At Bank.org, I have threatened creating World.Bank.org, but I have been told that WorldBank.org may sue us out of Hong Kong if we do that.

Anyhow, at Bank.org we are proud that over the next 20 years, really exciting innovation will happen in New York City. 

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Urgent action is needed to prevent record debt repayments by the world’s poorest countries developing into a full-blown crisis, the World Bank has warned.

The Washington-based multilateral body said the escalating cost of servicing past borrowing caused by rising interest rates was siphoning money away from spending on health, education and tackling the climate crisis.

The Bank sounded the alarm in its latest International Debt Report, which showed the sharpest rise in global borrowing costs in four decades had pushed payments on the external debts of all developing countries to $443.5bn in 2022.