The Dow Jones Industrial Average was down 0.4 percent at 33,040.72. The S&P 500 fell 0.3 percent to 4,147.55. The tech-heavy Nasdaq Composite Index remained unchanged at 12,175.40. Early Wednesday, Wall Street equities mainly declined, continuing the week’s bumpy pattern as markets assess a weaker global growth picture due to inflation fears. As a result … Read more
The World Bank’s total pledged contribution to Ukraine is more than $4 billion. The latest cash is backed by financial assurances from the United Kingdom, Netherlands, Lithuania, Latvia. Ukraine needs at least $5 billion per month to keep its government running in the short term. On Tuesday, the World Bank’s executive board approved $1.49 billion … Read more
the World Bank’s executive board authorised $1.49 billion in new funding for Ukraine. The new tranche will help pay government and social worker wages, bringing the bank’s total pledged support to more than $4 billion. According to Global News, the World Bank said in a statement that the latest batch of money for Ukraine is … Read more
World Bank slashes global growth forecast by nearly a third to 2.9% for 2022. Russia’s invasion of Ukraine has compounded the damage from the COVID-19 pandemic. World Bank warns that the outlook could still grow worse and that many countries now face recession. The World Bank on Tuesday cut its worldwide development conjecture by almost … Read more
The S&P 500 rose 39.25 points, or 1%, to 4,160.68, reversing a 1% drop in the morning. Stocks initially dipped on Wall Street as Target warned of reduced profit margins as it reduces prices to clear out inventory. The fragility of the economy has been on Wall Street’s mind this year, amid concerns about interest-rate … Read more
After not being paid for seven years, state lawyers in the Republic of Congo have chosen to cease representing the government in court, according to their group. During a conference in the capital Brazzaville, Jean-Prosper Mabassi, the chairman of an association of state attorneys, informed reporters that the government had not paid its lawyers since … Read more
Ukraine has received $530 million in US and British funds from a World Bank fund established up to help the Kyiv administration in the aftermath of Russia’s invasion, according to the finance ministry. According to a late Thursday announcement from the finance ministry, the US gave roughly $500 million and the UK donated 24 million … Read more
The new prime minister of Sri Lanka won crucial support from the island’s two main opposition parties on Monday, relieving pressure on the ruling Rajapaksa clan in the face of the island’s worsening economic crisis. The main opposition SJB party appeared to abandon its demand that President Gotabaya Rajapaksa resigns before joining a coalition to … Read more
Drought is endangering the Iraqi tradition of growing amber rice, a flavorful base for rich lamb and other meals and a vital component of the country’s economy. The name of this long-grained rice type comes from its peculiar aroma, which is comparable to that of amber resin. It’s in dishes such as delicious lamb qouzi, … Read more
The World Bank predicted that payments from overseas workers to low- and middle-income nations will climb by 4.2 percent this year, with Ukraine as the primary recipient. According to the bank, migrant workers are anticipated to send $630 billion back to their home nations. Remittances to Ukraine, currently fighting off the Russian invasion, are expected … Read more
On Monday, the World Bank encouraged donors to increase help for the Palestinian Authority, which it claimed was suffering from a destabilizing fiscal crisis caused in part by “record low” foreign aid payments. The report, which was released ahead of a donor conference in Brussels, offers a contradictory picture of the Palestinian economy, which is … Read more
State media stated that Lebanese expatriates in 48 countries, including France and the United Arab Emirates, voted on Sunday ahead of the May 15 parliamentary elections. The crucial election takes place in the midst of an unparalleled financial crisis that has prompted a mass departure, with opposition politicians resting their hopes for change on the … Read more
More than 1,000 Iraqis were brought to hospitals with respiratory illnesses on Thursday as a result of a sandstorm, the country’s eighth in less than a month, according to official media. Residents in six of Iraq’s 18 provinces were awakened to a heavy cloud of dust blanketing the sky, including Baghdad and the huge western … Read more
COLOMBO: Sri Lanka aims to revise its current “unrealistic” budget and is in negotiations with the World Bank to increase its assistance from $300 million to $700 million, according to the country’s finance minister on Wednesday. The island country is dangerously short of foreign exchange, having been struck hard by COVID-19 and short of income … Read more
Prices to spike the highest in 50 years as a result of Ukraine war; World Bank forecast The conflict in Ukraine is set to cause the “biggest food price shock” since the 1970s, the World Bank has cautioned. In another conjecture, it said interruption brought about by the contention would add to immense cost ascends … Read more
Energy prices have risen sharply since Russia’s invasion of Ukraine, and are expected to continue at “historically high” levels until 2024, harming economic growth, according to the World Bank. “This amounts to the largest commodity shock we’ve experienced since the 1970s,” said Indermit Gill, the World Bank’s vice president for equitable growth, finance, and institutions. … Read more
The disparity was mind-blowing. New York’s UN Secretary-General António Guterres launched a long-overdue effort to end the conflict in Ukraine. In light of the current danger and consequences, he [Guterres] would like to discuss urgent steps toward achieving peace, according to a statement from his spokesman. UN Secretary-General Ban Ki-moon, he proposed a meeting between … Read more
Federal Reserve Chairman Jerome Powell Thursday confirmed that principal bank officials are in all likelihood to elevate hobby costs by 50-foundation factors in May and subsequent months as they seek to tame the freshest inflation in 4 a long time. “It is appropriate to be moving a little more quickly,” Powell said during a panel … Read more
After visiting Ukraine on Wednesday, European Council President, Charles Michel said there were “no words” to describe how he felt, adding that Russia “must be punished” for the events there. Michel said, “There are no words in order to explain what I feel, not as the President of the European Council, but as a father, as … Read more
International Monetary Fund Managing Director, Kristalina Georgieva said on Wednesday that Ukraine’s Ministry of Finance estimated that it will take $5 billion a month to keep the economy functioning. She said, “We have been engaged very closely with the Ministry of Finance on the estimates they have provided or what would be necessary to retain … Read more
US Treasury Secretary Janet Yellen warned Rising food charges which have been driven even higher through Russia’s invasion of Ukraine could pressure upwards of 10 million humans into poverty, on Tuesday. Moscow’s invasion of its neighbor and retaliatory sanctions imposed by the West starting in past due February have brought on a spike in crude … Read more
A yr ago, the West African kingdom of Chad became greatly surprised whilst its 30-year leader, Idriss Deby Itno died from wounds after main an operation against rebels. But for many Chadians, the big fear these days seems much less than USA political destiny underneath Deby’s 38-12 months-vintage son, General Mahamat Idriss Deby Itno, than … Read more
The World Bank is urging to create a dollar hundred and seventy billion emergency fund to help the poorest international locations being buffeted via more than one crises, the financial institution’s President David Malpass stated Monday. The “crisis reaction envelope” will continue the work began all through the Covid-19 pandemic, and help international locations cope … Read more
Washington: Volodymyr Zelensky, Ukraine’s president, stated on Sunday that he met with IMF managing director Kristalina Georgieva regarding Ukraine’s financial stability and the country’s post-war reconstruction on Sunday. “Discussed with IMF Managing Director Georgieva the issue of ensuring Ukraine’s financial stability & preparations for post-war reconstruction. We have clear plans for now, as well as … Read more
New York: According to UN Secretary-General Antonio Guterres, the Ukraine situation might cause 1.7 billion people to go hungry. “We all see the tragedy unfolding in Ukraine. But beyond its borders, the war has launched a silent assault on the developing world. The crisis could plunge up to 1.7 billion people, more than a fifth … Read more
Kyiv: Ukrainian Prime Minister Denys Shmyhal and top finance officials will visit Washington next week for IMF and World Bank spring meetings, sources said Friday. In addition to bilateral meetings, Shmyhal, Finance Minister Serhiy Marchenko, and Central Bank Governor Kyrylo Shevchenko are expected to attend a World Bank-hosted roundtable on Ukraine on Thursday. Until Thursday, … Read more
The Russian war on Ukraine has departed a chain reaction in the world economy with increases in energy and food rates that will make worse poverty and hunger and increase debt concerns, World Bank President David Malpass said Tuesday. Faced with these “overlapping crises,” the leader of the development lender urged advanced nations to keep markets … Read more
The Russian war on Ukraine has hold off a chain reaction in the global economy with increasing energy and food prices that will worsen poverty and hunger and exacerbate debt concerns, World Bank President David Malpas said Tuesday. Faced with these “overlapping crises,” the leader of the development lender urged advanced nations to keep markets … Read more
