Latest Development banking News

EXPLAINER: Can Ukraine pay for war without wrecking economy?

Dec. 03, 2022 02:26 AM EST

FRANKFURT, Germany (AP) — Even as Ukraine celebrates recent battlefield victories, its government faces a looming challenge on the financial front: how to pay the enormous cost of the war effort without triggering out-of-control price spikes for ordinary people or piling up debt that could hamper...

The AP Interview: IMF head urges China to end mass lockdowns

Nov. 30, 2022 10:51 AM EST

BERLIN (AP) — It is time for China to move away from massive lockdowns and toward a more targeted approach to COVID-19, the head of the International Monetary Fund said days after widespread protests broke out, a change that would ease the impact to a world economy already struggling with high...

Saudi Arabia extends terms of $5 billion in aid to Egypt

Nov. 29, 2022 12:02 PM EST

CAIRO (AP) — Saudi Arabia agreed Tuesday to extend the terms of a $5 billion aid package to Egypt that took effect in March, Saudi state media said. The move was aimed at bolstering the North African country’s recent deal with the International Monetary Fund. The state-run Saudi...

IMF chief tells AP: China should be "moving away from massive lockdowns," urges "recalibration" of zero-COVID policy

Nov. 29, 2022 07:32 AM EST
BERLIN (AP) — IMF chief tells AP: China should be "moving away from massive lockdowns," urges "recalibration" of zero-COVID policy.

IMF chief tells AP: US Fed "has no option but to stay the course" on interest rate hikes, "they owe it" to world economy

Nov. 29, 2022 07:31 AM EST
BERLIN (AP) — IMF chief tells AP: US Fed "has no option but to stay the course" on interest rate hikes, "they owe it" to world economy.

Brazilian economist will lead regional development bank

Nov. 20, 2022 13:04 PM EST

NEW YORK (AP) — Latin American governments on Sunday selected Brazilian economist Ilan Goldfajn to lead the region's largest development bank in the wake of a misconduct probe that led to the firing of the previous president. Governors from the Inter-American Development Bank's 48...

Barbados spearheads push on climate disaster financing

Nov. 18, 2022 05:23 AM EST

SHARM EL-SHEIKH, Egypt (AP) — At the U.N. climate summit in Egypt, leaders of developing nations have repeatedly said it's not fair to expect them to cover the costs of rebuilding from devastating weather events in a warming world, plus invest in cleaner industry while they also pay much higher...

IMF, Bangladesh reach preliminary deal for $4.5B in loans

Nov. 09, 2022 07:00 AM EST

DHAKA,Bangladesh (AP) — The International Monetary Fund reached a preliminary agreement on Wednesday with Bangladesh to provide $4.5 billion to help the country weather disruptions caused by the war in Ukraine and manage risks from climate change. The agreement is subject to...

IMF says Mideast, North Africa economies resilient in 2022

Oct. 31, 2022 01:42 AM EDT

DUBAI, United Arab Emirates (AP) — The economies of Middle Eastern and North African countries were resilient this year, but double-digit inflation is expected to slow growth in 2023, the International Monetary Fund said Monday. The IMF forecast GDP growth at 5% in 2022 for...

Lebanon president leaves with no replacement, crisis deepens

Oct. 30, 2022 10:21 AM EDT

BEIRUT (AP) — President Michel Aoun left Lebanon's presidential palace Sunday, marking the end of his six-year term without a replacement, leaving the small nation in a political vacuum that is likely to worsen its historic economic meltdown. As Aoun’s term ends, the country is...