Developing countries should fast-track US trade deals: World Bank president

Developing countries should fast-track US trade deals: World Bank president
World Bank Group President Ajay Banga speaks during an interview with AFP at the IMF/World Bank Group Spring Meetings at the IMF headquarters in Washington on April 25, 2025. (AFP
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Updated 26 April 2025
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Developing countries should fast-track US trade deals: World Bank president

Developing countries should fast-track US trade deals: World Bank president
  • Agrees with US push for removal of China from bank's list of“developing country” status
  • Says WB is also pushing to encourage private sector job creation in developing countries

WASHINGTON: Developing countries should strike swift trade deals with the United States at the “earliest possible” opportunity, the president of the World Bank told AFP Friday, after a busy week with global financial leaders in Washington.
Ajay Banga was interviewed by AFP at the World Bank and International Monetary Fund’s Spring Meetings, which have been held this year under a cloud of uncertainty about President Donald Trump’s stop-start tariff rollout.
The Bank has been advising developing countries to get a deal done quickly with the United States, and to then focus attention on cutting trade barriers and boosting regional flows of goods, Banga said.
“You need to negotiate trade systems with the US at the earliest possible (opportunity),” he said. “If you delay, it hurts everyone.”
Trump’s tariffs have roiled financial markets, sent volatility surging and spooked investors and consumers.
Since returning to office in January, the US leader has imposed a “baseline” 10 percent tariff on most countries, with much higher duties on China, and 25 percent sector-specific levies on areas including steel, aluminum, and automobiles not manufactured in the United States.
He also introduced much higher tariffs on dozens of countries — which have since been temporarily paused — accusing them of having an unfair trade balance with the United States.

China’s ‘absurd’ status
Banga also addressed the criticism leveled by US Treasury Secretary Scott Bessent at the Bank earlier this week.
Bessent criticized China’s “absurd” developing country status and called on Banga and IMF Managing Director Kristalina Georgieva to “earn the confidence of the administration.”
“I don’t think he’s wrong,” Banga said of Bessent’s comments on China.
“A country that is the size of China and the capability of China, at some point, should no longer be taking money from IBRD,” he said, referring to the International Bank for Reconstruction and Development — an arm of the World Bank that lends largely to middle-income countries.
Such a move would require the support of the World Bank’s executive board, which is made up by member states.
China, Banga said, borrowed around $750 million from the IBRD last year, while paying billions of dollars to the institution in repayments and donations.
“My view is, I’ve brought it down to 750 (million), and I’m trying to figure out a way to deal with China to bring it down further,” he said. “I want to get it done. And that’s what I’m talking to the Chinese about.”
Banga said the Trump administration’s criticisms of the World Bank, which included “expansive policy overreach,” were not unusual, citing newly elected governments in countries including France, Japan and Korea.
“I keep telling people this is a perfectly constructive request, to say, tell me and show me that you guys are the kind of people that advance the interests of my taxpayer, of my country,” he said.
“I take it in that spirit,” he said. “There’s nothing wrong with it.”


Since taking the helm of the Washington-based development lender in 2023, Banga has pushed to streamline operations and encourage private sector participation, while focusing on job creation and electricity connectivity.
Among the Bank’s current priorities is a push with the African Development Bank to connect 300 million people in sub-Saharan Africa to electricity by 2030 — a process that will require a vast amount of new energy to be brought online.
“You should try and get (energy) in the best, accessible way and the lowest possible cost,” Banga said, suggesting that in addition to renewable power, nuclear and gas could help provide a base load — two energy sources the World Bank is currently hesitant to finance.
The Bank’s executive board is set to discuss its energy strategy in June, Banga said, adding that funding for both nuclear and gas would likely be on the agenda.
Banga said the Bank is also pushing to encourage private sector job creation in developing countries — beyond simply outsourcing jobs from advanced economies.
“Because then you end up with challenges in (advanced economies), and you can see that people are speaking about them with their votes,” he added.
 


Building fire kills 17, injures others in southern India

Building fire kills 17, injures others in southern India
Updated 59 min 44 sec ago
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Building fire kills 17, injures others in southern India

Building fire kills 17, injures others in southern India
  • Fires are common in India, where building laws and safety norms are often flouted by builders and residents

HYDERABAD, India: At least 17 people were killed and several injured in a fire that broke out at a building near the historic Charminar monument in southern Hyderabad city, officials said Sunday.
Several people were found unconscious and rushed to various hospitals, according to local media. They said the building housed a jewelry store at ground level and residential space above.
“The accident happened due to a short circuit and many people have died,” federal minister and Bharatiya Janata Party leader G Kishan Reddy told reporters at the site of the accident.
Director general of Telangana fire services Y Nagi Reddy told reporters that 21 people were in the three-story building when the fire started on the ground floor early on Sunday.
“17 people, who were shifted to the hospital in an unconscious state, could not survive. The staircase was very narrow, which made escape difficult. There was only one exit, and the fire had blocked it,” he said.
The fire was brought under control.
Prime minister Narendra Modi announced financial compensation for the victims’ families and said in a post on X that he was “deeply anguished by the loss of lives.”
Fires are common in India, where building laws and safety norms are often flouted by builders and residents.


PM seeks election win as Portugal campaigning ends

PM seeks election win as Portugal campaigning ends
Updated 18 May 2025
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PM seeks election win as Portugal campaigning ends

PM seeks election win as Portugal campaigning ends

LISBON: Portugal’s general election campaign ends on Friday for a vote that Prime Minister Luis Montenegro is expected to win, but with no guarantee he can form a more stable government.
Montenegro’s center-right Democratic Alliance (AD) coalition is tipped to win 34 percent of the ballot, ahead of the Socialist Party (PS) on 26 percent, according to a poll by the Portuguese Catholic University published by local media on Friday.
The upstart far-right Chega (“Enough“) party could take 19 percent of the vote — almost the same as it did in March 2024 elections — to consolidate its position as Portugal’s third political force and kingmaker.
Montenegro, as a result, risks finding himself again at the head of a minority government, caught between the PS, in power from 2015 to 2024, and Chega, with which he has refused to govern.
“People are fed up with elections, people want stability,” the premier, a 52-year-old lawyer, said during a final rally in Lisbon as he urged voters to give him a stronger mandate this time around.
Sunday’s early election will be Portugal’s third in just over three years.
It was called in March after Montenegro lost a confidence vote in parliament following accusations against him of conflicts of interest stemming from his consulting firm’s business.
As such, “staying in power would already be a good result” for the prime minister, who took a “calculated risk” in the hope of strengthening his parliamentary seat, political commentator Paula Espirito Santo told AFP.
Opinion polls appear to indicate an AD majority is unlikely but Montenegro could win the support of the Liberal Initiative party, which is predicted to secure 6.4 percent of the vote.


The PS candidate, Pedro Nuno Santos, a 48-year-old economist, has accused Montenegro of having engineered the elections “to avoid explaining himself” about his consultancy firm to a parliamentary inquiry.
“We need a change, a prudent one that will guarantee the political stability which Luis Montenegro can no longer provide,” the Socialist candidate said at a final Lisbon rally on Friday.
Faced with the risk of persistent instability, analysts and voters criticized a political class out of touch with voters who are unenthused by the prospect of another ballot.
“I’ve really had enough of all these political games. They don’t do anything for us,” said Maria Pereira, a 53-year-old saleswoman in a working-class district of Lisbon.
“Normally I vote for the small parties but this time I’m not going to waste my time going to vote.”
But Paula Tomas, a 52-year-old dentist, said Montenegro had won her confidence.
“He has the ability to get things done, but he needs time,” she said at an AD rally, waving a white-and-orange ruling party flag.
Under the Socialist Party, Portugal became one of Europe’s most open countries, but Montenegro’s government has since strengthened immigration policy.
Between 2017 and 2024, the number of foreigners living in Portugal quadrupled, reaching about 15 percent of the total population.
Immigration and suspicions about the prime minister might be fertile ground for the far right.
But Chega has also faced embarrassment, including claims that one of its lawmakers in the Azores stole luggage from airport carousels.
Its campaign was interrupted on Tuesday and Thursday when its president, 42-year-old former football commentator Andre Ventura, fell ill while campaigning and was rushed to hospital both times.
He was resting and will not longer appear at the party’s final rally. Instead he released a video message where he once again called for “an end to corruption and uncontrolled immigration.”
All political campaigning has to stop at midnight (2300 GMT Friday) before Sunday’s poll.


World Health Organization looks ahead to life without the US

World Health Organization looks ahead to life without the US
Updated 18 May 2025
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World Health Organization looks ahead to life without the US

World Health Organization looks ahead to life without the US

LONDON/GENEVA: Hundreds of officials from the World Health Organization will join donors and diplomats in Geneva from Monday with one question dominating their thoughts — how to cope with crises from mpox to cholera without their main funder, the United States.
The annual assembly, with its week of sessions, votes and policy decisions, usually showcases the scale of the UN agency set up to tackle disease outbreaks, approve vaccines and support health systems worldwide.
This year — since US President Donald Trump started the year-long process to leave the WHO with an executive order on his first day in office in January — the main theme is scaling down.
“Our goal is to focus on the high-value stuff,” Daniel Thornton, the WHO’s director of coordinated resource mobilization, told Reuters.
Just what that “high-value stuff” will be is up for discussion. Health officials have said the WHO’s work in providing guidelines for countries on new vaccines and treatments for conditions from obesity to HIV will remain a priority.
One WHO slideshow for the event, shared with donors and seen by Reuters, suggested work on approving new medicines and responding to outbreaks would be protected, while training programs and offices in wealthier countries could be closed.
The United States had provided around 18 percent of the WHO’s funding. “We’ve got to make do with what we have,” said one Western diplomat who asked not to be named.
Staff have been getting ready — cutting managers and budgets — ever since Trump’s January announcement in a rush of directives and aid cuts that have disrupted a string of multilateral pacts and initiatives.
The year-long delay, mandated under US law, means the US is still a WHO member — its flag still flies outside the Geneva HQ — until its official departure date on January 21, 2026.
Trump — who accused the WHO of mishandling COVID, which it denies — muddied the waters days after his statement by saying he might consider rejoining the agency if its staff “clean it up.”
But global health envoys say there has since been little sign of a change of heart. So the WHO is planning for life with a $600 million hole in the budget for this year and cuts of 21 percent over the next two-year period.

CHINA TAKES LEAD
As the United States prepares to exit, China is set to become the biggest provider of state fees — one of the WHO’s main streams of funding alongside donations.
China’s contribution will rise from just over 15 percent to 20 percent of the total state fee pot under an overhaul of the funding system agreed in 2022.
“We have to adapt ourselves to multilateral organizations without the Americans. Life goes on,” Chen Xu, China’s ambassador to Geneva, told reporters last month.
Others have suggested this might be a time for an even broader overhaul, rather than continuity under a reshuffled hierarchy of backers.
“Does WHO need all its committees? Does it need to be publishing thousands of publications each year?” said Anil Soni, chief executive of the WHO Foundation, an independent fund-raising body for the agency.
He said the changes had prompted a re-examination of the agency’s operations, including whether it should be focussed on details like purchasing petrol during emergencies.
There was also the urgent need to make sure key projects do not collapse during the immediate cash crisis. That meant going to donors with particular interests in those areas, including pharmaceutical companies and philanthropic groups, Soni said.
The ELMA Foundation, which focuses on children’s health in Africa with offices in the US, South Africa and Uganda, has already recently stepped in with $2 million for the Global Measles and Rubella Laboratory Network known as Gremlin — more than 700 labs which track infectious disease threats, he added.
Other business at the assembly includes the rubber-stamping a historic agreement on how to handle future pandemics and drumming up more cash from donors at an investment round.
But the focus will remain on funding under the new world order. In the run up to the event, a WHO manager sent an email to staff asking them to volunteer, without extra pay, as ushers.


Poles vote for a new president as security concerns loom large

Poles vote for a new president as security concerns loom large
Updated 18 May 2025
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Poles vote for a new president as security concerns loom large

Poles vote for a new president as security concerns loom large

WARSAW: Poles are voting Sunday in a presidential election at a time of heightened security concerns stemming from the ongoing war in neighboring Ukraine and growing worry that the US commitment to Europe’s security could be weakening under President Donald Trump.
The top two front-runners are Warsaw Mayor Rafał Trzaskowski, a liberal allied with Prime Minister Donald Tusk, and Karol Nawrocki, a conservative historian with no prior political experience who is supported by the national conservative Law and Justice party.
Recent opinion polls show Trzaskowski with around 30 percent support and Nawrocki in the mid-20s. A second round between the two is widely expected to take place on June 1.
The election is also a test of the strength of other forces, including the far right.
Sławomir Mentzen, a hard-right candidate who blends populist MAGA rhetoric with libertarian economics and a critical stance toward the European Union, has been polling in third place.
Ten other candidates are also on the ballot. With such a crowded field and a requirement that a candidate receive more than 50 percent of the vote to win outright, a second round seemed all but inevitable.
Polling stations opened at 7 a.m. (0500GMT) and close at 9 p.m. (1900GMT). Exit polls will be released when voting ends, with results expected by Tuesday, possibly Monday.
Polish authorities have reported attempts at foreign interference during the campaign, including denial-of-service attacks targeting parties in Tusk’s coalition on Friday and allegations by a state research institute that political ads on Facebook were funded from abroad.
Although Poland’s prime minister and parliament hold primary authority over domestic policy, the presidency carries substantial power. The president serves as commander of the armed forces, plays a role in foreign and security policy, and can veto legislation.
The conservative outgoing president, Andrzej Duda, has repeatedly used that power over more than the past year to hamper Tusk’s agenda, for example blocking ambassadorial nominations and using his veto power to resist reversing judicial and media changes made during Law and Justice’s time in power from 2015 to late 2023.
A Trzaskowski victory could be expected to end such a standoff. He has pledged to support reforms to the courts and public media, both of which critics say were politicized under Law and Justice. Tusk’s opponents say he has also politicized public media.
Nawrocki, who leads a state historical institute, has positioned himself as a defender of conservative values and national sovereignty.


Indian space agency’s satellite mission fails due to technical issue in launch vehicle

Indian space agency’s satellite mission fails due to technical issue in launch vehicle
Updated 18 May 2025
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Indian space agency’s satellite mission fails due to technical issue in launch vehicle

Indian space agency’s satellite mission fails due to technical issue in launch vehicle
  • The EOS-09 Earth observation satellite took off on board the PSLV-C61 launch vehicle from the Sriharikota space center in southern India on Sunday morning

NEW DELHI: The Indian space agency’s mission to launch into orbit a new Earth observation satellite failed after the launch vehicle encountered a technical issue during the third stage of flight, officials said Sunday.
The EOS-09 Earth observation satellite took off on board the PSLV-C61 launch vehicle from the Sriharikota space center in southern India on Sunday morning.
“During the third stage ... there was a fall in the chamber pressure of the motor case, and the mission could not be accomplished,” said V. Narayanan, chief of the Indian Space Research Organization.
Active in space research since the 1960s, India has launched satellites for itself and other countries, and successfully put one in orbit around Mars in 2014.
After a failed attempt to land on the moon in 2019, India became the first country to land a spacecraft near the moon’s south pole in 2023 in a historic voyage to uncharted territory that scientists believe could hold reserves of frozen water. The mission was dubbed as a technological triumph for the world’s most populous nation.