United Nations Development Group

World Bank announces new director for Türkiye

J. Humberto Lopez has been announced as the World Bank's country director for Türk,iye to replace Auguste T. Kouame, who recently completed a three-year term.

Lopez, a Spanish national, will lead the World Bank's Program and Portfolio supporting the government of Türkiye to further its development agenda, the World Bank said in a press release yesterday.

IMF fees on war-torn countries closer to elimination

The International Monetary Fund is facing pressure to reevaluate how it imposes fees on loans it disperses to needy countries like war-torn Ukraine which is one of the fund's biggest borrowers.

The move comes as more countries will need to turn to the IMF, as food prices and inflation internationally continues to rise.

IMF urges Europe to Shift Energy Costs to Wealthier Consumers

The IMF has called on European governments to pass on rising energy costs to wealthier consumers to encourage "energy conservation" and a switch to greener energy, the Financial Times reports.

Governments across Europe have tried to protect households from skyrocketing costs with broad price controls, tax cuts and subsidies.

Kristalina Georgieva: A Global Recession is Possible

"The situation in the world economy is extremely unstable and recessions are not excluded", the managing director of the International Monetary Fund (IMF), Kristalina Georgieva, said in an interview with Reuters.

Asked about a possible global recession, the fund manager stressed: "The risk has increased, so it cannot be ruled out."

Zimbabwe’s inflation doubles in two months to 191 pct

Zimbabwe's annual inflation rate quickened to 191.6 percent in June, more than doubling the consumer price increases of two months ago, official statistics showed on June 25.

Inflation which was at 96.4 percent in April, crept up to nearly 200 percent as prices of cooking oil and bread are leaping higher as a result of Russia's invasion of Ukraine.