World Bank estimates earthquake in Turkey caused $34.2 billion in damage; rebuilding may cost double
The deadly earthquake in Turkey earlier this month caused an estimated $34.2 billion in damage, according to the World Bank, and may cost twice that to rebuild.
Biden to nominate former Mastercard executive Ajay Banga to lead World Bank
Ajay Banga is a former CEO of Mastercard who expanded the business 13 fold during his tenure. The outgoing president of the World Bank is David Malpass.
Leave World Bank President David Malpass alone. Stop the political games
Climate activists in the Biden administration have been calling for World Bank President David Malpass to resign after remarks he made at an event last week. The idea is absurd.
World Bank cuts China growth forecast as COVID-19, real-estate crunch take toll
The World Bank expects developing economies in East Asia to grow faster than China, because of it's zero-COVID policies, for the first time since 1990.
World Bank President David Malpass on chopping block over lack of climate push
World Bank President David Malpass could be on the Biden administration's chopping block over climate change, according to a Friday report from Axios.
World Bank warns global recession risk rising as interest rates soar higher
The World Bank warned in a new report Thursday that the global economy could be careening toward a recession as central banks raise interest rates higher.
World Bank president on Fed's inflation fight: Central banks have more tools than rate hikes
World Bank President David Malpass responds to Fed Chair Jerome Powell's concern over combatting inflation and the options world governments have to increase production.
World Bank slashes global economic outlook, warning of 1970s-style stagflation risk
The global economy is at danger of returning to 1970s-style stagflation as it confronts elevated inflation and a slowdown in growth, according to a grim World Bank report.
Persistently high food, energy prices could lead to stagflation, World Bank warns
The Russian war in Ukraine has sent the global cost of food and energy soaring, and costs are expected to remain elevated in the coming three years, the World Bank said in a grim economic forecast this week.
Yellen blames Russia-Ukraine war for rising food prices, urges institutions to take 'concrete action'
Treasury Secretary Janet Yellen on Tuesday blamed the Russian war in Ukraine for growing food insecurity and skyrocketing prices, calling institutions to "deepen their response" to risks of hunger.
World Bank slashes outlook for economic growth over Russia-Ukraine war
The World Bank cut its forecast for global economic growth this year as a result of the Russian war in Ukraine and is preparing a $170 billion aid package for struggling nations.
War to slash Ukraine's GDP output by over 45%, World Bank forecasts
Ukraine's economic output will likely contract by a staggering 45.1% this year as Russia's invasion has shuttered businesses, slashed exports and rendered economic activity impossible in large swaths of the country, the World Bank said on Sunday.
Ukraine-Russia War to drag on Asian economies, World Bank says
A report from the World Bank on Monday warned that the war in Ukraine threatens to slow economies in Asia in the months ahead.
World Bank assembling $725M emergency package to Ukraine
The World Bank is sending a financing package to Ukraine as the country fights back against an invasion from neighboring Russia
Russian banks turn to China to sidestep cutoff from payments systems
Russian banks that have been cut off from global payments networks are turning to China’s state-owned UnionPay system as the country tries to sidestep boycotts by Western businesses for its invasion of Ukraine.
Ukraine may receive $700M in planned loans from World Bank
The World Bank Group is putting together financial help for Ukraine.
World Bank mishandled sexual-harassment claims, internal tribunal says
The World Bank failed to protect two young employees who filed sexual harassment allegations against a veteran, high-ranking official who is now a presidential candidate in Costa Rica, according to findings released by the bank’s internal labor tribunal.
IMF board to back Georgieva after review of data-rigging claims -sources
The International Monetary Fund's executive board will issue a statement of support for Managing Director Kristalina Georgieva after reviewing allegations she pressured World Bank staff to alter data to favor China, sources familiar with the decision said on Monday.
Senators call for 'full accountability' in World Bank data controversy
The top Democrat and Republican on the U.S. Senate Foreign Relations Committee have urged President Joe Biden to "ensure full accountability" over a World Bank data-rigging controversy that has embroiled International Monetary Fund chief Kristalina Georgieva.
World Bank freezes Afghanistan aid after Taliban takeover
The World Bank this week became the latest international organization to suspend financial aid to Afghanistan in the wake of the Taliban's sudden takeover.