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World Bank Chief Warns As Mistrust Divides Global South, West

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The President of the World Bank, Ajay Banga, has expressed concern over the increasing mistrust that is driving a wedge between the Global South and the West.

He pointed out that the Global South’s frustration with the developed world’s response to climate change is entirely understandable.

During a crucial gathering of G20 finance ministers in India, the newly-appointed World Bank chief highlighted the perilous consequences of widening disparities between wealthy and impoverished nations.

He emphasized that such divisions could exacerbate poverty in the developing world, particularly as many countries continue to grapple with the aftermath of the COVID-19 pandemic and the impact of global fuel and commodity price fluctuations resulting from Russia’s war in Ukraine.

Climate change, meanwhile, is most painfully affecting some of the poorest countries least able to cope.

Ajay Banga, president of the World Bank, said he feared a lack of progress was in danger of splitting the global economy, to the detriment of the world’s poorest.

“The thing that keeps me up at night is a mistrust that is quietly pulling the Global North and South apart at a time when we need to be uniting,” Banga told the two-day meeting of finance ministers and central bank chiefs in Gandhinagar, Gujarat state.

“The Global South’s frustration is understandable. In many ways they are paying the price for our prosperity,” said Indian-born Banga, a naturalised American citizen who took up the bank post last month after being nominated by United States President Joe Biden.

“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.”

The World Bank said it is working to increase its financial capability – including by raising hybrid capital from shareholders – to spur growth and jobs, but said the future economy could not rely on expansion at the cost of the environment.

“The simple truth is: we cannot endure another period of emission-intensive growth,” Banga said.

‘Balanced and inclusive growth’
Indian Finance Minister Nirmala Sitharaman, chair and host of the get-together, launched talks on Monday by reminding leaders of their responsibility “to steer the global economy towards strong, sustainable, balanced and inclusive growth”.

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International News

Deadly Fire Engulfs Kenyan Girls’ School Dorm, 16 Confirmed Dead

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A devastating fire has swept through a girls’ boarding school in central Kenya, leaving at least 16 students dead and dozens more injured in one of the country’s worst school tragedies in recent years.

The incident occurred in the early hours of Thursday at Utumishi Girls Academy, located in Nakuru County, roughly 120 kilometres north of Nairobi. Authorities said the fire broke out around 1:00 a.m. while about 220 students were asleep inside the dormitory.

ALSO READ: Over 1,000 Kenyans Tricked Into Fighting For Russia In Ukraine

Emergency responders, including the Kenyan Red Cross and local security agencies, rushed to the scene and evacuated survivors.

At least 73 students have been hospitalised with varying degrees of burns and smoke inhalation, while rescue operations and search efforts continued into the morning.

Police sources said the cause of the fire remains unknown, and investigations have been launched to determine what triggered the deadly blaze.

The affected dormitory has since been cordoned off as forensic teams examine the scene.

Parents gathered anxiously outside the school as authorities worked to account for all students. Officials have urged calm, assuring that full details will be released once investigations are completed.

The tragedy adds to a troubling history of school dormitory fires in Kenya, where boarding schools remain common.

In previous years, similar incidents have raised serious concerns about safety standards and emergency preparedness in educational institutions.

Government officials are expected to revisit school safety regulations following the latest disaster.

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International News

New US Strike on Iran Sends Oil Prices Soaring as Middle East Tensions Escalate

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Global oil prices climbed sharply on Thursday following reports of a new United States military strike on Iran, raising fresh concerns over stability in the Middle East and possible disruptions to global energy supplies.

Brent crude rose significantly in early trading, while West Texas Intermediate also recorded gains as investors reacted to renewed hostilities and uncertainty around the fragile ceasefire in the region.

ALSO READ: Renewed US-Iran Tensions Drag Oil Price Northwards

According to reports, the latest US action included targeted strikes on Iranian positions following a series of drone and maritime incidents in and around the Strait of Hormuz.

The US military described its operations as “measured and defensive,” aimed at preventing further escalation and protecting strategic interests in the region.

The developments triggered immediate reactions across global financial markets, with Asian stocks mostly declining amid fears that prolonged conflict could disrupt oil shipments through the Strait of Hormuz — a critical route for nearly a fifth of global crude supply.

Market analysts warn that sustained instability could push energy prices even higher, fueling inflationary pressures worldwide and potentially forcing central banks to maintain tighter monetary policies.

In Asia, major indices recorded losses, while tech-driven gains in select markets were overshadowed by broader investor caution. Safe-haven assets strengthened slightly as traders moved away from riskier positions.

Economists say the situation remains highly volatile, with conflicting signals from Washington and Tehran adding to uncertainty.

Any further escalation, they caution, could send oil prices even higher and deepen global economic pressure.

For now, investors are closely watching diplomatic developments and military activity in the region, as the world braces for possible further shocks to energy markets.

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U.S. Issues Highest-Level Travel Warning for Uganda Over Deadly Ebola Outbreak

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The United States has issued its strongest travel advisory against Uganda, warning citizens to completely avoid travel to the country due to an ongoing outbreak of Ebola virus disease.

In the updated alert, the United States Department of State upgraded Uganda’s travel status to Level 4, the highest risk classification, which is widely understood as a “Do Not Travel” warning.

The decision was based on serious health threats and the rapid spread of the virus in affected areas.

RELATED NEWS: Ebola Virus Outbreak: Uganda Reports New Cases, Total Reaches 7

Exxon CEO Sees Some Disruption From Ebola Outbreak

Authorities also warned of the risk of cross-border transmission, noting that continued movement across neighbouring countries could worsen the situation despite ongoing containment efforts.

Previously, the Centers for Disease Control and Prevention had placed Uganda under a lower-level health advisory, advising travellers to take standard precautions.

However, a surge in infections and deteriorating conditions led to the tightening of restrictions.

Meanwhile, Ugandan authorities have stepped up emergency response measures, including stricter border surveillance, movement restrictions in affected zones, and reductions in public transportation and market activities in high-risk areas.

Health agencies remain on high alert as the outbreak continues to raise concern over possible regional spread across East Africa.

 

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