malpass said he’s “not a scientist.” Soon he won’t be a World Bank president

Salon

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The Guardian - UK

It’s high time to rethink how the World Bank operates

Many believe there is little future in trying to tackle problems of the 2020s with institutions created in the 1940s

The Conversation

Africa's agribusiness sector should drive the continent's economic development: Five reasons why

Africa’s agriculture sector accounts for about 35% of the continent’s gross domestic product, and provides the livelihood of more than 50% of the continent’s population. These shares are more than double those of the world average and much higher than those of any other emerging region.

Reuters

U.S. to push debt relief, Ukraine aid at G20 finance meeting in India

U.S. Treasury Secretary Janet Yellen will travel to India next week for G20 finance meetings that will focus on unblocking distressed-country debt restructuring, boosting support for Ukraine and reforming multilateral development banks.

The Guardian - UK

First Thing: latest objects shot down over US not linked to China, Biden says

‘Private companies’ conclusion likely to fuel criticism that downings were overreaction amid pressure over initial balloon discovery. Plus, there may be a reason you want to sleep more in winter

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Reuters

External backers pour billions into Ukraine to counter war damage

Pictures of devastation in Ukraine following Russia's invasion have sparked urgent questions over how its reconstruction can be paid for. But before they can even begin to be answered, Kyiv is seeking billions just to ride out this year.

The Independent UK

Climate advocates urge World Bank overhaul as leader exits

Leading climate figures are urging the Biden administration to use the early departure of the Trump-appointed head of the World Bank as an opening to overhaul the powerful financial institution

The Guardian - UK

Rockefeller Foundation boss favourite to succeed David Malpass at World Bank

Calls for White House to lose stranglehold on choosing bank’s leadership

Axios

Biden set to pounce on much-wanted surprise at World Bank

Biden likely to move quickly in picking new World Bank leader.

The Guardian - UK

Why World Bank head’s resignation is good news for climate crisis fight

David Malpass’s decision to quit has delighted frustrated developing nations, donors, experts and campaigners

The Guardian - AU

Afternoon Update: Unemployment rises to 3.7%; Queensland shooting declared terrorism; and the ‘perfect’ cosmic explosion

Jim Chalmers says there are ‘human consequences’ for slowing economy

Al Jazeera

World Bank head criticised over climate stance to step down early

David Malpass led lender through crises including the war in Ukraine but faced criticism over stance on climate change.

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