World Bank Prepares Emergency Aid as Global Costs Rise
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The World Bank is talking with 30 to 40 countries about giving them emergency money. Prices for energy and fertiliser are rising, and this puts a lot of pressure on poorer countries. The World Bank President, Ajay Banga, says these costs are higher mainly because of the conflict in the Middle East. This conflict has made oil and shipping more expensive, so fuel and fertiliser now cost more for everyone.
The main reason for the price increases is disruption from the Middle East conflict. When oil and shipping are affected, countries pay more for diesel fuel. Making and moving fertiliser also needs a lot of energy, so farmers have to pay higher prices. Many poor countries import most of their fuel and fertiliser, so these changes hurt them more than richer countries.
As a result, the World Bank has prepared $25 billion to help countries if the crisis gets worse. It may also give even more money if needed. The Bank wants to stop this energy crisis from causing higher food prices, business closures, and more poverty. The help could decide if families can afford food and if farmers can keep planting crops.
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Vocabulary
6 wordsan urgent need for quick financial help
a difficult situation causing stress or worry
a serious fight or war between groups
problems stopping an event from continuing normally
the state of being extremely poor people
chemical substance used to help plants grow
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9 questionsWhy are energy and fertiliser prices rising according to the article?
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