Latest Development banking News

IMF deal with Pakistan would revive $6 billion bailout

Nov. 22, 2021 03:59 AM EST

ISLAMABAD (AP) — The International Monetary Fund said Monday that weeks of talks with Pakistan have produced a preliminary agreement toward reviving a $6 billion economic bailout for the Islamic nation. Pakistan and IMF originally signed the accord in 2019, but the...

Argentina's opposition scores win in midterm elections

Nov. 14, 2021 23:44 PM EST

BUENOS AIRES, Argentina (AP) — President Alberto Fernández suffered a severe setback in Argentina's midterm elections held Sunday amid widespread anger over high inflation and rising poverty, with his governing coalition losing control of the Senate and threatened with falling from its...

Lebanon's PM says preliminary talks with IMF moving forward

Nov. 08, 2021 11:45 AM EST

BEIRUT (AP) — Lebanon’s prime minister said Monday that preliminary talks with the International Monetary Fund are moving forward as the small nation works to pull itself out of one of the world's worst economic crises in more than a century. Najib Mikati said during...

Asian Development Banks gets $665M for climate projects

Nov. 02, 2021 09:40 AM EDT

The Asian Development Bank said Tuesday it has won commitments of $665 million to support climate-related projects in Southeast Asia. The Manila, Philippines-based lender manages the regional Green Recovery Platform, which has targeted a total of $7 billion for such...

IMF sees economic growth with higher inflation for Mideast

Oct. 19, 2021 09:52 AM EDT

DUBAI, United Arab Emirates (AP) — The Middle East is expected to see significant economic growth this year, but also soaring inflation and food prices, as coronavirus vaccines are unevenly rolled out across the region, the International Monetary Fund said Tuesday. The...

IMF warns economy recovery threatened by virus, inflation

Oct. 14, 2021 16:17 PM EDT

WASHINGTON (AP) — The International Monetary Fund is warning of rising threats to the global economic recovery posed by the ongoing coronavirus pandemic and an outbreak of inflation. The lending agency called Thursday for greater efforts from wealthy nations to boost...

IMF head pledges renewed efforts to protect data integrity

Oct. 13, 2021 17:26 PM EDT

WASHINGTON (AP) — The embattled head of the International Monetary Fund, who successfully fought to keep her job following a data-manipulation scandal, on Wednesday pledged renewed efforts to bolster data integrity while focusing on the main job of helping countries recover from a...

IMF board confident about leader despite data-rigging claims

Oct. 12, 2021 11:30 AM EDT

WASHINGTON (AP) — The International Monetary Fund expressed “full confidence” in its managing director Tuesday in response to allegations that while she was a World Bank official, she and others pressured staffers to change business rankings in an effort to placate China. ...

IMF foresees a slight drop in global growth from pandemic

Oct. 12, 2021 11:17 AM EDT

WASHINGTON (AP) — The International Monetary Fund is slightly downgrading its outlook for the global recovery from the pandemic recession, reflecting the persistence of supply chain disruptions in industrialized countries and deadly disparities in vaccination rates between rich and poor...

IMF board says needs more time to weigh data-rigging details

Oct. 08, 2021 22:43 PM EDT

WASHINGTON (AP) — The executive board of the International Monetary Fund said late Friday that it is seeking more “clarifying details” in its investigation into allegations that the head of the IMF pressured staff at the World Bank to change business rankings for China in an effort to...