Latest Development banking News

Austrian FM: EU ready to help Lebanon if leaders reform

Jan. 12, 2022 06:44 AM EST

BEIRUT (AP) — Austria’s foreign minister said Wednesday that the European Union wants to help Lebanon escape its economic meltdown, but only if the country's leaders clean up Beirut's affairs. Alexander Schallenberg told reporters after meeting his Lebanese counterpart in Beirut...

Outbreaks, bottlenecks expected to slow global growth in '22

Jan. 11, 2022 10:49 AM EST

WASHINGTON (AP) — The World Bank is downgrading its outlook for the global economy, blaming continuing outbreaks of COVID-19, a reduction in government economic support and ongoing bottlenecks in global supply chains. The 189-country, anti-poverty agency forecasts worldwide...

Lebanese premier expects draft deal with IMF within weeks

Dec. 28, 2021 12:30 PM EST

BEIRUT (AP) — Lebanon’s prime minister said Tuesday that his government's talks with the International Monetary Fund are inching closer to a “final formula” for a draft on an agreement before the end of February. Najib Mikati said the Cabinet — which has not met since Oct....

Supply shortages and emboldened workers: A changed economy

Dec. 20, 2021 10:56 AM EST

Employees at a fast-food restaurant in Sacramento, California, exasperated over working in stifling heat for low wages, demanded more pay and a new air conditioner — and got both. Customer orders poured in to an Italian auto supplier, which struggled to get hold of enough supplies...

Islamic world pitches ways to aid desperately poor Afghans

Dec. 19, 2021 12:11 PM EST

ISLAMABAD (AP) — Islamic countries scrambled on Sunday to find ways to help Afghanistan avert an imminent economic collapse they say would have a “horrendous” global impact. The hastily called meeting of the Organization of Islamic Cooperation in Islamabad ended with a promise...

IMF deal with Pakistan would revive $6 billion bailout

Nov. 22, 2021 03:59 AM EST

ISLAMABAD (AP) — The International Monetary Fund said Monday that weeks of talks with Pakistan have produced a preliminary agreement toward reviving a $6 billion economic bailout for the Islamic nation. Pakistan and IMF originally signed the accord in 2019, but the...

Argentina's opposition scores win in midterm elections

Nov. 14, 2021 23:44 PM EST

BUENOS AIRES, Argentina (AP) — President Alberto Fernández suffered a severe setback in Argentina's midterm elections held Sunday amid widespread anger over high inflation and rising poverty, with his governing coalition losing control of the Senate and threatened with falling from its...

Lebanon's PM says preliminary talks with IMF moving forward

Nov. 08, 2021 11:45 AM EST

BEIRUT (AP) — Lebanon’s prime minister said Monday that preliminary talks with the International Monetary Fund are moving forward as the small nation works to pull itself out of one of the world's worst economic crises in more than a century. Najib Mikati said during...

Asian Development Banks gets $665M for climate projects

Nov. 02, 2021 09:40 AM EDT

The Asian Development Bank said Tuesday it has won commitments of $665 million to support climate-related projects in Southeast Asia. The Manila, Philippines-based lender manages the regional Green Recovery Platform, which has targeted a total of $7 billion for such...