IMF staff concludes third review of Argentina program
WASHINGTON (AP) — An International Monetary Fund mission and Argentine authorities have reached an agreement on the third review of a $56 billion IMF-supported program.
WASHINGTON (AP) — The Treasury official nominated by President Donald Trump to be the next president of the World Bank has cleared a major hurdle, with nominations for the position closing with no...
IMF reaches tentative deal with Haiti for $229M loan
PORT-AU-PRINCE, Haiti (AP) — The International Monetary Fund has reached a tentative deal to extend a $229 million loan to Haiti.
IMF officials said the loan would be used to help feed...
Lagarde: IMF ready to help rescue Venezuelan economy
WASHINGTON (AP) — The International Monetary Fund is ready to rescue Venezuela's economy, but the task will be so huge that it will require financial help from other international players, the...
IMF and Ecuador reach agreement on $4.2 billion fund
WASHINGTON (AP) — The International Monetary Fund's staff has agreed to support the economic policies of the Ecuadorean government with $4.2 billion over the next three years.
At Dubai summit, Pakistan premier warns of ‘painful’ reforms
DUBAI, United Arab Emirates (AP) — Pakistan's Prime Minister Imran Khan said Sunday his nation needed "painful" economic reforms to cut back on its massive debt, just after meeting the head of the International Monetary Fund, signaling the former cricketer may be willing to slash government spending for a bailout.
IMF approves $2 billion loan payment for Egypt
CAIRO (AP) — The International Monetary Fund has lauded Egypt's robust growth and acknowledged progress in stabilizing its economy, instilling market confidence and cutting debt.
The IMF said late Tuesday it approved a $2 billion loan payment to Egypt, the latest in the country's three-year aid program.
Egypt has now received about $10 billion since the government secured a three-year $12 billion loan in 2016 and launched an austerity program that included subsidy cuts.
IMF sees Greek economy accelerating in 2019
ATHENS, Greece (AP) — The International Monetary Fund said Friday it is optimistic on Greece's growth and employment prospects for this year, but urged the government to stick to reforms to maintain the momentum.
In a report published following five-day talks with officials in Athens, IMF officials said that the battered Greek economy is set to grow 2.4 percent this year, up from 2.1 percent in 2018.
The Latest: France wants new Renault chief to lock in Nissan
DAVOS, Switzerland (AP) — The Latest on the World Economic Forum in Davos, Switzerland (all times local):
France's economy minister says he expects the future chief of Renault to consolidate the French automaker's alliance with Japanese partner Nissan.
World shares retreat on fears of global, Chinese slowdown
SINGAPORE (AP) — World markets fell Tuesday after the International Monetary Fund trimmed its global outlook for 2019 and 2020 and China said its economy grew at the slowest pace in nearly 30 years.
Asian shares decline on concerns over global, China slowdown
SINGAPORE (AP) — Asian markets were mostly lower on Tuesday after the International Monetary Fund trimmed its global outlook for 2019 and 2020. The downgrade came after China said its economy grew at the slowest pace in 30 years in the last quarter of 2018. Wall Street was closed for a holiday on Monday.
World economy forecast to slow in 2019 amid trade tensions
DAVOS, Switzerland (AP) — The world economy absorbed more bad news Monday: The International Monetary Fund cut its growth forecast for 2019. And China, the world's second-biggest economy, said it had slowed to its weakest pace since 1990.
The IMF cut its estimate for global growth this year to 3.5 percent, from the 3.7 percent it had predicted in October and down from 2018's 3.7 percent. The fund cited heightened trade tensions and rising interest rates.
IMF completes second review of Argentina loan
WASHINGTON (AP) — The executive board of the International Monetary Fund on Wednesday completed its second review of a three-year, $56 billion stand-by financing deal for Argentina.
That step allows the South American country to draw about $ 7.6 billion, bringing the total amount received from the IMF since June to about $28.09 billion, the organization announced in a press release.
IMF staff had given their go-ahead last month, but the executive board's approval was still necessary.
Ukraine secures new IMF loan after making reforms
KIEV, Ukraine (AP) — The Ukrainian leader says the International Monetary Fund has approved a new loan for the country.
President Petro Poroshenko hailed the move as recognition of Ukraine's progress in stabilizing its economy and implementing reforms.
IMF to review Argentina’s financing deal on Dec. 19
WASHINGTON (AP) — The International Monetary Fund says its executive board will meet on Dec. 19 to make a second review of a three-year, $56 billion stand-by financing deal for Argentina.
IMF staff gave their go-ahead last month for the South American country to receive a new disbursement of $7.6 billion, but the executive board's approval is still necessary.
The fund announced the date of the board meeting on Thursday.
IMF says it is reviewing data provided by Venezuela
WASHINGTON (AP) — The International Monetary Fund said Thursday that it is reviewing delayed economic data provided by Venezuela.
IMF spokesman Gerry Rice told reporters that the executive board will meet in coming weeks to determine whether the South American country has met its obligation to share periodic information.
"At this stage, we are reviewing data that we have received from Venezuelan authorities," Rice said.
IMF approves $3.7 billion loan for oil-rich Angola
JOHANNESBURG (AP) — The International Monetary Fund says it has approved a three-year loan of about $3.7 billion for Angola, which seeks to diversify its economy and curb corruption after a new president took office last year.
The IMF said Friday that the loan aims to help the southern African country restructure state-owned enterprises and take other measures to improve economic governance.
- Winona Daily NewsAndres Oppenheimer: Crisis keeps growing in VenezuelaJanuary 2, 2019
- The Washington TimesIMF's Christine Lagarde latest to cancel on Saudi conference amid Khashoggi furorOctober 17, 2018
- The Washington TimesIMF plans talks with Pakistan on debt helpOctober 11, 2018
- The Washington TimesU.S., China clash on Pakistan's IMF loanAugust 8, 2018
AP Interview: Argentine leader sees tough road ahead
BUENOS AIRES, Argentina (AP) — Argentina's president is celebrating the successful hosting of the Group of 20 summit, but he said Monday that he is ready for tough times ahead as his country confronts its economic crisis.
President Mauricio Macri told The Associated Press in an interview that he took pride in organizing a secure gathering for the leaders of the world's largest economic powers where they agreed on a final statement.
Pakistan’s currency plunges again as country seeks IMF loan
ISLAMABAD (AP) — Pakistan's currency has plunged further as the country is mired in a financial crisis and seeking an $8 billion bailout package from the International Monetary Fund.
The Pakistani rupee traded at 142 to the dollar on Friday, a decline from 133.90 rupees to $1 at close of business the previous day.
IMF cites progress in talks on Pakistan bailout
ISLAMABAD (AP) — Pakistan and the International Monetary Fund have made "significant progress" toward agreeing on an $8 billion bailout package, the Fund said Tuesday following a week of talks in Islamabad.
IMF executive board will meet in ‘coming weeks’ on Venezuela
WASHINGTON (AP) — The International Monetary Fund said Thursday its executive board will meet in the "coming weeks" to discuss the failure of the Venezuelan government to provide updated figures on its troubled economy.
Spokesman Gerry Rice told reporters that IMF officials have held recent conversation with Venezuelan officials about the issue, but refused to say whether any deadline had been given to Caracas to come up with the data.
Argentine Senate approves austerity budget for IMF deal
BUENOS AIRES, Argentina (AP) — Argentine lawmakers approved an austerity budget for 2019 on Thursday, cutting social spending and raising debt payments to meet conditions for expanded financing from the International Monetary Fund.
The budget approved Thursday by the Senate projects a 0.5 percent slide in GDP and a 23 percent inflation rate by the end of 2019, down from an expected 44 percent this year. It was approved earlier by the lower house.
IMF: Mideast oil producers buoyed by higher prices, for now
DUBAI, United Arab Emirates (AP) — Higher oil prices are helping to offset increases in public spending by the Middle East's oil exporting heavyweights like Saudi Arabia, with these countries narrowing their budget deficit by $77 billion, the International Monetary Fund said on Tuesday.
IMF warns about uncertainty over Lopez Obrador policies
WASHINGTON (AP) — The International Monetary Fund warned Thursday that uncertainty associated with the policies of the incoming administration of Mexican President-elect Andres Manuel Lopez Obrador persists and poses a significant challenge for the country's economy.
Heads of World Bank, IMF say risks of trade tensions growing
BEIJING (AP) — Leaders of the World Bank, International Monetary Fund and other global financial organizations warned Tuesday that trade tensions pose a growing risk for emerging economies.
With the U.S. and China embroiled in their worst trade conflict in decades, global growth has "plateaued and some downside risks have materialized," the leaders said in a joint statement issued after a meeting in Beijing.
IMF increases loan amount to Argentina
WASHINGTON (AP) — The International Monetary Fund on Friday increased to $56.3 billion a $50 billion it had granted to Argentina in June.
The announcement now allows Argentina to immediately draw $5.7 billion, which brings the total disbursements since June to $20.4 billion, the IMF said in a press release.
- Business WireCS Global Partners: IMF Reiterates Support for Dominica’s Climate Resilience and Economic DevelopmentMarch 14, 2019
- Business WireCS Global Partners: IMF Praises Dominica’s Cooperation and EconomyFebruary 18, 2019
- Business WireCS Global Partners: IMF Praises Dominica’s Cooperation and EconomyFebruary 18, 2019
Argentina lower house approves budget amid economic turmoil
BUENOS AIRES, Argentina (AP) — Argentina's lower house has approved a 2019 budget bill that includes austerity measures demanded by the International Monetary Fund.
Lawmakers debated for more than 17 hours and voted 138-103 early Thursday in favor of the bill that now goes to the Senate. It includes tax hikes, government cuts and other measures aimed at eliminating the fiscal deficit next year.
Ex-IMF chief as he enters prison: ‘I ask forgiveness’
MADRID (AP) — Former International Monetary Fund chief Rodrigo Rato is apologizing for his crimes as he starts a 4½-year prison sentence for misusing a Spanish bank's corporate credit card.
Rato said as he entered a prison outside Madrid on Thursday, "I accept my obligations to society, I admit the mistakes I may have made and I ask forgiveness from society and the people who may have been affected or felt let-down."
Pakistan gets $6B in Saudi aid after PM attends forum
ISLAMABAD (AP) — Prime Minister Imran Khan's decision to attend a Riyadh investment conference despite the outcry over the killing of a Saudi journalist has coincided with an agreement for a $6 billion assistance package from the oil-rich kingdom, a crucial infusion of cash as Pakistan grapples with a soaring deficit.
Analysts say the Saudi infusion will allow Islamabad to breathe a little easier as it seeks a critical loan from the International Monetary Fund to address its $18 billion deficit.
The Latest: IMF’s chief Lagarde defers Mideast trip
ISTANBUL (AP) — The latest on the disappearance of a Saudi writer who Turkish officials fear was killed inside the Saudi Consulate in Istanbul (all times local):
The International Monetary Fund says its managing director Christine Lagarde is deferring her trip to the Middle East. A brief statement by an unnamed IMF spokesman Wednesday did not elaborate.
IMF-World Bank ends meetings with call to brace for risks
NUSA DUA, Indonesia (AP) — Global financial leaders wrapped up an annual meeting of the International Monetary Fund and World Bank on Saturday by urging countries to brace for potential risks from trade disputes and other tensions.
The meetings in Bali, Indonesia, this week were overshadowed by a spate of financial market turmoil and by the threat to global growth from the trade clash between the U.S. and China over Beijing's technology policies.
The Latest: IMF’s Lagarde planning to attend Saudi meeting
NUSA DUA, Indonesia (AP) — The Latest on the annual meeting of the International Monetary Fund and World Bank in Bali, Indonesia (all times local):
The managing director of the International Monetary Fund, Christine Lagarde, has said she still intends to attend an investment conference in Saudi Arabia later this month despite concerns over the disappearance of journalist and U.S. resident Jamal Khashoggi.
Indonesian president says trade wars too destructive
NUSA DUA, Indonesia (AP) — Indonesian President Joko "Jokowi" Widodo added to a chorus of criticism Friday over trade friction between the U.S. and China, telling financial leaders gathered in Bali, Indonesia, that victory in a trade war would be pointless in a "sinking world."
IMF team to visit Pakistan after request for bailout loans
ISLAMABAD (AP) — The head of the International Monetary Fund said Thursday that it will send a team to Pakistan in the coming weeks after the government requested emergency bailout loans.
IMF Managing Director Christine Lagarde confirmed that Pakistan had requested the loans after meeting with Finance Minister Asad Umar in Indonesia, without saying how much the Pakistanis had asked for.
The Latest: Southeast Asian leaders affirm free trade goals
NUSA DUA, Indonesia (AP) — The Latest on the IMF-World Bank annual meeting (all times local):
Leaders of the Association of Southeast Asian Nations have reaffirmed their commitment to open trading systems that have underpinned their economic growth.
The leaders met Thursday in Bali, Indonesia, on the sidelines of the annual meeting of the International Monetary Fund and World Bank.
As markets swoon, finance chiefs urge US, China to cool it
NUSA DUA, Indonesia (AP) — The heads of the World Bank and IMF appealed Thursday to the U.S. and China to cool their dispute over technology policy and play by world trade rules, as tumbling share prices drove home potential perils from a clash between the world's two biggest economies.
Pakistan’s currency plunges as it seeks IMF loan
ISLAMABAD (AP) — Pakistan's currency plunged by about 7 percent on Tuesday after the government said it would seek emergency bailout loans from the International Monetary Fund.
The Pakistani rupee briefly weakened to 138 to the dollar on Tuesday before settling at 133.6. The rupee was trading at 124.3 at close of business Monday, before the announcement was made.
A Pakistani delegation will meet with IMF officials in Indonesia later this week.
World stocks slide after IMF trims economic outlook
SINGAPORE (AP) — Global stock markets fell Tuesday after the International Monetary Fund lowered its outlook for the world economy, citing the impact of rising interest rates and trade tensions.
KEEPING SCORE: Germany's DAX lost 0.5 percent to 11,891 while the CAC 40 in France shed 0.3 percent 5283. Britain's FTSE 100 dropped 0.4 percent to 7,201. Wall Street was set for a drop. Dow futures lost 0.5 percent and the S&P 500 futures were down 0.6 percent.
IMF downgrades outlook for world economy to 3.7 pct. growth
WASHINGTON (AP) — The International Monetary Fund is downgrading its outlook for the world economy, citing rising interest rates and growing tensions over trade.
The IMF said Monday that the global economy will grow 3.7 percent this year, the same as in 2017 but down from the 3.9 percent it was forecasting for 2018 in July. It slashed its outlook for the 19 countries that use the euro currency and for Central and Eastern Europe, Latin America, the Middle East and Sub-Saharan Africa.
Pakistan to seek IMF loan to avert meltdown
ISLAMABAD (AP) — Pakistan says it will seek a bailout loan from the International Monetary Fund to address a mounting balance of payments crisis, Finance Minister Asad Umar said Monday.
Umar said he will hold talks with IMF officials later this month.
Analysts say Pakistan hopes to secure $8 billion in loans to avoid an economic meltdown. It also wants fresh loans from China, which has already invested heavily in roads and the energy sector.
Spain’s Supreme Court endorses imprisonment of ex-IMF chief
MADRID (AP) — Spain's Supreme Court has confirmed a 4½-year prison sentence for former International Monetary Fund head Rodrigo Rato for misusing a Spanish bank's corporate credit card.
A judge of the lower court will now need to order the imprisonment in the next few days of Rato, who was IMF chief from 2004 to 2007 and previously a leading figure in Spain's conservative Popular Party and Spanish economy minister.
Argentina peso slides after record loan with IMF
BUENOS AIRES, Argentina (AP) — The Argentine peso slipped Thursday, a day after the government reached a revised $57.1 billion loan package with the International Monetary Fund that seeks to ease investor concerns over the country's ability to meet its debts amid an economic crisis.
Argentina has been hit by a sharp depreciation of the peso amid double-digit inflation, with the currency losing more than half of its value this year. The peso dipped Thursday, to close at 40.60 per U.S. dollar.
Argentina, IMF reach deal to boost financing to $57 billion
BUENOS AIRES, Argentina (AP) — The International Monetary Fund has agreed to increase a lending package with Argentina by $7.1 billion to a total of $57.1 billion, Economy Minister Nicolas Dujovne said Wednesday.
The South American country had secured $50 billion in financing as part of a deal worked out with the IMF in June after Argentina was battered by a currency crisis, a run on the Argentine peso and double-digit inflation.
Argentina’s central bank chief resigns amid IMF negotiations
BUENOS AIRES, Argentina (AP) — Argentina's central bank chief resigned Tuesday amid negotiations with the International Monetary Fund.
The surprise resignation of Luis Caputo was announced in a bank statement that said he was leaving for personal reasons. But it came as the government was pushing for a new financing deal with the IMF aimed at helping Argentina's struggling economy.
UK leader warns rebels: it’s my Brexit agreement or no deal
LONDON (AP) — British Prime Minister Theresa May has warned opponents of her blueprint for Brexit that rejecting it means crashing out of the European Union without a deal, an outcome the International Monetary Fund said Monday would have "very large" economic costs.
Attempting to assert control over a fractious party and faltering Brexit negotiations, May told the BBC that if rebel lawmakers shoot down a deal between her government and the EU, "the alternative to that will be having no deal."
Argentina: Only seeking financing from IMF to stem crisis
BUENOS AIRES, Argentina (AP) — Argentina is not seeking other sources of financing outside the International Monetary Fund for help in curbing an economic crisis, the country's economy minister said Wednesday.
Argentina announces new taxes, ministry cuts amid turmoil
BUENOS AIRES, Argentina (AP) — Argentina's President Mauricio Macri announced new taxes on exports and the elimination of several ministries on Monday in a bid to halt economic turmoil that has sent the peso to record lows.
Macri said in a televised statement that he will also allocate more economic aid and strengthen food plans for Argentines who suffer from poverty and have been affected by skyrocketing inflation running at more than 30 percent this year.
Argentina asks early release of IMF funds to calm markets
BUENOS AIRES, Argentina (AP) — President Mauricio Macri asked the International Monetary Fund on Wednesday for an early release of funds from a $50 billion deal with the IMF to ease concerns that Argentina will not be able to meet its debt obligations for 2019.
Macri said in a televised address that Argentina has agreed with the IMF "to advance all necessary funds to guarantee compliance with next year's financial program."