The World Bank is preparing a $1.5 billion support package for Ukraine to ensure the continuation of essential government services in the country, which is still under Russian assault, the lender’s president David Malpass said on Tuesday.
Ukraine's economy has been hit hard by Russia's military offensive and is estimated to shrink 45 per cent this year, the bank in Washington said. The magnitude of the contraction will depend on the duration and intensity of the war, it said.
“This [the support plan] was enabled by yesterday’s approval of IDA19 [International Development Association] support of $1bn to Ukraine and $100 million to Moldova by IDA donor and recipient countries," Mr Malpass said.
Through the International Finance Corporation, the World Bank is also providing immediate working capital for companies providing supplies to Ukraine.
“The World Bank was created in 1944 to help Europe rebuild after [the] Second World War … as we did then, we will be ready to help Ukraine with reconstruction when the time comes," he said.
The path for global recovery is to create policies, financing and innovation that invite investment inflows, allow the investment base to broaden and encourage production to increase
World Bank president David Malpass
The war in Ukraine is creating sudden shortages of energy, fertiliser and food, with its effects felt globally.
"Food price spikes hit everyone and are devastating for the poorest and most vulnerable. For every one percentage point increase in food prices, 10 million people are expected to fall into extreme poverty," Mr Malpass said.
"The rich can afford suddenly expensive staples, but the poor cannot. Malnutrition is expected to grow and its effects will be the hardest to reverse in children."
Russia’s war in Ukraine could reduce global gross domestic product by as much as 1 per cent by 2023, or about $1 trillion, and add up to 3 per cent to global inflation in 2022 and about 2 percentage points in 2023, the UK’s National Institute for Economic and Social Research has said.
The Covid-19 pandemic, which began in 2020, had already tipped the global economy into its worst recession since the 1930s, and several countries are still struggling to recover.
“Prior to the war in Ukraine, the recovery in 2022 was already losing momentum due to rising inflation and lingering supply bottlenecks,” Mr Malpass said.
“While advanced economies were expected to return almost to their pre-pandemic growth rates in 2023, developing economies were lagging substantially behind … the war in Ukraine and the Covid-19 lockdowns in China are further reducing the recovery path."
Developing country debt has also risen sharply to a 50-year high, at about 250 per cent of government revenues, said Mr Malpass.
"Debt vulnerabilities are particularly acute in low-income countries, where 60 per cent are already experiencing or at high risk of debt distress," he said.
The extraordinary monetary and fiscal policies that advanced economies have been implementing to boost demand, combined with supply constraints and disruptions, have also fuelled price increases and worsened inequality around the globe.
“One measure that captures the growing concern of inflation and inequality is the stagnation in real median income across much of the world. Another measure is the likelihood that poverty increases will continue in 2022 as inflation, currency depreciation and high food prices hit home,” Mr Malpass said.
“Never have so many countries experienced a recession at once, suffering lost capital, jobs and livelihoods … inflation continues to accelerate, reducing the real incomes of households around the world, especially the poor."
Since the pandemic broke out, violence against women and girls in vulnerable regions has intensified, while children have also been affected adversely, the lender said.
“Children lost more than a year of education due to [the] school closures [during the pandemic], with 1.6 billion children out of school globally at the peak of lockdowns, reversing a full decade of gains in human capital,” Mr Malpass said.
The current generation of pupils risk losing $17 trillion in lifetime earnings in present value, equivalent to nearly 14 per cent of today’s global economy, because of the Covid-related school closures, according to a December report by World Bank, Unesco and Unicef.
Looking ahead, Mr Malpass urged governments and central banks of advanced economies to “alter fiscal, monetary and financial regulatory policies that are concentrating wealth and income, misallocating capital and fuelling inflation”.
He also called for keeping markets open and promoting growth and production.
“The path for global recovery is to create policies, financing and innovation that invite investment inflows, allow the investment base to broaden and encourage production to increase,” he said.
"We need to redouble our growth efforts on public and private sector solutions that provide clean water, dependable electricity, sustainable agriculture, quality education, health emergency preparedness and digital access."
UAE currency: the story behind the money in your pockets
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Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
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'The Predator'
Dir: Shane Black
Starring: Olivia Munn, Boyd Holbrook, Keegan-Michael Key
Two and a half stars
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
WHEN TO GO:
September to November or March to May; this is when visitors are most likely to see what they’ve come for.
WHERE TO STAY:
Meghauli Serai, A Taj Safari - Chitwan National Park resort (tajhotels.com) is a one-hour drive from Bharatpur Airport with stays costing from Dh1,396 per night, including taxes and breakfast. Return airport transfers cost from Dh661.
HOW TO GET THERE:
Etihad Airways regularly flies from Abu Dhabi to Kathmandu from around Dh1,500 per person return, including taxes. Buddha Air (buddhaair.com) and Yeti Airlines (yetiairlines.com) fly from Kathmandu to Bharatpur several times a day from about Dh660 return and the flight takes just 20 minutes. Driving is possible but the roads are hilly which means it will take you five or six hours to travel 148 kilometres.
Results:
6.30pm: Maiden Dh 165,000 1,400m.
Winner: Walking Thunder, Connor Beasley (jockey), Ahmad bin Harmash (trainer).
7.05pm: Handicap (rated 72-87) Dh 165,000 1,600m.
Winner: Syncopation, George Buckell, Doug Watson.
7.40pm: Maiden Dh 165,000 1,400m.
Winner: Big Brown Bear, Pat Dobbs, Doug Watson.
8.15pm: Handicap (75-95) Dh 190,000 1,200m.
Winner: Stunned, Pat Dobbs, Doug Watson.
8.50pm: Handicap (85-105) Dh 210,000 2,000m.
Winner: New Trails, Connor Beasley, Ahmad bin Harmash.
9.25pm: Handicap (75-95) Dh 190,000 1,600m.
Winner: Pillar Of Society, Pat Dobbs, Doug Watson.
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
pakistan Test squad
Azhar Ali (capt), Shan Masood, Abid Ali, Imam-ul-Haq, Asad Shafiq, Babar Azam, Fawad Alam, Haris Sohail, Imran Khan, Kashif Bhatti, Mohammad Rizwan (wk), Naseem Shah, Shaheen Shah Afridi, Mohammad Abbas, Yasir Shah, Usman Shinwari
MANDOOB
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PREMIER LEAGUE FIXTURES
Tuesday (UAE kick-off times)
Leicester City v Brighton (9pm)
Tottenham Hotspur v West Ham United (11.15pm)
Wednesday
Manchester United v Sheffield United (9pm)
Newcastle United v Aston Villa (9pm)
Norwich City v Everton (9pm)
Wolves v Bournemouth (9pm)
Liverpool v Crystal Palace (11.15pm)
Thursday
Burnley v Watford (9pm)
Southampton v Arsenal (9pm)
Chelsea v Manchester City (11.15pm)
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
UJDA CHAMAN
Produced: Panorama Studios International
Directed: Abhishek Pathak
Cast: Sunny Singh, Maanvi Gagroo, Grusha Kapoor, Saurabh Shukla
Rating: 3.5 /5 stars
