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Egypt to receive $500 mn from World Bank to boost food security

The world's top wheat importer Egypt said Wednesday it is to receive $500 million from the World Bank to alleviate the impact of war between its main suppliers Russia and Ukraine.

"The World Bank financing will support the government's efforts to meet food needs and enhance resilience to future shocks," International Cooperation Minister Rania al-Mashat said in a statement.

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US implements G7 sanctions targeting Russian military, gold

Washington announced steps Tuesday to implement the new sanctions on Russia as agreed by G7 leaders, targeting Moscow's defense industry and banning gold imports from the country.

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G7 plans 'international reconstruction conference' for Ukraine

G7 leaders said on Tuesday that they planned an international conference to rally funds for Ukraine's post-war reconstruction.

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Bassil: Audit won't die as long as President is behind it

Free Patriotic Movement chief Jebran Bassil stressed Monday that the forensic audit into the central bank’s accounts “will not die.”

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G7 to ban Russian gold imports, choking key market for Putin

The United States said Sunday that the G7 group of nations will ban imports of Russian gold with the aim of tightening sanctions screws on Moscow and crippling its war effort in Ukraine.

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Stocks, oil prices push higher

Global stock markets and oil prices rose Friday following recent heavy losses on fears that interest rate hikes aimed at cooling decades-high inflation will spark a global recession.

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EU leaders tackle inflation, energy shocks from Russia's war

A day after endorsing Ukraine's candidacy to join the European Union, the bloc's leaders turned their attention Friday to the severe economic turbulence looming over the coming months as the full impact of Russia's war sinks in and the threat of recession rises.

The EU's 27 leaders gathered in Brussels to grapple with surging inflation, energy shocks, dwindling business and consumer confidence, and growing budget pressures.

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Al-Mawared suspends membership in Banks Association, urges others to follow suit

Al-Mawared Bank announced Friday the suspension of its membership in the Association of Banks as it accused the association of failing to protect the banks and the depositors.

The Bank in a statement accused the Association of taking decisions "that are not necessarily in the interest of its members and of the depositors," since the beginning of the crisis in October 2019, and of "failing to protect the banking sector."

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A world apart, Lebanon and Sri Lanka share economic collapse

Lebanon and Sri Lanka may be a world apart, but they share a history of political turmoil and violence that led to the collapse of once-prosperous economies bedeviled by corruption, patronage, nepotism and incompetence.

The toxic combinations led to disaster for both: Currency collapse, shortages, triple-digit inflation and growing hunger. Snaking queues for gas. A decimated middle class. An exodus of professionals who might have helped rebuild.

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Romanian port struggles to handle flow of Ukrainian grain

With Ukraine's seaports blockaded or captured by Russian forces, neighboring Romania's Black Sea port of Constanta has emerged as a main conduit for the war-torn country's grain exports amid a growing world food crisis.

It's Romania's biggest port, home to Europe's fastest-loading grain terminal, and has processed nearly a million tons of grain from Ukraine — one of the world's biggest exporters of wheat and corn — since the Feb. 24 invasion.

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