The UK government has pledged to invest £1.98 billion ($2.5 billion) over the next three years into the World Bank’s International Development Association (IDA) fund, aimed at supporting the world’s lowest-income countries. This contribution will help fund projects that promote economic growth, combat poverty, and address the ongoing challenges of climate change, according to a government statement.
The IDA fund, which provides grants and low-interest loans to the most impoverished nations, is replenished every three years, with a pledging conference scheduled for December 5-6 in Seoul. World Bank President Ajay Banga is seeking a record-breaking amount for this replenishment, aiming to exceed the $93 billion raised in December 2021, in response to growing demands from poor countries facing mounting debts, climate-related disasters, conflict, and other crises.
This pledge comes shortly after U.S. President Joe Biden announced a $4 billion contribution to the IDA fund last week.
While the UK previously committed 0.7% of its gross national income to overseas development aid, the Conservative government reduced this figure to 0.5% in 2021 due to the economic impact of the COVID-19 pandemic. Since taking office in July, Prime Minister Keir Starmer's Labour government has vowed to restore the aid budget to 0.7%, though no timeline has been set for this increase.
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Ukrainian President Volodymyr Zelenskyy has arrived in Norway for talks about the Russia-Ukraine war. He is expected to meet with U.S. President Donald Trump's Special Envoy Steve Witkoff, who arrived in Oslo earlier. Witkoff will also meet European officials.
Iranian Foreign Minister Abbas Araghchi said regional issues should be resolved through diplomacy and blamed the United States for insecurity and tensions in the Strait of Hormuz, speaking at a joint news conference with Russian Foreign Minister Sergey Lavrov on Monday.
U.S. envoy Steve Witkoff is meeting Russian President Vladimir Putin in St. Petersburg, with discussions focused on the war in Ukraine and the prospects for progress in ongoing diplomatic efforts.
Yemen's Houthis have denied targeting the holy city of Medina on Wednesday adding that they have not conducted any military operations towards Saudi Arabia either, denying earlier comments from the Saudi-led coalition in Yemen.
Israel's 27 October parliamentary election could reshape the country's political future, with Prime Minister Benjamin Netanyahu facing a serious challenge from former military chief Gadi Eisenkot and a potentially decisive battle over coalition-building.
If you tried to visit a government website in Europe on Wednesday and found it down, you weren’t alone. Agencies across the continent pulled their sites offline after serious security flaws were discovered in PHP, the programming language quietly running behind most of the world’s websites.
U.S. federal prosecutors have charged six people over an alleged scheme that arranged hundreds of fraudulent marriages in Massachusetts to help immigrants living in the country illegally obtain green cards and, potentially, citizenship.
Türkiye, Qatar, Pakistan and Indonesia have signed a new defence industry agreement in Doha, bringing existing military projects under a shared framework as Turkish defence exports reach record highs.
British PM Andy Burnham has rejected calls to reconsider the UK’s ban on Palestine Action, insisting that the decision was based on evidence and had undergone parliamentary scrutiny. He said on Wednesday that he would not comment further while legal proceedings remain ongoing.
Russia has released Stephen Hubbard, a 74-year-old retired American teacher from Michigan held for more than four years after being detained by Russian forces in eastern Ukraine.
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