Latest Development banking News

Asian lender forecasts strong rebound for region in 2021

Apr. 27, 2021 22:32 PM EDT

NOT YET (AP) — Developing Asian economies will grow at a solid 7.3% pace this year after contracting slightly in 2020 due to the pandemic, the Asian Development Bank says in its latest regional outlook. But the regional lender said that forecast is in doubt as...

IMF: Vaccine inequity threatens Mideast's economic recovery

Apr. 11, 2021 07:06 AM EDT

DUBAI, United Arab Emirates (AP) — Middle East economies are recovering from the coronavirus pandemic faster than anticipated, largely due to the acceleration of mass inoculation campaigns and an increase in oil prices. But the International Monetary Fund warned Sunday that an uneven...

IMF policy panel endorses $650 billion increase in resources

Apr. 08, 2021 15:46 PM EDT

WASHINGTON (AP) — The International Monetary Fund on Thursday authorized a $650 billion expansion of the 190-nation lending institution's resources with the aim of providing more support for vulnerable countries as they battle the coronavirus pandemic. IMF Managing...

Fed's Powell: US nears full reopening to 'different economy'

Apr. 08, 2021 15:21 PM EDT

WASHINGTON (AP) — The U.S. economy, boosted by quickening vaccinations and signs of rapid hiring, is headed toward a strong recovery, Federal Reserve Chair Jerome Powell said Thursday. But he cautioned that not all will immediately benefit. ...

Major economies support $650 billion boost in IMF resources

Apr. 07, 2021 18:28 PM EDT

WASHINGTON (AP) — Finance officials of the world’s major economies on Wednesday agreed on a proposal to boost the resources of the International Monetary Fund by $650 billion as a way to provide more support to vulnerable countries struggling to deal with a global pandemic. ...

IMF upgrades forecast for 2021 global growth to a record 6%

Apr. 06, 2021 09:13 AM EDT

WASHINGTON (AP) — The rollout of COVID-19 vaccines and vast sums of government aid will accelerate global economic growth to a record high this year in a powerful rebound from the pandemic recession, the International Monetary Fund says in its latest forecast. The...

IMF head: global growth prospects rising but dangers remain

Mar. 30, 2021 12:30 PM EDT

WASHINGTON (AP) — The head of the 190-nation International Monetary Fund says prospects for global growth have brightened since January, helped by a $1.9 trillion U.S. rescue package. But she warns that uneven progress in fighting the pandemic could jeopardize the economic gains. ...

Cash-strapped Sudan clears overdue payments to World Bank

Mar. 26, 2021 14:11 PM EDT

CAIRO (AP) — The Sudanese government said Friday it cleared all of its overdue payments to the World Bank, a move that gives the highly-indebted country access to new types of international financing for the first time in decades. This development allows Sudan to resume...

Cyber attack tied to China boosts development bank's chief

Mar. 22, 2021 13:04 PM EDT

MIAMI (AP) — The cyberattack crested just as finance officials from across Latin America were descending on Washington to commemorate the 60th anniversary of the Inter-American Development Bank. On Sept. 24, 2019, requests from more than 15,000 internet addresses...

Cyber attack tied to China boosts development bank's chief

Mar. 22, 2021 01:08 AM EDT

MIAMI (AP) — The cyberattack crested just as finance officials from across Latin America were descending on Washington to commemorate the 60th anniversary of the Inter-American Development Bank. On Sept. 24, 2019, requests from more than 15,000 internet addresses...