Latest World Bank News

World Bank cuts back project in China's restive Xinjiang

Nov. 12, 2019 6:04 AM EST

BEIJING (AP) — The World Bank is cutting back a $50 million project in China's restive Xinjiang region following a review prompted by allegations of abuses. A statement from the bank dated Monday said it would close a component of the project to support vocational colleges involving partner schools that...

World Bank warns of grave risks to Lebanon's stability

Nov. 8, 2019 12:47 PM EST

BEIRUT (AP) — The World Bank on Friday urged Lebanon to form a new Cabinet "within a week" to prevent further degradation and loss of confidence in its economy, warning of grave risks to the country's stability amid a worsening fiscal and economic crisis. Saroj Kumar Jha, the organization's regional...

The Latest: World Bank official raises alarm on Lebanon

Nov. 8, 2019 11:04 AM EST

BEIRUT (AP) — The Latest on the situation in Lebanon (all times local): 6 p.m. The World Bank's regional director is urging Lebanon to form a new Cabinet "within a week" to prevent further degradation and loss of confidence in its economy. Saroj Kumar Jha told The Associated Press on Friday that the...

World Bank sounds alarm about Lebanon amid protests, crisis

Nov. 6, 2019 9:19 AM EST

BEIRUT (AP) — The World Bank called on Lebanese authorities Wednesday to urgently form a new government that can address the country's worsening economic situation, warning that the small Mediterranean nation "does not have the luxury of time to waste." The stark warning came in a statement issued after a...

World Bank: Weak economy to pull down energy, farm prices

Oct. 29, 2019 10:42 AM EDT

WASHINGTON (AP) — A weakening global economy is pulling down the prices of energy and farm commodities. The World Bank says that energy prices will drop 14.6% this year and 3.1% in 2020 and that farm prices will fall 4.7% this year and eke out 0.6% growth next year. The forecasts are sharply lower than...

Finance officials pledge to combat global economic slowdown

Oct. 19, 2019 3:42 PM EDT

WASHINGTON (AP) — Global finance officials wrapped up their fall meetings on Saturday with a pledge to "employ all appropriate tools" to combat the weakest global growth in a decade, but there was little evidence of progress in easing trade tensions, a major source of the slowdown. The policy-setting...

IMF, World Bank leaders appeal for an end to trade wars

Oct. 18, 2019 3:06 PM EDT

WASHINGTON (AP) — The leaders of the International Monetary Fund and the World Bank appealed to their 189 member countries on Friday to resolve widening disagreements on trade and other issues, warning that the divisions threaten to worsen the impact of a global slowdown. The IMF's managing director,...

IMF head says more needed to boost growth than US-China deal

Oct. 17, 2019 6:56 PM EDT

WASHINGTON (AP) — The International Monetary Fund's new leader said Thursday that a trade truce between the United States and China could trim expected losses to the world economy but won't be enough to produce strong global growth. Before last week's tentative trade agreement, the IMF had estimated that...

World Bank: Trade tensions could block path out of poverty

Oct. 8, 2019 4:05 PM EDT

WASHINGTON (AP) — Rising trade tensions are threatening to block a path out of poverty for the world's poorest countries: their ability to manufacture low-cost parts for multinational corporations. In a report out Tuesday, the World Bank warns that trade conflicts between major countries —...

Economist who grew up in communist Bulgaria is new IMF chief

Sep. 25, 2019 7:00 PM EDT

WASHINGTON (AP) — A Bulgarian economist who grew up when her country was a communist nation has been selected to be the next leader of one of capitalism's premier institutions, the 189-nation International Monetary Fund. Kristalina Georgieva, a top World Bank official, was chosen by the IMF's executive...