A combination of torrential rains –10 times heavier than usual – and apocalyptic floods have killed 1,700 people across Pakistan this year.
With two consecutive quarters of falling GDP, Russian economy continues to contract, but it has so far survived Western sanctions over its Ukraine offensive better than many economists expected.
The fund is targeted at low to middle-income countries to finance efforts like surveillance, research and better access to vaccines.
The World Bank estimates that by 2050, if nothing is done to prevent it, there will be 216 million people internally displaced by the climate crisis with the Middle East being one of the most vulnerable regions.
Issues such as oil production, price cap, Ukraine-Russia conflict, and new global financial challenges drive G20 members away from consensus, as another meeting ends without a joint communique.
The announcement came days after the Asian Development Bank also announced $2.3 to $2.5 billion in "flood relief support" after apocalyptic floods killed nearly 1,700 people across the country.
Private Western creditors come under pressure to take a haircut as China and the Paris Club agree to sort out Zambia’s external debt crisis.
Sri Lanka's government is preparing a policy framework to be presented to the International Monetary Fund, the World Bank and international creditors, as it seeks a way out of its worst economic disaster.
The lender said the South Asian nation needed to adopt structural reforms that focus on economic stabilisation and tackle the root causes of its crisis.
The bank's President David Malpass says that the Ukraine conflict, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth.
Growing regional ties and cooperation are leading rapid economic recovery for Algeria and Türkiye, despite nearly two years of pandemic disruption and market volatility.
Russia's offensive against Ukraine and international economic sanctions on Moscow have disrupted supplies of wheat and other food supplies from both countries, especially in developing nations.
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