Online Media Briefing Center (OMBC) news for accredited journalists
Highlights
The modest 0.7% growth rate reflects large variances in regional growth, but remittances remained a crucial source of external finance for developing countries in 2023, bolstering the current accounts of several countries grappling with food insecurity and debt issues.
The Academy encompasses all three Bank Group institutions—the World Bank, IFC (International Finance Corporation), and MIGA—in one platform and will help ensure that the best global knowledge is driving development, informing projects that can be scaled and replicated, and influencing global conversations.
Domestic food price inflation remains high in low- and middle-income countries. Inflation higher than 5% is experienced in in 59.1% of low-income countries (2.0 percentage points higher since the last update on April 25, 2024), 63% of lower-middle-income countries (0.8 percentage points lower), 31% of upper-middle-income countries (2.0 percentage points lower), and 14.5% of high-income countries (1.8 percentage points higher).
The collaboration will provide critical support for countries’ climate strategies—through an integrated, country-led approach to policy reforms and climate investments. Within their respective mandates, the World Bank Group and the IMF will leverage their analytics, technical assistance, financing, and policy expertise to enhance country-driven reform programs.
Canada’s announcement follows a similar one in April, when a first group of 11 countries committed more than US$11 billion to hybrid capital and a new Portfolio Guarantee Platform. With Canada’s contribution, this funding could generate additional lending headroom of more than US$70 billion over 10 years.
Historic Fund will assist developing countries hit by adverse effects of climate change.
In a historic decision at COP28, an agreement was reached by 198 countries to move forward with a fund to provide financial support to vulnerable countries hardest hit by climate impact. Since COP28, the World Bank has worked with urgency to operationalize the Fund as a World Bank hosted financial intermediary fund (FIF) for an interim period of four years.
In 2023, carbon pricing revenues reached a record $104 billion, according to the World Bank’s annual “State and Trends of Carbon Pricing 2024” report released today.
The Republic of Korea’s journey from poverty to prosperity is a great example of IDA's impact. In just six decades, Korea has transformed from one of the world's poorest countries to a global powerhouse.
