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      World Bank Warns of Record Debt Costs for Developing Countries

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      The World Bank warned in a new report that poor countries will be stuck in economic “purgatory” without debt relief.Soaring inflation saddled developing countries with a record $1.4 trillion in debt servicing costs last year, the World Bank said in a report published on Tuesday, detailing the precarious state faced by the world’s most vulnerable economies since the pandemic.As central banks around the world raised interest rates to slow rising prices, poor countries with already high debt burdens saw the interest payments on the money that they owed to creditors balloon. While principal balances held steady at around $951 billion, interest payments jumped by a third, to $406 billion. That has left more countries facing fiscal crises and struggling to avoid default.“These facts imply a metastasizing solvency crisis that continues to be misdiagnosed as a liquidity problem in many of the poorest countries,” Indermit Gill, the World Bank’s chief economist, wrote in the report. “It is easy to kick the can down the road, to provide these countries just enough financing to help them meet their immediate repayment obligations. But that simply extends their purgatory.”More than a dozen sovereign nations defaulted on their debt in the last three years, and more than 30 of the world’s poorest countries have experienced “debt distress,” according to the United Nations. In 2023, Belarus, Ghana, Lebanon, Sri Lanka and Zambia were all in default, according to Fitch Ratings.Global financial institutions such as the World Bank and the International Monetary Fund have been working with international lenders to help developing countries restructure their debt, but the process has been slow and painstaking. China, the world’s largest creditor, has been particularly reluctant to alter the terms of its loans as it grapples with its own economic challenges.The Biden administration has been critical of China’s lending practices. Treasury Secretary Janet L. Yellen described them as “opaque” in an interview with The New York Times in October in which she called for accelerating debt relief. She also raised the idea of helping nations find new sources of borrowing by creating coordinated aid packages for “high-ambition countries” that want to invest in clean energy projects.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      U.S. Sending $725 Million in Arms to Ukraine, Including More Land Mines

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      The package, the largest since April, comes amid deep concerns in Ukraine that the Trump administration may cut off aid. The president-elect has vowed to end the war quickly, but has not said how.The Pentagon will send Ukraine an additional $725 million in military assistance from its stockpiles, including anti-personnel land mines, drones, portable antiaircraft missiles and anti-tank missiles.In a statement, the Pentagon said on Monday that the shipment was part of a surge in security aid as Ukraine battles a renewed Russian offensive.The new support comes amid deep concerns in Ukraine that the incoming Trump administration might cut off military aid to the country. President-elect Donald J. Trump has vowed to end the war quickly, though he has not said how. But Vice President-elect JD Vance has outlined a plan that would allow Russia to keep the Ukrainian territory it has seized.The new tranche will be the single largest that the United States has sent to Ukraine since a $1 billion shipment was announced April 24, just days after the House approved new aid to the country after a monthslong hold.The arms are provided under what is called presidential “drawdown” authority, which allows the administration to transfer Pentagon stocks to Ukraine instead of waiting the months or years it can take for defense contractors to manufacture weapons under new contracts.There had been 15 such drawdowns totaling $4.6 billion of arms, ammunition, vehicles and other supplies since the $1 billion package was announced.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      COP29 Climate Talks Get a Deal on Money, but Only After a Fight

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      The financing plan, which calls for $300 billion per year in support for developing nations, was immediately assailed as inadequate by a string of delegates.Negotiators at this year’s United Nations climate summit struck an agreement early on Sunday in Baku, Azerbaijan, to triple the flow of money to help developing countries adopt cleaner energy and cope with the effects of climate change. Under the deal, wealthy nations pledged to reach $300 billion per year in support by 2035, up from a current target of $100 billion.Independent experts, however, have placed the needs of developing countries much higher, at $1.3 trillion per year. That is the amount they say must be invested in the energy transitions of lower-income countries, in addition to what those countries already spend, to keep the planet’s average temperature rise under 1.5 degrees Celsius. Beyond that threshold, scientists say, global warming will become more dangerous and harder to reverse.The deal struck at the annual U.N.-sponsored climate talks calls on private companies and international lenders like the World Bank to cover the hundreds of billions in the shortfall. That was seen by some as a kind of escape clause for rich countries.As soon as the Azerbaijani hosts banged the gavel and declared the deal done, Chandni Raina, the representative from India, the world’s most populous country, tore into them, saying the process had been “stage managed.”“It is a paltry sum,” Ms. Raina said. “I am sorry to say that we cannot accept it. We seek a much higher ambition from developed countries.” She called the agreement “nothing more than an optical illusion.”Speakers from one developing country after another, from Bolivia to Nigeria to Fiji, echoed Ms. Raina’s remarks and assailed the document in furious statements.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Democrats Split as Senate Rejects Bills to Block Weapons Transfers to Israel

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      The legislation failed resoundingly but highlighted the Democratic divide over whether the United States should withhold some weapons to register its disapproval of Israel’s war tactics.The Senate on Wednesday resoundingly rejected a series of three resolutions to block weapons transfers to Israel, shutting down an effort by progressive Democrats to curtail American support for the war in Gaza.The lopsided votes were mostly symbolic given the strong support for Israel on Capitol Hill. But they highlighted deep divisions among Democrats over President Biden’s continued military support for Israel despite ample evidence that its military has committed human rights violations during its offensive against Hamas, including killing civilians and blocking the delivery of humanitarian aid.The measures were offered by Senator Bernie Sanders, independent of Vermont, who has been a vocal critic of Israel’s tactics in the war. In the days since the election, he has also argued that the administration’s Israel policy, and Vice President Kamala Harris’s defense of it on the campaign trail, were partially to blame for the Democrats’ election losses.“You cannot condemn human rights around the world and then turn a blind eye to what the United States is now funding in Israel — people will laugh in your face,” Mr. Sanders said on the Senate floor on Wednesday.He argued that the United States was breaking its own laws by continuing to send Israel weapons when it was using them to target civilians. The laws say that recipients of weapons made in the United States must use them in accordance with U.S. and international law and not impede the flow of humanitarian aid into war zones.“If we do not demand that the countries we provide military assistance to obey international law, we will lose our credibility on the world stage,” Mr. Sanders said.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      COP29 Climate Talks in Baku, Azerbaijan, Head Into Final Stretch

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      Senior ministers are arriving in an effort to break a deadlock over the summit’s main goal: funding to help lower-income countries hit hard by global warming.More than halfway through the United Nations climate talks in Baku, Azerbaijan, negotiators from nearly 200 countries remain far apart on a number of the key issues up for debate.As nations try to agree on a plan to provide potentially trillions of dollars to developing countries suffering from the effects of climate change, divisions remain over how much money should be made available, what kind of financing efforts should count toward the overall goal and how recipient countries should gain access to the funds.Negotiations often go into overtime. But with just four days to go, many attendees fear that this could be the first summit since the Copenhagen talks in 2009 to conclude without a deal.“There is a high risk this could collapse,” said a senior negotiator for a major European country, who requested anonymity because they were not authorized to speak publicly.Simon Stiell, the United Nations climate chief, pleaded on Monday with countries to stop fighting and to reach a deal.He warned against a dynamic “where groups of parties dig in and refuse to move on one issue, until others move elsewhere.” He added, “This is a recipe for going literally nowhere.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Nuclear Power Was Once Shunned at Climate Talks. Now, It’s a Rising Star.

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      Growing worldwide energy demand and other factors have shifted the calculus, but hurdles still lie ahead.For years at global climate summits, nuclear energy was seen by many as part of the problem, not part of the solution.Sama Bilbao y Leon has been attending the annual United Nations climate change talks since 1999, when she was a student of nuclear engineering. And for most of that time, she said, people didn’t want to discuss nuclear power at all.“We had antinuclear groups saying, ‘What are you doing here? Leave!’” she said.These days, it’s a very different story.At last year’s climate conference in the United Arab Emirates, 22 countries pledged, for the first time, to triple the world’s use of nuclear power by midcentury to help curb global warming. At this year’s summit in Azerbaijan, six more countries signed the pledge.“It’s a whole different dynamic today,” said Dr. Bilbao y Leon, who now leads the World Nuclear Association, an industry trade group. “A lot more people are open to talking about nuclear power as a solution.”The list of countries pledging to build new nuclear reactors, which can generate electricity without emitting any planet-warming greenhouse gases, includes longtime users of the technology like Canada, France, South Korea and the United States. But it also includes countries that don’t currently have any nuclear capacity, like Kenya, Mongolia and Nigeria.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Ben & Jerry’s Accuses Unilever of Seeking to Muzzle Its Gaza Stance

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      The ice cream maker claimed in a lawsuit that its parent company tried to stop it from expressing support for Palestinian refugees.Ben & Jerry’s on Wednesday sued its parent company, Unilever, accusing the consumer goods giant of censorship and threats over the ice cream maker’s attempts to express support for Palestinian refugees. The move ratchets up a longstanding conflict between the two that has flared since the start of the war in Gaza.The lawsuit claims that Unilever recently tried to dismantle Ben & Jerry’s independent board and sought to muzzle it to prevent the company from calling for a cease-fire and safe passage for refugees, from supporting U.S. students protesting civilian deaths in Gaza, and from urging an end to U.S. military aid to Israel.“Unilever has silenced each of these efforts,” Ben & Jerry’s said in the lawsuit. The company, which is based in South Burlington, Vt., did not immediately respond to a request for comment.Unilever said that it would strongly defend itself against the accusations. “We reject the claims made by B&J’s social mission board,” it said in a statement.Hamas carried out a devastating attack on Israel on Oct. 7 last year, and Israel responded by besieging Gaza, the territory that Hamas once controlled, with an offensive that has killed tens of thousands of Palestinians and created a humanitarian crisis.Unilever is one of a number of global multinationals like Starbucks that has been grappling with how to navigate business amid one of the most fraught issues in the world. The British conglomerate bought Ben & Jerry’s in 2000 and holds two of 11 seats on what is supposed to be an independent board.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      U.S. to Keep Sending Arms to Israel Despite Dire Conditions in Gaza

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      The State Department said Israel needs to take more steps to improve the situation among Palestinians. The United States had given the country 30 days to meet aid criteria.The State Department said on Tuesday that it did not plan to decrease weapons aid to Israel, as a 30-day deadline set by the Biden administration passed without the country substantially improving the humanitarian situation in war-devastated Gaza.Secretary of State Antony J. Blinken and Defense Secretary Lloyd J. Austin III had warned in a letter dated Oct. 13 that the United States would reassess its military aid to Israel if it failed to increase the amount of aid allowed to enter Gaza within 30 days.The letter said that the humanitarian situation for the two million residents of Gaza was “increasingly dire” and that the amount of aid entering Gaza had fallen by 50 percent since April.By law, the U.S. government cannot give aid to foreign military forces deemed by the State Department to be committing “gross violations of human rights.”U.N. officials have said Israel’s continued blocking of humanitarian aid and targeting of humanitarian workers constitute violations of international law and could amount to war crimes.Food insecurity experts working on an initiative controlled by U.N. bodies and major relief agencies said last week that famine was imminent or most likely already occurring in northern Gaza. U.N. officials say the entire population of Gaza is facing food insecurity.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More