Latest Development banking News

Sri Lanka's crisis rings alarm for other troubled economies

Jul. 06, 2022 00:23 AM EDT

BANGKOK (AP) — Sri Lanka is desperate for help with weathering its worst crisis in recent memory. Its schools are closed for lack of fuel to get kids and teachers to classrooms. Its effort to arrange a bailout from the International Monetary Fund has been hindered by the severity of its financial...

Sri Lanka PM says talks with IMF difficult due to bankruptcy

Jul. 05, 2022 03:38 AM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka’s negotiations with the International Monetary Fund are more complex and difficult than in the past because it is a bankrupt nation, the country’s prime minister said Tuesday. Prime Minister Ranil Wickremesinghe told lawmakers that recent...

World Bank agrees $500m to help Egypt fund wheat purchases

Jun. 29, 2022 08:45 AM EDT

CAIRO (AP) — Egypt will receive a $500 million loan from the World Bank to help finance its wheat purchases as prices skyrocket because of the Russian invasion of Ukraine, the bank said Wednesday. The funds, approved Tuesday by the World Bank Board of Executive Directors, aim at...

Senior US officials visit Sri Lanka to help resolve crisis

Jun. 26, 2022 23:54 PM EDT

COLOMBO, Sri Lanka (AP) — Senior U.S. officials were in Sri Lanka seeking ways to help the island nation cope with an unprecedented economic crisis and severe shortages of essential supplies, as the energy minister warned that new fuel shipments would be delayed. The U.S. over the...

Bangladesh marks opening of country's longest bridge

Jun. 25, 2022 05:18 AM EDT

DHAKA, Bangladesh (AP) — Bangladesh’s Prime Minister Sheikh Hasina on Saturday celebrated the opening of the country’s longest bridge, which took eight years to build amid setbacks involving political conflict and corruption allegations. The 6.51-kilometer (4.04-mile) bridge...

Pakistan stock market plunges on new govt tax on industries

Jun. 24, 2022 10:29 AM EDT

ISLAMABAD (AP) — Pakistan’s stock exchange briefly halted trading Friday after its benchmark index plunged sharply following an announcement by the newly elected Prime Minister Shahbaz Sharif that he was imposing a new, 10% tax on major industries. Sharif, who appeared on the...

Incumbent Lebanese PM keeps post as economic crisis deepens

Jun. 23, 2022 11:20 AM EDT

BEIRUT (AP) — Lebanese Prime Minister Najib Mikati won the support of more than 50 legislators Thursday to keep his post following last month's parliamentary elections as the country's multiple crises deepen with no solution in sight. After a day of binding consultations between...

Public workers strike in Tunisia, signaling national crisis

Jun. 16, 2022 11:25 AM EDT

TUNIS, Tunisia (AP) — A nationwide public sector strike in Tunisia is poised to paralyze land and air transportation and other vital activities Thursday with the North African nation already in the midst of a deteriorating economic crisis. Tunisia’s powerful General Labour Union...

Pakistani govt chided for 'Drink less tea, save money' plea

Jun. 16, 2022 00:16 AM EDT

ISLAMABAD (AP) — A minister in Pakistan's newly elected government faced criticism Wednesday following his plea to the nation to drink less tea to help save on imports amid a deepening economic crisis. Pakistan is among the world's top tea importers, a hugely popular drink among...

Pakistan's new govt presents budget, hoping for IMF bailout

Jun. 10, 2022 13:16 PM EDT

ISLAMABAD (AP) — Pakistan’s new coalition government on Friday presented its first budget in Parliament, levying more taxes on the rich and vowing to remove subsidies on energy and fuel, mainly in an effort aimed at reviving the $6 billion bailout package by the International Monetary Fund. ...