Latest Development banking News

As global economic picture dims, solutions seem out of reach

Aug. 22, 2019 6:18 PM EDT

WASHINGTON (AP) — As global leaders gather on two continents to take account of a darkening economic outlook, this is the picture they face: Factories are slumping, many businesses are paralyzed, global growth is sputtering and the world's two mightiest economies are in the grip of a dangerous trade war....

IMF contradicts Trump: China hasn't manipulated its currency

Aug. 9, 2019 5:44 PM EDT

WASHINGTON (AP) — The International Monetary Fund sees little evidence that China's central bank has deliberately reduced the value of the nation's currency — a position at odds with the Trump administration's decision this week to accuse Beijing of manipulating the yuan. The IMF said Friday in its...

Egypt says it received final, $2 billion portion of IMF loan

Aug. 6, 2019 5:32 AM EDT

CAIRO (AP) — Egypt's finance minister says his country has received the final, $2 billion portion of a bailout package from the International Monetary Fund. The minister, Mohammed Moait, said late on Monday that Egypt has completed an ambitious reform program designed to overhaul its ailing economy. The...

Europe pushes World Bank official Georgieva for top IMF job

Aug. 2, 2019 6:48 PM EDT

FRANKFURT, Germany (AP) — European governments have decided to put forward World Bank official Kristalina Georgieva from Bulgaria as their candidate to replace Christine Lagarde as head of the Washington-based International Monetary Fund. Georgieva prevailed in a vote Friday among EU governments over...

IMF: Venezuela's economic decline among most severe globally

Jul. 29, 2019 5:45 PM EDT

WASHINGTON (AP) — The cumulative decline of the Venezuelan economy since 2013 will reach 65%, among the deepest five-year contractions around the world over the last half century, the International Monetary Fund said Monday. Alejandro Werner, director of the IMF's Western Hemisphere Department, said the...

IMF: Venezuela's economic decline among most severe globally

Jul. 29, 2019 1:45 PM EDT

WASHINGTON (AP) — The International Monetary Fund says the cumulative decline of the Venezuelan economy since 2013 will surpass 60% and is among the deepest five-year contractions the world has seen over the last half century. Alejandro Werner is director of the IMF's Western Hemisphere Department. He...

IMF sees a weaker global economy but upgrades US forecast

Jul. 23, 2019 10:56 AM EDT

WASHINGTON (AP) — The International Monetary Fund is downgrading its outlook for the world economy because of simmering international trade tensions. But at the same time, the fund is boosting its forecast for U.S. economy this year, citing expectations that the Federal Reserve will cut interest rates. The...

IMF Managing Director Lagarde resigns in advance of ECB post

Jul. 16, 2019 12:33 PM EDT

WASHINGTON (AP) — Christine Lagarde is resigning as managing director of the International Monetary Fund in light of her nomination to be the next president of the European Central Bank. Lagarde has already given up her day-to-day duties as head of the IMF, and the international lending agency has named a...

Pakistani businesses on strike over new IMF-backed taxes

Jul. 13, 2019 7:02 AM EDT

KARACHI, Pakistan (AP) — Hundreds of thousands of Pakistani businesses were on strike Saturday in a nationwide protest against an increased sales tax, which opposition political parties said was imposed as part of the International Monetary Fund's recent $6 billion bailout package for Islamabad. The strike...

Germany denies backing BoE chief Carney as next head of IMF

Jul. 10, 2019 8:20 AM EDT

BERLIN (AP) — The German government says it hasn't decided who it wants to succeed Christine Lagarde as the next head of the International Monetary Fund. Government spokeswoman Ulrike Demmer told reporters in Berlin on Wednesday that Germany "would wish for a qualified European candidate." She denied...