7 Hrs
Source:
Sky News
World Bank seeks aid from 40 nations for energy crisis
The World Bank is discussing with 30 to 40 countries the provision of aid to address energy shocks and rising prices linked to the war in the Middle East, warning of increased pressure on developing economies in the coming months. It explained that the demand for financing could rise to $50-60 billion and may reach $100 billion if conditions deteriorate, surpassing the COVID-19 pandemic aid of $70 billion. Developing countries are facing simultaneous pressures from rising energy costs and debt, with interest payments accounting for one-third of their external obligations in 2026, as efforts are underway to boost private financing, debt swaps, and improve domestic revenues.
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