It means that Georgieva, who was the sole candidate in the running to lead the International Monetary Fund, will continue in office when her current term ends on September 30, 2024. The decision was taken by consensus, the IMF said in a statement confirming the executive board's decision.

The World Bank said in its interim damage assessment, this is equivalent to 97 percent of the combined economic output of the West Bank and Gaza in 2022. The report, produced with the United Nations and the European Union, found structural damage affected "every sector of the economy."

BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5 percent this year from 5.1 percent in 2023, Associated Press (AP) quoted a World Bank report as saying on Monday. Debt, trade barriers and policy uncertainties...

Bangkok, Thailand--Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5 percent this year from 5.1 percent in 2023, Associated Press (AP) quoted a World Bank report as saying on Monday. Debt, trade barriers and policy uncertainties are dulling...

The financial assistance includes "$3 billion for financial support to Government’s programs and $3 billion for the private sector (including mobilization) – subject to Board approval," it added. Egypt, the Arab world's most populous nation, is in dire need of financial help as it weathers a severe economic crisis marked...

It will partner with local schools to provide the training.

With most banks out of service, the only exchange rate that matters to ordinary Sudanese is on the black market, where the dollar currently goes for around 1,200 Sudanese pounds. To make matters worse, a communications blackout since early February has hampered online transactions -- which Sudanese relied on to...

World Bank President Ajay Banga said that "what's going on Gaza, but also the challenges of Ukraine... and the Red Sea" are among the top challenges to the global economic outlook. "When you add variables to what is turning out to be probably the lowest growth of the last 55...

TRIPOLI, LIBYA - The flood that devastated Libya's eastern port city of Derna last year has impacted up to 1.5 million people and will require $1.8 billion for reconstruction, according to a new report. On September 10, Storm Daniel hit the east coast of Libya, causing floods that collapsed two dams...

WASHINGTON, US - The World Bank expected the UAE's real GDP to grow by 3.4 percent in 2023, rising to 3.7 percent in 2024 and to 3.8 percent in 2025. According to the Global Economic Prospects report released on Tuesday, the World Bank forecast the growth in the Gulf Cooperation...

Global growth is set to slow from an estimated 2.6 percent in 2023 to 2.4 percent this year, 0.75 percentage points below the average of the 2010s, the World Bank said in its latest report on the health of the global economy. If the forecast proves accurate, 2024 would mark...

The World Bank raised its target for climate-related projects from 35% of its annual financing to 45%. Given that the Bank's lending commitments in the most recent financial year were less than $130bn, the only way to get close to this target is by encouraging far greater private sector participation,...

Dubai, UAE -- Jordan's public debt till the end of October 2023 has risen to $46.1 billion, 89.6 percent of the country's GDP. The Ministry of Finance said the government had borrowed $3.8 billion in the first ten months of 2023. In December, the government approved the 2024 budget with...

The impact of the conflict had reversed a slight recovery for Lebanon, which has battled a deep economic crisis for years, the Washington-based bank said in a report. "Prior to October 2023, economic growth was projected -- for the first time since 2018 -- to slightly expand in 2023," by...

The World Bank reports a severe economic downturn in Palestinian economy due to Israel-Hamas conflict, with Gaza's economic contribution falling from 36% to 17% since 2005.

The IMF said the debt relief will facilitate access to additional financial resources that will help it strengthen economy, reduce poverty, and promote job creation. Somalia is one of the poorest in the world, struggling to recover from decades of civil war, and with 70% of its population living on...

Ouled Omar, Tunisia - Tunisian villager Ounissa Mazhoud ties two empty jerry cans to a donkey and cautiously descends a stony hill towards the last local source of water. The North African country, in its fourth year of drought, is grappling with its worst water scarcity in years. Mazhoud -- like...

Brhane said the World Bank integrated climate into all its work across the MENA region and is on track to align 100 percent of new operations with the goals of the Paris Agreement.

Washington, US - The Israel-Hamas war in Gaza is having a severe impact on the Palestinian economy, according to the World Bank, which now estimates sharp economic contraction this year and next. The conflict, sparked by Hamas' cross-border attacks on October 7 that killed 1,200 people, according to Israeli figures, and...

“We will work to create about 135,000 jobs in the field of green transition worldwide, and therefore ensuring that there are sufficient skills and a sustainable supply of skills among youth to fill those jobs will be very vital. We are doing a lot of training on environmental and social...

Dubai, UAE-- Protecting nature could avert global economic losses by 2030 of US$2.7 trillion per year, or 2.3 percent annually, according to Valerie Hickey, Global Director for Environment, Natural Resources and Blue Economy at the World Bank. Speaking to media at COP28, she said that low-income countries could lose around...

"COP28 is a very important conference because what it's doing is not just bringing people together, but it provides certainty about the deadline that everyone wanting to make any real commitment must adhere to," he adds, underscoring the significance of the UN Climate Change Conference being held in Dubai.

Dubai, UAE -- "World Bank has offered to host the Lost and Damage Fund, so we'll work very closely with the United Nations Framework Convention on Climate Change (UNFCC) to create that fund," according to a World Bank's official. In a statement to the Emirates News Agency (WAM) during the...

The fund will be housed in the World Bank for four years, a decision accepted by developing nations despite concerns about the institution's Western-dominated structure.

The bank, according to a statement, "is putting to work more than $40 billion", around $9 billion more than previously programmed. In 2021, the bank announced a goal to reach an average of 35 percent by 2025 and is currently ahead of schedule, running at an average of 36.3 percent...

Riyadh, Saudi Arabia - The World Bank has projected a 3.4% growth in the real Gross Domestic Product (GDP) of the UAE by the year 2023, with expectations of further increase to 3.7% in 2024. According to the recently published World Bank Gulf Economic Update (GEU) report, the Bank anticipated...

Dushanbe, Tajikistan - Tajikistan announced plans Friday to link with China's telecommunications network in order to improve the mountainous, landlocked country's internet access, as Beijing's influence in Central Asia grows. Tajikistan has one of the slowest internet services in the world despite improvements in recent years, with all traffic going through...

Washington, United States -- Central bank reserve management remained resilient during a historically volatile year, according to the fourth edition of the World Bank Reserve Management Survey Report. Central banks identified ESG, volatility and risk, and inflation as their main challenges in 2022, the report said. Central banks are becoming...

Recent developments spark concerns that the conflict, which is spreading across the region, presents a long-term threat to global energy and commercial infrastructure.

Abu Dhabi, UAE – The UAE president Sheikh Mohamed bin Zayed Al Nahyan Thursday discussed climate financing with the President of the World Bank Group Ajay Banga at Qasr Al Shati in Abu Dhabi. The meeting also discussed global economic conditions, the economic impact of crises, and the contributions of the...

The World Bank President expressed deep concern over the widening wealth gap, while calling for more action on gender equality and women's rights.

Ajay Banga was speaking at the annual Future Investment Initiative, often referred to as "Davos in the Desert". More than 6,000 delegates are registered for the three-day event that will feature appearances by global banking chiefs and the presidents of South Korea, Kenya and Rwanda, organizers say.

As Israel grapples with the surprise Hamas action and global community gauges economic ramifications, the future of Israel's relations with its neighbors hangs in the balance.

As Israel grapples with the surprise Hamas action and global community gauges economic ramifications, the future of Israel's relations with its neighbors hangs in the balance.

The IMF announced member nations agreed to increase their contributions to the global lender and give sub-Saharan Africa a third seat on its executive board at its first meetings on the continent since 1973. Spanish Economy Minister Nadia Calvino, who chairs the IMF Financial Committee, said there was an agreement...

MARRAKESH, MOROCCO - The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, signed an additional US$20 million loan agreement with Central African Republic (CAR) Prime Minister Félix Moloua. The agreement was signed on the sidelines of the 2023 World Bank and International Monetary Fund (IMF) Annual...

Marrakesh, Morocco-- The war between Israel and Hamas has cast a shadow over the IMF-World Bank annual meetings in Morocco, with warnings on Thursday that it has darkened the outlook for an already sluggish global economy. The global lenders are holding their gathering, which brings together finance ministers and central bankers...

Activists from developing nations belonging to a group called People's Alternative Global Tribunal organized themselves in the Moroccan city as the IMF and World Bank held their annual meetings. Activists testified about how the policies of the international financial institutions impacted their countries, deepening economic inequality.

Tourism and entertainment sectors are likely to help Saudi Arabia's non-oil GDP grow robustly in the coming years, despite a 6.5% drop in oil production, says a report.

Benguerir, Morocco - US Treasury Secretary Janet Yellen said on Tuesday she backed efforts to boost the lending firepower of the IMF and World Bank to combat poverty and climate change. Speaking on the sidelines of the IMF-World Bank annual meetings in Morocco, Yellen said the global lending system had already...

MARRAKESH, MOROCCO - The International Monetary Fund (IMF) has forecast that the UAE's real Gross Domestic Product (GDP) will grow by 3.4 percent in 2023 and 4 percent in 2024. The IMF's forecast is in line with that of the World Bank, which released a similar estimate two days ago. The...

Dubai, UAE -- The economies of Gulf Cooperation Council (GCC) countries are expected to grow by 1 percent in 2023, down from 7.3 percent in 2022, according to the World Bank. In its recent report, the bank said the Gulf economies combined will grow by 3.6 percent in the year...

WASHINGTON, US - The growth of the economies in the Middle East and North Africa (MENA) is expected to fall sharply this year, the World Bank said. The region’s gross domestic product (GDP) is expected to fall to 1.9 percent in 2023 from 6 percent in 2022, due to oil...

The former Mastercard chief executive told the Council on Foreign Relations in New York that the bank should alter its current twin mandate of poverty alleviation and boosting shared prosperity to include climate change. Banga's comments in New York come shortly before global leaders are due to gather for the...

Amman, Jordan-- Jordan and the World Bank have held discussions to enhance cooperation in infrastructure projects and the public-private partnerships. In this connection, Jordanian Minister of Investment Kholoud Al Saqqaf met with World Bank Vice President for Infrastructure Affairs Guangzhe Chen in Amman. During the meeting, Al Saqqaf reviewed a...

“As we prepare for the groundbreaking Health Day at COP28, we are resolute in our determination to address the challenges posed to health by climate change and encourage ambitious investment in the health sector. Our goal is to build resilient, equitable health systems,” adds the COP28 President-Designate.

Jerusalem--Israel's restrictions and rising fiscal constraints in the Palestinian territories are severely impacting the economic conditions of Palestinians and hindering their access to timely life-saving healthcare, the World Bank said Monday. In a report titled "Racing Against Time", the World Bank said that overall the Palestinian economy was performing below...

The International Monetary Fund renewed its criticism of Lebanon for failing to enact reforms demanded by creditors in return for releasing billions of dollars in emergency bailout loans. “Lebanon has not undertaken the urgently needed reforms,” said the IMF's Ernesto Ramirez Rigo in a statement at the end of a...

Dubai, UAE - Alif, a Central Asian fintech leader, is expanding its presence into the United Arab Emirates (UAE) with the launch of Alif Pay. This new venture is geared towards offering a range of financial services and global remittance solutions to meet the needs of UAE residents. Among the...

Washington, US – The ‘gig economy’ accounts for up to 12 percent of the global labor market—much higher than previously estimated—and holds particular promise for women and youth in developing countries. Demand for online gig work is growing rapidly, however, social protections for workers in this segment are still lacking,...