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Debt-Service Payments Put Biggest Squeeze on Poor Countries Since 2000

The poorest countries eligible to borrow from the World Bank’s IDA now spend over a tenth of their export revenues to service their long-term public and publicly guaranteed external debt—the highest proportion since 2000.

OMBC

Online Media Briefing Center (OMBC) news for accredited journalists

Highlights

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Nov 30, 2022

Remittances to low- and middle-income countries (LMICs) withstood global headwinds in 2022, growing an estimated 5% to $626 billion. This is sharply lower than the 10.2% increase in 2021, according to the latest World Bank Migration and Development Brief.

President David Malpass
Nov 15, 2022

The developing world faces hunger, poverty, unsustainable debt, and learning poverty above 70%. Climate change makes all of these burdens worse. Farmers face droughts and floods. In poor countries, they face severe shortages of fertilizer and diesel. Underinvestment blocks access to electricity and clean water. Current global macro policies create a permanent drain on global capital, risking a long recession.

The World Bank
Nov 09, 2022

This conversation on the role of regional interconnections in integrating renewable energy at scale is critical in ensuring that the energy transition happens with the right balance of dependable supply, affordability, and environmental sustainability.

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 Climate and Development - An Agenda for Action cover - CCDRs
Nov 03, 2022

Investing an average of 1.4% of GDP annually could reduce emissions in developing countries by as much as 70% by 2050 and boost resilience, according to a new report from the World Bank Group.

Medical professionals work in a lab
Nov 13, 2022

Thank you, President Widodo and Minister Sri Mulyani for your leadership and Dr. Tedros for your coordination on this initiative. I’m now on my way to Bali and I look forward to seeing you soon. It’s great that today we are formally presenting “The Pandemic Fund.” We meet at a time of multiple crises – climate change, food, fuel, inflation, debt, and the Russian invasion of Ukraine.

The World Bank
Nov 09, 2022

We have dramatically grown our financing to address climate disasters such as the flooding in Pakistan. And we have dramatically grown our climate finance.  Including on major commitments to adaptation, we reached $32 billion in climate finance this past year, a record that was above our Glasgow target. I welcome and solicit your input on ways to increase our resources and commitment capacity. We are approaching the climate crisis with action and impact.

President David Malpass speaking at Stanford University; Credit: Ryan Zhang, Stanford University
Sep 28, 2022

To combat the crises, the World Bank Group responded with unprecedented urgency, scale, and impact, deploying a record $115 billion in financing in FY22.