Latest Development banking News

IMF downgrades outlook for world economy, citing trade wars

Oct. 15, 2019 11:49 AM EDT

WASHINGTON (AP) — The International Monetary Fund is further downgrading its outlook for the world economy, predicting that growth this year will be the weakest since the 2008 financial crisis, primarily because of widening global conflicts. The IMF's latest World Economic Outlook released Tuesday foresees...

IMF welcomes attempt to resolve dispute in Ecuador

Oct. 15, 2019 11:46 AM EDT

WASHINGTON (AP) — The International Monetary Fund said Tuesday it welcomes the decision by Ecuadorian President Lenín Moreno to cancel an austerity package following more than a week of protests. Gita Gopinath, IMF's chief economist, said the agency welcomes the attempt "to bring in all stakeholders...

A look at who's who in Ecuador's deadly political crisis

Oct. 11, 2019 12:11 AM EDT

Over a week of deadly unrest has plunged Ecuador into crisis, with clashes, looting, blockades, hundreds of arrests, a state of emergency declaration, stalled economic activity and government operations moved out of the capital. The protests erupted over an end to subsidies that kept fuel prices low, while...

World Bank: Trade tensions could block path out of poverty

Oct. 8, 2019 4:05 PM EDT

WASHINGTON (AP) — Rising trade tensions are threatening to block a path out of poverty for the world's poorest countries: their ability to manufacture low-cost parts for multinational corporations. In a report out Tuesday, the World Bank warns that trade conflicts between major countries —...

IMF chief: trade conflicts fuel synchronized global slowdown

Oct. 8, 2019 10:30 AM EDT

WASHINGTON (AP) — The new head of the 189-nation International Monetary Fund warned Tuesday that the world economy is in the grips of a "synchronized global slowdown" that will result in slower growth for 90% of the world this year. IMF Managing Director Kristalina Georgieva said that an updated IMF...

IMF not saying when Argentina could get last disbursement

Sep. 26, 2019 11:07 AM EDT

WASHINGTON (AP) — The International Monetary Fund refused to say Thursday when it will disburse the last $5.4 billion of a massive loan to Argentina that was originally planned for mid-September. IMF spokesperson Gerry Rice said at a news conference that he didn't "have specific information on timing."...

Economist who grew up in communist Bulgaria is new IMF chief

Sep. 25, 2019 7:00 PM EDT

WASHINGTON (AP) — A Bulgarian economist who grew up when her country was a communist nation has been selected to be the next leader of one of capitalism's premier institutions, the 189-nation International Monetary Fund. Kristalina Georgieva, a top World Bank official, was chosen by the IMF's executive...

IMF staff concludes second review of Ecuador program

Sep. 23, 2019 5:55 PM EDT

WASHINGTON (AP) — An International Monetary Fund mission and Ecuadorian authorities have reached an agreement on findings of the second review of a $4.2 billion IMF-supported program. If the IMF executive board approves the review in the coming weeks, Ecuador would have access to $250 million, bringing the...

Asia Development Bank president to step down

Sep. 17, 2019 7:03 AM EDT

TOKYO (AP) — The president of the Asia Development Bank, Takehiko Nakao, plans to step down early next year, the regional lender said Tuesday. Japan has usually headed the ADB as a top donor. Finance Minister Taro Aso said in a statement that Tokyo would soon nominate a "high-caliber candidate" as Nakao's...

World Bank urges China to open tech industries

Sep. 17, 2019 12:51 AM EDT

BEIJING (AP) — The World Bank and a Chinese Cabinet agency have urged Beijing to roll back plans for government-led technology development that are fueling a tariff war with Washington. The appeal Tuesday comes in a report on technology industries as "new drivers" for China's economy that was commissioned...