The removal of fuel subsidies has been a cornerstone of economic policies of international organisations such as the World Bank and IMF.

The bank's Global Rapid Post-Disaster Damage Estimation report estimates that 1.25 million people were made homeless by damage to their homes, or their complete collapse.

The World Bank has just started accepting candidate nominations in a process set to run until March 29.

The World Bank noted that some inflationary pressures started to abate as 2022 drew to a close, but warned that risks of new supply disruptions were high, and elevated core inflation may persist.

The roadmap document marks the start of a negotiation process to alter the bank's mission and financial resources and shift it away from a country-and project-specific lending model.

The world's poorest countries face US$35 billion in debt-service payments to official and private-sector creditors in 2022, with more than 40% of the total due to China, according to the World Bank.

He says more funding for education, health preparedness and adaptation to climate change is urgently needed, along with steps to reduce the staggering debt levels burdening many developing countries.

It has revised its GDP growth forecast for Malaysia to 6.4% in 2022 against 5.5% projected earlier on the back of heightened economic activity in the first half of the year.

It also projects that Malaysia's economy will grow at 4.5% in 2023 and 4.4% in 2024.

Growth in China is projected to slow to 4.3% in 2022, the World Bank says, marking a steep 0.8% drop from the December forecast.

The projects were being readied for implementation by UN agencies to support projects in agriculture, education, health, and livelihoods.

It says global growth is expected to decelerate 'markedly' to 4.1% in 2022 from 5.5% last year, and drop further to 3.2% in 2023.