Latest Development banking News

Brazilian economist will lead regional development bank

Nov. 20, 2022 13:04 PM EST

NEW YORK (AP) — Latin American governments on Sunday selected Brazilian economist Ilan Goldfajn to lead the region's largest development bank in the wake of a misconduct probe that led to the firing of the previous president. Governors from the Inter-American Development Bank's 48...

Barbados spearheads push on climate disaster financing

Nov. 18, 2022 05:23 AM EST

SHARM EL-SHEIKH, Egypt (AP) — At the U.N. climate summit in Egypt, leaders of developing nations have repeatedly said it's not fair to expect them to cover the costs of rebuilding from devastating weather events in a warming world, plus invest in cleaner industry while they also pay much higher...

IMF, Bangladesh reach preliminary deal for $4.5B in loans

Nov. 09, 2022 07:00 AM EST

DHAKA,Bangladesh (AP) — The International Monetary Fund reached a preliminary agreement on Wednesday with Bangladesh to provide $4.5 billion to help the country weather disruptions caused by the war in Ukraine and manage risks from climate change. The agreement is subject to...

IMF says Mideast, North Africa economies resilient in 2022

Oct. 31, 2022 01:42 AM EDT

DUBAI, United Arab Emirates (AP) — The economies of Middle Eastern and North African countries were resilient this year, but double-digit inflation is expected to slow growth in 2023, the International Monetary Fund said Monday. The IMF forecast GDP growth at 5% in 2022 for...

Lebanon president leaves with no replacement, crisis deepens

Oct. 30, 2022 10:21 AM EDT

BEIRUT (AP) — President Michel Aoun left Lebanon's presidential palace Sunday, marking the end of his six-year term without a replacement, leaving the small nation in a political vacuum that is likely to worsen its historic economic meltdown. As Aoun’s term ends, the country is...

Egypt, IMF reach preliminary agreement for $3 billion loan

Oct. 27, 2022 13:38 PM EDT

CAIRO (AP) — The International Monetary Fund reached a preliminary agreement with the Egyptian government Thursday that paves the way for the economically troubled Arab nation to access a $3 billion loan, officials said Thursday. IMF officials said a staff agreement between the...

Pakistan: World Bank estimates floods caused $40B in damages

Oct. 19, 2022 04:55 AM EDT

ISLAMABAD (AP) — Pakistan said Wednesday that the World Bank estimates this summer's record-breaking floods have caused $40 billion in damages in this impoverished South Asian nation. The figure is $10 billion more than an earlier estimate by the Pakistani government. ...

Lebanon approves some banking law changes demanded by IMF

Oct. 18, 2022 21:08 PM EDT

BEIRUT (AP) — Lebanon’s parliament late Tuesday approved some amendments to a banking secrecy law that has been a key demand of the International Monetary Fund before it agrees to a bailout program amid the country’s economic meltdown. Despite the changes, legal advocacy groups...

Development banks pass climate goal, urged to help poor more

Oct. 14, 2022 15:00 PM EDT

BERLIN (AP) — The world’s top development banks provided more than $80 billion last year to help countries tackle climate change, passing a goal they set in 2019, according to a report published Friday. The European Investment Bank, or EIB, said it and seven other financial...

IMF chief urges aggressive fight against soaring inflation

Oct. 13, 2022 11:58 AM EDT

WASHINGTON (AP) — Warning that inflation threatens to become “a runaway train,’’ the managing director of the International Monetary Fund urged policymakers to keep up the fight against rising prices even it means more pain at a time of extraordinary economic turmoil. ...