Latest Development banking News

Beirut bank standoff exposes desperation of economic crisis

Aug. 12, 2022 10:04 AM EDT

BEIRUT (AP) — A judge ordered a gunman who took up to 10 hostages at a Beirut bank to force the release of his trapped savings to stay behind bars Friday, apparently a bid to prevent copycats as desperation deepens over Lebanon's economic meltdown. A few dozen relatives of Bassam...

Public sector strike cripples cash-strapped Lebanon

Aug. 09, 2022 02:58 AM EDT

BEIRUT (AP) — Tarek Younes was once solidly middle class and felt he helped contribute to society as an inspector in the Lebanese government’s consumer protection agency. But the country's economic free-fall has eroded his income and civic pride. In his desperation, Younes has...

Sri Lankans bide time as leaders seek fix for economic woes

Aug. 02, 2022 01:10 AM EDT

COLOMBO, Sri Lanka (AP) — Sri Lankans who have endured months of fuel and food shortages are bracing for more pain as a newly installed government scrambles to find solutions to the Indian Ocean nation's economic emergency. Like many others, fish monger Gamini Mallawarachchi says...

Pakistan military chief seeks US help on release of IMF loan

Jul. 30, 2022 15:49 PM EDT

ISLAMABAD (AP) — Pakistan’s powerful army chief has contacted Washington, seeking U.S. help in securing an early release of a crucial $1.7 billion installment from the International Monetary Fund to his country, struggling with a deepening economic crisis, Pakistani officials said Saturday. ...

Sri Lanka leader says IMF agreement pushed back after unrest

Jul. 30, 2022 10:37 AM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka’s president said Saturday that an agreement with the International Monetary Fund to help pull the bankrupt nation out of its economic crisis has been pushed back to September because of unrest over the past weeks. President Ranil...

Lebanon's Parliament votes to spend World Bank loan on wheat

Jul. 26, 2022 10:21 AM EDT

BEIRUT (AP) — Lebanese lawmakers on Tuesday voted to use a $150 million World Bank loan to pay for wheat imports into the cash-strapped country. Already in the throes of a crippling economic crisis, Lebanon is also struggling to cope with a food security crisis that has left half...

IMF reaches preliminary deal with Pakistan on $6B bailout

Jul. 14, 2022 22:53 PM EDT

ISLAMABAD (AP) — The International Monetary Fund said Thursday it has reached a preliminary agreement with Pakistan to revive a $6 billion bailout package for this impoverished, majority Muslim nation struck by a serious economic crisis since last year. Pakistan and the IMF...

G-20 finance leaders tackle dire fallout from war in Ukraine

Jul. 14, 2022 06:08 AM EDT

BANGKOK (AP) — U.S. Treasury Secretary Janet Yellen has urged leaders of major economies to work more closely in countering the impact from Russia’s invasion of Ukraine. Yellen and other top financial officials from the Group of 20 leading rich and developing nations are...

Ukraine gets $1.7B in fresh aid to pay health care workers

Jul. 12, 2022 09:23 AM EDT

WASHINGTON (AP) — Ukraine is getting an additional $1.7 billion in assistance from the U.S. government and the World Bank to pay the salaries of its beleaguered health care workers and provide other essential services. The money coming Tuesday from the U.S. Agency for International...

Sri Lanka's political chaos persists as crisis talks go on

Jul. 11, 2022 21:43 PM EDT

COLOMBO, Sri Lanka (AP) — A weekend of political chaos in Sri Lanka stretched into Monday, with opposition leaders yet to agree on replacements for embattled President Gotabaya Rajapaksa and his prime minister, whose residences remain occupied by protesters angered by the country’s economic...