Financial literacy key to realising financial inclusion

The World Bank is backing Nigeria’s quest to get rid of fuel subsidy. The Country Director of the World Bank Shubham Chaudhuri, who led his team on a courtesy visit to The Guardian Group on Tuesday, November 30, explained why fuel subsidy is not sustainable. Chaudhuri, nevertheless, advised the Nigerian government to build consensus before its scheduled removal of the controversial subsidy policy.

As COVID-19 continues to harm economies globally, it's the developing and emerging economies that are suffering most says the lender's Franziska Lieselotte Ohnsorg.

Developing economies were hit hardest by the global economic recession brought by the pandemic. A looming debt crisis could make things much worse, according to a new report.

Ethiopia has agreed a reconstruction and recovery grant with the World Bank, to be used to rebuild basic services in conflict-hit regions of the country.

The agency has warned of the risk of 1970s-style stagflation persisting in the coming years amid soaring commodity prices and low growth. Developing countries are expected to be some of the worst hit.

Nigeria has successfully secured the support from the World Bank with a commitment to help the country phase out petrol subsidies and meet up with its Energy Transition plan. This follows meetings between Nigeria’s Vice President and World Bank Group President David Malpass. Other meetings are currently underway with U.S. officials and development partners.

It is unlikely the world can meet the goal of ending extreme poverty by 2030, a World Bank report found. Experts have said COVID-19 ended years of progress while war and higher prices are now making things worse.

The Covid-19 pandemic and Russia's invasion of Ukraine have reversed three decades of progress in reducing poverty, according to the World Bank, which is warning that the global goal of eradicating extreme poverty by 2030 is now out of reach.

The World Bank says a sharp, long-lasting slowdown is expected to hit developing countries hard this year as the global economy weakens. The bank said this in its latest 'global economics prospects' report, released on Tuesday.

World Bank president David Malpass on Wednesday said he would leave his post by the end of June, months after running afoul of the White House for failing to say whether he accepts the scientific consensus on global warming.

World Bank President David Malpass on Wednesday said he would quit his role before his term ends. Malpass declared this, months after faulting the White House for failing to say whether he accepted the scientific consensus on global warming.