World Bank

Pakistan celebrated its Independence Day with fireworks in Islamabad as jubilant crowds poured into public spaces. During official events, Prime Minister Shehbaz Sharif addressed concerns regarding India, stating that while Pakistan wants peace, any threats to sovereignty would draw a strong response. He also criticized India for suspending the World Bank-brokered water sharing treaty for the Indus River system.

James Chen, after initial rejection of adjustable-power lenses by the World Bank, launched Vision for a Nation. He built a national health model in Rwanda, proving that universal access to affordable vision correction was possible and establishing Rwanda as the first country with such access globally. The article argues that effective philanthropy must function as early-stage risk capital for systemic innovation rather than just being low-risk recognition.

The Pakistani government plans to split Sui Northern Gas Pipelines Ltd (SNGPL) and Sui Southern Gas Company Ltd (SSGCL) into five companies: one transmission and four provincial distribution firms. The reform, discussed with the World Bank and opposition from entities like KPMG and Ogra, aims to create a competitive gas sector but faces challenges such as transfer pricing and cross-subsidies.

The World Bank urges developing countries to adopt AI tools to improve governance in health, education, justice, and agriculture, warning they risk being left behind. The report highlights localized AI solutions as a means to address challenges in low-income regions, emphasizing the need for adapted technologies that align with local conditions and infrastructure.

The World Bank urges developing countries to adopt artificial intelligence tools to improve governance, warning that failure to do so could leave them behind. The World Bank Group's chief economist, Indermit Gill, highlighted that developing economies don't need large models or big data centers to benefit from AI, as stated in the annual World Development Report.

The state is preparing for a World Bank assistance of ₹2,000 crore to support digital governance projects. The Project Preparation Report (PPR) has been submitted to the Centre, and the World Bank is seeking a Detailed Project Report (DPR) for extending digital services.

The World Bank suggests that workers in poorer economies are more likely to benefit from AI technology than be replaced by it, indicating developing countries have 'less to fear' from AI compared to wealthy nations.

A ceasefire between the US and Iran aimed at ending the conflict and reopening the Strait of Hormuz initially brought relief to Asian economies reliant on Gulf oil, but hostilities resumed, expanding the war to involve regional actors, militias, and critical waterways like the Red Sea and Caspian Sea. The conflict's escalation has prompted a 14-nation maritime alliance led by Saudi Arabia and drawn warnings from global institutions like the IMF and World Bank about its economic and energy security impacts.

Malawi's parliament approved two financing bills to authorize the government to receive $130 million (K229 billion) in grant funding from the International Development Association (IDA). The funds aim to strengthen local governance and enhance export-oriented value chains.

World Bank President Ajay Banga is in Mexico to advance a new Country Partnership Framework (2026-2030) aligned with Mexico's economic strategy, focusing on competitiveness, human capital, and SME support. The framework aims to boost sectors like agriculture and manufacturing through initiatives such as the AgriConnect program and mobilize private investment.

Pakistan is recognized for effective recycling, including importing used plastic jugs and producing recycled pellets, but struggles with Multi-Layered Plastic (MLP) waste from food packaging. Recycling in Karachi's Shershah market transforms trash into pellets and fuel, but MLP—used in biscuit wrappers and medicine strips—remains a problematic, non-recyclable material.

Venezuela's deadliest disaster in decades, caused by twin earthquakes, has left 5,546 dead and thousands missing. South Florida organizations and businesses, including the Palace Bar and Restaurant and Miami Marlins, are raising funds through events and jersey sales to support relief efforts via the Global Empowerment Mission and We Love Foundation. The World Bank estimates $19.6 billion in physical damage, with total rebuilding costs potentially exceeding $39.2 billion.

The State Bank of Pakistan is expected to keep its policy interest rate unchanged amid uncertainty from the Gulf war, which has driven global oil prices above $100 per barrel. Analysts suggest the central bank prioritizes stability over growth, with the World Bank projecting economic growth below 4% in FY27 despite government targets.

The article highlights the 15 countries with the highest and lowest birth rates in 2024, noting that African nations dominate the highest rates while European and Asian countries have the lowest. Somalia ranked third globally with 42.3 births per 1,000 people, and the US ranked 135th with 10.6 births per 1,000. The global birth rate has declined since the 1960s, with factors like economic challenges and contraceptive access influencing trends.

U.N. Secretary-General António Guterres visited Damascus, urging international support for Syrians amid ongoing recovery from conflict. He met with interim president Ahmad al-Sharaa and highlighted Syria's need for aid, as 90% of the population lives in poverty and rebuilding costs are estimated at $216 billion.

Syria requires US$216 billion for reconstruction according to World Bank estimates, and recent developments suggest potential progress following the establishment of a new constitutional body by Ahmed al-Sharaa. The country began to show signs of possible economic recovery for the first time since the fall of the Assad regime in December 2024.

Colombia’s Promigas filed international arbitration against Peru at ICSID over gas-distribution tariffs, with US$335 million in investment at risk. The dispute involves a World Bank tribunal.

The World Bank estimated direct physical damage from twin earthquakes in Venezuela on June 24, 2026, at $19.6 billion, equivalent to 18% of the country's GDP. The earthquakes caused significant economic impact, as reported by The Rio Times.

Economic growth is described as the 'holy grail' of economics, with examples from China's rapid growth in the 1990s and Pakistan's stagnant growth leading to poverty and job challenges. India's economic reforms in the 1990s enabled it to overtake Pakistan in per capita income, while Pakistan's growth remains stuck at 2.3% annually.

The World Bank estimates that twin earthquakes in northern Venezuela on June 24 caused $19.6 billion in direct physical damage, equivalent to 18% of the country's GDP according to IMF data.

The World Bank estimates that two earthquakes in Venezuela caused $19.6 billion in damage, with 47 percent of the physical damage affecting residential buildings.

The Federal Government received the final report for a $500 million World Bank-backed AGROW programme. The programme's funding will see $355 million (71%) implemented through participating states, as stated by the Vice President.

A Senate panel in Pakistan questioned the allocation of flood rehabilitation funds in Khyber Pakhtunkhwa (KP), noting that Mardan received more road projects than severely affected districts like Upper Dir, Lower Dir, and Chitral. The committee also raised concerns about World Bank 'interference' in a Sindh project and criticized disparities in reconstruction efforts.

Morocco’s High Commission for Planning (HCP) forecasts GDP growth to slow to 3% in 2027, down from 4.8% in 2026. The IMF, World Bank, and AfDB project higher growth of 4–4.5% for 2027, with the HCP being the most conservative. The slowdown is linked to agriculture normalizing after previous anomalies.

The South African government and the World Bank have signed a US$1.5 billion Development Policy Loan to support infrastructure reforms and boost inclusive economic growth.

Lesotho's Afriski Mountain Resort in the Maluti Mountains is the only ski resort in sub-Saharan Africa, attracting thousands of visitors annually from southern Africa. The resort contributes to Lesotho's economy, employs locals, and uses artificial snow to maintain operations during winter. Tourism accounts for 7% of Lesotho's GDP, with most visitors arriving from South Africa.

Lesotho's Afriski Mountain Resort, the only ski resort in sub-Saharan Africa, attracts thousands of visitors annually, contributing to the country's economy. The resort uses artificial snow to ensure operations during winter and employs nearly 230 locals and South Africans. Despite being one of the poorest nations, Lesotho's cold climate and mountainous terrain make it a unique skiing destination.

Jamaat-i-Islami (JI) urged Prime Minister Shehbaz Sharif to release Rs40 billion for the completion of Karachi's K-IV water supply project, citing delays and inadequate funding. The project, expected to supply 260 million gallons per day, is now scheduled for completion in December 2029, with only Rs8 billion allocated in the current federal budget.

The Iran war has caused a spike in petrol prices in Nigeria, leading to increased malnutrition among children, particularly in northern regions. UNICEF and the World Bank report rising poverty and food insecurity linked to the conflict's global economic impact.

Nigerian children are suffering from worsening malnutrition and poverty linked to the Iran war, which has driven up petrol and food prices. The conflict has exacerbated economic struggles in northern Nigeria, with UNICEF warning that 23.4 million additional children could fall into poverty by year-end if the war continues.

Afghanistan remains in a severe humanitarian crisis five years after the Taliban took control, with acute food insecurity affecting nearly half the population. Despite reduced armed conflict, economic stagnation, declining foreign aid, and widespread unemployment persist, while women's rights and girls' education have been curtailed.

Nigeria launched a $500 million agriculture fund to invest in the oil-affected Niger Delta region, focusing on aquaculture, palm oil production, and livestock. The initiative has secured funding commitments from the World Bank and the African Development Bank.

A former World Bank official warned that a coordinated push for global market diversification is urgently needed to protect savers from a potential valuation correction in concentrated US equities. The official highlighted the risks of capital being overly focused on a few highly valued US technology companies.

An ex-World Bank official warns that a valuation correction in highly concentrated US equities could harm savers, urging global market diversification. Ian Goldin, now a professor at Oxford University, made the statement during an event in Hong Kong.

The World Bank is helping structure a cooperation and investment package for Colombia's incoming government, which is seen as an early vote of confidence in the new team.

Deutsche Bank and the World Bank have partnered to develop a trade finance platform. The collaboration aims to enhance trade finance solutions.

The European Union coordinated a $1 billion aid pledge for Gaza’s reconstruction, but the ceasefire remains stalled and the region faces significant rubble and demining challenges. The U.S. 20-point plan and Palestinian Authority’s role in rebuilding are also discussed.

The European Commission launched the Team Gaza Initiative with 15 partners, providing €883.6 million ($1 billion) in aid to support early recovery projects in Gaza. Partners include 12 European countries, Japan, the World Bank, and the European Investment Bank.

The EU commission launched the $1bn 'Team Gaza Initiative' to support Gaza's recovery under the 2025 Gaza Peace Plan. The initiative involves 12 European countries, Japan, the European Investment Bank, and the World Bank.

The World Bank has expressed concerns over delays in Nigeria's Distribution Sector Recovery Programme (DISREP), citing legal disputes, procurement bottlenecks, and slow contract execution as threats to the metering reform aimed at improving electricity distribution. The bank is considering $308m in fresh funding to address these challenges.