Latest Development banking News

IMF says it is reviewing data provided by Venezuela

Dec. 13, 2018 12:13 PM EST

WASHINGTON (AP) — The International Monetary Fund said Thursday that it is reviewing delayed economic data provided by Venezuela. IMF spokesman Gerry Rice told reporters that the executive board will meet in coming weeks to determine whether the South American country has met its obligation to share...

IMF approves $3.7 billion loan for oil-rich Angola

Dec. 8, 2018 8:09 AM EST

JOHANNESBURG (AP) — The International Monetary Fund says it has approved a three-year loan of about $3.7 billion for Angola, which seeks to diversify its economy and curb corruption after a new president took office last year. The IMF said Friday that the loan aims to help the southern African country...

The Latest: World Bank ups climate funding to $200 billion

Dec. 3, 2018 2:27 AM EST

KATOWICE, Poland (AP) — The Latest on the U.N. climate talks taking place in Katowice, Poland (all times local): 2 a.m. The World Bank Group says it is doubling funding for poor countries preparing for climate change to $200 billion over five years. The Washington-based organization said Monday that about...

Pakistan's currency plunges again as country seeks IMF loan

Nov. 30, 2018 7:28 AM EST

ISLAMABAD (AP) — Pakistan's currency has plunged further as the country is mired in a financial crisis and seeking an $8 billion bailout package from the International Monetary Fund. The Pakistani rupee traded at 142 to the dollar on Friday, a decline from 133.90 rupees to $1 at close of business the...

IMF cites progress in talks on Pakistan bailout

Nov. 20, 2018 10:04 AM EST

ISLAMABAD (AP) — Pakistan and the International Monetary Fund have made "significant progress" toward agreeing on an $8 billion bailout package, the Fund said Tuesday following a week of talks in Islamabad. "There has been broad agreement on the need for a comprehensive agenda of reforms and policy actions...

IMF executive board will meet in 'coming weeks' on Venezuela

Nov. 15, 2018 12:55 PM EST

WASHINGTON (AP) — The International Monetary Fund said Thursday its executive board will meet in the "coming weeks" to discuss the failure of the Venezuelan government to provide updated figures on its troubled economy. Spokesman Gerry Rice told reporters that IMF officials have held recent conversation...

Argentine Senate approves austerity budget for IMF deal

Nov. 15, 2018 12:21 PM EST

BUENOS AIRES, Argentina (AP) — Argentine lawmakers approved an austerity budget for 2019 on Thursday, cutting social spending and raising debt payments to meet conditions for expanded financing from the International Monetary Fund. The budget approved Thursday by the Senate projects a 0.5 percent slide in...

Italy's doesn't budge in clash with EU over budget deficit

Nov. 13, 2018 5:51 PM EST

MILAN (AP) — Italy's populist government maintained its controversial 2.4 percent budget deficit in responding to EU demands for changes, but made tweaks during a late-night Cabinet meeting Tuesday, including adding plans to sell off some government real estate. Deputy Premier Luigi Di Maio told reporters...

IMF: Mideast oil producers buoyed by higher prices, for now

Nov. 13, 2018 2:49 AM EST

DUBAI, United Arab Emirates (AP) — Higher oil prices are helping to offset increases in public spending by the Middle East's oil exporting heavyweights like Saudi Arabia, with these countries narrowing their budget deficit by $77 billion, the International Monetary Fund said on Tuesday. However, the rosier...

IMF warns about uncertainty over Lopez Obrador policies

Nov. 8, 2018 2:25 PM EST

WASHINGTON (AP) — The International Monetary Fund warned Thursday that uncertainty associated with the policies of the incoming administration of Mexican President-elect Andres Manuel Lopez Obrador persists and poses a significant challenge for the country's economy. The IMF issued the warning in a report...