Latest World Bank News

Barbados spearheads push on climate disaster financing

Nov. 18, 2022 05:23 AM EST

SHARM EL-SHEIKH, Egypt (AP) — At the U.N. climate summit in Egypt, leaders of developing nations have repeatedly said it's not fair to expect them to cover the costs of rebuilding from devastating weather events in a warming world, plus invest in cleaner industry while they also pay much higher...

Pakistan: World Bank estimates floods caused $40B in damages

Oct. 19, 2022 04:55 AM EDT

ISLAMABAD (AP) — Pakistan said Wednesday that the World Bank estimates this summer's record-breaking floods have caused $40 billion in damages in this impoverished South Asian nation. The figure is $10 billion more than an earlier estimate by the Pakistani government. ...

UN seeks help for developing world hit by rising debt costs

Oct. 11, 2022 06:25 AM EDT

GENEVA (AP) — The United Nations' development program is calling on rich countries and financial institutions in them to do more to help alleviate a growing debt crisis faced by the world’s poorest countries, including by writing off debts — not just rescheduling them. A report...

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...