Brief

Twenty-seven countries have requested access to World Bank funds following the onset of the Iran war. These nations are reportedly turning to the World Bank over the IMF due to the latter's stringent austerity requirements. While specific countries and amounts remain undisclosed, Kenya and Iraq have confirmed their applications for financial aid to mitigate the war's economic impacts, such as increased fuel prices and reduced oil revenues. AI

The United Arab Emirates has deported over 7,500 Pakistani Shiite Muslims since late February, coinciding with the escalation of the Iran war. These individuals report being unable to retrieve their belongings or savings before deportation, leading to significant financial and personal distress. While Pakistani officials acknowledge receiving thousands of deportees and are reviewing the situation, they have not openly addressed the issue with the UAE due to diplomatic sensitivities. The UAE Ministry of Foreign Affairs declined to comment on the deportations, and Pakistan's interior ministry stated that deportations are based on regulatory violations, not religious sect. AI

A majority of Federal Reserve officials indicated a willingness to raise interest rates if inflation persists above the 2% target, according to minutes from the April policy meeting. This sentiment suggests a potential shift towards tighter monetary policy, influenced by factors like the Iran war and rising energy prices. Meanwhile, Fed Chair Jerome Powell announced he will remain a governor for an undetermined period, citing concerns about political interference and the Fed's independence, a move that deviates from modern tradition and denies President Trump an immediate board vacancy. AI