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World Bank President Ajay Banga said the ongoing war in the West Asia is likely to push inflation higher and slow global economic growth. He warned that the conflict could have significant economic repercussions for countries already facing financial strain.
Banga said the World Bank has the capacity to disburse billions of dollars in funding to countries that need support, using its crisis financing windows. Finance officials are expected to meet in Washington next week to discuss what the International Monetary Fund (IMF) and the World Bank can do to assist countries affected by the war in West Asia.
Meanwhile, tensions on the ground continued to escalate. Iran’s air defences were activated over Tehran, with fighter planes reported to be flying at low altitude above the city, according to the Borna News Agency.
The United Nations rights chief condemned deliberate attacks on civilian infrastructure, calling them a “war crime”.
At the United Nations Security Council, Russia and China vetoed a resolution that sought to reopen the Strait of Hormuz. Following the vote, Gulf states expressed regret over the rejection of the resolution, with Bahrain’s minister voicing concern about the outcome.
In Washington, the White House said only US President Donald Trump knows what steps he may take regarding Iran. The statement followed Trump’s warning that a “whole civilisation will die” if Tehran fails to reach an agreement with the United States.
White House Press Secretary Karoline Leavitt said the Iranian regime has until 8 PM Eastern Time to make a deal with the US. Responding to questions about whether Trump was prepared to use a nuclear weapon and reports that Iran had cut off negotiations, she said: “Only the president knows where things stand and what he will do.”
Also read: Meet Ajay Banga, Indian-origin World Bank President, named to 'Board of Peace' for Gaza
Separately, Israel urged all vessels to evacuate the maritime area off southern Lebanon up to the city of Tyre. The Israeli military warned it would operate in the area, citing Hezbollah’s activities and saying naval vessels between Tyre and Ras al-Naqoura could be exposed to danger.
Banga said the World Bank has the capacity to disburse billions of dollars in funding to countries that need support, using its crisis financing windows. Finance officials are expected to meet in Washington next week to discuss what the International Monetary Fund (IMF) and the World Bank can do to assist countries affected by the war in West Asia.
Meanwhile, tensions on the ground continued to escalate. Iran’s air defences were activated over Tehran, with fighter planes reported to be flying at low altitude above the city, according to the Borna News Agency.
The United Nations rights chief condemned deliberate attacks on civilian infrastructure, calling them a “war crime”.
At the United Nations Security Council, Russia and China vetoed a resolution that sought to reopen the Strait of Hormuz. Following the vote, Gulf states expressed regret over the rejection of the resolution, with Bahrain’s minister voicing concern about the outcome.
In Washington, the White House said only US President Donald Trump knows what steps he may take regarding Iran. The statement followed Trump’s warning that a “whole civilisation will die” if Tehran fails to reach an agreement with the United States.
White House Press Secretary Karoline Leavitt said the Iranian regime has until 8 PM Eastern Time to make a deal with the US. Responding to questions about whether Trump was prepared to use a nuclear weapon and reports that Iran had cut off negotiations, she said: “Only the president knows where things stand and what he will do.”
Also read: Meet Ajay Banga, Indian-origin World Bank President, named to 'Board of Peace' for Gaza
Separately, Israel urged all vessels to evacuate the maritime area off southern Lebanon up to the city of Tyre. The Israeli military warned it would operate in the area, citing Hezbollah’s activities and saying naval vessels between Tyre and Ras al-Naqoura could be exposed to danger.
