International

Ten development banks pledge to boost lending by up to $400 billion to aid climate initiatives

Ten multilateral development banks (MDBs) have pledged to increase their lending capacity by $300,000 to $400,000 million over the next decade, the Inter-American Development Bank (IDB) announced in a statement this Saturday. Supported by shareholders and partners, this initiative aims to improve financing conditions so that developing countries can address the challenge of climate change.

This commitment is part of a roadmap established by the ten banks at the end of a retreat in Washington, organized by the IDB alongside the spring meetings of the International Monetary Fund (IMF) and the World Bank (WB). Ilan Goldfajn, president of the IDB, stated that this strategy aims to “deepen our collaboration and work together as a system to better serve our countries and maximize the impact of our actions.”

In addition to fighting climate change and aligning their operations with the objectives of the Paris Agreement, the banks plan to enhance their effectiveness and impact on development, strengthen co-financing with countries, and provide more data so investors can better assess risks and opportunities. They have also committed to increasing financing to the private sector, including local currency loans and solutions for exchange rate risk, with the aim of boosting private investment.

The involved banks include, in addition to the IDB, the World Bank Group, the African Development Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Council of Europe Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Islamic Development Bank, and the New Development Bank.

International

Zelenski urges global action after russian ballistic missile strike

Ukrainian President Volodymyr Zelenski called on the international community Thursday to “respond” to Russia’s ballistic missile strike on Ukraine, which he said has heightened the “escalation and brutality” of the conflict.

“The world must react. So far, there has been no strong response,” Zelenski lamented in a social media statement.

“We must act. We must pressure. We must push Russia towards real peace, which is only achievable through strength,” he added.

Russian President Vladimir Putin confirmed Thursday that Russia had launched a new type of hypersonic ballistic missile against Ukraine in its “non-nuclear configuration.”

International

Elon Musk plans sweeping cuts to U.S. bureaucracy and spending

Elon Musk has pledged massive cuts to government programs, subsidies, and bureaucracy in his anticipated role as a “State Efficiency” leader, according to an article published Wednesday in The Wall Street Journal.

The billionaire entrepreneur plans to target hundreds of billions of dollars in federal spending, including funds for public broadcasting and Planned Parenthood. Musk called government bureaucracy an “existential threat” to American democracy.

Teaming up with fellow businessman and Trump ally Vivek Ramaswamy, Musk aims to streamline federal regulations and implement significant administrative and cost reductions.

“We are entrepreneurs, not politicians. We will serve as external volunteers, not federal officials or employees,” Musk and Ramaswamy stated in the article.

International

Putin warns of escalation, suggests strikes on western weapon suppliers

Russian President Vladimir Putin declared that the conflict in Ukraine is taking on the characteristics of a “global war,” warning that Russia might target Western nations supplying Ukraine with weapons used in attacks on Russian territory.

These remarks come after a day of heightened tensions, during which Russia launched a state-of-the-art medium-range missile designed to carry a nuclear warhead. However, this particular missile was loaded with conventional explosives.

Ukrainian President Volodymyr Zelensky condemned the missile strike, calling it the action of a “deranged neighbor” using Ukraine as a “military testing ground.”

Earlier, Ukraine accused Russia of attacking the central-eastern city of Dnipro with a missile exhibiting “all the characteristics” of an intercontinental missile, an unprecedented development in the ongoing conflict.