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World Bank Halts all Projects in Russia and Belarus

The World Bank. (Asharq Al-Awsat Arabic)
The World Bank. (Asharq Al-Awsat Arabic)
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World Bank Halts all Projects in Russia and Belarus

The World Bank. (Asharq Al-Awsat Arabic)
The World Bank. (Asharq Al-Awsat Arabic)

The World Bank on Wednesday announced it was halting all of its ongoing projects in Russia and Belarus in response to the invasion of Ukraine.

Citing the "hostilities against the people of Ukraine," the development lender said it "has stopped all its programs in Russia and Belarus with immediate effect."

The bank finances infrastructure projects and provides policy advice to members, but "has not approved any new loans to or investments in Russia since 2014. There has also been no new lending approved to Belarus since mid-2020," AFP reported.

According to the website, the institution has 11 ongoing projects in Belarus for a total cost of $1.2 billion, and which deal with energy, education, transportation and Covid-19 response.

With Russia, there are just four projects costing $370 million, which largely deal with policy issues.

The bank on Tuesday announced that it is preparing a $3 billion aid package for war-torn Ukraine, which will include at least $350 million in immediate funds, while the IMF also is preparing to provide emergency assistance to the country.

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A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold Rebounds to End 6-Session Losing Streak as Dollar Rally Pauses

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices rebounded on Monday, having posted losses in the previous six sessions, with gains driven by a pause in the dollar's rally, while investors await comments from the Federal Reserve officials for clarity on the interest rate trajectory.
Spot gold rose 1% to $2,587.83 per ounce by 0917 GMT, moving away from a two-month low hit on Thursday. US gold futures were up 0.9% at $2,592.20.
Gold prices last week saw their biggest weekly decline in over three years as expectations of less-aggressive interest rate cuts by the Fed boosted the dollar.
However, the dollar was holding flat below Thursday's one-year high after rising 1.6% last week. A softer dollar makes bullion less expensive for buyers holding other currencies, Reuters said.
"We can look to the dollar for a significant part of the current gold price corrections ... I'm not saying you've found a solid physical floor yet, but clearly, some opportunistic buying is coming in to support the market as well," independent analyst Ross Norman said.
"As the year ends, we will see volatility in gold prices and there'll be some books clearing and profit-taking, regardless of what the Fed does in December."
Recent US economic data has reduced expectations for a December rate cut by the Fed. At least seven US central bank officials are due to speak this week.
Higher interest rates make holding gold, which doesn't pay any interest, less attractive.
"President Trump's inauguration is likely to see an ongoing strengthening of the USD (US dollar), which is negative for gold in the short to medium term. However, as his stated policies are likely to be significantly inflationary in the long term, this will benefit gold," said Michael Langford, chief investment officer at Scorpion Minerals.
Spot silver rose 1.4% to $30.63 per ounce, platinum added 1.4% at $951.59 and palladium climbed 1.8% to $967.62.