The World Bank is pushing for “radical” debt transparency from developing countries to prevent future financial crises, warning that hidden debts are fueling instability.
With many low-income countries resorting to complex, off-budget borrowing in a volatile global market, the Bank warns that lack of transparency can lead to financing freezes and worsening terms. Senior managing director Axel van Trotsenburg emphasized that “radical debt transparency” is key to breaking the debt-crisis cycle.
The Bank is urging legal reforms to require the disclosure of detailed, loan-by-loan data, public release of restructuring terms, and regular audits. While more countries are now reporting some debt information, only 25% share loan-level details.Countries such as Senegal, Cameroon, Gabon, Angola, and Nigeria have utilized less transparent financial arrangements, underscoring the need for improved debt reporting standards.
The World Urban Forum 13 (WUF13) in Baku has placed a strong emphasis on strengthening cooperation between the pub...
Chinese President Xi Jinping&...
FormeFormer Cuban President Raúl Castro has been indicted in the United States, according to a senior Trump...
A major international conference on “The Role of Youth in Urban Development during Decolonisation Processes” has opened in Baku,...
The red carpet had barely been rolled up after Donald Trump’s departure before Beijing was laying it out again. Vladimir Putin arrived in the...
The World Urban Forum 13 (WUF13) in Baku has placed a strong emphasis on strengthening cooperation between the public and private sectors, with discussions focused on sustainable urban development, investment opportunities and innovation in city planning.
Chinese President Xi Jinping and Russian President Vladimir Putin praised bilateral ties during talks in Beijing on Wednesday, before Putin departed China later in the day.
FormeFormer Cuban President Raúl Castro has been indicted in the United States, according to a senior Trump administration official. The move marks a significant escalation in Washington’s pressure campaign against Cuba’s communist leadership.
A major international conference on “The Role of Youth in Urban Development during Decolonisation Processes” has opened in Baku, bringing together young leaders and experts from around the world as part of the 13th session of the UN World Urban Forum.
United Nations World Urban Forum 13 continues in Baku, Azerbaijan on 19 May with sessions and roundtable discussions focused on strengthening dialogue and advancing cooperation in urban development. Organisers say there are nearly 3 billion people globally who face some form of housing inadequacy.
Azerbaijan and Georgia have agreed to resume daily passenger train services on the Baku-Tbilisi-Baku route from 26 May, 2026, marking a major step in restoring regional rail connectivity after services were suspended in 2020 due to the COVID-19 pandemic.
Day four of the World Urban Forum (WUF) in Baku brings a packed agenda on sustainable cities and the global housing crisis, with sessions on green housing, smart cities, public spaces and urban rights taking place on Wednesday (20 May) at Baku Olympic Stadium in Azerbaijan.
Russia’s ambassador to the United Nations Vasily Nebenzya warned on Tuesday (19 May) that Moscow could retaliate against Baltic states if Ukraine launches military drones from that region. Latvia, the United States and Ukraine responded strongly during a UN Security Council meeting.
Russia is considering the possibility of joint projects with the United States and China, Kirill Dmitriev, Head of the Russian Direct Investment Fund, (Russia's sovereign wealth fund), was quoted as saying by state media on Wednesday.
Demand for electric vehicles has surged across Europe as elevated fuel prices linked to the Iran conflict push consumers toward new and second-hand EVs, according to data shared with Reuters. It is providing a boost to an auto industry that has struggled with slower-than-expected adoption.
South Korea’s Samsung Electronics is facing its largest potential labour action in years, with tens of thousands of workers preparing for a prolonged strike over bonuses and profit-sharing at a time when the company is benefiting from a global artificial intelligence (AI) driven chip boom.
Government bond markets from Tokyo to New York extended losses on Monday (18 May) as rising energy prices linked to the Middle East conflict heightened inflation concerns and reinforced expectations that major central banks could keep interest rates higher for longer.
Negotiations between Samsung Electronics and its workforce on Wednesday have broken down, officials said, raising fresh concerns over potential disruption to South Korea’s export-heavy economy.
By the time American shoppers began noticing higher prices on everything from trainers to televisions, the world's two largest economies were already deep in a trade war that left the world wondering how it would end.
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