Latest Development banking News

Alain Bifani, the director general of Lebanon's Finance Ministry and a member of the country's team negotiating with the International Monetary Fund, speaks during a press conference, at the Press Club, in Beirut, Lebanon, Monday, June 29, 2020. Bifani who had held the post for 20 years resigned on Monday amid a worsening economic and financial crisis, the ministry said. (AP Photo/Hassan Ammar)

Senior Lebanese finance official resigns amid crisis

Jun. 29, 2020 11:55 AM EDT

BEIRUT (AP) — The director general of Lebanon’s Finance Ministry, who was on the team negotiating an emergency bailout from the International Monetary Fund, resigned from his post on Monday amid a rapidly worsening economic and financial crisis. Alain Bifani, a veteran civil servant who held his...

A worker wearing a face mask to help protect against the spread of the new coronavirus cleans near a bank's currency advertisement board in Seoul, South Korea, Friday, June 26, 2020. (AP Photo/Ahn Young-joon)

The Latest: More virus cases in Seoul as new clusters emerge

Jun. 26, 2020 11:11 PM EDT

SEOUL, South Korea — South Korea has reported 51 more confirmed coronavirus cases as new clusters emerge in the densely populated Seoul area where people have been increasingly venturing out despite government warnings against complacency. Thirty-five of the new cases are in the capital region, which is at...

Hospital beds are prepared to receive COVID-19 patients at Ain Shams University Field Hospital in Cairo, Egypt, Wednesday, June 17, 2020. The hospital has a capacity of 179 beds including 11 Intensive Care Units, Dr. Ashraf Omar, dean of the medical school said Wednesday in televised comments. (AP Photo/Nariman El-Mofty)

Egypt secures $5.2 billion IMF loan amid coronavirus fallout

Jun. 26, 2020 6:18 PM EDT

CAIRO (AP) — The International Monetary Fund on Friday approved Egypt’s request for a $5.2 billion loan as the country’s economy reels from the financial fallout of the coronavirus pandemic. The one-year arrangement, which comes on top of a separate $2.77 billion emergency financing announced...

IMF says initial deal reached with Sudan to reform economy

Jun. 24, 2020 3:47 PM EDT

CAIRO (AP) — The International Monetary Fund said Wednesday it reached an initial agreement with Sudan’s transitional government on a reform deal to help the African nation face daunting economic challenges that threaten its transition to democracy, even as it battles the coronavirus pandemic. The...

FILE - In this Feb. 14, 2020, file photo, Kristalina Georgieva, Managing Director of the International Monetary Fund, attends a session on the first day of the Munich Security Conference in Munich, Germany. The International Monetary Fund has sharply lowered its forecast for global growth this year because it envisions far more severe economic damage from the coronavirus than it did just two months ago. (AP Photo/Jens Meyer, File)

IMF downgrades outlook for global economy in face of virus

Jun. 24, 2020 1:59 PM EDT

WASHINGTON (AP) — The International Monetary Fund has sharply lowered its forecast for global growth this year because it envisions far more severe economic damage from the coronavirus than it did just two months ago. The IMF predicts that the global economy will shrink 4.9% this year, significantly worse...

FILE - In this June 10, 2020 file photo, pedestrians walk through a downtown shopping district in Sao Paulo, Brazil. The International Monetary Fund released an updated outlook Wednesday, June 24, forecasting a nearly double-digit recession for Latin America and the Caribbean in 2020. (AP Photo/Andre Penner, File)

IMF forecasts deeper Latin America recession in 2020

Jun. 24, 2020 11:55 AM EDT

RIO DE JANEIRO (AP) — The International Monetary Fund is forecasting a nearly double-digit recession for Latin America and the Caribbean in 2020 – a contraction of 9.4% – as the region is dragged down by its two largest economies, which continue to suffer from the coronavirus. The updated...

FILE - In this Jan. 15, 2020 file photo, Mauricio Claver-Carone, deputy assistant to President Donald Trump and senior director for Western Hemisphere affairs, right, arrives to meet with Bolivia's Foreign Minister Karen Longaric in La Paz, Bolivia. The Trump administration said Tuesday, June 16, 2020, that it plans to nominate Claver-Carone to lead the Inter-American Development Bank. (AP Photo/Juan Karita, File)

Testing tradition, Trump taps US official to lead Latin bank

Jun. 16, 2020 10:04 PM EDT

MIAMI (AP) — The Trump administration said Tuesday it plans to nominate the top White House official for Latin America to lead the Inter-American Development Bank, aiming to break a six-decade tradition of choosing the bank's leadership from candidates in that region. The Treasury Department said Mauricio...

World Bank: world will suffer largest downturn since 1940s

Jun. 8, 2020 11:16 AM EDT

WASHINGTON (AP) — The World Bank said Monday the world is facing an unprecedented health and economic crisis that has spread with astonishing speed and will result in the largest shock the global economy has witnessed in more than seven decades. Millions of people are expected to be pushed into extreme...

225 VIPs urge world powers to adopt $2.5 trillion COVID plan

Jun. 1, 2020 11:14 PM EDT

UNITED NATIONS (AP) — More than 225 current and former global VIPs urged the world’s 20 major economic powers on Monday to hold an urgent meeting to agree to a $2.5 trillion plan to tackle COVID-19 and launch an economic recovery from the pandemic, especially for hard-hit developing and...

Palestinian children play on a cart outside their house in a slum on the outskirts of Khan Younis Refugee Camp, in the southern Gaza Strip, Monday, June 1, 2020. (AP Photo/Khalil Hamra)

World Bank: Palestinian economy could shrink by 11%

Jun. 1, 2020 10:52 AM EDT

JERUSALEM (AP) — The Palestinian economy could shrink by as much as 11% in the coming year as the coronavirus pandemic inflicts yet another blow to the Palestinian Authority's already shaky finances, the World Bank said Monday. The economic deterioration comes as tensions with Israel soar ahead of Israel's...