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.
Georgia is overhauling its migration laws in one of the most significant legal reforms in years, introducing criminal penalties for fake marriages, ti...
The global race to develop quantum computing is accelerating, with governments and technology firms investing heavily in what is expected to become a ...
Pakistan has warned that any attempt by India to block or significantly reduce river flows under the Indus Waters Treaty could have “far-reaching co...
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 13 June, covering the latest developments you need to know....
The United States began their World Cup campaign in commanding fashion with a 4-1 victory over Paraguay, delivering an emphatic performance that under...
Finance ministers from the Group of Seven (G7) have urged the International Monetary Fund (IMF) and the World Bank to increase support for countries hardest hit by the conflict in the Middle East.
Profits for worldwide energy company TotalEnergies have risen 41% in three months, as global energy supplies are disrupted after two months of war and oil prices have increased by 3%.
The International Monetary Fund (IMF) and World Bank held their Spring Meetings in Washington from 13 to 18 April. Finance ministers flew in, communiqués were drafted, and the usual parade of panels and press conferences ran their course.
Türkiye and the World Bank have signed a new partnership to strengthen Türkiye’s connectivity with Europe, Asia and the Middle East, supporting hundreds of thousands of jobs, including the creation of 100,000 more worldwide.
SpaceX has made history with the largest initial public offering ever in the United States, pricing its shares at $135 each and achieving a market valuation of $1.77 trillion.
SpaceX made a historic entrance into the Nasdaq on Friday, surging over 20% in its first day of trading and lifting its valuation to more than $2 trillion. Investors flocked to the world’s largest IPO, betting on Elon Musk’s sprawling empire spanning rockets, AI and beyond.
While France hosts next week’s Group of Seven summit, businesses in neighbouring Switzerland have already begun taking precautions, with many shops in Geneva boarded up ahead of a large anti-G7 demonstration expected on Sunday.
Formula 1 driver Pierre Gasly’s Monaco Grand Prix podium has been reinstated after Alpine successfully challenged his post-race penalties through a Right of Review request with the FIA.
Italian Prime Minister Giorgia Meloni and Polish Prime Minister Donald Tusk have criticised Britain, France and Germany for leaving them out of talks with Russia about a potential future peace deal for Ukraine.
Every June, roughly 13 million young people in China sit down at the same time to take the same test. They have been preparing for it, in many cases, since primary school. Their families have rearranged their lives around it.
Georgia is overhauling its migration laws in one of the most significant legal reforms in years, introducing criminal penalties for fake marriages, tighter controls on foreign students and expanded investigative powers for the migration authorities.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 13 June, covering the latest developments you need to know.
Ambassadors from the European Union’s 27 member states have agreed to advance accession negotiations with Ukraine and Moldova, paving the way for the first formal phase of talks to begin on Monday.
European Union countries have agreed to maintain the current three-hour threshold for flight delay compensation in the bloc’s upcoming update to air passenger rights, preserving one of the most recognisable protections for travellers.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment