Latest Development banking News

IMF urges El Salvador to drop Bitcoin as legal tender

Jan. 25, 2022 16:42 PM EST

SAN SALVADOR, El Salvador (AP) — The International Monetary Fund wants El Salvador to drop the highly volatile cryptocurrency Bitcoin as legal tender and strictly regulate the electronic wallet the government has pushed adoption of across the country. The global lender’s board...

World Bank: Lebanon's meltdown threatens social peace

Jan. 25, 2022 13:07 PM EST

BEIRUT (AP) — Lebanon’s economy contracted by more than 58%, the World Bank said Tuesday, warning in a report that the small country’s financial meltdown poses a threat to long-term stability and social peace. It accused Lebanese leaders of being indifferent to the nation’s...

Amid omicron and inflation, IMF cuts world growth forecasts

Jan. 25, 2022 10:02 AM EST

WASHINGTON (AP) — The International Monetary Fund is downgrading its forecast for the world economy this year, citing the spread of COVID-19's omicron variant, higher energy prices, an uptick in inflation and a deteriorating outlook for the world's two biggest economies — the United States and...

Lebanon's government holds first budget meeting in months

Jan. 24, 2022 13:47 PM EST

BEIRUT (AP) — Lebanon’s government met on the budget Monday for the first time in more than three months as talks with the International Monetary Fund about the country’s economic meltdown resumed. The developments were aimed at controlling Lebanon's worst economic crisis in...

Austrian FM: EU ready to help Lebanon if leaders reform

Jan. 12, 2022 06:44 AM EST

BEIRUT (AP) — Austria’s foreign minister said Wednesday that the European Union wants to help Lebanon escape its economic meltdown, but only if the country's leaders clean up Beirut's affairs. Alexander Schallenberg told reporters after meeting his Lebanese counterpart in Beirut...

Outbreaks, bottlenecks expected to slow global growth in '22

Jan. 11, 2022 10:49 AM EST

WASHINGTON (AP) — The World Bank is downgrading its outlook for the global economy, blaming continuing outbreaks of COVID-19, a reduction in government economic support and ongoing bottlenecks in global supply chains. The 189-country, anti-poverty agency forecasts worldwide...

Lebanese premier expects draft deal with IMF within weeks

Dec. 28, 2021 12:30 PM EST

BEIRUT (AP) — Lebanon’s prime minister said Tuesday that his government's talks with the International Monetary Fund are inching closer to a “final formula” for a draft on an agreement before the end of February. Najib Mikati said the Cabinet — which has not met since Oct....

Supply shortages and emboldened workers: A changed economy

Dec. 20, 2021 10:56 AM EST

Employees at a fast-food restaurant in Sacramento, California, exasperated over working in stifling heat for low wages, demanded more pay and a new air conditioner — and got both. Customer orders poured in to an Italian auto supplier, which struggled to get hold of enough supplies...

Islamic world pitches ways to aid desperately poor Afghans

Dec. 19, 2021 12:11 PM EST

ISLAMABAD (AP) — Islamic countries scrambled on Sunday to find ways to help Afghanistan avert an imminent economic collapse they say would have a “horrendous” global impact. The hastily called meeting of the Organization of Islamic Cooperation in Islamabad ended with a promise...

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...