{"id":29451,"date":"2023-10-25T14:59:06","date_gmt":"2023-10-25T14:59:06","guid":{"rendered":"https:\/\/microloannexus.com\/news\/peace-talks-in-the-middle-east-will-take-time-to-resume-world-bank-chief-says\/"},"modified":"2023-10-25T14:59:08","modified_gmt":"2023-10-25T14:59:08","slug":"peace-talks-in-the-middle-east-will-take-time-to-resume-world-bank-chief-says","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=29451","title":{"rendered":"Peace talks in the Middle East will take time to resume, World Bank chief says"},"content":{"rendered":"
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The president of the World Bank on Tuesday said that it will be some time before progress toward a more peaceful Middle East can resume in earnest.<\/p>\n

Ajay Banga told CNBC that the onset of the Israel-Hamas war has thrown nascent normalization talks off course, making regional cooperation much more difficult.<\/p>\n

“We were working towards a more peaceful Middle East and many countries in this region have begun to speak to each other about the opportunity of moving forward with a new platform of being together,” Banga told CNBC’s Dan Murphy.<\/p>\n

“I think it’s clearly going to be a little while until this sort of works out one way or the other,” he added.<\/p>\n<\/div>\n

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Banga was speaking at the Future Investment Initiative Institute conference in Riyadh, where business leaders are gathered to discuss economic and investment prospects of the Middle East region.<\/p>\n

This year, the event has been overshadowed by Israel’s ongoing offensive against the Gaza Strip, following the Oct. 7 terror attacks carried out by Palestinian militant group Hamas against Israel. The hostilities came as Israel had been making moves to normalize diplomatic ties with its neighbors, including Saudi Arabia.<\/p>\n

The World Bank chief said that the conflict could have ramifications not only for the region, but also for the wider global economy \u2014 most notably for energy markets.<\/p>\n

Oil prices have climbed in the more than two weeks since the onset of the violence amid concerns over supply constraints within the energy-rich region.<\/p>\n

Banga also spoke of the potential impact on food and fertilizer prices, which similarly spiked in the wake of the Russia-Ukraine war.<\/p>\n

“Other such things we saw when Russia came into Ukraine \u2014 that food and fertilizer and oil spiked,” he said.<\/p>\n

“The world took a little while to come back from that, I’m worried that that will be another piece of danger,” Banga added.<\/p>\n

It comes as the world economy confronts a new era of higher interest rates and slower growth, “something we’ve not been used to,” he said.<\/p>\n

Banga’s comments were echoed on Wednesday by the head of the International Monetary Fund, who dubbed the Israel-Hamas conflict as another cloud on the horizon of an already gloomy economic outlook.<\/p>\n

“What we see is more jitters in what has already been an anxious world,” Managing Director Kristalina Georgieva told a panel at the FII conference.<\/p>\n

“And on a horizon that had plenty of clouds, one more \u2014 and it can get deeper.”\u00a0\u00a0<\/p>\n<\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The president of the World Bank on Tuesday said that it will be some time before progress toward a more peaceful Middle East can resume in earnest. Ajay Banga told CNBC that the onset of the Israel-Hamas war has thrown nascent normalization talks off course, making regional cooperation much more difficult. “We were working towards<\/p>\n","protected":false},"author":1,"featured_media":29452,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-29451","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"\nPeace talks in the Middle East will take time to resume, World Bank chief says | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"The president of the World Bank on Tuesday said that it will be some time before progress toward a more peaceful Middle East can resume in earnest.Ajay\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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