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The Latest Breaking News from World Bank

'Rampant Chaos': Lebanon State Sector Eroded by Grinding Crisis

Even as he battles Lebanon's summer heat without air-conditioning, judge Faysal Makki tries not to drink too much water because the toilets at the Justice Palace are broken. His printer still works, but if he wants to use it he needs to bring his own paper and ink cartridges because…

Asharq Al-Awsat

IMF set to provide $2.9 billion to help crisis-hit Sri Lanka

The International Monetary Fund will provide Sri Lanka $2.9 billion over four years to help salvage the country from its worst economic crisis under a preliminary agreement the agency announced

WEKU

Indonesia's energy subsidy dilemma: how can the government better protect the poor?

The Indonesian government’s policy of providing subsidies to shield the public from the effects of global energy price hikes will burden the state budget. It’s also potentially insufficient to protect the poor.

The Conversation

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South Korea objects to World Bank's order to pay Lone Star

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

The Independent UK

India managed to get many things right during COVID, says World Bank

Health Ministry seeks to improve precaution dose COVID vaccine coverage

The Hindu

Uber files: how World Bank-sponsored research on gender painted the company in a positive light

The recent leak of 124,000 confidential Uber documents has shed light on some of the ethically questionable activities that have arguably helped fuel the ride-hailing company’s global rise. Among allegations of law breaking and the secret lobbying of government figures, the “Uber files” show that the company paid academics to…

The Conversation

Tracy Chamoun Announces Run for Lebanon’s Presidency

The granddaughter of a former Lebanese president and ex-diplomat Monday announced her candidacy for the cash-strapped country’s upcoming presidential elections on a platform critical of Iran-backed Hezbollah party. The country’s political woes are compounded by its crippling economic crisis, which the World Bank says is the worst worldwide in over…

Asharq Al-Awsat

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Ukraine's schools race to build bomb shelters before term starts

Svitlana tears up thinking of the bombing that leveled her son Illia's school in Lysychansk, a city in the eastern Ukrainian region of Luhansk now occupied by Russian forces, but she is determined to ensure the eighth-grader continues his studies.

Reuters

World Bank panel mulls investigation into complaints against Vishnugadh hydropower project

Residents of a village have alleged that the muck threatens a historic temple and construction has affected their livelihood and access to water

The Hindu

Freedom Was Giving Us Prosperity and Full Bellies. Political Leaders Squandered What We Had.

Government officials broke the world, and we’re all paying the price.

Reason

Why we should abandon the concept of the 'climate refugee'

It is entirely reasonable to assume that as climate change intensifies, it will result in more human migration and displacement. Images of Bangladeshis seeking refuge from the latest cyclone or Californians fleeing suburban wildfires affirm a sense that climate change is driving the next great migration. And yet the great…

The Conversation

World Bank, AIIB to help Alappuzha manage solid waste

Institutions to extend ₹30-crore aid to municipality

The Hindu

Drought Tightens Its Grip on Morocco

Mohamed gave up farming because of successive droughts that have hit his previously fertile but isolated village in Morocco and because he just couldn't bear it any longer. "To see villagers rush to public fountains in the morning or to a neighbor to get water makes you want to cry,"…

Asharq Al-Awsat

Water supply of Hubballi-Dharwad is not being privatised, clarify Karnataka officials

Officials of Karnataka Urban Water supply Modernisation Project (KUWSMP) said that the entire water supply infrastructure would be handed over back to the Hubballi-Dharwad Municipal Corporation after the contract period

The Hindu

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Newsroom.co.nz

NZ exports to Russia plummet 90% after sanctions

Vladimir Putin's war in Ukraine comes at a cost of an 11% contraction to his nation's economy, as sanctions bite.

The Conversation

China-US tensions: how global trade began splitting into two blocs

Speaker Nancy Pelosi’s visit to Taiwan has elicited a strong response from China: three days of simulated attack on Taiwan with further drills announced, plus a withdrawal from critical ongoing conversations with the US on climate change and the military.

Al Jazeera

US announces fresh military and financial aid for Ukraine

Russia suffered 70,000 to 80,000 casualties – troops killed or wounded in action – since war began, US official says.

Reuters

World Bank says mobilizing $4.5 billion U.S. grant for Ukraine

The World Bank on Monday said it was mobilizing a $4.5 billion grant for Ukraine provided by the United States that will help Kyiv meet urgent needs created by Russia's invasion, including healthcare, pensions and social payments.

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Reuters

Exclusive-U.S. to send $4.5 billion more to Ukraine for budget needs

The United States will provide an additional $4.5 billion to Ukraine's government, bringing its total budgetary support since Russia's February invasion to $8.5 billion, the U.S. Agency for International Development said on Monday.

Asharq Al-Awsat

Egypt, World Bank Discuss Activating Food Security Agreement

Cairo is discussing with the World Bank a $500 million development funding deal, which is meant to boost Egypt’s efforts to help achieve food security and to strengthen the Egyptian economy to confront the repercussions of the Russia-Ukraine war. Minister of International Cooperation Rania Al-Mashat and Minister of Supply Ali…

Bangkok Post

Sri Lanka syndrome: Is Bangladesh out of danger?

With global inflation rising and the fear of fuel and food crises looming large, clouds are gathering on the economic horizon of South Asian countries. Sri Lanka in particular remains mired in a crisis driven by a mix of high indebtedness, soaring inflation and poor economic management.

Bangkok Post

‘Captain Condom’ turned the tide in war on Aids, overpopulation

Mechai Viravaidya twice saw Thailand in desperate trouble — first from a ruinous population explosion and then from the Aids epidemic — and he responded to both crises the same way: with condoms and his own considerable charisma.

Foreign Affairs

Nobody Wants the Current World Order

How All the Major Powers—Even the United States—Became Revisionists

Bangkok Post

How to prevent developing country debt crises

Since the Latin American debt crisis of the 1980s, sovereign-debt crises have become a regular occurrence for emerging and developing economies. Today, Sri Lanka needs a bailout from the International Monetary Fund (IMF) after defaulting on its foreign debt in May, and a growing number of low-income countries are facing…

Asharq Al-Awsat

World Bank Accuses Lebanese Politicians of Cruelty over Deposit Promises

The World Bank accused Lebanese politicians of being cruel by asserting that deposits in the country's collapsed banking sector are sacred, saying such slogans "flagrantly contradict the reality" in a report on Wednesday. Lebanon is in the third year of a financial meltdown that has left eight in ten people…

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