At the beginning of August, the World Bank announced it would freeze new loans towards Uganda in light of its new anti-LGBTQ laws. Many initially viewed the move as a sign that the bank was taking a more progressive approach towards human rights issues. But is it a misguided approach?
The World Bank and International Monetary Fund's Spring Meetings kicked off this week with concerns over high inflation, rising geopolitical tensions, climate change and financial instability. World Bank Senior Managing Director Axel van Trotsenburg told FRANCE 24 that "we need to stay engaged with developing countries.
Brazilian President Luiz Inacio Lula da Silva has praised the Shanghai-based New Development Bank (NDB) on his trip to China, saying it "frees emerging countries from submission to traditional financial institutions".
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.
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.
28 Oct 2022
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.
10 Oct 2022
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.
6 Sep 2022
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.
8 Jun 2022
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.
18 May 2022
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.
16 Feb 2022
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.