Latest Development banking News
World Bank agrees $500m to help Egypt fund wheat purchases
CAIRO (AP) — Egypt will receive a $500 million loan from the World Bank to help finance its wheat purchases as prices skyrocket because of the Russian invasion of Ukraine, the bank said Wednesday. The funds, approved Tuesday by the World Bank Board of Executive Directors, aim at...
Senior US officials visit Sri Lanka to help resolve crisis
COLOMBO, Sri Lanka (AP) — Senior U.S. officials were in Sri Lanka seeking ways to help the island nation cope with an unprecedented economic crisis and severe shortages of essential supplies, as the energy minister warned that new fuel shipments would be delayed. The U.S. over the...
Bangladesh marks opening of country's longest bridge
DHAKA, Bangladesh (AP) — Bangladesh’s Prime Minister Sheikh Hasina on Saturday celebrated the opening of the country’s longest bridge, which took eight years to build amid setbacks involving political conflict and corruption allegations. The 6.51-kilometer (4.04-mile) bridge...
Pakistan stock market plunges on new govt tax on industries
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...
Incumbent Lebanese PM keeps post as economic crisis deepens
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...
Public workers strike in Tunisia, signaling national crisis
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
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...
Pakistan's new govt presents budget, hoping for IMF bailout
ISLAMABAD (AP) — Pakistan’s new coalition government on Friday presented its first budget in Parliament, levying more taxes on the rich and vowing to remove subsidies on energy and fuel, mainly in an effort aimed at reviving the $6 billion bailout package by the International Monetary Fund. ...
World Bank dims outlook for global economy amid Russia war
WASHINGTON (AP) — The World Bank has sharply downgraded its outlook for the global economy, pointing to Russia’s war against Ukraine, the prospect of widespread food shortages and concerns about the potential return of “stagflation” — a toxic mix of high inflation and sluggish growth...
Sri Lanka PM stresses urgency for economic reform plan
COLOMBO, Sri Lanka (AP) — Sri Lanka's prime minister said Thursday that he will quickly prepare an economic reform program and seek approval from the International Monetary Fund — because global inflation and the financial impact of Russia's invasion of Ukraine on other countries could limit...
