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IMF predicts worst Middle East downturn in half century

Jul 13, 2020 - 8:50 PM

The International Monetary Fund sees the Middle East and North Africa regional economy shrinking by 5.7% in 2020

Cars drive down King Fahad boulevard after the authorities eased some of the lockdown measures that had been imposed in a bid to slow down the spead of the novel coronavirus, in the Saudi capital Riyadh on June 21, 2020. (Photo by FAYEZ NURELDINE / AFP)

Without IMF bailout, is Lebanon heading for 'hell'?

Jul 11, 2020 - 9:00 AM

A Lebanese source says an International Monetary Fund rescue would help Lebanon avoid the worst, but negotiations are stalling

Lebanese anti-government protesters take part in a symbolic funeral for the country in the downtown area of the capital Beirut, on June 13, 2020, on the third consecutive day of demonstrations due to a deepening economic crisis. (Photo by ANWAR AMRO / AFP)

IMF warns cutting spending too soon could derail recovery

Jul 10, 2020 - 11:40 PM

(UPDATED) The 'massive fiscal response' to the coronavirus pandemic leads to 'global public debt reaching its highest level in recorded history.' But the International Monetary Fund says the spending shouldn't be stopped too soon.

REFUGEES. Two boys play with a kite near the refugee camp of Moria in the island of Lesbos, Greece, on June 21, 2020. Photo by Aris Messinis/AFP

IMF and World Bank to hold fall meetings virtually

Jul 10, 2020 - 12:45 PM

The 2020 IMF-World Bank Annual Meetings set for October 12 to 18 will be held 'in a primarily virtual format'

IMF. In this file photo taken on October 10, 2017, a logo for the 2017 Annual Meetings is seen inside the International Monetary Fund headquarters in Washington, DC. File photo by Andrew Caballero-Reynolds/AFP

Virus hands Japan pension fund worst loss since 2008 crisis

Jul 03, 2020 - 10:55 PM

Japan's Government Pension Investment Fund records losses amounting to 8.28 trillion yen ($77 billion) for the fiscal year that ended in March 2020

BUSINESS IN JAPAN. A face mask-clad vendor stands in Tokyo's Tsukiji area on March 13, 2020. Photo by Charly Triballeau/AFP

Ukraine central bank chief's resignation sparks global outcry

Jul 03, 2020 - 9:45 AM

Business leaders are alarmed over the resignation of National Bank of Ukraine Governor Yakiv Smoliy, who said 'systematic political pressure' triggered his move

RESIGNATION. National Bank of Ukraine Governor Yakiv Smoliy. Photo from NBU website

Gulf economies to shrink 7.6% over virus, oil slump – IMF

Jul 01, 2020 - 10:40 AM

The International Monetary Fund's 2020 projection for the 6-nation Gulf Cooperation Council dramatically worsens

EMPTY. An aerial view shows a deserted highway due to the COVID-19 pandemic, in the Saudi capital Riyadh on May 24, 2020. Photo by Faisal al-Nasser/AFP

IMF warns pandemic set to undo decade of progress in Africa

Jun 30, 2020 - 12:05 PM

The International Monetary Fund sees the economy of sub-Saharan Africa contracting by 3.2% in 2020

Sparse visitors walk on a warm winter day at the marina of the V&A Waterfront in Cape Town, on June 15, 2020. - Usually busy throughout the year and bustling with patrons and tourists both local and international, the eateries and restaurants of this prime shopping centre have been hit hard by the lockdown and are currently closed. (Photo by MARCO LONGARI / AFP)

IMF approves emergency funding for pandemic-hit Myanmar

Jun 27, 2020 - 9:15 AM

Myanmar will receive $356.5 million in emergency financial assistance from the International Monetary Fund

People work at a tailor training centre, recently reopened with new plastic dividers to halt the spread of the COVID-19 coronavirus, in Yangon on June 9, 2020. (Photo by Ye Aung THU / AFP)

IMF approves $5.2-billion, 1-year loan program for Egypt

Jun 27, 2020 - 9:00 AM

The International Monetary Fund's new loan for Egypt comes on top of $2.8 billion in emergency aid approved in May 2020

NEARLY EMPTY. A view of the area around Bab Zuweila (background), one of the remaining gates in the walls of the old medieval city of Egypt's capital Cairo, on April 24, 2020. Photo by Mohamed el-Shahed/AFP

Market 'disconnect' could worsen virus downturn – IMF

Jun 25, 2020 - 11:25 PM

'Investors seem to be betting that lasting strong support from central banks will sustain a quick recovery even as economic data point to a deeper-than-expected downturn,' says the International Monetary Fund

JAPAN STOCKS. Pedestrians walk past an electronic quotation board displaying share prices of the Tokyo Stock Exchange in Tokyo on June 15, 2020. Photo by Kazuhiro Nogi/AFP

Coronavirus crisis exacerbates globalization worries – IMF economist

Jun 25, 2020 - 11:00 AM

International Monetary Fund chief economist Gita Gopinath urges countries to be 'collaborative' amid the global crisis

Shoppers wear walk outside a shopping mall in Kuala Lumpur on May 28, 2020, as sectors of the economy are being reopened following restrictions to halt the spread of the COVID-19 coronavirus. (Photo by Mohd RASFAN / AFP)

IMF sharply cuts Saudi forecast as oil, virus hit economy

Jun 24, 2020 - 10:45 PM

The International Monetary Fund predicts Saudi Arabia's economy will contract by 6.8% in 2020

A picture taken on March 23, 2020, shows the empty King Fahd road in the Saudi capital Riyadh after authorities imposed a curfew for 21 days to curb the spread of the COVID-19 coronavirus pandemic. (Photo by FAYEZ NURELDINE / AFP)

Amid grim outlook, IMF says things could get better, or worse

Jun 24, 2020 - 10:20 PM

(UPDATED) The International Monetary Fund acknowledges the high levels of uncertainty as the coronavirus pandemic ravages the global economy

Children sell facemasks on a street after the government eased a nationwide lockdown imposed as a preventive measure against the COVID-19 coronavirus, in Rawalpindi on May 16, 2020. (Photo by Farooq NAEEM / AFP)

Coronavirus sinks global economy in 2020, collapsing GDP 4.9% – IMF

Jun 24, 2020 - 10:00 PM

(UPDATED) The International Monetary Fund estimates the coronavirus crisis will destroy $12 trillion over two years, leaving lasting scars on employment, businesses, and trade

An employee clears a tray at a food court in The Shoppes at Marina Bay Sands shopping mall in Singapore on June 19, 2020 as retail shops reopen in Singapore following the further easing of restrictions that were in place due to the COVID-19 novel coronavirus. (Photo by Roslan RAHMAN / AFP)

Amazon pledges $2 billion investment to fight climate change

Jun 24, 2020 - 11:34 AM

The Climate Pledge Fund will back efforts by startups and other firms in multiple sectors to 'facilitate the transition to a zero carbon economy,' Amazon says

AMAZON. This file photo taken on November 28, 2019 shows the Amazon logo at one of the company's centre in Bretigny-sur-Orge on November 28, 2019. File photo by Thomas Samson/AFP

Kingmaker: Danding Cojuangco's presidential bid and the ghost of coco levy

Jun 17, 2020 - 10:10 PM

Eduardo 'Danding' Cojuangco Jr never became Philippine president, but wielded power for decades before his death

Filipino tycoon Eduardo Cojuangco gestures during a press conference in Manila, 14 July 2003. Cojuangco vowed to fight any government move to take over San Miguel Corporation, one of the Philippines largest and most important firms, after his control was put in serious doubt by a court ruling. AFP PHOTO JAY DIRECTO (Photo by JAY DIRECTO / AFP)

Saudi Aramco completes purchase of 70% stake in SABIC

Jun 17, 2020 - 7:20 PM

Oil giant Saudi Aramco acquires a 70% stake in chemical giant SABIC for $69.1 billion

A picture taken on September 15, 2019 shows an Aramco oil facility near al-Khurj area, just south of the Saudi capital Riyadh. - Saudi Arabia raced today to restart operations at oil plants hit by drone attacks which slashed its production by half, as Iran dismissed US claims it was behind the assault. The Tehran-backed Huthi rebels in neighbouring Yemen, where a Saudi-led coalition is bogged down in a five-year war, have claimed thi weekend's strikes on two plants owned by state giant Aramco in eastern Saudi Arabia. (Photo by FAYEZ NURELDINE / AFP)

Service-dependent economies feel coronavirus pain – IMF

Jun 16, 2020 - 10:35 PM

Advanced and emerging market economies are seeing a larger impact in services, says International Monetary Fund chief economist Gita Gopinath

REOPENING. A staff member wearing a face mask works at the welcome desk of a hotel in central Athens on June 1, 2020, as Greece eases coronavirus measures. Photo by Louisa Gouliamaki/AFP

Spend more, keep receipts – IMF's Georgieva

Jun 16, 2020 - 12:30 PM

International Monetary Fund chief Kristalina Georgieva warns countries not to withdraw stimulus measures 'too quickly'

IMF. In this file photo taken on September 4, 2018, the logo of the International Monetary Fund is seen at the IMF headquarters in Washington, DC. Photo by Jim Watson/AFP

Saudi wealth fund 'shopping spree' belies economic pain

Jun 14, 2020 - 9:00 AM

Amid Saudi Arabia's worst economic crisis in decades, the seemingly contradictory state policy to splurge billions on overseas assets is raising eyebrows

An aerial view shows a deserted highway due to the COVID-19 pandemic, on the first day of the Eid al-Fitr feast marking the end of the Muslim holy month of Ramadan, in the Saudi capital Riyadh, on May 24, 2020. - Saudi Arabia, home to Islam's holiest sites, began a five-day round-the-clock curfew from May 23, in a bid to stem the spread of the novel coronavirus. (Photo by FAISAL AL-NASSER / AFP)

IMF approves $5 billion in aid to Ukraine

Jun 10, 2020 - 8:00 AM

The International Monetary Fund says the aid is intended to 'ensure that Ukraine is well-poised to return to growth' when the coronavirus pandemic ends

An elderly woman wearing a protective face mask sweeps a street in the center of Kiev on May 27, 2020, as Ukraine eases anti-virus restrictions imposed to curb the spread of the COVID-19 outbreak, caused by the novel coronavirus. (Photo by Sergei SUPINSKY / AFP)

Putin declares state of emergency over Siberian fuel spill

Jun 04, 2020 - 11:06 AM

The accident is the second largest in modern Russian history in terms of volume, World Wildlife Fund expert Alexei Knizhnikov says

SPILL. This handout photograph taken and released by the Marine Rescue Service of Russia on June 3, 2020, shows a large diesel spill in the Ambarnaya River outside Norilsk. Photo by Marine Rescue Service/AFP

Bangladesh becomes 60th nation to receive IMF pandemic aid

May 30, 2020 - 7:00 AM

The coronavirus outbreak is severely affecting Bangladesh's exports of ready-made garments and remittances, notes the International Monetary Fund

BACK TO WORK. Laborers work at a garment factory in Ashulia, Bangladesh, on April 26, 2020. Photo by AFP

Chile, Peru secure credit lines from IMF amid pandemic

May 29, 2020 - 10:00 PM

(UPDATED) The International Monetary Fund grants Chile a $24-billion credit line and Peru an $11-billion credit line, both for two years

PANDEMIC. Relatives of COVID-19 patients queue to recharge oxygen tanks for their loved ones at the regional hospital in Iquitos, the largest city in the Peruvian Amazon, Peru on May 14, 2020 during the novel coronavirus pandemic. Photo by Cesar VonBancels/AFP

IMF approves $396 million for Jordan to fight coronavirus

May 22, 2020 - 7:00 AM

The International Monetary Fund says Jordan has 'taken proactive efforts since the COVID-19 outbreak to protect [the] safety of its citizens and refugees'

(FILES) In this file photo taken on March 17, 2020, a labourer sprays disinfectant in Jordan's archaeological city of Petra south of the capital Amman on March 17, 2020, to prevent the spread of COVID-19. - The International Monetary Fund on May 21, 2020, approved $396 million for Jordan to fight the coronavirus pandemic, a disbursement equal to about a quarter of its projected need amid the global economic downturn. (Photo by Khalil MAZRAAWI / AFP)

IMF approves $520-million emergency loan for Jamaica

May 16, 2020 - 8:00 AM

Without vital tourism revenue, Jamaica's economy is seen to contract 5.6% in 2020, says the International Monetary Fund

IMF. In this file photo taken on September 4, 2018, the logo of the International Monetary Fund is seen at the IMF headquarters in Washington, DC. Photo by Jim Watson/AFP

Lebanon starts talks with IMF for financial aid

May 14, 2020 - 8:15 AM

The Lebanese government is seeking more than $10 billion in financial support from the International Monetary Fund to save its crumbling economy

CURFEW. An aerial view shows the Beirut Corniche empty during a nighttime curfew imposed to stem the spread of the coronavirus in Lebanon on March 28, 2020. Photo by AFP

Norway wealth fund blacklists global resources, energy giants

May 14, 2020 - 7:45 AM

The Bank of Norway says the sovereign wealth fund, worth about $1 trillion, has divested from several major companies

The field centre of the Johan Sverdrup oil field in the North Sea west of Stavanger, Norway, is pictured on January 7, 2020. - Johan Sverdrup, situated some 140 km off the south western coast of Norway and operated by Equinor, is the third largest oil field on the Norwegian continental shelf, with expected resources of 2.7 billion barrels of oil equivalent. (Photo by Carina Johansen / NTB Scanpix / AFP) / Norway OUT

Chile asks IMF for $23.8-billion credit line

May 13, 2020 - 8:30 AM

International Monetary Fund Managing Director Kristalina Georgieva intends to recommend approval of Chile's request

A person walks past a pharmacy where Covid-19 tests are conducted in Recoleta commune, which was place under quarantine last night to slow the spread of the novel coronavirus COVID-19, in Santiago, on May 06, 2020. - Chile's health authorities tightened mandatory confinement measures in Santiago on Wednesday, in the face of an increase in coronavirus cases, totaling 23,048 infected and 281 deaths in the country. (Photo by MARTIN BERNETTI / AFP)

Norway taps sovereign wealth fund for record $41 billion

May 13, 2020 - 12:55 AM

The Norwegian government plans to use 420 billion Norwegian kroner ($41 billion) to support an economy badly hit by the coronavirus pandemic and plunging oil prices

A picture taken on April 20, 2020 shows leisure properties on Lake Sjusjøen, as the ban to use them has been lifted amid the new coronavirus pandemic. (Photo by Vidar Ruud / NTB Scanpix / AFP) / Norway OUT

IMF approves $2.77-billion emergency virus loan for Egypt

May 12, 2020 - 7:25 AM

The International Monetary Fund says Egypt's economy had seen a 'remarkable turnaround' prior to the coronavirus pandemic, but that progress is now threatened

ECONOMIC BLOW. Egyptians look at traditional lanterns sold during the Muslim holy month of Ramadan in Cairo's Sayeda Zainab neighborhood on April 19, 2020. Photo by Mohamed el-Shahed/AFP

IMF more negative on global economic projections

May 09, 2020 - 8:50 AM

The International Monetary Fund notes that incoming economic data for many countries is even below the IMF's 'already pessimistic assessment'

WASHINGTON, DC - OCTOBER 08: New IMF Managing Director Kristalina Georgieva, speaks about the key issues to be addressed at the upcoming IMF / World Bank Annual Meetings, at the International Monetary Fund headquarters on October 8, 2019 in Washington, DC. Mark Wilson/Getty Images/AFP

Congo seeking IMF loan of up to $500 million

May 07, 2020 - 11:55 PM

The Republic of Congo, the 3rd biggest oil producer in Africa, is asking for aid from the International Monetary Fund amid the coronavirus pandemic

(FILES) In this file photo taken on September 4, 2018, the logo of the International Monetary Fund (IMF) is seen at the IMF headquarters in Washington, DC. - Reducing corruption allows governments to collect more in taxes, according to a study published on April 4, 2019, by the International Monetary Fund. The global crisis lender estimates that, among advanced economies, those that best combat graft collect on average 4.5 percent more in tax revenue as a share of GDP than those most beset by corruption. (Photo by Jim WATSON / AFP)

Kenya, Uganda latest to receive IMF help against pandemic

May 07, 2020 - 7:00 AM

Both Kenya and Uganda face severe economic shocks amid efforts to contain the spread of COVID-19, says the International Monetary Fund

DISTANCING. Vendors practice physical distancing at the Nakasero market in Kampala, Uganda, on April 7, 2020. Photo by Badru Katumba/AFP

IMF releases $226 million to help Cameroon against virus

May 05, 2020 - 8:30 AM

'The outbreak of the COVID-19 pandemic and the terms of trade shocks from the sharp fall in oil prices are having a significant impact on Cameroon's economy,' says the International Monetary Fund

FIRST CASES. A man wears a mask while walking outside the entrance to the Yaounde General Hospital in Yaounde on March 6, 2020, as Cameroon has confirmed its first case of the COVID-19, a French national who arrived in the capital Yaounde in February, the government said on today. Photo by AFP

IMF approves emergency loan for Ecuador

May 02, 2020 - 3:00 PM

Ecuador faces a double crisis in the form of the coronavirus and a fall in oil prices

BURIAL. Aerial view of workers burying a coffin at Maria Canals cemetery in the outskirts of Guayaquil, Ecuador, on April 12, 2020, amid the new coronavirus outbreak. Photo by Jose Sanchez/AFP

IMF renews $10.8-billion credit line for Colombia as recession looms

May 02, 2020 - 7:00 AM

The International Monetary Fund says Colombia's economy is expected to contract for the first time in two decades due to the coronavirus pandemic

CORONAVIRUS IN COLOMBIA. Colombian President Ivan Duque (C) speaks during a press conference to announce the first case of the COVID-19 in the country, in Bogota on March 6, 2020. (Photo by Raul Arboleda/AFP

IMF approves emergency virus loans for Mali, Ethiopia

May 01, 2020 - 9:15 AM

The International Monetary Fund grants $411 million to Ethiopia and $200 million to Mali for their coronavirus response

VOTING. Voters stand in a queue to vote at a polling station during the parliamentary elections in Gao, Mali, on March 29, 2020. Photo by Souleymane Ag Anara / AFP

Crisis-hit Lebanon to seek IMF funding after approving reform plan

May 01, 2020 - 1:00 AM

The Lebanese government approves a plan to provide support to 'needy sectors' during the coronavirus crisis, and also aims to get aid from the International Monetary Fund

An anti-government protester stands of the top of a car during a convoy protest in the Lebanese capital Beirut on April 22, 2020, amid an economic crisis exacerbated by the coronavirus pandemic. - Lebanon's worst economic crisis since the 1975-1990 civil war is now compounded by the lockdown. Poverty has risen to 45 percent of the population, according to official estimates.Protests had petered out after a new government took office in January, and demonstrators have largely remained at home since the coronavirus lockdown started mid-March. (Photo by ANWAR AMRO / AFP)

Batangas City, Muntinlupa, Sta Rosa finalists in WWF climate-safe cities contest

Apr 30, 2020 - 11:03 AM

The 3 cities are recognized for their plans to reduce carbon emissions. Other finalists include Vancouver, Paris, Reykjavic, Mexico City, Los Angeles City, and Dong Hoi City in Vietnam.

Photo from World Wide Fund for Nature-Philippines (WWF-PH)

IMF approves $650 million in virus aid to Dominican Republic

Apr 30, 2020 - 9:00 AM

Money from the International Monetary Fund will be used to finance increased healthcare spending and to provide assistance to the most vulnerable in the Dominican Republic

A man and a dog walk along an empty street in Santo Domingo on April 12, 2020, amid the outbreak of the new coronavirus. - The Dominican Republic has so far reported 2,967 infected people and 173 deaths due to the COVID-19. (Photo by Erika SANTELICES / AFP)

IMF approves $504-million loan for Costa Rica

Apr 30, 2020 - 8:30 AM

The funding for Costa Rica will 'support essential COVID-19-related health spending and relief measures targeted to the most affected sectors and vulnerable populations'

A worker disinfects the central market in the face of the global COVID-19 coronavirus pandemic, in San Jose, Costa Rica, on March 14, 2020. (Photo by Ezequiel BECERRA / AFP)

IMF approves $220-million loan for Afghanistan

Apr 30, 2020 - 8:00 AM

'The pandemic is inflicting heavy damage on Afghanistan's economy, which is expected to contract sharply in 2020,' says the International Monetary Fund

In this photo taken on April 20, 2020 a fruit vendor wearing a facemask waits for customers during a government-imposed lockdown on the capital city as a preventive measure against the COVID-19 coronavirus, at his fruit shop in Kabul. (Photo by WAKIL KOHSAR / AFP)

IMF approves $3.4 billion for Nigeria to address coronavirus

Apr 29, 2020 - 9:30 AM

The International Monetary Fund notes that the coronavirus pandemic and the plunging global demand for oil are severely affecting Nigeria's economy

LOCKDOWN. An aerial view shows empty streets in Lagos, Nigeria, on March 31, 2020. Photo by Pierre Favennec/AFP

Egypt seeks aid from IMF amid virus-inflicted downturn

Apr 27, 2020 - 12:10 AM

(UPDATED) Egyptian Prime Minister Mostafa Madbouli does not specify the size of the one-year financial aid package the government is seeking from the International Monetary Fund

Egyptians look at traditional lanterns known in Arabic as "Fanous" sold during the Muslim holy month of Ramadan in Cairo's Sayeda Zainab neighbourhood, on April 19, 2020. - From cancelled iftar feasts to suspended mosque prayers, Muslims across the Middle East are bracing for a bleak month of Ramadan fasting as the threat of the COVID-19 pandemic lingers. Ramadan is a period for both self reflection and socialising. Believers fast from dawn to dusk and then gather around a family or community meal each evening of Islam's holiest month, which begins later this week and ends with Eid al-Fitr festivities. (Photo by Mohamed el-Shahed / AFP)

South Africa to seek $4.2 billion in IMF, World Bank help

Apr 25, 2020 - 7:30 AM

With the number of coronavirus cases at 3,953 including 75 deaths, South Africa is the worst affected country on the African continent

SETTLEMENT. An aerial view shows the Brazzaville informal settlement near Atteridgeville in Pretoria, South Africa, on March 18, 2020. Photo by Phill Magakoe/AFP

IMF, WTO warn against export controls on medical supplies, food

Apr 24, 2020 - 11:45 PM

Disruptions to supply chains and misdirection of critical products could 'prolong and exacerbate the health and economic crisis'

SAN PEDRO, CALIFORNIA - NOVEMBER 07: Shipping containers, some marked 'China Shipping', are stacked at the Port of Los Angeles, the nation's busiest container port, on November 7, 2019 in San Pedro, California. Port officials said today October cargo volume was down 19 percent this year compared with October 2018 due to tariffs imposed in the U.S.-China trade war. The Port of Los Angeles along with neighboring Port of Long Beach are the United States' main gateways for trade with Asia. Mario Tama/Getty Images/AFP

2 million Filipino children may miss out on vaccinations during pandemic – Unicef

Apr 24, 2020 - 2:38 PM

Unicef says it is investing around P85 million in the next 3 years to support the Department of Health and other partners in increasing immunization coverage in the country

A mother in Maguindanao reads a COVID-19 leaflet as she waits for her child to be vaccinated. ©UNICEF Philippines2020.jpg

IMF approves $363 million in virus aid to DR Congo

Apr 23, 2020 - 9:00 AM

The International Monetary Fund says the Democratic Republic of Congo is 'experiencing a severe shock' due to the coronavirus pandemic

Two staff members of the Congolese Ministry of Health wear personal protective equipment to perform a COVID-19 test at a private residence in Goma, northeastern Democratic Republic of Congo, on March 31, 2020. - One positive case of COVID-19 coronavirus was reported on March 30, 2020 in Goma, capital of North Kivu Province and a city of more than one million inhabitants, bringing the total for the Democratic Republic of Congo to 98 positive COVID-19 cases including 8 deaths. (Photo by ALEXIS HUGUET / AFP)