The world is unlikely to meet the goal of ending extreme poverty by 2030 absent history-defying rates of economic growth over the remainder of this decade, according to a new World Bank study. The study finds that COVID-19 dealt the biggest setback to global poverty-reduction efforts since 1990 and the war in Ukraine threatens to make matters worse.
Find the 2022 regional economic updates for East Asia and Pacific, Europe and Central Asia, Latin America and the Caribbean, Africa, South Asia, and Middle East and North Africa.
The $93 billion IDA20 package will help low-income countries rebuild their economies in the face of overlapping crises—climate change, COVID-19, conflict, inflation, rising debt, and food insecurity—which are hitting the poorest people disproportionately harder.
The war in Ukraine continues to exacerbate the global food security and nutrition crisis, with high and volatile energy, food and fertilizer prices, restrictive trade policies, and supply chain disruptions. Despite the reprieve in global food prices and the resumption of grain exports from the Black Sea, food remains beyond reach for many due to high prices and weather shocks.
The World Bank today announced an additional $530 million to help the Government of Ukraine meet urgent needs created by Russia’s invasion of Ukraine. The IBRD financing is supported by timely loan guarantees by the United Kingdom ($500 million) and the Kingdom of Denmark ($30 million) and was mobilized under the Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) Project, which supports continued government capacity, including the provision of core public services such as health, education, and social protection.
Given the short-term potency of methane, cost-effective interventions to reduce methane emissions are an immediate priority. We have a long record of engagement on methane emissions reduction across the sectors with largest emissions, such as agriculture, energy, and sanitation and waste.
This is a 19% increase from the $26.6 billion all-time high in financing reached in the previous fiscal year. The Bank Group continues to be the largest multilateral financier of climate action in developing countries.
The new financial intermediary fund (FIF) for pandemic prevention, preparedness, and response (PPR) will provide a dedicated stream of additional, long-term financing to strengthen PPR capabilities in low- and middle-income countries and address critical gaps through investments and technical support at the national, regional, and global levels.
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