Latest Development banking News

Helped by market rates, Greece repays IMF early

Nov. 25, 2019 12:29 PM EST

ATHENS, Greece (AP) — Greece’s finance ministry says the country has completed an early repayment of loans to the International Monetary Fund worth 2.7 billion euros ($2.9 billion). The action completed Monday had received the required approval from European bailout lenders and will help Greece...

Iconic singer hopes to close financing gap for African women

Nov. 23, 2019 1:54 AM EST

JOHANNESBURG (AP) — The insect-eaten money fluttered in pieces to the floor. For global music star Angelique Kidjo, that image of her grandmother having to use a closet as a bank is driving her desire to see African women leap the many obstacles to obtaining credit — and respect. The Benin-born...

World Bank cuts back project in China's restive Xinjiang

Nov. 12, 2019 6:04 AM EST

BEIJING (AP) — The World Bank is cutting back a $50 million project in China's restive Xinjiang region following a review prompted by allegations of abuses. A statement from the bank dated Monday said it would close a component of the project to support vocational colleges involving partner schools that...

World Bank warns of grave risks to Lebanon's stability

Nov. 8, 2019 12:47 PM EST

BEIRUT (AP) — The World Bank on Friday urged Lebanon to form a new Cabinet "within a week" to prevent further degradation and loss of confidence in its economy, warning of grave risks to the country's stability amid a worsening fiscal and economic crisis. Saroj Kumar Jha, the organization's regional...

The Latest: World Bank official raises alarm on Lebanon

Nov. 8, 2019 11:04 AM EST

BEIRUT (AP) — The Latest on the situation in Lebanon (all times local): 6 p.m. The World Bank's regional director is urging Lebanon to form a new Cabinet "within a week" to prevent further degradation and loss of confidence in its economy. Saroj Kumar Jha told The Associated Press on Friday that the...

World Bank sounds alarm about Lebanon amid protests, crisis

Nov. 6, 2019 9:19 AM EST

BEIRUT (AP) — The World Bank called on Lebanese authorities Wednesday to urgently form a new government that can address the country's worsening economic situation, warning that the small Mediterranean nation "does not have the luxury of time to waste." The stark warning came in a statement issued after a...

World Bank: Weak economy to pull down energy, farm prices

Oct. 29, 2019 10:42 AM EDT

WASHINGTON (AP) — A weakening global economy is pulling down the prices of energy and farm commodities. The World Bank says that energy prices will drop 14.6% this year and 3.1% in 2020 and that farm prices will fall 4.7% this year and eke out 0.6% growth next year. The forecasts are sharply lower than...

Greece wins European creditors' approval to repay IMF early

Oct. 28, 2019 4:02 PM EDT

ATHENS, Greece (AP) — Greece has won approval from its European creditors to repay part of its debts to the International Monetary Fund earlier than required, thus avoiding cumbersome interest payments. Monday's decision also spares Greece the obligation of having to make a massive early repayment to the...

IMF: Volatile politics and oil prices hinder Mideast growth

Oct. 28, 2019 9:40 AM EDT

DUBAI, United Arab Emirates (AP) — Political uncertainty and volatile oil prices are hindering economic growth in the Middle East this year, but trends should reverse next year, according to a new report released Monday by the International Monetary Fund. The IMF's regional outlook report projects growth...

Finance officials pledge to combat global economic slowdown

Oct. 19, 2019 3:42 PM EDT

WASHINGTON (AP) — Global finance officials wrapped up their fall meetings on Saturday with a pledge to "employ all appropriate tools" to combat the weakest global growth in a decade, but there was little evidence of progress in easing trade tensions, a major source of the slowdown. The policy-setting...