News from May 2024
Croatian MEP slams U.S."gay pride" funding in Europe: "Today, we have to defend Christianity from the West"
By Special to the Globe Banner | May 31, 2024
A Croatian member of the European Parliament said U.S. funding of so-called "gay pride" events and programming in Europe is part of a coordinated attack on Christianity by "American and European left-wing politicians and NGOs."
Spain doubles contribution towards enhancing global SDR impact
By Globe Banner | May 31, 2024
Spain is advocating for an increased impact of Special Drawing Rights (SDRs) through the International Monetary Fund (IMF) and the World Bank Group (WBG)’s enhanced framework for scaled-up climate action. The country plans to double its SDR contribution to the IMF’s Resilience and Sustainability Trust (RST). This initiative aims to optimize resources dedicated to helping countries tackle climate challenges, leveraging the IMF’s RST, WBG’s policy and project financing, and additional resources from development partners and the private sector.
World Bank Group & IMF enhance cooperation for global climate action
By Globe Banner | May 31, 2024
The World Bank Group (WBG) and the International Monetary Fund (IMF) are intensifying their collaboration through an enhanced framework aimed at helping countries scale up climate action. This joint effort seeks to provide critical support for national climate strategies via an integrated, country-led approach to policy reforms and climate investments.
World Bank approves $250 million credit for strengthening Ghana's financial sector
By Globe Banner | May 31, 2024
On May 30, 2024, the World Bank approved a $250 million International Development Association (IDA) credit for the Ghana Financial Stability Project. This five-year initiative aims to support Ghana’s Financial Sector Strengthening Strategy (FSSS) by contributing to financial stability through the recapitalization of viable banks and Specialized Deposit-taking Institutions (SDIs) affected by Ghana’s Domestic Debt Exchange Program (DDEP).
World Bank approves $79.5M boost for Cambodian education
By Globe Banner | May 31, 2024
The World Bank's Board of Executive Directors has approved $79.5 million in additional financing to enhance access to quality education across Cambodia. This funding aims to scale up the Cambodia General Education Improvement Project, initially financed with $69.25 million in January 2022. The new financing includes a $60 million credit from the International Development Association and a $19.5 million grant from the Global Partnership for Education.
World Bank supports low-carbon urban mobility transition in Yichang with $250M loan
By Globe Banner | May 31, 2024
WASHINGTON, May 31, 2024 — Yichang City in Hubei Province will transition to an environmentally cleaner transportation system with the support of a US$250 million loan approved by the World Bank Board of Executive Directors today. This initiative aims to improve travel for residents, lower greenhouse gas emissions, and potentially serve as a model for other cities.
NCUA issues prohibition orders against four individuals
By Globe Banner | May 31, 2024
The National Credit Union Administration (NCUA) issued four consent orders in May 2024, permanently prohibiting the individuals named below from participating in the affairs of any federally insured depository institution.
Access key to improving welfare among indigenous peoples in Philippines
By Globe Banner | May 30, 2024
Increasing Indigenous Peoples’ access to water, sanitation, education, health services, and economic opportunities while preserving their cultural identities could significantly improve their living standards, according to a World Bank report released today.
Experts discuss climate change impacts at Central Asia conference
By Globe Banner | May 30, 2024
Delegations from Central Asian countries and international experts are gathering in Almaty, Kazakhstan, to address sustainable water and land management, energy, food security, and environmental sustainability in the context of climate change. The Central Asia Climate Change Conference (CACCC-2024) provides a platform for regional cooperation on climate issues.
World Bank releases new report on Indigenous Peoples' welfare in Philippines
By Globe Banner | May 30, 2024
First and foremost, warm greetings to Undersecretary Fatima Aliah Dimaporo, Legislative Affairs at the Department of Social Welfare and Development; the National Commission on Indigenous Peoples Chairperson Jennifer Pia Sibug-Las; to the panelists in today’s forum; to the leaders of the Indigenous Peoples who are here with us today; the representatives of various government agencies and private sector groups; and to all participants this morning. Good morning to all of you.
WTO holds first formal meeting on dispute settlement reform
By Globe Banner | May 30, 2024
WTO members held their first formal meeting on dispute settlement reform on May 30, 2024. This follows commitments made at the 12th Ministerial Conference (MC12) in June 2022 and reaffirmed at the 13th Ministerial Conference (MC13) earlier this year. Members agreed to address challenges within the dispute settlement system, including issues related to the Appellate Body, aiming for a fully functional system by 2024.
Podcast host on US citizen detained in Nigeria: 'they won't even give him medical care'
By Globe Banner | May 30, 2024
Matty Ice, host of The Runway Podcast, stated that Tigran Gambaryan, a former IRS Special Agent and current Binance employee, is not receiving sufficient medical treatment despite fainting in court and reportedly suffering from malaria. Ice shared his statement in a May 27 post about Gambaryan, who has been detained in Nigeria since February 26.
World Bank approves $1.2 billion funding package for Kenya
By Globe Banner | May 30, 2024
The World Bank has approved new funding to help Kenya address short-term fiscal pressures and accelerate a more prosperous, green, and inclusive future.
Global purchasing power parities data released for 2021
By Globe Banner | May 30, 2024
New purchasing power parities (PPPs), which provide a standardized way to assess the relative buying power of different economies, were released today by the International Comparison Program (ICP) for the reference year 2021.
World Bank highlights adaptive social protection strategies in Latin America and Caribbean
By Globe Banner | May 30, 2024
In Latin America and the Caribbean, extreme weather events have doubled in the last 30 years. Not only are these events more frequent, but they are also increasingly intense. Nine countries in the region rank among the world's top 20 nations with the highest risk of disasters. Between 2000 and 2019, more than 20 devastating hurricanes impacted families, communities, businesses, and infrastructure.
World Bank partners with Türkiye on $400M project for climate-resilient forests
By Globe Banner | May 30, 2024
ANKARA, May 30, 2024—The Government of Türkiye and the World Bank have launched the $400 million Türkiye Climate Resilient Forests Project aimed at enhancing the country's ability to protect its forests and people from wildfires.
BusinessEurope publishes recommendations on European Economic Security Strategy
By Globe Banner | May 30, 2024
BusinessEurope has published its position paper on a European Economic Security Strategy. BusinessEurope Director General Markus J. Beyrer stated, "At a time when the debate on the development of a European Economic Security Strategy is intensifying, BusinessEurope is publishing this paper to provide concrete recommendations on this topic. For us, the Strategy must be anchored in the principles of competitiveness and openness. The protection of vital security interests must not be used as cover for disguised protectionism, and it must not endanger the integrity of the Single...
Regional workshop explores sustainable access to health technologies
By Globe Banner | May 30, 2024
The three-day intensive program focused on practical ideas for designing trade policies that support innovation and access to health technologies, including through intellectual property. The workshop was developed in close collaboration with the Secretariats of the World Health Organization (WHO) and the World Intellectual Property Organization (WIPO), and organized with the support of Morocco's Ministry of Industry and Trade.
Burundi strengthens food security through rapid emergency response
By Globe Banner | May 30, 2024
For the past two years, Burundi has faced a serious food security challenge. A series of climatic shocks, including water deficits, floods, and landslides, devastated crops and threatened the well-being of families across the country.
Irrigation transforms Ethiopian desert into fertile fields
By Globe Banner | May 30, 2024
In the arid outskirts of Dire Dawa, a city administration in eastern Ethiopia, a story of resilience and agricultural transformation has emerged. Mohamed Aduse and his group of young friends transitioned from laboring in quarries to pioneering agricultural prosperity with support from the World Bank’s Ethiopia Agricultural Growth Project II (AGP II). The project's goal is to increase agricultural productivity and commercialization for smallholder farmers in targeted locations.