The World Bank
Recent News About The World Bank
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Vietnamese intergenerational self-help clubs aid elderly care amid rapid aging
Nguyen Thi Tuyen, a 78-year-old woman living with Parkinson’s Disease in Viet Nam’s Nghia Ninh commune in Quang Binh province, faces the challenges of living alone. “I have three children, but they have migrated to other places to earn their living and rarely visit me. I do not eat much and do not need much clothing. What I need more is medications for my disease and have someone to talk with and help me,” she says.
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World Bank addresses reverse gender gap impacting Caribbean's socioeconomic landscape
Boys in the Caribbean are experiencing educational setbacks in what has been termed a "reverse gender gap," posing challenges to the region’s socioeconomic landscape. In Jamaica, for example, fewer boys and men attend upper secondary school and tertiary education, affecting the male population, particularly in rural and socioeconomically disadvantaged areas.
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World Bank-backed project improves menstrual hygiene management in Ethiopian schools
Tesfanesh Eba, a 6th grade student at Lideta Limat school in Addis Ababa, recalls the previous arrangement of shared toilets for both male and female students. “The boys used the ones on the left and the girls used the ones on the right,” she says. This setup was particularly uncomfortable for girls during menstruation, leading many to stay home and miss school.
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World Bank highlights role of Islamic finance in achieving sustainable development goals
Axel van Trotsenburg, the World Bank Senior Managing Director, addressed the Global Forum on Islamic Economics and Finance on May 27, 2024. He extended greetings to several dignitaries including Malaysian Prime Minister Dato’ Seri Anwar bin Ibrahim, Malaysia's Minister of Finance II Datuk Seri Amir Hamzah Azizan, Indonesia's Minister of Finance Sri Mulyani Indrawati, and Goksel Asan from Turkey.
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Lebanon Poverty and Equity Assessment 2024 reveals impacts of prolonged economic crisis
The Lebanon Poverty and Equity Assessment 2024: Weathering a Protracted Crisis is an evidence-based diagnostic tool designed to identify and analyze recent shifts in poverty and inequality in Lebanon. The assessment utilizes data from the Lebanon Household Survey 2022/2023, the first household consumption survey conducted in Lebanon in the past decade. The survey was conducted by the World Bank (WB) in collaboration with the United Nations High Commissioner for Refugees (UNHCR) and the World Food Programme (WFP).
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World Bank supports improved access to social services in Uzbekistan
The World Bank’s Board of Executive Directors has approved a $100 million concessional loan for Uzbekistan to implement the Innovative Social Protection System for Inclusion of Vulnerable People (INSON) Project. The initiative aims to enhance access to and the quality of social services for vulnerable populations in Uzbekistan.
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Croatia collaborates with World Bank on public sector wage reform
In 2021, the Government of Croatia (GoC) committed to reforming its public sector wage-setting mechanism with the primary goal of making the system more equitable, transparent, internally consistent, and financially sustainable. This reform was a key element of Croatia’s National Recovery and Resilience Plan (NRRP), endorsed by the European Commission. The GoC recognized that the existing system was inequitable as not all similar jobs were paid equally. It also lacked transparency and clear rules for setting job complexity coefficients and supplements, as well as for job...
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Syria's economy continues contraction as household welfare declines further
The World Bank has released two reports detailing the worsening economic situation in Syria and the significant decline in household welfare. The "Syria Economic Monitor Spring 2024: Conflict, Crises and the Collapse of Household Welfare" examines Syria's macroeconomic policy within the context of ongoing conflict and regional instability. The report includes findings from "The Welfare of Syrian Households after a Decade of Conflict," which assesses welfare changes from the pre-conflict period (2000-2010) to mid-2022.
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Gambian economy shows resilience amid global challenges: World Bank report
Banjul, May 24, 2024 – The Gambia's economy has shown resilience amid global and regional uncertainties, according to The Gambia’s Fourth Economic Update – Spring 2024. Despite a sluggish global environment, the country's real GDP grew by 5.3% in 2023, signaling continued recovery from the COVID-19 pandemic and persistent external headwinds.
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World Bank endorses new partnership framework with Togo
The World Bank Group (WBG) has endorsed a new Country Partnership Framework (CPF) for Togo, granted a special waiver for the country's access to the Prevention and Resilience Window, and approved three new loans from the International Development Association (IDA) totaling over $600 million. These measures aim to strengthen prevention and resilience, increase access to reliable electricity, improve public administration performance, and support refugees and host communities in northern Togo.
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World Bank approves $30 million grant for social safety nets in Central African Republic
The World Bank has approved a $30 million grant from the International Development Association (IDA) to support the Adaptive and Productive Social Safety Nets Project in the Central African Republic (CAR). The initiative aims to enhance social protection for impoverished and vulnerable families in specific regions and improve the responsiveness of delivery systems to shocks.
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Lebanon's poverty rate triples over decade amid prolonged crisis
Poverty in Lebanon has more than tripled over the past decade, reaching 44% of the total population, according to a new World Bank report released today. Based on a recent household survey covering the five governorates of Akkar, Beirut, Bekaa, North Lebanon and most of Mount Lebanon, the report finds that one out of every three Lebanese in these areas was poverty-stricken in 2022. This underscores the critical need to strengthen social safety nets and create jobs to help alleviate poverty and address widening inequality.
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Cambodia's coordinated efforts bolster preparedness against future pandemics
When the World Health Organization declared COVID-19 a pandemic on March 11, 2020, few countries were prepared for the virus that was rapidly spreading across the globe. Cambodia was no exception. However, to its credit, the Ministry of Health responded swiftly with a COVID-19 National Action Plan that introduced measures to improve case detection and management and increase the availability of critical medical supplies and equipment. The action plan also initiated broader measures to strengthen Cambodia’s health system that today are providing a sure footing for Cambodia to...
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Island nations aim for resilience through blue economy initiatives
Caught in the crosshairs of escalating global crises, Small Island Developing States (SIDS) will meet from May 27-30, 2024, with the international community to discuss ways to tackle issues including their vulnerability to climate change impacts, exposure to pollution, and economic headwinds.
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World Bank approves $40 million project for job skill improvement in Cambodia
Approximately 33,000 Cambodians are expected to receive improved training and labor market services following the approval of a $40 million credit by the World Bank’s Board of Executive Directors on Thursday.
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World Bank reports severe economic downturn for Palestine amid ongoing conflict
WASHINGTON, May 23, 2024 – The World Bank has issued its latest update on the impact of the conflict in the Middle East on the Palestinian economy. The report draws on the latest available data and analysis to assess the ongoing impact of the conflict on the Palestinian economy.
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World Bank supports Malawi's fiscal governance with $80 million grant
The World Bank is providing support to improve resource mobilization, budget execution, and transparency of public finances to assist the achievement of results under the Malawi Public Finance Management (PFM) Strategy 2023-2028.
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Efforts promote coexistence between Panamanian farmers and jaguars
Panama is recognized for its rich biodiversity, with forests that form a natural corridor connecting jaguar habitats from Mexico to Argentina. However, this environment faces significant challenges, with over 40 percent of jaguar habitat lost due to agricultural expansion and deforestation. Cattle farming has been a primary driver of this loss, leading to increased human-wildlife conflict as jaguars prey on cattle, prompting retaliatory killings by farmers.
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World Bank highlights importance of data for diversified growth in Algeria
The Spring 2024 Algeria Economic Update underscores the country's dynamic economic activity and slowing inflation while highlighting the importance of data in supporting Algeria’s efforts toward sustainable, diversified growth.
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World Bank aids Vanuatu's resilience against natural disasters
Over the course of 10 years, the World Bank has supported efforts by the government of Vanuatu to build the skills and institutions needed to manage frequent volcanic eruptions, earthquakes, and increasingly severe cyclones. This collaboration with one of the world’s most climate-vulnerable countries could serve as a model for other small island states facing similar challenges.