Latest World Bank News

World Bank: 5.2% decrease in MENA economies expected in 2020

Oct. 19, 2020 12:23 PM EDT

CAIRO (AP) — The coronavirus pandemic and a collapse in oil prices have affected all aspects of the Middle East and North Africa, with the region’s economies projected to contract by 5.2% in 2020, the World Bank said Monday. The current projection is 4.1% below the forecast in April, and 7.8% worse...

A man wearing a face mask walks past an outdoor photography exhibition of healthcare workers in Melbourne, Tuesday, Sept. 22, 2020. The photo essay created by photographer Phoebe Powell is to acknowledge the people working in the Parkville Biomedical Precinct which is home to some of the world's leading medical researchers, clinicians and academics keeping Victoria state safe during the coronavirus pandemic. (James Ross/AAP Image via AP)

The Latest: Australia prioritizes air service to 3 countries

Oct. 14, 2020 11:30 PM EDT

CANBERRA, Australia — Australia’s prime minister said on Thursday his government was giving priority to reopening air services to Japan, Singapore and South Korea. Prime Minister Scott Morrison said he had discussed reopening air routes with the leaders of all three countries. He described Japan and...

FILE - In this Feb. 14, 2020, file photo, Kristalina Georgieva, Managing Director of the International Monetary Fund, attends a session on the first day of the Munich Security Conference in Munich, Germany. Georgieva said that the global economy has started on a long climb to stronger growth with prospects looking a little better than four months ago. Georgieva said Tuesday, Oct. 6 that global economic activity suffered an unprecedented fall in the spring when 85% of the global economy was in lockdown for several weeks but currently the situation is “less dire” with many countries seeing better-than-expected rebounds in recent weeks (AP Photo/Jens Meyer, File)

G-20 suspends poor nations' debt payments for 6 more months

Oct. 14, 2020 2:51 PM EDT

WASHINGTON (AP) — The Group of 20 nations, representing the world’s biggest economies, agreed Wednesday to extend the suspension of debt payments by an additional six months to support the most vulnerable countries in their fight against the coronavirus pandemic. The suspension of what the G-20 says...

FILE - In this Oct. 9, 2020, file photo, a health worker, right, administers the first dose of a COVID-19 vaccine currently on phase III clinical trials to Cem Gun, an emergency medicine physician at the Acibadem Hospital in Istanbul. The World Bank has approved $12 billion in financing to help developing countries buy and distribute coronavirus vaccines, tests, and treatments, aiming to support the vaccination of up to 1 billion people, the bank said in a statement late Tuesday, Oct. 13. (AP Photo/Emrah Gurel, File)

World Bank approves $12B to finance virus vaccines, care

Oct. 14, 2020 4:22 AM EDT

The World Bank has approved $12 billion in financing to help developing countries buy and distribute coronavirus vaccines, tests, and treatments, aiming to support the vaccination of up to 1 billion people. The $12 billion “envelope" is part of a wider World Bank Group package of up to $160 billion to...

Afghan students attend an open air class at a primary school in Kabul, Afghanistan, Wednesday, Oct. 7, 2020. The World Bank said this week that nearly half of Afghanistan’s 18,000 schools lack proper buildings and an estimated 3.7 million children are still out of school — despite massive investment in the country’s education sector. (AP Photo/Mariam Zuhaib)

Report: 3.7 million Afghan children don't attend school

Oct. 7, 2020 2:13 PM EDT

KABUL, Afghanistan (AP) — Nearly half of war-torn Afghanistan’s 18,000 schools lack proper buildings and an estimated 3.7 million school-aged children are still out of school — despite massive investment in the country’s education sector, the World Bank says. The report comes as...

FILE - In this Saturday, March 21, 2020 file photo, people travel by canoe during a coronavirus lockdown in the floating slum of Makoko in Lagos, Nigeria. Up to 150 million people could slip into extreme poverty, living on less than $1.90 a day, by late next year depending on how badly economies shrink during the COVID-19 pandemic, the World Bank said Wednesday, Oct. 7, 2020 in an outlook grimmer than before. (AP Photo/Sunday Alamba, File)

Up to 150 million could join extreme poor, World Bank says

Oct. 7, 2020 12:42 PM EDT

JOHANNESBURG (AP) — Up to 150 million people could slip into extreme poverty, living on less than $1.90 a day, by late next year depending on how badly economies shrink during the COVID-19 pandemic, the World Bank said Wednesday in an outlook grimmer than before. Middle income-countries are expected to...

FILE - In this Wednesday, Aug. 7, 2019 file photo, President Donald Trump takes a question from a member of the media on the South Lawn of the White House in Washington before boarding Marine One. On Friday, Sept. 11, 2020, The Associated Press reported on a video circulating online incorrectly depicting Trump lost and meandering around the White House lawn. The original Aug. 7, 2019 video clip, available on C-SPAN, was edited to make it appear the president is experiencing dementia symptoms ahead of the election. (AP Photo/Andrew Harnik)

NOT REAL NEWS: A look at what didn't happen this week

Sep. 11, 2020 4:08 PM EDT

A roundup of some of the most popular but completely untrue stories and visuals of the week. None of these are legit, even though they were shared widely on social media. The Associated Press checked them out. Here are the facts: ___ CLAIM: A total of 19,888 fake driver’s licenses that were made in China...

Local officials visit the gold and copper mine site, in Reko Diq district in southwestern Pakistan's Baluchistan province March 18, 2017. Pakistan is seeking the reversal of a $5.8 billion penalty imposed by an international tribunal for denying a mining lease to an Australian company, saying that paying the fine will hinder its ability to cope with the coronavirus pandemic. The Reko Diq district is famed for its mineral wealth, including gold and copper. (AP Photo/Naseem James)

Pakistan seeking relief from $5.8B fine over mining lease

Sep. 7, 2020 1:59 AM EDT

ISLAMABAD (AP) — Pakistan is seeking the reversal of a $5.8 billion penalty imposed by an international tribunal for denying a mining lease to an Australian company, saying that paying the fine would hinder its handling of the coronavirus pandemic. The Reko Diq district in southwestern Pakistan’s...

Lebanese protesters hold placards during a protest against the Bisri dam project, in the Bisri Valley, 58 kilometers (36 miles) southeast of Beirut, Lebanon, Sunday, March. 10, 2019. The valley of Bisri in Lebanon lies on a green fertile bed, a spot that has cradled civilizations dating as far back as the Bronze Age. Its expansive lands of pine, citrus trees and ancient ruins are about to turn into a controversial mega dam funded by the World Bank. For years now, activists and locals have voiced their opposition to what they describe as not only

World Bank-funded dam in Lebanon mirrors governance crisis

Sep. 2, 2020 2:11 AM EDT

BEIRUT (AP) — Lebanon's Bisri Valley lies on a green fertile bed, a spot that has cradled civilizations dating as far back as the Bronze Age. Its expansive lands of pine, citrus trees and ancient ruins are threatened with being submerged by a controversial mega dam funded by the World Bank. For years,...

Lebanese and French soldiers patrol on a boat by the damaged site of the massive blast in Beirut's port area, in Beirut, Monday, Aug. 31, 2020. French President Emmanuel Macron will arrive for a two day-visit, days after the devastating Aug. 4 blast in the port of Beirut that killed at least 190 people, wounded 6,000 and damaged residential and commercial areas in large parts of the capital. (Gonzalo Fuentes/Pool via AP)

World Bank: Lebanon blast caused damage up to $4.6 billion

Aug. 31, 2020 9:33 AM EDT

BEIRUT (AP) — The massive explosion in Beirut earlier this month that killed and injured thousands of people has caused up to $4.6 billion in physical damage, the World Bank said in a report released Monday. The Aug. 4 blast was caused by the explosion of nearly 3,000 tons of ammonium nitrate stored at the...