The anticipated inclusion of six nations into BRICS, including Saudi Arabia and UAE, is expected to ease tensions among them, and foster increased bilateral collaboration.

The leaders of the International Monetary Fund and World Bank announced that the two institutions will collaborate more closely to tackle the "existential threat" posed by climate change. "Climate change is a threat to global peace, security, economic stability," IMF Managing Director Kristalina Georgieva and World Bank President Ajay Banga...

The comments from Jay Shambaugh, the Treasury's under secretary for international affairs, underscore the Biden administration's push for the IMF and World Bank to play a greater role in financing climate change adaptation and mitigation.

inance Minister Mehmet Simsek told reporters he would then travel to New York and European economic powerhouses Germany and Britain to meet with dozens of top chief executives. "There will not be an investor that we are not in dialogue with," Simsek said.

ABU DHABI, UAE - A two-day meeting of world leading economists and finance leaders convened by the COP28 Presidency has stated the next steps needed to establish a new framework for international climate finance and to drive progress at COP28 and beyond to COP29 and COP30. World-leading economists from the...

BEIRUT, LEBANON -The Lebanese army arrested 134 migrants near the northern border with Syria on Saturday after foiling their attempt to take a boat to Europe, it said in a statement. The group of would-be migrants -- made up of 130 Syrians and four Lebanese nationals -- were taken into custody...

Hundreds of protestors marched alongside victims' families demanding long-awaited justice as the country marked three years since one of history's biggest non-nuclear explosions rocked Beirut. So far nobody has been held to account for the tragedy as political political and legal pressures hamper the investigation.

The main activist group representing families of those killed has called for a protest march on Friday afternoon, converging on the port. On Thursday, 300 individuals and organisations including Human Rights Watch (HRW) and Amnesty International renewed a call for the United Nations to establish a fact-finding mission, a demand...

The G20 talks come after Russia on Monday refused to extend a deal allowing critical Ukrainian grain exports through the Black Sea, sparking outrage from the United Nations, which has warned millions of the world's poorest would "pay the price". World Bank president Ajay Banga said he feared a lack...

Amman, Jordan--Jordan and the World Bank have signed a $250 million financing agreement for a water sector efficiency project in the kingdom. In this connection, Jordanian Minister of Planning and International Cooperation Zina Toukan and World Bank Country Director for the Middle East Department Jean-Christophe Carret signed Sunday the agreement....

As inflation averages 171% in 2022, one of the highest rates worldwide, people prefer to fix old items such as shoes than buy new ones.

ABU DHABI, UAE - The UAE ranked seventh in the world in terms of per capita national income, according to the latest data released by the World Bank. The per capita income in the UAE, based on purchasing power parity (PPP) in current international dollars, rose to Int$87,729 in July...

The Egyptian pound has lost half its value against the dollar since early last year, shooting prices upward and adding to the burden of families struggling to make ends meet in the import-dependent country. The latest figures, a rise of almost 37 percent from June last year, also showed a...

Dubai, UAE -- Remittances from expatriates in Saudi Arabia saw a slight decline year-on-year (YoY) to SAR 11.3 billion ($3.01 billion) in May, according to recent data released by the Saudi Central Bank (SAMA). On a month-on-month (MoM) basis, remittances from expats in Saudi Arabia increased 14 percent, or SAR...

Egypt's economy is grappling with a myriad of challenges, including rising inflation, currency depreciation and high debt. TRENDS delves into the depths of the crisis.

Egypt's economy is grappling with a myriad of challenges, including rising inflation, currency depreciation and high debt. TRENDS delves into the depths of the crisis.

While the global economy reels from high inflation and the war in Ukraine, the UAE looks poised for positive economic growth with the IMF and the World Bank projecting the country's economy to grow by 3.6 percent and 2.8 percent respectively. The economy will continue to benefit from tourism and...

Ankara, Turkiye - The World Bank has announced its approval of $1 billion in financing to assist Turkiye in the reconstruction of rural housing and essential public services in earthquake-affected regions. In a statement Wednesday, the World Bank highlighted that the "Turkiye Earthquake Resilience and Reconstruction Project" will contribute to...

Dubai, UAE -- Remittance flows to the Middle East and North Africa (MENA) are expected to increase marginally in 2023 and 2024 after witnessing a nearly 4 percent drop in 2022 to $64 billion, a World Bank report said. The remittances are likely to increase by 1.7 percent in 2023...

France says the two-day summit, which begins on Thursday and will bring together some 50 heads of state and government, was more of a platform for ideas sharing ahead of a cluster of major economic and climate meetings in the coming months. With fewer leaders from wealthier countries attending, Friederike...

DUBAI, UAE - The World Bank raised its global growth forecast for 2023 to 2.1 percent (in June 2023) from 1.7 percent  (in January 2023), thanks to greater-than-expected flexibility in major economies. In its latest report released in June 2023, the World Bank also expected the global growth to reach...

ABU DHABI, UAE - Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei headed the UAE delegation to the Development Road Conference in Iraq. The one-day conference brought together transport ministers and officials from the Gulf Cooperation Council, Iran, Turkey, Syria and Jordan and representatives of the European Union...

The Emirates' non-oil sector is projected to grow by 4.8 percent, driven by robust domestic demand, particularly in tourism, real estate, construction, transportation, and manufacturing sectors, the bank's officials said.

On average, a soldier used to earn about $800 a month before the crisis, but the value of the Lebanese currency, the pound, has since crashed and salaries are now worth around just $100. Since June last year, Qatar and the United States have announced millions to help prop up...

As the economic crisis grinds on, some teachers have quit and many have turned to online classes or teach private lessons on the side to make ends meet.

Banga was the sole nominee for the top job. He will begin his new role on June 2. President Joe Biden said in a statement that Banga "will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction...

Launched by the World Economic Forum, the World Trade Organisation (WTO) and the World Bank Group, the scheme aims to help participating countries, including least-developed countries, to use trade to meet their climate targets.

With the cash-strapped country mired in an unprecedented economic meltdown, Lebanon's parliament on Tuesday put off municipal elections scheduled for next month, according to official media. The country has for the second time postponed polls, after they were initially scheduled to take place last year. No new date has been...

Dubai, UAE -- The World Bank and Jordan have signed two financing agreements worth $650 million for the programs of inclusive, transparent and climate-responsive investments in the kingdom besides enhancing the efficiency of the electricity sector in the kingdom. The agreements were signed on behalf of the Jordanian government by...

Dr Al Jaber noted that climate finance is essential for each workstream of the Paris Agreement, from mitigation to adaptation, and that these resources are particularly needed in the Global South, which has historically received an insufficient share of available resources.

Countries must do more to avert the costly consequences of growing global trade fragmentation, and help avert a "second Cold War," the International Monetary Fund's managing director said. "I know what are the consequences of a Cold War: it is loss of talent and contribution to the world," Kristalina Georgieva...

Washington, United States--World Bank member countries have endorsed measures allowing a $50 billion lending boost over the next decade, its outgoing president David Malpass said Wednesday. The move, announced during the International Monetary Fund (IMF) and World Bank spring meetings in Washington, is part of an ongoing evolution of the development...

Washington, United States-- The World Bank and International Monetary Fund's spring meetings get underway later this week with an ambitious reform and fundraising agenda likely to be overshadowed by concerns over high inflation, rising geopolitical tension and financial stability. "Growth remains historically weak -— now and in the medium term," IMF...

Central bankers, finance ministers and participants from more than 180 member countries are expected to gather in the US capital for the International Monetary Fund and World Bank's spring meetings in the coming week. A key topic of discussion will be the World Bank's evolution, amid a push for lenders...

Experts say developing nations are struggling to find the funds needed to stop burning planet-heating fossil fuels and prepare for tomorrow's climate disasters, as they grapple with rising costs, soaring debts and extreme weather events. Reform plans are gaining momentum because they fill a "policy vacuum" over funding for the...

A continued slowdown in almost all the world's advanced economies is expected to drag global growth below three percent this year, the International Monetary Fund's managing director warned. "With rising geopolitical tensions and high inflation, a robust recovery remains elusive," Kristalina Georgieva said in remarks ahead of the IMF and...

Cairo, Egypt--The World Bank has approved a new $7 billion partnership agreement with Egypt for 2023-2027 with a focus on boosting private sector jobs, provision of better health and education services, and adaptation to climate change. The Country Partnership Agreement (CPF) will entail $1 billion per year from the International...

Lebanon's economic meltdown, described by the World Bank as one of the worst in recent global history, has plunged most of the population into poverty, according to the UN. Many of the hundreds protesting on Wednesday were retired servicemen whose army pensions have lost most of their value, and depositors...

European Union foreign policy chief Josep Borrell had warned Monday that if crisis-torn Tunisia "collapses economically or socially then we will be in a situation where new flows of migrants will come to Europe". An EU delegation arrived in Tunisia on Tuesday to examine "the political and socio-economic situation" and...

Washington, United States--Syria's economy is expected to contract 2.3% more than it otherwise would have due to the impact of last month's deadly earthquakes, the World Bank said on Monday. The earthquake and its aftershocks killed more than 50,000 people in Turkey and Syria, and displaced millions more. "The recent earthquake...

Lebanese central bank governor Riad Salameh maintained his innocence following a second day of questioning before European investigators in Beirut as part of a probe into his personal wealth. Salameh, 72, is part of the Lebanese political elite widely blamed for a crushing economic crisis that began in late 2019.

Salameh had been summoned to appear at Beirut's justice palace on Wednesday morning but objected to the session and instead sent a legal representative, the judicial official told AFP on condition of anonymity as they are not authorized to speak to the media.

Abu Dhabi, UAE--Commending the UAE for being in the forefront of the drive to improve gender balance in the country, Iva Hamel, the World Bank representative in the UAE, said the UAE is the most progressive country in the Middle East and North Africa in terms of women’s empowerment. She...

The World Bank estimated last week that the devastating quake, which flattened entire cities, had caused damage worth more than $34 billion in Turkey, with recovery likely to double that sum. But Louisa Vinton of the UN Development Program said the Turkish government had calculated far higher damage.

Migrants from sub-Saharan Africa faced violence and many were made homeless since Saied ordered "urgent measures" against them. In response, World Bank defers a key board meeting on Tunisia.

In the message sent on Sunday evening, the bank's outgoing President David Malpass said Saied's tirade had triggered "racially motivated harassment and even violence," and that the institution had postponed a planned meeting involving Tunisia until further notice. Hundreds of migrants have flown home from Tunisia, fearful of a wave...

Western nations gave out more than $185 billion in grants and cheap loans in 2021, according to the OECD. Official development assistance is one of the pillars of the international financial system. But the 46 Least Developed Nations holding their own UN-organized summit in Doha this week feel short-changed.

Ahmed Al Khateeb, the Saudi tourism minister and board chairman of the Saudi Fund for Development, signed an agreement with Turkish central bank governor Sahap Kavcioglu "to make a significant $5 billion deposit", the Saudi government said in a statement. "This deposit is a testament to the close cooperation and...

A massive earthquake and aftershocks in February caused an estimated US$5.1 billion in direct physical damage in Syria, said the World Bank. The earthquake that struck on February 6 hit Turkey and Syria, devastating scores of cities and killing over 50,000 people in both countries. Millions need help with accommodation...

In February, Economy Minister Amin Salaam announced that supermarkets would be able to start pricing items in dollars, while customers could pay in dollars or Lebanese pounds at the volatile market rate. Domestically produced fruit and vegetables were still priced in the local currency. Some restaurants and clothing shops had...