The World Bank Group announced a $30 million grant to help ensure the continuity of crucial education for children. A sharp decline in economic activity, including trade, coupled with a lack of clearance revenues since October 2023, has worsened an already acute fiscal crisis, thus severely impacting the delivery of public services.
Domestic food price inflation remains high. Inflation higher than 5% is experienced in 57.9% of low-income countries (a decrease of 5.3 percentage points since the last update on February 1, 2024), 71.7% of lower-middle-income countries (2.2 percentage points lower), 48% of upper-middle-income countries (no change), and 45.5% of high-income countries (1.1 percentage points higher).
The Pandemic Fund—a multi-stakeholder partnership—provides a dedicated stream of additional, long-term grant financing to strengthen critical pandemic prevention, preparedness, and response (PPR) capacities and capabilities in low- and middle-income countries. It has mobilized $2 billion to date from 24 sovereign contributors and three philanthropies.
Remittances to low- and middle-income countries (LMICs) grew an estimated 3.8% in 2023, a moderation from the high gains of the previous two years. Of concern is the risk of decline in real income for migrants in 2024 in the face of global inflation and low growth prospects, according to the World Bank’s latest Migration and Development Brief released today.
The World Bank today approved a suite of groundbreaking tools to help developing countries better respond to crises and strengthen preparedness for future shocks. These new tools will further expand the Crisis Preparedness and Response Toolkit unveiled recently, empowering nations in a world where crises have become the “new normal,” driving impactful development, and ultimately contributing to creating a world free of poverty on a livable planet.
Reconstruction and recovery needs following the catastrophic flooding in eastern Libya last September are estimated at $1.8 billion, according to a new report released today by the World Bank, the United Nations, and the European Union. The disaster impacted approximately 1.5 million people – 22 per cent of Libya’s population – living in the coastal and inland cities that were hardest hit.
Amid the biggest surge in global interest rates in four decades, developing countries spent a record $443.5 billion to service their external public and publicly guaranteed debt in 2022, the World Bank’s latest International Debt Report shows.
As part of an overall $35 million package of support, the World Bank announced $20 million in new financing to provide emergency relief for the affected people of Gaza. This includes $10 million in new financing for food vouchers and parcels, approved by the World Bank board of Directors, that will reach an estimated 377,000 people.
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