The World Bank cut its forecast for global economic growth this year as a result of the Russian war in Ukraine and is preparing a $170 billion aid package for struggling nations.
Fox News correspondent Mark Meredith gives an update from the Pentagon on weapon shipments to Ukraine and the threat of a Russian attack.
Malpass said the war between Russia and Ukraine – the worst conflict that Europe has seen in decades – has exacerbated the financial pressures from the COVID-19 pandemic as well as the rising cost of living, saying there is a need to provide assistance immediately. As a result, the World Bank is prepping a $170 billion spending package intended to offset some of the economic fallout from the war.
"I’m deeply concerned about developing countries," Malpass said. "They are facing sudden price increases for energy, fertilizer and food, and the likelihood of interest rate increases. Each one hits them hard."
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