The new head of the World Bank said Tuesday that growing divides between rich and poor nations. Read the full story here ⬇️ ECRNewsWatch
Many countries are still recovering from the double blow of the coronavirus pandemic and fallout from Russia's war in Ukraine -- which hit global fuel and commodity prices.
"We are living in complicated times; I have to allude to the fact that Russia yesterday withdrew from the Black Sea-Ukraine initiative -- and we are here discussing how to help the vulnerable countries", German central bank chief Joachim Nagel told AFP.World Bank president Ajay Banga said he feared a lack of progress was in danger of splitting the global economy.
"When they should be ascendant, they're concerned promised resources will be diverted to Ukraine's reconstruction, they feel energy rules aren't applied evenly, constraining ambition, and they're worried the grip of poverty will pull down another generation.
More than half of all low-income countries are near or in debt distress, double the amount in 2015, US Treasury Secretary Janet Yellen said.
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