News published on Globe Banner in July 2024

The World Bank Group Board of Executive Directors approved a Development Policy Loan (DPL) for Romania amounting to €599.1 million. The Romania Fiscal Management and Green Growth DPL aims to strengthen the country's fiscal framework, promote green and inclusive growth, and stimulate private-sector investment.

WTO Deputy Director-General emphasizes organization's role amid rising geopolitical tensions

DDG Hill highlighted the resilience of international trade in the face of polycrises over the last few years. At the end of 2023, merchandise trade in real terms was 6% above its pre-pandemic peak and up 19% compared to 2015. According to the WTO's recent trade forecast, global goods trade is expected to gradually recover by increasing 2.6% this year after a 1.2% contraction in 2023.

Malawi faces economic hurdles amid drought; urgent reforms needed

LILONGWE, July 25, 2024 – A drought and an incomplete reform agenda are undermining prospects for a rapid economic recovery in Malawi. Economic growth in Malawi fell short of expectations in 2023 and is projected to remain subdued in 2024. While the implementation of planned macroeconomic and structural reforms is expected to boost GDP growth over the medium term, an El Niño-induced drought has worsened the near-term growth outlook. The drought has compounded longstanding macroeconomic imbalances, with large fiscal deficits, balance-of-payments challenges, unsustainable debt,...

Community efforts revive abandoned center near Valle Nuevo National Park

At the border of Valle Nuevo National Park in the Dominican Republic, an abandoned community center known as “Las Golondrinas” stands as a testament to unfulfilled aspirations. Named after the endemic bird species residing in the park, the center was built in 2010 to foster social connections and promote conservation efforts for Valle Nuevo National Park.

World Bank urges urgent reforms for Malawi's economic stability

Malawi's current economic challenges necessitate a blend of immediate response measures and urgent reforms to address longstanding macroeconomic imbalances, including persistent fiscal deficits, balance-of-payments issues, unsustainable debt, and price instability. These factors have significantly impacted the country's economy in recent years, according to the latest World Bank Malawi Economic Monitor (MEM).

WTO releases latest edition of World Tariff Profiles with focus on EV minerals

The World Trade Organization (WTO) has released the latest edition of its World Tariff Profiles, providing comprehensive data on tariffs imposed by member economies. The publication includes summary tables that list average "bound" or maximum tariffs and actual applied tariffs for both agricultural and non-agricultural sectors.

Binance announces cryptocurrency investigation training in Sri Lanka

Binance announced that its Financial Crime Compliance team conducted a comprehensive cryptocurrency investigation training for Sri Lanka’s Financial Intelligence Unit and other key law enforcement agencies. The training session was held at the Central Bank of Sri Lanka's Training Center, and participants included officials from the Financial Intelligence Unit of Sri Lanka (FIU) and Sri Lanka Police departments.

World Bank highlights circular economy potential in Central Asia

The World Bank has released a new report titled "Circular Economy as an Opportunity for Central Asia," highlighting the potential benefits of adopting circular economy principles in the region. The report outlines three action plans focused on construction, agri-food, and urban management sectors, based on case studies from Kazakhstan and Uzbekistan.

US commits $667M; Germany pledges $54M towards pandemic fund goal

The United States has pledged up to $667 million and Germany has committed $54 million to the Pandemic Fund, aiming to raise at least $2 billion to address high demand from low- and middle-income countries. This announcement was made on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting in Rio de Janeiro.

World Bank commits as lead knowledge partner in G20 Global Alliance Against Hunger

Poverty and hunger are intertwined and impacted by many challenges that have far-reaching consequences if left unaddressed.

Dialogue identifies future focus areas in tackling global plastic pollution

The coordinators reported on the results of their consultations regarding priorities for the Dialogue's work in 2024 and 2025. Representing the six coordinators (Australia, Barbados, China, Ecuador, Fiji, Morocco), Ecuador and Barbados expressed gratitude to members for responding to a questionnaire on priorities and engaging in consultations over recent weeks.

World Bank announces new initiatives targeting global hunger

The World Bank Group today unveiled a comprehensive package of initiatives to address urgent poverty and hunger, aiming to enable vulnerable populations to increase earnings, enhance resilience against climate shocks, and promote empowerment for women and girls.

McCaul on Binance exec's release: 'There's no time to waste'

By Donna Rolando | Jul 23, 2024

As a new resolution calls for the humanitarian release of an American held in Nigeria, a major obstacle remains the need for medical records to substantiate the deteriorating health of this recently wheelchair-bound Binance exec.

World Bank announces new partnership framework with Cameroon focusing on jobs and service delivery

WASHINGTON, July 23, 2024 – The World Bank Group (WBG) has announced a new Country Partnership Framework (CPF) for Cameroon, focusing on creating more and better jobs and enhancing effective and inclusive service delivery institutions. This initiative will also pay special attention to climate and fragility issues.

Public Institutions Data and Analytics Global Unit enhances governance through strategic data initiatives

The Public Institutions Data and Analytics Global Unit is responsible for enhancing the use of data and analytics in governance and institutional topics. It provides strategic support for cross-cutting engagements with a focus on how data and evidence can improve the functioning of public institutions. The unit delivers on three main programs: global trends in governance, country-level data and analytics, and climate change and institutions, including the political economy of climate change.

Jordan accepts WTO agreement aimed at curbing harmful fisheries subsidies

Jordan has formally accepted the Agreement on Fisheries Subsidies, as announced by Director-General Okonjo-Iweala. “I am happy to receive Jordan's formal acceptance of the Agreement on Fisheries Subsidies. Jordan, the fourth member from the Middle East region to have formally accepted the Agreement, is demonstrating its leadership in protecting our shared marine resources for future generations. This is a critical step towards ending harmful fisheries subsidies and ensuring a thriving and resilient ocean for all,” she stated.

World Bank partners with Japan on $2.76M project benefiting farmers

SAN SALVADOR, July 23, 2024—The World Bank, Japan, and El Salvador are collaborating on a project to improve market access, food security, and dietary diversity in the El Bálsamo mountain range in La Libertad department. This initiative will directly benefit 6,250 farming families and will be implemented by Catholic Relief Services (CRS) of El Salvador.

Trends show fragile states receive less climate adaptation funding

Global funds supporting climate adaptation are essential for low-income countries, particularly those experiencing fragility and conflict. Countries on the World Bank’s Fragile and Conflict-affected Situations (FCS) list are notably underserved in terms of adaptation finance from international funders. The scale and nature of this financing gap remain unclear, as does the allocation of adaptation finance across different fragile and conflict-affected settings.

World Bank reaffirms support to South Africa & Namibia amid developmental progress

A delegation of the World Bank Group’s (WBG) Board of Executive Directors (EDs) has noted South Africa’s and Namibia’s progress in achieving their development goals and reaffirmed the World Bank Group's commitment to providing support. The 11 EDs and Alternate EDs were hosted by the World Bank and International Finance Corporation (IFC) country offices during their visit from July 7-13.

US direct investments abroad rose to $6T+; foreign investments hit new highs