Latest World Bank News
World Bank approves $300 million financing to help poor people in Lebanon
BEIRUT (AP) — The World Bank approved a $300 million additional financing to Lebanon's poor, providing cash payments to help families struggling through the country’s historic economic meltdown, the institution said in a statement Friday. The new financing comes two years after...
China's loans pushing world’s poorest countries to brink of collapse
A dozen poor countries are facing economic instability and even collapse under the weight of hundreds of billions of dollars in foreign loans, much of them from the world’s biggest and most unforgiving government lender, China. An Associated Press analysis of a dozen countries most...
Off-grid solar brings light, time and income to remotest villages
LAINDEHA, Indonesia (AP) — As Tamar Ana Jawa wove a red sarong in the fading sunlight, her neighbor switched on a light bulb dangling from the sloping tin roof. It was just one bulb powered by a small solar panel, but in this remote village that means a lot. In some of the world's most remote...
Inflation in Argentina leaves families struggling to feed themselves
BUENOS AIRES, Argentina (AP) — Gimena Páez could barely pay her bills. Then inflation in Argentina started rising even faster. The value of the country's currency plunged, making most goods nearly unobtainable. Getting enough food for herself and her 11-year-old daughter became a...
Former UNDP chief and Turkish minister Dervis dies at 74
ISTANBUL (AP) — Turkish economist, politician and former head of the United Nations Development Program Kemal Dervis died Monday at the age of 74, Turkish news outlets reported. He was being treated for an unspecified illness in Washington D.C., state-run Anadolu Agency reported,...
Ex-Mastercard CEO Ajay Banga confirmed as World Bank leader
WASHINGTON (AP) — Former Mastercard CEO Ajay Banga, an Indian army officer's son with decades of corporate experience, was confirmed Wednesday to lead the World Bank for a five-year term that starts next month. The U.S.-nominated business veteran succeeds David Malpass, a Donald...
Workers at anti-poverty World Bank struggle to pay bills
WASHINGTON (AP) — Andre Blount has been serving food to dignitaries at World Bank headquarters for nearly 10 years but his pay still isn’t much above minimum wage. This week, as leaders from around the world are in D.C for the spring meeting of the poverty-fighting organization,...
Slow start on World Bank reform angers climate-hit countries
WASHINGTON (AP) — The World Bank meetings were supposed to be a first step in a new era of affordable loans for developing nations hard hit by climate change like Prime Minister Mia Mottley’s Barbados, one of many Caribbean islands battered by worsening hurricanes. But if this...
New India-born World Bank chief: Real change or rebranding?
BENGALURU, India (AP) — The incoming president of the World Bank was born in India and forged his early business success there, a fact supporters say gives Ajay Banga valuable insight into the challenges faced by the developing countries the bank is supposed to help. But not...
IMF head expects less than 3% global economic growth in 2023
WASHINGTON (AP) — The International Monetary Fund chief said Thursday the world economy is expected to grow less than 3% this year, down from 3.4% last year, increasing the risk of hunger and poverty globally. Kristalina Georgieva said the period of slower economic activity will be...
