Latest Development banking News

Pakistan's currency reaches all-time low against US dollar

May. 16, 2019 6:25 AM EDT

ISLAMABAD (AP) — Pakistan's currency has reached a new all-time low against the dollar after the government last week reached a preliminary agreement with the IMF for $6 billion bailout. The Pakistani rupee dropped to 147 rupees to the dollar on Thursday morning. The rupee was traded at 141 to the dollar...

Pakistan secures preliminary deal for $6B IMF bailout

May. 12, 2019 3:37 PM EDT

ISLAMABAD (AP) — The International Monetary Fund said Sunday it reached a preliminary agreement with Pakistan for a $6 billion bailout over the next three years to finance sweeping economic reforms. Pakistan and the international lender reached a "staff level agreement" subject to approval by the IMF...

Pakistan appoints IMF economist to head central bank

May. 5, 2019 2:10 AM EDT

ISLAMABAD (AP) — Pakistan's Finance Ministry has appointed an IMF economist to head its central bank amid ongoing talks with the international lending agency over a key $8 billion bailout package. The ministry named Reza Baqir as governor of the State Bank of Pakistan late Saturday, hours after Tariq Bajwa...

Pakistan sacks key member of economic team amid IMF talks

May. 4, 2019 4:26 AM EDT

ISLAMABAD (AP) — Senior Pakistani officials say the government has removed the head of the country's central bank, a key member of a team currently in talks with the IMF over an $8 billion bailout package. The officials said Saturday that Tariq Bajwa, governor of the State Bank of Pakistan, resigned the...

Pakistan, IMF in final round of talks on $8 billion bailout

Apr. 29, 2019 7:24 AM EDT

ISLAMABAD (AP) — Pakistan and the International Monetary Fund have launched the final round of talks over the $8 billion bailout package for Islamabad, a deal that's expected to be signed next month. The round started on Monday in the Pakistani capital and is expected to last till May 7. It comes as the...

IMF: Mideast economies face volatile politics, oil prices

Apr. 29, 2019 2:21 AM EDT

DUBAI, United Arab Emirates (AP) — Political uncertainty and volatile oil prices are weighing heavily on economic growth in the Middle East this year, according to a new report released Monday by the International Monetary Fund. The report, which looks at the economies of 23 countries spanning North...

APNewsBreak: Ivanka Trump says she passed on World Bank job

Apr. 17, 2019 11:15 PM EDT

ABIDJIAN, Ivory Coast (AP) — White House senior adviser Ivanka Trump says her father asked her if she was interested in the job of World Bank chief but she passed on it. In an Associated Press interview, President Donald Trump's daughter said Wednesday she was happy with her current role in the...

Greece looks to repay IMF early as bond yields tumble

Apr. 15, 2019 3:44 PM EDT

ATHENS, Greece (AP) — The Greek government on Monday said it is in talks with European bailout lenders to repay its debts to the International Monetary Fund early as market borrowing rates have tumbled to their lowest level since 2005. And Prime Minister Alexis Tsipras said he was determined to spare...

Finance officials pledge cooperation, but tensions persist

Apr. 14, 2019 12:45 AM EDT

WASHINGTON (AP) — Global finance officials are pledging closer cooperation in efforts to lift the world economy out of its current slowdown, but tensions persist between the United States and other nations over trade and other issues. Officials wrapped up the spring meetings of the 189-nation International...

Leading finance officials acknowledge global slowdown

Apr. 12, 2019 3:58 PM EDT

WASHINGTON (AP) — Finance officials from the world's major powers acknowledged Friday that the global economy is in a slowdown, but they forecast that growth will pick up by the second half of this year, thanks to interest-rate policies from the Federal Reserve and other central banks. Officials of the...