Latest International Monetary Fund News

El Salvador's Bitcoin-boosting leader buys $1.5 million more

Jun. 30, 2022 23:40 PM EDT

SAN SALVADOR, El Salvador (AP) — El Salvador’s Bitcoin-boosting president was back at it again Thursday, doubling down on his country’s losing investment in the cryptocurrency by buying over $1.5 million more. President Nayib Bukele wrote on his Twitter acount after posting...

Sri Lanka crisis gives India chance to gain sway vs China

Jun. 30, 2022 01:13 AM EDT

NEW DELHI (AP) — Sri Lanka's strategic location has attracted outsized interest in the small island nation from regional giants China and India for more than a decade, with Beijing and its free-flowing loans and infrastructure investments widely seen as having gained the upper hand in the quest...

Sri Lanka sends 2 ministers to Russia for oil amid crisis

Jun. 27, 2022 11:48 AM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka is sending two government ministers to Russia to negotiate for fuel — one of the necessities nearly exhausted as a result of the Indian Ocean nation's economic collapse. The plan comes as Washington and its allies aim to cut off energy imports...

Pakistan stock market plunges on new govt tax on industries

Jun. 24, 2022 10:29 AM EDT

ISLAMABAD (AP) — Pakistan’s stock exchange briefly halted trading Friday after its benchmark index plunged sharply following an announcement by the newly elected Prime Minister Shahbaz Sharif that he was imposing a new, 10% tax on major industries. Sharif, who appeared on the...

EXPLAINER: Why Sri Lanka's economy collapsed and what's next

Jun. 23, 2022 14:01 PM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka’s prime minister says the island nation’s debt-laden economy has “collapsed” as it runs out of money to pay for food and fuel. Short of cash to pay for imports of such necessities and already defaulting on its debt, it is seeking help from neighboring...

Incumbent Lebanese PM keeps post as economic crisis deepens

Jun. 23, 2022 11:20 AM EDT

BEIRUT (AP) — Lebanese Prime Minister Najib Mikati won the support of more than 50 legislators Thursday to keep his post following last month's parliamentary elections as the country's multiple crises deepen with no solution in sight. After a day of binding consultations between...

Bitcoin-boosting Salvadoran leader asks for patience

Jun. 19, 2022 14:27 PM EDT

SAN SALVADOR, El Salvador (AP) — El Salvador’s Bitcoin-boosting president has asked people to be patient after the price of the cryptocurrency fell below $20,000 — less than half the price the government paid. According to the tracking site nayibtracker.com, El Salvador under...

Public workers strike in Tunisia, signaling national crisis

Jun. 16, 2022 11:25 AM EDT

TUNIS, Tunisia (AP) — A nationwide public sector strike in Tunisia is poised to paralyze land and air transportation and other vital activities Thursday with the North African nation already in the midst of a deteriorating economic crisis. Tunisia’s powerful General Labour Union...

Pakistani govt chided for 'Drink less tea, save money' plea

Jun. 16, 2022 00:16 AM EDT

ISLAMABAD (AP) — A minister in Pakistan's newly elected government faced criticism Wednesday following his plea to the nation to drink less tea to help save on imports amid a deepening economic crisis. Pakistan is among the world's top tea importers, a hugely popular drink among...

Bitcoin-boosting Salvadoran leader may have second thoughts

Jun. 15, 2022 19:41 PM EDT

SAN SALVADOR, El Salvador (AP) — El Salvador’s Bitcoin-boosting president may be having second thoughts about the crypto-currency, whose value has tanked in recent weeks. According to the tracking site nayibtracker.com, El Salvador under President Nayib Bukele's administration...