Latest World Bank News

World Bank: Ukraine's war-torn economy will sink 35% in '22

Oct. 04, 2022 08:04 AM EDT

WASHINGTON (AP) — Devastated by Russia's invasion eight months ago, the Ukrainian economy will plunge 35% this year, the World Bank forecast Tuesday. The war has destroyed factories and farmland and displaced millions of Ukrainians. The World Bank, a 189-country anti-poverty...

World Bank pledges $2 billion for flood-ravaged Pakistan

Sep. 25, 2022 05:47 AM EDT

ISLAMABAD (AP) — The World Bank said it will provide about $2 billion in aid to Pakistan, ravaged by floods that have killed more than 1,600 people this year, the largest pledge of assistance so far. Unprecedented monsoon rains and flooding this year — which many experts...

World Bank head says he's not a climate denier, won't quit

Sep. 23, 2022 18:29 PM EDT

WASHINGTON (AP) — World Bank President David Malpass said Friday he won't resign after coming under criticism for his remarks earlier this week regarding climate change. At an event sponsored by The New York Times on Tuesday, Malpass wouldn't answer directly when asked whether the...

At UN, leaders confront COVID's impact on global education

Sep. 19, 2022 19:03 PM EDT

With COVID-related school disruptions setting back children around the world, activists implored world leaders Monday to prioritize school systems and restore educational budgets slashed when the pandemic hit. The summit on transforming education, held at the U.N. General Assembly...

Lebanon: Central Bank lifts all expensive fuel subsidies

Sep. 12, 2022 21:38 PM EDT

BEIRUT (AP) — Lebanon's central bank lifted its remaining subsidies on fuel on Monday, gas station owners said, ending a year-long process of scaling back on the expensive program. The Central Bank over a year ago announced it would gradually lift fuel subsidies, to slow down the...

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

Sep. 01, 2022 00:19 AM EDT

SEOUL, South Korea (AP) — 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. South Korean Justice...

Beirut bank standoff exposes desperation of economic crisis

Aug. 12, 2022 10:04 AM EDT

BEIRUT (AP) — A judge ordered a gunman who took up to 10 hostages at a Beirut bank to force the release of his trapped savings to stay behind bars Friday, apparently a bid to prevent copycats as desperation deepens over Lebanon's economic meltdown. A few dozen relatives of Bassam...

Minister: Lebanon to build new silos to ease wheat crisis

Jul. 27, 2022 11:34 AM EDT

BEIRUT (AP) — Lebanon plans to build two new grain silos to fight its its worsening food security crisis, the country’s caretaker economy minister told The Associated Press on Wednesday. Amin Salam said that several countries and international organizations have expressed an...

Lebanon's Parliament votes to spend World Bank loan on wheat

Jul. 26, 2022 10:21 AM EDT

BEIRUT (AP) — Lebanese lawmakers on Tuesday voted to use a $150 million World Bank loan to pay for wheat imports into the cash-strapped country. Already in the throes of a crippling economic crisis, Lebanon is also struggling to cope with a food security crisis that has left half...

Mideast nations wake up to damage from climate change

Jul. 25, 2022 02:04 AM EDT

CAIRO (AP) — Temperatures in the Middle East have risen far faster than the world’s average in the past three decades. Precipitation has been decreasing, and experts predict droughts will come with greater frequency and severity. The Middle East is one of the most vulnerable...