Donor countries have pledged a record $100 billion three-year replenishment of the World Bank's fund for the poorest nations, providing a vital lifeline for their struggles against crushing debts, climate disasters, inflation and conflict.
Donor countries have pledged a record $100 billion three-year replenishment of the World Bank's fund for the poorest nations, providing a vital lifeline for their struggles against crushing debts, climate disasters, inflation and conflict.
The World Bank made the announcement early on Friday in Seoul at a pledging conference for the International Development Association, which provides grants and very low interest loans to some 78 low-income countries.
The total exceeds the previous $93 billion IDA replenishment announced in December 2021. Countries will contribute about $24 billion directly to IDA, but the fund will issue bonds and employ other financial leverage to stretch that to the targeted $100 billion in grants and loans through mid 2028.
But the two-day pledging conference fell short of the $120 billion goal that some developing countries had called for, partly because the dollar's strength .DXY -- pushed up by Donald Trump's U.S. presidential election victory -- diminished the dollar value of significant increases in foreign currency contributions by several countries.
At a G20 leaders' summit in Brazil last month, Norway increased its pledge by 50% from 2021 to 5.024 billion krone. That's $455 million at current exchange rates, but at the start of 2024, it would have been worth $496 million.
South Korea boosted its pledge by 45% to 846 billion won, ($597 million), Britain by 40% to 1.8 billion pounds, while Spain boosted its contribution to 400 million euros, a pledge worth $423 million -- $10 million less than the day it was announced in October.
U.S. President Joe Biden pledged a $4 billion U.S. contribution, up from $3.5 billion in the previous round.
Australia on Thursday condemned Israel’s decision to close its criminal investigation into the deaths of Australian aid worker Zomi Frankcom ...
Shipping traffic through the Strait of Hormuz remains limited on Thursday, with no increase in vessel crossings as U.S.-Iran talks to res...
North Korea has fired more than 10 short-range ballistic missiles after U.S. President Donald Trump reduced American participation in joint militar...
The collective-defence agreement between Türkiye, Saudi Arabia and Pakistan signals that regional powers no longer want to rely solely on external security guarantees. Whether it becomes a stabilising deterrent or another axis of rivalry remains unresolved.
Shipping through the Strait of Hormuz has slowed, according to the latest data, as uncertainty over the waterway’s reopening kept most shipowners away. Six commodity vessels crossed the strait on Tuesday, down from nine the day before and below the 10-day daily average of 11.
Shipping traffic through the Strait of Hormuz remains limited on Thursday, with no increase in vessel crossings as U.S.-Iran talks to resolve the conflict remained stalled. Nine commodity vessels transited the key waterway on Wednesday, unchanged from the previous day, according to Kpler data.
Iran has said the Strait of Hormuz will remain closed until the U.S. fulfils the terms of an interim deal, including lifting the maritime blockade and sanctions and releasing Iran’s frozen assets.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 19th of August, covering the latest developments.
Australia on Thursday condemned Israel’s decision to close its criminal investigation into the deaths of Australian aid worker Zomi Frankcom and six World Central Kitchen colleagues killed in Gaza in April 2024.
Shipping traffic through the Strait of Hormuz remains limited on Thursday, with no increase in vessel crossings as U.S.-Iran talks to resolve the conflict remained stalled. Nine commodity vessels transited the key waterway on Wednesday, unchanged from the previous day, according to Kpler data.
North Korea has fired more than 10 short-range ballistic missiles after U.S. President Donald Trump reduced American participation in joint military exercises with South Korea in an effort to revive dialogue with Pyongyang.
Georgia’s foreign trade data for January-July 2026 shows Kyrgyzstan, China and Russia as its top three export markets, highlighting its Middle Corridor ambitions and complex economic ties with Moscow.
Kazakhstan will vote on 23 August in its first parliamentary election under the new Constitution, choosing 145 members of the new Kurultai under a fundamentally changed electoral system based entirely on party lists.
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